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Forex brokers in Australia - your feedback

  • #1
  • First Post: Sep 17, 2013 5:04am Sep 17, 2013 5:04am
Hi all

Just a general question for anyone who wants to discuss their feelings good or bad about who they consider the best and worst fxbrokers are in australia or in general.

Also wondering if anyone has had experience setting up a mam or pamm account in Australia without having an AFSL. I have been approached to trade for two separate individuals but obviously want my orders to be mirrored and go through in one hit. My idea would be for them to fund the accounts in their names but give me permission to do the trading.

Also wanting to get an idea on rebates or bonuses for funds deposited. This is secondary to finding a good solid broker with excellent execution / spreads and little slippage or requotes.

Any feedback on any matter would be fantastic and much appreciated.
  • #2
  • Sep 17, 2013 7:03am Sep 17, 2013 7:03am
Hey Zorroz.

I have had accounts with some Australian Brokers, not all on the market, but definitely a few. I have settled with Whichway using their cTrader platform. Unforunately, cTrader (by no control of the guys at Whichway), does not have a PAMM or MAM facility at the moment as you require it. I have been in touch with cTrader about this, and it is on their development list. However, if you are willing to settle with Metatrader as the trading platform, they can organize a PAMM setup for you I believe.

Regarding the broker, I only have praise for them. Great execution, spreads, commissions and above all, customer service has far exceeded my expectations.

Good luck with your venture for managing OPM.

Regards,
K.
  • #3
  • Sep 17, 2013 9:13pm Sep 17, 2013 9:13pm
Hey thanks Kermut. I appreciate the feedback and will check them out. Glad to hear they have been good for you.

Cheers
  • #4
  • Sep 18, 2013 12:25am Sep 18, 2013 12:25am
Give Think Forex a try. Great spreads, and they based in Melbourne.
  • #5
  • Sep 18, 2013 1:34am Sep 18, 2013 1:34am
Quoting kermut
Hey Zorroz. I have had accounts with some Australian Brokers, not all on the market, but definitely a few. I have settled with Whichway using their cTrader platform. Unforunately, cTrader (by no control of the guys at Whichway), does not have a PAMM or MAM facility at the moment as you require it. I have been in touch with cTrader about this, and it is on their development list. However, if you are willing to settle with Metatrader as the trading platform, they can organize a PAMM setup for you I believe. Regarding the broker, I only have praise...
I think you pretty brave sticking you funds with a broker(whichway) that has only been round a couple of months. I won't bother putting funds into a broker unless they are a couple of years old at the youngest, management risk is the greatest of all the broker risks and time in business/reputation is a big part.
  • #6
  • Sep 18, 2013 4:38am Sep 18, 2013 4:38am
thanks guys, appreciate all your feedback. i won't be rushing in. i intend to do this as safe and right as possible as i intend it to be a long term endeavour even though it wasn't something i was after.

ideally i'd love to find ......as much as you can with these brokers..... absolute security of funds, great execution and minimal slippage. it will be substantial funds so i'm all ears if anyone is doing the same or has suggestions.
  • #7
  • Sep 18, 2013 4:43am Sep 18, 2013 4:43am
Quoting zorroz
thanks guys, appreciate all your feedback. i won't be rushing in. i intend to do this as safe and right as possible as i intend it to be a long term endeavour even though it wasn't something i was after. ideally i'd love to find ......as much as you can with these brokers..... absolute security of funds, great execution and minimal slippage. it will be substantial funds so i'm all ears if anyone is doing the same or has suggestions.

why would one put substantial funds with forex broker ?

even if you scalper is no need to have more than 10 risks + margin.
  • #8
  • Sep 18, 2013 6:11am Sep 18, 2013 6:11am
very true, i guess i was just implying it was more than just 500 or 1k that's involved.
  • #9
  • Sep 18, 2013 6:27am Sep 18, 2013 6:27am
I've been using IG for years, had no problems. Good spreads (from .8 to 2 pips for major pairs, varying with the amount of action in the market) Trades are executed 99.99% instantly at the level you requested. Responsive support when needed.
The trend is not your friend, it's your master.
  • #10
  • Sep 18, 2013 6:36am Sep 18, 2013 6:36am
Quoting seaman2
{quote} why would one put substantial funds with forex broker ? even if you scalper is no need to have more than 10 risks + margin.

Exactly the reason I am confident in recommending Whichway. If you have a reasonable amount of capital to trade with, they can facilitate opening an account with BankWest in YOUR name, where you can keep majority of your funds, and only keep in your trading account what you need for daily margin requirements.

Regards,
K.
  • #11
  • Sep 18, 2013 6:47am Sep 18, 2013 6:47am
one of my brokers is ig. no complaints really. initially was hesitant to use them as they are uk based, and therefore too expensive, but surprised to find out decent value. don't worry about charts, though.

as I swing trade, have in there ammunition for exactly 1 trade. withdrawals & deposits fast.
  • #12
  • Sep 18, 2013 7:28am Sep 18, 2013 7:28am
I like their charts, but have been using Pro Real Time charts for ever. I used to use CMC but they went pear shaped OS and didn't want to risk losing my dough...
The trend is not your friend, it's your master.
  • #13
  • Sep 18, 2013 7:41am Sep 18, 2013 7:41am
i actually use IG as one of mine too however the set up i want for a mam account isn't possible
  • #14
  • Sep 18, 2013 7:45am Sep 18, 2013 7:45am
i know axitrader can facilitate it and am looking at dukascopy although they aren't australian and i'm chatting with thinkforex tomorrow.

pepperstone and globalprime are others that knocked it on the head due to afsl requirements.

on one hand i get told you can't do it and the other i'm told that you can manage up to 15 clients and 2 mill in funds.......sorting out the wheat from the chaff at the mom
  • #15
  • Sep 18, 2013 7:58am Sep 18, 2013 7:58am
won't allow......as in they won't allow anyone to do a mam type arrangement without having an afsl
  • #16
  • Sep 18, 2013 8:17am Sep 18, 2013 8:17am
Because when i do ask some of them they say it is possible. At the end of the day, i'm simply after feedback on who people find excellent with execution, spreads and non slippage and for the most part don't play games. From those I can do the rest to see if there is a way to structure it. I'm sure i'm not the only one who is potentially trading for others in this manner.

I appreciate everyones help so far and feedback.
  • #17
  • Sep 18, 2013 9:51am Sep 18, 2013 9:51am
I have a good experience with ICMarkets. Left them cause I need a 1000:1 leverage.
  • #18
  • Sep 20, 2013 2:38am Sep 20, 2013 2:38am
Yes it can be done in Australia. I have discussed both options with FXCM and Admiral Markets in Australia and both have said no problems.
  • #19
  • Sep 20, 2013 8:01pm Sep 20, 2013 8:01pm
Quoting zorroz
Also wondering if anyone has had experience setting up a mam or pamm account in Australia without having an AFSL.
It is not possible without an MDA license which is separate to the regular AFSL a broker may have. A broker with PAMM can't even list PAMMs on it's website (as we do) without the MDA license. A broker with AFSL can offer the technology to do it though.
  • #20
  • Sep 26, 2013 7:35pm Sep 26, 2013 7:35pm
I have had both good an bad experiences with Australian brokers. The bad experience was that I was unfortunately one of the Sonray clients that lost
money when it went into voluntary administration and wound up - thanks to directors using the clients pooled(non-segregated funds) as their own
bank account to fund their lifestyles ! After this, it does make you question how good a regulator ASIC is...

Anyway, I have also had experience with Pepperstone (Razor account) and ICMarkets , both have been good with great customer service and good spreads.
If you want to compare more live spreads , check out http://www.forexchurch.com/forex-spreads.cfm .
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