The top MT4 brokers in AU
The best MT5 brokers in AU
The best TradingView brokers
The top cTrader brokers in AU
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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 | ||
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N/A of retail CFD accounts lose money | AUD 0 | ECN/DMA | Bonds, Commodities, Cryptocurrencies, Forex, Indices | 56 | 40 |
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| Read Review | 0 | 30:1 | 0 pips | Yes | Yes | Comission Free ECN, Commission Based ECN, Institutional | No | MT4 | Bank Transfer, Mastercard, Visa, Neteller, Skrill, Fasapay, BPay, POLi, Paypal | 7 USD / lot | ||||||||||
70.81% of retail CFD accounts lose money | AUD 200 | ECN/DMA | Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices | 64 | 18 |
|
| Read Review | 70.81% | 30:1 | 0.10 pips | Yes | Yes | RAW - cTrader, RAW - MetaTrader, Standard - MetaTrader | Yes | MT4, MT5, cTrader, TradingView | Visa, Mastercard, Bank Transfer, Paypal, Neteller, Skrill | 7 USD / lot - Raw Spread Account |
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 IC Markets and Global Prime, 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 IC Markets holds two Tier 1 and no Tier 2 licences, and Global Prime holds one Tier 1 and no Tier 2 licences.
Based on these findings, IC Markets earned a higher trust rating than Global Prime.
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 Global Prime has overall lower trading costs than IC Markets.
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, IC Markets offers support for and Global Prime 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 Global Prime and IC Markets 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 IC Markets offers a greater range and depth of instruments to trade than Global Prime. IC Markets offers 64 Forex pairs to trade and Global Prime offers 56 Forex pairs to trade.
In this case, Global Prime offers 40 cryptocurrencies while IC Markets offers 18 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Global Prime.
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 IC Markets charges a withdrawal fee and Global Prime does not. Overall, Global Prime has better deposit and withdrawal processes than IC Markets.
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.
IC Markets has better educational support than Global Prime. Both Global Prime and IC Markets 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 IC Markets offers better research analysis than Global Prime and that both Global Prime and IC Markets offer frequent webinars.
An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 and holds a regulatory licence from ASIC in Australia. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools.
IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.
IC Markets is one of the few Forex brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services.
Beginner traders will benefit from IC Markets’ exceptional customer support, available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers, it offers a fairly limited selection of market analysis materials.
ASIC-regulated with no minimum deposits and a variety of trading tools, Global Prime will appeal to experienced traders looking for a new MT4 broker with a low-cost trading environment.
Global Prime's trading costs are low, with spreads that start at 0.00 pips on its Standard Account, low commissions on its Raw Account, and no minimum deposit requirements on either. Global Prime only supports the MT4 trading platform but provides a few good trading tools like Autochartist, VPS services and copy trading via Myfxbook Autotrade.
Unfortunately, beginners are not well catered for, with no trading education offered and no market analysis. And while over 40 crypto pairs are available to trade, share CFDs are completely absent.
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