looks like shorting stocks is illegal in this country FFS great news
IB.... You can open an account, however you can only open a cash account. At this time Interactive Brokers is not able to offer margin account to resident of Australia, which is required to be able to short stocks. This is due to regulatory restrictions. Interactive Brokers is working on being able to once again offer margin account to residence of Australia. At this time I don't have an announced time as to when margin accounts will be available to residence of Australia. Regards Brian B
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RunnerRunner83 Feb 02, 15 8:42 PM
try suretrader, they are based in Bahamas and I guess they won't have as many regulations, however their order executions are not fast. TD Ameritrade is another one, I see OptionHouse, MB Trade have been top in reviews alongside IB and ETRADE.
MarkAus Feb 14, 15 8:22 PM
Be aware websites rating brokers shouldn't be taken too seriously. If you're not American and\or after a margin account then chances are you're going to have a tough time. Research their rules on international clients and having a margin (Tmargin) account if you wish to short.
MarkAus Feb 14, 15 8:24 PM
If Speed\Suretrader pack their bags you will lose everything as there is no protection. This go's for Americans as well. If you use them keep a relative amount of minimum cash with them.
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@Prestomango suretrader doesn't have PDT rule, so u don't need 25K plus to do day trading (like IB and all other american brokers), it asks for reference and employee reference...but I think they are really tick in the box thing and won't contact the names...I have not opened an account with them myself, but IB asked for employee details which I provided but when I asked my boss, noone had contacted him
any australians out there shorting decent stocks?
@MarkAus Hey mate, I am across the ditch in NZ and want to open a day trading account to be able to do shorts as well. I contacted eTrade yesterday and they told me that they are not opening accounts for APAC residents until further notice! I'd like to know if you've made any progress or have any recommendations
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RunnerRunner83 Feb 02, 15 6:16 AM
sent u an email already :)
RunnerRunner83 Feb 02, 15 6:25 AM
sent u the list of promos + a pdf book as well, enjoy :) time to go to bed now...keep in touch
Prestoman Feb 02, 15 6:26 AM
thanks so much man will keep me busy tomoro. goodnight :)
MarkAus Feb 09, 15 5:31 AM
Hi, good to see some chatting. Since my Thailand trip Im yet to follow up on trading. Will soon. I was looking at eTrade as they allow buying\selling of USA shares. As for short selling: Non-Americans don't seem to be allowed. Im still researching though. No APAC accounts? I'll have to look into that. No eTrade could be a very bad thing.
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Back from Thailand and with a tummy bug = ouch. Soon ill sign up with eTrade. Then Ill investigate the better brokers where you need lots of cash just to be with them. They're suppose to allow the ability to short better then other brokers. Another thing my course hasn't investigated.
eTrade apparently allows buying and selling of USD shares. I won't be able to short sell unfortunately but I guess its better then nothing. Dec 31st I'm flying to Thailand for a month so I'll suss them out and sign up after that. A concern of mine is once I eventually have enough $$ to sign up with a better broker they too won't allow International users. That would be a big problem. More research to do...
Prestoman Jan 06, 15 1:56 AM
im from oz too cery intersested in how you go finding brokers and everything thx
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MarkAus Jan 23, 15 7:03 PM
Finding a broker requires lots of Google searchs, using forums and then contacting the broker if you have questions. Its annoying as hell. Its a shame the teachers at my course didn't do this homework as it's effecting my study big time. Its actually costing me.
Prestoman Feb 02, 15 8:19 PM
so what you mean is its illegal or restricted to short sell in australia is that right?
MarkAus Feb 09, 15 5:23 AM
Short selling isn't illegal. It just seems impossible to short sell anywhere but Australia. The brokers won't let you. Currently I'm looking at eTrade but we may be forced to only buy\sell stocks. Not short sell. Hope that helps.
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@Prestomango just became a fully transparent trader today!
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