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Got Money FX

  • #1
  • First Post: Edited 6:31am Sep 23, 2010 6:21am | Edited 6:31am
Got money FX . Based in Australia, they accept US citizens,400:1 leverqage, hedging and low spreads. They say they're Austrailian regulated but I don't know the name of the regulator. They say they are a corporate authorized representative of Mark Power Financial Party Ltd. There's been a little talk of this broker on this forum but not much. Does anyone know if they can be trusted or are they a fly by night? How do I go about deciding whether they're legit or not? Here's their web site-http://www.gmfx.com.au/ thank you
  • #2
  • Edited 8:51am Sep 23, 2010 7:51am | Edited 8:51am
Quoting Toothman
Got money FX . Based in Australia, they accept US citizens,400:1 leverqage, hedging and low spreads. They say they're Austrailian regulated but I don't know the name of the regulator. They say they are a corporate authorized representative of Mark Power Financial Party Ltd. There's been a little talk of this broker on this forum but not much. Does anyone know if they can be trusted or are they a fly by night? How do I go about deciding whether they're legit or not? Here's their web site-http://www.gmfx.com.au/ thank you
Toothman the name of the regulator is ASIC http://www.asic.gov.au/asic/asic.nsf

I downloaded their demo yesterday.

spreads are CRAP!!!!!!!! compared to Interactive Brokers and Go Markets, really average IMO.

I tried to call them at 6:48pm Melb time and I went to a answering service. That's means they are at most a two man or one man show. To not have an employee to take a call at that time shows their size.

Corp rep means they don't have a license, if Mark Power go then where will that leave you as a client with live trades open? no rep no AFSL = legal right to do business in Australia.This makes me think where's the feed coming from? Is the MT4 a badge or theirs?

this is Mark Power

http://www.markpower.com.au

this is accountant /financial planer, what are they doing being a rep for a FX broker.

My big question, as it's not listed in the PDS is where are the funds held? Got Money holds them or does Mark Power hold them?

this looks strange to me... not really well set up looks like a quick set up with all the short cuts taken to get the doors open............

time will tell........
  • #3
  • Sep 23, 2010 8:05am Sep 23, 2010 8:05am
Thanks Apocalypto, your broker info is invaluable, lots of scams out there, not sure if this is one, I'm newer to Forex and appreciate the red flags.
  • #4
  • Edited 8:30am Sep 23, 2010 8:19am | Edited 8:30am
Quoting EricF
Thanks Apocalypto, your broker info is invaluable, lots of scams out there, not sure if this is one, I'm newer to Forex and appreciate the red flags.
your welcome mate,

I love to look at new brokers, and in Oz is even better. Good to look at the structure and all the little things on the biz and how they set up, always open a demo, read the PDS and call to check em out.

good trading to you.
  • #5
  • Sep 23, 2010 8:43am Sep 23, 2010 8:43am
http://www.ozripoff.com/report-view/...ey-fx-any-info
  • #6
  • Sep 23, 2010 8:55am Sep 23, 2010 8:55am
There doesn't seem to be much competition for Go Markets does there.
  • #7
  • Sep 23, 2010 9:04am Sep 23, 2010 9:04am
Quoting duxis
http://www.ozripoff.com/report-view/...ey-fx-any-info

well there you go.... good find Duxis
  • #8
  • Sep 23, 2010 11:15am Sep 23, 2010 11:15am
Quoting >Apocalypto<
Toothman the name of the regulator is ASIC http://www.asic.gov.au/asic/asic.nsf

I downloaded their demo yesterday.

spreads are CRAP!!!!!!!! compared to Interactive Brokers and Go Markets, really average IMO.

I tried to call them at 6:48pm Melb time and I went to a answering service. That's means they are at most a two man or one man show. To not have an employee to take a call at that time shows their size.

Corp rep means they don't have a license, if Mark Power go then where will that leave you as a client...
Apol.
Thanks for the info. I'm not getting a good vibe from them either. Every time I click on their chat button, no matter what time it is ,day or night, they are offline. Also, they emailed me saying they accepted IRA retirement accounts but Go Markets (another Australian broker ) told me by law they weren't allowed to accept these accounts. They show some very low spreads on their web site but they are variable.
  • #9
  • Sep 23, 2010 11:26am Sep 23, 2010 11:26am
Quoting >Apocalypto<
well there you go.... good find Duxis
Forex Expained? The same company? No thanks!
  • #10
  • Oct 14, 2010 1:36am Oct 14, 2010 1:36am
Nobody has any other experiences with this broker? I just emailed them and their still accepting u.s. clients.

Heres a copy of my email

Hi Erik,

Yes, we accept all US customers before, during, & after October 18th 2010, we are not affected by the new CFTC regulations.

You are welcome to open an account with us any time and enjoy our straight through processing with hedging and up to 400:1 leverage and with no requotes.

Please let me know if I can help further.

Thanks Erik

Kind regards,

Samuel Orth
Foreign Exchange Broker
Got Money FX
* Level 18, 333 Ann Street Brisbane QLD 4000
' +61 1300 492 662 |7 +61 7 3807 8070
8[color=blue][email protected][/color]
4 www.gotmoneyfx.com.au
Annoying Precision
  • #11
  • Oct 14, 2010 1:59am Oct 14, 2010 1:59am
If their spreads on demo are any reflection of live they seem pretty well on par with everyone else .

I'm going to make a small deposit tommorow and see where this goes, will keep everyone updated.
Annoying Precision
  • #12
  • Oct 14, 2010 6:17am Oct 14, 2010 6:17am
Quoting erikte279
If their spreads on demo are any reflection of live they seem pretty well on par with everyone else .

I'm going to make a small deposit tommorow and see where this goes, will keep everyone updated.
If you are a US resident, then you cannot open with them IMWO. They are like GOM, same regulations.
  • #13
  • Oct 14, 2010 6:50am Oct 14, 2010 6:50am
Quoting myforexpip
There doesn't seem to be much competition for Go Markets does there.
VantageFX, but they will discontinue ACCEPTING new USA clients after this friday. BUT will continue to service existing clients. Not sure about their liquidity provider, www.Enfinium.com.au .
Measure trends automatically with zero lag
  • #14
  • Last Post: Sep 30, 2011 3:52am Sep 30, 2011 3:52am
Quoting Toothman
Apol.
Thanks for the info. I'm not getting a good vibe from them either. Every time I click on their chat button, no matter what time it is ,day or night, they are offline. Also, they emailed me saying they accepted IRA retirement accounts but Go Markets (another Australian broker ) told me by law they weren't allowed to accept these accounts. They show some very low spreads on their web site but they are variable.
333 ann st brisbane is mainly serviced offices. seems three have been some issues with these guys and may have been involved with apple investments in the gold coast. i called at 6PM and no answer and they are not listed in the brisbane white pages -- never a good sign. i work a bloack away from these guys... might drop in and see what thye look like.
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