Are there any Aussies out there trading Forex? If so what brokers do they prefer. Until I found this forum I was about to open an account but now if too afraid, especially the security of sending your funds offshore. I was once stung by a U.K.. market maker operating in Australia and I don't want to go through that again. Any practical suggestions are welcome. Thanks damo484
Yeah, don't trade forex. I mean, if you were already stung by one of the FX dealers then why do you wanna go at it again!? Wanna trade FX then trade futures.
it wld be helpful if you cld tell us more, which broker, what type of situation etc... to my knowledge proper regulation of FX dealing in Oz is a pretty recent (2006) development http://www.ozforex.com.au/reference/regulation.htm unlike in the UK / US... now, a bad apple is a bad apple... care to tell us who?
You will need a turnover of 200 million plus for the first brokerage (odlsecurities.com), they have various platforms with each suiting different trading styles. You will possibly need an account of $400 000 USD or even more. Leverage of 50:1 down to 33:1. They have a second main US office in Chicago which just opened and is regulated with the NFA and CFTC look them both up on google. (capitalforex.com) is the second 33:1,40:1 margin $35 000 minimum to open an account ? millions turnover per month flexible depending on deposited amount access to large volume with {currenex,ebs,hotspot and lava platforms} currenex most flexible to use but again it depends on trading style.Excellent variable spreads 1-2 pips on majors during European and US sessions. Also you should be looking at a $550 000 account so as to manage risk.I dont recommend trading 4 contracts per $100 000 of capital in a account its just the risk profile I use for my trading you have to know your system ie average win average loss also average slippage on manual execution or API automated execution then trade the amount of risked dollars per trade that you deem prudent. Hope this helps BRADTRADER
Sure, but I think someone beat me to the answer on a previous post. I used CMC a few years back. They even still owe me money but I've given up on trying to get that back. They are so shonky that when I complained to ASIC I was surprised they were even allowed to operate in Australia. Everything, and I mean everything that comes from them (CMC) is an utter lie. Back then they never offered Forex but after my last experience I won't even give then the chance again. Nothing against UK brokers mind you, I used MAN at the moment and they are great.....so far....!
Hi there Found your post looking for a broker in Aus, who did you end up choosing? hows the trading been going since 06? I'm in Perth, but use GoMarkets since the allow you to open a small accounts - like $200 AUD small, you can add cash via BPay and their spreads aren't too bad. http://www.compareforexbrokers.com/Details/GOMarkets.html
FXCM has opened an office in Sydney: www.fxcm.com.au Client funds are held in Australia, and FXCM uses no dealing desk, so they are not a market maker.