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Australian Brokers and ASIC

  • #21
  • Edited 4:37am Aug 21, 2011 4:24am | Edited 4:37am
Quoting OnTheEdge
I was just talking about this with my wife last night. It seems strange that traders seem to worry more about the spreads when we are first starting out...
Spreads and commision differences between brokers can have a huge impact to your bottomline profit/loss. I haven't banged out the exact figures yet but when i upgrade to an institutional broker it will improve my profits by about 15% a week (that's just the difference with commision, spreads will make more of a difference on top of that). That 15% compounded is big.

For a break even trader choosing the right broker can be the difference between being profitable or not
  • #22
  • Aug 21, 2011 5:45am Aug 21, 2011 5:45am
Quoting havaiana
Spreads and commision differences between brokers can have a huge impact to your bottomline profit/loss.

For a break even trader choosing the right broker can be the difference between being profitable or not
Yes, I understand that the spread and commission can/will/do make a huge difference. It was not my intent to imply otherwise.

Quoting havaiana
when i upgrade to an institutional broker it will improve my profits by about 15% a week
But that's not a fair comparison to whom you are trading with now is it?

If you could have used an institutional broker at the start than you would Not improve your profits by 15% they would stay the same.

What I was trying to hint at is this, by your own statement you are moving up because the broker you are using now didn't screw around with you, your trades or your money if they did...they where still allowing you to make money otherwise you couldn't move up.

It is much more important to a new trader or someone who is looking for a new broker to find one that allows them do do just that...move up.

Yes, if you can afford the 10 to 50,000$ or so needed to get the Best spreads than my guess is your probably not in this forum looking for a new broker.

This is an art, a profession and if you don't approach it that way and are always looking for Greener grass, you risk the potential of getting shafted.

By the way Congrats on your move up
  • #23
  • Aug 21, 2011 5:59am Aug 21, 2011 5:59am
Thanks for the replies, appreciate it.
I am a scalper so spread is important, I do alright with GoMarkets but will check out your suggestion. What kind f spread are we talking during London open?
  • #24
  • Aug 21, 2011 7:42am Aug 21, 2011 7:42am
Quoting muzza
Great broker, been with them for over a year now. They use the integral grid for liquidity. Happy with them
nice to hear that
  • #25
  • Sep 8, 2011 2:24pm Sep 8, 2011 2:24pm
Vantage... Enfinium

http://www.forexcrunch.com/cftc-sues...rex-companies/ Sept.8,2011
http://www.onlineprnews.com/news/583...antage-fx.html
http://www.vantagefx.com/about-us/partners/

just FYI
  • #26
  • Sep 8, 2011 7:58pm Sep 8, 2011 7:58pm
Quoting GetSmart
I still haven't found a broker that I'd be happy to place a substantial amount of money with.

Currently though I'm trialling a demo on Maquarie Bank. Looks ok but their spreads are a bit higher although I might accept that if I feel my funds are safer.... I still need to perform my due diligence though on Maquarie before giving them my ok..

Cheers all, Joe
If fund security is the highest priority than any broker regulated in Canada must be considered, 1 million in protection and lets not forget even in the meltdown of 2008 no Canadian bank went under.The only problem is there is not alot of choices, give a company called questrade a call, there eur/usd spread is 1.5, they have a very basic platform but yours funds are safe, theres also 4 or 5 others which are covered by the 1 million dollar protection fund. Research and you may find what you need !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #27
  • Sep 8, 2011 10:52pm Sep 8, 2011 10:52pm
i have been with gomarkets deposits/withdrawls have been smooth, i just signed up for pepperstone ecn looks good and the iphone app is awesome.
  • #28
  • Sep 12, 2011 12:57am Sep 12, 2011 12:57am
Just as update on Pepperstone if anyone cares.. I am trading on their live ecn razor account. The fills are horrible and i have been slipped a few times, it hurts when your doing 5-8 lots on top of that their bid and ask lines are 2 pips off! anyways I am happy to be up tonight going to withdraw and look for another broker.

hope this helps someone..
  • #29
  • Sep 12, 2011 1:01am Sep 12, 2011 1:01am
Quoting avatarx51
Just as update on Pepperstone if anyone cares.. I am trading on their live ecn razor account. The fills are horrible and i have been slipped a few times, it hurts when your doing 5-8 lots on top of that their bid and ask lines are 2 pips off! anyways I am happy to be up tonight going to withdraw and look for another broker.

hope this helps someone..
Thanks for that information mate. Signed up with them and I am in the activation stages but I will leave it now.
I'm trading with GoMarkets presently and experiencing the same issues, very frustrating when scalping.

Anyone know of a broker that has tight spreads and execution who offer AUD?
  • #30
  • Sep 12, 2011 7:34am Sep 12, 2011 7:34am
Quoting GetSmart
I still haven't found a broker that I'd be happy to place a substantial amount of money with.
The same problem, have checked so many brokers, but didn't find the one which I can trust without any doubt.
  • #31
  • Sep 12, 2011 8:12am Sep 12, 2011 8:12am
Quoting avatarx51
Just as update on Pepperstone if anyone cares.. I am trading on their live ecn razor account. The fills are horrible and i have been slipped a few times, it hurts when your doing 5-8 lots on top of that their bid and ask lines are 2 pips off! anyways I am happy to be up tonight going to withdraw and look for another broker.

hope this helps someone..
thanks for the info avatar. I tried their demo a couple of days ago and it didn't seem too bad. about 2 seconds at most to fill and closes pretty much instant on a demo razor acct on a busy Friday night.

Having come for a GoMarkets experience which recent has been super horrible (10+ second graph lag, constant disconnects/reconnects) this seemed alot better however it still clearly isn't acceptable.

When it comes to good brokers with a decent platform it looks like us Aussies don't have much choice. I'm tempted to go with Interactive Brokers but their platform looks like something out of the 80s. Don't know how long it would take for me to get my head around that! Also they don't have an Aus office for the convenience of deposit/withdraw to an Australian account. Looks like Aus brokers are in a fairly sad state of affairs.
  • #32
  • Sep 21, 2011 7:56am Sep 21, 2011 7:56am
Igmarkets, CMC ?
  • #33
  • Jun 17, 2013 12:54am Jun 17, 2013 12:54am
Hi Friends,

Need Good suggestions from the experienced Trades.
1. Which brokers among ECN providers best in Australia.
2. Any comments about IC markets in Australian traders community any latest news.
  • #34
  • Jun 17, 2013 1:28am Jun 17, 2013 1:28am
Quoting spsraman
Hi Friends, Need Good suggestions from the experienced Trades. 1. Which brokers among ECN providers best in Australia. 2. Any comments about IC markets in Australian traders community any latest news.

1. Axitrader, IC Markets, Pepperstone, Global Prime. In that order IMO
2. Decent, prone to technical problems though
  • #35
  • Jun 17, 2013 2:30am Jun 17, 2013 2:30am
I've pretty much traded with most Australian brokers because, like the OP, I prefer the easier funding in my local country. Also being able to get hold of support during Australian business hours is a bonus. Currently I'm trading with two brokers: Pepperstone and ThinkForex. Here's my thoughts:

ThinkForex - good range of currencies, commodities and indices. Usually pretty quick answering my questions

Pepperstone - great range of currencies and a few commodities. Probably the best support / customer service I've had with a broker so far. Funding is also super quick. Considering shifting all my ThinkFX funds to them.

Go Markets - I really wanted my experience with these guys to be good, but I was kind of disappointed with with how slow they were to respond to my question / requests. Getting disconnections quite a bit too when other brokers were fine.

AxiTrader - mediocre support, but I did the runner on these guys when I found my platform to be freezing quite often over big news announcements. A lot of people had the same issue (see the Axi thread)

IC Markets - possibly the worst support so far. Waiting a week for my credit card withdrawal, issues with chart pricing that took them ages to resolve. Their website looks nice though!

Synergy FX - these guys were okay. When I was trading with them it took a while for my account to be funded. Have a trade issue investigated takes forever!

Just my thoughts. I know opinions will differ...
  • #36
  • Jun 17, 2013 3:37am Jun 17, 2013 3:37am
Quoting Ras al Ghul
I've pretty much traded with most Australian brokers because, like the OP, I prefer the easier funding in my local country. Also being able to get hold of support during Australian business hours is a bonus. Currently I'm trading with two brokers: Pepperstone and ThinkForex. Here's my thoughts: ThinkForex - good range of currencies, commodities and indices. Usually pretty quick answering my questions Pepperstone - great range of currencies and a few commodities. Probably the best support / customer service I've had with a broker so far. Funding...
I would agree with GO markets no longer being in the best group of brokers, for a number of reasons (just check their thread here!). Synergy as well, their spreads are no good for either account.

Thinkforex seem ok so far now they are ASIC regulated but I've heard some horror stories from experienced traders about them when they were NZ regulated. Hopefully thats changed.

Agree on IC support, it's shocking from most people reports, but they don't seem to get it for some reason.

I haven't traded with Pepperstone for some time and haven't really found a compelling reason to go back, but thats not for any particular reason, I just get very well looked after at Axitrader and would be silly to leave. It's funny really, they give me the best support of anyone so maybe you had a bad experience. I'm not really aware of any platform freezes anymore, I know at one point they did have some but they've added servers since then and I don't notice any problems anyway, although i'm no news trader.

They all have their strengths and weaknesses though.
  • #37
  • Jun 17, 2013 9:56am Jun 17, 2013 9:56am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Thanks guys for sharing your experiences regards Aussie brokers. Here are my own ranking:

1. Axitrader. Im since 20 months with them, by far the best support out of 13 brokers I have live accounts with. Good/ average spread, sometimes technical issues on their NY based standard live account server ( yeah, last night again..). Pro runs flawless.

2. ICM. Im more than a year with them. Customer support very bad. Still cant figure out whats going on with their ticks, sometimes great, often very bad. Low spread, high commission. As long as Im making good money I stick with them, even when the support drives me nuts..

3. GoMarkets. I was years with them. Since they got sold and Chris left them, they are a bunch of clueless people over there. Bad bucketshop spread and support. They dropped from my nr. 1 broker to the worst among all my brokers. Accounts closed.

4. Synergy FX. What can I say.. I left them after one week.. they didn't even have the required files for EA trading on their platform available at the beginning. Arrogant, clueless support made me run as fast as I could.
  • #38
  • Jun 25, 2013 3:55pm Jun 25, 2013 3:55pm
Quoting onu
Thanks guys for sharing your experiences regards Aussie brokers. Here are my own ranking: 1. Axitrader. Im since 20 months with them, by far the best support out of 13 brokers I have live accounts with. Good/ average spread, sometimes technical issues on their NY based standard live account server ( yeah, last night again..). Pro runs flawless. 2. ICM. Im more than a year with them. Customer support very bad. Still cant figure out whats going on with their ticks, sometimes great, often very bad. Low spread, high commission. As long as Im making...

who is onu? I only see you in brokers threads,especially go markets...and yes they suck.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #39
  • Jun 26, 2013 12:54am Jun 26, 2013 12:54am
Australian regulation is considered to be one of the good regulation.
  • #40
  • Jun 26, 2013 4:36pm Jun 26, 2013 4:36pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Axis server again down.. a serious problem recently.

They are dropping in my ranking dramatically if they don't be able to get their technical issues fixed...
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