# MT4 Forex Broker



## Mindsphere (28 July 2009)

I apologise if this has been explored elsewhere, but I was unable to find a conclusive discussion on forex brokers.

ATC Brokers were recommended on one forum but unfortunately aren't accepting Australian clients at this time due to technical requirements (?)

Ideally I'd want a broker which isn't a market-maker and has a decent spread on the major pairs. I'm currently using IG Markets for manual trades which is working just fine, but I am interested in trading directly through MT4 and with EA's.

Thanks in advance!


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## CFD (29 July 2009)

Have a look on this forum for FX threads on GoMarkets and FXCM.


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## Real1ty (29 July 2009)

You will struggle to find an MT4 broker is Aus with consistently descent spreads.

If you find one, let me know.


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## dasmith1973 (30 July 2009)

The brokers I am aware of in Australia are:

GoMarkets - 5 digit, variable spread, instant execution
AxisODL - rebranded ODL, just went to 5 digits/variable spread. OK
FXCM Australia - variable spread, market execution, lots of slippage
FXSOL Australia - Market Maker.
ForexFX - STP I think but charge both commission & spread!

Not Australian, but I think CMS Forex offers AUD accounts.

None are true ECN's.

Chrs, Dave
Just test them out, they all have demos & differing features (leverage, order types, min lot size, deposit etc).


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## Wysiwyg (30 July 2009)

*Halifax Investment Services* have the MT 4 platform also.
They don`t get much of a mention and it would be interesting to know the spreads they have on their platforms.


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## dasmith1973 (31 July 2009)

Wysiwyg said:


> *Halifax Investment Services* have the MT 4 platform also.
> They don`t get much of a mention and it would be interesting to know the spreads they have on their platforms.




Another 1 to add to the list.  Their PDS indicates they are dealing with either FXDD, FXCM or Gain.  I usually go direct to the underlying broker if I can.


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## Wysiwyg (31 July 2009)

dasmith1973 said:


> Another 1 to add to the list.  Their PDS indicates they are dealing with either FXDD, FXCM or Gain.  I usually go direct to the underlying broker if I can.




Yes the third parties. Yes it is  probably a good idea to leave the middle man out with the FX side of things.


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## nickdp (3 August 2009)

dasmith1973 said:


> ForexFX - STP I think but charge both commission & spread!




ForexFs are changing their commissions for professional accounts

"We are pleased to inform you that we are further reducing the volume target ceilings and commission charges for professional accounts. 

Please see the new commission table below.

Commission Table

Commission free over 100 million monthly volume 
AUD $5 per 1 lot (100,000) between 50 - 100 million monthly volume
AUD $7 per 1 lot (100,000) between 25 - 50 million monthly volume
AUD $10 per 1 lot (100,000) between 25 - 50 million monthly volume
AUD $15 per 1 lot (100,000) up to 10 million monthly volume 

Commission totals are based off closed trades and 1 contract is defined as open and close.

* 1 million = 10 lots

There are no changes to the conditions for the standard and premium accounts.

The following changes will take effect from 1st August 2009.
"


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## Stormin_Norman (4 August 2009)

what's their weblink?


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## Real1ty (4 August 2009)

Stormin_Norman said:


> what's their weblink?




https://www.forexfs.com/


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## dasmith1973 (4 August 2009)

nickdp said:


> ForexFs are changing their commissions for professional accounts "





That sounds great and I would like to trial them out to support another aussie broker, but I still think its a bit rich charging both spread markup & commission, especially when their spreads are no better than others, even higher in some cases, & are certainly not ecn.


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## Wysiwyg (5 August 2009)

dasmith1973 said:


> FXCM Australia - variable spread, market execution, lots of slippage
> None are true ECN's.
> 
> Chrs, Dave
> Just test them out, they all have demos & differing features (leverage, order types, min lot size, deposit etc).




Is anyone trading live willing to post what they see as downside to the fxcm australian broker?


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## dasmith1973 (5 August 2009)

Wysiwyg said:


> Is anyone trading live willing to post what they see as downside to the fxcm australian broker?




See this thread...
https://www.aussiestockforums.com/forums/showthread.php?t=14878&page=3

Basically they provide STP type market orders, Market orders are good in that you don't get requotes but you tend to get -ve slippage which is important (ie bad) if looking at scalping systems.  

Spreads a tad higher (eg EURUSD is typically 3 - 4 when others are 2 to 3).

The new VPS trial has helped I assume by providing a VPS with really short pings times (< 50 ms) as opposed to my last VPS was > 300 ms.

Chrs, Dave


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## Real1ty (5 August 2009)

Wysiwyg said:


> Is anyone trading live willing to post what they see as downside to the fxcm australian broker?




Das has summed it up pretty well and if you want to scalp FXCM are not for you.

I have to disagree on the EURUSD spread though as i rarely get above 2.8 and it is currently fluctuating between 2.0 and 2.8

Many times when you try to enter an order, even in Asian times, it just hangs and doesn't go through and i have never had nor do i currently have this issue with the broker i place most of my orders with.

If you were trading off higher TF they would be fine imo.


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## Wysiwyg (5 August 2009)

dasmith1973 said:


> See this thread...
> https://www.aussiestockforums.com/forums/showthread.php?t=14878&page=3
> 
> Basically they provide STP type market orders, Market orders are good in that you don't get requotes but you tend to get -ve slippage which is important (ie bad) if looking at scalping systems.
> ...






Real1ty said:


> Das has summed it up pretty well and if you want to scalp FXCM are not for you.
> 
> I have to disagree on the EURUSD spread though as i rarely get above 2.8 and it is currently fluctuating between 2.0 and 2.8
> 
> ...




Thanks, so far acceptable.

PR quote this *• Spreads as low as 1 pip EUR/USD*


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## dasmith1973 (5 August 2009)

agree the EURUSD spread 'now' is 2.4 to 2.6 (which is still high really) but my session of focus is the asian session when its much greater (ie 3 to 4) while other brokers are still 2.

"PR quote this • Spreads as low as 1 pip EUR/USD" just means on best possible time of day you get 1, all other times its higher, but that's the same for every broker isn't it, they all quote the 'best', not the average or typical!  Still nowhere near ECN which is 0 to 1.  

Anyway, its just my comments...have to due your own due diligence.


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## Real1ty (5 August 2009)

Wysiwyg said:


> Thanks, so far acceptable.
> 
> PR quote this *• Spreads as low as 1 pip EUR/USD*




http://www.forextrading.com.au/forex-spreads.jsp

That is a reasonable guide to typical spreads.

You can get better on some pairs and worse on others.

It really comes down to your style and time of trading.


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