Scores

Brokers

Unboxing

In the box

Cost

Total score

Select up to three brokers for comparison

We tried our best to design our comparison table so that you can use it on the screen of your mobile phone, however, Superchoice man told us that desktop size provides substantially better viewing and comparing experience. If you can, please use larger screens.

CriteriaSpeed of account openingMinimum depositLeverageDeposits & WithdrawlsCustomer supportEducationResearchSpeed of executionProduct portfolioSpreadsCommissionsHidden fees

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Under 2 Hours! Very quick verification by ICM.

$200 We prefer brokers to have no min. deposit.

500:1, IC Markets offering the industry standard.

16+feeless funding options across 10 currencies.

24/7 support with IC, ahead of the standard 24/5.

IC Markets have an education hub with videos, blogs and quality educational content.

Market News, Technical and fundamental analysis + Autochartist and TradingCentral content.

Avg. <40millisecond execution, minimal latency and slippage.

220+ Tradable products, across various markets.

0.0 Verified by Superchoice Forex.

$3.5 a side per lot, the industry standard.

No hidden fees.

Verified within the hour! Great work Fusion.

No minimum deposit!

500:1 available, the industry standard.

5+ feeless Funding Methods, only in AUD.

24/5 + A ‘white glove specialist’. Fusion Markets had notably good quality support!

Lack of educational support.

Only a telegram chat, no on site support.

Low latency and slippage.

90+ currency pairs + access to a range of markets.

0.0 Verified by Superchoice Forex.

$2.25 a side per lot, massively undercutting the industry standard.

No hidden fees.

Verified within 3 hours!

$100 account opening deposit.This is different to a minimum deposit, as clients must deposit to open the account.

500:1 available, the industry standard.

12+ fee free funding options across 10 base currencies.

24/5 support, it is a bit slow as I waited 25 min for an agent to respond.

‘Traders hub’, with high quality, detailed educational material.

‘Traders hub’ also features both technical and fundamental analysis.

Low Latency, no dealing desk or requotes.

10,000+ Products, a huge offering from FP!

0.0 Verified by Superchoice Forex.

$3 a side per lot, slightly ahead of the industry std.

No hidden fees.

Verified within 2 hours! Nicely done Pepperstone.

$200 minimum deposit. We prefer brokers to have no min. deposit.

500:1, nice work!

11+feeless Funding Options, 10 Base Currencies.

24/5 Support, high quality customer support.

Have a range of basic educational materials to support clients.

Feature fundamental and technical analysis, news and forecasts.

~30ms execution speed, however frequent slippage.

150+ products across a range of markets.

0.0 Verified by Superchoice Forex.

$3.5, the industry standard.

No hidden fees.

Verified within 4 hours!

$200 or $500 for their ECN account.

500:1 leverage available.

5+ feeless funding options on 8 currencies.

24/5 but slow as took over an hour to respond.

They provide some reasonable educational materials.

They have very limited resources here, losing a point.

Low Latency, 100GB/s bandwidth servers.

180+ tradable products.

“From 0.0” advertised but we were unable to find a live spread of 0.0.

$3 a side per lot, slightly ahead of the industry std.

No hidden fees.

FXCM Verified within 3 hours!

No minimum deposit!

400:1 leverage available, behind the standard.

7 feeless funding options in AUD, NZD and USD.

24/5 Support.

Great range of educational products.

Great education, with daily live webinars on session opens, offering some great insights.

Avg. 20 millisecond order fill, and low slippage.

39 currency pairs, and very limited portfolio.

Spread based pricing, terrible spreads. Avg EURUSD spread is 1.2.

N/A. Only spread based pricing.

No hidden fees.

Overall Winners

These are the winners from all the brokers we reviewed. IC Markets and FP Markets both scored 11/12 and secured themselves the gold medals. Pepperstone  scoring 10/12 gained the position of the second best broker and Vantage FX together with Fusion Markets with the scores 9/12 ended up in the third position.

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.