Best Forex Broker For Beginners

Forex trading for beginners requires a number of features including:

  • Beginner forex training courses
  • The best forex trading platform for beginners
  • Risk management tools manage trading

View the best forex brokers for beginners comparison table below.

  • Spread Fee – AUD/USD
  • Offers Fixed Spreads?
  • Leverage
  • Ease Of Use
  • Speed of Execution?
  • MetaTrader Supported?
  • Minimum Deposit?
  • Compatible Devices
  • Guaranteed Stops?
  • Regulated By
  • Payment Methods
  • Reviews
  • Promotional Bonus?

EasyMarkets Is The Best Forex Broker For Beginners

On the 9th of July 2018 Easy Markets was found to be the best forex brokers for beginners:

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Easy Markets Spreads & Fees

Easy markets unlike most other brokers fixes their spreads. This provides certainty around the costs associated with forex trading. The table below shows the fixed spread rates as of November 2016 which start from just 1.8 pips.easy markets spreads november 2016

In addition to fixed spreads, commissions are not charged when trading forex. The only additional fees to spreads are rolling fees charged when traders hold their position overnight which is 0.1%. It was the combination of fixed spreads, no commissions and low rolling fees which was the primary reason to the Easy Markets best forex broker recommendation.

Easy Markets Leading Risk Management Features

There are three features Easy Markets offers forex traders helping to manage risk levels in currency markets which are:

1) Deal Cancellation

In 2016 Easy Markets was the first forex broker to launch Deal Cancellation. The tool allows forex traders to cancel a trade within 60 minutes and get your money back when the market moves in the wrong direction.

easy markets deal cancellation

There are four key advantages of the new Deal Cancellation feature:

i) Safety
Each month there are key trading periods that lead to volatility from employment reports to interest rate decisions. Deal Cancellation allows traders to be active during these periods and cancel the trade if the incorrect announcement is made.

ii) Opportunity
Volatility can last extended periods while it provides opportunity many traders choose not to enter the market due to the risk involved. Deal Cancellation provides the ability to enter the market (with one year periods) with an exit route if required.

iii) Advantage
Deal Cancellation allows higher leverage levels and amounts to be traded based on the ability to cancel the trade within 60 minutes*.

iv) Confidence
The initial period of trades are often the most critical so having confidence in the first hour can setup trades over time.

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easy markets guaranteed stop loss2) Guaranteed Stop Loss Trades

All forex brokers offer stop-loss features on trades which allows currency traders to pre-set the amount they are willing to gain or lose on a trade. The issue though is that ‘gaping’ can occur in markets which can lead to a forex broker to not sell at the pre-determined price requested. This leads to slippage which can potentially lead to higher losses then expected.

The example to the right occurred in 2015 when a shock announcement by Swiss national bank abandoned the Euro 1.20 fixed rate with the blue shaded area been the gap. A standard stop-loss feature would of achieved the lower rate of 1.04.

A guaranteed stop loss on the other-hand guarantees you will get the price that was set. In this case, that price may have been at the top of the blue shaded area (1.17) leading to reduced potential losses. This is why this feature is so popular to those new to currency trading.

3) Negative Balance Protection

Currency trading stories of traders losses exceeding their deposit exist from extreme situations such as the Swiss decision above. What makes these events more significant is the leverage all forex brokers offers amplifying any profits or losses currency movements lead to. While guaranteed stop losses and Deal Cancellation are two options that Easy Markets traders can activate, some trader may not opt-in for these features.

To further protect traders who don’t use risk management features, the forex broker has created a negative balance protection scheme. This protection automatically activates a ‘margin call’ when a trader is approaching a zero balance to avoid them going into debt. This closes the traders active position. There is a risk that the market is too volatile for this tool to close all positions in time so Easy Markets has the policy to cover any additional losses to guarantee the trader won’t end up in debt.

So to summaries, Easy Markets doesn’t just have a tool (like most brokers) to automatically close off a traders position when they approach no deposit but will refund any additional losses. This guarantees traders will never lose more than their deposit.

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What FX Trading Platforms Are Available?

Easy Markets offers two forex platforms including the world-wide leader MetaTrader 4 (MT4). While offering MT4 helps increase the comparable score of Easy Markets, the fact that many features unique to the forex broker are not present on MT4 has led to the recommendation not to use it if trading with the broker.

forex trading platform comparison1) Easy Markets Forex Platform

This platform as mentioned earlier has all the core feature that sets Easy Markets apart from the other Australian forex brokers. This includes Deal Cancellation which when activated, allows a trade to be cancelled up to 60 minutes after it was executed.

The platform requires no downloads making it ideal for those trading on temporary devices. The web-based forex platform allows trading across all products from commodities, metals, currencies to indices.

One other element that makes this platform unique is the demo account is free for life, unlike most others that are limited by total volume or days used.

2) MetaTrader 4 By Easy Markets Platform

MT4 is the world’s most popular currency platform and is offered by Easy Markets most likely for forex traders used to the interface.

The key advantages of MetaTrader 4 is the ability to trade on charts, use Expert Advisors (EAs) for automated trades, one-click trade features and multi-terminal trading.

Overall, MT4 is for more experienced forex brokers and such traders should view our expert trader table first before deciding what broker suits their needs.

Customer Service & Reputation Of Easy Markets

Easy Markets are one of the largest fx brokers and since 2003 had grown to cater for 160 countries and have licences in Cyprus, European Union and Australia. New forex traders receive a personal Account Service Manager who provides training on forex and the platform of your choice (as explains below). Experiences traders on the other hands receive market insights from a personal dealer.

Comparing Easy Markets reviews from different review sites, overall the scores were very positive including 80% from the leading website ‘Trust pilot’. The key negative easy markets review relates to their leverage levels which as stated before are lower than some other platforms. When it comes to receiving market analysis & technical report you can get them through various channels from text messages, videos to e-mailed regular reports.

As mentioned earlier, Australian forex traders deal with the Australian subsidiary that has an Australian Financial Licence. It’s this subsidiary that offer other products such as CFDs, indices and commodity trading. All deposits are segregated in an ANZ account to provide traders with peace of mind and there are easy payment options such as an online credit card process which can speed up trading and the speed to open an account.

EasyMarkets Information

What Leverage Is Available?

Easy Markets offers the near the top leverage rate of 400:1 to Australian forex traders.

Forex is critical when currency trading as movements are only a fraction of other financial markets such as shares. At a 400:1 level you can effectively trade on the currency market 400 times the deposit made. So for example, if your deposit was $100 you could effectively trade on the market the value of $40,000. In this example if the currency market moved by 0.25% you would double your deposit or lose the full amount. This highlights how leverage can multiply forex gains but also increase risks.

As leverage increases risks it’s critical to have measures to ensure it’s at acceptable levels. Easy Markets is one only a handful of brokers to offers guaranteed stop rates. This means you can pre-set the amount your willing to lose on any trade any your guaranteed not to lose more than this amount. While other brokers pay have ‘stop losses’ these are not guaranteed so in highly volatile markets you may lose more then pre-set with the broker termed ‘slippage’.

Another level of protection East Forex offers all forex traders are negative balance protection. Only Pepperstone only offers this which means that losses cannot exceed your deposit. This makes trading more straightforward knowing your only risking the deposit you make.

Forex Bonus OfferWhat Bonus Is Offered By Easy-Forex?

New traders who deposit more than $100 USD will received a first deposit bonus with three deposit ‘tiers’ determining the bonus amount.

  • $100 to $199 = 30% Deposit Bonus
  • $200 to $1,000 = 50% Deposit Bonus
  • $1,001 – $5,000 = 40% Deposit Bonus

It’s critical to note that to claim the bonus first press the ‘visit website’ button below and open an account. Then once the account is opened you should contact the relationship manager and quote ‘First Deposit’ to ensure you receive your bonus. Terms and conditions apply.

Summary Of Why Easy Markets Was Recommended

Those new to currency trading need to be aware of the risks involved in forex and have the tools requested to manage that risk. Easy Markets has some of the best tools in this capacity with Deal Cancellation and Guaranteed Stop Loss options on currency trades. They also provide certainty around broker fees from fixed spreads, no commissions to modest rolling fees for long-term trades.

easy markets currency trading features

Combined with risk reduction tools, Easy Markets has strong a strong Sydney based customer service team. Their fx trading platform is easy to use although it does lack some features more commonly seen on MT4.

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Forex trading glossary

This is the shortened version of foreign exchange. The buying and selling of currency pairings.

This is when in volatile markets the price quoted is not achieved due to delays in processing the order compared to the speed of the market.

The lowest price that a currency can be purchased by a trader.

The price that a trader can sell a currency at.

This is when a trader give the direction to buy/sell a currency pairing at the best rate available within currency markets at that point of time.

The variance between the bid and sell (ask) price, similar to the difference seen at foreign exchange centres at the airport.

The ability to trade a multiple of the deposit a forex trader makes. For example, 500:1 means you can trade 500 times a foreign exchange trader purchases.

This is the amount required when opening a forex position with leverage.

When a currency pairing moves unfavourably, the trader may not have adequate funds to maintain the position and a warning is raised or the position is automatically closed.

These is a predefined price or alternatively profit/loss amount that leads to a position been closed.

This is similar to a regular stop loss order but guarantees against slippage. This means a loss cannot exceed the amount requested. The forex broker fees associated with these stop loss orders are higher than regular orders.


What Is Forex Trading?forex trading australia platform

Foreign exchange trading (termed forex trading) allows a currency to be bought and sold through Australian forex brokers. The five main components to consider when currency trading are:

  • The forex broker to trade through impacting spreads
  • The forex trading platform used (such as MT4)
  • The leverage levels which impact risk
  • The use of risk management tools like guaranteed stop loss
  • Currency trading such as fundamental vs technical analysis

Forex trading platforms such as MetaTrader 4 allow foreign currencies including the USD to traded by Australian traders.

FX trading requires leverage due to the small movements in exchange rates with spreads and commissions the fees charged by brokers.

FAQ’s About Currency Trading

1) What is currency trading?

Currency trading in Australia is speculating on the value of a currency pairing such as the Australian dollar (AUD) compared to the US Dollar (USD). Currencies fluctuate 24 hours a day during weekdays (not the weekend) providing a wide range of hours to make trades.

As the percentage change of any currency pairing is often very small, leverage (also know as margin trading) means currency trading brokers will lend traders a multiple of their deposit to amplify the profit or losses from relatively small currency fluctuations. View our what is guide.

2) Can you manage risk when trading currency?

Choosing the right Australian forex broker is critical when it comes to risk management. There are tools only some brokers offer through their platform software such as ‘guaranteed stops’ which allows you to determine the most your willing to lose on any trade. There are also brokers like Pepperstone that guarantee no negative deposit which means once your deposit is exhausted your positions are closed automatically. Without these features, currency trading can expose traders to high risk levels and you can lose more than your deposit so pick the broker and strategies to suit you. Also look into completing a Forex trading Australia course to enhance your skills and ability to trade in any environment understanding the key signals in the market.

One critical way to reduce your risk and avoid frauds is to ensure the provider has an Australian Financial Services Licence (AFSL). All Brokers on this site are AFSL regulated which means that funds are segregated in a bank account to protect traders.

3) What skills do you need for currency trading?

Generally good currency traders will understand forex, market conditions of individual countries and factors that will impact value such as rate announcements. Like any skill, doing your research and learning from past trades are some critical tips. Finally, the ability to learn trading forex in Australia and understand the forex platform you use include making fast trades and understanding charting can also provide you with an edge over other traders.

Overall, having time, skills and the ability to accept risk are critical components for any currency or even stock trader. Select a provider that fits your trading style such as those found in the table above. It is also recommended to commence with some free forex trading Australia in the form of a demo account to test your strategies and confidence. Some other reputable brokers that just missed out on being featured above due to slightly inferior features include IC MarketsCity IndexOandaForex Capital Trading (ForexCT) and IG Markets. Some of these brokers also offer commodities trading and tools and features such as online trading courses.

4) How to Trade Forex

Trading foreign exchange markets requires a forex trading platform offered through retail forex brokers. These forex brokers differ by the platform, fees and features they offer as identified in the table at the top of the page. Once a forex broker is selected, the platform they offer usually included a trade forex demo account. This simulates the market and while not all features are present, it gives forex traders an understanding of:

  • How leverage increases exposure to the market
  • How to utilise features such a stop loss orders
  • Forex strategies effectiveness in a simulated environment
  • The platforms suitability for your trading style

Most demo accounts don’t have fees associated with them, so it’s an ideal risk free way to ‘try before you buy’.

5) How Much Can I Make Trading Forex?

Currency pairings have very small movements most days compared to other financial products such as shares. The big difference is leverage (which can be up to 500:1). This amplifies these movements. For example, a currency movement of just 0.1% when trading at 500:1 will lead to a profit or loss of 50% the amount traded. Obviously with high leverage a trader can make a multiple of their initial deposit or lose it within a short period. Again, it’s critical to understand the risks prior to trading forex in Australia.

6) Is Forex Trading Safe?

Like most investment, there are no guarantees of profits and risks exist. Key risks when trading forex including:

  • Forex brokers scams
  • Excessive slippage
  • Losses multiplied by leverage

To control these risk it’s advisable to find a forex broker that suits your trading requirements. Firstly, make sure the forex broker is Australian regulated with a strong track record. Secondly, make sure the leverage offers (or accepted) matches your risk appetite. For new traders the higher levels of 400:1 or above are not recommended. Finally, look for the tools that can manage your risk such as guaranteed stop loss orders and minimum balance protection. Easy Forex provides these features which is why it’s recommended to new forex traders that have a lower risk appetite.

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What Is The Difference Between Forex And CFDs

CFD trading comprises of contracts across a wide range of markets from commodities, indices to energy unlike forex which is solely currency trading. Trading CFDs allows varying incremental contract values across a variety of currency types unlike forex which is set at currency pairing. This means having a base currency to another currency in set forex lot sizes.

Another variance is that forex is often driven by macro events including politics, employment changes and world events. CFD trading are more micro factors such as a business sector trend or the supply and demand of a commodity.

Background To This Low Fee Australian Currency Trading Comparison

This comparison was updated on the 9th of August 2018  by the Australian authors of compare forex brokers who have worked with the forex industry in the past. Only those currency brokers that are Australian regulated were used in this comparison to help protect Australian investors from poor quality operators overseas. Broker accounts were primarily chosen by their spreads and fees in this section with additional options such as trading systems, leverage to filter by experience levels and leverage.

The information shown on these forex broker comparison tables came from the online brokers websites, CFDs, forums and product disclosure statements. If you see any element (no matter how basic) that may require updating feel free to contact the authors using the contact us form. We aim to update this site regularly and provide dates on each page of when the last update was. We recommend that the website and tables be used as a guide when formulating your trading forex strategies to help make your decision easier. However, you should always click on the ‘view website’ button and review the information on the site first to ensure the broker suits you trading needs. Protection Status

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