Mini Accounts

[Volatility]

Hi

Before Refcofx went belly up I was using their mini account to learn how to trade the Forex - i.e. I could open a GBP/USD trade with as little as US$10 (with a 100:1 margin).

After what happened to Refcofx, I would like to use a broker closer to home. Are there any in Australasia who offer mini accounts (i.e. where you can open a trade for as little as US$10)?

Thanks

[arco]

HI V

Not sure if Tricom.com.au offer mini accounts through one of their white lable connections.


regards - arco

[arco]

V

You might also like to check out

www.cmcmarkets.com.au/forex/why_margin_fx.jsp

regards - arco

[BackOffice]

Tricom offer a practise account, i think their min of a trading account is $10k which is not a lot when you think about the leverage.

[peat]

I'm checking out CMC NZ's demo software and probably going to attend some of their promotional marketing educational stuff this month. I would prefer to have a local broker and my GFT one shut down anyway because I wasnt trading in it. ****ers took the remaining dollars too, and claimed it was an inactivity fee. ass holes.

www.cmcmarkets.co.nz

Their software is pretty bloated (has used 1 gig of memory on my machine with only half a dozen windows open [:0] )
But it allows trading of a stupendous number of stocks currencies indexes etc. me used to only forex so thats quite interesting

so yeh will keep y'all posted.

[Ricardo]

Peat
Are you sure about that memory usage? Unless the demo software is totally different I can't agree with you. I'm using CMC Marketmaker for CFD trading. I just checked. Right now I have 21 windows open (mostly ASX stocks), and memory usage is 163 MB.

[peat]

pretty sure
I'm a system engineer so I usually get that stuff right.
it was a process called iiaapx (or something like that) I'm at work so cant check it right now.
good to hear you're software is working well.... any other comments you'd like to make on it and/or CMC themselves ?
I am working through the process of satisfying myself the software and the deal making works well and am a little disappointed so far (tho it may be me getting used to the software) so sharing your experiences would be most appreciated.
EG a stop I had on gold wasnt triggered so I'm querying that at the moment

[Ricardo]

Process I looked at is iiappstart.exe. Now 165 MB as I opened another window. I've only got a gig in total, and always have heaps of other applications open. They all respond instantly, so its not writing to a swap file.
Have been with CMC for just over a month. So far no problems with trade executions or stops. Real people and a quick response with phone calls for help, only one of which related to the trading platform. The icon in MarketMaker for their Plus feature just wasn't there initially and took them a couple of days to fix, though it is only an "extra"
Their web sites seem to have quite a few broken links, and its not hard to go the the "wrong" one. (Some differences for NZ, AU, UK, US). I made a payment by bank transfer, using instructions found by starting initially on CMC's NZ web site, but turned out to be the wrong ones. They did phone me and fix it though.

Overall I'm happy with them so far.

[peat]

went to a one hour presentation by CMCMarkets NZ on Saturday in the Price Waterhouse building downtown AKL. what one would expect I guess. explaining CFD's and demonstrating the software. they explained to me when I grilled them re how badly the demo software has been working for me that even they agreed the demo was crap (but nothing like the real version). Seems weird to me they dont fix it pronto. But I guess this explains the difference in what we see Ricardo.
So I've taken a leap of faith and signed up , they have a special offer in July of no commissions etc...
So I will be looking at the real software this week sometime.

[Ricardo]

Agreed, to not fix it could cost them clients. Even less serious stuff like broken web links reduces your condidence in them.

The commission free trading is a good deal. As they point out, you can trade a single cfd. Hence you can learn with virtually no risk. If you need to cover commissions to break even your buy size would have to be realistic. Perhaps instead of demo software they could just default trade size to "1" until you opt out of learn mode.

[Volatility]

Thanks. I'm trialling the CMC station for Forex trading but must say I find it very frustrating. I'm used to being able to place an entry order with a limit and stop loss and waiting until I'm filled and then either stopped out or reach my limit. Spent a few hours trying to work out how to do this with CMC. I tried using their Chat but no one is responding. Maybe this is because it's the demo(?)

[peat]

problem is that it doesnt matter what you can do in the demo software (or not) coz it is completely different to the live platform!

[miner]

When your B$$$$$$lls are on the line ay peat:D,eur/jpy may? of hung a U turn in the last hour.

Cheers
Miner

[slam]

Evening miner;)

[miner]

Hi Slam I was just thinking tonight I wonder where slam is,well I just got out of the bath to see I am still in my dodgy trade hehe,couldn't watch so thought put a stop on have a bath,how you going?.

Cheers
Miner

[miner]

An observation for you mate,I am playing with eur/usd at the mo but also watching usd/jpy as it goes the same way,so helps confirm move,the other thing is eur/usd candles change 30sec to a min "after" usd/jpy,so it gives you a wee jump on a move,watch say the 5min for both.

Cheers
miner

[miner]

OOp's sorry the opp way[B)]:D

[miner]

Umm lets try that again should be usd/chf not usd/jpy,I'll shut up now[B)][B)][B)]

[miner]

Hey Reavhead what happened to your post,was just going to answer and it was gone???.

Cheers
miner

[Revhead]

Hi mate...

Upon reflection I decided to delete it. Never mind. hope you enjoyed your bath.

cheers
Rev

[miner]

Not a prob,good to hear from you anyway,some good moves from 2am,as you were up hope you got on,I took a couple of pips and hit the hay,messy again tonight so far.

Cheers
miner