Looking for a legitimate non-scam broker (Australia)

Broker Discussion
1

I’ve been searching for a broker for a while now but it seems that after heavily researching, I can find at least 2-5 scam mentions of each broker.

I’m in New Zealand so need a broker that supports Australia/NZ citizens. I primarily trade indices so need a broker that offers CFDs. I was looking into AvaTrade but it appears everyone has withdrawal issues.

I also used to be with Pepperstone but noticed that 80% of my trades over a 6 month period were stopped out before reversing. And I mean stopped out as in exactly stopped out - to the pip. I then did thorough research comparing their charts to other brokers and there were definitely some discrepancies so I won’t be going with them again.

Can anyone recommend a legit, genuine, non-scam broker? FXPro and Oanda no longer accept NZ citizens …

2

How about IG ??

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I actually opened an account with them but after my documents were approved nothing further happened and I never received an account number etc via email.

I’ve contacted them a few times over the past 2 weeks and no reply so not really sure how to proceed from here.

4

Oh right. I have a demo account with them Don’t think they send account number over email i logged in and found my account numbers ect. Looks good though.
I am currently using another broker though as well as i’m still testing.

Are you looking for an ECN broker or any type?

FXCM

5

hi mate

I’m in Australia
I’ve actually been with Pepperstone for quite a few years
no issues with Withdrawal
and i personally have not had the issue you’re describing

i was actually going to recommend pepperstone to you

let me say something as well.
if your trades get Stopped out, it’s not the brokers fault
it’s your fault for not planning them correctly

I’m guessing you’re talking about that thing where you enter a trade, you put down a S/L and a T/P,
and you let it run AND IT SEEMS to go after your stop losses
and then when it hits the IT JUST TURNS AROUND AND GOES TO WHERE YOUR TAKE PROFIT WOULD HAVE BEEN ANYWAY

and you feel like they are chasing you personally… right ? hehe
is that what you’re talking about ?

because if you are having this issue, you will forever be looking for brokers and never seem to find one that’s right.

mate, all brokers to a large degree are dishonest
but why is it that i had this issue when i started trading, but it no longer happens to me ?

it can’t be the broker mate
obviously it’s the difference between me and you trade

6

I should’ve been more clear;

I know that sometimes your stop gets hit and that’s part of the game. However, over the course of six months with pepperstone my stop was hit TO THE PIP. Meaning it didn’t go past my SL not even by 1 pip. It simply reached my SL, triggered it, then reverted.

I eventually got around this by widening my SL by almost double, but to be sure it wasn’t just in my head, I started documenting it and over the course of six months it happened roughly 80% of the time. I even took screenshots and was going to contact them about it but never did as I moved on to FX Pro who were 1000% better. Sadly, they no longer accept NZ citizens, hence why I’m in search for another great broker!

7

I’m used to ECN brokers but bottom line is I just want a regulated broker with the majority of it’s clients providing great feedback.

I’ve read some horror stories over the years!

9

hi mate

Now from one point of view, i don’t know if there is really any point in telling you this because, like you said, You’ve moved on from Pepperstone

Now… MY BROTHER (let me speak to you as i would speak to a friend ok)

  • I have had a few Shyte moments with pepperstone… no doubt, in the early years of my trading.
    i video (Video Screen Record) all my trades, both for personal development and for legal reasons

  • i will admit there was a time when (as i was videoing) i placed like 3 orders to BUY and they were placed,
    they were confirmed on screen as BUY orders, and then hehe… here is what happened
    even though price had moved by a few pips
    a) the Buy orders were closed
    b) they were replaced with sell orders AT THE SAME ENTRY PRICE

BUT HERE’S THE MOST INTERESTING THING
the new orders had DIFFERENT ORDER NUMBERS TO THE FIRST FEW TRADES

i actually went on chat first, and asked them - they said , it must be an EA or something… ok

i then got on the phone with them… basically same thing

i was saying to them , so… Re the first 3 BUY order Numbers. FIND THEM AND TELL ME WHAT THE OUTCOME WAS

THEY SAID THEY CAN’T FIND THOSE ORDER NUMBERS… THEY DON’T EXIST
LMFAO
(at this point, they did not know that i had a video of the event)

i then , after giving them ample opportunity to fess up
TOLD THEM I HAD A VIDEO, and i supplied it to them

they said they would do an investigation. etc etc… IN FAIRNESS… THEY DID

CONCLUSION - They decided to pay me for the 3 BUY trades as if they had all hit the TAKE PROFIT

Now. this is BS to say the least

i spoke to them very frankly about what they did

THEY HAVE NEVER DONE THIS AGAIN
I HAVE , SINCE THEN, NEVER HAD ANY ISSUES WITH THEM
WITH ME, THEY ARE CONDUCTING THEMSELVES IN AN ACCEPTABLE MANNER

now… you are not going back to pepperstone anyway. so i guess it’s pointless to tell you to try

i don’t know mate

I have not tested these
but I’ve heard, you can Give IC MARKETS a try
i’ve heard you can give OANDA a go

I tried IC Markets at one point, - CAN’T SAY I HAD ANY ISSUES
i only didn’t proceed with them because i’m happy where i am with pepperstone
otherwise i probably would have

maybe try IC Markets , let me know how it goes

Be Cool Mate

10

If your looking for a New Zealand broker check out BlackBull markets.

11

How about IC Markets?

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I personally like IC markets a lot. I have never had an issue with them.

14

I’ve never heard of these guys! Thanks for the tip-off! I’ll join up on a demo account see how they go :slight_smile:

1 Like
15

Interesting story! Thanks for sharing!

I probably won’t be going with Pepperstone again given my experience. I’m trying to get hold of IC Markets as they seem to be the ones everyone is suggesting.

Oanda doesn’t accept New Zealand citizens anymore - nor does FX Pro which are, undoubtedly one of the better brokers out there :frowning:

16

You’re welcome mate, no problem at all
hope it works out for you

18

I have traded with too many brokers. So when I want to choose a broker, I look first of all at it’s regulators. If they are one of those who I trust I continue. The account must be an ECN account. Then I calculate my costs with the broker and see if they suitable to my trading system. Check the babypips school. there is a perfect lesson about how to pick up the best broker for you.
I wish you the best of luck

19

A lot of the traders I know are using IC markets or FXCM.

20

((( Spread Widening…!!! ))) A Brokers favourate game. Haha.

21

ICMarkets is really good, I love it. They offer free VPS, EA programing software (if you know how to ask), also the referal system is pretty cool. Support responds quickly, spreads are tight, commissions acceptable.

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That’s when you are with a broker like bullshit. invest a bit time and search for a good broker. They are a lot by the way, but the scammers are more

23

@elosss
Which broker would you recommend ?