Forex prices are constantly changing so faster trader speeds mean you are more likely to achieve your quoted price. To maximise server speeds, Pepperstone hosts its servers in the Equinix NY4 data centres. Not only is this data centre less than 18 kilometres from Wall Street, but it is also the same data centre all the major liquidity providers host their servers in. This allows for the shortest possible distance between the host and destination server making for the optimal trading conditions in terms of speed.
Pepperstone offers Australians the choice of the three most popular fx trading platforms globally. These trading platforms are supplemented by an excellent range of social and copy trading tools allowing you to choose your own trading style. The MetaTrader 4 MT4 forex platform is the most popular forex trading software worldwide due to its ease of use, charting, and ability to execute trades easily.
The tool speciality is currency trading with MT4 features including:. Choose this platform if you want to integrate social trading platforms such as Myfxbook or Duplitrade or want to be part of the largest trading community in the world. Choose this trading platform if you need extra technical analysis tools, that extra bit of processing power or want to trade share CFDs. Primarily used by expert Australian forex traders, the cTrader forex platform is commonly used by day-traders.
Expert strategies that utilise automation cBots are executed for financial services with other features:. Choose this platform if you want to scalp trading or want an alternative to MetaTrader platforms. If you are unsure which is the right trading platform for you, all forex platforms have a demo account available. A demo account allows you to test each platform to find the platform that suits your trading needs best.
To learn more about forex demo accounts, you can view our demo trading account page. Pepperstone offers a choice of 3 different products for social trading. Social trading platforms Pepperstone offers include:.
Pepperstone is a relatively new Australian forex broker compared to some global players but has quickly gained a dominant market share in Australia and around the world. The online broker has a strong customer service team in Australia with representatives who trade themselves, making them an excellent choice for intermediate to expert traders.
This was acknowledged when an Investment Trends survey of 15, Australian forex traders ranked Pepperstone number 1 in:. Traders can speak with an overseas customer support team during off-peak periods such as Friday night.
The main forms of customer support include:. Pepperstone uses the Zendesk live chat interface to communicate with customers. This is available during the same hours as the call centre team. Overall, live chat was the fastest way to get the answer and assistance we needed when making this forex broker review.
There is hour support via a number or an international number for traders outside of Australia. This is available from Monday through Friday. There is also a telephone number for their Shanghai and Dallas office. Each Pepperstone call-centre location also has an email contact. Our forex broker Australia comparison of leverage found they offer the highest level up to for retail traders and for professional traders. This leverage level is not suitable for all traders and losses can exceed deposits made.
Our analysis found that Pepperstone has one of the lowest spreads and commissions. It also has award-winning customer service and the fastest execution speed of any Australian broker. Pepperstone offers the two most popular forex trading platforms MetaTrader 4 and MetaTrader 5 making them the recommended broker for intermediate to expert Australian traders.
FP Markets has a good choice of trading platforms. FP Markets offers a handy range of trading platforms. This feature means you get greater control of the prices you pay since you can view and select the quote you wish to use.
Fast execution speed can help reduce the likelihood of slippage so is something to consider when choosing a broker. The best forex broker Australia Investment trends panel awarded FP Markets the fastest with 39 milliseconds recorded in April This aligned to demo account testing showing FP Markets had the fastest limit order execution. To achieve ECN-style pricing FP Markets connects with top-tier liquidity providers while using no dealing desk execution, providing retail investor accounts with a professional trading environment.
As well as some of the lowest spreads available, FP Markets has a reputation for excellent customer support. They also offer excellent market intel, including advanced technical analysis. IC Markets offers fast execution and low fees for Aussie scalpers traders across:. The standard account has no commissions and spreads starting from 0. This account is a good choice if you are new to trading since it has a simpler cost structure.
If you are an experienced trader or just want the lowest possible spreads then the IC Markets RAW account is recommended. While this account does have commission costs, even with these costs factored in, you will save compared to the standard accounts. Spreads for this account can be as low as 0. IC Markets spreads are low because they use straight-through processing STP to source the best quotes from their pool of over 25 liquidity providers.
IC Markets advertises the lowest average spread of all brokers on their website for their no commission account. Since these spreads average so low, this makes IC Markets an excellent choice for scalp trading. Execution speed is an important consideration for scalpers. If you want to trade frequently to take advantage of small movements in the market, it is essential you have a broker that offers the execution you need to get those prices and avoid slippage.
IC Markets offers an average execution speed of under 40ms and has servers located in the same New York Equinix data centre as the major liquidity providers host their servers. The third main online trading cost is deposit and withdrawal fees. IC Markets mostly charge no deposit and withdrawal fee. This applies to both withdrawals and deposits. Overall, IC Markets do not directly charge deposit or withdrawal fees, making them one of the lowest fee brokers.
IC Markets is one of the best choices for scalping due to their fast execution, low spreads, and choice of trading platforms offering a choice of MT4, MT5, or cTrader trading platforms. The broker is recommended for individuals looking to trade forex with the lowest brokerage costs. Our best forex broker Australia comparison found AvaTrade offers something unique. When high market volatility exists, fixed spreads will often be lower than variable spreads.
Fixed spreads are best suited to either those new to forex or CFD trading or traders. Traders who like to always know the costs associated with each trade may also choose a fixed spread CFD broker over one with variable spreads. The table below compares average fixed spreads from brokers that offer and publish fixed spreads on their websites.
As one can see, AvaTrade fixed spreads are clearly superior to other brokers. One thing to note is that fixed spreads are wider than ECN pricing accounts. You may also notice spreads are wider than standard accounts, this is the price you pay for the security of fixed spreads since the broker is taking on risk should variable spreads deviate from normal price ranges. Despite this, AvaTrade has competitive spreads when compared to many standard accounts.
AvaTrade offers a wealth of trading products for trading, over financial instruments are available. In addition to 55 currency pairs, you can also trade 42 forex options. They even offer a specialised trading platform for options called AvaOptions which is suitable for Apple iOS and Google mobile phones. This platform comes with 13 options strategies including spot, call, call spread, call ratio put, put spread, put ratio and straddle and any options come with an expiration date of up to 1 year.
While AvaTrade makes this list as the best Australian forex brokers for fixed spreads , it is also worth mentioning the cryptocurrencies for CFD trading. Cryptos that can be traded include:. Remember, you are trading CFD derivatives which means you are not trading spot crypto through the exchange. This means no commission fees, which is different to exchange trading where commissions are required.
There are some other advantages trading forex markets with AvaTrader has over an exchange and this includes immediate execution when you open a trade. This is faster than through an exchange which will have delays, as trades need to be confirmed via an arbitration panel. All these platforms are good choices but if you choose AvaTradeGo then you can access a unique risk management tool not found with other brokers.
Included with this platform is AvaProtect, a risk management tool exclusive to AvaTrade that allows you to exit your position on losing trades. For a small fee when you open your position, you can protect yourself for up to one million for that specific trade over a time of 6 hours to 2 days. So in the event that the trade results in a loss during the protection period, you can get all losses from the trade back up to 1 million.
If you lack the skills or time to trade, then social trading or copy trading might be a better choice for you. This type of trading allows you to leverage the trades of other more successful traders for your benefit.
AvaTrade provides you with the ability to do this with their mobile trading platform known as AvaSocial. The AvaTrade social trading platform was developed in partnership was Pelican Trading. Key features of the app include the ability to chat about financial markets directly with other traders or start chat groups and the ability to follow and copy other traders.
Like all good social trading platforms, traders have a choice of copying real-time trading signals manually or automatically. One fun feature of AvaSocial is that it allows you to share your successes via social media platforms such as Facebook, Instagram and Twitter.
Overall AvaTrade is best summarised as a broker that specializes in fixed spread brokers so is a good choice for new traders and traders who like predictability when reading. Unlike most other brokers which allow you to integrate social trading platforms with their main platforms, the eToro trading platform itself is a social trading platform.
Spread with eToro start from 1. The eToro platform has over million trades executed with a large community that interacts with one another on their social network. This allows traders to discuss strategies, ideas and decisions on their social feed. The social trading functionality exists on both the desktop and mobile platforms.
A key reason why eToro is popular is that traders are encouraged to let others copy their trades. This is through an incentivisation program rewarding them when they have more followers copying their strategies. They also offer ETFs, indices, stocks, currencies and commodities. If social trading is important to you or you want to copy a past trader, then eToro is the Australian best broker for you. Note that eToro has some unique fees, including withdrawal charges that should be considered before joining the broker.
Plus is an Australian Securities and Investments Commission regulated CFD provider that has a good range of risk management tools not usually found with other brokers. As well as various order types such as stop limit, trailing stop and stop loss, Plus ensures your losses are limited by providing a guaranteed stop loss GSLO , a feature offered by a few Australian providers. Spreads with Plus start at 0. To sign up with Plus, there is no requirement for a deposit and no funding costs when making a deposit or withdrawal.
If you wish to engage in scalping or automation then Plus may not be the best choice since these are not permitted. When online trading CFDs with Plus, customers gain access to a user-friendly trading platform, a range of financial instruments and advanced tools to manage the high risk of CFD trading. The Australian Investment Trends report awarded Plus the best platform with:. Investment Trends runs a client survey of CFD traders annually and found that Plus had the best mobile platform.
This was based on the ease of use, functionality and range of contracts for difference CFDs tradable. The trading of contracts for differences comes with a high risk of losing money, Plus customers can use different order types to ensure profits are maximised and losses are minimised. The availability of a GSLO is one reason Plus can be a good option if you are new to trading as the GSLO ensures your account is protected, unlike a stop loss, which can have gapping.
When you open your position, Plus will widen the spread slightly, this is your premium for a GSLO. The further your trigger from your opening, the wider your spread will be. View the beginner broker page to compare this feature to other providers that cater to those new to trading forex. The advantage of a VPS is that trader can switch off their computer and still have automation Expert Advisors run. It also allows access to MetaTrader 4 even without the platform installed and can enhance trading speeds.
The cost of the VPS service is reimbursed to traders at the start of each month. Overall, MetaTrader 4 is the most popular forex trading platform. Traders should be aware that spreads are higher than some other brokers recommended in this analysis and the markets offered are more limited.
High volume retail investors are eligible for special privileges depending on the forex exchange broker. Below shows a Saxo Bank trading account comparison. As the spread table below highlights, the VIP trading account has the lowest spreads of any Saxo Bank trading account. These are not average spreads but published minimum spreads for their non-commission account. This means the true spread may be higher depending on market conditions. Generally, VIP spreads are competitive against other non-commission spread accounts.
They also can receive tickets to some of the best Australian events, ranging from music to sport. This includes a personal relationship manager and sales manager. Traders also get access to senior management and the Australian market strategist Eleanor Creagh. Overall, the Saxo Bank VIP account has low spreads non-commission account , advanced perks and superior support. CMC is an all-in-one broker ideal for day trading with:.
CMC Markets offer both services in Australia with a wide range of markets and is the logical choice for day traders. Not only does CMC Markets offer stockbroking services, but the fee structure to trade shares is also one of the lowest as shown below. CMC Markets also offers futures trading, commodity trading, and foreign exchange trading. Algorithmic trading is allowed, and the margin requirement on major currency pairs is 0. In terms of fundamental analysis, CMC Markets provide complimentary forex news.
They offer a free demo account allowing traders to test the platform prior to trading real money. The most popular forex brokerage trading firm in Australia, based on the range of markets, accessibility, popularity and ease of use is IG Markets. By having the highest Australian forex exchange market share across retail traders, IG can offer a wide range of options including:.
Over , retail traders from around the world enjoy trading on over 80 forex currency pairs and an additional 16, other markets shares, indices, commodities, cryptocurrencies, etc. However, since IG offers a variable spread model, the real spread widens being affected by:. The hallmark of the variable spread model is that you trade commission-free spreads. Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose.
The broker also maintains an office in Limassol Cyprus. Both the MT4 and MT5 are proven trading platforms with a high level of reliability. As for the cTrader, the platform was designed especially for true ECN connectivity. Other advantages of IC Markets include low spreads and high leverage ratio.
The broker is also well known for offering its traders a complete educational center. Eightcap Pty Ltd was founded in in Australia. It also holds an Australian Financial Services Licence and segregates client funds from its own, holding them with tier 1 Australian banks Westpac and National Australia Bank.
This can be done from 2 types of trading accounts. Traders at FP Markets also have a selection of trading accounts to choose from, whether it is for spot forex trading or for CFDs trading. The GO Markets trading offering is mainly geared towards professional traders. The competitive fees and access to advanced trading platforms such as MetaTrader 4 and third-party analytic tools are designed with advanced traders in mind.
However, beginner traders will also enjoy the commission-free trading accounts and competitive spreads, as well as live trading webinars and trading courses from the GO Trade Academy. Headquarters : Ireland. It is one of the oldest online forex and CFD brokers with a well-established reputation for customer support, competitive fees and spreads — all in addition to offering a large range of financial instruments, even including ETFs and FX options for those who like to diversify across assets.
Users can choose to open several different account types — Retail, Professional, Spread betting and Options. The differences are discussed in the account opening section below. Headquarters : Cyprus. Islamic and demo accounts are also available.
Australian inhabitants have often demonstrated resourcefulness in overcoming the numerous hurdles of living in such a sparsely populated area. As a result, many Australians seeking to gain from the gain in the Australian dollar have taken to retail forex trading. This increased interest in retail forex trading goes to explain why the retail forex trading industry in Australia has been growing at a tremendous pace in recent years. When it comes to selecting a Forex broker, there are a variety of things to bear in mind.
Over the course of this article we will explore the key areas you as an Australian trader should be aware of when it comes to selecting a Forex Broker that will be a true partner to you. We will look at the Australian regulation of brokers, the importance of working with a locally regulated broker, how to choose the best trading platform to trade with , and other key areas such as commissions, spreads and leverage offered by the broker, plus the importance of good customer support.
Generally speaking in the online forex trading industry, the untrustworthy brokers tend to be unregulated. To attract your patronage, they often make outrageous claims which they fail to deliver on further down the road. Because of the high risks of getting scammed by an unregulated broker, your search for a reliable and dependable broker should start with those brokers which are regulated. The Forex market is an over the counter OTC market. This means that the market is not regulated by any central regulatory body.
In fact before Forex trading became popular on the retail level, Forex trading was largely confined to an institutional level and is largely self regulatory. But as Forex trading became more popular on a retail level, financial regulatory agencies in the more developed economies around the world began to step in, in an effort to protect the interest of the small retail investors.
This requirement helps to ensure that the broker does not misuse the trading funds that have been entrusted to it by the clients. In other words, traders can rest assured that their funds will be in their trading account whenever they want to make a trade. Another standard industry requirement for a regulated forex broker is the maintenance of a capital adequacy ratio.
The purpose of requiring brokers to maintain a capital adequacy ratio is to ensure that the broker will at all time have sufficient liquidity to meet its contractual obligations. If you are a beginner trader who is unfamiliar with the online forex trading industry, the best starting point for you is to deal only with ASIC regulated brokers. Go for the benefits of an ASIC regulated broker which can provide you with peace of mind.
The next factor to take into consideration when selecting the best forex brokers in Australia to partner with is the performance of their trading platforms. The trading platform is your gateway to the forex market and without a reliable and efficient trading platform, you will not be able to trade the forex market effectively. What are the main types of trading platform that the broker has provided. Here we are referring to:. Do you have to download a client software such as the MetaTrader 4 client software before you can use the trading platform?
This means you can only use that platform from the computer that you have originally downloaded to. Or is it a web based platform which only requires you to use a web browser to connect to the trading platform? This means you can literally trade from anywhere that you have internet connection. You will login using your username and password. These are usually a stripped down version of the download or web based trader specifically built for the smartphone or tablet.
Additionally some brokers offer their platform as an app which can be downloaded through the app store or Google Play. In addition, consider if the trading platform is proprietary or a generic platform widely used by the industry. This is a platform that the broker designs and builds for the use of their traders. It is often highly customizable to the user and can cater for all level of traders. Often called a white label this is a platform offered by many brokers and branded to them eg, with their logo.
The most popular version of this is the MetaTrader 4 provided by Metaquotes. Sirix Trader and cTrader are the next most popular white labeled platforms. Instead, their main source of revenue will be the spread which traders pay each time they make a trade. For frequently traded currency pairs, the spreads which a trader pays can range from zero pip to 5 pips. In addition when evaluating the spreads offered by the broker, check if the spreads offered is fixed or variable.
For traders who wants certainty with their trading cost, it is better to opt for fixed spreads as they do not change according to market volatility as opposed to variable spreads. Although most brokers do not charge any commissions, this is not the case with brokers who offer ECN trading capacity. An Electronic Communications Network or ECN broker allow traders to deal directly with the liquidity providers hence allowing then to take advantage of the interbank rates offered by the liquidity providers.
This commission can be fixed or based on a percentage of the trading volume. The leverage ratio offered by forex brokers is also another important consideration to take into account. For Australian traders, the leverage enjoyed by them is considerably higher than what most brokers in Europe are offering their clients.
Most European brokers due to regulatory restrictions are only permitted to offer their clients up to a maximum of leverage ratio. Whereas for Australian regulated brokers, they are permitted to offer a maximum of leverage ratio. The types of trading accounts offered by forex brokers depend on the target market which the broker is targeting. For beginner friendly brokers, the type of trading accounts offered usually have a low minimum deposit requirement as well as the ability to trade in small amounts or lots.
For premium brokers, the account opening requirements is usually higher and often beyond the financial capability of the small retail trader. Nevertheless, the services offered by these premium brokers are usually personalized and exceptional. In addition when looking at the types of trading accounts that are provided by a broker, always make it a point to study their withdrawal policies and ensure that you are comfortable and agreeable with the terms provided. Some brokers may provide free withdrawals while others may charge their clients a high fee each time their clients makes a withdrawal request.
Finally, check how long a broker usually takes to process a withdrawal request. Most regulated brokers usually take 3 business days to process a withdrawal request whereas some process a withdrawal within the same day.
It should be noted that the forex market is a 24 hours market with continuous trading activities going on throughout the entire trading day. Because of this, you want to ensure that your broker is capable of supporting you on a 24 hours basis and not just during office hours. Furthermore, check if the broker provides multiple methods of communicating with the support team. The more methods that the broker has made available, the more accessible the broker is when you have to contact the support team for assistance.
In a competitive industry such as the online forex trading industry, most forex brokers try to provide additional services in order to help them differentiate their services from other brokers in the industry. Some of the added features or benefits provided by these brokers may include the following:.
Because of the proliferation of forex brokers on the internet over the last decade or so, many beginner traders find it difficult to differentiate between the various types of brokers in the industry. To help our readers make the right choice, we have conducted in depth reviews of various brokers in the industry based on the guidelines that we have mentioned in this guide. Remember, no one can guarantee your profits.
As an Australian trader, the best forex brokers to trade with in Australia are those brokers which have taken the initiative to be regulated by ASIC. In other words, they are not fly by night operators that will disappear with your money. Lastly, by trading with ASIC regulated forex brokers, you will have fewer difficulties in referring any complaints that you might have about your broker to ASIC.
These controls have also gone in a long way in dissuading brokers from engaging in fraudulent activities to concentrating on earning commissions and spreads. In this case, the regulator falls short of the investor protection bar set by leading Forex markets across the world.
This implies that should a broker decide to wind down or declares bankruptcy the compensation fund ensures that investors recover a part of their trading capital. Therefore, the main difference between Australian Forex brokers and the rest is that while they offer investor compensation, ASIC works to prevent the solvency of a broker. The firm is fully licensed by ASIC and adheres to its guidelines.
The company has time and again been lauded by international Forex regulators for its reliability and as well as having the best spreads. The Melbourne based Forex trader has proven to be one of the most reliable traders today, a fact that has earned him recognition and awards from industry regulators.
The firm is continually rebranding itself as one of the safest and most secure trading platforms currently available. For instance, Vantage FX argues that their customer trading funds are deposited in segregated accounts, different from the operational fund account to caution them from market shocks. This has earned it awards in the categories of companies with the most transparent and secure trading environment.
Most importantly, the firm uses fiber technology that guarantees not only safety but also the ultra-fast execution of trade commands. The fact that there are numerous well-managed, trustworthy and Forex brokers in Australia makes the process of choosing the best broker quite overwhelming. Unlike in most other markets around the world, you can bet on the strict ASIC regulations to keep the unscrupulous traders at bay thereby giving you peace of mind when making this all-important decision.
Start by checking the reviews of the companies you seek to trade with. You can also engage professional traders and investors within your network for advice on the best trading platforms. Most importantly, turn to reliable review platforms as topbrokers. Risk Warning: Your capital is at risk. Invest in capital that is willing to expose such risks. Australian Forex Brokers List. Classic filter Constructor.
Minimum Deposit. Live spread. Bank broker. VIP accounts. Micro account. Cent account. Founded in. Payment systems. Maximum Leverage. No deposit bonus. ECN accounts. Swap-Free accounts. Broker type. Deposit bonus. Trading instruments. Accepting US traders? Provision of VPS. STP accounts. Phone trading. Number of CFD assets. Mobile trading. Trust management. Affiliate program. Forex broker. Country of headquarters. Countries of offices. Deposit currency. Trading conditions. Deposit method.
Withdrawal method. Trading platforms. Web-based platform. Self-developed trading platform. Number of currency pairs. Stock exchange instruments. Entry to stock exchanges. Live chat. Support languages. Website languages. Standard accounts. Segregated accounts. Unlimited Demo. Foreign currency accounts. OCO orders. Trailing stop. Guaranteed stop loss. Cashback rebate. Availability of API. Autochartist support. Trading signals. Trading with expert advisers.
Speed of order execution. Maximum number of trades. Read more on BlackBull Markets. Read more on Pepperstone. Read more on Plus How we rank our brokers. FP Markets. ECN trading with leverage up to FP Markets is one of the primary contenders for Best Forex Broker Australia as it offers an excellent selection of over 10, assets across three trading platforms plus an outstanding technology infrastructure.
Regulation by the Australian Securities and Investments Commission ASIC ensures domestic and international traders have a secure trading environment to manage their portfolios. Besides the market leading MT4 trading platform, the MT5 platform is also available. FP Markets is also home to the best online trading platform in Australia with its Iress proprietary solution. Pros Choice of trading platforms and auxiliary trading tools Very competitive cost structure and excellent asset selection Low minimum deposit requirement and leverage of up to Well-regulated and trustworthy.
Cons Availability of Iress geographically restricted. Highly regulated, choice of fixed or floating spreads. DupliTrade supports social trading. The regulatory environment is excellent, and AVA Trade offers an outstanding asset selection across seven categories, granting cross-asset diversification. Pros High-quality educational offering via SharpTrader Excellent choice of trading platforms catering to various trading needs Broad asset selection and cross-asset diversification opportunities Well-regulated and trusted broker with oversight from a central bank.
Cons Trading costs competitive but nothing special. BlackBull Markets. Best ECN trading environment, with scalping and hedging. In , this broker was among one of the fastest-growing companies. The commission-free account features a minimum spread as low as 0. BlackBull Markets additionally maintains a 0 pips institutional account with a negotiable cost structure.
With execution speeds of 30 milliseconds, automated traders and high-frequency operations will benefit enormously from the technological infrastructure.
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