celestial34
Recruit
- Messages
- 6
Hi all,
I have been trading for 7 years, although on and off in forex. I only recently got back into it (forex), and had to learn new things like FIFO, hedging etc.
As for brokers in the past, I used to use CMC because they offered CFD's too, but my strategies were very basic; indicators, buy, stop loss etc. I have never been a news trader etc, so never ever came across 'wide spreads' etc. I also never had a problem with withdrawls either.
So CMC were fine for me back then. The only issue I had when I got back into forex recently, was there lot sizes were not small enough for my strategy.
So I went with GFT(au). They allow you to open more than one account, link it, so you can hedge. However, then I find, even though GFT(au) has Aussie offices, they are using US laws. Now, this took me by surprise because my strategy requires me to be able to open and close positions individually, but in the US they now have FIFO....first in first out. This does not work for me.
So, I am now looking for an Australian Forex Broker and I am totally gob smacked at how every single online forex broker in Australia has a long list of bad reviews. Seriously, is this a joke?
I have seen complaints such as:
- widening spreads even when no news out
- claiming they are STP when they are not
- poor customer service
- no customer service
- issues when trying to withdraw money
- trades not being entered straight away when the traders account is up
- freezing platforms
and many more...
Now what about ASIC? All these brokers listed on this site are all supposedly registered with ASIC or regulated by ASIC (what does that mean anyway?). Has anyone here who has made bad reviews about their broker actually complained to ASIC and if so, could you share your outcomes? I am starting to think, either all these reviews are nonsense or ASIC is not what it seems, and they are in bed with the Forex Brokers.
Now, I know brokers lurk through these forums, because I know the forex broker industry in just like the Internet Marketing industry, so I know there are brokers in Australia who are going to read this:
I wonder if the broker who wants my business, would be willing to sign an Affidavit stating that they will not allow all of the above to ever occur. In other words, in your affidavit, you will write:
Every trade you place with us will be STP, no widening of spreads at any time, instant access to my money, instant reply to support questions, never placing me on manual order processing.
So, have you got the balls to do this mr Australia Broker?
Seriously, I was just sickened yesterday as I spent a whole day reviewing all the Australian forex brokers I could find and NOT ONE seems trustworthy to me.
Whose fault is this? ASIC? Is it the traders themselves? Are we expecting too much?
In closing, I do not understand where every trader comes from.
I do NOT trade the news, so I don't care what the spreads do around news time, but I do care about all the rest and it 'seems' to me that none of this stuff should be happening...am I right or am I wrong?
I have been trading for 7 years, although on and off in forex. I only recently got back into it (forex), and had to learn new things like FIFO, hedging etc.
As for brokers in the past, I used to use CMC because they offered CFD's too, but my strategies were very basic; indicators, buy, stop loss etc. I have never been a news trader etc, so never ever came across 'wide spreads' etc. I also never had a problem with withdrawls either.
So CMC were fine for me back then. The only issue I had when I got back into forex recently, was there lot sizes were not small enough for my strategy.
So I went with GFT(au). They allow you to open more than one account, link it, so you can hedge. However, then I find, even though GFT(au) has Aussie offices, they are using US laws. Now, this took me by surprise because my strategy requires me to be able to open and close positions individually, but in the US they now have FIFO....first in first out. This does not work for me.
So, I am now looking for an Australian Forex Broker and I am totally gob smacked at how every single online forex broker in Australia has a long list of bad reviews. Seriously, is this a joke?
I have seen complaints such as:
- widening spreads even when no news out
- claiming they are STP when they are not
- poor customer service
- no customer service
- issues when trying to withdraw money
- trades not being entered straight away when the traders account is up
- freezing platforms
and many more...
Now what about ASIC? All these brokers listed on this site are all supposedly registered with ASIC or regulated by ASIC (what does that mean anyway?). Has anyone here who has made bad reviews about their broker actually complained to ASIC and if so, could you share your outcomes? I am starting to think, either all these reviews are nonsense or ASIC is not what it seems, and they are in bed with the Forex Brokers.
Now, I know brokers lurk through these forums, because I know the forex broker industry in just like the Internet Marketing industry, so I know there are brokers in Australia who are going to read this:
I wonder if the broker who wants my business, would be willing to sign an Affidavit stating that they will not allow all of the above to ever occur. In other words, in your affidavit, you will write:
Every trade you place with us will be STP, no widening of spreads at any time, instant access to my money, instant reply to support questions, never placing me on manual order processing.
So, have you got the balls to do this mr Australia Broker?
Seriously, I was just sickened yesterday as I spent a whole day reviewing all the Australian forex brokers I could find and NOT ONE seems trustworthy to me.
Whose fault is this? ASIC? Is it the traders themselves? Are we expecting too much?
In closing, I do not understand where every trader comes from.
I do NOT trade the news, so I don't care what the spreads do around news time, but I do care about all the rest and it 'seems' to me that none of this stuff should be happening...am I right or am I wrong?