# Choosing a Forex Broker in Australia



## syswong

Hi all,

I am new to this area and in the middle of chooing a forex trader. As far as I know the local ones are IG and OZForex, people said IG is ok except the platform is still developing.

Then there is GFT which is not local but can accept Australia local fund transfer, but people said their spread is bigger then others.

Finally everyone been saying OANDA is good and I have already register a practice account. It looks good. Also I have a hong kong bank account which mean I can transfer fund direct to them instead of using paypal.

What do you guys suggest, any other trader worth considering and out of the four I mentioned, which one should I go with??


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## TulipFX

*Re: Choosing a Forex Trader in Australia*

GoMarkets and Pepperstone are both quite good. Dedicated forex brokers. Use the MT4 platform.


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## Alpha_Bet

Australian based: GoMarkets.
US based: OANDA.
Full contracts: CME Futures

Try using the search engine, your question is not unique.


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## Paulo30

I've found GFT to be quite good, and also OANDA.

It's not like share trading where you really need someone based in Australia. Any overseas company of good repute can do the job quite well. You also need to check out their platforms and be comfortable with that.

For myself I require a good mobile platform, however many use MT4.


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## cogs

What should really help for you to decide who to go with is if you open a demo account with a futures broker and any retail bucket shop using MT4 or similar IG, City Index, CMC FP Global, etc, then open a position with the same stop and take profit distance placed on each, and see how each behave and which closes out first and why.

Apply this to any type of trade to any currency pair to see how each brokers system behaves, I think you will be surprised and it should really help in your decision making.

There are many variables between each broker but the aim is to make money and learn, right?


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## tom82

GoMarkets.
IBFX Australia
Oanda (Asia Pacific)
IFX (A City Index company)
Got Money
Vantage FX
FX Solutions Australia (Also a City Index company)

There are others.

Open demo accounts and try them out, make enquiries with them and test out their customer service.


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## tothemax6

syswong said:


> Hi all,
> 
> I am new to this area and in the middle of chooing a forex trader. As far as I know the local ones are IG and OZForex, people said IG is ok except the platform is still developing.
> 
> Then there is GFT which is not local but can accept Australia local fund transfer, but people said their spread is bigger then others.
> 
> Finally everyone been saying OANDA is good and I have already register a practice account. It looks good. Also I have a hong kong bank account which mean I can transfer fund direct to them instead of using paypal.
> 
> What do you guys suggest, any other trader worth considering and out of the four I mentioned, which one should I go with??



+1 OANDA


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## tayser

in the next 12-24 months, we won't be talking about "which is the best _broker_ to use" - we'll be talking about "which is the best *bank* to use for trading FX".

Trading directly with a bank, leap-frogging any middle-man (the broker environment we all use currently), through a DMA (rather than ECN or MM) model, will become the norm when banks start cranking out their platforms - here in AU and offshore (keep an eye on those Crazy Canuckistani banks ).

watch this space.


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## imforforex

Hi All

I am currently running an MT4 demo from goMarkets. I really like the platform but I'm tired of having to donate pips to brokers, especially when doing short term trades.

I heard that there is a broker launching soon offering zero spreads. Has anyone heard the same? Or knows who it is?

imforforex


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## TulipFX

imforforex said:


> Hi All
> 
> I am currently running an MT4 demo from goMarkets. I really like the platform but I'm tired of having to donate pips to brokers, especially when doing short term trades.
> 
> I heard that there is a broker launching soon offering zero spreads. Has anyone heard the same? Or knows who it is?
> 
> imforforex




There are 3 things which cost you money in forex, and make the money for the broker.

1. Spreads. 
2. Commission.
3. Slippage.

If they are going to charge you no spreads, and perhaps even no commission then they will get you on slippage and other skullduggery.


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## tayser

imforforex said:


> Hi All
> 
> I am currently running an MT4 demo from goMarkets. I really like the platform but I'm tired of having to donate pips to brokers, especially when doing short term trades.
> 
> I heard that there is a broker launching soon offering zero spreads. Has anyone heard the same? Or knows who it is?
> 
> imforforex




LOL.  Stay well away from whomever it is then.

There's no such thing as a free lunch and there's always a cost to you to do anything in life (monetary or otherwise), why would a potentially lucrative mechanism for making money be any different?

Just look for a broker that has the tightest spreads, lowest commission and uses a proven platform.


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## TulipFX

We did a very important blog about forex brokers - and how selecting the right forex broker can have a big influence on your trading.

The Impact of your Broker Choice on your Trading Results


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## tom82

tom82 said:


> GoMarkets.
> IBFX Australia
> Oanda (Asia Pacific)
> IFX (A City Index company)
> Got Money
> Vantage FX
> FX Solutions Australia (Also a City Index company)
> 
> There are others.
> 
> Open demo accounts and try them out, make enquiries with them and test out their customer service.




I should have listed all the brokers I know of, continuation of list (also not in any particular order).

Forex FS
ForexCT
Axi Trader
Pepperstone
market plus
Apex FX Trading
Easy-Forex
IG Markets
GFT
MF Global
FXCM ( forextrading.com.au )
Interactive Brokers
Halifax Investment Services

Hope this helps.


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## Neutral

tayser said:


> in the next 12-24 months, we won't be talking about "which is the best _broker_ to use" - we'll be talking about "which is the best *bank* to use for trading FX".
> 
> Trading directly with a bank, leap-frogging any middle-man (the broker environment we all use currently), through a DMA (rather than ECN or MM) model, will become the norm when banks start cranking out their platforms - here in AU and offshore (keep an eye on those Crazy Canuckistani banks ).
> 
> watch this space.




Are you saying that banks will be offering retail investors interbank spreads?


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## tom82

tom82 said:


> I should have listed all the brokers I know of, continuation of list (also not in any particular order).
> 
> Forex FS
> ForexCT
> Axi Trader
> Pepperstone
> market plus
> Apex FX Trading
> Easy-Forex
> IG Markets
> GFT
> MF Global
> FXCM ( forextrading.com.au )
> Interactive Brokers
> Halifax Investment Services
> 
> Hope this helps.




Another one for the list:

Kinetic Securities


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## kimleow

Is it possible to have this list restricted to only real australia brokers?
FXCM, IBFX, IB etc are all USA based companies, Forex CT is owned by a vanuatu company, Halifax mainly an IB to several brokers...


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## tom82

kimleow said:


> Is it possible to have this list restricted to only real australia brokers?
> FXCM, IBFX, IB etc are all USA based companies, Forex CT is owned by a vanuatu company, Halifax mainly an IB to several brokers...




They are all holders of AFSL, authorised by ASIC, holders of ACN and ABN.

So maybe we can rename the list... to something like Authorised / Licensed forex dealers in Australia.

PS. another one to add to the list is DCMforex.


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## Tanaka

I still have no idea why you would want to choose an Australian broker? 

Generally speaking if the broker has more customers then they can offer better spreads or/and commissions. They need more customers so that they can negotiate better deals with the big banks around the world which control the money. 

I hope tayser is right, a transparent forex market with transparent volume would be great, I’d trade that! But seriously, how do you get all the major banking players from all the diverse languages and cultures to all agree to use the same inter bank platform? I can’t imagine we will see it in 12-24 months. 

I like CME Futures as Alpha_Bet pointed towards, at least they are traded on a proper exchange.


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## hottrader

currently using www.icmarkets.com.au

instant fills. No problems so far. 

anyone else tried them?


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## tayser

hottrader said:


> currently using www.icmarkets.com.au
> 
> instant fills. No problems so far.
> 
> anyone else tried them?




looks like another SaxoBank white label.

FFS, when will a broker start offering a Currenex front-end in this bloody country?

The best we have is DivisaCapital in Auckland (for Currenex).


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## LiL_JaSoN

I'v got Oanda,

You can use the MT4 platform or the Java based platform.

Spreads are quiet good, besides when there is news.


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## addison

just started recently myself, first firm pepperstone, happy so far, always best though to try out a few via demos first, i tried about 5 or 6 before starting with pepperstone


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## grandia3

I have just tried an australian based broker (I won't mention the name)

my advice based on my experience,
beware of the demo!

tried their demo account for 1 month
their demo server is extremely super fast (possibly to attract customers)
instant fill on orders, no downtime, etc.

after I opened a live account, surprise.. it disconnect a lot, not to mention the huge delay on buy/sell on market, and the recent error on historical price which affect my indicators on MT4

IMO, US brokers are more reliable


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## Duggy0FX

Any use of MT4 are simply digital bucket shops. They were designed to be use by dealing desks. Don't trust any of them. USE strictly ECN Brokers only (direct dealing quotes through banks bid/ask). Even if they advertise being an ECN do not use MT4. MT4 is game much like a slot machine. 

Use an ECN's Brokers own platform. Also I recommend comparing MT4 & non directly beside one another. (Dual screens help). One thing you'll notice is the different pricing & candle formations. Wildly different patterns at times, which can make or break your trade depending on your strategy.   My experience once I start making profitable trades, I have been locked out of positions when moving S/L into profit (I slide S/L as required to realize gains should market swing) or T/P as I see fit. 

For example today, 0910 hrs, on both USD/CHF & EUR/USD positions I attempted to move S/L & T/P on MT4 for orders not to be filled, my ECN broker filled orders. Luckily MT4 only .05 lot. 1 contract on ECN platform. 

USD/CHF Long entry: .8673 initial S/L: .85820 T/P: (Parity) 1.000 attempted to move S/L: .87685 not accepted on MT4, order accepted by ECN broker. 

EUR/USD Short entry: 1.38891 initial S/L: 1.39720 T/P: 1.3500 attempted to move S/L: 1.7330 & T/P: 1.3742 not accepted on MT4, order accepted by ECN broker.

At the time of attempt I was approx. 450 pips in profit. Now that hurts to loose such a position. The MT4 platform shut me out for around 15 min then I gave it another go only to have the exact same thing happen again for the same time. 

Not naming any broker just conduct your own research on brokers, but please for the sake of your wallet & sanity stay well clear of MT4(5).


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## cogs

Duggy0FX,

Have you seen this posting?
https://www.aussiestockforums.com/forums/showthread.php?t=19051&page=2 bottom of page. Might explain some of your straaaange happenings.


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## hungrypips

Boston merchant Financial (BMFN) just opened a shop in Australia, they do fx, cfd, warrants. Found them on a forex rebate site - Rebatemyforex. http://rebatemyforex.com

BMFN use a ECN set up.. so ive heard!


some others are eToro Australia though they don't have the MT4 platform, great if you want to learn

Just in response to the guy who mentioned Kinetic...they went bust


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## havaiana

Are there any good Aus brokers that have platforms other than MT4? Would rather an ecn but if spreads are low enough don't mind. It seems all aus brokers with competitve spreads only have mt4...

Also, i don't have the $20k deposit needed to use an institutional/platform broker


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## kimleow

BMFN - Boston Merchant Financial is a Market Maker not an ECN it says it clearly in their Financial Services Guide. This means they are taking the opposite position to your trades, so they win when we lose and lose when we win.... do you want to trade with a broker whose business model is based on us losing money? are they going to help you trade and help you be profitable if they make money when we lose money.... think about it....





hungrypips said:


> Boston merchant Financial (BMFN) just opened a shop in Australia, they do fx, cfd, warrants. Found them on a forex rebate site - Rebatemyforex. http://rebatemyforex.com
> 
> BMFN use a ECN set up.. so ive heard!
> 
> 
> some others are eToro Australia though they don't have the MT4 platform, great if you want to learn
> 
> Just in response to the guy who mentioned Kinetic...they went bust


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## cogs

havaiana,
Honestly I don't think there are.

Competitive spreads and MT4 in the same sentence is a contradictory. The MT4 platform has variable spread control at server side via spiking, freezing, spread and pricing manipulation. You cannot have MT4 with fixed spreads in FX, spreads even in futures varies around news etc.

I have accounts with nearly all Aust brokers/market makers. They are in business to make money.

The best advice I could offer would be to use a US broker like Infinity Futures who offer zero spread but charge commission per contract. 
You are trading direct to CME and your order is queued etc. Sign up and trade with a min of $1500-2000. Price moves one tick and you have covered commsion with profit already. You cannot get this anywhere in Australia. The best thing is if you have ever used stops with traditional brokers and wondered why they always get hit, this doesn't happen when direct to CME market access, the price behaves more as you would expect it to. The one negative would be margins are higher than Australian brokers due to the max allowable leverage allowed in the US of 1:50. 6E EURUSD you will need to put up 500-600$ or $5,500 if you hold overnight US time. Not for the faint hearted but if you feel the urge they have demo accounts for 30 days. Unlike MT4 and others when you use a live account it behaves the same as the demo.
Deposits and withdrawls are quick. I can deposit via ANZ bank in 1-2hrs if you do it near the end of day here, ie their US day starts shortly after. Withdrawls may take up to 2 days. Only use the large banks here tho for transfers. No broker here in Aust, except one who I took to Finance Ombudsman (and wonthe case), can handle deposits and withdrawls that fast.

Just to point out how currupt these market makers are, I once notified the finance dep of a broker who uses MT4 that I had made a deposit, they adjusted my account balance accordingly even tho I hadn't made the deposit. They are very confident they will keep your money.


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## kimleow

you cannot say just because a broker uses MT4 they are a bucket shop, there are plenty of lagit direct to market aussie based brokers that use MT4....


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## tayser

regardless, MT4 has a stigma attached that will never go away.

Where's our local Currenex providers for feck's sake?


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## Alpha_Bet

cogs said:


> havaiana,
> Honestly I don't think there are.
> 
> 
> 
> The best advice I could offer would be to use a US broker like Infinity Futures who offer zero spread but charge commission per contract.
> You are trading direct to CME and your order is queued etc. Sign up and trade with a min of $1500-2000. Price moves one tick and you have covered commsion with profit already. You cannot get this anywhere in Australia. The best thing is if you have ever used stops with traditional brokers and wondered why they always get hit, this doesn't happen when direct to CME market access, the price behaves more as you would expect it to. The one negative would be margins are higher than Australian brokers due to the max allowable leverage allowed in the US of 1:50. 6E EURUSD you will need to put up 500-600$ or $5,500 if you hold overnight US time. Not for the faint hearted but if you feel the urge they have demo accounts for 30 days. Unlike MT4 and others when you use a live account it behaves the same as the demo.




I agree with Cogs, 
FX futs are your best bet for short term trading. Downside is lack of pairs  (ICE has just added more crosses 19/09), and liquidity compared to Spot. 
If you want to run a position and avoid full margin, exit before end of US day session and re-open when night market opens.

If you avoid a bucket shop Spot is fine for position trading and you get a 24hr market unlike futs.


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## hungrypips

kimleow said:


> BMFN - Boston Merchant Financial is a Market Maker not an ECN it says it clearly in their Financial Services Guide. This means they are taking the opposite position to your trades, so they win when we lose and lose when we win.... do you want to trade with a broker whose business model is based on us losing money? are they going to help you trade and help you be profitable if they make money when we lose money.... think about it....





BMFN offer currenex which is ECN and they have an ECN/STP setup for their floating spreads as well. They have a dealing desk for their fixed spreads, though who on earth would want to use the fixed spreads. If you spent less time reading the FSG and more time on the website you would know.

No need to educate me on how a dealing desk works kimleow, your not the only one in this world that understands the pitfalls of using a DD.


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## tom82

How about AlphaBroking, they are ECN.


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## billv

cogs said:


> I have accounts with nearly all Aust brokers/market makers




cogs
Are these Mt4 accounts?
Have you tried the dealbook 360 platform with GFT?
I'm doing a forex course and i've been asked to subscribe to esignal
are you familiar with Dealbook 360 and esignal?
cheers


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## matthewdean

Duggy0FX said:


> Any use of MT4 are simply digital bucket shops. They were designed to be use by dealing desks. Don't trust any of them. USE strictly ECN Brokers only (direct dealing quotes through banks bid/ask). Even if they advertise being an ECN do not use MT4. MT4 is game much like a slot machine.
> 
> Use an ECN's Brokers own platform. Also I recommend comparing MT4 & non directly beside one another. (Dual screens help). One thing you'll notice is the different pricing & candle formations. Wildly different patterns at times, which can make or break your trade depending on your strategy.   My experience once I start making profitable trades, I have been locked out of positions when moving S/L into profit (I slide S/L as required to realize gains should market swing) or T/P as I see fit.
> 
> For example today, 0910 hrs, on both USD/CHF & EUR/USD positions I attempted to move S/L & T/P on MT4 for orders not to be filled, my ECN broker filled orders. Luckily MT4 only .05 lot. 1 contract on ECN platform.
> 
> USD/CHF Long entry: .8673 initial S/L: .85820 T/P: (Parity) 1.000 attempted to move S/L: .87685 not accepted on MT4, order accepted by ECN broker.
> 
> EUR/USD Short entry: 1.38891 initial S/L: 1.39720 T/P: 1.3500 attempted to move S/L: 1.7330 & T/P: 1.3742 not accepted on MT4, order accepted by ECN broker.
> 
> At the time of attempt I was approx. 450 pips in profit. Now that hurts to loose such a position. The MT4 platform shut me out for around 15 min then I gave it another go only to have the exact same thing happen again for the same time.
> 
> Not naming any broker just conduct your own research on brokers, but please for the sake of your wallet & sanity stay well clear of MT4(5).




Great post,

Looking back I wish I had of done a lot more research into brokers, It would have saved me a few dollars lost due to bad/missed fills and crashes... I would only now use an ECN Broker. The commission might seem higher but i think overall its worth it.

I'm still yet to find a broker I'm 100% happy with and I've had a go with a few now.


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## billv

matthewdean said:


> Great post,
> 
> Looking back I wish I had of done a lot more research into brokers, It would have saved me a few dollars lost due to bad/missed fills and crashes... I would only now use an ECN Broker. The commission might seem higher but i think overall its worth it.
> 
> I'm still yet to find a broker I'm 100% happy with and I've had a go with a few now.




I've used a few as well and because I do many short trades the spreads are a significant cost to me.
Have you tried Axitrader or Pepperstone?
They both have very low spreads and as they don't have dealing rooms they won't be tradings against you.
I've also registered with cashbackforex.com so I get a rebate for every trade I place (I'll get money back even for losing trades)


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## Alpha_Bet

billv said:


> because I do many short trades the spreads are a significant cost to me.




how does the spread make a difference whether going long or short?

do you mean counter-trend trading?


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## billv

Alpha_Bet said:


> how does the spread make a difference whether going long or short?
> 
> do you mean counter-trend trading?




The spread is what we pay the broker for each trade so the higher the spread the more our trade has to move before it becomes profitable.

For example, if I place an order on EUR/USD and the spread is 2 pips, as soon as I place an order my account will be -2 and the price will have to move in the direction I have chosen, (long or short) BY 2 pips just for to break even.
1 pip difference between brokers means 10 or more pips in 1 night and 10 pips depending on our lot size could be $100 or more just in brokerage savings.
I hope this helps


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## Alpha_Bet

billv said:


> The spread is what we pay the broker for each trade




billy appreciate you taking the time to explain.
i should've been more clear with my question. 
you mentioned spread and a direct reference to your short side trading. i'm curious as to why you thought the cost of spread was more relevant to short trading as opposed to being long side?


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## billv

Alpha_Bet said:


> billy appreciate you taking the time to explain.
> i should've been more clear with my question.
> you mentioned spread and a direct reference to your short side trading. i'm curious as to why you thought the cost of spread was more relevant to short trading as opposed to being long side?




Sorry when I wrote short I was referring to the short duration of my trades 
and not short as when we choose the direction of the price


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## Alpha_Bet

oh ok 

agree re pepperstone.


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## matthewdean

billv said:


> I've used a few as well and because I do many short trades the spreads are a significant cost to me.
> Have you tried Axitrader or Pepperstone?
> They both have very low spreads and as they don't have dealing rooms they won't be tradings against you.
> I've also registered with cashbackforex.com so I get a rebate for every trade I place (I'll get money back even for losing trades)




I'll have to look into Pepperstone, thanks for your suggestions!


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## billv

matthewdean said:


> I'll have to look into Pepperstone, thanks for your suggestions!




Matt
Ok but you should know that. 
They charge $3.50 per trade or $0.35 if your account is setup for mini pips
They also keep 1.8% of your deposit if you pay or top up your account using a credit card which IMO is stealing but you have the option to pay by bank deposit.

So far I'm very happy with them


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## Alpha_Bet

pepperstone have a razor acct for $7.00 roundturn per $100,000 and a standard acct with no up front commish. spreads are padded in standard acct to give parties their commish.

all info available when you do your due diligence.


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## billv

Alpha_Bet said:


> pepperstone
> all info available when you do your due diligence.




Here are the fees
https://pepperstone.com/trading-accounts/accounts-razor.php


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## Alpha_Bet

Bill,
did you get a disconnect on your pepper acct when US trade balance was released overnight (Aust time)?
had three disconnects this week- 2 London 1 New York.
15 seconds last night. 2 x 2mins London.

Apologies for thread hijack.


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## billv

Alpha_Bet said:


> Bill,
> did you get a disconnect on your pepper acct when US trade balance was released overnight (Aust time)?
> had three disconnects this week- 2 London 1 New York.
> 15 seconds last night. 2 x 2mins London.
> 
> Apologies for thread hijack.




Yes i did, I was trying to close a trade when it happened.
It reconnected soon after and then got disconnected again but I managed to close the trade the 2nd time. It didn't worry me because my trade was going sideways at the time but it made me think that I should be using SL's. 
I also had the GFT software Dealbook360 running plus esignal and they didn't disconnect


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## lindsayf

billv said:


> Matt
> Ok but you should know that.
> They charge $3.50 per trade or $0.35 if your account is setup for mini pips
> They also keep 1.8% of your deposit if you pay or top up your account using a credit card which IMO is stealing but you have the option to pay by bank deposit.
> 
> So far I'm very happy with them





Can you tell me what the spreads are for the pound and the euro.
many thanks


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## billv

lindsayf said:


> Can you tell me what the spreads are for the pound and the euro.
> many thanks




Until last week I had a standard account and the spread varied between 1-2 pips but I've now switched to a razor account so I pay a fixed price per trade.

For a standard account they have 1 of the lowest spread on the market (for non ECN brokers). 
I tried a few brokers before switching over to them.
The only thing I'm not sure about is execution time and delays because their server is in the US.

Axitrater are very good as well and you can also register for cashback
Here is a spread comparison site
http://www.fxintel.com/
The markets are closed now so the spreads shown are from earlier times but look at the chart on the right which shows the normal spreads. 
*Axitrader beats them all*
Here is another comparison site
http://www.100forexbrokers.com/compare-forex-brokers-spreads


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## Alpha_Bet

billv said:


> Until last week I had a standard account and the spread varied between 1-2 pips but I've now switched to a razor account so I pay a fixed price per trade.
> [/url]




Bill
Spread still varies. average pip euro and low 1 aussie during liquidity inclusive of commish .7 pip


thanks for feedback on downtime. i heard it was a server reboot.... yeah..
reboot on a #....
pepper just spent $$ on server infrastructure

see how we fly goin' forward


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## lindsayf

billv said:


> Until last week I had a standard account and the spread varied between 1-2 pips but I've now switched to a razor account so I pay a fixed price per trade.
> 
> For a standard account they have 1 of the lowest spread on the market (for non ECN brokers).
> I tried a few brokers before switching over to them.
> The only thing I'm not sure about is execution time and delays because their server is in the US.
> 
> Axitrater are very good as well and you can also register for cashback
> Here is a spread comparison site
> http://www.fxintel.com/
> The markets are closed now so the spreads shown are from earlier times but look at the chart on the right which shows the normal spreads.
> *Axitrader beats them all*
> Here is another comparison site
> http://www.100forexbrokers.com/compare-forex-brokers-spreads





thanks - very useful site.


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## billv

Alpha_Bet said:


> pepperstone have a razor acct for $7.00 roundturn per $100,000 and a standard acct with no up front commish. spreads are padded in standard acct to give parties their commish.
> 
> all info available when you do your due diligence.




Alpha
Where did the $7 figure come from?
https://pepperstone.com/trading-accounts/accounts-razor.php


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## Alpha_Bet

billv said:


> Alpha
> Where did the $7 figure come from?
> https://pepperstone.com/trading-accounts/accounts-razor.php




$7 is commission.

size, volume....... $7:00

https://pepperstone.com/trading-accounts/accounts-razor.php

scroll halfway to " see table of trading commission"

t


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## takestock

I'm currently looking for a Forex Broker that doesn't have a dealing desk.I'm with IG Markets at present.I have been trading the FXCM Demo(trading station II) and it seems quite easy to use.I have also tried the Metatrader4 platform and I'm not particularly fond of it.
Every Forex Broker that I have read reviews about has had some negative feedback from users.Does anybody know anything about or have traded with FXCM?


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## cynic

takestock said:


> I'm currently looking for a Forex Broker that doesn't have a dealing desk.I'm with IG Markets at present.I have been trading the FXCM Demo(trading station II) and it seems quite easy to use.I have also tried the Metatrader4 platform and I'm not particularly fond of it.
> Every Forex Broker that I have read reviews about has had some negative feedback from users.Does anybody know anything about or have traded with FXCM?




I considered trying FXCM earlier this year as I always like to have an extra broker on standby. After googling FXCM to see if they'd had any adverse publicity (one of my token cross checks) I decided against opening an account with them. Although I cannot vouch for the authenticity of anything published on the net, the items I found were sufficient to dissuade me from availing myself of their service.

http://forexmagnates.com/full-details-of-fxcms-class-action-suit/


On the subject of negative broker feedback, I'd be surprised if there were any brokers that didn't have some adverse feedback because there are always at least a few traders/investors about who prefer to blame others (brokers, financial planners, financiers etc.) for their losses.


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## lindsayf

If you look at

http://www.fxintel.com/

it seems FXCM are not competetive in terms of spread against Pepperstone, Oanda,  GOmarkets and other standard accounts.


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## takestock

Thanks for the replies.I've had a day off from work today and I spent it in front of my laptop researching Forex brokers and I've arrived at two conclusions 1) I have wasted a perfect weather day researching and 2) All Forex brokers cannot be trusted.
What a waste of a day


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## Jason Rogers

takestock said:


> I'm currently looking for a Forex Broker that doesn't have a dealing desk.I'm with IG Markets at present.I have been trading the FXCM Demo(trading station II) and it seems quite easy to use.I have also tried the Metatrader4 platform and I'm not particularly fond of it.
> Every Forex Broker that I have read reviews about has had some negative feedback from users.Does anybody know anything about or have traded with FXCM?




Hi takestock,

I am FXCM's brand ambassador to the forums, and I would be happy to help with any questions you have about FXCM.



cynic said:


> I considered trying FXCM earlier this year as I always like to have an extra broker on standby. After googling FXCM to see if they'd had any adverse publicity (one of my token cross checks) I decided against opening an account with them. Although I cannot vouch for the authenticity of anything published on the net, the items I found were sufficient to dissuade me from availing myself of their service.
> 
> http://forexmagnates.com/full-details-of-fxcms-class-action-suit/
> 
> 
> On the subject of negative broker feedback, I'd be surprised if there were any brokers that didn't have some adverse feedback because there are always at least a few traders/investors about who prefer to blame others (brokers, financial planners, financiers etc.) for their losses.




The case was dismissed as of November 29, 2011.

Jason


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## DTX

TulipFX said:


> We did a very important blog about forex brokers - and how selecting the right forex broker can have a big influence on your trading.
> 
> The Impact of your Broker Choice on your Trading Results




Hi,  That link is not working, and I would really like to read the thread...  can't find it searching...  can you help?


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## cynic

Jason Rogers said:


> The case was dismissed as of November 29, 2011.
> 
> Jason





Thanks for that Jason.

So I take it that all the clients/applicants concerned are very happy now and no longer feel aggrieved?!!!


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## TulipFX

Hi all,

I figured I should post a link to this in this thread, so anyone looking through will see it.

https://www.aussiestockforums.com/forums/entry.php?b=933 <--- blog about forex brokers and how to select a good one.

Hope it helps


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## Mike Kshemaraja

TulipFX said:


> Hi all,
> 
> I figured I should post a link to this in this thread, so anyone looking through will see it.
> 
> https://www.aussiestockforums.com/forums/entry.php?b=933 <--- blog about forex brokers and how to select a good one.
> 
> Hope it helps




Thank for your link, I am going to have a good read.

In the mean time, I am looking for a good Australian Forex Broker with a spread less than one pip for eurusd (inclusive spread and commission). Can you suggest anyone? Thank you.

Mike


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## TulipFX

Mike Kshemaraja said:


> Thank for your link, I am going to have a good read.
> 
> In the mean time, I am looking for a good Australian Forex Broker with a spread less than one pip for eurusd (inclusive spread and commission). Can you suggest anyone? Thank you.
> 
> Mike




I personally use Pepperstone. However also check out GoMarkets, AxisTrader and Synergy.


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## Mike Kshemaraja

TulipFX said:


> I personally use Pepperstone. However also check out GoMarkets, AxisTrader and Synergy.




Thank you, I am using Hirose and Oanda. (not australians )

Hirose spread is 0.7 (eurusd) have a look, I also can import the data into my software.(free).


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## artist

Mike Kshemaraja said:


> . . .  I also can import the data into my software.(free).





I saw on another of your posts that you use ProRealTime charts. According to this site http://day-trading-software.toptenreviews.com/prorealtime-review.html  "ProRealTime does not offer a choice of stock data services. We contacted them to clarify this and they responded that their software only works with the data service they provide. "

Are you referring to PRTime when you say you can import data from other feeds, or do you have another charting software setup that allows you to do this?


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## Mike Kshemaraja

artist said:


> I saw on another of your posts that you use ProRealTime charts. According to this site http://day-trading-software.toptenreviews.com/prorealtime-review.html  "ProRealTime does not offer a choice of stock data services. We contacted them to clarify this and they responded that their software only works with the data service they provide. "
> 
> Are you referring to PRTime when you say you can import data from other feeds, or do you have another charting software setup that allows you to do this?




What you saying is true.

The data was meant to be imported in Amibroker. Which I did. See charts.


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## Jackson1

I have just had my funds frozen from GO MARKET!!! They have accused me of trading illegally.
All my funds have been frozen even my initial investment.
They do not seem to have a problem when you are loosing money though.
I do not recommend GO MARKET at all.


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## Trembling Hand

Jackson1 said:


> I have just had my funds frozen from GO MARKET!!! They have accused me of trading illegally.
> All my funds have been frozen even my initial investment.
> They do not seem to have a problem when you are loosing money though.
> I do not recommend GO MARKET at all.




WHY? how can you trade illegally when you have to accept their price?


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