If you live in Australia and would like to start trading on the forex market, your first step would be to find a good broker. Although you are not bound to register with a local broker, there are numerous advantages to doing so.
For instance, the Asian market is a lot more available to you, there is a more solid connection with local banks, and you can expect better customer service. Of course, not all brokers provide services that are on par with one another. Here are five of the best forex brokers in Australia:
AvaTrade first offered its services in 2006 in Ireland and since then has opened up offices in Australia (Sydney), the U.S, Japan, Italy, and various other regions. One of the main reasons that AvaTrade finds itself on this list is because of well licensed and regulated it is. In Australia, it falls under the purview of ASIC. The broker is also regulated by numerous other regulatory agencies across the world.
The other advantage with this broker is that the deposit amount is relatively low. AvaTrade offers just one account and traders simply need to deposit $100 to begin trading with them. The leverage is offered at 400:1. AvaTrader offers one of the most competitive spreads with fixed and variable, and floating spreads starting from 0.9 pips.
The instruments traded by AvaTrade include forex, commodities, binary options, CFDs, metals, oil, gold, indices, and even cryptocurrencies. The broker relies on a large variety of platforms. These are MetaTrader 4, AvaTradeGO, AvaTradeAct, MT4 Floating Spreads, and AvaOptions. There are also mobile trading options. In addition to first time bonuses, beginner and expert traders also have access to a considerable number of educational resources regarding the forex market and trading.
Pepperstone was actually founded in Australia in 2010 but has expanded to set up headquarters in America and China. Based in Melbourne, Pepperstone is regulated by the ASIC and has won numerous awards excellence in both brokerage services as well as customer service.
This broker has four accounts, with the Edge Standard and Edge Swap Free requiring no commissions and relying on STP spreads instead. The Edge Razor and Edge Active Traders charge $3.5 for every 100,000 trade. The Edge Razor uses spread pips from 0.1. The leverage offered is 500:1. The minimum amount of money that can be deposited in an account is $200.
In addition to forex, Pepperstone has over seventy tradable instruments. This includes gold, commodities, CFDs, etc. For platforms, this forex broker uses MetaTrader 4, MetaTrader 5, and cTrader. Pepperstone ensures segregated client accounts so that trader’s accounts will always remain separate from that of the trader. These accounts are held by the National Australia Bank. This broker also offers the opportunity to deposit funds from over ten payment avenues. There are various educational tools including trading guides. Pepperstone is a forex broker that caters equally to novice as well as expert traders.
FXCM are one of the first brokers to offer internet-based trading to their clients. Their success in the United States prompted them to open offices in Sydney, Europe, Asia, and the Middle East. The Australian branch of FXCM is regulated by ASIC. Traders can open up one of three accounts with the broker.
There is the Mini, Standard, and Active Trader. Each of the currency pairs can be traded depending on a spreads only, spreads and commission, or spreads and reduced commission. The spreads can vary from 0.4 to 3.1 depending on the account as well as the currency pair. Dependent on the account, the leverage offered can be 100:1, 200:1, and 400:1.
FXCM relies on three trading platforms – MetaTrader 4, Trading Station, and NinjaTrader. The platforms cater to traders speaking numerous languages. Along with forex, traders can deal with commodities and indices as well. There are plenty of services offered in regards to trading including programming, trade analytics, and even a video library. There are also trading guides and other educational resources for beginners. The broker also has reliable customer service which is offered 24/7.
4) IC Markets
IC Markets, frequently referred to as ICM, offers competitive pricing and services, making it one of the more sought after brokers in Australia. It has not just received acclaim in Australia but was also named one of the best forex brokers in the world.
There are three account types that traders can sign up for with ICM. This is the standard account, the True ECN account, and the cTrader account. The standard option doesn’t carry commission and has spreads starting from 1.0 pips. The True ECN account charges $3.5 commission for every load. The cTrader account charges a $3 commsion for every US $100K. There is a minimum deposit requirement of $200. The maximum leverage offered is 500:1.
ICM uses MetaTrader 4 and cTrader as trading platforms. There are further features available with these options for a more customized trading experience. ICM is well suited for day traders, scalpers, discretionary traders, and EAs. One of the main advantages of registering with such a broker is the versatility that it offers, including being able to make deposits in nine different currencies. The broker also offers twenty-four hour customer service, seven days a week.
5) Go Markets
Go Markets is an Australian based broken that began welcoming traders in 2006. The broker has received a license from the Australian Financial Services and is also regulated by ASIC. Go Markets is also authorized and licensed in numerous other regions including the Middle East and the UK.
The brokers offer two trading accounts for traders. There is the Standard and the Pro option. The standard requires a minimum opening deposit of $500 while the Pro is activated with a $1000 deposit. The maximum leverage is 300:1. For the Standard account, the spreads start from 1.1 pips and the Pro has spreads upwards of 0.1 pips. There is only a commission charged with the Pro account, with AUD 3.5 being charged for each side.
Go Markets works with MetaTrader 4 and has other trading tools to offer such as MT4 Genesis. The education center for this broker is quite impressive. There are guides on how to be a better forex trader as well as video tutorials on how to use the platform.
These are the five best forex brokers in Australia. If you are looking for a broker, remember to only sign up with licensed brokers that are regulated by a local regulatory agency.