New forum member here. I’ve been trading forex with GFT Markets for five months very successfully largely on news announcements. Their trading platform, spreads and tech support were all good, up until last night when I received an email from them that my account was being closed - no warning or explanation given. In the absence of other information I assume that as they are dealer-desk broker I was costing them too much money. In particular, I received the closure notice a few hours after I’d made a large sum on the ECB’s lowering of interest rates. Has this happened to anyone else with GFT or other dealer-desk brokers?
Also, I must now source a new broker. Requirements are:
Non-dealer desk.
Preferably Australian for less internet lag and easier resolution of complaints (though I’m not impressed with ASIC)
The usual requirements - well established, good reputation, easy to withdraw funds etc.
Any advice gratefully received.
Newbie here too and I’m looking for a broker also.
Did they allow you to withdraw all your money? I read that some brokers only allow the trader to get back the initial deposit money so the trader lost all his profit.
AFAIK I have kept all my profits - but can’t confirm until the wire transfer is completed:15: To retain my profits they would have to give some sort of reason or show that I have violated my trading conditions. Looks like they are just a casino - excellent service as long as you lose money, but if you win consistently you are out of the door.
I think you’ll be fortunate if they give you your money back. These DD brokers are so selfish and they get furious when you consistently make money. You are right about ASIC, they are not functional. I prefer any NDD broker that gives better trading condition than a broker that claim to be registered, but bad for business. Anyway, I use Profiforex, an NDD and STP broker.
EDIT: dont worry just looked at their website and they are not regulated.
Regulation:
Profiforex’ clients enjoy the financial services of reliable and respectable broker. We insist on the highest standards so that our clients can be sure that they are trading through reliable and professional liquidity providers.
Above statement taken from website. I think that is a nice way of saying we are not regulated but you can trust us any way with your money lol:(
No, isrealz, all my funds were returned to my bank account in two working days, so no complaints there. As I said, a pity because I really liked the Dealbook360 platform.
I don’t think there are many (if any) Australian brokers left with trading servers in Australia; most of them moved their servers to NY so it won’t be easy to avoid latency.
I’ve been trading with Pepperstone and IC Markets for some time. IC Markets spreads are better although some people complain about slippage. In my opinion slippage is part of the game and can’t be avoided, especially during news. Pepperstone have lost their edge over the years.
Then there are AxiTrader and Global Prime. I’ve heard positive comments about Global Prime lately, but I don’t have accounts with those two brokers.
All four are Australian based and ASIC regulated, but as I mentioned before with servers in NY. Commission discounts are available for most Australian brokers, reducing the trading commission from $7.00 to $5.50. I can post links, but you can google them easily.
I think Profiforex is barely regulated- though it is supposed to be regulated by the SIBA. But the inside truth is the regulation are not tight, they support scalping etc. In fact, they can be technically said to be unregulated. Nevertheless, try go investigate them; you would see how lovely their fortunes are; as well as their clients’ fortunes. They can be said to be offshore but they are prosperous; even they clients complain very less of scam cases when compared to our EU/US/AU brokers; what do you think, does regulation necessarily mean fund safety?
You would check out FXCM, tradersway or alpari…been with them for a while and no issues. As for dealing desk broker, got to ask why you opted for that?
Yes, l’m looking at FXCM at the moment and will probably give them a go. As to why I opted for a dealer desk broker - blame it on inexperience. I was just getting into Forex and wasn’t aware of all the issues involved in broker selection.
This is quite true, what is truer and even more shocking is the fact that some of these brokers are licensed. This is why some traders choose to go offshore and get more flexible, incentive, tax-free services even hedge rather trade with these licensed brokers and get spreads widened (even if there were no volatility), get their servers routed and charts hacked; only to get a meagre percentage of their undue losses as compensation from class suits filed to regulators. Look better and see why offshore clients are booming in prosperity. http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc-200.html
LOL, no issues, I’m sure you realize by now that forex comes with a steep learning curve and the only way we learn effectively is by making these sort of mistakes…
It happens to all of us, join the club and hey, good luck.
Why would it be tax free to trade off shore at a bucket shop? You still have to pay taxes on earnings when deposited in your bank account and file a tax return.
Charts hacked? servers routed? what planet do you come from?
If you really want to deposit a large deposit with an unregulated broker in some random country by all means do so, but don’t make up lies to encourage other people to do so to risk there capital.
Do you really think a professional trader deposits money with an unregulated broker instead of in the US? If you do, you even know less than what you come across as knowing by what you said above.
People like you annoy me so much talking about something they know nothing about!
One solution that I have found to work well for traders living in Australia is to use a Virtual Private Server (VPS). If you a run your trading platform on a VPS that’s co-located with your broker’s servers, then it’s like trading from right next door. The other advantage of using a VPS is that you can keep your trading platform running 24 hours a day even when your own computer is disconnected from the internet. That’s great for running automated strategies. VPS access typically costs $30 to $35 per month, but for clients with an account balance of at least $5000, FXCM provides free VPS access.
No prbs Richard, been out of state for a week so could not reply right away. Anyway keep us posted and of course, when it comes to live accounts, start small - you never know…lol
Very true indeed! I am still learning in Forex world so i can’t give you a reliable advice with brokers, but as i keep reviewing and checking threads and different forums i started to see good brokers, there is 1pipfix.com quite promising with their promotions.
Very true ali222, I am starting to like 1pipfix with their fast execution and very helpful customer support. They have a free $75 when you sign with them.