Best Forex Trading Platforms In Australia - Newcastle Herald
This is branded content for PropCompanies.com
As Aussie traders ourselves, we know it's about more than just the basics of a forex broker. We expect narrow spreads, swift execution, and trading platforms with the tools necessary for our success.
Continue reading to uncover our in-depth analysis of the top 10 ASIC-regulated brokers tailored for Australian traders.
The Best Australian Forex Brokers and Trading Platforms
The forex market is ripe with opportunities for Australian traders. Eightcap leads the way with spreads that are, on average, 50% tighter than the industry standard.
Pepperstone is the go-to for automated trading, thanks to its rapid execution speeds that outpace the industry by 42%. IC Markets shines with its low, commission-free spreads.
All brokers are regulated by ASIC, ensuring a legitimate and transparent trading environment. So, no matter your trading priorities, there's a broker on this list that's tailor-made for you.
1. Eightcap - Best Forex Broker for Australian Traders
Eightcap distinguishes itself with spreads that outpace the industry by 50%, reliable MetaTrader platforms, and an expansive range of CFDs.
Eightcap Perks
Spreads that beat the market by 50% on average
MetaTrader 4 and MetaTrader 5 trading platforms
Diverse CFDs with 40 forex pairs and cryptocurrencies
Ultra-Tight Forex Spreads
When it comes to forex trading, every pip counts. Eightcap's Raw Account offers some of the best spreads in the industry. Whether you're trading Euro vs US Dollar (EUR/USD) or venturing into more exotic pairs like the Australian Dollar vs Japanese Yen (AUD/JPY), Eightcap consistently offers spreads 50% better than the industry standard.
As a starting point, we looked at two commonly traded pairs. With Eightcap, the EUR/USD spread is 0.06 pips - 72.7% better than the industry average of 0.22 pips. For the popular forex pair AUD/JPY Eightcap's 0.49 pip spread is 43.7% better than the industry's 0.87 pips.
Even with less popular pairs, Eightcap outperforms similar brokers. If you're trading minor pairs, Eightcap has got you covered. The usd/JPY raw spread of 0.23 pips is 43.9% better than the industry average of 0.41 pips. In the USD/CAD market, they offer a 0.20 pip spread, outperforming the industry average of 0.66 pips by 69.7%.
Eightcap's Raw Account Type
Eightcap's Raw Account makes for a compelling option for traders looking to optimise their trading costs. Unlike the Standard Account, which has higher spreads and built-in commissions, the Raw Account offers lower spreads and charges $7 AUD round turn in commission.
Justin Grossbard from CompareForexBrokers.com explains how the Raw Account is advantageous for experienced traders.
This account is crafted for those who've mastered the art of forex trading and are willing to pay a commission for the privilege of razor-thin spreads. The spreads here are as close to the bone as you can get, mirroring the quotes from liquidity providers
- Justin Grossbard, CompareForexBrokers.com.
For high-volume traders, where every pip counts towards the bottom line, the tight spreads have a significant impact on profits.
MetaTrader 4 and MetaTrader 5 Trading Platforms
When it comes to trading platforms, Eightcap stands out for its commitment to quality. It offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular, well-supported tools available today.
- MT4 boasts essential features, including Expert Advisors for automation, diverse chart types, and real-time price monitoring.
- MT5 expands its horizons beyond forex, providing 21 timeframes and accommodating six pending orders, showcasing its versatility as a trading platform. Additionally, its up-to-the-minute market updates and economic news keep traders consistently informed.
Range of Financial Markets and CFDs
In terms of trading diversity, Eightcap offers a wide range of options. Whether your focus lies in forex or commodities, this broker provides an extensive selection.
Forex Trading:
Eightcap goes beyond the basics with an impressive offering of 40 currency pairs. In addition to standards like EUR/USD and GBP/USD Eightcap distinguishes itself with unique options like USD/TRY.
Commodities:
Interested in trading silver, natural gas, or agricultural commodities like wheat and coffee? You can with Eightcap.
Indices and Shares:
Eightcap grants access to prominent global indices such as the S&P 500, FTSE 100, and Nikkei 225. For those inclined towards individual stocks, Eightcap offers the option to trade CFDs on major companies like Apple, Amazon, and Tesla.
Cryptocurrencies:
Acknowledging the rise of digital assets, Eightcap incorporates cryptocurrencies into its offerings. Whether you prefer Bitcoin, Ethereum, or lesser-known cryptocurrencies, this broker has you covered.
Eightcap Cons
- Limited educational materials for beginners
- No proprietary trading platform
For those just dipping their toes into the forex trading waters, Eightcap's educational resources may appear limited. The platform contains a limited suite of tutorials or webinars, which might need fixing for traders eager to broaden their market knowledge.
Furthermore, it has yet to develop a proprietary trading platform. This absence might be a sticking point for traders who lean towards a distinctive, tailored trading environment.
Eightcap Overall
Eightcap stands out as a top choice for traders who prioritise competitive spreads and a wide range of trading options. With spreads that surpass the industry benchmark by an impressive 50%, it's a platform where every pip truly counts.
- Competitive spreads that outperform the industry average
- Access to both MetaTrader 4 and MetaTrader 5
- A wide range of CFDs including forex pairs and cryptocurrencies
Eightcap is regulated by the Australian Securities and Investments Commission (ASIC), ensuring a secure and transparent trading environment.
2. Pepperstone - Best for Automated Trading
In automated trading, Pepperstone stands out as the preferred choice due to exceptional ECN-like trading conditions and rapid execution speeds, which collectively establish an optimal environment for automated trading strategies.
Pepperstone Pros
- Expert Advisers with MetaTrader 4 and MetaTrader 5
- ECN-like trading conditions and low trading fees
- Ultra-fast execution speeds and minimal slippage
ECN-Like Trading Environment for Automated Trading
If you trade using automations, Pepperstone offers the sophisticated technology that you need. Its rapid order execution and limited slippage render it an optimal choice, particularly for scalping strategies.
Its strategic alliance with Equinix, leveraging the NY4 and LD3 data hubs in New York and London, guarantees minimal latency and slippage-crucial attributes in the realm of automated trading.
Of particular note is Pepperstone's Razor account. Tailored for high-frequency traders, it features interbank rates and a modest commission fee of AUD 7.00 round-turn.
Execution Speeds: A Comparative Analysis
In a comparative analysis of 20 leading brokers, Pepperstone outperformed all but one. It executes limit orders in 77 milliseconds, surpassing the industry average by 42.3%.
For market orders, Pepperstone needed only 100 milliseconds. In the realm of automated trading, this level of speed proves invaluable.
Trading Platforms Tailored for Automated Trading
When it comes to automated trading tools and platforms, Pepperstone delivers. This broker offers a range of forex platforms, each featuring distinctive attributes tailored to algorithmic trading strategies.
MetaTrader 4 (MT4): Remains our preferred choice for automated forex trading, renowned for its comprehensive suite of indicators and Expert Advisors (EAs).
MetaTrader 5 (MT5): A multi-asset platform with advanced charting capabilities, ideally suited for automated trading strategies involving share CFDs and EAs.
cTrader: Geared towards seasoned professionals, characterised by depth of market insights and lightning-fast order processing.
Capitalise.ai: This platform unveils the realm of code-free automated trading, although an MT4 account is a prerequisite.
TradingView: A web-centric platform featuring advanced charting tools and fostering a vibrant social community for strategic discussions and knowledge sharing.
Expert Advisers for Automated Trading
Pepperstone's Smart Trader Tools will appeal to those who heavily rely on Expert Advisors. Available on both MetaTrader 4 and MetaTrader 5, this suite of 28 smart trading apps is designed to optimise the performance of your EA.
Ross Collins from CompareForexBrokers.com discusses Pepperstone's automated trading offering.
"One standout feature is the Trade Simulator, which allows you to backtest your EAs using real market data on the MT4 platform. This is invaluable for fine-tuning your algorithmic strategies before putting them to the test in live markets. With superior execution speeds which are crucial for EAs that operate on scalping or high-frequency trading strategies, Pepperstone provides a superior automated trading environment."
Pepperstone Cons
- No proprietary platform
- Standard Account pricing less competitive
The Razor account stands out with its narrow spreads, averaging 0.1 pips for EUR/USD. The Standard Account, however, starts at 1 pip.
Pepperstone Overall
Pepperstone emerges as a top choice for traders who value speed and precision. With execution speeds that significantly outpace the industry average, this broker is particularly well-suited to automated traders and those who trade in high volumes.
- Prime environment for automated trading with Expert Advisors
- ECN-like trading conditions with ultra-fast execution speeds
- A comprehensive range of trading platforms including MetaTrader 4 and MetaTrader 5
Pepperstone is regulated in multiple jurisdictions including ASIC in Australia and the Financial Conduct Authority (FCA) in the UK.
3. IC Markets - Lowest Spread Forex Broker
IC Markets emerges as a strong contender in a trading arena where every pip matters. This Sydney-based broker has made its mark by consistently offering some of the tightest spreads.
IC Markets Perks
- Commission-free EUR/USD spreads on average 50% less than the industry average
- Low fees and minimum deposit requirements
- MetaTrader 4 for no commission forex trading
The Lowest Commission-Free Spreads
A close inspection of the numbers brings IC Markets' superiority into sharp relief. consider the EUR/USD forex pair; IC Markets offers spreads of 0.62 pips - 50% lower than the industry average of 1.24 pips.
It's a similar story with the USD/JPY pair, where IC Markets offers 0.74 pips, undercutting the industry average of 1.44 pips by nearly 49%.
The GBP/USD and AUD/USD pairs also follow this trend, with IC Markets offering spreads of 0.83 pips and 0.77 pips respectively. These are significantly lower than the industry averages, which stand at 1.57 for GBP/USD and 1.54 pips for AUD/USD, marking a difference of around 47% and 50%.
IC Markets Standard Account Type
The commission-free structure of the Standard Account simplifies the trading process with a straightforward pricing structure. This means you can focus more on perfecting your trading instead of getting your head around tricky fee setups.
Additionally, IC Markets offers a range of deposit and withdrawal options, including credit/debit cards, bank transfers, and various e-wallets like PayPal and Skrill, providing both convenience and flexibility for your financial transactions.
Demo Accounts for Beginners
IC Markets offers an unlimited demo account, a feature that sets it apart from many other brokers. Through the demo account, we've been able to trial various trading tactics, familiarise ourselves with the trading platforms they provide, and discern the behaviour of different financial instruments.
Generously funded with virtual money, demo accounts replicate real-time market scenarios found in a live trading account. This imparts a genuine trading experience, indispensable for both acquiring new knowledge and refining existing trading techniques.
IC Markets Cons
- No proprietary mobile app
- Could expand their educational resources
We've noticed that IC Markets leans on third-party platforms such as MT4, MT5, and cTrader, unlike several brokers who offer their own proprietary trading apps. Additionally, while IC Markets does provide some educational resources, they are not as comprehensive as what some other brokers offer.
IC Markets Overall
Where IC Markets truly shines for us is its appeal to those keen on curtailing trading expenses, especially when trading commission-free spreads. Given that their forex spreads consistently undercut the industry average for major currency pairs, IC Markets emerges as a top pick for traders with an eye on costs.
- Commission-free spreads
- Accessible and user-friendly Standard Account
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Seychelles Financial Services Authority (FSA), and the Cyprus Securities and Exchange Commission (CySEC).
4. Fusion Markets - Lowest Commission Forex Broker
Fusion Markets distinguishes itself for individuals within the forex trading community who prioritise cost-efficiency. Its commission fees are substantially lower than the industry norm, and the broker does not charge deposit or withdrawal fees or require a minimum deposit.
Fusion Markets Perks:
- Commission fees 26-35% less than the industry average
- Low trading costs with zero deposit or withdrawals fees
- No minimum deposit
Commission Fees Below the Industry Average
At just $2.25 AUD per trade, Fusion Markets significantly undercuts the industry average of $3.34 AUD by a substantial 32.6%.
For instance, EightCap, Pepperstone, and IC Markets all charge AUD 3.50. Even CMC Markets, which is known for its competitive pricing, charges a slightly higher AUD 2.50.
Range of Trading Platforms
When we looked into the platform options provided by Fusion Markets, we were met with a comprehensive suite. They offer MetaTrader 4 and MetaTrader 5, which are industry staples known for their reliability and extensive features.
It's clear that Fusion Markets has put thought into their platform selection, aiming to cater to traders across the spectrum, from novices to seasoned pros. With such a diverse range of platforms, you're bound to find one that aligns with your trading needs.
Fusion Markets Cons
- Inactivity fee after 12 months of dormancy
- Limited selection of share CFDs
In terms of downsides, there are a few areas where Fusion Markets might not fully cater to everyone's needs. One of the charges to be mindful of is the inactivity fee. Fusion Markets imposes a fee of $10 per month on accounts that remain dormant for over a year.
Another aspect we've picked up on is their limited array of share CFDs. Fusion Markets provides only 100 share CFDs, which pales in comparison to the extensive range offered by competitors like IG and eToro.
Fusion Markets Overall
Fusion Markets is a great option for those focused on reducing trading costs without compromising on service quality.
- Commission fees 26-35% less than the industry average
- No minimum deposit requirement
- A diverse range of trading platforms
Fusion Markets is regulated by the Australian Securities and Investments Commission (ASIC), ensuring a secure and transparent trading environment.
5. eToro - Best Broker for Copy Trading
Established in 2007, eToro has carved a unique niche in the forex trading landscape, particularly in the realm of social and copy trading. Here's our take on why eToro stands tall as the preferred platform for copy trading.
eToro Markets Perks
- Millions of users in 140+ countries
- CopyTrader and CopyPortfolio tools
- Incentives for experienced traders
A Community of Traders at Your Fingertips
eToro was one of the first brokers to fully embrace social trading, a concept that allows traders to interact, share strategies, and even copy each other's trades. With 30 million users across more than 140 countries, you're spoilt for choice.
Moreover, eToro's platform is enriched with numerous filters - from geographical location to risk appetite - facilitating dynamic engagement with peers and strategy exchanges.
CopyTrader and CopyPortfolio Trading Tools
The heart of eToro's copy trading lies in its two key features: CopyTrader and CopyPortfolio.
CopyTrader allows you to replicate the strategies of your chosen traders automatically. CopyPortfolio, on the other hand, lets you invest in multiple markets by copying a portfolio of traders or assets.
These tools make it incredibly easy for you to diversify your investments while learning from the best in the business.
Incentives for Top Traders
eToro goes the extra mile to encourage top traders to share their strategies. If you're an experienced trader, you can earn additional profits as high as 2% of assets under management as rewards for having copiers.
eToro Cons
- Customer support not comprehensive
- Higher spreads than other top brokers starting from 1 pip
While eToro offers a range of customer support options, the absence of a dedicated account manager and the lack of a contact number are notable drawbacks. The platform encourages users to visit the help centre or open a ticket for support, but this doesn't quite measure up to the personalised service offered by its Australian counterparts.
Lastly, eToro's fee structure is built around higher spreads, starting from 1 pip.
eToro Overall
eToro emerges as the frontrunner for traders keen on copy trading through a strong social trading network.
- Social trading ecosystem for real-time interaction and strategy sharing
- Automated trading solutions for hands-free portfolio management
- Financial incentives that reward community participation
Headquartered in Tel Aviv, Israel, eToro has a global presence with registered offices in Cyprus, the United Kingdom, the United States, and Australia. The firm is regulated in multiple jurisdictions, including CySEC in the EU, FCA in the UK, and FinCEN in the United States.
6. IG - Largest Retail Forex Broker in Australia
With a global footprint and a diverse range of offerings, IG is the go-to broker for traders looking for a comprehensive trading experience.
- A comprehensive selection of CFDs and diverse asset classes
- Cutting-edge technical analysis and market research tools
Global Forex and CFD Broker
Established in 1974, IG Markets has evolved beyond being just another broker - it's an institution in its own right. Over nearly five decades, they've continuously adapted to evolving market dynamics to provide an unparalleled trading experience.
Diverse Market Access
The online broker boasts an extensive range of CFDs and asset classes, making it a one-stop-shop for traders. IG offers over 17,000 markets to trade - from forex pairs and indices to commodities and equities.
Whether you're interested in trading traditional markets like forex and commodities or looking to...
Comments
Post a Comment