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Forex brokers in Australia - your feedback

  • #21
  • Sep 26, 2013 5:41pm Sep 26, 2013 5:41pm
i recently opened an account with Global Prime because they are more transparent than most br0kers (providing liquidity provider receipts),
so far i've been happy with them

but as has been pointed out, it's usually difficult to determine whether a br0ker is under good management or not until it's too late
.
  • #22
  • Sep 26, 2013 6:14pm Sep 26, 2013 6:14pm
http://www.leaprate.com/forex-indust...er-survey.html
  • #23
  • Sep 26, 2013 8:49pm Sep 26, 2013 8:49pm
Quoting mmaker
{quote} How good is ASIC regulation? Another broker just went bankrupt under their watch: GTL Tradeup, an Australian FX Broker Goes Belly Up Down Under GTL Tradeup Liquidation Announced
Wow that's unreal ! This definitely does not make me comfortable, I still have an Australia broker and have a fair bit of $ deposited with them Might
have to start looking ones regulated elsewhere.
  • #24
  • Sep 26, 2013 8:52pm Sep 26, 2013 8:52pm
Quoting mmaker
{quote} How good is ASIC regulation? Another broker just went bankrupt under their watch: GTL Tradeup, an Australian FX Broker Goes Belly Up Down Under GTL Tradeup Liquidation Announced
i'm guessing your only smart enough to read headline mmaker. ASIC is the organisation that forced the firm into liquidation. I'm in NZ and the brokers out here are all bucket-shops due to the lax regulation. I only trade with Aussie brokers.
  • #25
  • Sep 26, 2013 9:03pm Sep 26, 2013 9:03pm
Quoting mmaker
{quote} I will accept your apology later. The firm "voluntarily" informed ASIC about their intention to liquidate. Their source of credit from UAE was cut off so they can no longer operate.
um no they didn't, ASIC were undertaking the process to have them wound up. Rather than get taken to court they jumped the gun by a day or two. ASIC can't just say you're liquidated!! they have to actually go to court to get the process heard and ruled on......... no apology coming
  • #26
  • Sep 27, 2013 12:06am Sep 27, 2013 12:06am
thanks very much for the replies everyone. great to get all your feedback. does anyone have any experience with axitrader?
  • #27
  • Sep 27, 2013 12:41am Sep 27, 2013 12:41am
Quoting mmaker
{quote} {quote} How would that help you? If the firm went bust you still lose your money.

Well some countries guarantee (up to a certain point) traders/investors funds in the event that a broker goes belly-up..
  • #28
  • Sep 27, 2013 1:26am Sep 27, 2013 1:26am
Quoting mmaker
{quote} How good is ASIC regulation? Another broker just went bankrupt under their watch: GTL Tradeup, an Australian FX Broker Goes Belly Up Down Under GTL Tradeup Liquidation Announced
ouch !!

australian regulators are severly corrupted, looks like. I will from now on assume regulators are leaches and after my money everywhere in the world.

I will reorganise cash to be with 4 brokers and total exactly enough for 1 next trade. Use benefit of easy deposits which is one thing these brokers improved. deposit or withdraw after each trade. Price to pay for safety.

anything else is asking for trouble, even account with GS.
  • #29
  • Sep 27, 2013 1:55am Sep 27, 2013 1:55am
be realistic.........line up all Western nations, and i'm confident Australia would be less corrupt than most; i couldnt be bothered hunting down the stats

that said governing bodies, laws, regulators, despite their integrity, can never stop the determined no matter the country

Quoting seaman2
{quote} ouch !! australian regulators are severly corrupted, looks like.
  • #30
  • Sep 30, 2013 6:11pm Sep 30, 2013 6:11pm
@ Balefx, i agree with you mate. I am from Auckland and the FX brokers in NZ are all bucket shops. No regulation whatsovever. They all claim to be non dealing desk etc but are far from it...

I am looking at using IC Markets in Australia as my preferred broker(as I have heard good things about them even though they have been known to post fake replies and reviews on forums), BUT like most brokers, it is not easy to find a reputable and transparent broker. I was doing some research on them and this is what I came up with...

According to the company policy; Clients' money is pooled together within a trust account and so an individual client's balance may not be protected if there is a default by another client which causes a loss to the overall trust account. Under the Corporations Act and the Corporations Regulations, we may pay money out of a trust account in the following circumstances:

Could someone break this down to me layman terms? My main concern is losing all my funds due to a broker going bankrupt for some reason and then not being able see my money. I have read to many horror stories online with other brokers going broke and then the traders are forced to take action and go to court to try and get some of their money back.

I always thought that any company that offers smaller lot sizes such as Micro would most likely be a market maker or a dealing desk and then for most companies offering ECN (Electronic Communications Networks) environments, the minimum margin for interbanking dealing is 100:1. Wouldn't a company offering higher leverage be, most likely, a market maker or a dealing desk broker? Would it be fair to label IC Markets or most so called brokers market makers even though they claim otherwise because there is no proper regulation in place like the futures market or stock market?

I guess the reason why i do contemplate trading the futures market is because it is a very well regulated and transparent compared to the murky world of forex trading.

Any opinions or advice would be much appreciated. Thank you
  • #31
  • Edited 5:06pm Oct 6, 2013 4:38pm | Edited 5:06pm
Quoting zorroz
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...

if its going to be few accounts, Trade copier might be better solution (unless you want charge them) which is don't need power of Antony or any other legal requirement. i am copying trades between my account cross different brokers i don't see big slips

ps : iam stating loose confident on Asic regulated brokers as i seeing a red color broker holding Asic licence and offering 50% magic bonus
Mohan
  • #32
  • Oct 6, 2013 6:16pm Oct 6, 2013 6:16pm
R u talkin abt IronFX? shocked me aswell :o
  • #33
  • Oct 6, 2013 6:45pm Oct 6, 2013 6:45pm
yea there bonus policy is a Clearly violation. i should check how to Lodge complain
Mohan
  • #34
  • Oct 6, 2013 11:08pm Oct 6, 2013 11:08pm
huh !

in AU I believe there is 500k min capital which everyone can borrow against heir house ot whatever.

They play against clients - take opposite side. AS 90% of them lose, broker wins and makes it into riches.

If brokers does not have much luck, good player comes around and losses for the broker outweight wins and broker goes bankrupt. Benefit here is that other client money goes as payment against bankruptcy. As well one can play games with good players and take money here or there, arrange large slippage, as broker knows will be out of business in couple of days..

really good risk reward bet for broker. Looks like this guy was unlucky first time or stupid.

I am thinking about doing it myself.
  • #35
  • Oct 7, 2013 3:11am Oct 7, 2013 3:11am
Hi , guys atm I am with IG markets AU thinking to swap to FXopen AU , does any one know anything about them or used them ? , i really like the idea of changing from MM to ECN.

cheers
luck is a loser's excuse
  • #36
  • Oct 8, 2013 5:16pm Oct 8, 2013 5:16pm
Quoting mohan76
{quote} if its going to be few accounts, Trade copier might be better solution (unless you want charge them) which is don't need power of Antony or any other legal requirement. i am copying trades between my account cross different brokers i don't see big slips ps : iam stating loose confident on Asic regulated brokers as i seeing a red color broker holding Asic licence and offering 50% magic bonus
Hi Mohan

Thanks for the feedback. Not sure if i can pm you but i wouldn't mind asking you a couple of questions if you don't mind.
  • #37
  • Edited Oct 9, 2013 12:18am Oct 8, 2013 6:54pm | Edited Oct 9, 2013 12:18am
Quoting zorroz
{quote} Hi Mohan Thanks for the feedback. Not sure if i can pm you but i wouldn't mind asking you a couple of questions if you don't mind.
try now. it should work now
Mohan
  • #38
  • Oct 9, 2013 12:35pm Oct 9, 2013 12:35pm
i have been working with icmarkets. so far its ok, the execution is fast and the spreads are good. from my experience seems to me a reliable broker.

imo.
trading is not an addiction. it's a profession.
  • #39
  • Oct 17, 2013 9:47pm Oct 17, 2013 9:47pm
how about fipfx?
  • #40
  • Dec 12, 2013 4:50pm Dec 12, 2013 4:50pm
Quoting balefx
{quote} um no they didn't, ASIC were undertaking the process to have them wound up. Rather than get taken to court they jumped the gun by a day or two. ASIC can't just say you're liquidated!! they have to actually go to court to get the process heard and ruled on......... no apology coming
ASIC wasn't actively involved at all, other than offer a warning after-the-fact and are now investigating the cause:
http://www.asic.gov.au/asic/asic.nsf...s?opendocument

That GTL Tradeup Director was able to leave Australia, so much for ASIC "protection":
http://www.stuff.co.nz/business/mone...broker-failure
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