Looking for a legitimate non-scam broker (Australia)

Okey,
Not every ecn broker apply a commission to the trade. I have mentioned the broker IFM in another reply. They just apply spread with 0 commission. I want to refer to an important point which is, if the broker would widen there spread too much, that should be some kind of cheating. A question: do brokers hunt SL levels? Answer: market makers do and one methode could be the spread widening.

Seek advice with a professional. There are always people in the market!

For my 2 cents, I use XM.com and Forextime. Though I’m located in a European country, It does look like both support Kiwi’s and Aussies. I’ve never had problems withdrawing and spreads are fine. I’ve had the reverse of your situation, where price was within pipettes of my stops then reversed into profit, though I’ve not traded CFDs on indexes much. They do both have a selection of index CFDs.

I tried joining IC Markets… no longer accept applications from NZ citizens. I then looked into Blackbull - they’re currently not regulated. I then contacted Halifax but haven’t heard back (it’s been 5 days).

The only option I know of is now CMC markets who have a nice looking platform but it lags a lot and I’ve heard a lot about them being a scam…

@davenz

Did you try IFM or IG…??

IG was the one I was having trouble with. It seems they don’t like communicating with their clients.

IFM is Australian-based so I would say they don’t accept NZers.

Whatever that new regulation was that came in, it’s made it very difficult for NZ citizens to trade. I’m not sure why – it’s not as though we’re a corrupt country !

Because lots of financial scams been going on there mate and the FMA don’t cover insure against your broker going bust you would lose your money too.

How about FXOpen.? or XM

Hi Davenz, surprised that an Australian Broker won’t accept NZ traders. As a typical aussie, I deem you people over the ditch as being from the same tribe…albeit with a fetish for sheepskin seat covers and a speech impediment…:slight_smile:

I heard a lot of bad rumblings about CMC Markets before I was even involved in FX, so I would stay away from them as well.

I’ve had similar experiences with Pepperstone as you, I still use them but very warily. I mainly use XM and IC Markets which both appear to be above board… Most of my profit comes out of IC but they are inaccessible to you in the land of the long white… IMO the UK is still the Wild West of the financial markets but your best bet will be to go with a UK (regulated) broker, the US don’t allow hedging accounts if you require it.

As soon as you start dealing with an OS Broker the paperwork and information required increases considerably. I started with IG (UK) and the information requested was enormous.

Yeah it’s bizarre. Normally NZers can apply for anything that’s Australian-based - such as banks, brokers etc. It puts us in a difficult situation now as we’re such a small country there’s not many brokers. I would much prefer to go with one of the larger-scale Aussie brokers.

I’m going to give CMC a shot given that someone I know in the financial industry reckons they’ve changed a lot since all that negative feedback was placed. That being said, I’ve deposited far less than I normally would, just in case.

I don’t think there’s any point me enquiring with any other aussie brokers - they all seem to have the same answer given this new regulation.

Perhaps the only option is to immigrate to the land where anything that moves can kill you… What was that old saying? The 4 W’s? - Better Weather, better wages, better waves and better women? :stuck_out_tongue:

2 Likes

I am Using FXCM also. So far did not have any issues. I haven’t withdrawn any amount yet , And do not know how fast they transfer the amount requested to your account.
Anyone knows?

I’m most likely never going to trust them as they got done for fraud earlier this year.

Thank you for the tips!! I had to ask this question too after opening an account with fxbtrading. . . . .
Have now gone with IC thank you!

I have used at any Australian broker but their regulation is strong than as usual regulatory brokers.

Hello Sohib,

There are different withdrawal methods available to you, which have different processing times. Generally, it can take 3-5 business days for funds to clear an account.

Jason

It’s so unfortunate NZs can no longer trade on Pepperstone, epsecially because I really adore cTrader platform :frowning:

you have these if you like…

FXCM
Address: 383 Kent St, Sydney NSW 2000

IC Markets
Address: 6/309 Kent St, Sydney NSW 2000

Oanda
225 George St Sydney

1 Like

Hi Synotaxidae, IC Markets (Aust) and FXPro (UK) both have Ctrader and Calgo as platform options. IC Markets now also supports Trading View which at a glance looks interesting.

https://www.icmarkets.com/

Hope this is of help, Cheers

1 Like

IC Markets also do not accept NZ clients, thanks tho :frowning:
How’s your experience with FxPro?

@Synotaxidae This must be a nightmare for NZ traders…NZ should be allowed to use Australia’s Brokers…Something going on… I think this whole market is about to go through an upheaval…Hopefully a good thing…

I don’t use FxPro Live, only as a Demo for backtesting in Calgo, they appear to have wider spreads than IC and Pepperstone… but a huge range of Instruments to trade…

Wide spreads…maybe just to clients outside of the UK. I use XM (UK) via MT4.

Clint has put together a list of Brokers and reviews that maybe applicable to the NZ situation. The US citizens are having a similar problem finding Brokers that they can use. Just be very careful who you do go Live with…

Hope this is of some help…

Edit: I notice that FXCM (Aust.) are constantly advertising for Asian account managers, so It’s pretty safe to assume that they are basing in Australia to open up the Asian markets after being flung out of the US… Australian Asians are also the biggest Gamblers…which may also be appropriate…

1 Like

There’s another broker called AETOS, check it out. But I’m not sure if they can take NZ clients