Best Australian FOREX broker

[fxwhiz]

Slippage is a bum and few will understand just how damaging slippage can be. But I do. And I also understand it’s easy to blame slippage instead of accepting responsibility for one’s “poor” trade decisions. I trade down on ticks bro with MT4. In my experience, I’m more likely to actually get a point or 2 positive slippage under normal market conditions. Don’t worry but, I’ve also been hit with 20+ points negative. Slippage is, unfortunately, a self-fulfilling prophecy. When trading down at this level you want the market to have a bit of volatility. Unfortunately, when this occurs the price we see on our charts is long gone by the time we place our trade. Timing is everything. We alone are responsible for when we decide to enter a trade.

I also have a relationship with a prop firm who trade with IC Markets. By using them as my IB I get 25% off my commissions. Also, means I have a different server to log into. So there is every chance I have a different data feed to many. Corner-store retail brokers have different servers for different books. ECN or not.

But as you rightly said, these things can not be determined on a demo account. Only by trading live can one evaluate if a brokers offering is suited to the individuals needs. But not everyone has the $1000’s needed to open accounts with various brokers, so sometimes demo is the best one has.

Now, if I was a broker, and I was running a comp to market my firm, I would ensure the entrants had access to the best data feed possible. IF the data feed to the comp server is the best Vantage has got then not impressed. Way too unstable, way too filtered.

And they apply other marketing methods, like offering these “smart” tools. Only one smart tool any of us needs and that sits on our shoulders.

Hi,

which prop firm are you using?? I have similar offer from one European trader who uses Vantage FX for his trading. He makes decent money and if you sign up through him you will get RAW ECN spreads and only $4.30 RT coms instead $6 RT.

I actually like Vantage FX offer. Spreads seem to be very competitive and I personally dont see any difference between IC and Vantage FX. Smart Trader tools - I am not really interested in this bundle but I will definitely go for their free News Terminal which looks pretty useful. I agree with you that the only smart tool we need sits right on our shoulders :o))

[Badem]

Hi, which prop firm are you using?? I have similar offer from one European trader who uses Vantage FX for his trading. He makes decent money and if you sign up through him you will get RAW ECN spreads and only $4.30 RT coms instead $6 RT.

Vantage FX have $3.00 each way commissions for regular Joes like me. Heck I thought that was cheap!

[eastcoastbank]

[B]Vantage FX have $3.00 each way commissions[/B] for regular Joes like me. Heck I thought that was cheap!

Vantage FX offering $3.00 commissions ($6.00 round turn) on their ECN trading account is quality. Australian regulated forex brokers are some of the trustworthy few in an industry of charlatans.

My question is how cheap do some of the dodgy brokers that call themselves ‘ECN’ actually go when it comes to commissions round turn? What is an acceptable cost for traders to pay?

[Badem]

If you want to work with an Australian broker watch out for Brokers500 (Market City International SRL). ASIC recently issued a warning against them for lying that they’re licensed in Australia. The license number cited on Brokers500’s website belongs to Market City, part of Perth Market Authority which is based in Western Australia. However, the company is not associated in any way to Market City International, or Brokers500.

ASIC regulation at work. They don’t accept garbage like this and squash it quick smart.

[pipspips1]

Vantage fx is trusted and ASIC regulated

[ADXrising]

I’ll trade with someone who offers a data feed compatible with Metastock Pro ! I keep searching but cant find anyone who does thought it confuses me as to why this is, they all have Metatrader , big deal ! I wish to use the other not be told what i can and cannot use in terms of software, i wish to lose money on my own terms.

[eastcoastbank]

Recently moved a larger portion of my business across to Vantage FX and wanted to vouch for the direction their business is heading. Respect.

[JayTeeFX]

Vantage FX offering $3.00 commissions ($6.00 round turn) on their ECN trading account is quality. Australian regulated forex brokers are some of the trustworthy few in an industry of charlatans.

My question is how cheap do some of the dodgy brokers that call themselves ‘ECN’ actually go when it comes to commissions round turn? What is an acceptable cost for traders to pay?

I’m with Vantage too and $6 is about as cheap as ECN gets (unless you’re referred through a rebate program or something). It doesn’t seem like much the $1 difference but anyone who’s ever back tested an EA before knows every point matters in the long run.

[Badem]

Yeah I don’t thing any other ASIC brokers do commissions as cheap as Vantage … and you’re right JayTee every point matters!

I’ll trade with someone who offers a data feed compatible with Metastock Pro ! I keep searching but cant find anyone who does thought it confuses me as to why this is, they all have Metatrader , big deal ! I wish to use the other not be told what i can and cannot use in terms of software, i wish to lose money on my own terms.

Metastock is for stocks - it’s not designed for forex. No forex only broker offers it. You don’t like the MT4 platform?

[ADXrising]

Metastock is for forex as well, i’ve used the metastock pro fx . Metastock realtime is exactly that, a charting platform that runs in realtime, data is data, metastock doesn’t know what the data is as does any other software its just prices and your platform makes it into a chart of what you set, line, bar, candle whatever you want. No i dont like mt4, i like metastock. Seems to me maybe Metastock actually does give you an edge ? maybe thats why no one wants you to use it ? Brokers should offer compatible data for whatever platform you choose to use, as customers why should we be told what we are allowed to use and what we cant unless brkers are casinos who want to put the odds in favor of the house ? and the data should be free, people who bet on horses get to listen to the races live on radio for free and bet with who ever they wish, if brokers want our business then they should give us what we want to run our programs and trade our own way, it annoys me that we can only use the charts that our broker provides, WHY ? because perhaps they have algorithms to run them , who knows, it shouldn’t be a big deal for a broker to have a data feed for different programs so customers can have a choice.

[JayTeeFX]

Yeah I don’t thing any other ASIC brokers do commissions as cheap as Vantage … and you’re right JayTee every point matters!

No way, Vantage are awesome … I’d let them have my babies :7:

[Badem]

Hahaha I don’t know about that buddy but they are a great broker!

Metastock is for forex as well, i’ve used the metastock pro fx . Metastock realtime is exactly that, a charting platform that runs in realtime, data is data, metastock doesn’t know what the data is as does any other software its just prices and your platform makes it into a chart of what you set, line, bar, candle whatever you want. No i dont like mt4, i like metastock. Seems to me maybe Metastock actually does give you an edge ? maybe thats why no one wants you to use it ? Brokers should offer compatible data for whatever platform you choose to use, as customers why should we be told what we are allowed to use and what we cant unless brkers are casinos who want to put the odds in favor of the house ? and the data should be free, people who bet on horses get to listen to the races live on radio for free and bet with who ever they wish, if brokers want our business then they should give us what we want to run our programs and trade our own way, it annoys me that we can only use the charts that our broker provides, WHY ? because perhaps they have algorithms to run them , who knows, it shouldn’t be a big deal for a broker to have a data feed for different programs so customers can have a choice.

I’m confused you say you can’t find a broker that offers it but then you say you’ve used it for FX? I’ve only ever heard equity guys mention Metastock. Brokers have to pay for their platforms, which is why a lot of brokers don’t bother with MT5 and why you’re not likely to find an FX broker that offers metastock … at end of day it’s just a platform and has very little effect on your ability to make/lose money … finding a good broker like vantage with low spreads and cheap commissions and trading a winning strategy with discipline is much more important.

[ADXrising]

Metastock pro fx was a bundle i tried from them, the data was part of the package from Reuters data, this is the reason i say this as getting data from another source doesn’t match up with the data you get from your broker. I would have the Metastock window open and also my brokers deal ticket, the prices were different so cant be used but if you were getting the data from the broker then it would be the same.

[JayTeeFX]

@Badem

Hahaha I don’t know about that buddy but they are a great broker!

Agreed … but …

[Badem]

Hey I’m not your guy, buddy!

Metastock pro fx was a bundle i tried from them, the data was part of the package from Reuters data, this is the reason i say this as getting data from another source doesn’t match up with the data you get from your broker. I would have the Metastock window open and also my brokers deal ticket, the prices were different so cant be used but if you were getting the data from the broker then it would be the same.

Fair enough. What exactly don’t you like about the MT4 platform? I think MT4’s great, it’s a little ‘raw’ but I kind of enjoy that 1980s feel … plus Vantage’s smart trader tools and news terminal are really handy.

[JayTeeFX]

Hey I’m not your guy, buddy!

Fair enough. What exactly don’t you like about the MT4 platform? I think MT4’s great, it’s a little ‘raw’ but I kind of enjoy that 1980s feel … plus Vantage’s smart trader tools and news terminal are really handy.

Haha we probably shouldn’t get into the whole buddy/guy thing … could go off topic very fast … I don’t use smart trader tools but the free news terminal is [U]AWESOME[/U]!

[Badem]

Definitely not. Yeah I agree JayTee - news terminal is great. Can you still trade with Vantage? I heard a lot of brokers have stopped accepting NZ clients?

[JayTeeFX]

Hey Badem, yeah I’m not sure what’s going on it’s really strange - I had an old account with IC that was shut recently - it’s weird because I haven’t actually heard any news about changes to regulations or anything. No troubles with Vantage though. From my experience it’s the NZ brokers that should be banned not the Australian ones!

[anon5370623]

Hey Badem, yeah I’m not sure what’s going on it’s really strange - I had an old account with IC that was shut recently - it’s weird because I haven’t actually heard any news about changes to regulations or anything. No troubles with Vantage though. From my experience it’s the NZ brokers that should be banned not the Australian ones!

Is there any trustworthy regulator in NZ that oversees local brokers? Like ASIC or CySec or smth. like that… Something tells me there are too many unregulated brokers from NZ

[Badem]

Yeah a lot of international brokers seem to set up shop there - oh well hopefully you can keep trading with Vantage!