Australians have a wide range of options when it comes to online brokers for both Forex and Stock markets. In fact, Wikipedia states that The Australian Stock Exchange (ASX) is the 16th largest in the world, with $1.44 trillion in total market cap.
Every brokerage firm in this country is regulated by the Australian Securities & Investments Commission (ASIC), so citizens are assured of reliability here.
On the flip side, brokers should provide an array of features in order to attract customers in terms of currency pairs, tight spreads, low trading fees, trading and analysis tools, mobile app, and so forth. Also, it is essential for traders and investors to read the trading costs fine-print and make sure the broker offers the asset class they wish to trade before opting for certain options. Pay attention to whether brokers include advanced security measures such as two-factor authentication and see if the customer service is dependable or not.
In this guide, we would like to provide comprehensive reviews based on the investfox.com data on top Australian brokers and check what kind of beneficial features they employ. As a result, Australian residents will have a clear idea of which option works the best for them.
We would like to begin our list with one of the most famous brokers in Australia, called XM. It offers all kinds of features that a trader can dream of, starting with multiple trading accounts and a minimum deposit of $5. In terms of trading accounts, you will come across a total of 4 options – Micro, Standard, XM Ultra Low, and Shares accounts, so the needs of both novice and experienced traders will be met on this website. Also, XM offers over 50 digital coins and CFDs on cryptocurrencies, precious metals, the most competitive spreads, energies and equity indices, and no rejection of orders.
XM is also famous for providing the industry’s leading trading softwares, such as MT4 and MT5, and also their own XM platform, available for both desktops and smartphones. According to the investfox expert review, you will come across more than 1,000 financial instruments comprising a total of 55 Forex pairs. It is worth noting that there is a 0% commission and spreads start from just 0.6 pips on all major currency pairs. Lastly, XM covers an extensive database of research and learning content in terms of videos, webinars, tutorials, seminars, podcasts, trade ideas, and so on.
Capital.com holds licenses from various regulators such as ASIC, FCA, FSA, CySEC, and NBRB. This fact speaks volumes about the safety and legitimacy of the broker. You will come across more than 140 Forex trading pairs comprising major, minor, and exotic ones for people looking for enhanced volatility. Spreads are very competitive on Capital.com and there is a 0% commission. What’s more, you don’t have to pay any fees for opening an account, or depositing/withdrawing money and major pairs can be traded here at a spread of just 0.6 pips as of writing.
The broker comes with comprehensive trading tools, charts, real-time pricing, technical indicators as well as the industry’s leading trading softwares. Also, if you wish to take a look at market insights, news, webinars, and an economic calendar, there are excellent analysis tools on Capital.com As for leverages, Australian citizens have a chance to use the leverage of up to 1:30 when trading major pairs here. As investfox review uncovers, you can trade minor and exotic currency pairs with leverage of up to 1:20. All in all, getting started on this broker is super easy as it requires only $20 as a minimum deposit.
If you are looking for a budget option in Australia, then eToro might be the best broker for you. This one is also licensed by several companies, including ASIC, CySEC, SEC, and the FCA, and has been active since 2007 with high customer engagement. eToro offers a wide range of minor, major, and exotic currency pairs and there is 1 pip on pairs like USD/EUR and USD/JPY. The broker provides CFDs in the form of commodities and indices when it comes to Forex trading and Australian residents can take advantage of leverage.
One of the most appealing features of eToro is that it allows users to copy positions of expert traders with the help of a copy trading tool. This tool is suitable for all types of traders including newbies and experts who don’t have sufficient time to research the market. Also, the broker allows Australian citizens to purchase shares in this country at 0% commission – from just $10 per trade. However, compared to the brokers mentioned above, eToro includes a relatively higher minimum deposit which is $50, but keep in mind that it supports payments via debit/credit cards, e-wallets, and bank transfers.
Australian residents who want to take advantage of a raw spread account will greatly benefit from Pepperstone since you have the possibility to purchase and sell Forex pairs with spreads that start from 0 pips, but you have to pay a commission of $3.50 for every 1 currency lot traded. Moreover, users can experience commission-free trading with the help of standard Forex trading accounts.
In terms of trading softwares, customers will come across a wide range of options, such as MT4, MT5, cTrader, and TradingView. What’s more, Pepperstone provides a lot of minor, major, and exotic pairs, and the maximum leverage limit for retail clients in Australia is 1:30. When it comes to payment options, we have to note that Pepperstone accepts an array of methods such as credit and debit card deposits, POLi, BPay, bank transfers as well as several e-wallets.
Hence, if you wish to get your hands on 0% commission accounts, raw spreads from 0 pips on major pairs, and multiple trading platforms, Pepperstone is certainly an excellent destination as we read in investfox.com review.