Who are the best online brokers? - Aussie Stock Forums

Results 1 to 3 of 3
  1. #1

    Default Who are the best online brokers?

    Hello all,
    I wanted to get a feel for the best brokers out there. The brokers I am looking for are online brokers that offer stocks, futures, forex, CFD's, (options are optional - pardon the pun!)

    I don't mind if they are overseas or based here in Australia, but there is no better gauge than asking real traders.

    Could you let me know who you use and what you like or dislike about them.

    I am NOT a news trader and so am not interested in what brokers can and can't do around news time, but I am concerned with such things as how they treat you once you start making good money, costs, interest costs, amount of disclosure, support etc.

    Many thanks

  2. #2

    Default Re: Who are the best online brokers?

    How about I start off.

    CMC - (CFD's, Forex) I liked the fact that they offered CFD's on commodities, futures, and minimum 10000 units on forex (it might be even less now) with no commissions other than spread.

    I didn't like the lack of similarity with a lot of their charts. Yes they are market makers but too many times there were massive discrepencies. Gold in mid 2006 was an example where their price went far further down than others when comparison were made. Only weeks later was the discrepency changed on the chart. I wonder how many traders took it up with them.

    I also had money frozen for over 6 months when I was short ION CFD. They went into liquidation, and the stock was effectively nothing. It took someone from Hometrader to convince CMC to give all those short their due profits - as they were not going to do so.

    I also heard from a close friend, that he had a friend who when started doing really well, was taken off automatice desk and moved to manual desk, and this resulted in getting poor fills all of a sudden. He left because they didn't even ask him before moving him, and he subsequently started losing money.

    I'm not saying these issues wont happen with other providors, but I wont know unless I ask.

    GFT - I used these guys for forex (although they now offer CFD's and futures), and they had some good features, like alarms, forex had no commissions.

    The only problem was their platform froze too often. Although I don't trade news etc, it was just a pain in the neck. After reveiwing peacearmy.com, a forex broker review site, it was one of the biggest comlaints against them.

    OptionsXpress - I use these have done so for many years, and quite frankly, have nothing bad to say about them. They don't offer CFD's but they do offer stocks and options, and in both the US and AU, and just recently futures although this requires a seperate account I believe,

    CBS - I currently use CBS for all my CFD, Futures, Indices, Stocks and Forex. Their support is quite good, depending on who you get, as I have got the odd greenhorn who doesn't know much. But their online platform is controlled from Europe. Tricom use the very same platform, and so when a market is being made in CFD's for example, it's being made over there, not here.

    One thing I don't like is the $10 * 2 cost of forex trades under 50000 units.

    I moved to CBS from CMC because a trader by the name of Clifford Bennett, whom I admire greatly, was using them at the time. He has since moved to Sonray though and I am not sure as to why.

    Does anyone use Sonray and how do you find them?

    Any other providors?


  3. #3
    CanOz's Avatar
    Join Date
    Jul 2006
    Sunny Brisbane
    Blog Entries

    Default Re: Who are the best online brokers?

    I use Interactive Brokers and other not offering CFDs they offer everything else you are looking for. With a margin account you still get the benefit offered by CFD's (leverage) and probably less slippage on average for US stocks.

    The platform is easy to use as well. There have been a few problems with getting fills though, and some issues with excessive slippage. On the whole though thier cheap brokerage makes up for it IMO.


    "Dump everything aggressively. Take the price to a place where it trades" - Michael Platt - Hedge Fund Market Wizards

Similar Threads

  1. Online Brokers
    By Julia in forum Brokers
    Replies: 71
    Last Post: 27th-May-2010, 08:14 PM
  2. Incredible Charts and online brokers
    By Bin57again in forum Software and Data
    Replies: 8
    Last Post: 22nd-July-2008, 02:12 AM
  3. Online brokers - stop loss orders
    By ozwrangler in forum Beginner's Lounge
    Replies: 13
    Last Post: 16th-February-2008, 06:42 PM
  4. Online Brokers - Features
    By chuteboxe in forum Brokers
    Replies: 2
    Last Post: 9th-August-2005, 10:20 PM
  5. Anyone use Netwealth?
    By Bodhi2500 in forum Brokers
    Replies: 1
    Last Post: 28th-January-2005, 02:47 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Aussie Stock Forums