Australian (ASX) Stock Market Forum

Cheapest and best Forex broker that uses MetaTrader 4?

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Hello all.

I'm an Aussie who has traded US stock and options with Thinkorswim in the US. I'm now looking at entering into the FOREX markets and want to know the cheapest FOREX broker I can use. I understand that it doesn't necessarily have to be an Australian broker. Basically, I want it to have quick and easy payment/withdrawal methods (I have paypal and moneybookers), to utilise the Metatrader 4 platform, and to be as cheap as possible in terms of commissions/spreads etc.

Thanks and also I would appreciate any beginners tips on FOREX as I will be completely new to FOREX trading (coming from a stock/options trading background). Tell me anything helpful thanks!

P.S. If needed, I'm looking at using an account size of $10,000 and I don't want to lose more than I have (I don't want to use margin etc.)
 
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The two main Australian brokers are GoMarkets and Pepperstone. Both are regarded as amongst the leading MT4 brokers. Especially the Pepperstone razor account.
 
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Hi Options,

I use Go Markets for my FX, which is still very much a learning situation.

Forex factory is the biggest forum in the FX world, millions of posts and suggestions on how to make money at FX.

FX is Very, Very different to stocks, every broker offers free demo accounts, for your own sake try it all on demo first.

I do trade for small money just to have some skin in the game but I wouldn't dream of using $10K until I ahve made a profit for at least 3 months on demo.

The market mood changes regularly and the GFC is not helping predictability much either :eek:
 
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Hi Options

I was using Go Markets and AxiTrader for a while but I found a new broker that is definately the cheapest called Pure Trade
they use direct market access so the there is no minimum spread - often you get zero spreads and they charge commission of $4.95 per 100,000... seeing as you aren't using any leverage the coms will be tiny (its on a proportion scale)

Anyway they are worth checking out, ive been with them for about 2 months and no complaints also they have an infor hotline so you can ask them any questions and all that stuff.

Good luck! Be careful!

imforforex
 
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Hi there options,

I have been using (not in any particular order) IBFX AU, Go Markets, GFT, Oanda Asia pacific. Never had any problems with any of them, all have been helpful and pleasant to deal with.
Funding / withdrawal options range from electronic transfer, credit card, bpay, paypal etc.
Also never had a problem with funding or withdrawling funds.
I have recently consolidated my accounts into one at the moment.

The other day I did an exercise looking at five different companies spreads, interesting.
I compared GFT, IBFX AU, Oanda, Go Markets and Axitrader / Alpha Broking (Alpha Broking spreads are the same as AxiTrader I am told).

Spreads as at 18:00 AEST Tuesday 31st May 2011.
NOTE: These published spreads may change by the time you look them over.
Also please note I am NOT making a recommendation on any of the brokers in this comparison based on spreads.
The pages I found their spreads on are as follows:

GFT
IBFX AU ( I took the average)
Oanda
Go Markets
AxiTrader

For learning and information resources etc there are forexfactory as already mentioned, babypips is another, fxstreet, dailyfx, forexpros, piphut and there is probably more.
There are some good books around, I'll just name a couple (but there are others!).
FX Trading: An Australian Guide to Trading Foreign Exchange
Currency Trading for Dummies
Beat The Forex Dealer
Market Wizards
Bullseye
Technical Analysis Explained
Technical Analysis of the Financial Markets

I'm not sure how you go about not using margin.

Hope this is of some use.
 

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Not sure if this is what you are looking for, try google for Dukascopy. Hopefully it helps. :)
 
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Not sure if this is what you are looking for, try google for Dukascopy. Hopefully it helps. :)
Dukascopy is very good because is not a market maker like many others (gft for ex).

They don't have a MT4 account, but they are working on it
 
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Dukascopy is very good because is not a market maker like many others (gft for ex).

They don't have a MT4 account, but they are working on it

I am in contact with their Account Manger based in Swiss, if anyone need to setup an account, PM me and I can try to hook you up and get you the transactions rebates. However, do note that their minimum setup account amount is USD10k.
 
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