Do you have any recommendations for a good broker in Australia? I was going to use IBKR as I hear they are reputable or IG. Is it better to trade micro futures or forex in terms of day trading(scalping)? I feel overwhelmed with the amount of information online that I don't know where to begin again. It has been a good 3 years since I last traded fx and back then I used Axitrader and Global Prime. I am sure things have changed since then I'd appreciate any feedback. Thank you very much.
Hey mate, I use Bell Potter with a CQG trading platform. I've only traded SPI and Emini futures but they support all the forex pairs as well. Micro futures have been handy for me to hone the levels I look at.SPI is the beast to be tamed! haha. Good luck. Let us know who you go with. Cheers,
Good evening mate, I was going to use IBKR or AMP or IG . I have never heard of Bell Potter. I will look into them. What does it cost to trade micro futures(MES or MNQ) ? Is scalping possible? I'd appreciate any feedback. Thank you very much. I am based in the GC.
Bell Potter - full service broker so alot higher comms you will pay. If you want to trade mini spi then they are your only option. IG CMC or City Index - all cfd providers no comms but fees built into the spreads. Good place to start if you want to trade small. IB - If you want to trade anything in the world then they are the ones to go with and have really cheap comms. They are really our only option in OZ.
Thank you. I will look into IG , CMC and City Index. For Forex brokers in Australia; it is now 30:1 leverage for FX majors. I wanted to trade Fx here in Aus but finding a decent broker is like finding a needle in a haystack. I was thinking about learning to trade futures instead because of the new regulations for forex. Do you think the new ASIC regulations have impacted Fx negatively or is it a good thing?
"ASIC first brought in rules around CFD trading in 2021, and within six months it found the changes had reduced aggregate net losses by retail investors by 91%" You can't trade Futures with these CFD brokers. To trade 1 micro MNQ/MES with IBKR you need minimum of $4500 AUD.
Don't trade forex but they were the ones that created the problem when they banned margin accounts forcing everyone to go the cfd route. Thankfully this has been partially fixed.
Hey mate, Bell Potter winding up their futures arm at end of January. Looking at IB at your suggestion. For platform,do you use their 'IKBR Trading Workstation'? If youre able to share. Cheers,