Australian (ASX) Stock Market Forum

Forex broker recommendations

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Dan507 said:
I am with Weltrade broker. They provide quick execution, 3 trading platforms - MT4, MT5, cTrader, fast funds withdrawal. Besides, they have a very good 24/7 support. What about the trading accounts, the more you invest, the better your trading conditions and benefits are.
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What's it like working for them? Do they treat you well?

I especially love this picture on your website

Untitled.jpg

Very professional (and handsome). Is it you or just one of your happy clients? :xyxthumbs

Edit: seems as though this thread is bumped i'll give my :2twocents

I like LMAX, tight spreads, very quick execution and limit orders actually go into the exchange (your bid can be filled without it going offer, something that is not possible with most forex 'ECN's')
 
havaiana said:
What's it like working for them? Do they treat you well?

I especially love this picture on your website

View attachment 53712

Very professional (and handsome). Is it you or just one of your happy clients? :xyxthumbs

Edit: seems as though this thread is bumped i'll give my :2twocents

I like LMAX, tight spreads, very quick execution and limit orders actually go into the exchange (your bid can be filled without it going offer, something that is not possible with most forex 'ECN's')
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Lots of LMAX's trades are actually matched with other traders. I guess that's what happens with all brokers I suppose, but LMAX was born out of BetFair type matching up of traders. Hence until recently BetFair was a major shareholder.
 
TulipFX said:
Lots of LMAX's trades are actually matched with other traders. I guess that's what happens with all brokers I suppose, but LMAX was born out of BetFair type matching up of traders. Hence until recently BetFair was a major shareholder.
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This is a good thing though, I know when someone hits me and it's not the opposite side of the bid/ask, that it is a customer and I have got a better price than I otherwise would have. I know LMAX is legit because I can move the spread and have executed trades with limits where I could not have with a market order even if I managed to execute at the best possible time/price. It is the only spot broker I have used that I have seen this happen first hand

I don't know why people are so worried about having their trades netted off with other clients, that is what a broker is for, even if they send it through to a central exchange there is going to be a client of someone on the end of it eventually. If the execution and price is fair it doesn't matter if brokers are netting off the order imo. There are times when it is actually better to trade through a bucket shop because you will get better prices.
 
Pepperstone is the only respectable FX broker in Australia, IMHO. I used to be with Dukascopy.
 
Pepperstone have awesome spread. but $7 for commission is just not competitive and metatrader execution not good. They will be better than most of the metatrader brokers.

I stopped using them a long time ago because it used to annoy me that theyv would always hit the disconnect button at very crucial and volatile times (I'm assuming it's when they are taking too much on one side of the market and have got themselves off side). They used to try and convince me it was my internet or MT4 settings but my other brokers would still be working fine. They aren't the only aussie broker that does this.

I was still using them for charts up until a few months ago and it was still happening. There were times i would see the market tank in a certain way and my brain would make the MT4 disconnect sound in anticipation of the pepperstone disconnect and sure enough it would happen a few seconds after

Edit; Thought i should clarify 'tanking in a certain way' so people have the chance to check and call bs on me. It was usually when an extreme move or volatility would happen at an unexpected time (so a news type move that doesn't happen at a predictable or scheduled time)
 
havaiana said:
...when an extreme move or volatility would happen at an unexpected time (so a news type move that doesn't happen at a predictable or scheduled time)
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Funnily enough now i know how they feel when this happens and if any of my neighbours are traders they will notice familiar shouting and swearing during these times too
 
Suggested Forex Broker?

Hi everyone. I am new to forex and looking to start trading, but I don't know which broker to start trading with. Could someone guide me? Thank you. :)
 
Re: Suggested Forex Broker?

kingslet85 said:
Hi everyone. I am new to forex and looking to start trading, but I don't know which broker to start trading with. Could someone guide me? Thank you. :)
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I presently gamble with two commission based Forex brokers and one non-commissioned based Forex broker. The cheaper alternative is the non-commissioned go-between because you don't have to pay the additional commission on top of the spread. I pay a spread 0.1 to 0.8 (depends when you click, plus latency) for commissioned. I pay a "fixed at execution' price with the non-commissioned broker of 0.5. to 2. If you want to trade (gamble) often then the non-commish has the less cost.
 
You can add up on your list to check how many years is that company operating in the industry?Would you prefer an old company that is already operating in the industry for how many years or you prefer just a newly opened one?
 
Re: Suggested Forex Broker?

kingslet85 said:
Hi everyone. I am new to forex and looking to start trading, but I don't know which broker to start trading with. Could someone guide me? Thank you. :)
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Assuming you are Australian - go with ICMarkets or Pepperstone.
 
I don't think your nationality is that much important.. there are international companies operating all around the world.. what you expect? fast execution... low spread.... various instruments?? I'm trading with IFC markets... they provide fixed and low spreads... I would recommend to go through different brokers... do some research in their websites and make your own decision.... everyone has a unique preference.. so it's not right to advice.. the most important is professional approach by managers and transparency... the broker should be reliable so as you SEND THEM MONEY ) ...
 
Nationality is a factor, here are some reasons

-Regulation, ASIC/NFA regulation for example is not equal to regulation in your tax/criminal haven country
-When you know customer service will be working during your timezone (there is a difference between the services you get from the 24hr outsourced IT guy versus the actual staff working their 9-5 in the office)
-$70+ international withdrawal fees and **** exchange rates versus free withdrawals
-As paranoid as this sounds it's good to be able to check that an office actually exists and the company isn't just this guy:
fat-man-at-computer.jpg
 
george55 said:
I don't think your nationality is that much important.. there are international companies operating all around the world.. what you expect? fast execution... low spread.... various instruments?? I'm trading with IFC markets... they provide fixed and low spreads... I would recommend to go through different brokers... do some research in their websites and make your own decision.... everyone has a unique preference.. so it's not right to advice.. the most important is professional approach by managers and transparency... the broker should be reliable so as you SEND THEM MONEY ) ...
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Fixed spreads are a sign of a less than satisfactory broker. It means they are not offering straight through processing.

Your example of IFC markets, a quick look at their site shows EURUSD spreads at 1.8pips.

ICMarkets and Pepperstone both have spreads on the EURUSD from 0.1 -> 0.3 under usual trading conditions. Including commissions the effective cost is about half the 1.8 pips you pay.

Lastly, you mention sending the broker money. This is vital and why I recommend regulated brokers to people who ask. IFC aren't regulated and the BVI have put out an advisory warning against them. http://www.bvifsc.vg/News/tabid/160...kets-Corp--Advisory-Warning-No-8-of-2009.aspx

The FSC wishes to inform the general public that IFC Markets Corp. is NOT LICENSED to carry on financial services business in or from within the Territory.

Members of the public are therefore advised to exercise extreme caution in conducting any transactions with IFC Markets Corp.
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Green pips everyone.
 
TulipFX said:
Fixed spreads are a sign of a less than satisfactory broker. It means they are not offering straight through processing.

Your example of IFC markets, a quick look at their site shows EURUSD spreads at 1.8pips.

ICMarkets and Pepperstone both have spreads on the EURUSD from 0.1 -> 0.3 under usual trading conditions. Including commissions the effective cost is about half the 1.8 pips you pay.

Lastly, you mention sending the broker money. This is vital and why I recommend regulated brokers to people who ask. IFC aren't regulated and the BVI have put out an advisory warning against them. http://www.bvifsc.vg/News/tabid/160...kets-Corp--Advisory-Warning-No-8-of-2009.aspx



Green pips everyone.
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I Agree, I have used (and still do) both Pepperstone and ICMarkets, have found them both to be outstanding brokers. If I had to choose, I believe ICMarkets slightly edges out Pepperstone however, particularly when it comes to speed of execution - probably because they have their trade servers "NY4 and LD5 IBX Equinix Data Centers in New York and London" .
 
Thanks for your suggestion, as for me it is a little redeculous to base on warning which is 5 year old ))) I am already with them about 4 years, as for me they are more than trustable .... also remember about security of funds, they are insured in IFC http://www.ifcmarkets.com/pdf/sertificate_of_insurance.pdf.. regarding spread, fixed spreads are sign of stability of operation and easy calculation….BTW karas ases, during active trading hours, less than 0.5 pip rarly you can find, which means that effective cost is app same 1.7 - 1.8 with additional headache of calculation...! also regarding pepperstone , you offer broker which offer MT4 and saying we have 7 platforms ? )) and over all 62 instruments ?? thanks , better I use a company with hundreds of instruments and fantastic support )) however I wish success all of you, does not matter is IFC , peperstone or even worse alpari )))))
 
If you don't work for that shady IFC Markets company I would be very surprised judging by your posts.
 

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