Best Forex Broker Australia 2017 Comparison

In October 2017 a comparison was made to find the best forex broker Australia option for high leverage forex trading.

Leverage is a must when currency trading to amplifying relatively small currency movement.
This leads to greater profits or losses when Australian forex trading making understand the risks involved with forex trading critical.

Compare the best forex brokers in Australia below!


  • Leverage
  • Guaranteed Stops?
  • Cuts Out a Dealing Desk?
  • Speed of Execution?
  • MetaTrader Supported?
  • Avoids Charging Withdrawal Fee?
  • Spread Fee – AUD/USD
  • Minimum Deposit?
  • Regulated In
  • Headquarters In Australia?
  • Promotional Bonus?
  • Payment Methods
  • Reviews


IC Markets Is The Best Forex Broker For High Leverage Traders

On October 8th 2017 our forex broker comparison found IC Markets to be the best forex broker in Australia for traders looking for high leverage as they offer:

  1. The highest leverage of mainstream Australian fx brokers at 500:1
  2. The lowest spreads/fees of any Australian fx broker
  3. Fast execution speeds through international servers
  4. The two most popular forex platforms including MetaTrader 4
  5. A strong customer service offering

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With a maximum leverage level of 500:1, IC Markets offers the equal highest leverage to other top forex brokers such as Pepperstone and CMC Markets.

An example of what 500:1 means is that for every dollar that you trade you can trade an equivalent of $500. This means that for a $100 trade you could trade $50,000 worth of currency so a currency movement of 0.1% would lead to a $50 profit (which in this case would be a 50% profit). Leverage magnifies gains but also the risk profile of trading so it’s best to request the right level for you.

It should be noted that 500:1 is considered globally very high. This is why OANDA only offers 50:1 and IG offers a maximum level of 200:1. The big issue though is when trading with IC Markets or Pepperstone which offer 500:1, an Australian forex trader can request lower levels and change this over time.

IC Markets Offers Some Low ECN Forex Broker Spreads

There are three accounts offered by IC Markets. The standard account for more beginner/intermediate brokers has no commission on traders and spreads starting from 1.0 pips.

Forex Broker Best IC Market Accounts

ECN Forex Broker Liquidity PoolsThe other two options are ECN forex trading accounts. These are the most popular with advanced traders as they offer some of the lowest pips in Australia with an associated low commission rate.

IC Markets allows forex trading directly with liquidity pools such helping achieve ECN pricing. This means that inter-bank prices are fed from 50+ banks and dark liquidity pools to get Australian traders the best price.

The below table highlights the average and minimum spreads of the true ECN account taken from the IC Markets website on the 08/10/2017.
IC Markets 2017 Forex Trading Australia Spreads

The low spreads and commissions offered by IC Markets make it one of the leaders when it comes to price in the sector.

IC Markets Offers The Two Most Popular Forex Platforms

MetaTrader FX Broker Australia Platform

Two platforms are offered for Australian forex traders:

1) MetaTrader 4

The most popular platform worldwide due to a user friendly interface, advanced graphing tools and the ability to execute advanced trading strategies.

2) cTradercTrader FX Broker Australia Platform

The preferred platform by some experience Australian forex traders, not only does IC Markets at times offer ‘inverse spreads’ it allows for forex robots.

IC Markets allows Australian forex traders to get the most from these forex platforms due to the best hardware and infrastructure setup which is ‘first in its class’. This includes having servers setup near wall street (NY4) for MetaTrader users and in London (LD5) for cTrader users. Having infrastructure so close to the main trading hubs combined financial institution partnerships ensures fast trading with deep liquidity tools.

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Additionally, fibre optic connections exist between Australia and these overseas locations to minimise the time to process claims despite the high distance information needs to travel.

Customer Service

IC Markets offers outstanding customer service for Australian forex traders. The team who provide support have strong currency trading experience and are involve in forex trading themselves (something quite unique within the currency trading industry). Support is 24 hours during weekdays when currency markets are open.

There is also an excellent education section for those new to currency trading to those looking for more advanced strategies or the latest currency market news. Another feature is a set of video tutorials that are useful when getting used to a new platform.

IC Markets is an ECN trader with no trading desk. This essentially means that you deal directly with the currency markets offering lower spreads (Forex rates) and faster execution speeds with the most popular platforms.

IC Markets best forex broker review scorePepperstone has a similar offering but IC Markets has the highest leverage which is why it was the recommended broker. For those who are new to currency trading a broker who offers the highest level of support and education may be a better option such as easy forex. For all other Australian forex traders IC Markets is an excellent broker to meet their needs and trading strategies. View some of our other forex broker reviews here.Visit IC Markets

The Top 10 Forex Brokers List

The details 5 forex brokers showed at the top of page is a condensed version of our top 10 forex brokers that are ASIC regulated. This ‘top 10’ best forex broker 2017 table can be viewed below.

Top 10 Forex Brokers

Forex BrokerLeverageForex Trading Platform(s)Negative Balance
Guaranteed Protection
Products TradedUnique Feature(s)
IC Markets500:1MetaTrader 4
MetaTrader 5
cTrader
No
Smart Stop Out
Software Exists
Forex
Indices + Bond Futures
Bitcoin + Futures
IC Markets offers true ECN accounts and advanced trading tools
including 'correlation trader', 'trade terminal' and 'sentiment trader'.

1:20 Leverage On Bitcoin With 10.0 Spreads.
Pepperstone500:1MetaTrader 4
MetaTrader 5
cTrader
No
Automated Risk
Management System
Forex
Indices + Precious Metals
Bitcoin + Energy
Pepperstone offers ultra low spreads from 0.0.
The forex broker was 1st in investment trends for:
- Spreads
- Commissions
- Value For Money
IG Markets200:1IG Platform
MetaTrader 4
L2 Dealer
No
Built-In

risk protection
Forex
Share Trading
Bitcoin + Ether
Indices + Commodities
IG offers share trading (stockbroking) services if you use their main forex trading platform.
They also offer other markets including:
- IPOs
- Sunday Trading
- Interest Rates.
Easy Markets400:1EasyMarkets Platform
MetaTrader 4
YesForex
Metals + Commodities
Bitcoin + Indices
Easy Markets has fixed spreads and other features including:
- Deal Cancellation
- Guaranteed Stops
- Guaranteed No Slippage
Plus 500300:1Plus 500 PlatformYesForex
Indices + EFTs
Cypto + Shares
One of the highest rated CFD trading apps on
Apple's AppStore and Google Play .
CMC Markets500:1Next Generation PlatformNoForex
Share Trading
Indices + Commodities
Treasuries
Like IG, offers stockbroking services as well as leveraged services from currency trading to Indices.
Also offers guaranteed stop loss orders at a premium on selected trades to prevent slippage.
ThinkMarkets500:1Trade Interceptor
MetaTrader 4
NoForex
Indices + Metals
Commodities
Unlike 'Trade Interceptor' forex trading platform which includes TrendRisk Scanner allowing:
- Market scanning for risk managment
- Trading opportunity identification
City Index400:1MetaTrader 4
At Pro
No
Margin Call Warning
Forex
Share Trading
Indices + Metals
Bonds + Options
Treasuries
Extensive learn to trade guides from videos, guides to practical examples.
Charting provides features such as:
- 80+ technical indicators
- Deal Through Charts
Go Markets300:1Pepperstone
EzyTrader
YesForex
Commodities + Indices
Binary Options
The forex broker offers the following MT4 additions:
- Autochartist
- MT4 Genesis
These can be free depending on deposit levels.
OANDA50:1OANDA Platform
MetaTrader 4
NoForex
Commodity + Bonds
Indices + Metals
Fast execution rates with no re-quotes or rejections.
Service also includes money transfers for sending currency overseas.

Based on the best 10 forex brokers above, refining the list to determine which forex broker is the best isn’t straightforward. The broker and their platform needs to match the requirements of the currency currency trader. To determine the best forex broker 2017 winners 5 key questions and answers are shown below.

Most beginner forex traders require a safe environment with strong risk management tools and transparent trading costs. Based on this EasyMarkets was recommended with the following risk management tools:

  • Negative Balance Protection ensuring you can’t lose more than the amount you deposited
  • Guaranteed stops on all trades ensuring that slippage doesn’t occur even in high volatility markets
  • DealCancellation allowing a deal to be cancelled within 60 minutes of making the order with no loss

Deal Cancellation For Beginners

Another beginner forex broker tool is their fixed spreads. This means that the brokerage costs are known depending on the currency pairing unlike most other brokers which have variable spreads. Transparency over trading costs along with the risk management tools is why the EasyMarkets is the best forex broker for beginners.

IC Markets ECN Forex BrokerAs highlighted at the top of this page, IC Markets is considered the best ECN forex broker based on their combination of:

  • High Leverage Of 500:1
  • True ECN spreads from 0.0 pips
  • The choice of MT4, MT5 or cTrader forex trading paltform
  • Low latency through Equinix Data Center in New York & London

There are also over 10 advanced trading tools from an alarm manager, correlation matrix/trader, trade terminal, market manager, mini terminal to sentiment trader.

These tools can help analyse the market and then make trades based on market movements.

Plus500 Bitcoin TradingThis looking to trade forex and cryptocurrency should consider Plus500. Unlike other brokers that only offer Bitcoin, Plus500 also offers trading of cryptocurrencies such as:

  • Bitcoin Cash
  • Ethereum
  • Ripple
  • Litecoin

Offering more than just Bitcoin is not the only feature of Plus500. They also offer up to 1:30 leverage when trading which is high for this trading product which is often volatile.

Pepperstone is the best forex brokers with MT4 platform. It was explains above in the spread section that this MT4 forex broker is a multi-award winner and when it comes to MetaTrader 4 (MT4) they also offer Smart Trader Tools. Based on a minimum $500 AUD equivalent account balance these tools include correlation trader and matrix, market manager, sentiment trader and session map.

Pepperstone Mt4 Smart Trader Tools

Based on the awards given out by investment trends Pepperstone was considered the best spread forex broker. This award is based on 13,000 investors and traders in Australia who voted on categories in November 2016. This included the best forex broker lowest spread category. The picture below shows how they also won several other categories in 2016. It should be noted in 2015 they also won the spread, customer service and satisfaction categories.

Pepperstone Best Spread Forex Broker Award

 

How We Compiled The Best Forex Broker Australia List

The best Australian forex broker comparison table was created on the 08/10/2017 by a panel of individuals who have worked with forex providers for the past four years. A list of suitable criteria was created for customers who are looking for the best high leverage Forex account and the research began to see which brokers conformed to our key best fx broker principles. A key credential for all the best Forex brokers Australia was that they must be certified in Australia due to the important safeguards Australian law provides Aussie traders. Thankfully IC Markets are fully regulated in Australia and have been since 2007 under Australian company number 123289109.

IC Markets' ACN On Aubiz.net

The team completed this Australian forex brokers comparison with the goal of providing forex traders with the best broker based on value and service. Both the final table and this best Australian forex broker recommendation were made based on the data obtained on the Australia trader’s website (which in some cases were validated by the providers). We focused on the biggest fx brokers with local, Australian certifications to avoid issues that some smaller, lesser known brokers have had historically.

Data Integrity And Feedback

As the above best forex broker Australia comparison table is compiled manually by our team and with no automation, the data may have some inaccuracies due to either the misinterpretation of data or due to Forex websites having updated their company details since (e.g. fees). As this is the case, the trading forex information provided on this forex broker comparison page and on this website should be used for indicative purposes only. Once website users click across from this website to some of the FX Australia brokers listed above they should closely review the information provided on their website including any product disclosure statements. This is to validate any information provided on this website and to ensure this product is suitable for them.

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