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FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us.
FP Markets does not accept applications from U. S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations. Investing in CFDs carries significant risks and is not suitable for all investors.
You do not own or have any interest in the rights in the underlying assets. You should consider whether you are part of our target market by reviewing our TMD. We recommend that you seek independent advice and ensure you fully understand the risks involved before you invest in CFDs. Headquarters : Australia. Foundation Year : Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose.
The broker also maintains an office in Limassol Cyprus. Both the MT4 and MT5 are proven trading platforms with a high level of reliability. As for the cTrader, the platform was designed especially for true ECN connectivity. Other advantages of IC Markets include low spreads and high leverage ratio.
The broker is also well known for offering its traders a complete educational center. Eightcap Pty Ltd was founded in in Australia. It also holds an Australian Financial Services Licence and segregates client funds from its own, holding them with tier 1 Australian banks Westpac and National Australia Bank. This can be done from 2 types of trading accounts.
Traders at FP Markets also have a selection of trading accounts to choose from, whether it is for spot forex trading or for CFDs trading. The GO Markets trading offering is mainly geared towards professional traders. The competitive fees and access to advanced trading platforms such as MetaTrader 4 and third-party analytic tools are designed with advanced traders in mind.
However, beginner traders will also enjoy the commission-free trading accounts and competitive spreads, as well as live trading webinars and trading courses from the GO Trade Academy. Headquarters : Ireland. It is one of the oldest online forex and CFD brokers with a well-established reputation for customer support, competitive fees and spreads — all in addition to offering a large range of financial instruments, even including ETFs and FX options for those who like to diversify across assets.
Users can choose to open several different account types — Retail, Professional, Spread betting and Options. The differences are discussed in the account opening section below. Headquarters : Cyprus. Islamic and demo accounts are also available. Australian inhabitants have often demonstrated resourcefulness in overcoming the numerous hurdles of living in such a sparsely populated area. As a result, many Australians seeking to gain from the gain in the Australian dollar have taken to retail forex trading.
This increased interest in retail forex trading goes to explain why the retail forex trading industry in Australia has been growing at a tremendous pace in recent years. When it comes to selecting a Forex broker, there are a variety of things to bear in mind. Over the course of this article we will explore the key areas you as an Australian trader should be aware of when it comes to selecting a Forex Broker that will be a true partner to you.
We will look at the Australian regulation of brokers, the importance of working with a locally regulated broker, how to choose the best trading platform to trade with , and other key areas such as commissions, spreads and leverage offered by the broker, plus the importance of good customer support. Generally speaking in the online forex trading industry, the untrustworthy brokers tend to be unregulated.
To attract your patronage, they often make outrageous claims which they fail to deliver on further down the road. Because of the high risks of getting scammed by an unregulated broker, your search for a reliable and dependable broker should start with those brokers which are regulated.
The Forex market is an over the counter OTC market. This means that the market is not regulated by any central regulatory body. In fact before Forex trading became popular on the retail level, Forex trading was largely confined to an institutional level and is largely self regulatory. But as Forex trading became more popular on a retail level, financial regulatory agencies in the more developed economies around the world began to step in, in an effort to protect the interest of the small retail investors.
This requirement helps to ensure that the broker does not misuse the trading funds that have been entrusted to it by the clients. In other words, traders can rest assured that their funds will be in their trading account whenever they want to make a trade. Another standard industry requirement for a regulated forex broker is the maintenance of a capital adequacy ratio.
The purpose of requiring brokers to maintain a capital adequacy ratio is to ensure that the broker will at all time have sufficient liquidity to meet its contractual obligations. If you are a beginner trader who is unfamiliar with the online forex trading industry, the best starting point for you is to deal only with ASIC regulated brokers. Go for the benefits of an ASIC regulated broker which can provide you with peace of mind. The next factor to take into consideration when selecting the best forex brokers in Australia to partner with is the performance of their trading platforms.
The trading platform is your gateway to the forex market and without a reliable and efficient trading platform, you will not be able to trade the forex market effectively. What are the main types of trading platform that the broker has provided. Here we are referring to:. Do you have to download a client software such as the MetaTrader 4 client software before you can use the trading platform?
This means you can only use that platform from the computer that you have originally downloaded to. Or is it a web based platform which only requires you to use a web browser to connect to the trading platform? This means you can literally trade from anywhere that you have internet connection. You will login using your username and password.
These are usually a stripped down version of the download or web based trader specifically built for the smartphone or tablet. Additionally some brokers offer their platform as an app which can be downloaded through the app store or Google Play.
In addition, consider if the trading platform is proprietary or a generic platform widely used by the industry. This is a platform that the broker designs and builds for the use of their traders. It is often highly customizable to the user and can cater for all level of traders.
Often called a white label this is a platform offered by many brokers and branded to them eg, with their logo. The most popular version of this is the MetaTrader 4 provided by Metaquotes. Sirix Trader and cTrader are the next most popular white labeled platforms. Instead, their main source of revenue will be the spread which traders pay each time they make a trade. For frequently traded currency pairs, the spreads which a trader pays can range from zero pip to 5 pips.
In addition when evaluating the spreads offered by the broker, check if the spreads offered is fixed or variable. For traders who wants certainty with their trading cost, it is better to opt for fixed spreads as they do not change according to market volatility as opposed to variable spreads. Although most brokers do not charge any commissions, this is not the case with brokers who offer ECN trading capacity. An Electronic Communications Network or ECN broker allow traders to deal directly with the liquidity providers hence allowing then to take advantage of the interbank rates offered by the liquidity providers.
This commission can be fixed or based on a percentage of the trading volume. The leverage ratio offered by forex brokers is also another important consideration to take into account. For Australian traders, the leverage enjoyed by them is considerably higher than what most brokers in Europe are offering their clients. Most European brokers due to regulatory restrictions are only permitted to offer their clients up to a maximum of leverage ratio.
Whereas for Australian regulated brokers, they are permitted to offer a maximum of leverage ratio. The types of trading accounts offered by forex brokers depend on the target market which the broker is targeting. For beginner friendly brokers, the type of trading accounts offered usually have a low minimum deposit requirement as well as the ability to trade in small amounts or lots. For premium brokers, the account opening requirements is usually higher and often beyond the financial capability of the small retail trader.
Nevertheless, the services offered by these premium brokers are usually personalized and exceptional. In addition when looking at the types of trading accounts that are provided by a broker, always make it a point to study their withdrawal policies and ensure that you are comfortable and agreeable with the terms provided.
Some brokers may provide free withdrawals while others may charge their clients a high fee each time their clients makes a withdrawal request. Finally, check how long a broker usually takes to process a withdrawal request. Most regulated brokers usually take 3 business days to process a withdrawal request whereas some process a withdrawal within the same day.
It should be noted that the forex market is a 24 hours market with continuous trading activities going on throughout the entire trading day. Because of this, you want to ensure that your broker is capable of supporting you on a 24 hours basis and not just during office hours. Read more on Pepperstone. Read more on Plus How we rank our brokers. FP Markets. ECN trading with leverage up to FP Markets is one of the primary contenders for Best Forex Broker Australia as it offers an excellent selection of over 10, assets across three trading platforms plus an outstanding technology infrastructure.
Regulation by the Australian Securities and Investments Commission ASIC ensures domestic and international traders have a secure trading environment to manage their portfolios. Besides the market leading MT4 trading platform, the MT5 platform is also available. FP Markets is also home to the best online trading platform in Australia with its Iress proprietary solution.
Pros Choice of trading platforms and auxiliary trading tools Very competitive cost structure and excellent asset selection Low minimum deposit requirement and leverage of up to Well-regulated and trustworthy. Cons Availability of Iress geographically restricted. Highly regulated, choice of fixed or floating spreads. DupliTrade supports social trading. The regulatory environment is excellent, and AVA Trade offers an outstanding asset selection across seven categories, granting cross-asset diversification.
Pros High-quality educational offering via SharpTrader Excellent choice of trading platforms catering to various trading needs Broad asset selection and cross-asset diversification opportunities Well-regulated and trusted broker with oversight from a central bank. Cons Trading costs competitive but nothing special. BlackBull Markets. Best ECN trading environment, with scalping and hedging.
In , this broker was among one of the fastest-growing companies. The commission-free account features a minimum spread as low as 0. BlackBull Markets additionally maintains a 0 pips institutional account with a negotiable cost structure. With execution speeds of 30 milliseconds, automated traders and high-frequency operations will benefit enormously from the technological infrastructure. VPS hosting adds another essential tool for automated trading solutions.