Theres a few dealers operating in Australia.
I would suggest to make sure they are licensed with ASIC and that they have an AFSL.
(not in any order):
Go Markets
ForexCT Forex.com/au for their Australian part of the website.
IBFX Australia (just opened their office on September 1st!)
Got Money
Etoro
Edit, continuation of list (also not in any particular order) Just thought I should update the list:
Kinetic Securities
Forex FS
Axi Trader
Pepperstone
IFX Australia (part of City Index Group)
FX Solutions Australia (also a City Index Australia registed company)
market plus
Apex FX Trading
Easy-Forex
IG Markets
GFT
MF Global
FXCM ( forextrading.com.au )
Interactive Brokers
Halifax Investment Services
Vantage (all comunication I have had with them has been prompt etc. Also they are no longer an authorised representative of GO Markets. They are now completely separate companies and now compeititors)
Hope this helps.
I have never had any problems with dealing with Go Markets, forexct, IBFX, GFT and Axi Trader.
Is there are any advantage/disadvantage using overseas brokers as opposed to using a local Aussie broker?
I am planning to spend time doing trading in the evenings after work. I will be mainly watching the US/UK markets after my regular ‘9-5’ office work hrs.
Australian late afternoon and evening times coincide with US market opening hours and middle of UK market hours. Just nice.
If you are in Aus an Aussie broker is an advantage as you can contact and meet them etc… Alpha Broking uses CFH which is based in the UK so you get their time on you charts anyway. All in all i like to know who I’m dealing with and who is regulated by ASIC… I got to them through this site: www.learnforexfutures.com
Yes, when I start live trading in about 6 months time, I will be in Australia. Currently, I am in Singapore, and simply demo trading for now to get a feel for things.
I thought it would be good to get a demo account from a company I am going to go live with any way, to make it more realistic during this training period and when I finally switch over.
I guess the advantage of a local broker is that you can meet them etc and ensure they are properly registered with local authorities. Although, would it make any difference if I am active during hours when the local markets and offices are closed?
Hi , just to let you all know I have been using Vantage FX since my post in september. So far so good. My payment was put through to my account promptly and was surprised how quickly they dealt with my withdrawal requests. No problems with connection or execution of trades either. They have a good app for the Iphone too which lets you manage or make trades which is great for me.
Another broker has been brought to my attention, Pure Trade.
DMA, claiming they have zero spreads on major pairs, commision on amount traded eg $4.95 per 100 000 and $0.099 per 1000.