Best Forex Broker Account Review And 2016 Comparison

In 2016 a forex broker comparison was made of the leading accounts based on leverage, spreads, platform(s) available and other factors.

View the best forex broker account created in January 2016 below.

  • Leverage
  • Guaranteed Stops?
  • No Dealing Desk?
  • Execution Speed
  • Offers MetaTrader Platform
  • No Withdrawal Fee
  • Spread Fee – USD/AUD
  • Minimum Deposit?
  • Regulated In
  • Australia Head Office?
  • Promotional Bonus?
  • Payment Methods
  • Reviews

Best FX Value Broker

The Best Forex Broker Account Is Offered By IC Markets

Our forex broker account comparison completed on 14/01/2016 found that IC Markets offered the best value due to four key factors:

1) Market Leading Spreads

IC Markets uses an ECN which allows Australian forex traders to trade directly with hedge funds, investment banks and dark pool liquidity execution venues. As trading is done directly with no dealing desk, spreads are kept to minimum.

There are three options ranging from a standard account which has higher spreads (pips) but no commission. The trademark ‘True ECN’ account has pips starting from 0.0 pips but with a commission of $3.50 per lot. For those that prefer the cTrader there is also an account with no dealer desk offering low spreads but a commission. IC Markets Best Forex Broker Account

ESP (know as Executable Streaming Prices) are sent from liquidity providers to the ECN allowing their forex traders to trade without a dealing desk, re-quotes or price manipulation. The deep liquidity from a wide range or providers ensures sufficient volume for high volume traders, robots and scalpers to trade effectively..

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2) The Highest Leverage For Australian Traders

All Australian forex traders require leverage and having access to high levels can be critical for certain currency trading strategies. IC Markets offers the rate of 500:1 which is the highest of the best forex broker accounts in Australia.

A 500:1 ratio means an Australian forex trader can effectively trade with 500x their deposit. So if the deposit is $400 the forex trader can trade the equivalent of $200,000 on currency markets. This means that just a 0.1% will lead to a 50% profit or loss ($200). Leverage therefore effectively accelerates your profits or losses so prior to using the full leverage available it’s critical to understand the risks and gain some experience on currency markets.

3) The Best Forex Platform Options

The two best forex broker platforms worldwide are MetaTrader and cTrader. IC Markets offers both!

MetaTrader The Best Forex Broker Account in US
MetaTrader
This is the world most popular trading platform due to the platform’s easy to use interface, comprehensive features including graphing and the ability for automated forex trading. The platform has ‘one click’ trade options unique to IC Markets which allows Australian forex traders to buy/sell at the stroke of a button and more complicated pre-defined orders with two. This ensures fast trade executions in volatile markets.

cTrader The Best Forex Broker Account in UK

cTrader
While not as popular as MetaTrader this is the platform some of the most experienced Australian forex traders choose. It is ideal for day-traders or those who want to use robots/automation when trading. A unique feature of cTrader with IC Markets is that inverse spreads can be offered depending on market conditions with the average USD/EUR spread just 0.1 pips.

4) The Fastest Execution Speeds

IC Markets uses one of the fastest forex trading servers in the world and a fibre optic connection for the fastest speeds available.

 

High Speed Forex Broker Account ExecutionThe hardware uses includes a data centre NY4 (a location need Wall Street in New York) and LD5 (in London). MetaTrader directly connects to the NY4 while cTrader connects to the LD5 data centre through the ECN engine. The connection is through a fibre optic cable from Australia to these locations to minimise latency that can be experienced by Australian forex traders. This speed is a key reason why IC Markets was considered as the best forex broker account as slower speeds can lead to ‘slippage’ which means the price you receive varies to the actual price requested. While IC Markets can’t guarantee that slippage won’t occur their market leading infrastructure will minimise this risk bringing more certainty to forex traders.

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About This 2016 Forex Broker Comparison

Compare forex brokers completed this fx comparison on the 14/01/2016 based on information sourced by broker websites. When requested some providers have verified information to ensure it’s accurate both in our forex broker reviews and comparison tables. For each comparison (including this one) has a primary focus which in this case is leverage. Only brokers offering at least 300:1 leverage were considered after which factors ranging from spreads and execution speeds were factored to find the best forex broker account.

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