We opened ASIC-regulated forex trading accounts and tested the forex apps each broker offers on several Apple and Android devices. We listed our trading preferences based on our first-hand demo and live account testing.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our team believes that functionality is the key to a trading app. It needs to offer quick trade execution and a robust set of advanced features like analytics and charting. Equally important is the app’s ability to perform well even in Australia’s inconsistent reception, which constantly fluctuates between 4G and 5G, ensuring you’re always connected to the market.
After functionality, ease of use of the app. This is crucial for traders of all levels, with an intuitive interface making a huge difference. The app should also provide real-time quotes for major currency pairs, as timely data is essential for effective trading decisions.
Our list of the best forex trading apps is:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.00 | ASIC, SCB, CySEC | 1.0 | 1.0 | 1.2 | 0.06 | 0.73 | 0.27 | $3.50 |
|
|
|
143ms |
$250 (Raw) $500 (Standard) |
40+ | 250+ | 500:1 | 500:1 |
|
|
9.33 |
ASIC, FCA CySEC, DFSA |
1.12 | 1.69 | 1.22 | 0.10 | 0.60 | 0.30 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
7.17 |
ASIC, CySEC, MFSA FCA, FSA, FINRA GFSC |
1.0 | 2.0 | 1.0 | - | - | - | - |
|
|
|
130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
|
|
8.83 |
FCA, CIRO, ASIC MAS, JFSA, FSCM KNF, NFA/CFTC |
0.6 | 0.9 | 0.7 | - | - | - | - |
|
|
|
- | $0 | 70+ | 4+ |
|
||
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
|
6.0 |
ASIC, FINMA FCA, MAS |
1.20 | 1.8 | 0.9 | - | - | - | - |
|
|
|
135ms | $2000 | 209+ | 9+ | 50:1 | 50:1 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
7.17 |
ASIC, MAS, FCA CIRO, FMA, BaFin |
1.12 | 1.30 | 1.64 | 0.5 | 0.9 | 0.6 | $2.50 |
|
|
|
138ms | $0 | 338+ | 19+ | 30:1 | 500:1 |
|
We created a list of ASIC-regulated brokers and the trading apps they offer. We compared these forex apps based on weighted criteria from functionality and ease of use to execution speeds.
Forex Panel Score
Average Spread
EUR/USD = 1.0
GBP/USD = 1.0
AUD/USD = 1.2
Trading Platforms
MT4, MT5,
TradingView, Capitalise.ai
Minimum Deposit
$250
Why We Recommend Eightcap
We liked how Eightcap pairs seamlessly with the MetaTrader 5 (MT5) app, a top choice globally for CFD trading. With Eightcap, traders can tap into an extensive range of CFDs, particularly in the Crypto domain, and benefit from some of the tightest spreads through their RAW account. These strengths make Eightcap and MT5 the go-to combo for Aussie CFD traders keen on mobile trading, whether on an Android or Apple device.
Pros & Cons
Broker Details
Eightcap is the best MT5 broker with superior trading execution with tight spreads
We were impressed with the 2023 enhancements of the Eightcap MetaTrader 5 (MT5) trading app. Both execution speeds, the range of markets and the spreads had been improved. This was applicable across either of their trading account options, the standard or raw spread MT5 account. Of the two accounts, we recommend the Raw account as the overall trading fees are lower, and the minimum deposit requirement is lower at $250 AUD.
The MetaTrader 5 trading app is available on the Apple Store or Play Store for Android devices. Eightcap provides a demo account and integrates plugins like FX Blue and Capitalise.ai for those interested in algorithmic trading. We were especially pleased to see that Eightcap boasts the broadest array of CFDs, particularly in Cryptocurrencies. With over 250 instruments up for grabs, it’s unmatched by any other broker. Moreover, many of these pairs are available to trade against AUD, CAD, GBP, EUR, BTC, and, of course, USD.
Regarding spreads, our comparison of the Raw spread accounts showed that Eightcap ranks highly in competitiveness. We focused on spreads, execution speeds, and market range as the pivotal aspects when comparing MetaTrader 5 brokers.
|
ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
0.23 | 0.20 | 0.06 | 0.42 | 0.27 |
|
0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
|
0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
|
0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
|
0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
|
0.30 | N/A | 0.30 | 0.50 | 0.40 |
|
0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
|
0.24 | N/A | 0.17 | 0.54 | 0.30 |
|
0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
|
0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
|
n/a | 0.30 | n/a | 0.60 | 0.50 |
|
0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Two additional platforms recently added to the Eightcap suite are Cryptocrusher and The Amazing Trader.
Cryptocrushers enhances the trading experience in the crypto market. Given Eightcap’s specialisation in crypto with over 250 tradable assets, this platform proves invaluable. It enables traders to customise orders with exact entry, target, and stop levels and provides comprehensive market trend insights along with exclusive indicators. There is also a 24-hour chat room for extra support.
The Amazing Trader is a charting algorithmic platform for FX, indices, cryptos, and metals with an in-built risk management tool that you can turn on and off at your discretion. If you maintain an account balance of over $500, the platform is available for free with its 28-day success program.
Final Verdict On Eightcap
In our assessment, Eightcap showcases an impressive MT5 broker package that marries tight spreads with rapid execution speeds and sophisticated trading attributes across a diverse forex and CFD market spectrum. The user experience of their trading app is top-tier, and their Australian-based customer support is commendable. This leads us to favour their MT5 app over many other renowned brokers.
Forex Panel Score
Average Spread
EUR/USD = 1.12
GBP/USD = 1.69
AUD/USD = 1.22
Trading Platforms
MT4, MT5, cTrader, TradingView, Capitalise.ai
Minimum Deposit
$0
Why We Recommend Pepperstone
We’ve seen that Pepperstone truly shines when paired with the MetaTrader 4 (MT4) platform, the most downloaded forex app in Australia. Their swift execution speeds, competitive trading costs, and top-tier customer service set them apart in the forex trading landscape. The Pepperstone and MT4 combination stands out as the premier choice for Aussies dedicated to forex trading.
Pros & Cons
Broker Details
Pepperstone offers the best trading experience for MT4 trading
Pepperstone’s impressive array of trading platforms and a broad spectrum of trading tools make it a preferred choice for mobile trading. One standout feature we experienced was the ability to secure competitive rates at impressive speeds. Their servers, housed in the NY4 Equinix data centres, contribute to minimising slippage risks.
Furthermore, Pepperstone’s customer support truly shines. They provide extensive 18-hour weekend support and full 24-hour coverage throughout the workweek.
Mobile App Features
MetaTrader 4 remains the most popular forex trading platform. Given the size of the community, this means there is good support for the platform. The Pepperstone MT4 app is available on the Google Play or the Apple Store.
Pepperstone facilitates MT4 trading on both the Standard and Razor accounts. The Razor account notably provides spreads averaging between 0 and 0.2 pips for the most sought-after Forex pairs and charges a commission of $3.50 AUD per side (totalling $7.00 AUD for a round turn). In contrast, the Standard account operates without commission, offering competitive average spreads that can go as low as 1.0 pips for EUR/USD. This account ideally caters to long-term traders who aren’t overly concerned with spread fluctuations.
You can further reduce your costs if you utilise Pepperstone’s Active Trader program, which rewards high-volume traders with rebates (check their website for more info).
The below table highlights Pepperstone’s average spreads compared with other major brokers. These are published on the broker’s website and updated monthly.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
|
1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
|
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
|
0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
|
0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
|
|
1.10 | 1.30 | 1.30 | 1.30 | 1.30 |
|
|
1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
|
1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Compare Lowest No Commission Spreads
We noted that the spreads on the Pepperstone standard account rank among the industry’s most competitive, making it an appealing option for traders who prefer no-commission trading.
Desktop and Web Trading Platforms
All of Pepperstone’s third-party platforms (listed below) are available as desktop or web trading platforms.
For those passionate about autotrading, cTrader offers an extra perk: the cTrader Automate feature, a handy tool for algorithmic trading. You can refer to our detailed reviews for insights on the Best Automated Forex Trading Platform and which brokers support algo trading.
Pepperstone also has a great range of social trading platforms, which include the popular MyFxBook, DupliTrade, and the native MetaTrader plugin, Trading Signals, all with their own specific trading advantages.
MyFxBook is suited for auto-trading (without the need for advanced coding skills), DupliTrade for proprietary FX signals, and Trading Signals allows you to access thousands of expert trading strategies from MT4 and MT5.
One of the aspects we truly appreciated about Pepperstone is its seamless integration, allowing traders to engage across various trading platforms using a single account. This is why it won the category for the best forex trading platform in Australia for its raw spread trading account. Factoring in their platform, spreads, and commendable customer service, we would readily recommend this broker for Australian traders.
Forex Panel Score
Average Spread
EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0
Trading Platforms
eToro Trading Platform
Minimum Deposit
$50
Why We Recommend eToro
We favoured how eToro’s proprietary trading app stands out in copy trading. While the app boasts various features, the advanced social trading capability truly distinguishes it, allowing users to identify and follow traders based on specific criteria effortlessly. With advanced controls, traders can seamlessly replicate the strategies of their chosen professionals. The expansive copy trader community and an app environment tailored for Aussies solidify our appreciation for eToro.
Pros & Cons
Broker Details
eToro’s Unique Copy Trading Platforms Is Designed For Copy Trading
We’ve had a solid experience with eToro’s stand-out Copy Trading Platforms. With a reputation for being the premier social investment network in the scene, eToro sits high on our list of social trading brokers. The platform is impressively user-centric, making it a suitable choice for those entering the world of trading. One distinct attribute of eToro’s social trading capability is its innovative CopyTrader and SmartPortfolios platforms, explicitly tailored for individual traders and fund managers.
Mobile App – eToro App Features
eToro’s proprietary app boasts several advantages, most notably its user-friendly interface with a strong emphasis on social trading. This is readily available across both iOS and Android platforms.
A notable observation is that contrary to many apps, eToro’s mobile version closely mirrors the features available on its web-based counterpart, making it a top choice for frequent mobile traders. Apart from its transparent fee structure, this intuitive app presents an array of over 3,000 financial instruments ready for trading.
eToro also offers the eToro Money app for Online Automated Trading Platform and money transfers, which also includes support for social trading. While it features a commendable 108 cryptocurrency pairs, the app might seem slightly limited for those seeking advanced charting or technical tools. Nevertheless, the rich research tools and the vibrant eToro social trading community make up for it.
Trading Accounts
eToro simplifies the trading account scene with just one option – the Standard Account. This account doesn’t come with commission fees, and though the Forex spreads average around 1 pip (a tad on the higher side), a cherry on top is the $100,000 credited straight into a virtual portfolio. This allows for real-time market trading practices using virtual funds.
You can also open a swap-free (or Islamic) account that complies with Sharia Law for a $1000 minimum deposit.
Desktop and Web Trading Platforms
The eToro trading platform shines brightest in its web-based form. You can access features like ProCharts, boasting 66 indicators, 13 drawing tools, and the added luxury of crafting a personalised watchlist on this platform. Also, eToro presents two social trading-focused platforms: CopyTrader and Smart Portfolios (previously known as CopyPortfolios).
CopyTrader has the retail investor in mind, allowing you to copy the successful trading strategies of experienced investors. If you are a professional trader, the Popular Investor program opens up an array of perks like spread rebates, monthly payouts, and even a management fee, provided you permit other traders to replicate your strategies. This program spans four tiers, ranging from Cadet to Elite.
SmartPortfolios is tailored more towards portfolio management. Consequently, it’s a boon for fund managers as it clusters traders into collective funds for copy trading. This design will likely appeal to independent and passive traders keen on diversifying or crafting a portfolio rooted in one or more CopyPortfolios.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
Forex Panel Score
Average Spread
EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.7
Trading Platforms
MT4, TradingView,
OANDA Trade (fx Trade)
Minimum Deposit
$0
Why We Recommend OANDA
We’ve experienced OANDA’s platform suites firsthand and hold their in-house FxTrade trading platform in high regard. This platform uniquely allows traders to overlay different currency pairs on a single chart, making comparisons a breeze. Additionally, the seamless transition between the web-based and desktop versions of FxTrade speaks volumes about its user-centric design.
Pros & Cons
Broker Details
OANDA Offers Top-Charting Capability For Quality Market Research
We’ve had the opportunity to explore OANDA, a well-respected broker known for its advanced charting capability through the TradingView mobile app and its extensive support for third-party platforms. With regulation in six tier-1 jurisdictions, we found OANDA a safe (low-risk) choice for forex and CFD trading. Additionally, they provide high-quality market research articles and consistent daily analysis updates.
Mobile App – OANDA FxTrade, MT4
Our experience with OANDA’s FxTrade mobile app was quite positive. With a user-friendly balance of features, the app, backed by TradingView, stands out for its charting tools. These include 32 technical indicators, 11 drawing tools, and 9 distinct chart types. Accessing a chart on the FxTrade app was straightforward – just a tap on the graph icon at the base of the watchlist.
We also appreciated the highly customisable interface covering notifications, charts, and order sizes. The fluidity of opening a trade ticket window directly from the charts was noteworthy. And for those who prefer MT4, it’s available with OANDA, compatible with both Android and iOS devices.
Trading Accounts
The two account options you have are Spread-only and Core Pricing trading accounts.
The Spread-only account is commission-free and boasts competitive spreads, starting at just 0.6 pips for EUR/USD (akin to a Standard account). On the other hand, the Core Pricing account maintains industry-standard commissions of $7 per round turn, with the minimum spread kicking off at 0.1 pips. Plus, with no associated funding costs and the capacity to trade in increments of 0.001 micro lots, it provides a distinct edge.
Web and Desktop Trading Platforms
We found that OANDA provides two primary web and desktop platform suites: the widely-used MetaTrader 4 (MT4) platform and OANDA’s very own FxTrade trading platforms. Their proprietary FxTrade trading platform suite presented a viable choice for charting, courtesy of its TradingView backing. It boasts over 80 indicators and the added feature of overlaying multiple currency pairs on one chart for a comparative look. Transitioning between the web and desktop versions of FxTrade was smooth as both platforms are identical to each other.
For fans of trading automation, The Seer Trading Platform supports algorithmic trading system development, which can be accessed through OANDA’s Marketplace. Additionally, OANDA supports a range of third-party platforms, largely charting-focused, such as TradingView, NinjaTrader, MultiCharts, and MotiveWave.
Forex Panel Score
Average Spread
EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1
Trading Platforms
MT4, MT5,
AvaTradeGo, AvaOptions
Minimum Deposit
$100
Why We Recommend AvaTrade
We discovered that AvaTrade’s AvaOptions provides some of the best trading features. Trusting a platform is essential, and AvaTrade’s oversight by top-tier regulators in six countries certainly adds to that trust. With AvaOptions, we had access to more than 50 forex pairs, options for forex and bonds, and a rich assortment of cryptocurrencies, not to mention the ease of trading shares, indices, and ETFs.
Pros & Cons
Broker Details
AvaTrade Offers Fixed Spreads, Perfect For Risk-Averse Traders
From our experience, AvaTrade, as a fixed-spread broker, has an edge over many competitors, especially in the unpredictable Forex market where spreads can fluctuate.
We’ve found that AvaTrade presents a diverse array of Forex and CFD trading platforms, inclusive of impressive copy trading options and reliable mobile capabilities. It’s crucial to mention that, although labelled as ‘fixed’, spreads might occasionally vary due to market turbulence and at specific times, notably for non-forex assets such as shares. However, most times, the spreads remain fixed.
Mobile App – AvaTradeGo, AvaOptions, MT4
AvaTradeGO and AvaOptions are two in-house trading platforms, available as apps with AvaTrade via Google Play or Apple Store.
AvaTradeGo impressed us with its market trend insights and trading analysis tools. This platform boasts syncing watchlists and a whopping 93 charting indicators. We also took note of the AvaProtect™ feature – a volatility safeguard mechanism that aims to mitigate risk and might even reimburse funds on unfavourable trades. AvaOptions, on the other hand, emerges as a distinct platform from AvaTrade, centred on options trading and facilitating trades over 40 currency pairs along with 14 preset trading strategies. They are also one of the higher-leverage Australian brokers.
You can also access the full MetaTrader suite (MT4 and MT5) and AvaTrade’s own social networking platform, AvaSocial, on Android and iOS devices.
Trading Accounts
From our investigation, the sole account option with AvaTrade is the Retail account. It functions as their commission-free account, setting the spreads for Forex at a starting point of 0.9 pips, a tad above what’s generally expected for a Standard-like account. Given these spreads are primarily fixed (though AvaTrade might adjust them during extraordinary or rare market fluctuations), it gives a hint as to why AvaTrade’s spreads might seem elevated compared to standard accounts.
If you qualify as a professional trader, you can obtain more competitive spreads at 0.6 pips. The minimum deposit is $100 to open an account with AvaTrade with no extra funding costs. AvaTrade’s fixed spreads are some of the best in the industry, as shown below in the module. They are even comparable to or better than some standard account spreads (as shown in the Pepperstone section.)
|
Fixed Account Spreads
|
|||||
|---|---|---|---|---|---|
|
0.90 | 1.10 | 1.50 | 1.50 | 1.00 |
|
0.60 | 0.80 | 1.00 | 1.00 | 0.70 |
|
0.70 | 1.20 | 1.50 | 1.30 | 1.00 |
|
1.94 | 2.36 | 2.11 | 2.05 | 1.83 |
|
1.60 | 1.90 | 1.70 | 2.10 | 1.60 |
|
3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Desktop and Web Trading Platforms
AvaTrade has a great range and a variety of trading platforms. This includes their two proprietary platforms (AvaTrade WebTrader and AvaOptions), the full MetaTrader suite, and the popular social trading platforms ZuluTrade and DupliTrade (accessible via WebTrader).
WebTrader platform won us over with its intuitive and responsive design. Moreover, it incorporates a set of trading tools from Trading Central. AvaTrade Go and the WebTrader platform incorporate AvaProtect, providing an additional layer of risk management.
Forex Panel Score
Average Spread
EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01
Trading Platforms
MT4, IG Trading Platform,
L2 Dealer, ProRealTime
Minimum Deposit
$450
Why We Recommend IG
We liked IG’s commitment to providing diverse trading platforms, notably in forex and CFDs. Their core platform is browser-based, tailored for on-the-go FX traders, with no need for downloads. This seamlessly syncs with their mobile apps for iOS and Android. They’ve incorporated tools like setting limits, stops, and timely price alerts via email or SMS. Additionally, their research suite and interactive charts, brimming with technical indicators, set them apart for Aussie traders seeking extensive market options.
Pros & Cons
Broker Details
IG Markets Offers Trading Platforms That Have Depth Of Features And Easy to Use
We’ve found IG Markets to be a standout with one of the broadest arrays of markets in the industry. With a staggering 17,000 tradeable instruments at one’s fingertips, it’s no surprise they’re a top choice for forex traders. Their financial instruments cover nearly every asset class, boasting 100 forex pairs, an impressive 13,000 shares, options, indices, futures, spot trading, bonds, and even interest rate products. All of these can be explored via IG Markets’ efficient mobile app, IG Trading (also referred to as IG Forex). Its neat design and user-friendly interface, with alerts, advanced charting, and sentiment readings, truly caught our attention.
Mobile Apps – IG Trading Platform, MT4
From our experience, IG provides two key mobile apps: the renowned MetaTrader 4 app and its premier mobile app, IG Trading, which can go toe-to-toe with the industry’s best. Additionally, they offer the IG Academy app tailored for education and IG Access for account safeguarding; however, neither facilitates trading.
We recommend beginning with the IG Trading app, which perfectly balances feature depth and usability, catering to novice and expert traders. The app’s charting tools are noteworthy, including 30 technical indicators, 20 drawing tools, and 16 time frame options. Their research suite incorporates news updates from Reuters, trading signals from Autochartist, and insights from PIA First.
You can also trade a greater range of forex and stocks using Direct Markets Access, which gives you visibility of the exchange order books.
Trading Accounts
There is one main trading account on offer: a CFD account (like CMC Markets) in addition to a DMA (Direct Market Access) account for professional clients or high-volume traders. There are no commissions for trading Forex with the CFD account, and the minimum spread for EUR/USD starts at 0.6 pips, a competitive offering. For shares traders, you will, however, pay commissions of 0.1% for share CFDs. Paying in USD gives you the added bonus of no minimum deposit, otherwise, it is $450 for credit/debit card and PayPal.
High-volume traders can access DMA (Direct Market Access) pricing through Forex Direct as long as they meet monthly FX volume requirements. A key perk here is the potential to benefit from lower average minimum spreads, beginning at just 0.1 pips.
Desktop and Web Trading Platforms
IG certainly offers a commendable range of trading platforms and tools, catering to traders across the spectrum of experience. Their proprietary application is both web-based and tablet-compatible, while MT4 also extends its versatility with web and desktop versions. They further supplement their suite with two specialised platforms: L2 Dealer and ProRealTime. The L2 Dealer platform, accessible via the DMA account, targets advanced share trading with a tiered pricing structure based on past monthly trading volumes.
ProRealTime is a leading charting software and trading platform, marrying electronic trading capabilities with technical analysis tools. This platform shines particularly when dissecting financial markets through detailed chart analyses.
Forex Panel Score
Average Spread
EUR/USD = 1.12
GBP/USD = 1.3
AUD/USD = 1.64
Trading Platforms
MT4, CMC NGEN
Minimum Deposit
$0
Why We Recommend CMC Markets
We found that CMC stands out as the best trading app for beginners, thanks to its extensive educational resources. From technical indicators to platform guides, they’ve got newbies covered. Their learning materials include easy-to-understand video tutorials, comprehensive online guides, and insightful webinars. For Aussie traders just starting out, CMC offers a solid foundation to kick off their trading journey.
Pros & Cons
Broker Details
CMC Markets Has The Powerful Next Generation Platform For Technical Analysis
We’ve experienced CMC Markets as a top choice for beginners, offering an intuitive, award-winning app, the Next Generation platform, with an array of trading tools and enhancements. You can trade a massive range of over 12,000 tradeable instruments on their Next Generation platform, coupled with advanced tools, comprehensive market research, and an excellent mobile app.
CMC Markets also has competitive trading costs, particularly for active traders with good discounts on offer (for Professional clients only).
Mobile App – CMC Markets Next Generation
Our hands-on with the CMC Markets’ Next Generation app revealed a sleek design with several research utilities, impactful charts, preset watchlists, consolidated news, and valuable educational resources. These mobile-centric charts feature 35 technical indicators and 15 drawing tools. An added perk is the ability to execute trades directly from these charts. Adjusting your dashboard to fit your preferences is a breeze, allowing you to rearrange, adjust, and exclude tiles as you see fit. An invaluable tool we noted is the ‘Client sentiment tracker’, granting a glimpse into the trading patterns of fellow market participants.
The CMC Markets app also incorporates a guaranteed stop-loss feature, shielding traders from potential losses resulting from market fluctuations. Australian traders will also appreciate the availability of the CMC Markets’ Invest app, specifically designed for trading exchange-listed equities.
Trading Accounts
CMC Markets presents a single trading option: a CFD account. However, it’s worth noting that this doesn’t restrict you to only trading CFDs; Forex products remain accessible. This CFD account boasts zero commission with consistently attractive spreads across various markets. Their starting spread for the EUR/USD is a competitive 0.7 pips. The only commissions incurred are for Shares CFDs (commencing from $7), positioning the spread as the primary cost element for most markets.
Forex rebates are also available to Pro clients for active traders should you surpass $25 million in notional trading volumes. Other trading costs you need to be aware of include market data fees, holding costs, guaranteed stop-loss charges (should you use them), and a monthly inactivity fee. This can all be found on the broker’s website.
Desktop and Web Trading Platforms
CMC Markets rolls out their flagship Next Generation Platform and, for those seeking an alternative, MetaTrader 4. Their in-house platform emphasises swift operations and user-friendliness, enriched with various tools, especially for charting enthusiasts. Charting utilities incorporate 80 technical indicators and studies, 40 drawing tools, and 73 available candlestick and chart patterns.
MetaTrader 4, serving as an alternative trading platform, enhances its appeal with two beneficial plugins: FXBlue and Autochartist. FXBlue empowers traders with insights, facilitating analysis and sharing of trading outcomes for improved feedback. Meanwhile, Autochartist emerges as a valuable charting tool, enabling traders to pinpoint chart configurations, an essential asset for those keen on technical analysis.
Forex Panel Score
Average Spread
EUR/USD = 1.2
GBP/USD = 1.8
AUD/USD = 0.9
Trading Platforms
MT4, TradingView,
SaxoTraderGo, SaxoTrader Pro
Minimum Deposit
$10,000
Why We Recommend SaxoBank
We discovered that Saxo Capital Markets truly nails it when it comes to a seamless mobile app experience. Their SaxoTraderGo platform, celebrated for its reliability, execution speeds, and cross-device functionality, ensures traders can access markets on desktop, mobile, or tablet. On the other hand, their SaxoTraderPro is a dream for seasoned traders, tailored for those using multiple screens and compatible with both Mac and Windows. While its primary design excels on PCs, Saxo hasn’t overlooked tablet and mobile users, extending its expertise through dedicated apps.
Pros & Cons
Broker Details
SaxoBank Provides Its Flagship Platform For Seamless Trading
Having tested SaxoBank, we can confirm that it shines not just because of its remarkable array of 40,000 tradeable securities but also due to its diverse range of platforms, which are particularly impressive on mobile devices.
Beyond Saxo Bank’s premier platform, SaxoTraderGo, which equips traders with all they require to manoeuvre the market efficiently, the broker offers SaxoTraderPRO (designed for desktop). They also provide access to third-party platforms like TradingView, MetaTrader, MultiCharts, and others through API connectivity.
The Australian broker is also competitively priced, particularly for active traders and those able to maintain large account balances.
Mobile App – SaxoTraderGo, MT4, TradingView
Our hands-on experience with the SaxoTraderGO app revealed many features and trading tools, all encapsulated in a sophisticated and user-friendly design. On the charting aspect, it boasts 20 drawing tools and 62 charting indicators. Each tab is a treasure trove of information, presenting related videos, articles, news headlines, market insights, and trading signals.
SaxoInvestor is another handy platform that gives you the opportunity to build long-term portfolios across stocks, bonds, mutual funds, ETFs, and SaxoSelect portfolios. The key difference between SaxoInvestor and SaxoTraderGO is a simpler interface that caters to the needs of the typical investor and access to cash products solely.
SaxoBank also offers useful third-party platforms, MetaTrader 4 and TradingView, as alternatives to their proprietary platforms as downloadable apps.
Trading Accounts
Saxo Bank has 3 types of trading accounts: Classic, Platinum and VIP, all of which are commission-free for Forex. When CFD trading, commissions only apply to stocks and ETFs. Entry fees are more expensive than your average broker, but overall pricing is amongst the best of all online brokers. As such, most of these accounts we would recommend for more experienced traders.
One thing to note is that Saxo offers far more than CFDs. Most CFD products are also available as spot/leverages products and investment products. Interestingly, only 7 forex pairs are available for CFD trading, but 190 pairs use spot and 130 with forwards. Another interesting point to note is cryptocurrencies are not available as CFD but can be traded using spot and as ETFs and ETNs.
Web and Desktop Trading Platforms
Complementing its mobile trading apps, SaxoBank flaunts a comprehensive range of web and desktop platforms characterised by sleek designs and efficient trading tools. Both SaxoTraderGo and SaxoInvestor have web versions. Exclusive to desktops is the SaxoTraderPRO platform. Last year saw an expansion in the features of Saxo Bank’s proprietary platform, introducing crypto trading, the Hot Topics tab, and integrated webinars. The platform seamlessly balances ease of use with advanced features without sacrificing functionality.
Meanwhile, SaxoTraderPRO has a similar look and feel to SaxoTraderGO. However, the PRO platform offers a larger selection of professional trading features, supporting up to six monitors, streaming Level 2 order books, streaming time and sales, and algorithmic orders. Then there are the third-party platforms, TradingView, MetaTrader, Dynamic Trend, Updata, MultiCharts, and other trading connectivity via API.
Mobile trading with contracts for difference (CFDs) products such as forex, gold, other precious metals, and even cryptos has risen in the last few years. Therefore, choosing the best trading apps and brokers is vitally important. While MetaTrader 4 is still the most popular app platform for the foreign exchange market and is available to many brokers, other mobile trading platforms are well worth considering.
We considered a number of important factors, including:
Background To Forex App Comparison
With so many online trading factors to consider, combing through the many worthy brokers offering versatile mobile platforms and narrowing your search is tricky. This is why we have an expert team at Compare Forex Brokers to do the hard yards for you. While we considered many brokers, such as Plus500 and FP Markets, only the best apps with the right brokers could make our list, each with a unique competitive advantage.
A Note on Regulation
All the brokers on this list are Australian forex brokers that are Australian Securities and Investments Commission (ASIC) regulated. This means they hold an Australian Financial Services Licence (AFSL) for the financial instruments offered and, as such, are trusted forex brokers.
In addition to ASIC, some regulated brokers have more regulators than others, which doesn’t make a broker safer or more trusted. It simply means that they have multiple regulators for the different regions where they have subsidiaries.
As an example, Pepperstone has 7 different regulators, the most on our list. Two of them are tier-1 regulators, ASIC and the FCA (Financial Conduct Authority) in the UK, which are generally the lower-risk regulators. The rest are tier-2 and tier-3 regulators (slightly higher risk), which are CYSEC (Cyprus Securities and Exchange Commission), the DFSA (Dubai Financial Services Authority), BaFin (Federal Financial Supervisory Authority) in Germany, CMA (Capital Markets Authority) in Kenya and the SCB (Securities Commission of the Bahamas).
Other common regulators of online brokers include:
