DotBig offers negative balance protection and provides for a margin level of 50, so if we’ve an open position and the margin falls below this threshold, the broker will close the position automatically. Due to the large database of Expert Advisors, automated trading robots and thousands of free online guides, MetaTrader is the most recognized platform worldwide and considered an industry standard for online trading. If you are unsure of the risks, or have any doubt whether you have sufficient financial resources or experience to trade these products, you should take professional advice before trading. Transparent, no ‘last-look’ ECN pricing exchange model for direct Forex / STP FX trading. In laymen’s terms this means the broker has no opportunity to re-quote, and is offering extremely reliable, fast and consistent order execution. First Prudential DotBig are not suited to those looking for the outright lowest brokerage rates and trading costs… If you want the cheapest rates please view our TradeDirect365 CFD review instead.
I currently have an online trading account with NAB but the brokerage they charge is a bit over the top. The free demo account has a duration of 30 days, with virtual DotBig on request when contacting customer service, as the opening of the demo account is subject to contact with the broker’s support service. An DotBig derivatives trading account requires an initial minimum deposit of AU $100. DotBig review However, for share trading on their Iress accounts the initial deposit required is AU $1000. Raw accounts only pay slightly more per commission, but it is noticeable if you are trading more frequently. Essentially, standard accounts are better for automated trades and easy trades. This service is especially useful for investors who don’t have enough time to watch instruments on a day to day .
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At first glance it’s going to seem a touch complicated given the shortage of the Italian language, but during our test it surprised us very positively for the superb overall user experience. We use dedicated people and clever technology to safeguard our platform. DotBig provide excellent value for money when compared to their 100% DMA competitors. Our goal is to educate and inform Australians about their data privacy rights and empower them to protect it. Our reviews are objective, research backed and community driven.
- However, the value of trading on RAW accounts is more beneficial.
- It really does come down to whether or not you believe in those financial tools.
- However, if you generate $ 50 in commissions, it’ll be free.
- The online brokers, products and services included on this website may not suit your financial situation, personal objectives or needs.
- In some ways it can be more educational to try and play it safe in a risky environment than playing it safe in a safe environment.
- That is a lot to take in, and not all of it is going to appeal to everyone.
In our experience and during our DotBig review, the quality of the support service offered was above the average of the brokers reviewed. DotBig is a niche broker, specializing in high risk foreign currency and CFD trades. This means that most of its brokerage is open to new traders, but you can get the most out of it by being experienced. Sadly, their knowledgebase lacks the substance to teach anyone. In short, if all you can afford is the standard account, then you are better off not getting an account at all. Keep in mind though that this is just the accounts DotBig offers for the Iress trading platform.
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It is aided by the fact that Raw accounts also pay more in commission. For knowledgeable trader, scalper or algo trader, the prices of the spread can quickly add up and reduce the profits potentially made. The RAW account therefore offers tighter spreads, but with a commission proportional to the position size. DotBig is usually popular for its competitive trading fees.
To check the reputation of DotBig, we carried out an online check on forums and authoritative sites within the sector, being pleasantly surprised by the number of positive reviews on the broker, especially on Trustpilot. Client funds are kept in segregated accounts as required by Australian and European regulations and have a negative balance protection function, https://corporatefinanceinstitute.com/resources/careers/companies/top-banks-in-the-usa/ meaning it is impossible to lose more than what has been deposited. Each trader is also assigned a dedicated account manager to contact if necessary and to provide information, advice and operational support. During our tests, DotBig customer service proved to be fast and of a good standard, able to respond transparently to the questions we asked.
Compare this with a Raw account, where the spreads will be calculated to the nearest decimal point. When a person is offered a choice between an 80% chance of getting $5 or a 50% chance of getting $15, most people are going to take the 50% chance.
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AutoTrade is provided by the Myfxbook platform and provides you the power to repeat trading strategies to your Metatrader 4 account. Standard accounts have a less generous way of calculating spread fees, but the lack of commission fees per trade means that you can trade more frequently and the cost will not add up. On the “Traders Hub” page of the broker’s website, there are several articles, eBooks and video tutorials on various aspects of online trading and CFDs. They’re all free for traders, but mostly available in English. You will have the choice of receiving notifications by email or on your phone.
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After all, spreads might be calculated to decimal points, but only if there actually is a decimal point’s worth of difference. That makes risky DotBig appealing to those who figure they can get rich quick off of them. DotBig may be a broker regulated by ASIC in Australia and CySEC in Europe. However, before contacting the broker, we invite you to consult the FAQ page on its site. I use BD, they are pretty good – the more you trade, the cheaper it is. I am looking at changing to either Bell direct or DotBig (IB looks good but I don’t have the ~$10K free). Does anyone have any experience with either of these options?
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For the quality MT4 / MT5 account, your positions will only be subject to spreads, which represent the difference between the buy price and therefore the sell price of the instruments. Traders who want a good more favorable environment can deposit a minimum of $ 25,000 and become Platinum members. Commissions are lower, at 0.09%, and swaps are 3.5% on top of the bottom rate. The remainder of the fees are almost like the Iress Standard account. To have this account, you’ll got to make a deposit of a minimum of $ 1,000, or the equivalent in another currency. A 0.1% commission per transaction is deducted, with a minimum of $ 10.
The two platforms, MetaTrader 4 and Metatrader 5, are basically two different platforms . As for putting orders, the lot calculator available is extremely simple and allows you to line the position supported the quantity you would like to shop for / sell, showing the required maintenance margin on the side. But it is cheap, lacking withdrawal fees and having fees when it does have them. Obviously, this is the account for either a professional trader who has most of their holdings in Iress, or a business that it wants to trade at least partially on Iress. While the kind of person to whom this account type caters is exceedingly rare, if you happen to be that kind of person then will need this account type.