Our story

SuperChoice started as a small group of Forex fanatics with backgrounds in various different areas. Philip and Tim both came from a finance background working in equities, derivatives and CFD’s, offering great insight into the forex industry. Prior to SuperChoice’s birth, Laura specialised in user experience research and was passionate about human centred design and offered an artistic touch. Tom was a retail trader with experience trading CFD’s across a number of asset classes and brokers, bringing in a background in SEO and website optimisation. Together we offer a large skillset and unique insights into the Forex industry, making the dream team to build a web brand reviewing organisation in the Forex space.

Whilst researching brokerages we just weren’t happy with the reviews we could find; some websites only reviewed dodgy, unregulated brokers, whereas other websites seemed to have hidden agendas; only promoting a select few brokers across all of their pages. Having done extensive research of different Forex brokerages ourselves, we just weren’t satisfied with broker review websites and thought there must be a better way…

After talking amongst ourselves, we decided that we could do things better and brainstormed a fun, unique and reliable way to review brokers, rating the brokers based on criteria that we, as traders, cared about!

From our collaborative brainstorm SuperChoice Man was born! We figured that we could help traders make a Super Choice in selecting their Forex broker and have fun while doing it.

Our mission

SuperChoice is by traders, for traders. We review brokers based upon the factors that traders REALLY care about, without any bias. We aim to help all levels of traders whether new or market veterans, to trade with the best security, pricing, and trading conditions available on the market.

We want to help traders pick the best broker, simple as that. We research brokers and put in the leg work so that you don’t have to, when choosing who to trade with. From market veteran to newbie, we can help find the best broker for you!

Our reviews

We use independent reviewers

One of the most frustrating things we found whilst researching brokers was that so many reviews seemed to be ads in disguise, or heavily biased to an affiliate broker. Our reviewers are all independent and do not benefit from promoting any particular brokerage. This allows us to give you accurate, trustworthy recommendations.

Simple and logical scoring

How we score brokers is straight forward: either SUPER, good, or bad. 
Brokers are rated upon three steps: unboxing, in the box and cost of the box. For brokers to get the points they must be market competitive in the criteria areas. Through making a simple and logical scoring system, we recommend brokers based on what traders actually care about and value.

How we selected the Top 5 brokers

Having extensively researched numerous brokers, we decided upon certain aspects that brokerages must abide by:

  • Safety: All of our top 5 brokers are ASIC regulated, ensuring client money is safe
  • Good quality: All our top 5 brokers offer the globally renowned MetaTrader 4 Terminal
  • Market Competitive: Our top 5 brokers are all highly market competitive

Our criteria selection process

Unboxing
In this section we assessed what’s actually important to traders upon opening an account. Speed of opening was an important criterion we found, as nobody likes waiting for days to have their documents verified. Another criterion that traders valued was a low minimum deposit, so that the brokerage is accessible to traders with less capital. The final criteria in the unboxing stage is the leveraging capabilities offered by the brokerage, as leverage is the retail traders lifeline.

In The Box
The first criteria in this section is deposits and withdrawals: what good is a broker if you can’t get money in or out of them! Brokers must have multiple deposit and withdrawal methods to get this point. The next important criteria is customer support, as it is vital for traders to be able to contact the brokerage with any issues etc. Most brokerages offer 24/5 customer support. 
We found education to be important to traders selecting their brokerage, and this is why education was made a criterion for brokers to offer. This ties in with the next criterion: research. It is important for brokers to keep their traders updated with market research, to keep them informed of potential opportunities.

Having minimal latency is essential in trading, which is why speed of execution is one of our criterion. The final criteria of In The Box is one of the most important to many traders: the tradable products portfolio offered by the broker. It is essential that traders can take advantage of opportunities across various different markets.

Cost Of The Box
This is the most self explanatory section of the review, as commissions, spreads and hidden fees can really eat into a traders profitability. Here we rate brokers on how market competitive their pricing is.

Leverage

In terms of trading, leverage is borrowed capital that allows you to increase your potential profits or losses. In Forex a common leverage amount offered is 100:1, meaning that for every $1 you have you can control $100 in equity.

Margin

Margin is the collateral you must keep in your account to maintain a leveraged position.

Open A Forex Trading Account

Opening a trading account with an Australian Forex Broker is an easy process that can typically be completed within a matter of minutes. To open an account with a forex broker there are three main steps:

  1. Fill out personal information
  2. Verify account with documents
  3. Client Qualification questionnaire

To open an account, you will need to provide your full name, nationality, email and phone number. Once you’ve completed these and set up a password you will typically be asked to choose the type of account and the trading platform, as well as your base currency. You will also be asked for your country of tax residence and tax details (TFN for Australians). Typically, providing specific tax information such as TFN is not compulsory. Brokers will also ask if you are a politically exposed person. The final personal information you must provide is your contact information, including your full address and how you would prefer to be contacted

The next section is financial information. Here you must provide your employment status information, annual income bracket and liquid net worth. Once you are through this section, the broker will ask your about your trading experience (Years) on securities, options, commodities, futures, CFD’s and OTC Forex Exchange, and if you understand the risk of margined transactions.

The client questionnaire assesses whether your knowledge of CFD’s is suitable for opening an account.

Margin Call

A margin call is a demand from the broker for the client to deposit funds to meet margin requirements for open/closed positions.

Short Position

A short sell is a position where the trader anticipates the price of an instrument to decrease, and sells a borrowed asset to buy it back in the future.

Long Position

A long position is a buy position, where the trader anticipates the price of an instrument to increase.

Test2

This is a test, all systems go!

Indicator

An indicator is something that assists traders finding where to enter and exit trades. An indicator could be calculated like a moving average or RSI or a drawn support/resistance level.