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Aussie Broker using ForexMeta Platform & FX Tax?

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kristyna

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Hi FX Traders,

I use to Forex- meta demo platform at the moment and loving it.

1)Do any Aussie/broker use this Forex-Meta platform.?
The reason I ask is that I would like to go on live, but would like to know if I use American broker with the Forex-meta companies, are advantage or disadvantage due to fact its far away.

2)How does this affect the tax?:confused: How do I deal with the tax in Australia when I use a broker in USA?

Does anyone have any clue? Please help.

I being trying to get answer for a while now but no one seem to know. :banghead:

I just start joining the forum today, hoping to get answer!

Thanks,
Kristyna
 
MetaTrader4 you mean?

I don't know of any AU brokers who offer Meta.

And re: tax - I'm not an accountant (so get this confirmed), but you just treat your profits and losses the same way as you do if the account were in Australia. Offset losses against gains and report it as foreign income in your tax return.

Invariably you'll fill out a tax-waiver form with the US broker (I've opened and Oanda and MBT account - both US based and have seen this form twice now) which basically states that you're a foreigner who's not liable to pay tax in the US and you'll be paying it in your home country.

I did call up the tax office and query what happens when you're denominated in another currency other than AUD: When you realise (close the position) the gain/loss you need to write down the relevant exchange rate between your account's denomination and AUD. I.e if you're denominated in USD, you need to know what the AUD/USD rate is at the time you close your position (I simply keep a text file open with my trading platform, and type in the rate of the ASK if the pair is AUD/XXX or the BID if the pair is XXX/AUD (as we're "selling" the account denominated currency and "buying" AUD to report to the ATO) with each trade I close).

Once I've finished my trading session, I go into my broker's reporting section, export all the trades I did for the session to excel, download to my local machine, then go in and match the AUD/USD rate with each trade in the excel sheet and do the calcs so I know what my P/L is in AUD.

If you're using an off-shore account and are denominated in AUD, naturally the above does not apply and you only need download the statements and there's no need to convert the P&L figures.

HTH.
 
Hi tayser,

Thank you so much of your advise and information. :) greatly appreciated!

The Oanda & MBT account, are they both tax-waiver or US Broker?

I am thinking of using the US Broker, opern an offshore account in a small amount to start with. To see how it goes first.

Which US Broker that use Forex Meta 4, do you recommend that are reliable and fast? What do you think of FXCM or Interbank FX?

Regards,
Kristyna
 
no idea re: Meta brokers, only place I know where you can start doing research is on forexfactory.com.

As I said, the Oanda and MBT accounts are both US brokers, and as part of the sign up process I elected to waive paying tax in the US - it's one of the forms that is automatically filled out when you do their online applications from memory.
 
Hi,

I got an email last week from Go Markets, they are based in Oz and are lauching MT4 soon.

I will check them out and get back if anyone is interested.
 
I've just opened an account with go markets, you don't need to fund it straight away.

Hopefully their spreads are acceptable when MT4 comes out.
 
would like to know how you go with them
i got a phone call from them late sept..very keen on the phone....forex, futures, cfds ... i then sent them the following email to do with futures and have not got a reply.
email sent 26th sept.2008

Hi

what will the margins for trading calendar spreads (intracommodity)
and also Inter commodity


considering the following spread of the CME Interest Rate Futures
EDH9 - EDU8


buy 1 Eurodollar March 2009 futures contract EDH9
and at the same time
sell 1 Eurodollar October 2008 futures contract EDU8

what would your margin be to hold this intra-commodity spread position
 
IT'S HERE!! They have the demo of MT4 on the website. I downloaded it and spreads seems to be great.

No Futures on the demo, but they said they will only be on the Live.

Signing up for the live and hoping to get this afternoon...
 
.
Is there/was there any connection to Pacific Continental, a disreputable London broking firm that the Financial Services Authority UK closed down last year?


Extracted from ASIC's database at AEST 17:47:41 on 16/10/2008
Name GO MARKETS PTY LTD
ACN
081 864 039
ABN
85 081 864 039
Type Australian Proprietary Company, Limited By Shares
Registration Date 05/03/1998
Next Review Date 05/03/2009
Status Registered
Locality of Registered Office Melbourne VIC 3000
Jurisdiction Australian Securities & Investments Commission

Former Name(s)
PACIFIC CONTINENTAL SECURITIES (AUSTRALIA) PTY LTD
PACIFIC CONTINENTAL SECURITIES (AUSTRALIA) LTD
REGIONAL FINANCIAL SERVICES LTD
RURAL & REGIONAL INVESTMENT MANAGEMENT LIMITED
RURAL & REGIONAL INVESTMENTS PTY LTD


http://www.search.asic.gov.au/cgi-bin/gns030c?acn=081_864_039&juris=9&hdtext=ACN&srchsrc=1

http://answers.yahoo.com/question/index?qid=20070731021716AAunIfg
 
.
My wife is a day trader, so she has downloaded the Go Markets MT4 for trial. I'll report how it goes.

The GM platform was down for a few minutes this morning, while all three of my MT4 were working perfectly. Not a good start, but maybe a one off. The 23 pip gap is still showing on the EY chart

The pip profit/loss counter is frustrating as it shows a pipette as a bold figure without a decimal point. So it looks like you've got 35 pips profit, but in fact you've only got 3.5

Safety of funds.

She spoke to a 'live person'

You are now chatting with 'Go Markets'

Go Markets: Hi, how can I help?

you: Is account money held in a segregated account?

Go Markets: No, it is held in a Client Trust Account with the NAB (National Australia Bank)

you: So in the event of a problem with Go Markets, the money is safe?

Go Markets: ASIC regulations prevent us from using client funds for company debt

Go Markets: so if we go bust we CANNOT use your funds to bail us out - they belong to you.

you: So its guaranteed to be secure in any even?

Go Markets: It is as safe as being in a Bank Account.

Go Markets: so, no, not if the banks fails.

you: Is it covered by the government guarantee

Go Markets: I do not know and would not be qualified to advise on that. You would have to check NAB's ruling

you: Ok thanks......with regard to withdrawals - how long does that take

Go Markets: About 24 - 48 hours.

Go Markets: But if you are overseas it might take a day longer for the banks to send funds

you: and would that be only to a certain bank account as specified initially?

Go Markets: We can send to any account that is in your name (or the account holders name)

Go Markets: But it must be authorised from your registered email address

arco
 
just opened a live acc got amibroker running with it with dde link
looking at historical data import at moment..
 
I have just set up with Go for Futures and FX as not happy with CMCs new charting package, and the SPI futures contract is very cheap with GO.
My main reason for joining this thread is does anyone know where to get good expert advisors FOC to run on MT4

Cheers
 
can download historical data to backfill amibroker 1 min data ..

data is minus 9 hrs our time i have got around this at moment with changing my computer clock back 9 hrs before i log in with amibroker
 
roonapa said:
I have just set up with Go for Futures and FX as not happy with CMCs new charting package, and the SPI futures contract is very cheap with GO.
My main reason for joining this thread is does anyone know where to get good expert advisors FOC to run on MT4

Cheers
Click to expand...

Haven't yet properly looked at GO's setup, but with most MT4 systems there is the ability to download them from the language editor in the platform. I'd assume it wll be the same.:)
 
.
Stotty or Anyone

Can you download Metatrader daily prices into Metastock

(if so how?)

thanks - arco
 

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