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First Australian MT4 broker?

  • #41
  • Nov 20, 2008 5:14am Nov 20, 2008 5:14am
Quoting whitegoodman
hey guys ive got a question regarding overseas and US brokers...

i was just looking into getting a live account with ibfx but theres an issue.

Say i deposit $1000 AUD, it then gets converted to say $600USD. If i trade that to $800 USD and want to withdraw it it gets converted to australian dollars back. That means if the exchange rate goes down more i could actually receive less than $1000 AUD even though ive made money???

what the?
That's just the way it is unfortunately, plus it costs a fee to transfer there and then another fee from IBFX on the way back. I'm in AUD and have accounts in USD, sometimes it's good sometimes it's bad, good thing for me is most of my $$$ went in a while back when AUD was worth around 90c.......So now it's worth a whole lot more to me on the bring back either way.
I've been thinking about going with Gomarkets just for the convenience for once to have a broker locally, not sure if I would still do it in USD or AUD though, I'd still prefer USD as will take a while for me to get used to trading in AUD, pip values will be different I assume.
  • #42
  • Nov 20, 2008 5:18am Nov 20, 2008 5:18am
Quoting viperzz
That's just the way it is unfortunately, plus it costs a fee to transfer there and then another fee from IBFX on the way back. I'm in AUD and have accounts in USD, sometimes it's good sometimes it's bad, good thing for me is most of my $$$ went in a while back when AUD was worth around 90c.......So now it's worth a whole lot more to me on the bring back either way.
I've been thinking about going with Gomarkets just for the convenience for once to have a broker locally, not sure if I would still do it in USD or AUD though, I'd still prefer USD as...
i think i may use it jsut so i dont get rooted on the exchange, however i need micro and GO doesnt have micro i dont think
Grabbing the bull by the horns!
  • #43
  • Nov 20, 2008 5:51am Nov 20, 2008 5:51am
The minimum lot size at Go is 0.1 - $1.00. Which means you'll have to have a pretty huge balance to trade any kind of martingale or grid style of EA- which unfortunately I don't have.
  • #44
  • Nov 20, 2008 6:31am Nov 20, 2008 6:31am
Quoting viperzz
The minimum lot size at Go is 0.1 - $1.00. Which means you'll have to have a pretty huge balance to trade any kind of martingale or grid style of EA- which unfortunately I don't have.
damnit, do all overseas mt4 brokers make u change it into us dollars first, seems like us and the brokers could get hurt by traders home currency to US dollars conversions, as in a sense unless u need the money urgent you can jsut simply wait it out
Grabbing the bull by the horns!
  • #45
  • Nov 20, 2008 8:17am Nov 20, 2008 8:17am
Quoting whitegoodman
hey guys ive got a question regarding overseas and US brokers...

i was just looking into getting a live account with ibfx but theres an issue.

Say i deposit $1000 AUD, it then gets converted to say $600USD. If i trade that to $800 USD and want to withdraw it it gets converted to australian dollars back. That means if the exchange rate goes down more i could actually receive less than $1000 AUD even though ive made money???

what the?
Actually if the AUD goes down more you will get more AUD's back from your USD, It's when our $ goes sky high again that you'll get less back and the chances of it going very drastically high in a short period of time again are pretty slim I'd say.. so not that much to worry about. Would have been best to send the AUD over a few weeks back when it was around 70cents if anything though.
  • #46
  • Nov 20, 2008 9:49pm Nov 20, 2008 9:49pm
hmmm just did a bit of a google, fxcm does micros and can hold it in aussie dollars as the base currency, anyone got any experience with these guys?

bw chatted to GO markets live speaking guy, lowest lot size is 0.01 of a standard account so roughly 10cents a pip for USD pairs
Grabbing the bull by the horns!
  • #47
  • Nov 20, 2008 10:02pm Nov 20, 2008 10:02pm
Quoting whitegoodman
hmmm just did a bit of a google, fxcm does micros and can hold it in aussie dollars as the base currency, anyone got any experience with these guys?

bw chatted to GO markets live speaking guy, lowest lot size is 0.01 of a standard account so roughly 10cents a pip for USD pairs
Wow .01 now? I say now because the demo minimum is .10 and when I asked them, this was the beginning of October they said that was correct .10 ($1.00) and they had no plans to offer any smaller anytime soon-
I guess they did.
  • #48
  • Nov 20, 2008 10:56pm Nov 20, 2008 10:56pm
Quoting viperzz
Wow .01 now? I say now because the demo minimum is .10 and when I asked them, this was the beginning of October they said that was correct .10 ($1.00) and they had no plans to offer any smaller anytime soon-
I guess they did.

no im wrong unfortuneatly thats jsut for there other platform... is there anywhere that offers micros and the account balance is in australian dollars?
Grabbing the bull by the horns!
  • #49
  • Nov 24, 2008 10:37pm Nov 24, 2008 10:37pm
Got some good news from Go Markets Australia,

First of all they are changing the the live accounts back to 4 digits from 5 digits, already done now but the demo will follow.

and

The live account you can actually trade .05 lots 50 cent per pip minimum, but this does not show on demo.
In a few days though they are actually reducing the minimum lot size to .01- 10 cents for good.
  • #50
  • Nov 25, 2008 1:02am Nov 25, 2008 1:02am
What about Execution spread ?
and Spread is fixed?

Quoting viperzz
Got some good news from Go Markets Australia,

First of all they are changing the the live accounts back to 4 digits from 5 digits, already done now but the demo will follow.

and

The live account you can actually trade .05 lots 50 cent per pip minimum, but this does not show on demo.
In a few days though they are actually reducing the minimum lot size to .01- 10 cents for good.
Charting Markets into the Future...MǎҖ€¥.
  • #51
  • Nov 25, 2008 7:42pm Nov 25, 2008 7:42pm
Not sure about the spread, I wouldn't think it would be fixed but would appear pretty stable on the target spread they say most of the time, like most brokers, will see.
I don't actually have account with them yet, but will be opening an account with them very soon since the new conditions....actually the .01 lot is available as of now they just emailed.
  • #52
  • Nov 25, 2008 8:19pm Nov 25, 2008 8:19pm
Quoting viperzz
Not sure about the spread, I wouldn't think it would be fixed but would appear pretty stable on the target spread they say most of the time, like most brokers, will see.
I don't actually have account with them yet, but will be opening an account with them very soon since the new conditions....actually the .01 lot is available as of now they just emailed.
tis a shame i need my lot sizes smaller then 0.1 of a mini lot.... tis good news on the 4 digit front, 5 digits is unecessary and annoying
Grabbing the bull by the horns!
  • #53
  • Nov 27, 2008 5:17pm Nov 27, 2008 5:17pm
Hi Guys,

Things have definately improved with regards to data spikes although the Oil contract has errors. Overall GoMarkets are getting on top of things. The min lot size is now 0.01.Hopefully they will add more x's to fleshout the available choices.

I intend to fund my live account so will keep you updated as to any problems;-)
Regards
lppierre
I would like to die on Mars. Just not on impact..... Elon Musk
  • #54
  • Nov 28, 2008 1:33pm Nov 28, 2008 1:33pm
Just downloaded MT4 demo... Shows HUGE spreads. EUR/USD=11 ; GBP/USD=12 ; G/J=16 etc... Please tell me this is some kind of a weekend rate (it's now 1:30 EST Friday - Asia closed)! Ready to try it live.. but... ummm... might hold off a bit now.
  • #55
  • Edited 7:03pm Nov 28, 2008 6:31pm | Edited 7:03pm
Just opened an live account with GoTraders lets see how we go. The spreads for currencies are in the att.word.doc. I did a little testing with small trades and executed the same trades at the same time on IBfx (mini Live)the result requote.. requote.. requote..requote accepted, where as 0n Go not one problem so far. Execution seems to be faster on Go too.
I find that Ibfx is not updating the price as frequently when you see on other platforms the price moving ibfx is just sitting there and when you execute a trade then price decides to adjust to the new price and that may be the cause of the constant requotes.
GOTraders has still got problems with spikes which caused me yesterday a marging call on my $100 test account but it was sorted out within 20min of my phone call and the trade where re instated with no problems but it is still worries me.

http://www.compareforexbrokers.com/D...GOMarkets.html
Attached File(s)
File Type: xls FX Spreads + Distances.xls   23 KB | 414 downloads
  • #56
  • Nov 28, 2008 6:39pm Nov 28, 2008 6:39pm
Quoting optik
Just downloaded MT4 demo... Shows HUGE spreads. EUR/USD=11 ; GBP/USD=12 ; G/J=16 etc... Please tell me this is some kind of a weekend rate (it's now 1:30 EST Friday - Asia closed)! Ready to try it live.. but... ummm... might hold off a bit now.
Yeah I noticed that but it was just a problem with the demo, it looks like they were changing over from 5 to 4 digits on the demo as well, the market watch had 4 digits but the actual price quotes I was seeing were 5 digits.
I opened a live account, not yet funded but the spreads were fixed low at what they stated during that time the demo was off.
  • #57
  • Nov 29, 2008 12:55am Nov 29, 2008 12:55am
I'm trading live with them = $10K so nothing worth getting excited over, however all of my trades so far have been executred with no requotes... I'm just happy that there is an MT4 broker in Australia!
  • #58
  • Nov 29, 2008 8:25pm Nov 29, 2008 8:25pm
Can I ask what the big deal is about having a broker with your account in AU$ is? With the exchange rate so low compared to US$ now, is it not more beneficial to trade in US$?
  • #59
  • Nov 29, 2008 9:20pm Nov 29, 2008 9:20pm
lower latency
  • #60
  • Nov 30, 2008 3:28am Nov 30, 2008 3:28am
Slightly off subjet,

Does anyone know a good broker where you open an account in $Oz. Other brokers I know only let you open in other currencies.

Cheers
Ezzy
What you do is a reflection of you....what I do is a reflection of me.
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