The Top 8 best Australian forex brokers in 2019
- Pepperstone has award-winning customer service and satisfaction
- IC Markets is ideal for automated trader with high leverage
- AxiTrader is ideal for low cost traders with low ECN broker spreads
- EasyMarkets is ideal for beginner traders with risk management tools
- CMC Markets is ideal for those looking also for a share trading broker
- FXCM is ideal for those looking for advanced platform charting
- IG has the widest range of markets across financial products
- OANDA is designed for low leverage forex trading
To determine the best Australian forex brokers the following elements where compared in February 2019:
- Fees (Spreads/Commissions)
- Platform Offers
- Trading Features
- Customer Service
Some forex brokers are strong in some of these areas while others are strong in others. Below discussed which Australian fx broker are strongest by each criterion followed by an overall best Australian forex broker recommendation.
There are key areas that impact trading fees. They are spreads (the difference between the buy/sell rate) for any currency pairing and commissions charged on the amount traded. Taking both into consideration Pepperstone was found to have the lowest fees of any Australian forex broker as highlighted below.
The best account offered by Pepperstone was their Razor Account. As the below graphs highlight, spreads start from just 0.1 pips for AUD/USD and EUR/USD. There is a very modest commission of AU$3.5 per 100k traded which is more than offset by the reduced spreads.
Pepperstone was also viewed as having the lowest fees thanks to their price improvement technology. PPI™ technology ensures your forex trades find hot-sports in the market to deliver the best pricing available.
In simple terms, when you trade with Pepperstone you trade like normal but when you execute a trade and the market moves in your favour during execution an improved price will be filled for your trade.
Which Australian Forex Broker Has The Best Leverage?
Leverage is critical for any Australian forex trader with high levels required by more experienced traders with sophisticated Australian forex trading strategies. Below shows the best Australian forex brokers with national certification maximum leverage levels.
As the table highlights, IC Markets has the equal highest leverage of 500:1. At this level, a deposit of $300 would could allow $150k to be traded on currency markets. This could lead to huge gains in turbulent markets or a loss of the full deposit. As risk is dramatically increased you should understand leverage before trading and ensure you put in elements such as stop/loss orders to limit exposure.
Which Broker Offers The Best Forex Platform Options?
The two best forex platforms worldwide are:
– The most used forex platform in Australia and globally
– Simple interface & order management interface
– Live charting, quotes and integrated news
– The second most used platform especially by day-trading currency traders
– An ability to personalise both charts and the interface
– The ability to back-test strategies and bots on real past data
A number of brokers offers both of the platforms above but Pepperstone is one of the few that is releasing MetaTrader 5 as well which has enhanced features. This gave the broker the edge over similar Australian forex companies.
Pepperstone also integrates both cTrader and MetaTrader through an ECN with no dealing desk. This means fast execution of trades reducing the risk of slippage in volatile markets. In simplistic terms, this means that when a currency pairing is moving quickly and you want to make a fast sell to limit your loss, this trader’s features will help you exec
Pepperstone, FXCM and ThinkForex all offer strong mobile device platforms. Plus500 and EasyForex also have strong mobile platforms but don’t offer android compatible devices. Overall therefore the best Australian forex broker platform comes from Pepperstone.
What Broker Has The Best Trading Features?
a) Guaranteed Stops
While all Australian forex brokers offer stop/losses where you can set the maximum amount your willing to lose, this doesn’t guarantee this will actually occur. This is due to ‘slippage’ occurring at times in highly volatile markets. This means that when a sudden movement occurs, the broker may not be able to fill the order at the stop/loss price leading to additional losses.
A guaranteed stop is a way to ‘lock in’ what the maximum losses you are willing to incur and is offered by Easy Forex and Plus500. For new forex traders or those that are risk adverse, this is a great way to manage your risk when currency trading.
b) No Negative Balance
Another way to limit your risk exposure is by choosing Pepperstone due to their ‘no negative balance’ policy. This means that if you make a significant loss, once your deposit is exhaust all trades are stopped and your balance is zero. This means that you will already know the most you will lose and there is no risk the broker will ask you to pay an amount that exceeds the deposit level.
c) Fast Servers
Fast servers are critical to ensure you get the price quoted more often than not. Both IC Markets & Pepperstone use Equinix NY4 facility which is located next to wall street. Through an optic fibre connection from Australia to these servers, Australian’s can make quick trades reduce slippage and ensuring the price quoted is achieved.
Who Has The Best Customer Service?
OANDA are viewed as the leader when it comes to satisfaction through their education, rewards and more.
They have won most of Investment Trends awards as viewed below based on this high customer service level.
Other considerations for determining the best forex broker Australia Firm
Opening a forex account, setting up and in some cases getting used to a new forex platform can be a timely and sometime frustrating process. Most forex broker Australia firms recognise this and offer bonus offers to give incentive for Australian forex traders to switch providers or try the industry with an initial few traders. Naturally, all bonus offers are only for the initial trading period and don’t offer promotions over time to Australian forex traders.
All the fx brokers shown on Compare Forex Brokers are domestically regulated with Australian Financial Services Licences (AFSL). The forex broker comparison tables only used these brokers due to their safeguards including segregated bank accounts (within Australia), training standards and regular audits. Any Australian forex broker comparison made by an Australian fx trader should avoid overseas regulated companies for peace of mind. Make sure the fx broker is regulated by the Australian Securities And Investments Commission ASIC which can be confirmed on there website.
Overall Best Australian Forex Broker
Based on all the factors above Pepperstone was considered the best forex broker due to their low spreads/commissions, high leverage (500:1), forex platform offering of MetaTrader & cTrader and features such as negative balance protection. It should be noted that the Razor rather than standard account led to this recommendation which offers the lowest ECN spreads.
About This Australian Forex Broker Comparison
This Australian broker comparison list was originally compiled back in early 2015 and updated on the 07/02/2019. Due to its popularity it is updated with the latest FX broker information at the start of each calendar year. If you’d like to see some improvements to this page please let us know by contacting us through the forms found on our website.