Hello Fellow FX Traders,
Was wondering if anyone could give me some help on finding a decent FX broker in Australia that offers mini accounts. I have googled some and emailed them but am still waiting for replies to my emails.
Would be great and very much appreciated to hear people’s experiences (good or bad) with Australia FX brokers.
Thanks & Regards,
Calum Ludwig
I have the same question as well…
If i may ask why you are prefering for an Australian Broker, any specific reasons or you residing in Australia, thats why?
Yes I am an Australian citizen, I just thought it might be easier to open a FX account with an Australian firm.
I finally got a reply to an email from Forex Capital Trading Pty. Ltd. Forex Capital Trading - Online Forex Trading System & Currency Trading Platform. From what I understand they charge no commission but take a spread. They were kind enough to send me there spread data.
A small issue is that they don’t offer an practice account, so I cannot evaluate the software, though it’s all web-based which has it’s pros and cons.
Anyway if anyone knows anything about them please share your experiences. All and any information is very much appreciated.
Cheers.
Well if they dont offer demo, then i dont think its not worth giving them a try.? Then how will you know about there platform and execution level?
I havent heard that company at all… So cant help you in it.
If you are looking to work with a broker not in australia. than i would suggest STIFX, which is quick in execution, provides trading in gold, silver, crude oil and currencies in MetaTrader 4 Platform. Quick deposit with credit / debit card. With Wire transfer deposit and withdrawal there is no fee. So you can save alot if you wire transfer from your bank in australia with no fee at all.
Also you can go and trade Futures, Options, CFDs, Equities, with one single account, so you can trade everything.
Rest depends on your choice with whom you want to deal with.
I wish you best, and if you need any help feel free to ask…
To MachSphere :
I am an Australian trader who has been posting here for some time…just noticed your post! 
I am trading successfully so therefore I will give you my broker who is in Sydney and has given me permission to recommend them. They are a real address with real people.
They do all you want - scalping, demos for as long as you want and run a Rolls Royce charting program.
Call Akhi on 1300 363 505 extension 5 and tell him that Tymen from Highgate sent you. Ask to load a demo and he will be very helpful.
Darryl Irish will handle the financial side with your money being deposted in the Australia wide Bankwest bank where it will, of course, be safe from interference by the broker or creditors.
Most importantly - YOUR MONEY STAYS IN AUSTRALIA.
Sadly, they do not pay interest, but they are honest, which is a nice change from what I continue to read here about the American brokers.
So now, their website…here is the hyperlink :
Best Forex Trading - Broker Forex - Chart Forex - Contact Us
Hope you have success with them!
Kind regards, Tymen Wortel, Perth, Western Australia.
Thanks very much tymen1 and philipwa.
Your help and information is invaluable. It’s great to find a site with helpful members insteading of being flamed because I am a newbie.
Cheers,
~Calum
Thanks a lot Tymen, I am living in Thailand and would prefer to use an Australian based broker. So it will either be alpari in the UK or FXC in Oz.
Was first thinking about FXCM since I strted my demo with them bit after reading the reviews and doing some research I decided to leave 'em where the yare.
To Joey90210 :
Your welcome.
Glad to be of help.
I have been trading quite a while with IG Markets and while a couple of things annoy me about them, it works quite well with low spread. Just dont use the take profit set levels, do it manually. They tend to ride the price for a few minutes and give the worst price in that time. If it keeps going in your favour they will only give you your take profit level, if in those few minutes it starts to go against you, it will execute at the lower level.
Other than that “glitch!” they are great.
GCTrader
I am still very much in the early stages of learning about forex trading but I have a couple of friends who have been live-trading for a while and have picked up a couple of useful points (I’m in Australia too by the way).
If your forex trading isn’t your sole or primary source of income [and you are living in Australia] you can bring up to 250,000 per year in to the country tax free i.e. without paying income tax on it. I believe this is also the case for most ‘off shore’ investments. If, for example, you were to sign up with an American Brokerage firm such as Forex.com, as a non-resident of the U.S. you don’t have to pay income tax over there so between the two sets of laws, your trading profits could be tax free! The obvious downside to this is that if you aren’t going to declare your trading profits, you won’t be able to claim your trading expenses e.g. computers, internet connection, brokerage fees, books etc. back at tax time. I guess you will just have to decide which will be more profitable to you - the trading profits or the tax deductions…
You should of course confirm the above information with your accountant or financial advisor; don’t just take my word for it.
That said, I think FXCM have an office/branch in either Sydney or Melbourne (the details are on their website). That’s probably the closest I can come to recommending an ‘Australian’ broker.
Happy hunting.
Tymen, first of all thanks for the info. Do you think this is the overall policy?
I read your discussion with Tess in some other thread and was investigating for myself the Brokers that you both suggested. You seem to be the only source of info about FXS Forex out in the web, and I had some questions…I hope you don’t mind (i am also asking FXS Forex of course). You said your funds are in a Bankwest bank.
Last, I respect you (maybe because you said you are/were proffessor/teacher, and my parents are also) but you seem to be the only person i have found that works with this guys. Could you tell us some of your experience? (with all the people around advertising their companies in the forums, you know how difficult the task of finding a serious broker (never mind honest) is).
Thanks
To Eduveas :
Sorry, again I just noticed this post :
FXS Forex is actually Halifax online, they are the one and the same thing.
My experience with them has been good, they do appear to be honest. And so they should, considering the spreads are 4 pips for the majors, higher for others.
One trick you have to watch is the use of the GFT charting program which they use. It is indeed the best in use out there but it has a quirk that may well be deliberate. When in profit, the internet sometimes switches off and you have to reload. This takes a couple of minutes and by that time you may be in loss territory.
This has happened to me only once but others using GFT forex as their broker report this event happening also.
Other than that - no problems.
Sorry, no ATM - send an email asking for withdrawal - again, perfectly honest and with integrity.
No fees on the account and people from around the world are welcome to use them.
Feel free to use me as a referral - speak to Akhi or Darryl.
Halifax actually deals in more than forex, also in futures, shares and other things too I think. So forex is just one department to them. This is what I believe makes them honest - they are not specialist nitty gritty forex brokers out to get your money.