If you are looking for an Australian Forex broker review for from people who have worked in the industry for more than 15 years, then you are in the right spot. It is your money which will be on the line, so you want to make sure you have the right leverage, standard or ECN account, best customer support and trading platform features.
If you are trading Forex and you live in Australia, it makes sense that you want to put your money with the best Forex broker there is. The truth is you often need to have multiple Forex brokers to look after your trading in Australia. Forex trading in Australia has continued to grow from strength to strength.
The number of regulated brokers now available to Australian traders is impressive. Also, in , you have a handful of the top forex brokers who offer a negative balance protection. This means your negative balances are protected if your FX trading hits a rough patch. Over the last decade or so, there have been a few Forex brokers in Australia which have gone bust. Truth is, this was due to a corrupt director more so than anything to do with the strict Forex regulations now in place.
Therefore, you must have your wits about you when placing your trading capital with any Forex broker in Australia. The reason I bring the collapse up is that following the collapse of Sonray Capital Markets and MF Global, many Forex traders in Australia started having multiple retail Forex accounts.
They never wanted to be at the mercy of a company going into liquidation, so placing funds with multiple brokers was a way to reduce those risks. Your directors are salivating with the number of accounts which will be opened. You also have two of the biggest trading educators in Australia running the show. The reason I bring up the above story is to illustrate that the best Forex broker is truly a personal choice. Hopefully, you can appreciate when I say the best Forex broker in Australia is a personal choice.
You will find each Forex broker is very focused on getting you on board and do everything they can to assist you. According to the Investment Trends Forex survey, here are the largest Forex brokers in Australia by market share. Over the last few years, Pepperstone has been the fastest growing forex broker and all of them are award winning, ASIC regulated forex brokers. Now, FXCM is Both of these companies are publicly listed on the US stock markets.
If would be fair to say FXCM will retain their activity and position in the Australia market as they are so consistent with their online marketing. The Australian foreign exchange market is very active, but still quite small relative to the European markets.
It would be fair to say the boom times for new Forex accounts has grown much smaller in recent times. So you will continue to see outrageous Forex bonus offers available from the smaller operators.
Be careful with these as the deposit bonus is often tied to certain trading volume. You will also see a continued domination by the big Australian regulated players. In the near future, you will also likely see some consolidation. The smaller players will get bought out and the bigger players will continue to own the market.
But in this brokers comparison review, I wanted to throw in two other Forex trading platforms. All together, they represent the top four Forex trading platforms in Australia. If you are getting started in foreign currency trading, choose one of the popular forex platforms below and open a demo account.
Once you are comfortable, you can step up your online trading with a live account. One of the standout features of MT4 is how easy it is to get started. Even better when you have all your MT4 shortcuts worked out. The platform is very intuitive. So much so that you can work out how to place an order almost instantly. It is that easy. The biggest selling point of all at least for free software is the massive trading community of active Forex traders who use MT4. This means the best Forex analysis services, the best automated EA builders are all available and at a click of a button can be added to your Forex software.
Flexibility and the sheer volume of users to make your life easy. You may not already be aware but when cTrader first hit the market, it impressed a lot of hardcore and devoted MT4 Forex traders. In fact, when they first launched, CFDs were not available on the platform. It was solely focused on the currency market. Spotware were not interested in supporting the fading market maker style broker models.
Instead, they built a platform which made dealing desk intervention impossible. Their sole focus was to level the playing field for Forex traders the world over.
In addition to the 26 different time frames, you can chart your Forex, Index or Commodity markets across, the cTrader Forex platform is jam packed with features. You can also add a virtually limitless number of indicators pre-built into the software.
Not sure why you would want to, but you can. But if you like to keep things simple, the cTrader charting layout is very easy on the eye and quick to configure the way you want. If you are an intraday Forex trader, then speed of execution is likely your highest priority. That and access to good liquidity feeds with Forex brokers who have solid Prime of Prime feeds or Prime broker feeds. Not only that but they allow you to process multiple orders at the same time without going into the queue.
They fill orders via the VWAP or volume weighted average price, so you can be assured of excellent fills. Two features you will absolutely love are the stop and reverse and double up one-click order options.
But I warn you, try this on the demo platform first as the button is so easy to hit and positions can be changed at lightning speed. But not only are your wrong, but the market starts moving against you fast. Fast moving Forex markets are usually fuelled by some news items like nonfarm payrolls or similar. So one of your Forex trading strategies may be to take advantage of the volatility in that direction. With cTrader, you can press one button and it will close your existing position and add a new position in the other direction for the same quantity.
From time to time, you may find yourself on a winning trade which is moving quickly in your favour. Instead of having to open a new position by placing a new order, cTrader allows you to click one button and double your position. The opposite of this is known as averaging down. Averaging down is one of the fastest ways to blow up your Forex account. But adding to winning positions has been tested to be a smart trading Forex trading strategy.
But it is more than just a Forex trading platform, as you can trade over 10, products from the one account. You will likely fall in love with the features and ease of use of CMC Next Generation mobile trading platform. CMC has been building platforms for traders since the placed their first online Forex trade back in Their new platform has truly taken every advantage of the unbelievably fast rise of mobile phone technology.
The writing has been on the wall for years. Mobile everything is taking over desktops and even tablets.
Their reputation is second to none. They have the strength, power and willingness to continue to be the best Forex broker they can be. And the big standout feature is getting access to more than 10, trading instruments from the one trading account. Trade anywhere at any time. It is fast, flexible and customisable. But you can be assured that IG is likely developing some amazing new tool in the background right now. If you need a platform that can give you 15, products to trade and is reliable, IG is a great solution to look into further.
You will see all sorts of enticements and offers to bring you across to their platform. Not only that, but after the Swiss National Bank debacle where they unpegged their currency, the Prime Brokers servicing the big brokers changed their business model. This meant it was impossible for most Australian brokers to front up the cash and continue their relationship. So, those with the cash became Prime of Prime brokers. These are the companies who have the cash backing and long-standing relationship to continue dealing with a PB.
They then pass their feed on to the small brokers and all is good in the Australian Forex broker world. The point is, not only do the smaller players on the Australian Forex Broker list have enticing offers in your favour, but the price feeds are getting stronger every single day. So Australian Forex traders are in one of the best positions they have been in since trading Forex was first popular here in Australia.
We like to take our Australian Forex broker reviews seriously. The reason for this is simple. Click the quick follow links below to go directly to the appropriate section of your choosing. Australian Forex brokers going bust Over the last decade or so, there have been a few Forex brokers in Australia which have gone bust. Over in the seminar room with less than 10 Forex account sign ups Imagine running a Forex trading event in Sydney with people in attendance.
Would you believe less than two people signed up on the night and less than ten in total? The best Forex broker in Australia is different for each person The reason I bring up the above story is to illustrate that the best Forex broker is truly a personal choice.
At the time we had an amazing Forex account opening bonus. It was an outstanding deal. But the attendees traded a specific way and required a very specific solution from their broker. Every year, Investment Trends runs a nationwide survey of Forex traders in Australia.More...