Which broker do you use?

[markust 0]

Dear Fellow Aussie Traders,

 

I was wondering which broker you are using. I ask because it seems I haven't had much luck with the ones I had chosen.

First, I was with Interactive Brokers, which apparently don't offer margin accounts for Australian residents (see the first topic I posted a while ago).

I switched to Alliance Trader, which were fine so far, however, in March or so they told me that due to the current market situation, they will switch my account to a Cash account. That means that I can't short stocks or use margins, and any trade will reduce my buying power for the day - in short, this makes it impossible to trade.

 

I have sent them an email, which they haven't responded to (yet).

I was wondering if this is an Australian regulation because it seems no one else at BBT is affected (I couldn't find any thread about this in the forum).

 

Thank you all in advance for your help!

 

Cheers,

Markus

[mikez 3]

I called Interactive Brokers yesterday and they said it's possible to get margin up to A$25k. It requires a credit check though.

Have you tried CMEG - I'm planning to give them a go.

[Tigre23 0]

I'm with IBKR and just came across this page with regard to account types and what not - might be useful for other Aussie members looking for info about margin accounts, etc. It says they currently DO offer margin to Australian clients:

https://ibkr.info/article/3352

Detailed info on margin accounts for Aussie IBKR clients:

https://ibkr.info/article/4370

Edited July 3, 2022 by Tigre23