Australian (ASX) Stock Market Forum

Forex Brokers... which one?

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T0BY said:
It depends on what you plan to trade, your style. Do you plan on just fx currency pairs or do you want CFDs on other fungible instruments? How long do you think you're likely to hold a position? Scalper? Medium term swing trader? Which platform do you want to use?
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I want to start with fx currency, doing day trade, gonna start small.
using metatrade4
 
Soim said:
I want to start with fx currency, doing day trade, gonna start small.
using metatrade4
Click to expand...
I recommend an Australian based broker (ASIC regulated) for a couple of reasons. One reason is ASIC requires brokers to submit daily trades to the trade repository (chart manipulation doesn't happen).
AxiTrader, ICmarkets, Pepperstone, Global Prime, FPmarkets. These brokers are all dual model, meaning they can run A/B book. They're all well capitalized (in excess of 20 million).

Trading on smaller time frames, spreads do matter. If you're only looking for 10 pips, but the spread your broker is offering is 2 pips. That is a severe disadvantage.
I believe AxiTrader and ICmarkets have best spreads.

As far as reading bad reviews on the internet. Some may be legit, some may be people not understanding the various risks involved, and some may just be rival broker employee flinging mud.
 
T0BY said:
I recommend an Australian based broker (ASIC regulated) for a couple of reasons. One reason is ASIC requires brokers to submit daily trades to the trade repository (chart manipulation doesn't happen).
Click to expand...

I didn't know that have you any info about this? From ASIC maybe?
 
Soim said:
I decided to go with Berndale Capital, I opened an account with them yesterday
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Too late but was going to suggest the following, As far as Client Money Protection is concerned although ASIC regulated broker is better than some off shore broker from thinly regulated country, it is still not as good as a FCA regulated UK broker or a US broker which has single a/c which lets you trade both Equity/ Futures/ Options and FX and perhaps CFD. hard to find and specially IB and TOS pulled out of Aus market for FX .. reason I say this
- If you read the fine print with ASIC regulated brokers who are offering OTC derivatives (CFD/ FX) IN CASE OF BROKER FAILURE clients become "unsecured creditors" and there is NO Protection like FSCS in UK which protects client a/c up to 50K pound .. few years agoa ASIC regulate dbroker named Sonray Capital markets went belly up with 47 Million missing, Clients only got 62 cents out of a dollar and that too after 2-3 years.. where as when Alpari UK went out of business the FSCS insurance kicked in
- another issue is if ASIC allows a and B book that means you could be trading against your broker! big conflict of interest there! same issue for CFD
 
T0BY said:
I recommend an Australian based broker (ASIC regulated) for a couple of reasons. One reason is ASIC requires brokers to submit daily trades to the trade repository (chart manipulation doesn't happen).
AxiTrader, ICmarkets, Pepperstone, Global Prime, FPmarkets. These brokers are all dual model, meaning they can run A/B book. They're all well capitalized (in excess of 20 million).

Trading on smaller time frames, spreads do matter. If you're only looking for 10 pips, but the spread your broker is offering is 2 pips. That is a severe disadvantage.
I believe AxiTrader and ICmarkets have best spreads.

As far as reading bad reviews on the internet. Some may be legit, some may be people not understanding the various risks involved, and some may just be rival broker employee flinging mud.
Click to expand...

Hi Toby, do you have any more info on the A/B books? Aren't ICMarkets advertising themselves as a pure ECN and therefore not taking the counter trade against the client? I emailed them not too long ago and they said they do not take the opposite trade of the trader...
 
As far as I'm aware, ICmarkets uses Integral aggregation feed. Is integral an Electronic Communication Network? sure, it's connected to liquidity providers. Here is a link regarding how Integral may place orders and manage risk.

in the ICmarket PDS.
Section 9 - Account Terms
Sub Section 3 - Conflicts of Interest (page25)

1) You acknowledge that we and our Associated Companies provide a diverse range of financial services to a broad range of clients and counterparties and circumstances may arise in which we, our Associated Companies, or a Relevant Person may have a material interest in a Transaction with or for you or where a conflict of interest may arise between your interests and those of other clients or counterparties or of ourselves.
 
aussiefx said:
Thanks, Toby.

What is your opinion of BaxterFX? I've heard they are a PoP broker and well trusted?
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You have to be well capitalized and sometimes a track record to qualify for prime for Baxter.

Did you see any prop guys trade FX Futs at your time there ?
 
minwa said:
You have to be well capitalized and sometimes a track record to qualify for prime for Baxter.

Did you see any prop guys trade FX Futs at your time there ?
Click to expand...

Only the well established guys. During my time, every new intake was trained on Bonds and spreading. During my last months there most new guys were being taught equities as the spread was full of algos and getting difficult to trade.
 
aussiefx said:
Thanks, Toby.

What is your opinion of BaxterFX? I've heard they are a PoP broker and well trusted?
Click to expand...
BaxterFX specifically I have no opinion. But of your looking at trading higher volumes, Prime brokers are definatly going to be a better option.
If you're looking to trade those volumes ICmarkets will let you have a FIX API (after conformance testing).
Sure there are better options for clients with more money.
But for the average retail trader, micro lots, two thousand dollar account, 500:1 leverage. What ICmarkets offers is pretty good. And what the aggregator dose with those order, dose it matter? Just as long as they get filled and at a fair price.
 
T0BY said:
BaxterFX specifically I have no opinion. But of your looking at trading higher volumes, Prime brokers are definatly going to be a better option.
If you're looking to trade those volumes ICmarkets will let you have a FIX API (after conformance testing).
Sure there are better options for clients with more money.
But for the average retail trader, micro lots, two thousand dollar account, 500:1 leverage. What ICmarkets offers is pretty good. And what the aggregator dose with those order, dose it matter? Just as long as they get filled and at a fair price.
Click to expand...

I agree, ICM is absolutely fine for an average retail client, good spreads, reasonable fills and quick withdrawals/deposits etc.

However, looking to spread my funds to a few brokers and I've seen Baxter mentioned a few times and have the funds ready to move across.

I've also considered Dukascopy. Good info on a good prime broker is hard to find!
 
I loved to trade with Armada Markets because of the lighting fast execution. Unfortunately the execution times become slower and slower with time and that's why I closed my account with them two years again. Three month ago I decided to open a new account with them (now called Tickmill) and looks like their execution times are again very good. Those of you who look for a broker with fast execution times, Tickmill is worth a closer look.
 
Hi was wondering if anyone has any opinion on robinhood's commission free trading? Also have shortlisted a few offshore broker - LMKX, TurnkeyForex and Tickmill. tried demos with them wanted to know if someone has experience or trading with them
 
think1.PNG think2.PNG

I don't if this is the right place. Very interesting

Part of the job description is to


Develop short-term trading strategies based on trading patterns of accounts...

1) Copy the successful clients strategy?
2) Trade against the clients?

idk just thinking-pun intended
 
Meeting those requirements and experience levels would surely command a high salary? Like 200k per year maybe.
1) Copy the successful clients strategy?
2) Trade against the clients?
Click to expand...
The client trades the market price (e.g. S&P500) and if successful it would be a bad bet for the brokerage firm to trade against a winning client. Trade with the winner and against the loser, obviously.
 
The curiosity for me is seeing the possible incentive to work against the client, especially in OTC brokers.


think3.PNG

To divert and babble on yeah, I'm no expert, just by googling,

250,000+bonus but of course, you know to get there intelligence+ time not everyone can be a quant. Also the risk of losing that guy must be massive. Think how smart they are compared to the other paper pushers in the bureaucracy. Not that much of a cut considering how much the funds would be making.

A curiosity that is all, no real lessons, just another whinge
 

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