Best forex broker australia xtrade

Compare the best forex brokers for beginners and discover the 5 things to look for in a forex trading account for newbies.

Free forex bonuses

Featured Accounts, best forex broker australia xtrade.

A debit card is a fast and cost-effective way to fund your online trading account. Compare forex brokers and online trading platform that process deposits in hours.

Featured accounts

Best execution

MT4 floating - instant execution

Trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant . More trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant execution. All eas are allowed.

$500 deposit

1:500 leverage ?

1.71 pips EUR/USD

Best conditions

Etoro account [EU]

Trade 47 currency pairs, crypto-currencies, popular stocks, indices, gold and silver with etoro. Get. More trade 47 currency pairs, crypto-currencies, popular stocks, indices, gold and silver with etoro. Get free and unlimited access to forex trading courses and webinars.

$400 deposit

1:30 leverage ?

3 pips EUR/USD

Best platform

Premium account

Trade forex as well as cfds on cryptocurrencies, shares, indices and metals on floating spreads . More trade forex as well as cfds on cryptocurrencies, shares, indices and metals on floating spreads without commission. This account, designed for experienced traders, allows you to trade up to 60 lots per position.

$100 deposit

1:500 leverage ?

1.2 pips EUR/USD

Pro account

Professional account [EU]

Trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and. More trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and commodities. Avatrade accepts all metatrader eas except those with a focus on arbitrage.

$100 deposit

1:400 leverage ?

0.6 pips EUR/USD

Forex guides

Forex brokers that pay interest on deposits

Compare forex brokers and CFD providers that pay interest on the balance of your trading account.

Get free technical analysis

If you're passionate about trading and technical analysis, take a closer look at the following brokers. Open an account with either of them to get free technical analysis from autochartist or trading central.

Best metatrader 5 brokers

Metatrader 5 is the successor to metatrader 4, the world's most popular retail FX trading platform. Compare MT5 brokers now.

Best trading apps

We've compared award-winning mobile trading apps for ios and android. Get live quotes, alerts and trade from the charts through metatrader 4, 5 or ctrader.

Forex brokers with high leverage

Make every dollar count with a high leverage broker. Compare forex and CFD brokers with flexible leverage up to 1:500.

Brokers with no KYC or identity checks

Open an account in seconds and trade cfds on forex, cryptocurrencies and shares anonymously. Keep your trading activity anonymous, away from prying eyes.

Islamic forex brokers

Forex trading can be challenging for religion-abiding muslims. However, solutions exist to trade currencies in a way that is ḥalāl. Compare the top 5 brokers with islamic forex accounts.

Instant execution forex brokers

Compare forex brokers and trading platforms that provide instant execution. Use the search filters on this page to find an account that matches your experience and preferences.

Brokers with negative balance protection

Protect yourself through negative balance protection. These brokers will prevent your account from entering negative territory.

Market execution forex brokers

Compare forex brokers and trading platforms that provide market execution. Use the search filters on this page to find an account that matches your experience and preferences.

Best swap-free islamic trading accounts

Trade cfds on forex, shares and commodities under shariah law with an islamic trading account. We've reviewed the best swap-free islamic trading accounts for you, and shone a light on hidden fees.

Mac-friendly forex brokers

Some forex trading platforms will run seamlessly on a mac whereas others will require an emulator. We discuss your options for trading foreign exchange on a mac.

Top 10 brokers to trade EUR/USD

Trade EUR/USD from just 0.3 pips with the following brokers. Compare brokers and their accounts before you trade.

Copy trading platforms

Liteforex and etoro claim to have the best copy trading platform. We reviewed their platforms in detail to see for ourselves and explore their trader profiles, features and reward programmes.

Etoro copytrader review

Social trading platforms allow you to follow others, copy their trading decisions or even build your own following. Understand how etoro's platform can work for you, whether you're new to forex trading or an experienced trader.

Etoro wallet review

The etoro wallet allows you to hold different cryptocurrencies in one place: it supports bitcoin, bitcoin cash, ethereum and litecoin. Easily transfer your coins elsewhere, to other wallets or offline storage for example.

Best metatrader 4 brokers

Over 300 brokers worldwide support metatrader 4, the world's most popular retail forex trading platform. Find the best MT4 broker for you.

Forex brokers that allow all eas

Compare brokers that allow all expert advisors (eas) including automated trading and scalping robots.

MT4 STP brokers

Compare MT4 brokers with STP (straight-through-processing) capabilities. Find an account that matches your preferences with our search filters.

Best MT4 demo accounts

Compare non-expiring MT4 demo accounts up to $5,000,000. Practice before you pay.

Best forex brokers for beginners

Compare the best forex brokers for beginners and discover the 5 things to look for in a forex trading account for newbies.

Forex brokers with fixed spreads

Compare forex brokers and accounts with fixed spreads, whatever the market conditions. Make the most of market volatility.

Best micro accounts

Compare micro accounts from popular forex brokers. Trade forex for the first time from a low $5 deposit or practice new strategies with a low risk account.

Best forex demo accounts

Compare forex demo accounts up to $5,000,000 with no time limit. Practice before you pay.

Brokers with automated trading

We've surveyed over 20 forex brokers who support all eas and automated trading strategies on MT4, jforex and calgo. Use our search filters to find an account that matches your search criteria.

Best forex brokers for scalping

Compare forex brokers that actively scalping. Find a forex trading account that meets your trading preferences whether that's on MT4, calgo or jforex.

5 decimal forex brokers

Compare forex brokers with 5 decimal pricing. Get 5th point precision and smarter pricing with the following NDD/STP forex brokers.

Best STP forex brokers

Compare live forex trading accounts from STP brokers - including DMA and ECN STP brokers.

Best forex brokers with direct market access

Compare STP brokers with direct market access (DMA). Trade directly with tier 1 liquidity providers in the forex interbank market.

Best ECN brokers

Compare ECN commissions and liquidity providers in one place. Trade from just US$ 1.8/lot

ECN forex brokers

Compare true ECN forex brokers. Sort, filter and rank their ECN accounts based on your personal trading preferences and initial deposit.

ECN demo accounts

Compare ECN demo accounts with balances up to US$ 5 million. Test drive platforms and strategies before trading real money.

Why trade with an ECN broker?

ECN brokers often allow you to trade faster and on tighter spreads than others. You're anonymous and your orders go straight to market, which can bring peace of mind if you're worried your broker might trade against you.

Brokers with segregated accounts

Protect your funds when good times go bad. Compare forex brokers with segregated accounts.

FCA regulated forex brokers

The FCA (financial conduct authority) is the new name of the FSA. Compare FCA regulated brokers and understand the steps they take to protect your funds:

ASIC regulated forex brokers

Compare forex and CFD brokers regulated by ASIC, the australian securities and investments commission.

Dubai forex brokers

Compare forex brokers and CFD providers that accept dubai residents. Find the best account for you and easily open an account online.

Forex brokers that accept bank transfers

If you're looking to deposit large sums, a bank transfer may be your only option. Compare brokers and CFD providers that accept bank wires in 1 click.

Forex brokers that accept bitcoin

Looking for ways to spend your bitcoins? Compare forex brokers and CFD trading platforms that accept deposits through bitcoin.

Forex brokers that accept china unionpay

Compare forex brokers and trading sites that accept china unionpay for deposits and withdrawals.

Forex brokers that accept credit cards

Compare forex brokers that accept credit cards to fund your online trading account. Understand the pros and cons of using a credit card to trade online, from your very deposit to your first withdrawal.

Forex brokers that accept debit cards

A debit card is a fast and cost-effective way to fund your online trading account. Compare forex brokers and online trading platform that process deposits in hours.

Forex brokers that accept ethereum

Compare forex brokers and trading platform that accept ethereum for deposits and withdrawals.

Forex brokers that accept M-pesa

Compare brokers that accept M-pesa for deposits and withdrawals to and from your trading account.

Forex brokers that accept monero

Liteforex (liteforex.Com) is the only forex broker in our panel to accept monero for deposits and withdrawals.

Forex brokers that accept NETELLER

Compare forex brokers and trading sites that accept neteller.Com for deposits and withdrawals. Fund your trading account instantly and withdraw gains to a prepaid mastercard®.

Forex brokers that accept paypal

Compare forex brokers that accept paypal for deposits and withdrawals. And find out more about paypal's fees, limits and withdrawal options.

Forex brokers that accept skrill

Compare forex brokers that accept skrill.Com payments for deposits and withdrawals. And see how you could withdraw your profits from millions at atms worldwide with skrill's prepaid mastercard.

Forex brokers that accept webmoney

Compare forex trading sites that accept webmoney for deposits and withdrawals.

Forex brokers that accept western union

Compare forex brokers and online trading platforms that accept western union for deposits and withdrawals.

Skrill vs NETELLER

Whilst skrill and NETELLER are popular choices, we've broken down their fees by intended use, to get the facts.

Forex brokers with AUD as an account base currency

Compare regulated forex brokers that accept the australian dollar (AUD) as a base currency for your trading account.

Brokers with HKD as an account base currency

Compare regulated brokers that accept the hong kong dollar (HKD) as a base currency for your forex or share trading account.

Brokers with SGD as an account base currency

Compare regulated brokers that accept the singapore dollar (SGD) as a base currency for your forex or share trading account.

Difference between a CFD and a stock

As an investor, I have traded both shares and share cfds in my own capacity. When I first started, I was biased in favour of stocks. Perhaps like you, I just wanted to trade the "real thing" and avoid what I saw as unnecessary complexity.

How to buy apple shares

Buy and sell cfds on apple shares today without commission when you open an account with one of these brokers.

How to buy tesla shares

Buy and sell cfds on tesla shares today without commission when you open an account with one of these brokers.

How to buy google shares

Buy and sell cfds on alphabet (google) shares today without commission when you open an account with one of these brokers.

Top 7 cannabis stocks

Trading the hottest cannabis stocks is easier than you think. You may buy shares directly through etoro.Com or trade cfds through fpmarkets.Com. Investing in shares typically attracts commission, whereas cfds are commission-free.

Top 3 face mask manufacturers

The spread of the coronavirus has opened up new opportunities for manufacturers of medical masks, as demand for flu masks far outstrips supply. Open an account in minutes and buy shares or cfds in the top 3 U.S. Face mask manufacturers.

Top 3 manufacturers of syringes and vials

Even as countries around the world work to overcome shortages of personal protective equipment, some policymakers and medical suppliers are starting to consider the next battlefront: developing a vaccine and manufacturing it at scale.

4 proven strategies to invest in gold

There are many reasons why you might want to invest in gold: as a hedge against inflation, currency risks or simply to diversify your portfolio. Invest in gold without commission with each of these brokers.

Invest in silver

Open an account with one of the following brokers to profit from changes in the price of silver.

Invest in platinum

Open an account with one of the following brokers to profit from changes in the price of platinum.

How to buy bitcoin (BTC)

See how you can buy bitcoin online through a regulated broker or an exchange using your credit card, debit card or paypal. We discuss 3 tried-and-tested strategies to get started.

How to buy ethereum (ETH)

To buy ethereum, you can turn to a crypto-currency exchange, a digital wallet or a CFD broker. This article discusses the pros and cons of each approach in detail.

BTC USD real time exchange rate

Plot bitcoin's value against the US dollar with our bitcoin real-time price chart, or look-up bitcoin's historical exchange rate since 2011.

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 66-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Best ctrader brokers

First introduced in 2011, the ctrader platform has become popular enough to rival other cross-broker platforms like metatrader 4 (MT4) and metatrader 5 (MT5).

While MT4 and MT5 are well supported by market maker brokers, ctrader is only supported by ECN forex brokers. As ECN execution has become more popular with the trading community, ctrader has seen increased demand.

Ctrader users claim that it is the best trading platform thanks to its contemporary layout, advanced order protection, depth of market indicator, advanced charting and timeframe options. Like MT4 and MT5 it is also highly customisable and supports algorithm trading using cbots.В

Pepperstone - best overall broker

IC markets - most trusted broker

Fxpro - best trading conditions

Octafx - most assets available

Fibo group - best education

Ctrader forex brokers 2021

Last updated on 6 nov 2020

Updated 6 nov 2020

All brokers regulated

Pepperstone is a renowned australian forex broker, fully-regulated by ASIC and popular worldwide for its fast ECN execution of trades, tight spreads and a wide choice of trading platforms. Award-winning 24-hour support anchors their customer support, where a personalised service for individual customers is available through numerous channels.

Founded in 2010, pepperstone won the fastest-growing company award (2014) in australia, from BRW magazine and emerged as the 2014 winner of the governor of victoria export awards cementing their reputation as a strong newcomer with well-appreciated trading conditions.

IC markets presents itself as the best and largest true ECN broker. ASIC regulated and with support for MT4, MT5 and ctrader, IC markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC markets account structure uncomplicated and the company understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Headquartered in downtown sydney, IC markets represents the best of highly-reputable and competitive australian brokers.

Fxpro is one of the most respected forex brokers in the industry. Regulated by the FCA and cysec and with over 870,000 client accounts in 173 countries, fxpro is a truly global powerhouse.

Fxpro offers a no dealing desk execution model on MT4, MT5, ctrader and a browser-based platform. A reasonable 100 AUD opening deposit and outstanding customer service are combined with competitive spreads вђ“ often as low as 0.6 pips вђ“ to match profitability with security.

Since its founding in 2006, fxpro has won more than 55 awards for best broker, best service, best tools, and best trading platform and has cemented its place the top tier of global forex brokers.

Octafx is an STP broker founded in 2011 that will appeal to all forex traders, both beginners and professionals.В they have an excellent analytical section and offer a range of useful trading tools such as autochartist, copy trading, and an account monitoring service so you can learn anonymously from other successful traders.

Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and ctrader all offered вђ“ but platforms are linked to account type and trading conditions.

FIBO group no longer accepts australian clients

Founded in 1998, FIBO group is a cysec-regulated, NDD broker with 6 different account types and full support for MT4, MT5 and ctrader. Beginners will like the MT4 cent account with its tight spreads and tiny minimum deposit while professional traders will be tempted by the MT5 and ctrader accounts, which feature some of the best trading conditions available. Commissions are competitive with other NDD brokers and the minimum deposit on most accounts is only 50 USD.

On the downside, education and market analysis are basic, FSC BVI and cysec regulation are the bare minima of what is considered acceptable by way of oversight, and withdrawals are slow and expensive.В

What is ctrader?

Ctrader is an institutional-grade trading platform used by a select set of leading forex brokers.В launched in 2011 exclusively by fxpro, this beginner friendly software offers high-speed execution with a cleaner user interface than competing metatrader software.

A little-known fact:В 35% more ctrader users are profitable compared to the industry average.В this surprising statistic comes from spotwareвђ™s internal calculations and highlights why ctrader has become metatraderвђ™s main competitor. But what is it about ctrader that makes traders more profitable?

ECN only: unlike metatrader and most other broker-owned platforms,В ctrader only functions as an ECN (electronic communication network) platform. This means that it will only connect traders direct to the global forex market and wonвђ™t allow for any dealing desk intervention, whether automated or not.

No broker intervention: ctrader is ECN only because spotware themselves manages all the infrastructure behind ctrader and the interface you download from your broker, is just that, an interface. The broker can alter commission and spreads, but the price feed and market data cannot be modified.

Single login: because spotware manages ctraderвђ™s infrastructure, the ctrader ID you receive when you first log in to the application will never change. This is especially useful as you wonвђ™t have to remember new passwords or account numbers, even if you switch brokers.

Spotware is invested in your success: ctrader is also offered to brokers on a platform-as-a-service basis, and brokers pay spotware based on volume traded, meaning that the more traders succeed with ctrader, the more spotware profits. The result is that spotware has a real incentive to provide traders with the best chance to trade profitably.

These differences are all enshrined in spotwareвђ™s founding motto:В traderвђ™s first. This guiding mindset has led spotware not only to ensure that ctrader is an intervention-free platform but also forced them to make transparency and community focus an integral part of ctraderвђ™s business model.

Itвђ™s important to note that because ctrader is an ECN only platform, users will have to pay a commission on their trades. Because ctrader posts trades to market, brokers do not have an opportunity to charge a fee in the spread and will always charge a commission instead for their service.

How to choose a ctrader forex broker?

All ctrader brokers are safe due to the platform infrastructure preventing broker intervention, and most of them are very strong all-round. But it is essential to look at the detail of each ctrader broker to find out what differentiates them from each other. В when looking for a ctrader forex broker, it is important to judge them on the following areas:

Trading conditions:В this includes what kind of spreads are available, how much leverage is offered, and how many currency pairs are available. These factors will directly impact your profit or loss, so you donвђ™t want any surprises.

Commission: how much commission is charged is an important aspect of all ctrader brokers. Itвђ™s also important to consider what currency the commission is charged. If your account currency is different from the commission currency you will want to be mindful of the exchange rate.

Minimum deposit:В this changes by account type for many brokers, with higher minimum deposits often linked to better trading conditions. We will always highlight the minimum deposit available regardless of the account type.

Deposit and withdrawal methods:В all brokers accept traditional payment types such as debit/credit cards and bank transfers, many accept online payments through skrill and neteller, and some will also accept bitcoin. Always check for deposit and withdrawal fees, a few brokers charge a percentage fee for some withdrawals methods, making large drawdowns very expensive.В

Ctrader platforms

Ctrader offers three versions of its trading platform, and while the same indicators, objects, layouts and themes are present across all three versions, there are minor changes to functionality:

Ctrader download:В the desktop version is the most feature-complete version of ctrader, download the application for any windows PC or laptop. Unfortunately, for mac users, there is no native application, and you will have to rely on ctrader web or create a system partition to run windows applications. Itвђ™s important to note that ctrader copy will only run in the web version,

Ctrader web:В the ctrader web version is almost as feature-complete as the desktop version except for a few changes. Charts are locked, so they cannot move up and down, and ctrader automate is unavailable.

Ctrader mobile:В available on ios and android, the ctrader mobile app is perfect for traders on the go and has 26 timeframes and over 50 indicators available. Charts have been redesigned for mobile with features such as pinch-to-zoom, fling to scroll forward or backwards, and double-tap to re-centre.

Ctrader forum

Theв ctrader forumв is a place for all ctrader users to post suggestions to the developers for new features for the platform, get support from the community and stay on top of any product announcements and other news. Spotware continuously improves ctrader with enhancements stemming mostly from community feedback; this regular interaction with traders results in several platform updates and upgrades a year.

Ctrader ID site

The ctrader ID site is a personalised toolbox for anyone holding a ctrader ID. It provides traders with several tools to control their accounts and connect to other traders, apps, and resources.

Standout features include:

Credential management: traders can view a list of demo and live trading accounts they own with each broker under the same ctrader ID.

Push notifications: traders can alter email and mobile push notifications regarding changes and events on their trading accounts.

Security: allows traders to view and revoke active sessions and control which devices are authorised to use ctrader.

Ctrader vs MT4

Advocates of ctrader will tell you that it is more beginner-friendly thanв MT4В and offers high-speed execution with a cleaner user interface. Those who have used both platforms will probably agree with this statement, but in the interest of balance, here are some of the main advantages and disadvantages

Ctrader advantages vs MT4

Your platform neednвђ™t be open and connected to your broker to keep aв trailing stop lossв functioning like with MT4.

The вђ˜depth of marketвђ™ function is easier to use (colour-coded and different profiles available) than mt4вђ™s.

Ctrader has several features that make the platform more user-friendly than MT4. For example, on the right side, the chart there is a distance scale in pips (e.G. 50 pips). This is useful for beginners because it gives them an idea of what 50 pips looks like without having to use the crosshair tool to take measurements.

Ctraderвђ™s data sets (for backtesting trading robots) are more complete than mt4вђ™s and support real tick data backtesting. MT4 often doesnвђ™t have real tick data available.

Ctraderвђ™s crosshair tool measures pips while MT4 measures points. This makes it easier to make measurements, especially for a beginner. If you measure 50 pips with ctrader, you see 50. If you measure with MT4, you see 500.

Ctrader has a built-in copy trading feature.

Ctrader has a FIX API, and its coding language is more versatile than MQL4. The FIX API allows for total portfolio management with a trading bot. For example, a trader could perform cross-instrument trading with a statistical arbitrage robot. This type of trading is not possible with MT4 because each EA only performs calculations on one chart window at a time.

Ctrader disadvantages vs MT4

The minimum lot sizing on some stock index cfds (e.G. GER30) are inconsistent with forex pairs and some other stock indices.

Frequent updates can cause delays when you open the platform; this can be a problem if you need to manage a position urgently from your desktop.

The MT4 community is much larger than that of ctrader. On the MT4 platform, you can access thousands of eas, and online forums have much more information

Should I choose ctrader?

Ctrader is a welcome alternative for traders who want a cross-broker trading platform with a reputation for transparency, rapid product development and high-speed trade execution.

With clear improvements in trade management and visual aesthetics in comparison to metatrader 4, traders who trade with ctrader tend to stick with the choice.

Because ctrader does not support market maker brokers, it will never be an industry standard, but for those willing to pay commission on trades, it is a great platform choice.

Forex risk disclaimer

Trading forex and cfds is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.В

Forex and CFD transactions involve high risk due to the following factors: over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (learn more from theв FCAВ or fromв ASIC)

Our methodology

Ourв state of the market reportв andв broker directoryв are the result of extensive research on over 100 forex brokers. The explicit goal of these resources is to help traders find the best forex brokers вђ“ and steer them away from the worst ones вђ“ with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.В

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more aboutв how we rank brokers.В

Top 10 online forex brokers

The FX market is the world’s most traded market, with an average turnover of more than US$5.3 trillion per day. Forex trading is essentially buying one currency while selling another. Currency values rise and fall against each other due to important factors such as economic stability and geopolitics. The goal of forex traders is to…

A contract for difference (CFD) is an investment instrument developed to allow market traders the benefits of possessing shares, indices, forex, and commodity positions without actually owning the underlying instrument itself. The market trader enters into a contract with a CFD at a specific price, and the difference between that price and the price that…

Top 4 brokers

More than cfds and forex, xtrade is a diverse platform

With each year that passes, currency exchanges are becoming more popular and forex has become a major market for traders across the globe. In order to facilitate this growth, xtrade has offices in five continents across the globe. The company, founded in 2003, is an international leader in currency exchange and contracts for difference (CFD). Xtrade has powerful tools for its users and besides forex and cfds, the firm also enables its users to trade commodities, indices, shares, and a number of other assets. One of xtrade’s most powerful tools is its knowledge database and educational tools for traders. They allow traders to stay up to date and learn the best methods for trading successfully.

An app for trading on the go: plus500

Plus500 is a firm that facilitates the online trade of a variety of assets such as commodities and indices. The israeli company – based in the sun-bathed city of tel aviv – is also a leader in trading foreign currency exchanges, more commonly known as forex, and contracts for difference (cfds). Plus500, which has branches across the globe including the united kingdom, cyprus, and australia, is listed on the london stock exchange. The company excels thanks to its innovative technology which allows traders to work on their schedule. Plus500’s simple and intuitive app (for both apple and android) facilitates trading on mobile devices.

Online forex and CFD trading starts with FXCM

FXCM, known formally as forex capital markets, is a company traded on the new york stock exchange and a provider for online trading. The firm is a publicly held company and facilitates the trading of a variety of assets. FXCM specializes in foreign currency trading, also known as forex, and cfds – contracts for difference. Similarly, the US-based company also offers trading opportunities on commodities such as gold, oil, and silver, indices, and many other services. By using FXCM’s online versatile online platform, users can trade from across the globe. FXCM also offers the users of its platform a set of invaluable tools to help them produce successful trades with positive outcomes. These tools aim to educate the traders as well as to allow them to analyze current markets and make effective and efficient decisions.

Iforex leads by promising quality customer service

After leading the industry for almost a decade, iforex has gained vast experience in the online trading of various assets. The company, which was founded in 1996, created an online platform in 2004. The platform is an equalizer because it allows traders to access it in their native language. As an international player, this enables users to trade with the comfort and ease of working in their own language. Iforex prides itself on the highest quality customer service and a promise to bring its traders the most innovative technology. Iforex enables the trading of foreign currency exchanges (forex), commodities and shares, and a number of other objects.

Welcome to mitrade

Online trading forex, gold bitcoin and more

Forex (FX) trading is the practice of trading currencies against each other. Also known as currency or foreign exchange trading, it is the largest investment market in the world with a high degree of liquidity - making it a popular way to diversify your financial portfolio. Along with cash markets, there are other choices for traders within forex that include futures, forwards, contracts for difference (cfds), and options.

Forex trading is increasing in popularity all over australia, resulting in the appearance of many new brokers. This can present a challenge in making the best choice. This article will help you understand forex trading and compare the 10 popular options so you can find the best suitable forex broker in australia who fits your needs.

Traders profit on forex when the currency bought increases in value when compared to the currency sold.

The components of a forex trade can be expressed through the following terms:

Currency pair

Currency pairs are expressed as quotes between currencies, particularly the value of one currency when compared to another.

For example: EUR/USD = 1.30 means that every euro costs $1.30, with the base currency being the euro and the quote currency being the USD.

Exchange rate

The exchange rate is a similar quote, defined as the rate at which one currency is exchanged for another.

Using the above example, the exchange rate is expressed as follows: EUR/USD = 1.30

The amount of the quote currency (USD) required to buy the base currency (EUR) is $1.30.

Let's view the real-time exchange rate of EURUSD on mitrade platform.

Will you buy or sell EURUSD? - get started

An F/X quote is similar to the exchange rate and currency pair. It is expressed by two figures representing the bid/selling price and the ask/buying price.

For example: EUR/USD = 1.00/1.30

The quote above means that every 1.00 euros costs $1.30 USD.

The spread is the difference between the selling and buying or bid/ask prices. For most brokers, particularly those offering “no commission” trades, the cost of the trade is built into the spread.

The spread is calculated by pips, units used to denote the difference in the quote.

For example: EUR/USD = 1.1000/1.1001

The spread in the above quote would be expressed as 1 pip.

F/X strategy: long vs. Short

Going long or short in forex trading is essentially making a bet on whether the base currency will rise or fall.

Long position: when the trader takes a long position they do so with the hope that the base currency will go up.

Short position: traders taking short positions do so with the expectation that the base currency will go down in comparison to the quote currency.

Closing a position refers to the action of exiting the trade.

Leverage or margin refers to credit given to the trader by the broker in order to place larger positions on trades. It is the ratio of the funds actually put down by the trader when compared to the amount borrowed by the broker.

Traders willing to take large risks use leverage as a way to magnify their gains by trading larger volumes.

Rates of leverage can vary greatly depending on the broker, from as low as 2:1 to 500:1.

For example, with 500:1 leverage, a trader can place a $2500 position with $5. While the potential for profits can be massive with leverage it also can create tremendous losses. This makes it suitable for advanced traders with experience.

Discover leverage trading with mitrade ➤ trade now !

There are many benefits to forex trading that include:

● no commissions

Since most forex brokers make money through the spread they are able to offer low or no commissions on trades.

● no fixed trade size

Low minimum trade sizes allow more traders to enter the market.

● 24/5 trading

Traders can operate around the clock, 24 hours a day, 5 days a week.

● leverage

Leverage offers the potential for massive gains with low upfront amounts through credit offered by brokers, but also increase the risks of losing money.

● high liquidity

Currency is highly liquid and can be transferred immediately following the closure of a position.

● low barriers to entry

Most brokers offer lower deposits, zero commissions and demo accounts, giving access to traders across all experience levels.

* the following forex brokers for australia is just for your reference. There are still many other good forex trading platforms outside our list and they may be more suitable for you than anyone on our list. (this list is also in no particular order. )

Platforms: proprietary web platform for phone and desktop

Average spreads: mitrade charges low spread and no commission on a floating basis where the spread displayed depends on the product being traded. ( AUD/USD: 0.0007*)

Mitrade global is an online trading broker based in melbourne australia that is regulated by ASIC. The brokerage features a wide range of instruments including forex, commodities, major indices and cryptocurrencies trading, and almost 100 other leveraged instruments. The clean and intuitive trading platform features an easy-to-use interface designed to simplify trading for both beginner and advanced traders.

Regulated by ASIC and featuring negative balance protection, mitrade is a wise choice for traders looking for security. As a multiple award winner, mitrade has earned an enviable reputation built on trust in the marketplace.

+ lower deposit requirement

+ lightening-fast execution from 0.1s

+ simple and intuitive platform

+ $50 trial bonus for new clients and other promotions

2. Thinkmarkets

Regulations: FCA, MIFID-ESMA, ASIC

Platforms: mirror trader, MT4 desktop/web, proprietary desktop/web, MAC platforms

Minimum deposit: $250 * AUD

Average spreads: USD/JPY: 1.0* pips, AUD/USD: 0.8* pips, USD/CHF: 1.0* pips

Based in australia and regulated by ASIC, thinkmarkets is an australian forex broker that is also very popular in the asian market. Featuring a proprietary trading platform called thinktrader, thinkmarkets is popular with both beginner and advanced traders.

2. IC markets

Regulations: ASIC, CYSEC, offshore

Platforms: ctrader desktop/web, mirror trader, zulutrade, MT4/MT5 dekstop/ web

Minimum deposit: $200 * AUD

Minimum spreads: EUR/USD–0.0* pips, gold–0.00* pips, S&P 500–0.6* pips, bitcoin–5.0* pips

Based in sydney, IC markets is one of the biggest global names in forex brokerage. With a focus on ECN brokerage, it serves clients in legal jurisdictions and is regulated by ASIC.

+ offers high-quality ECN accounts with exceptionally high execution speeds

+ low spreads for the majority of markets offered

+ waived fees for breaks in trading

+ no-fee deposits and withdrawals

3. FP markets

Platforms: MT4/MT5 desktop/web, proprietary desktop platform, MAC platforms

Average spreads: EUR/USD–0.45* pips, SPX500–0.2* pips, gold–0.2* pips, BTC–2.0* pips

FP markets is an ECN STP forex broker that holds a strong position in the australian market. In business since 2005, FP markets has a strong reputation for compliance and is regulated by ASIC.

+ wide range of account types

+ extensive stock brokering service

+ excellent base currency offering

+ low spreads and commissions.

4. Pepperstone

Regulations: FCA, ASIC, DFSA, offshore

Platforms: ctrader desktop/web, zulutrade, MT4/MT5 dekstop/web, MAC platforms

Minimum spreads: EUR/USD–0.13* pips, gold–from 0.5* pips, S&P500–from 0.4* pips, bitcoin– from $10*

Pepperstone is a highly-regarded forex broker established in 2010 that has grown to become the 11th largest forex trading brokerage in the world. Based in australia, pepperstone offers an extensive suite of trading options for both beginner and advanced clients.

+ allows trading techniques like hedging and scalping

+ implementation of social and copy trading features

+ premium traders have a wide range of benefits that reward high volumes of trades

5. Vantage FX

Regulations: FCA, MIFID-ESMA, ASIC, offshore

Platforms: zulutrade, MT4/MT5 dekstop/web, MAC platforms

Minimum spreads: EUR/USD–0.1* pips, gold–0.1* pips/lot, SPX500–2.7* pips, US shares–$6*/trade

Founded in 2009, vantagefx is a trusted australian forex broker that is regulated by ASIC in addition to the FCA and CIMA. With a strong reputation regulatory compliance, vantage FX is one of the most trusted brokers in australia.

+ demo account provided to allow new users to learn the platform risk-free

+ selection of 6 base currencies for varied f/x trading

6. CMC markets

Regulations: MAS, FCA, MIFID-ESMA, ASIC, IIROC, FMA, CBRC

Platforms: proprietary web platform

Average spreads: CMC markets only offers floating spreads which are the price difference between the ask and bid that change depending on the market.

Founded in 1989, CMC has an excellent reputation reported to be the first to perform online currency trades. Based in london with offices in sydney, CMC is regulated by ASIC.

Regulated by ASIC and featuring negative balance protection, CMC markets is a wise choice for traders looking for security. As a multiple award winner, CMC markets has earned an enviable reputation built on trust in the marketplace.

+ choice of trading platforms

+ bonus given with $0* deposit

+ special benefits through active trader program

+ guaranteed stop-loss tool

8. Ava trade

Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, offshore, FSC (british)

Platforms: mirror trader, zulutrade, MT4/MT5 web, proprietary web, MAC platforms

Average spreads: EURUSD-0.9*, GBPUSD-1.6*, USDJPY-1.1*, gold-0.28*

Headquarters are in dublin, ireland, ava trade also has offices in sydney in addition to other major centers in the world. The broker supports smaller trades while also serving larger traders too and is compliant with regulations across five continents.

+ negative balance protection

9. Hantec markets

Regulations: FCA, ASIC, FMA, offshore

Platforms: MT4 desktop/web, MAC platforms

Minimum deposit: $1000* AUD

Average spreads: EUR/USD: 0.2*, GBP/USD: 0.5 *, USD/JPY: 0.5 *, USD/CAD: 0.6 *, AUD/USD: 0.6 *

Founded in sydney in 2008, hantec markets has been in operation for longer than a decade and growing in size and reputation. Fully regulated by ASIC, the brokerage has a reputation of trust among traders with trading availability in more than 100 markets and 50 forex pairs.

10. Easy markets

Regulations: MIFID-ESMA, ASIC, CYSEC

Platforms: proprietary web platform

Average spreads: EUR/USD–1 * pip, SPX500–0.5 * pips, gold–75* pips, BTC/USD–35*$

Regulated by ASIC and featuring negative balance protection, easy markets is a wise choice for traders looking for security. As a multiple award winner, easy markets trading platform has earned an enviable reputation built on trust in the marketplace.

+ extensive number of base currencies

+ wide range of deposit and withdrawal methods

* kindly note that the information is accurate at the time of writing this article, but might change in the future. Past performance is no guarantee of future results. Please refer to their official website for the exact figures.

There are many factors to weigh in when choosing a forex trading broker such as trading instruments available, commissions, fees and the type of trading platform. Other critical factors include:

→ ease of withdrawal and deposit

→ variety of trading platforms

The best forex brokers and trading platforms for beginners take safety, ease of platform use, and leverage into account. While most brokerages cater to every experience level, beginner traders will benefit from simpler platforms and lower leverage levels.

Advanced platforms like the metatrader MT4/MT5 can be difficult for beginners getting started.

The clean and intuitive interface proprietary platform may be considered a better trading platform for beginner traders in australia.

Personally, I feel that trading on mitrade's platform is very simple and orders are executed quickly.

The platform is minimal-looking, intuitive, and much “cleaner” compared to metatrader,

Also important is the availability of a demo account so beginners can learn the intricacies of forex trading prior to using their own money.

Why mitrade is the right forex broker for you？

Mitrade is an online forex and CFD broker providing traders a simplified trading platform to trade across the global markets. We are driven to change the way people trade forex, providing low-cost conditions and good trading experience across all forex, commodities, indices, and cryptocurrencies cfds with the security of financial regulation.

Mitrade provides 5*24 hours online live support, supporting users to trade on the web and mobile APP for iphone, android, and tablets.

Mitrade doesn't require you to download any files, you just need to log in to your online account and just focus on trading.

✔️ regulated by ASIC (AFSL 398528)

✔️ simple and intuitive platform

✔️ almost 100 most popular trading tools

✔️ competitive transaction threshold conditions

✔️ protect your account from negative balances

✔️ trade at any time with web and mobile apps

✔️ try $50,000 demo account to experience CFD trading without risk

Start trading today ››

How to trade forex effectively with mitrade australia?

1 login mitrade account / choose demo or real account, register online

When opening a trading account, you don't need to deposit if you are not ready to invest. The demo account provides with 50000 dollars virtual currency. (trade now→ )

2 deposit / initial capital

Depending on the market you want to buy and the leverage you use, deposit the margin into your trading account.

3 find out trading opportunities

You can work with mitrade's trading tools (such as strategy / economic calendar / news ) to explore the trading possibilities when the market fluctuates

4 make a buy / sell position

Based on your prediction about the market, place a long - short order via mobile trading app or web version. Also, set up the take profit, stop loss, sell limit, etc. On the order.

5 track positions, take profits and cut loss

Track the price of the market you trade using the mitrade tool to see if it is currently profitable.

Currently, mitrade supports leverage of 1:200 on AUDUSD, SPX500, NAS100 . And also gives you 50 USD trial bonus for free trading.

Mitrade currently offers two promotions:

→ $50* trial bonus, take the winnings within 48 hours

→ get cumulative trading points and receive up to $3,000* bonus!

Start trading today ››

How much do you need to start trading forex with mitrade?

It depends on what forex trading platform you use and what markets you will trade. There only need about 50 AUD deposits when you open an account with mitrade.

How to use leverage in forex trading?

To use the leverage ratio you must multiply the funds used by the margin amount. For example, if the leverage ratio is 200:1, then a trader can trade $200,000 on a currency pair with a $1,000 deposit.

What is a stop-loss order? How do you execute a stop-loss order on mitrade?

A stop loss is a market order that automatically closes a trading position when it reaches a predetermined level. To execute a stop loss on the mitrade platform you must input the amount on the dealing order before hitting the “buy” button.

What factors can affect foreign exchange rates?

Foreign exchange rates are affected by events that govern the countries issuing the currencies. Factors include economic and geopolitical events, monetary policy the overall health of the economy. Traders often look to the economic calendar for the latest news governing the values of currencies and how they affect exchange rates.

What is the best time to trade forex in australia?

The forex market operates 24 hours a day during the normal business hours across four different parts of the world and their respective time zones. The overlap times are considered to be favourable such as the U.S./london markets overlap between 8 a.M. To noon EST and the sydney/tokyo markets overlap between 2 a.M. And 4 a.M. EST.

How to verify if a forex broker is regulated in australia?

To verify that a broker is on the list of ASIC regulated forex brokers, visit the broker’s website and find the disclosure text at the bottom of the website to find the AFSL number. The next step requires a visit to the ASIC website to validate the regulatory status and verify the numbers.

Is forex trading taxable in australia?

Yes, any gains made from forex trading are subject to the tax laws of australia.

Is forex trading legal in australia?

Yes, forex trading is legal for all brokerages regulated by ASIC.

What forex should I trade now?

The most popular currency pairs include EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, USD/CNY, and USD/CHF.

The content presented above, whether from a third party or not, is considered as general advice only. This article does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Mitrade does not represent that the information provided here is accurate, current or complete. Mitrade is not a financial advisor and all services are provided on an execution only basis. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks. *CFD trading carries a high level of risk and is not suitable for all investors. Please read the PDS before choosing to start trading.

On-the-go trading on mobile app and web

Provide a full range of quality column content for global investors

Risk warning: are a leveraged product and can result in the loss of your entire capital. Trading may not be suitable for everyone. Please consider our PDS, FSG, risk disclosure statement and client agreement before using our services and ensure that you understand the risks involved. You do not own or have any interest in the underlying assets.

Mitrade does not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of our products.

All of our products are over-the-counter derivatives over global underlying assets. Mitrade provides execution only service, acting as principle at all times.

Mitrade does not issue, buy or sell any cryptocurrencies nor is it a cryptocurrency exchange.

This website is owned and operated by mitrade global pty ltd ABN 90 149 011 361, AFSL 398528. This AFSL authorises us to carry on a financial services business in australia. Contact mitrade at cs@mitrade.Com.

The information on this site is not intended for residents of the united states, canada, japan, new zealand or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For certain jurisdictions, card processing service is provided by mitrade services ltd (a company registered in england and wales under number 11804044 with registered address at 27 old gloucester street, london, WC1N 3AX, united kingdom). Mitrade services ltd is wholly owned subsidiary of mitrade global pty ltd.

Best forex brokers – top 10 brokers 2021 in ukraine

How should you compare forex brokers, and find the best one for you? In our forex brokers reviews list, we have taken into account a wide range of ranking factors, from fees and spreads, to trading platforms, charting and analysis options – everything that makes a broker tick, and impacts your success as a trader.

The “best” forex broker will often be a matter of individual preference for the forex trader. It may come down to the pairs you need to trade, the platform, currency trading using spot markets or per point or simple ease of use requirements.

But we can help you choose…

Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.

Forex brokers in ukraine

How to find the best forex broker

The main criteria for finding the best forex brokers in ukraine 2021 are these – we will expand on each area later on in the article:

Trading conditions/fees – this is the most important part of your global forex broker appraisal. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawals fees, or inactivity fees.

Market coverage – you need to be able to trade the fx pair or product of your choice/preference.

Accessibility and affordability – beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £ / € equivalent). It might be worth investing more for a platform that suits you better, so stay open minded.

Trading platforms – the forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform?

Mobile trading apps – being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web based version.

Deposits and withdrawals – you have to move funds to and from the broker, quickly and preferably cheaply. The deposit/withdrawal methods supported by the forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.

Reputation – people talk. It is well worth listening to what traders say about a forex broker they have already tried.

Regulation – when push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place.

Customer support – you need someone to talk to when you run into problems with your deposits, actual trading, or – god forbid – withdrawals. Competent support is a must. From opening an account, to help with the platform, customer support can be important.

Company background and history – knowing the past exploits of your forex broker can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated, and held safely and securely.

Education – it never hurts to improve your understanding of how the forex markets work and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools.

Account opening / registration – is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening a trading account has been problematic in the past.

Broker costs

The services that forex brokers provide are not free. You pay for them through spreads, commissions and rollover fees. Low trading fees are a huge draw.

The fee structures differ from one forex broker to another, and even from one account type to another. There are two widely used basic setups.

The broker charges a spread only. All other fees – with the exception of the rollover rate – are included in the spread.

Besides the spread, a commission is charged as well. This commission is based on the amount you trade.

Spreads

Of these two forex broker fee arrangements, the second one is arguably the more transparent. That said, the commission/spread combination may not be the cheaper choice in every instance.

The spread can be fixed or variable. Fixed spreads are always constant. ECN broker may even deliver zero spreads. Variable spreads change, depending on the traded asset, volatility and available liquidity.

A currency market and spread go hand in hand.

Daily spreads may only differ slightly among brokers, but active traders (or even hyper active traders) are trading so frequently that small differences can mount up and need to be calculated to compare trading costs.

The lowest spreads suit frequent traders.

Some brokers focus on fixed spreads. There are indeed 1 pip fixed spread forex brokers out there too.

Forex brokers with low spreads are certainly popular. Do take commission and rollover/swap into account as well with such brokers though.

What is the rollover rate?

Forex positions kept open overnight incur an extra fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.

Forex pairs traded

While most forex brokers offer impressive-looking selections of currency pairs, not all of them cover minors and exotics. Does the broker offer the markets or currency pairs you want to trade?

If you are trading major pairs (see below), then all brokers will cater for you.

If you want to trade thai bahts or swedish krone as the base currencies you will need to double check the asset lists and tradable currencies.

Majors

The aussie dollar ans swiss franc, while considered ‘minor’ pairs, are often traded in high volume. You can read more about those here: aud/usd or usd/chf

That said, there are brokers out there that will truly go out of their way to cater to their traders’ needs. Some will even add international exotics and currency markets on request.

Such flexibility is obviously a major asset, positively impacting the overall quality of the service.

What about crypto?

Cryptocurrency pairs are quite ubiquitous nowadays. Crypto/fiat and crypto/crypto pairings are both popular.

The massive volatility associated with these products makes scalping a viable strategy for profitable trading.

Some traders are in the forex game specifically to trade the crypto volatility. Such operators obviously need a forex broker that features as many crypto pairs as possible.

Micro accounts

Not everyone trades forex on a massive scale. In fact, many forex traders are small-timers. Such forex clients appreciate forex brokers’ micro accounts, some of which have the US dollar as their base currency.

Some forex micro accounts do not even have a set minimum deposit requirement. Such cheap trading options certainly make sense for those looking to dive deeper into real money trading, without risking their life savings.

Note however that the spreads/commissions on such micro accounts tend to be quite adverse.

It is however, a cheaper introduction to a complex market (similar to cfd accounts) – and trading for real beats a demo account for genuine experience learning how to trade.

Trading platforms

Forex trading platforms are more or less customisable trading environments for online trading.

They provide traders with technical analysis tools, live news feeds, diverse order types, automation, advanced charting and drawing options etc. Some may include sentiment indicators or event calendars.

Metatrader 4 or 5

Integration with popular software packages like metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.

Trading view

Tradingview is also a popular choice. Some forex brokers allow their traders to trade directly on the world’s top social trading network.

Proprietary solutions are often interesting, though in some cases less than optimal. For traders who base their strategies on the use of eas and VPS, a proprietary platform that does not support such features, is useless.

While we are discussing strategies: not all forex brokers support strategies such as hedging, scalping and eas.
Make sure you understand any and all restrictions in this regard, before you sign up.

If you want scalping, see if your broker is a forex broker for scalping.

For those who want to trade on the go, a mobile trading app is obviously important. While all forex brokers feature such apps these days, some mobile platforms are very simplistic.

They lack all the advanced analysis and market research features, and as such, are hardly useful.

Tools & features

From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience.

Again, the availability of these as a deciding factor on opening account will be down to the individual.

Level 2 (or level II) data is one such tool, where preference might be given to a brand delivering it.

Deposits and withdrawals

There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another. Such disparities mostly result from the internal procedures observed by different brokers.

At one given broker, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well.

Otherwise, the payment process largely hinges on the accepted money transfer methods.

It would make sense for brokers to adopt as many such methods as possible, yet some still fall well short of the mark.

Education

Some traders may rely on their broker to help learn to trade. From guides, to classes and webinars, educational resources vary from brand to brand.

A broker however, is not always the best source for impartial trading advice. Consider checking other sources too – such as our trading education page!

Payment methods

The most common methods are bank wire, VISA and mastercard. The majority brokers tend to accept skrill and neteller too.

Forex brokers with paypal are much rarer. The same goes for forex brokers accepting bitcoin.

We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency.

Proper forex brokers always provide a local-specific payment solution to their target countries.

Customer feedback

Based on actual user feedback, forex broker reputation can best be gleaned from various community review sites and forums.

You have to take this type of feedback with a grain of salt, to say the least.

First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased.

Secondly: not all of this feedback is factually correct. Furthermore, there is no way to actually fact-check/verify this data. Even sites like trustpilot are blighted with fake posts or scam messages. There is no quality control or verification of posts.

That said, it is still relevant. If there’s a forex broker about which no one has ever said anything good, chances are it might have issues. To the trained eye, genuine trader reviews are relatively easy to spot.

The utter lack of community feedback is red flag as well. People always have something to say about their forex broker or trading account. Therefore, something is definitely amiss if there is no information available in this regard.

Regulation

Regulation should be an important consideration if trading on the forex market. Whether the regulator is inside, or outside, of europe is going to have serious consequences on your trading.

ESMA (the european securities and markets authority) have imposed strict rules on forex firms regulated in europe. This includes the following regulators:

ESMA have jurisdiction over all regulators within the EEA

The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (or x30). Outside of europe, leverage can reach 1:500 (x500).

Traders in europe can apply for professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).

Outside of europe, the largest regulators of trading accounts and brokers are:

These cover the bulk of countries outside europe. Forex brokers catering for india, hong kong, qatar etc are likely to have regulation in one of the above, rather than every country they support.

Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.

So to reiterate, an ASIC forex broker can offer higher leverage to a trader in europe.

Offshore regulation – such as licensing provided by vanuatu, belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.

Regulators such as ESMA (european securities and markets authority) generally frown upon bonuses.

Forex brokers not affected by ESMA can afford to give you potential extra value through promotions. Those same ESMA rules are also why some brands are duty bound to display warnings about CFD trading creating a “risk of losing all your money“.

Security

Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security.

Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed.

A worthy consideration. Some regulators will set a higher benchmark than others – and being registered is not the same as being regulated.

Account security also differs among brokers. Some may offer the additional layer of protection of 2FA (two-factor authentication) to ensure only you have access to the account.

Demo accounts

Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances.

Try as many as you need to before making a choice – and remember having multiple accounts is fine (even recommended).

FX leverage

For european forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in europe. Assets such as gold, oil or stocks are capped separately.

In australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.

Just note that higher leverage increases potential losses, just as it does potential profits.

Company history

A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers. It will also likely blacklist them.

This practice creates a sort of online trail, an operational history of sorts, highlighting the past sins of currently “reputable” forex brokers.

What’s interesting about this history is how little exposure it receives. You actually have to scour the archives of regulators to happen upon such relevant bits of information.

Bonus

From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that.

Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your forex trading choice.

Also always check the terms and conditions and make sure they will not cause you to over-trade. Many have time limits or turnover requirements.

Additional account details

When comparing brokers, there are also other elements that may affect your decision. These will not affect all traders, but might be vital to some.

Order execution types

Once you click the “open trade” or “enter” button in your trading interface, you start a rather intricate process. Your broker uses a number of different methods to execute your trades.

Exactly which method it uses for a particular trade will be reflected in the price you pay for it. Some brokers only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution.

If you are looking for this method specifically, you will need to seek out an ECN forex broker.

Ecns are great for limit orders, as they match buy and sell orders automatically within the network.

Some other options that your forex broker can use are:

Order to the floor. Mostly used for stocks. This execution type is handled manually, through actual trading floors/regional exchanges. It is therefore extremely slow.

Order to third market maker. This execution type involves a third party, which is a market maker. This party is the one handling the order.

Order to market maker. This method is essentially the same as the above one. The market maker handles trade execution. Some market makers pay brokers to send them orders. Thus, your order may not end up with the best market maker.

Internalization. When using this method, the broker matches the order from its own inventory of assets. This execution method is therefore extremely fast.

Order execution is extremely important when it comes to choosing a forex broker. It also goes hand-in-hand with regulatory requirements.

Broker reporting

Both ESMA and the US’s SEC require brokers to report the quality of the execution their services provide. Regulators aim to make sure that traders get the best possible execution.

Mifid II sets clear guidelines in this regard. Online forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis.

This may seem tedious, but it is the only way to head off fraud. The prices are compared to the public quotes. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.

If it routes the trader’s order through a less-than-optimal path, it has to disclose this fact to the trader.

These examples yet again showcase the importance of a proper regulatory background.

Account types

From cash, margin or PAMM accounts, to bronze, silver, gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to level II data, settlement or different leverage.

Micro accounts might provide lower trade size limits for example.

Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the forex contracts markets.

So research what you need, and compare it to what you are getting.

Scams

Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;

Were you ‘cold called’? Reputable firms will not call you out of the blue (this includes emails, or facebook or instagram channels)

Are they offering unrealistic profits? Just stop and consider for a minute – if they could make the money they are claiming, why are they cold calling or advertising on social media?

Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.

If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.

With all these comparison factors covered in our reviews, you can now shortlist your top forex brokers, take each for a test drive with a demo account, and select the best one for you.

We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award ‘5 stars’ to your favourite!

Read who won the daytrading.Com ‘best forex broker 2021‘ on the awards page.

Difference between A broker and A market maker?

A broker is an intermediary. Its primary (and often only) goal is to bring together buyers and sellers. By matching orders, hopefully automatically, without human intervention (STP), a broker fulfils its task. For this service, it collects its due fees.

A market maker on the other hand, actively creates liquidity in the market. It always buys and it always sells, acting as a counterparty to traders. Should your forex broker act as a market maker, it will in effect trade against you.

The conflict of interest in this setup is obvious, but it does happen.

The bottom line

Hopefully, you now understand some of the methods we’ve used to create our forex brokers ranking list.

Picking the right broker is no easy task, but it is imperative that you get it right. While we can point you in the correct general direction, only you know your personal needs. Take them into account, together with our recommendations.

Forex broker reviews

Use this table with reviews of the top forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these forex brokers might not accept trading accounts being opened from your country.

If we can determine that a broker would not accept your location, it is marked in grey in the table.

So, let's see, what was the most valuable thing of this article: compare the best brokers and CFD providers in one place. Find an account that matches your experience and investment preferences. Open an account online in minutes. At best forex broker australia xtrade