Choosing a Forex Broker in Australia

[billv]

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

 

[Alpha_Bet]

oh ok

agree re pepperstone.

 

[matthewdean]

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!

 

[billv]

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

 

[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.

 

[billv]

pepperstone
all info available when you do your due diligence.

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

 

[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.

 

[billv]

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

 

[lindsayf]

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

 

[billv]

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

 

[Alpha_Bet]

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.
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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

 

[lindsayf]

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.

 

[billv]

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

 

[Alpha_Bet]

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

 

[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?

 

[cynic]

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.

 

[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.

 

[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

 

[Jason Rogers]

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.

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

 

[DTX]

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?