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Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers and she now has over 8 years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Alison Heyerdahl January 7, 2020 09:38 AM
IFC Markets caters well to beginner traders with four low-cost Micro accounts, a well-structured education section, and support for its proprietary platform, which is easier to use and set up than other third-party platforms. IFC Markets also stands out for its innovative Portfolio Quoting Method, which allows for the creation of personalized trading instruments. IFC Markets offers a low-cost trading environment for traders willing to try its proprietary NetTradeX platform. Support is also provided for the Metatrader platforms, but trading costs remain uncompetitive. However, clients can choose to trade on over 600 financial assets, including synthetic CFDs, and even create their instruments. It is clear that IFC Markets focuses on providing a welcoming environment for new traders, with minimum deposits of 5 USD on its beginner-friendly Micro accounts and a host of learning materials covering trading basics. Alongside the high trading fees on the Metatrader platforms, IFC Markets' non-trading fees are high, including charges for deposits and withdrawals. In addition, it has a limited number of base currencies, which means that Australian traders will have to pay currency conversion fees.
Alison Heyerdahl January 7, 2020 09:18 AM
Founded in 2012, JustMarkets (formerly JustForex) is a multi-asset broker we cannot recommend. Our main concern is that JustMarkets' regulatory oversight is weak compared to other similar brokers. We have also received multiple reports of traders being unable to withdraw their funds, so we urge traders to proceed cautiously. JustMarkets offers seven live accounts on the MT4/MT5 trading platforms with minimum deposits starting at 1 USD and spreads of only [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips (EUR/USD) on its beginner-friendly Cent Account. Trading costs improve further on its Pro and Raw Spread accounts, with spreads on the Pro Accounts starting at 0.6 pips. Spreads start at 0 pips (EUR/USD) on the Raw Accounts in exchange for a commission of 6 USD (round turn). Both the Pro and the Raw Accounts have minimum deposit requirements of 100 USD. Beginners should be aware that JustMarkets also offers extreme leverage of up to 3000:1, which can see many beginner accounts wiped out quickly. Overall, because of the lack of regulatory oversight and the difficulty of withdrawing funds at JustMarkets, we recommend that Australians work with trusted brokers instead, such as Peppersone or XM.
Alison Heyerdahl December 3, 2019 01:38 PM
NOTE: Currently, XTB does not accept traders from Australia. As a replacement we recommend Pepperstone as a strong ASIC regulated broker, or eToro as the leading social trading broker in Australia. A well-regulated broker, XTB appeals to traders looking for a wide choice of tradable instruments, top-class educational materials and excellent market analysis. However, traders should note that support is only offered for XTB’s proprietary platform, xStation5. XTB offers trading on over 2100 financial assets, a wider range than is typically seen at other brokers. Tradable assets include Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. XTB’s focus is to provide excellent support for traders, with comprehensive educational materials that cater to both beginners and more experienced traders alike through its Trading Academy and one-to-one mentorship programme. XTB also provides frequent market commentary and trading ideas in its Market News section, and its responsive customer service is available to help traders with technical or account-related queries. The account choice at XTB is limited, with only one live account available, but with lower than average trading costs. Spreads average at 0.8 pips on the EUR/USD, and no commissions are charged. One drawback is that XTB no longer supports the MT4 trading platform so all clients have to use XTB’s proprietary platform, xStation 5 – though it has won awards for its functionality, fast execution speeds, and intuitive design.
Alison Heyerdahl December 3, 2019 01:38 PM
A trustworthy broker with MT4 and MT5 support and one of the lowest-cost trading accounts in the industry, Tickmill provides a perfect trading environment for serious beginners and more experienced traders. However, Australian traders may be concerned that they will be onboarded through Tickmill's Seychelles-based entity, which provides less regulatory oversight than Tickmill's other entities. With two account types on offer, the Raw has market-leading trading conditions, leaving the fixed-fee Classic Account feeling out of place. The Raw account has a spread from 0 pips on the EUR/USD, a 100 USD minimum deposit, and a commission of 6 USD (round turn) per 1 lot traded. The commission-free Classic Account, also with a 100 USD minimum deposit, has a spread of 1.6 pips (EUR/USD), which is higher than the industry average. Overall, while Tickmill’s standard account is more expensive than other similar brokers, the low-cost commission account makes it an excellent choice of broker for MetaTrader users looking for a new broker.
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