The top MT4 brokers in AU
The best MT5 brokers in AU
The best TradingView brokers
The top cTrader brokers in AU
Trade on the go from your phone
Copy professional traders
Find a platform that works for you
Broker Score | Risk Statement | Min. Deposit | Regulation | Trading Desk Type | Trading Instruments | Forex Pairs | Crypto Pairs | Pros | Cons | Regulation | Trading Conditions | Trading Platforms | Deposit & Withdrawal | Education & Research | Assets Available | Customer Service | % Lose with this broker | Leverage | Spread | Hedging | Scalping | Account Types | Islamic Account | Trading Platforms | Funding Methods | Trading Commission | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
84.01 of retail CFD accounts lose money | AUD 20 | Market Maker | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices | 125 | 111 |
|
| Read Review | 84.01% | 30:1 | 0.60 pips | Yes | Yes | Standard | No | MT4, TradingView, Capital.com | Bank Transfer, Visa, Mastercard, Apple Pay | Fees Included in Spread | ||||||||||
77.9% of retail CFD accounts lose money | AUD 100 | Market Maker | Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices | 62 | 3 |
|
| Read Review | 77.9% | 30:1 | 0.80 pips | Yes | No | MT4, TraderPro | No | MT4, ETX | Bank Transfer, Visa, Mastercard, Skrill, Neteller, Maestro, Unionpay | Fees Included in Spread |
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare Capital.com and OvalX, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that Capital.com holds three Tier 1 and no Tier 2 licences, and OvalX holds two Tier 1 and no Tier 2 licences.
Based on these findings, Capital.com earned a higher trust rating than OvalX.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Capital.com and OvalX have the same trading costs.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, 0 offers support for and 0 offers support for .
Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Capital.com and OvalX offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Capital.com offers a greater range and depth of instruments to trade than OvalX. Capital.com offers 125 Forex pairs to trade and OvalX offers 62 Forex pairs to trade.
In this case, Capital.com offers 111 cryptocurrencies while OvalX offers 3 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Capital.com.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that OvalX charges a withdrawal fee and Capital.com does not. Overall, 0 has better deposit and withdrawal processes than 0.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
Capital.com has better educational support than OvalX. Both Capital.com and OvalX offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that Capital.com offers better research analysis than OvalX and that both Capital.com and OvalX offer frequent webinars.
Only available in Australia since September 2021, Capital.com’s low costs, huge range of instruments, and user-friendly trading platform have quickly made it one of the most popular Forex brokers around. Following our testing for this review, we’re happy to say that we like them too. Capital.com has obviously thought carefully about what traders want from their brokers and has successfully created a welcoming environment for beginners and professionals.
Capital.com offers one live commission-free account, with trading fees significantly lower than other brokers. Spreads average 0.6 pips on the EUR/USD, and no fees are charged for deposits, withdrawals, or inactive accounts. Capital.com also offers one of the widest ranges of instruments available, including over 138 Forex pairs and over 460 cryptocurrencies. All instruments are available on MT4 and Capital.com’s award-winning in-house platform and app. Customer support is available 24/7, and beginners will find that Capital.com’s education and market analysis are some of the best in the industry.
As of 17 March, 2023 OvalX has closed and is no longer accepting customers. This review is for informational purposes only.
OvalX (formerly ETX Capital) is an FCA and FSCA-regulated broker with a feature-rich proprietary trading platform and a large range of tradable assets. With its highly customisable trading platform and 5000 share CFDs, OvalX is a good option for experienced traders or serious beginners looking to trade assets other than Forex.
OvalX offers full support for MT4 as well as its own award-winning proprietary platform, TraderPro. Unlike many proprietary platforms, TraderPro caters to beginners and experienced traders and features numerous technical indicators, multiple chart types, split charting, highly customisable workspaces, and easy-to-use risk management tools.
Some traders may be disappointed at the lack of account options at OvalX, which has a single live commission-free account. Trading costs are average compared to other market maker brokers, with a minimum deposit of 100 USD and variable spreads averaging between 0.8 to 1.1 pips on the EUR/USD. Apart from share CFDs, OvalX offers trading on 60+ Forex pairs, cryptocurrencies, indices, commodities, and bonds - excellent for traders who wish to diversify their trading strategy.
OvalX also offers a wide range of educational materials for advanced traders, including regular courses run by professionals who have had successful careers as traders and senior managers at top financial institutions.
This form has double opt in enabled. You will need to confirm your email address before being added to the list.