# Newbie needs help: which online Aussie broker?



## importer (6 January 2008)

Hi guys, I am total newbie in online forex and
this is my first post/ question here. I do apologize if this has been discussed/answered before.
I am an importer and I need to convert $AUD to foreign currency now and then (2-3 times per month)
 I was doing this through one of 'big five' bank Forex - until I've discovered www.forex.com online real-time brokers.
After downloading their free practicing account I realized this is exactly what I need- if I were in US.
So I've started searching for an Australian broker which would offer the same or similar service.
Unfortunately I am still unable to find local online broker. Their software is
either way old-fashioned (not really much fancier than my banks two-button interface) or
not stable (frozen screen etc, something I've never had problem with forex.com)
The reason I would prefer local broker
is convenience in depositing / withdrawing funds in $AUD and to a degree I would feel much more
comfortable to hand over my money to ASIC regulated firm. I play with real money, use no leverage
and I am not concern about squeezing very last 0.01 of a cent either way, but I would like to
be more proactive, follow exchange rates in real-time  and receive better deal on exchange than what I'm getting now
which is quite frankly just peanuts.
Could anyone please recommend Aussie forex broker firm that would suit my requirements?
Alternatively I would like to hear from anyone trading with forex.com and their experience (real account, not practice)
Your prompt reply would be greatly appreciated. Thanks in advance.


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## Timmy (6 January 2008)

What you want is a firm that deals in deliverable forex.

Try OzForex at http://www.ozforex.com.au/


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## tayser (6 January 2008)

importer said:


> Hi guys, I am total newbie in online forex and
> this is my first post/ question here. I do apologize if this has been discussed/answered before.
> I am an importer and I need to convert $AUD to foreign currency now and then (2-3 times per month)
> I was doing this through one of 'big five' bank Forex - until I've discovered www.forex.com online real-time brokers.
> ...




I'm confused... Are you trading forex for speculative gains / hedging activities or are you simply buying/selling currencies against AUD to do your importing activities?

When you trade forex with an online broker (what most people in this section are going to be doing) you're not going to receive the foreign currency (whether it be in cash or electronically) - you will have an account which is denominated in currency A, and you will trade currency B against currency C, to secure (realise) your profits, they'll be converted back to currency A.

Big 4 Banks give ****house rates because they deal with very small amounts (think of joe bloggs from the burbs going overseas so he needs to buy $100AUD worth of Euro, Sterling or Uncle Sam's Peso - so the banks need to have 200+ pip spreads either side of the market price to make money of the transaction), when you trade with leverage you're naturally trading a hell of a lot more than if you weren't thus the spreads are much narrowed (1:100 on an ECN broker will give you 1-3 pip spreads on all majors and major crosses).

Anyhow, yeah, what is it you're wanting to do? trade or just buy/sell against AUD and physically obtain the foreign currency? 

lol cheers.


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## importer (8 January 2008)

Thanks timmy and tayser for your explanation. Yes, looks like I actually need deliverable forex. Have checked Ozforex website - very impressive. Thanks for pointing me into the right direction.


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## trading2009 (21 May 2009)

*What Broker Should I Choose?*

I live in NSW, Aus., I want to start trading forex, which broker should I go with.


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## lasty (21 May 2009)

Not CMC.


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## Stormin_Norman (21 May 2009)

*Re: What Broker Should I Choose?*



trading2009 said:


> I live in NSW, Aus., I want to start trading forex, which broker should I go with.




go markets or fxcm australia.


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