Safe Broker For any Aussies

HI,
I recently found out and I am looking into ANZ bank for forex trading,
if there execution is half decent this will be great for safety of funds as they are a safe bank, basically no chance of them going under.

Any aussies on here that trade with them? If so whats execution like etc.

I just love the idea of trading with a real bank, I'm so worried about how a broker can just go under and lose our money. I wouldn't even mind large spreads and not the best execution, as trading daily timeframe it's not such a big issue.

Also does anyone know if DBFX as far as safety of funds is a solid bank? I heard there execution and service is terrible, but would like to know because they are a real bank are funds safe with them. Or are they just a shady operation all round?

Thanks
Mr Smith

Hey mate,
HOw you going? I have never used ANZ for forex trading and never knew they were forex dealers for the spot. A good broker would be igmarkets and gft for australia. Your funds will be kept in australia an spreads and execution is good. Try them out.
HOpe this helps

You can trade forex through ANZ? Are you sure? If not then theres the usual crap ones that we get offered here in aus. GFT, IG, CMC etc and GO Markets have the MT4 platform.

Hey there koko,
with these two brokers, if they go under, does the money go to them, or do we get the money? My account is rapidly growing, and once it gets bigger and bigger, I cannot stand the thought of trading with the possibility of losing the money, I trade dailies so execution for me is 2nd to security of funds.
I'm moving my large account to from oanda to IB for now, but would like it traded directly with a bank like anz, that is my dream, I'll report back once I try out anz, not sure yet if it's just a means by which people can exchange currency around the world, or if it's tradable like we do with a regular fx broker.

Hi Mr Smith,
Did you have any links or anything that indicate that you can trade FX through ANZ? I pretty sure it just means they exchange currencies if you physically walk into their exchange centers- It's quite clear that is what they mean from the info on their site, will be very interesting if you can trade FX as we know it through them though.

Mr Smith

Can you please share with us how one can trade SPOT fx with ANZ?
Are you sure it is spot FX you are talking about? not Import/ Export FX?

As on today in Australia no matter what the broker says... in Australia money may not be not safe in case the brokers goes belly up

Check each and every PDS and you will notice that in case of such an event the Seg account money is AT risk and it is not really individual seg account it is co mingled so another set of risk
Some brokers will claim they have insurance against their own people committing fraud! but refuse to show actual copy of the insurance policy until you open an account!


LOL if one can insurance oneself against self fraud!

Also don;t be fooled by FSA in UK either.. demand the fine print.. ask FSA is SPOT FX covered? see what answer you get
do the simple maths why are these reputable brokers are not full ASX participant level firms? why because the toothless wathdog allows them not to be ...

I now have accounts with a number of brokers and have requested details of the insurance from two brokers, Go Markets and Axis ODL and both have given me the information and I can see clear as day that they have the insurance you talk about.

I am making it my personal mission to comment on every bullshit post you write as you constantly talk crap.

this is a 2 year old thread troll. You got to read the terms and conditions and the pds before deposit money. even in the US with brokers like Interactive Brokers your funds are not 100% safe if you trade FX and futures.

at least some brokers in Australia offer insurance to FX traders

http://www.forexfactory.com/showthre...70#post4160070
he's been digging out old threads complaining basically the same thing, that his money is not "safe" with forex brokers. i see that he is temporarily suspended.

I would say macquarie bank. Their platform is good, but I don't like the macquarie bank attitude. They are renouned for theft and dodgy business practices.

Theres alot of brokers to choose from, but if you want to stick with a bank, ANZ is probably your only option unless you have enough for an investment bank to spot your account.