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Forex brokers in Australia - your feedback

  • #41
  • Dec 17, 2013 3:03am Dec 17, 2013 3:03am
Take a look at excel markets, they are based in New Zealand though ... regulated by the New Zealand Financial Markets Authority and offer less than a pip spread on most fx pairs. Pretty impressive.

I'm not sure how fast any regulator can move in the event of a problem with a particular broker, but FMA issues 'Latest Warnings and Alerts' here http://www.fma.govt.nz/keep-updated/...gs-and-alerts/ and a list of non-compliant firms and individuals here: http://www.fma.govt.nz/keep-updated/...-to-be-wary-of
  • #42
  • Jan 5, 2014 4:06am Jan 5, 2014 4:06am
I never work with any Australian broker but since a couple of years they are gaining popularity, Specially those who offer ECN with MT4 Platform on commission basis. There are atlease three Ausie brokers with decent reputation.
Real Time Discounts for IC Markets. Partner ID = 1695
  • #43
  • Jan 17, 2014 1:41am Jan 17, 2014 1:41am
Hey guys, I know this isn't directly related but where can I find information about aussie stock brokers on trading platforms? I trade on commsec which usually does the job just fine, but it would be nicer to have a platform that does the whole process a bit smoother and has better data display/indicators. I'm also looking into trading more derivatives and would like to see alternatives to commsec in that regard.

Thanks
  • #44
  • Jan 17, 2014 2:15am Jan 17, 2014 2:15am
I have used IC markets for 4 months now had no drama, good spread and regulated by ASIC. I'm yet to make withdraws on my account, other than that I've had a good experience with them.
Causa sui
  • #45
  • Jan 17, 2014 2:22am Jan 17, 2014 2:22am
Australian brokers (and most brokers actually) are a joke. Don't be fooled by the illusion of security offered by ASIC. Carefully inspect the terms and conditions upon signing up with your broker and you will see you are essentially sending your money to them and allowing them to do whatever they please with it. Your money is not actually 'segregated'. The broker would still be able to access it for purposes outside of margin requirements. I would not put my money even in those public brokers listed on the stock exchange. Even the big ones go down. For your personal trading and especially managerial purposes, there are far better brokers out there. Check the terms/conditions, check where your money is actually stored and how it is used, check if there are any guarantees from banks/government, trust accounts, custodian bank accounts, and so on.
  • #46
  • Jan 17, 2014 3:37am Jan 17, 2014 3:37am
Ok, will keep an eye on all that, thanks for the feedback.
  • #47
  • Jan 17, 2014 4:11am Jan 17, 2014 4:11am
Quoting loleno
Australian brokers (and most brokers actually) are a joke.+nz brokers. Don't be fooled by the illusion of security offered by ASIC. Carefully inspect the terms and conditions upon signing up with your broker and you will see you are essentially sending your money to them and allowing them to do whatever they please with it. Your money is not actually 'segregated'. The broker would still be able to access it for purposes outside of margin requirements. I would not put my money even in those...
agree.
  • #48
  • Jan 17, 2014 5:37am Jan 17, 2014 5:37am
Quoting loleno
Australian brokers (and most brokers actually) are a joke. Don't be fooled by the illusion of security offered by ASIC. Carefully inspect the terms and conditions upon signing up with your broker and you will see you are essentially sending your money to them and allowing them to do whatever they please with it. Your money is not actually 'segregated'. The broker would still be able to access it for purposes outside of margin requirements. I would not put my money even in those public brokers listed on the stock exchange. Even the big ones go down....
Out of curiosity what brokers would you recommend then?
Causa sui
  • #49
  • Feb 15, 2014 4:23am Feb 15, 2014 4:23am
This is the 2nd time I heard that Aus brokers aren't reliable. In the first case, the recommendation is go for UK and Europe based brokers. Are Australia brokers really that bad? I mean aside from Go Market, are other forex brokers in AUstralia are so unreliable?
  • #50
  • Feb 15, 2014 4:47am Feb 15, 2014 4:47am
Quoting flowerhorn
This is the 2nd time I heard that Aus brokers aren't reliable. In the first case, the recommendation is go for UK and Europe based brokers. Are Australia brokers really that bad? I mean aside from Go Market, are other forex brokers in AUstralia are so unreliable?

they are really good ... but only until you are losing.
same with uk/eu/us brokers.

you have to be able to win but that is not enough in this corrupt game.

best bet are currency futures or even better - playing physical if you large enough.

& don't use stops.
  • #51
  • Feb 15, 2014 5:11am Feb 15, 2014 5:11am
I used to trade with Pepperstone.
Never had any problems at all.
  • #52
  • Feb 15, 2014 5:52am Feb 15, 2014 5:52am
Quoting loleno
Australian brokers (and most brokers actually) are a joke. Don't be fooled by the illusion of security offered by ASIC. Carefully inspect the terms and conditions upon signing up with your broker and you will see you are essentially sending your money to them and allowing them to do whatever they please with it. Your money is not actually 'segregated'. The broker would still be able to access it for purposes outside of margin requirements. I would not put my money even in those public brokers listed on the stock exchange. Even the big ones go down....
You might like to check the regulations before saying untrue things about ASIC regulation. RG212 for example

Quote
D Permitted uses of, and withdrawals from, client
money accounts
Key points
Client money may be invested in certain permitted investments, provided
the licensee has obtained the client’s written agreement in relation to the
terms of the investment: see RG 212.45–RG 212.49.

A licensee may make certain withdrawals from a client money account,
including:
• paying to the licensee money to which the licensee is entitled;
• making a payment in accordance with the written direction of a person
entitled to the money;...
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg212-9July2010.pdf/$file/rg212-9July2010.pdf

Company money and client money is not allowed to be mixed. Client money must be held in a separate, segregated account by law and cannot be used for any purpose other than mention above. I bolded the parts that point out that any investment from the permitted investments cannot be made without written permission of the client.

Just thought I would set you straight there
  • #53
  • Feb 15, 2014 6:08am Feb 15, 2014 6:08am
until recently, maybe still...

AU broker must maintain 500k cash.

that is a joke. 1 unhedged bet gets him under for 3m swing trade gone wrong.

took time to read tiny print and scary to find out that: if you send broker money it is allowed to do whatever he wishes with it, as someone mentioned before. Software glitches are perfect here.

YOU WILL NOT MAKE MONEY THAT WAY.
  • #54
  • Feb 15, 2014 3:56pm Feb 15, 2014 3:56pm
Quoting FXOjafar
{quote} You might like to check the regulations before saying untrue things about ASIC regulation. RG212 for example {quote} http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg212-9July2010.pdf/$file/rg212-9July2010.pdf Company money and client money is not allowed to be mixed. Client money must be held in a separate, segregated account by law and cannot be used for any purpose other than mention above. I bolded the parts that point out that any investment from the permitted investments cannot be made without written permission of the client....
No, no need to set me straight. You are clearly the delusional one here. You just proved my point that all it requires is written consent from the client to allow the broker to do whatever it wishes with their money.

You still don't understand the issue at hand. It may be the intention of ASIC (and other regulators) to protect clients, but they will always be slow in detecting and reacting to problems when they actually occur. It is not hard to find such real life examples.

Some of the ways to have your money safe from the broker is by getting a guarantee from the bank/government or keeping your money at a custodian bank where your money is ACTUALLY segregated. Still, nothing is 100%, but at least broker risk is eliminated from the onset.
  • #55
  • Feb 15, 2014 4:54pm Feb 15, 2014 4:54pm
Quoting loleno
{quote} No, no need to set me straight. You are clearly the delusional one here. You just proved my point that all it requires is written consent from the client to allow the broker to do whatever it wishes with their money. You still don't understand the issue at hand. It may be the intention of ASIC (and other regulators) to protect clients, but they will always be slow in detecting and reacting to problems when they actually occur. It is not hard to find such real life examples. Some of the ways to have your money safe from the broker is by getting...
which broker u use?
I am smart than average trader, I simply copy the best.
  • #56
  • Feb 23, 2014 11:12pm Feb 23, 2014 11:12pm
Quoting moyes
@ 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...
There are good highly regulated ECN brokers who also offer high leverages such as many brokers in UK regulated by FSA (you do end up paying higher spread though). Only the dingbat US regulators would set the margin at 50:1 limiting ways for a trader to make money and at the same time the growth of the retail FX industry in the US.
Make your losses in demo. Earn your profits live.
  • #57
  • Feb 23, 2014 11:31pm Feb 23, 2014 11:31pm
Quoting zorroz
non slippage
I have been with Lmax, Oanda, Armada, Axitrader, Alpari UK and currently with Pepperstone, IC Markets and Alpari. There is always slippage. If that is one of your criteria, I doubt you'll find one.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
  • #58
  • Feb 27, 2014 6:24pm Feb 27, 2014 6:24pm
There has been lots of confusion on broker regulation in Australia. No doubt the regulator is ASIC, but if you need to complain, file it with Financial Ombudsman Service. If you have problem withdrawing money etc, which should be you number 1 concern with any broker, file it online with FOS.

BEFORE you open an account with an Australian broker, read their PDS (which is mandatory publication). Check that the PDS mention you can file a complain with FOS , and this is done only AFTER the internal resolution is unsatisfactory. FOS decision is binding and if the broker does not comply, FOS will contact ASIC on your behalf. If no mention FOS within the PDS, skip that broker. Yo can also go to the FOS website and enter the broker's FSL number. if you cannot find it, skip to the next broker.

Remember, this does not prevent blatant fraud, i.e. broker closed the company overnight and flee with your money. happens in all countries.

One thing which is a MUST when choosing a broker. The primary bank account, office, jurisdiction must be in the same country. Be vary of broker where the license if from country X but bank account is in country Y. e.g. if ASIC needs to seize the asset, there is nothing to get hold off if the money is offshore.

I just moved Down Under and I (together with my trading 'cartel' members) use cTrader. What a joy to find many brokers in one country offering cTrader: ThinkForex, WhichWay, IC market, Invast etc.

Now complaints about platform/server freezes can still be complained to FOS but they will view this as the broker's operational decision(on using small server/infra) rather than fraud although FOS tends to side with the consumer/trader. That is one of the reason why I use cTrader where the execution server is control by spotware(UK) and not dependent on the broker's server which is the number 2 complaint by traders.

A number of traders provide withdrawal by 'non-mainstream' institution like skrill/liberty. Actually I am quite vary of broker's offering this. Firstly FOS have no jurisdiction over this entities and secondly, the money that I trade with is fairly large (50-100K). Bank TT is the only safe way to go. To get your money to Aus from overseas, you should negotiate the spot rate + a few pips with your broker or you can use a third party like Ozforex which has no TT fee above 10K. BUt broker rate works better for me.
  • #59
  • Feb 28, 2014 11:32pm Feb 28, 2014 11:32pm
Hey red, welcome down under. Did you come from the land underwater or the land snowed under?

Looking forward to some posts about your trading and using cTrader.
Good Trading
  • #60
  • Mar 1, 2014 10:32pm Mar 1, 2014 10:32pm
Stay away from IG markets they're great until you start making money. They started re quoting me constantly, and i couldnt close any open trades on the first attempt. crooks
Never said I was Batman,all I'm saying is you'll never see us together.
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