An essential tool that any forex trader needs to have is a good broker. The tools and features that a broker provides will ultimately decide whether or not the trader has good experience trading in the market. The good news for the traders based in Australia is that there are plenty of exciting options in the list of forex brokers that they can trust. Here, we have compiled a small list that will help you decide on the best forex brokers in australia there is down under.
Best Forex Brokers In Australia
1. XM
Founded in 2009, XM is a popular online trading company that has grown tremendously in recent years. Currently, it serves more than 2,400,000 clients from more than 196 countries and has 120 offices in which more than 450 employees work. To the benefit of clients, XM provides a wide range of educational resources and tools to enhance their knowledge and improve their trading acumen. XM’s customer support services are available in more than 30 languages.
Pros
Well-regulated in top-tier financial markets
Offers negative balance protection
Provides trading ideas
Low CFD fees
Trading can be done with 1200 stock index CFDs and 57 currency pairs
Account opening is quick and automated
A minimum deposit is just $5
Cons
The portfolio is mainly limited to Forex and CFD
It doesn’t offer fundamental data
2. HotForex
A forex trading services broker, HotForex gives access to clients to trade in a variety of financial instruments, like shares, forex, cryptocurrencies, and indices. For those looking to trade in commodities, HotForex has a range of metals, energies, and agricultural options to choose from. HotForex has its headquarters in St. Vincent and Grenadines and is regulated by CySEC.
Pros
Multiple trading platforms
High leverage option
Low spread accounts
Multi-language and quick customer support
Strong regulation
Bonuses are available
Offers a wide variety of trading instruments
Educational resources and tools
Cons
Does not accept clients from the US
Bonuses are not provided for EU clients
3. Exness
Exness came into existence in 2008 as a forex broker and has so far managed to hold on to its own in the middle of a financial landscape that is constantly changing and competitive. Regulated by CySEC and FCA, Exness strives for delivering transparent and effective financial services to its clients. Some of its features, like the minimum deposit of $1, a competitive cost structure, MT4/MT5 trading platforms, 107 currency pairs to trade, etc give it an edge over other service providers on the market.
Pros
Unlimited leverage
Instant automated withdrawals 24/7
Lowest spreads
Free VPS hosting
Stable trade execution
Commission-free Standard accounts
Options for trading with MT4 and MT5
Options for trading in different financial instruments
Cons
Supports only 7 cryptocurrency pairs and 40 stocks
Services are not available for US citizens and residents
4. OctaFX
OctaFX is a St. Vincent and Grenadines-based online broker that is operational in more than 100 countries serving over 1,500,000 clients. To enhance the security of traders, OctaFX follows compliance with anti-money laundering (AML); the segregation of client deposits and provides negative balance protection. The broker offers traders the choice between MT4, MT5, and cTrader platforms to carry out their trading activities.
Pros
Low minimum deposit
Competitive spreads
A wide range of services for copy traders
Availability of MT4, MT5, and cTrader platforms
Fast market execution
Provides deep market liquidity
Offers negative balance protection
Offers demo account
Cons
The amount of tradable assets is limited
The stop-loss feature is not guaranteed
5. EasyMarkets
EasyMarkets was established in 2001 with the sole intention of making trading facilities and features accessible to not just wealthy institutions and individuals but also to the general public that could invest just $25 as an initial deposit. Since then, the journey for the broker has been a spectacular one with it providing a dedicated trading platform through which users can trade in more than 200+ financial instruments using built-in analytical tools and features. Trading with EasyMarkets is secure and safe for all kinds of traders.
Pros
Easy-to-use web platform
Deal Cancellation feature
Support MetaTrader 4
No commissions
No order slippage on the web platform
Competitive fixed dealing spreads
Negative balance protection
Free guaranteed stop-loss feature
Cons
Clients from certain countries, like the US are not accepted
Some features do not work on MT4
