Best/Favourite Broker(Reputable) in Australia or New Zealand?

moyes

Junior member
40 0
FXCM, IC Markets, Axitrader, Thinkforex, IG Markets, Global Prime or Alpari? Any recommendations would be appreciated. I am based in Auckland,NZ and therefore would prefer broker a little closer to 'home'; I can't seem to make a decision on which broker to choose as they all seem to have some sort underlying hidden agenda of taking and making money by ANY means possible... I would like honest opinions from fellow traders please. Thank you.
 

plugger

Junior member
12 1
Hi Moyes

I am a CFO of an FX/CFD company in Australia and know a few insights into getting the best cost when looking at a provider.
Key points to look at are for FX - Is the spread variable or fixed and how tight is that spread.
Does the company requote or intervene in the trade?
The wider the spread the larger the cost to you in potential profits.
Variable spreads can increase your loss point or decrease your winning amount if they widen at the point of exit. These spreads tend to widen as volatility increases.
For ECN companies look at the spread and brokerage costs together to get a full cost per trade.
Cost examples 1 full contract of the AUD/USD at 0.7 spread +$3 commission would = $7 USD + $6 AUD round turn.
If you had a fixed commission of 0.8 for the full contract AUD/USD it would cost a total of $8 USD round turn.
A variable spread of 0.8 in and 1.6 to close for the full contract AUD/USD it would average at $12 USD round turn

The costs difference may seem small but can quickly add up.
With Australian CFD's it would be best to look at whether the provider is trading the CFD at the underlying price. Then it is a matter of the platform stability and the brokerage and finance costs.
This is a quick overview but hopefully helps in your research.
 

francisfinley

Established member
902 46
FXCM, IC Markets, Axitrader, Thinkforex, IG Markets, Global Prime or Alpari? Any recommendations would be appreciated. I am based in Auckland,NZ and therefore would prefer broker a little closer to 'home'; I can't seem to make a decision on which broker to choose as they all seem to have some sort underlying hidden agenda of taking and making money by ANY means possible... I would like honest opinions from fellow traders please. Thank you.

im with axitrader atm - they went offline twice the other day tho.

im in NZ.
 

DigitalGeometry

Junior member
39 4
FXCM, IC Markets, Axitrader, Thinkforex, IG Markets, Global Prime or Alpari?

Do your homework.

Absolutely, none of the above would do for my live trading account, if I were still a retail trader. Those that you have mentioned above are all Arcade Style Bucket Shops - every last one of them.

If you are in New Zealand, then by all means try DCFX, when you are done with the video arcade brokers. DCFX is DMA/STP/ECN and Currenex Hub ready. MT4 through a Currenex Hub is also available, if you are into building Bots of your own using MQL.

Lightening quick fills. No requotes. Commission based, so no spread hijacking. Segregated accounts. Deeper retail liquidity. Platform works before and during news. No consistent price spiking. High platform availability and the broker is technologically competent.
 
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RobCripfx

Newbie
7 0
FXCM, IC Markets, Axitrader, Thinkforex, IG Markets, Global Prime or Alpari? Any recommendations would be appreciated. I am based in Auckland,NZ and therefore would prefer broker a little closer to 'home'; I can't seem to make a decision on which broker to choose as they all seem to have some sort underlying hidden agenda of taking and making money by ANY means possible... I would like honest opinions from fellow traders please. Thank you.

Forget New Zealand, it's not even a regulation there, IC is my favorite in Australia
 

rrayne20009

Junior member
31 0
FXCM, IC Markets, Axitrader, Thinkforex, IG Markets, Global Prime or Alpari? Any recommendations would be appreciated. I am based in Auckland,NZ and therefore would prefer broker a little closer to 'home'; I can't seem to make a decision on which broker to choose as they all seem to have some sort underlying hidden agenda of taking and making money by ANY means possible... I would like honest opinions from fellow traders please. Thank you.

Try gdmfx,they are registered as FSP of New Zealand and is headquartered in Auckland, New Zealand.They also have authorized rep.in Australia(gdmfx australia)regulated by ASIC.Hope that helps.:)
 

fx turtle

Junior member
43 7
FXCM, IC Markets, Axitrader, Thinkforex, IG Markets, Global Prime or Alpari? Any recommendations would be appreciated. I am based in Auckland,NZ and therefore would prefer broker a little closer to 'home'; I can't seem to make a decision on which broker to choose as they all seem to have some sort underlying hidden agenda of taking and making money by ANY means possible... I would like honest opinions from fellow traders please. Thank you.

I'm with Pepperstone. No issues so far.
 

mdarif

Newbie
4 0
i already very good serves,
 

JoPips

Junior member
11 0
I can recommend ICMarkets from personal experience. I agree with some of the above comments, in general I would stay away from NZ brokers (with the exception maybe of Pacific Financial Derivatives) as the regulation there is almost non-existent.

Here is a list of 24+ brokers with offices in Australia... Australian Forex Brokers
 
 
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