Find the Best CFD Broker Here – Updated for 2017
Finding the best CFD brokers or Forex Broker in Australia is a tough task as the competition in Australia is incredibly hot.
The main CFD brokers have amazing enticements to get you on their books, and you’ll find a range of offers to get you started.
By far the most popular broker offer at present is the deposit bonus. While there is nothing wrong with accepting a bonus, just be aware that many of them have extremely strict criteria.
To claim your ‘bonus’, you will be asked to do a high number of trades. Alternatively, you may receive a 50% or 100% bonus but the money cannot be withdrawn at any stage. Instead, they are offering it to you as a way to access more leverage.
Bottom line is, deposit bonuses are great if you can meet a fair number of trades and withdraw the funds. If that is the case, politely pass on the offer and just open a standard CFD or Forex trading account.
2017 CFD Broker Comparison Chart – Australia
|Broker Name||CFDs on Offer||Forex Spreads From*||Overview||Platforms||Open a Free Demo|
$6 min or 0.06%
|Avg spreads on the Pro Account vary||Regulator: ASIC|
Min Deposit: $5,000
Demo Trial: 14 days
|Click here to trial a demo
Get Live Account
|29,000 Trading Instruments.|
Stocks, CFDs, FX, Indices, Futures, Options & Bonds
|EURUSD – 0.2|
AUDUSD – 1.1
GBPUSD – 0.7
USDJPY – 0.8
Min Deposit: $10,000
Demo Trial: 20 days
|Click here to trial a demo|
$8 min or 0.10%
|EURUSD – 0.8|
AUDUSD – 0.8
GBPUSD – 1.0
USDJPY – 1.0
Min Deposit: $150
Demo Trial: 30 days
|Click here to trial a demo|
Want to see your favourite CFD or Forex broker here? Email us at info [at] learn CFDs dot com for more details.
* Spreads taken from demo account only. Visit the respective website for full range of forex spreads.
From fantastic account opening offers to an extensive range of free CFD Tutorials, you get all of this for opening up and funding your CFD or Forex trading account.
With all these great giveaways on offer from your CFD & Forex broker, you’d be forgiven for thinking that ‘It’s too good to be true’.
But you can be rest assured the offers are genuine and these companies are doing their absolute best to get you off to a flying start.
Once again, just be mindful some require you to do 200+ trades in a short space of time to claim the offer. This falls into the over trading category, which you want to avoid.
Instead, stick to those offers that are genuine like:
- matching deposits or
- trading rebates that act like a safety net on your losses.
But nothing is for free – what is the real cost?
Your broker understands exactly how important it is to secure your business in the highly competitive CFD & Forex broking business. They want your business and are willing to pay for it (at least initially).
The reality is you will open your trading account, receive the special and then do nothing.
Instead, you’ll open your CFD or Forex trading account, receive the special and have flashing lights, markets moving up and down and opportunities everywhere.
Guess what…It’s time to trade.
So you dip your toe in the water and decide ‘I’ll just give it a go’. Now the fun begins.
You’re in the market and experiencing first hand the trials and tribulations of winning and losing with real money.
Here at LearnCFDs.com we’d prefer that you get started on the right foot, so we’ve compiled a few things to think about when deciding which CFD broker is good for you.
Choosing the best Forex or CFD Broker – 5 things to look for
When choosing a CFD or Forex broker in 2017, you may want to consider the following five key points before jumping on board.
- Is their software easy to use? There is nothing worse than trying to navigate your way around the difficult software. Be sure to open up a free demo account and see for yourself how easy it is to place trades, open a chart, amend orders and receive timely news updates. You don’t want to spend the first two months learning the software they provide. Ask your CFD broker if they have some basic CFD tutorials on using the software.
Most CFD brokers in 2017 provide both MetaTrader 4 and cTrader. MetaTrader 4 or MT4 is considered the most widely used and popular Forex trading platforms available. Our AxiTrader Broker Review highlights a number of advanced features available in MT4.
cTrader, by Spotware, is an incredible program as well, with many built-in features, made for the modern Forex trader. In the beginning, cTrader was a dedicated Forex platform, but some CFD brokers have started introducing Index CFDs and other instruments to the platform.
- Is their trading platform fully featured? Are you looking for advanced charting features or just a broker to place trades quickly into the market? Are you looking for advanced order placement or will the standard orders be sufficient? Do they provide daily market analysis provided by a team of professionals? Can you receive notifications when certain price points are reached via email or SMS? Do they provide a free iPhone and Android application to trade on the go?
- Commissions are not the be all and end all. But the one fixed cost all traders have is brokerage. You don’t want to be paying too much so be sure to ask what their Australia Share CFD brokerage rates (for ASX Stocks) are. For Forex, Index and Commodity traders, you want to make sure the spreads are tight. Also, you need to ask about any other costs associated with trading through their platform. $6 minimum brokerage and 0.06% is the best standard rate we have heard of.
- You need to ask about:
- Commission charges
- CFD Financing rates
- Software fees
- Accessing ASX data
- Example CFD
- You need to ask about:
- The range of markets is a significant consideration for many traders. Market Makers have the upper hand here by being able to offer you nearly all of the world’s markets from the one account including Forex, Indices, Commodities and global shares. Direct Market Access (DMA) usually focus on the local exchange and costs to trade international markets can be quite high.
You can see on this page that Saxo provide access to over 29,000 trading instruments. Truly mind boggling. IG have over 10,000 instruments to choose from.
Brokers in 2017 truly favour the trader.
- Reputation and security have become one of the biggest factors with the likes of MF Global going bankrupt. Are they a publicly listed company? How long have they been in business? What are others saying about them on broker review sites online? Stick with those with a good reputation who are backed by a solid financial history and you should be on the right track.
Choosing the best CFD or Forex broker is largely a matter of testing their trading platforms and ensuring you feel comfortable with them.
The old saying ‘horses for courses’ is right when it comes to finding the best CFD or Forex broker for your needs. The truth is, the characteristics you value highly may be of no interest to the next person.
So write down exactly what you believe you need with respect to your new broker and start asking questions.
Jump on a trading forum and try and get some feedback.