Best Forex Trading Platform Australia Comparison

2. IC Markets – Lowest Spreads and Fees

IC Markets an Australian based CFD broker offering ultra-competitive forex spreads while charging low trading and account fees. The regulated broker holds an AFSL (Australian Financial Services License) issued by ASIC (Australian Securities and Investments Commission) and therefore is seen as one of the best brokers for currency trading in Aussie.

The table below shows the minimum and average spreads for different currencies against the Australian Dollar. Few brokers can compete with IC Markets institutional-grade pricing, with clients’ having the ability to trade the fx financial instruments listed below at spreads as low as 0.0 pips in ideal market conditions.

The ECN-style spreads are due to IC Market’s top-tier liquidity providers and No Dealing Desk (NDD) execution. To ensure traders can access the tightest spreads possible, the regulated broker sources prices from 25 different financial institutions including major European, American and Australian banks.

Commission Fees for MetaTrader and cTrader Platforms

Commission fees vary between trading platforms. For traders’ signed up to a Raw Spread Account a commission fee of $3.50 (per lot/per side) will be incurred when using MetaTrader 4, while those trading on cTrader will pay a commission fee of $3.0 per USD 100,000 traded.

Trading Account Fees

As well as tight spreads and low commission fees, clients trading with IC Markets mostly incur no fees when depositing or withdrawing funds. Traders’ face no fees when withdrawing funds via credit/debit card and domestic bank wire, yet a processing fee of AUD $20 is charged for international bank wire transfers. When it comes to depositing funds into trading accounts, IC Markets customers’ have a range of payment methods available as shown below.

It is easy to start trading with IC Markets, the process of signing up is efficient and a low initial deposit of $200 is required. Once signed up, traders’ can access a range of CFDs in addition to foreign exchange markets, such as Cryptocurrencies, Indices, Commodities, Stocks, Bonds and Futures.

3. CMC Markets – Best CFD and Share Trading

CMC Markets is a London based forex broker, yet the companies Sydney hub caters to the unique requirements of Australia’s retail forex market. The broker is highly regarded for its impressive market access, with traders able to trade over 330 currency pairs among other CFDs. The tight ECN-like spreads CMC offers are not restricted to major currency pairs such as EUR/USD, with the ability to trade more exotic Asian-Pacific fx pairs at competitive spreads as well.

As well as a large selection of forex pairs to trade, CMC clients’ can take CFD positions in an impressive range of financial instruments.

• Commodities: 100+ cash and forward commodity instruments
• 90+ cash and forward global indices
• 2000+ Australian shares, 9000+ international shares and 1000+ ETFs (Exchange Traded Funds)
• 55+ treasury products
• 10+ Cryptocurrency products

Proprietary and MetaQuotes Trading Platforms

CMC Markets clients’ can execute trades using their proprietary web-based platform, Next Generation, or MetaTrader 4. For traders’ wanting to access CMC Markets full product range, they are required to use Next Generation as MT4 only provides market access to Forex, Indices and Commodities. As well as greater market access, the Next Generation platform has a wider range of inbuilt features such as pattern recognition, watchlists, guaranteed stop-loss orders, Reuters news and an economic calendar.

As mentioned in our CMC Markets Australia review, when executing trades on the brokers proprietary trading platform, users’ can access trading accounts via a webtrader platform or mobile apps compatible with iOS and Android. MT4 is a desktop-based platform and has trading apps available for iOS and Android devices.

View CMC Markets Review >>Visit CMC Markets>>

4.easyMarkets – Best Beginner Trading Platform

EasyMarkets is a well-established Australian forex and CFD provider that holds an AFSL issued by ASIC. For investors’ wanting an easy introduction to forex trading,easyMarkets is an excellent option due to its user-friendly proprietary trading platform and easy-to-use risk management tools.

TheeasyMarkets web trading platform offers a simpler interface than MetaTrader 4, providing an intuitive yet versatile platform for traders’ wanting to gain experience.

When trading forex viaeasyMarkets webtrader platform customers’ are given access to a range of fx pairs with a simple pricing structure. Fixed spreads on forex are inclusive of commission charges, while account management costs are low with no deposit or withdrawal fees. Minimum deposit requirements suit those new traders’, as only $100 is needed to open a trading account. Additionally,easyMarkets prides itself in transparency, with information such as Product Disclosure Statements (PDS) and FAQs displayed clearly on the broker’s website.

Tools available on the web trading platform that are useful for traders new to foreign exchange markets include:

• Freeze rate: halt the market and place orders taking advantage of favourable price movements
• Deal Cancellation: pay a small fee to ‘insure’ trades for 60 minutes
• Inside Viewer: provides market sentiment stats allowing users’ to view whether the majority of traders’ are buying and selling.

Contract for Difference (CFD) products available to trade througheasyMarkets web trading platform include:

• 136+ forex pairs with fixed spreads with free guaranteed stop-loss orders (GSLO)
• Metals such as gold, silver, copper, platinum and palladium
• Energy commodities including Crude Oil, Brent Crude and Natural Gas
• Agricultural commodities such as cotton, sugar and cocoa
• Indices that track major markets around the globe including S&P 500, NASDAQ, Australian ASX and the US dollar index.
• Cryptocurrency CFDs derived from Bitcoin, Ethereum and Ripple

If a trader is wanting to sign up witheasyMarkets yet the brokers’ proprietary platform lacks advanced tools required, MetaTrader 4 can be downloaded as a desktop platform. TheeasyMarkets MT4 platform provides access to the same product range as the brokers proprietary platform, with a wider selection of order types and advanced risk management features.

Compare Beginner Platforms>>Visit easyMarkets>>

5. FP Markets – Good Automated Trading Tools

FP Markets is an Australian forex broker regulated by ASIC in Australia and CySEC in Europe. When trading with FP Markets, customers gain access to over 10,000 CFDs derived from Forex, Commodity, Index, Shares and Cryptocurrency asset classes.

When signing up to FP Markets, traders can choose between a no commission Standard account or a Raw, ECN-like account that charges a flat rate commission fee yet offers tighter spreads. Regardless of account type, traders can conduct analysis and place orders using IRESS (the broker’s proprietary platform), MetaTrader 4 or MetaTrader 5, depending on the tools and market access a trader requires.

MT4 and MT5 are available as tablet and mobile trading apps as well as web trader and desktop platforms.

Automated Trading

To utilise FP Markets an extensive range of automated trading features customers should use either MT4 and MT5 platforms. Both social-copy and algorithmic trading tools are provided through MetaTrader’s Expert Advisors and Myfxbook AutoTrade’s copy trading service.

Expert Advisors

Expert Advisors (trading robots) enables MetaTrader users to develop algorithmic trading strategies using the MQL4 or MQL5 programming languages. Expert Advisors (EAs) fully automate CFD and forex trading, allowing traders to save time monitoring as well as entering and exiting financial markets (according to the EAs preset parameters). MT4 and MT5 both offer backtesting facilities to assess and optimise algorithmic trading strategies. When using MT4, only a single currency can be backtested at a time while MT5 offers multi-currency backtesting.

If you are a beginner trader and do not want to write your own Expert Advisors, then there is the option to download EAs and indicators from the MetaTrader marketplace. As MT4 and MT5 are popular trading platforms preferred by many retail investor accounts around the world, MetaTrader users gain access to a huge trading community where trading strategies and ideas can be shared.

Myfxbook AutoTrade

AutoTrade is a third-party provider that allows FP Markets customers to automate their trading strategies via copy-trading services. To find systems to copy, AutoTrade users can seek out systems that suit their trading objectives by assessing experienced traders trading history, results and risk profile. The account mirroring service also connects customers to the Myfxbook community, where traders can discuss ideas and learn from seasoned investors.

To enjoy Myfxbook AutoTrade’s features for free on FP Markets MT4 and MT5 platforms, traders are required to have been signed up to Myfxbook for 3 months, executed a minimum of 100 trades while having at least $1,000 in their trading account.

6. ThinkMarkets – Best Proprietary Mobile App

ThinkMarkets is an ASIC, FCA and FSCA regulated broker offering ThinkTrader, the brokers fully functional proprietary trading app. Available on both iOS and Android devices, the mobile app provides a range of tools to assist traders to conduct analysis and place orders on the go.

Account Types

Although ThinkMarkets offers an ECN-style account type (ThinkZero) with ultra-tight spreads, customers wanting to trade on the proprietary platform are restricted to a Standard account type. Unlike the commission fees charged to ThinkZero traders, Standard account holders pay no commission fees when trading forex and the broker’s other CFDs. Spreads can be as low as 0.4 pips on major currency pairs while averaging 1.4 pips.

Mobile App Features

The ThinkTrader mobile and tablet apps offer the following trading tools and features:

• A full set of advanced charting tools to analyse CFD and forex markets
  • 100+ technical indicators
  • 40+ objects
  • 12 timeframes
  • 10 charts
• TrendRisk Scanner: Market trade scanner that detects trading opportunities and applies risk management tools
• Traders can close all orders for a particular asset with one click using the apps multi deal closure feature
• Efficient alerts and notifications with cloud-based alerts delivered even when a trader is not logged into their account
• Mobile traders can view four real-time charts with the apps quad display
• In-app account management with the ability to easily deposit and withdraw funds

When using the ThinkTrader app, customers can trade a selection of asset classes with major and minor fx pairs, commodities, share CFDs, indices and cryptocurrencies.

The trading app is well-reviewed on Apples App Store, with over 15,000 5 star reviews. Users can use ThinkTraders mobile app in conjunction with the online broker’s tablet trading apps or the proprietary desktop trading platform. ThinkMarkets also is a negative balance protection forex broker ensuring traders can’t lose more than there deposit.

View ThinkMarkets Review >>Visit ThinkMarkets >>

7. IG Markets – Best Market Access

Founded in 1974, IG Markets is a well-respected broker offering an extensive range of CFDs. For traders’ wanting a diversified portfolio comprised of different asset classes, IG is an excellent option with 6 Cryptocurrency CFDs, 68 currency pairs, 10,000+ Shares and over 100 Indices.

To start trading with IG Markets, a customer is required to choose either the brokers proprietary platform, MT4, or the Direct Market Access (DMA) platform L2 Dealer.

The brokers proprietary web-based platform is suited to both novice and experienced traders. Investors’ can utilise a range of useful features such as analysis tools, fast execution and automated trading features to assist with the ins and outs of trading.

IG Markets desktop L2 Dealer platform is designed to provide experienced traders’ Direct Market Access to Share and Forex markets. Deep liquidity, market depth and order books allow investors to access competitive prices in a professional trading environment. When trading Forex with DMA, buy and sell prices are sourced directly from major financial institutions rather than brokers’ spreads, while commission is variable depending on the trade size.

Many retail traders are loyal to MetaTrader 4 because of the automated trading features like Autochartist and Expert Advisors (EAs). Similar to Pepperstone’s Smart Trader Tools, IG Markets offers 12 MT4 add-ons such as Sentiment Trader and Market Manager to supplement the platforms in-built charts and indicators.

As well as webtrader and desktop platforms, IG Markets clients’ can place orders via trading apps. Purposefully designed apps are available for iPhone and iPad (iOS), and Android mobiles and tablets.

Open a demo account >>Visit IG Markets >>

8. eToro – Best Social Trading Platform

For traders wanting a pure social trading platform, eToro is a popular option. With over 13 million traders, the broker hosts the largest social trading network worldwide. As well as oversight from the Australian Securities and Investments Commission (ASIC) in Australia, eToro is regulated by US and European financial authorities, eToro is seen as a trusted broker by many forex traders.

eToro customers can use the brokers proprietary social trading platform to copy the trading strategies of experienced traders, known as Popular Investors. The account mirroring service allows you to search for Popular Investors to copy, based on their past performance, location and risk profile.

The eToro social trading platform is incredibly user-friendly and provides market access to multiple asset classes. Over 2,000 forex and CFD products are available to trade, including shares and cryptocurrency. Other eToro platform features include:

• One-click trading
• ProCharts: a technical analysis tool to compare charts
• Risk management tools such as order types. i.e. trailing stop-loss orders
• Offline trading and demo accounts

As well as copying Popular Investors trading strategies that involve a single financial instrument, eToro offers a portfolio management service called CopyPortfolios. This allows traders to invest in a bundle of instruments and asset classes or alternatively a portfolio of the broker’s top-performing investors.

• Top Trader Portfolios
• Market Portfolios