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XTB Review 2021

For this XTB review, we opened a live account and deposited €5,000

We traded the popular instrument in each market to identify the average spread and placed 12 trades in total.

We contacted the broker’s customer support to resolve the challenges we faced.

Finally, we withdrew all our funds to identify if there are any issues with withdrawals.

What is XTB

XTB is a global Forex and CFD broker, founded in 2002.

The broker has dual headquarters in London and Warsaw and is licensed by regulators in the UK, Cyprus, Poland, Spain, and Belize.

XTB has offices in each of the countries in which it is regulated.

Here’s a summary of XTB’s key features:

🗺️ Authorised & Regulated inUK, Cyprus, Poland, Spain, Belize
🛡️ Is Tickmill safeYes
💰 EUR/USD Spread0.9
💳 Minimum depositUS$250
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMT4, xStation 5, xStation Mobile
📈 Markets offeredForex, Indices, Stocks, Commodities, ETFs, Cryptocurrencies
📉 Number of Products2111
Note, Meta Trader 4 is only available on XTB Ltd and X-Trade Brokers DM SA.

Licenses and Regulations

XTB is licensed by 5 regulators globally including the top-tier UK’s FCA, the CySEC, Poland’s KNF, Spain’s CNMV & Belize’s IFSC.

Here’s a full list of the licenses held by XTB’s subsidiaries:

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
XTB LimitedUnited KingdomFinancial Conduct Authority (FCA)522157United Kingdom£85,000
XTB LtdCyprusCyprus Securities and Exchange Commission (CySEC)169/12EU€20,000
X-Trade Brokers DM SAPolandKomisja Nadzoru Finansowego (KNF)1538207Poland€20,000
XTB SucurusalSpainNational Securities Market Commission (CNMV)40Spain€20,000
XTB International Limited (XTB)BelizeInternational Financial Services Commission (IFSC)000302/46Globally many countriesNo compensation scheme
XTB Poland Registration
XTB Polish License

Is XTB Safe

Yes, XTB is safe to trade. XTB is a public company listed on the Warsaw Stock Exchange and as such is required to publicly disclose its financial statements, which it does on a regular basis.

The broker is also regulated by the FCA and CySEC, which are highly regarded, and traders registered under the two entities are entitled to deposit compensation schemes of up to £85,000 and €20,000 respectively.

We did not encounter any major issues when trading and making withdrawals with XTB.

For this review, we opened an account with XTB Ltd which is regulated by the Cyprus Securities and Exchange Commission (CySEC), which we used to deposit money, place trades, and finally withdrew our funds.

You can open an account with the UK, Cyprus, Poland and Spain entities since they all offer deposit protection if they’re available to you.

We consider the FCA regulation to be the best since it provides compensation of up to £85,000 in case the broker goes bankrupt, but the other three entities also provide deposit compensation of up to €20,000.

Fees and Commissions

XTB charges low fees for Forex trades, while commodities, stocks, indices and cryptocurrencies fees are average to high.

The broker charges a EUR 6.6 commission on Stocks and ETF trades with opening and closing transactions being treated as separate trades.

The commissions could add up quickly and greatly reduce your profits if you trade small contract sizes.

Spread Charged in our Trades

In our tests, we chose the popular instrument in each market. We placed 3 trades for each instrument to get a complete picture of the average spread. We tested the Standard Account which charges a spread on most assets except for stocks and ETFs, which attract a fixed €6.60 commission. Overall, the spread is stable as shown in the table below.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. SpreadCommission
ForexEUR/USD0.80.80.90.83
IndicesFTSE 1001.81.81.81.80
StocksApple1111.00€6.60
CommoditiesGold0.460.40.450.44
ETFsQQQN/AN/AN/AN/A€6.60
CryptocurrenciesBitcoin189.06189.95189.65189.55

We tested all our trades via the xStation mobile app on our iPhone. We discovered that the broker only allows long trades on the QQQ ETF since we were unable to go short/sell the ETF.

XTB xStation Trading Platform
We could not short QQQ

Comparing the spreads charged in our trades to industry benchmarks, we found the spread on Forex pairs to be quite low, but the spreads on commodities, stocks, indices and cryptocurrencies were in-line with industry averages or higher.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD0.831.6
IndicesFTSE 1001.801.5
StocksApple1.001.5
CommoditiesGold0.443.8
ETFsQQQN/A
CryptocurrenciesBitcoin189.5545

Other fees

XTB does not charge non-trading fees such as account inactivity fees as well as deposit & withdrawal fees.

Account Types

XTB offers 2 account types, that is, the Standard, and PRO accounts. See the differences below:

StandardPro
Execution typeMarketMarket
Available Instruments CFDs on Forex, Commodities, Indices, Crypto, Shares, ETFsCFDs on Forex, Commodities, Indices, Crypto, Shares, ETFs
Instruments 1500+1500+
Maximum Leverage1:301:30
Minimum Spread0.000080.00001
Negative Balance ProtectionYesYes
Minimal Order0.01 lot*0.01 lot*
Automated TradingYesYes
Account Setup & ManagementFreeFree
Trading PlatformsxStation & MT4xStation & MT4
Forex, Indices, CommoditiesNo CommissionCommission from 3.50 EUR per lot
StocksN/AN/A
Stocks & ETF CFDsCommission from 0.08% per lotCommission from 0.08% per lot
CryptocurrenciesNo commission

XTB also offers a forex swap-free Account. The main difference with Islamic accounts is that instead of daily swap rates, there is an administration fee charged if you hold positions for more than 3 nights.

For our tests, we chose to open a Standard Account.

Account Opening

XTB account opening is fast and smooth. We opened an account to test the entire process, which was fully digital.

Here are the 5 steps to opening an XTB account:

  1. Enter your email address, country of residence and account password.
  2. Enter your personal details including your full name, date of birth, nationality, passport number, and Tax identity among others.
  3. Provide your physical address including your street, building no./name, flat no, postcode and city.
  4. Choose a trading platform, account type, currency, and preferred language.
  5. Answer questions about your experience, market knowledge and financial status.
  6. Verify your ID and residency using either a National ID or Passport and a bank statement.
XTB Welcome Bonus

The registration process took just 13 minutes and our account was approved on the same day, which was impressive!

We registered our account on 21 October 2020 and it was verified on 21 October 2020. Our account was approved shortly after submitting all the necessary documents.

We opened a standard account with XTB Ltd, which is regulated by the CySEC.

Deposit and Withdrawal

XTB offers free and fast deposits and withdrawals. There are various options for funding your account, including bank wires, credit and debit cards, and e-wallets such as Skrill and PayPal.

Minimum Deposit

XTB has no minimum deposit for individual accounts.

Deposit

XTB clients can deposit funds into their trading accounts using debit/credit cards, bank transfers, and e-wallets such as Skrill, and PayPal.

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill2020-12-08 2020-12-08 Instantzero
Debit card2020-12-08 2020-12-08Instantzero
PayPal2020-12-082020-12-08Instantzero

All the deposit methods offered by XTB are instant and free, we did not make a deposit via bank transfers.

Withdrawal

XTB processes client withdrawals via bank transfer only, which could be a major drawback.

You cannot withdraw your funds via any of the other deposit methods available with the transfers taking an average of two days to reach our bank account.

XTB Deposit Methods
XTB bank withdrawal confirmation

XTB does not allow you to withdraw your funds using the other payment methods except for bank wire transfers.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Bank Transfer2020-12-162020-12-162020-12-18 2 working dayszero

Markets and Products

At XTB, you can trade CFDs on Forex pairs, stock indices, stocks, commodities, ETFs and cryptocurrencies.

Here’s the complete list of XTB’s product offerings:

MarketsInstruments
Forex57
Indices42
Stocks1849
Commodities23
ETFs119
Crypto25

Bitcoin

XTB offers several cryptocurrency products including Bitcoin, which is the most popular and largest crypto by market capitalization. XTB offers a good range of Cryptocurrencies up to 25 instruments. However, the trading fees for cryptos are quite high with the average bitcoin spread being 189.55 pips.

Trading Conditions-

The trading conditions at XTB are good. You can run most types of trading strategies as the broker allows high-risk strategies such as hedging and scalping.

There are no time limitations for keeping your hedging positions open. Tickmill also allows the use of Expert Advisors (EAs).

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

Leverage

XTB offers different leverage levels to its clients depending on the entity under which they registered their account.

However, traders cannot change the leverage level of their account after registration.

The table below outlines the various leverage levels available to clients:

MarketsXTB LimitedXTB LtdX-Trade Brokers DM SAXTB SucursalXTB International Ltd
Currency pairs30:130:130:130:1500:1
Gold20:120:120:130:1500:1
Other Commodities (except gold)10:110:110:110:167:1
Indices20:120:120:120:1100:1
Stocks5:15:15:15:15:1
ETFs5:15:15:15:15:1
Cryptocurrencies2:12:12:12:15:1

Trading Platform

XTB offers a proprietary trading platform known as xStation as well as the popular forex trading app MetaTrader 4 (MT4) platform. Therefore, most traders will be at home with this broker.

XTB xStation Trading Platform
XTB xStation Trading Platform

In our test, we placed all our trade through the xStation mobile app.

xStation

XTB offers the xStation trading app, which is a proprietary platform developed by the broker.

This is a great alternative to the popular Meta Trader 4 (MT4) platform for traders who want a modern trading platform.

Research and Tools

XTB provides user-friendly research tools including:

  • Interactive charts
  • Market analysis
  • News flow
  • Trading ideas
XTB Market Analysis
XTB Markets Research

Education

XTB offers a wide variety of educational materials including:

  • A demo account
  • Webinars
  • Ebooks
  • Video Tutorials about the platform
  • Detailed educational articles
  • Educational videos

XTB educational materials are grouped according to a trader’s experience and based on various subjects, which we found to be very helpful.

You can find the educational resources in the broker’s trading academy section under the learn to trade tab.

XTB Educational Material
XTB Education Trading Academy

Customer Service

XTB’s customer support team was helpful and provided relevant answers to our questions.

XTB Customer Support
XTB Customer Service

You can contact XTB via email, and live chat. We got an instant response to our questions via the live chat function.

Our email queries were answered within one working day for our first question with our followup question being answered on the same day.

See the results of our test below:

QuestionResponse TimeQuality of reply
Live chatIs hedging and scalping allowed?InstantDirect and accurate
EmailWithdrawal methodsOne working dayDirect and accurate

Conclusion

Overall, our experience with XTB was smooth from opening account, to deposit, trading and withdrawal.

However, XTB charges a EUR 6.6 commission on Stocks and ETF trades with opening and closing transactions being treated as separate trades, which could be an expensive trading fee if you are trading small contract sizes.

On the positive side, XTB carries several licenses and the spreads on currency pairs are quite low; the broker also allows scalping.

We recommend XTB to currency traders and traders who would like to run scalping strategies.


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FXTM Review 2021

For this FXTM review, we have opened a standard and a stock CFDs account and deposited over €6,000 in total.

We traded the popular instrument in each market to get the real spreads and placed a total of 12 trades.

We also reached out to customer support to solve issues that we had faced.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process.

What is FXTM?

ForexTime, known as FXTM, was founded in 2011 and is headquartered in Cyprus. The broker is regulated in several jurisdictions, including the United Kingdom, Cyprus, South Africa, and Mauritius.

FXTM offers trading services with forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and also real stocks.

Some of the key highlights of FXTM are:

🗺️ Authorised & Regulated inUK, Cyprus, South Africa, Mauritius
🛡️ Is FXTM safeYes
💰 EUR/USD Spread1.9
💳 Minimum depositUS$10
💰 Withdrawal feeUS$0 (with exceptions)
🖥️ Trading PlatformMT4, MT5, FXTM Trader
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products258

Licenses and Regulations

FXTM holds 4 regulatory licenses from several top regulators, like the United Kingdom’s FCA.

The full list of all FXTM licenses is below:

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
ForexTime UK LimitedUnited KingdomFinancial Conduct Authority (FCA)777911United Kingdom£85,000
ForexTime LimitedCyprusCyprus Securities and Exchange Commission (CySEC)185/12EU€20,000
ForexTime LimitedSouth AfricaFinancial Sector Conduct Authority (FSCA)46614South AfricaNo compensation scheme
Exinity LimitedMauritiusFinancial Services Commission (FSC)C113012295Globally many countriesNo compensation scheme

The same FXTM entity holds licenses from the regulators in Cyprus and South Africa.

FXTM CySEC (Cyprus Securities and Exchange Commission ) Registration
ForexTime Limited registration details on CySEC website

Is FXTM Safe?

Yes, FXTM is safe to trade.

Under the UK regulator, FXTM clients’ funds are protected with an £85,000 compensation scheme. FXTM clients’ funds under the CySEC-regulated entity are also protected with a €20,000 compensation scheme.

For this review, we opened a standard account and a stock CFD account with ForexTime Limited, which is regulated by CySEC in Cyprus. For our tests, we deposited money, placed trades, and withdrew deposits.

We recommend you to register your account with the United Kingdom or Cypriot entity because of their compensation schemes.

Fees and Commissions

FXTM fees are built into the spreads but varies with the account types. Spreads on its standard and stock CFDs account types are higher than the average industry benchmark.

The spreads, however, are lower on ECN and Pro accounts.

Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market offered by FXTM. We placed 3 trades for each instrument to get a picture of the average spread. Though spreads for most of the asset classes did not fluctuate much, swings in commodities spreads were prominent.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.91.91.91.9
IndicesFTSE 1005.15.15.15.1
CommoditiesGold54.14.44.50
StocksApple1.71.51.51.57

Our testing with standard account finds that FXTM spreads for forex are above the industry averageSpreads on indices and commodities are significantly higher than the average industry benchmark.

Stock spreads are, however, are closer to the average industry benchmark but still a bit on the higher side.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.91.6
IndicesFTSE 1005.11.5
CommoditiesGold4.503.8
StocksApple1.571.5

Other Fees

FXTM does not have any deposit fee but charges withdrawal fees for some payment modes. The broker, however, charges a $5 monthly inactivity fee after any account is inactive for 6 months.

Account Types

FXTM offers both standard and ECN accounts.

There are 3 FXTM account types under standard accounts: Standard Account, Cent Account, and Stock CFDs Account. Under ECN, there are 4 types of FXTM accounts: Stocks Account, ECN Account, ECN Zero Account, and FXTM Pro Account.

Details of each account type are in the below table:

Standard AccountCent AccountStock CFDs AccountStocks AccountECN AccountECN Zero AccountFXTM Pro Account
Trading platformsMT4/MT5MT4MT4MT5MT4/MT5MT4/MT5MT4/MT5
Account currencyUSD / EUR / GBPUS Cent / EU Cent / GBP PenceUSD / EUR / GBPUSD / EUR / GBPUSD / EUR / GBPUSD / EUR / GBPUSD / EUR / GBP
Minimum deposit$/€/£ 100$/€/£ 10$/€/£ 100$/€/£ 100$/€/£ 500$/€/£ 200$/€/£ 25,000
Commission$2 per lot
Order executionInstant ExecutionInstant ExecutionInstant ExecutionMarket ExecutionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 1.3From 1.5From 0.1TightFrom 0.1From 1.5From 0

FXTM offers real stock trading under its Stocks account, but this account type is only available with Exinity Limited, that is outside the European Union.

FXTM Pro account holders need to maintain a minimum balance of $/€/£25,000 always. If the balance comes below the threshold, the broker will offer higher spreads.

The broker also offers NGN base currency accounts for Nigerian traders.

Account Opening

Opening a new account with FXTM is simple and fast.

Steps to create an FXTM account:

  1. Enter the first name, last name, country of residence, mobile phone number, email, and password on the initial registration page.
  2. Complete your profile with personal and professional information: gender, date of birth, citizenship status, education level, profession, business operation, taxation country, tax identification number, political exposure, and address.
  3. Select account type, account currency, account leverage, “swap-free” status, and trading account password.
  4. Click on “upload documents” under the user profile to submit identification proofs.

We have submitted the following documents to verify our FXTM account:

  1. Copy of national identification (both front and back)
  2. Copy of utility bill as address proof

A minimum deposit is required to activate the account.

The registration process took merely 20 minutesOur standard account was verified after 1 business day.

We registered our account on October 11, 2020, and it was verified on October 12, 2020.

Overall, our account opening experience was quick, smooth, and without any issues.

FXTM Account Opening
FXTM account type page

Deposit and Withdrawal

Both deposits and withdrawals on FXTM are fast, easy, and without any fees. All our funding and withdrawal requests were smooth.

Minimum Deposit

The minimum deposit amount on FXTM depends on the account type and varies from $/€/£10, for a Cent account, to $/€/£25,000, in the case of a Pro account.

For a Standard and a Stock CFDs account, the minimum deposit is $/€/£100.

Please note that the traders only need to deposit the minimum amount the first time they are funding the account and maintain at least that balance. For consecutive fundings, traders can deposit any amount.

Deposit

FXTM allows client deposits through international wire transfers, credit cards, several local bank transfers, and popular e-wallets like Skrill, Neteller, and Paypal. It also takes deposits in popular cryptocurrencies.

The broker also allows internal fund transfers from one account type to another.

We have tested the deposit process on FXTM using multiple payment modes.

There was no deposit fee and the fundings were quick.

Details of our fund deposits are shown in the below table.

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit/Debit card2020-11-24NANANA
Skrill2020-11-252020-11-2510 minszero
NETELLER2020-10-242020-10-2410 minszero
Paypal2020-11-252020-11-2510 minszero

Internal Transfer (Standard Account to Stock CFD Account)
2020-11-252020-11-2510 minszero

We tried to make the first deposit using a credit/debit card. Once the amount was deducted from the card, FXTM asked us to provide a copy of both sides of the card for verification.

We did not proceed to verify our card, and the received the deducted deposit in our card after 7 working days.

FXTM Deposit Methods
FXTM deposits and withdrawals page

Withdrawal

FXTM has broad withdrawal method options similar to its deposits. Traders can withdraw their funds with international wire transfers, on credit/debit cards, by local bank transfers, on popular e-wallets, and in cryptocurrencies.

Though many popular withdrawal methods do not have any fee, FXTM charges a commission for several withdrawal modes. For cryptocurrency withdrawals, this withdrawal fee is 1%, and for wire transfers, it’s €30.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit/Debit cardNANANANA
Skrill2020-11-262020-11-262020-11-26same dayzero
NETELLER2020-11-252020-11-262020-11-261 working dayzero
Paypal2020-11-272020-11-272020-11-27same day2%

FXTM charges a 2% fee on all withdrawals via PayPal. So this mode is not recommended. 

Withdrawals on FXTM were fast. We received funds from 2 of our withdrawal requests on the same day, whereas on most of the other brokers, it takes at least a day.

Markets and Products

FXTM offers CFDs trading services in various popular markets, including forex, indices, commodities, stocks, and cryptocurrencies. It also offers real US stock trading outside the European Union.

It offers a fair number of forex pairs, but the number of instruments lacks in the other markets.

The complete list of FXTM offerings are:

MarketsInstruments
Forex62
Indices11
Commodities8
Cryptocurrency4
Stocks173

Cryptocurrency trading services are only available with Exinity Limited.

Copy Trading

FXTM also offers copy-trading services under FXTM Invest.

Novice traders can copy the trading strategies of any Strategy Managers, investing as low as $100.

Expert traders can become FXTM Strategy Manager only with an ECN or ECN Zero trading account. They can earn up to 40% in trading commission.

FXTM Invest
FXTM-Invest

Trading Conditions

FXTM offers good trading conditions, allowing both hedging and scalping.

However, hedging is not available on Strategy accounts, which are used by the experts sharing their trading strategies on FXTM’s copy-trading platform.

The broker also allows traders to change the leverage levels.

We recommend traders to run scalping strategies only on ECN accounts and not on Standard and Cent accounts.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

FXTM allows traders to change the offered leverage levels.

MarketsForexTime UK LimitedForexTime LimitedExinity Limited
Major Currency Pairs30:130:12000:1
Non-major Currency Pairs20:120:1500:1
Gold20:120:1500:1
Other Commodities (except Gold)10:110:1200:1
Indices5:15:12000:1
Stocks5:15:110:1
CryptocurrenciesNANA100:1

Exinity Limited has divided its FXTM leverages into further tiers. The full details of leverage can be found here.

Bonus

FXTM offers a 30% bonus on deposits up to $250 to Standard, ECN, Cent, and ECN Zero account holders.

The broker also runs a loyalty program to reward traders. The structure of the loyalty program is detailed below.

Level 1Level 2Level 3Level 4Level 5
Net Deposit(s)$1 to $15,000$15,001 to $30,000$30,001 to $60,000$60,001 to $120,000Above $ 120,001
Rebate (cashback) per full completed lot$2$3$4$5$5
Frequency of the Rebate transfer(s) to Client’s AccountMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation Period
Maximum Payout$500$1,500$3,000$5,000$10,000
Upgrade or Downgrade by FXTM
Automatically

Automatically

Automatically

Automatically

Manually

The loyalty program is only available on Exinity Limited for all clients. However, only professional clients from UK and EU under ForexTime Limited and ForexTime UK Limited can access this program.

FXTM Loyalty Program
FXTM-Loyalty-Program

Trading Platform

FXTM offers 3 trading platforms:

FXTM Trader is available on both Android and iOS devices.

For our tests, we placed the orders on the MetaTrader 4 mobile platform.

FXTM MT4 Mobile Trading Platform
FXTM MT4 mobile trading platform

Research and Tools

FXTM offers excellent market research tools.

Some key research tools on FXTM are:

  • Trading signals
  • Trading indicators and charting tools
  • Pivot points strategy
  • Economic calendar
  • Excellent news feed

FXTM also has an in-house team of experts who provide market research and analysis reports.

On the downside, the broker does not offer fundamental market data.

FXTM Trading Tool
FXTM-Trading-Tool-Signals

Education

FXTM offers many learning resources to educate new traders.

The educational resources of the broker include:

  • eBooks and trading guides
  • Seminars and workshops
  • Webinars
  • A forex industry glossary
  • Video tutorials on trading

The broker also offers a demo trading account.

FXTM Educational Material
FXTM Educational Webinars

Customer Service

FXTM has excellent customer support.

Traders can contact the broker via:

  • Live chat (on the platform and also on popular social media) 
  • email
  • Enquiry form
  • Phone
QuestionResponse TimeQuality of reply
Live ChatQuerries on hedging and scalping1 minClear and direct
EmailQuerries in debit card verification after funding
1 hourClear and direct

Live chat is only available around the clock and in multiple languages.

We asked several questions on multiple live chat sessions, and the customer representative was fast to respond, clear, and accurate every time.

The broker also has a detailed Q&A section for frequently faced issues.

FXTM Customer Support
FXTM Customer Service

Conclusion

Our overall experience with FXTM was smooth: from account opening to trading and from deposit to withdrawal.

However, the spreads offered by the brokerage on standard accounts are much higher than the industry average.

We did not face any issues during our testing process, and the customer support was also responsive and accurate with our queries.

We recommend FXTM ECN accounts to traders who use scalping strategies and focus on expert advisory (EA) trading.


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AvaTrade Review 2021

For this AvaTrade review, we opened a real account and deposited over €4,000 in total.

We traded the popular instrument in each popular market to get the real spreads and placed a total of 21 trades.

We also reached out to customer support to solve issues that we encountered.

Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

What is AvaTrade?

AvaTrade was founded in 2006 with its headquarter in Dublin, Ireland. The broker is regulated in several jurisdictions, including Ireland, Australia, the UAE, Japan, South Africa, and the British Virgin Islands.

AvaTrade started as a retail forex trading platform and now offers trading with forex, indices, commodities, bonds, cryptocurrencies, stocks, and ETFs.

Some of the key highlights of AvaTrade are:

🗺️ Authorised & Regulated inIreland, Japan, Australia, UAE, South Africa, British Virgin Islands
🛡️ Is AvaTrade safeYes
💰 EUR/USD Spread0.87
💳 Minimum depositUS$100
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMT4, MT5, AvaTradeGO, AvaOptions
📈 Markets offeredForex, Indices, Commodities, Bonds, Cryptocurrencies, Stocks, ETFs
📉 Number of Products796

Licenses and Regulations

AvaTrade has gained 7 regulatory licenses from some of the top regulators, including Australia, Ireland, Abu Dhabi, and Japan.

The full list of AvaTrade’s all licenses is in the below table:

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
Ava Trade EU LtdIrelandCentral Bank of IrelandC53877UK & EU clients€20,000
Ava Capital Markets Australia Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)406684AustraliaNo Compensation Scheme
Ava Trade Middle East LtdAbu DhabiAbu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA)190018Middle EastNo compensation scheme
Ava Trade Japan K.K.JapanFinancial Services Agency (FSA)1662JapanNo compensation scheme
Ava Trade Japan K.K.JapanFinancial Futures Association of Japan (FFAJ)1574JapanNo compensation scheme
Ava Capital Markets PtySouth AfricaSouth African Financial Sector Conduct Authority (FSCA)45984South AfricaNo compensation scheme
Ava Trade LtdBritish Virgin IslandsBritish Virgin Islands Financial Services CommissionRegulatory RegisterGlobally many countriesNo compensation scheme
Ava Trade EU Ltd Registration
Ava Trade EU Ltd registration details on Central Bank of Ireland website

Is AvaTrade Safe?

Yes, AvaTrade is safe to trade.

Under the Irish regulator, funds of AvaTrade clients are protected with a €20,000 compensation scheme. Most of the other licenses acquired by AvaTrade are also considered very reputable in the trading industry.

Additionally, AvaTrade offers AvaProtect, which provides insurance on losses for any specific trade for a specific period. This risk management scheme offers protection of up to $1 million and is applicable only for market orders.

For this review, we opened an account with Ava Trade EU Ltd which is regulated by the Central Bank of Ireland. For our tests which we deposited money, placed trades, and withdrew deposits.

We recommend you register your account with the Irish, Australian, or Abu Dhabi entity.

Fees and Commissions

AvaTrade fees are built into the spreads. The broker, however, offers attractive spreads on forex, stocks, commodities, and cryptocurrency CFDs.

Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market offered by AvaTrade. We placed 3 trades for each instrument to get a picture of the average spread. The spreads for all the asset classes did not fluctuate much for our trades.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD0.90.80.90.87
IndicesFTSE 100111.51.17
CommoditiesGold3.43.54.13.67
BondsGVD/EUR Bund0.040.040.040.04
CryptocurrenciesBitcoin56.6956.8460.2657.93
StocksApple2.12.12.12.1
ETFsVXXB0.130.130.130.13

AvaTrade’s spreads for forex are much below the industry standards. The offered spreads on indices and commodities are also below the average industry benchmark.

Cryptocurrency and stock spreads are, however, are above the average industry average.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD0.871.6
IndicesFTSE 1001.171.5
CommoditiesGold3.673.8
BondsGVD/EUR Bund0.04
CryptocurrenciesBitcoin57.9345
StocksApple2.11.5
ETFsVXXB0.13

Other Fees

AvaTrade charges an inactivity fee of US$50 or €50 or £50 every quarter after 3 months of account inactivity. In addition to that, the broker charges administration fees of US$100 or €100 or £100 after a year of inactivity.

Account Types

AvaTrade offers only a single account type to the traders. 

The broker also offers Islamic trading accounts to its Islamic clients. This type of account operates under Sharia Law.

Account Opening

Opening a new account with AvaTrade is fast and easy.

Steps to create an AvaTrade account:

  1. Enter the first name, last name, email, and phone number (you can also sign up with Facebook or Google account).
  2. Provide personal and professional information: including date of birth and address; set password; select trading platform and base currency.
  3. Provide professional details like occupation, income level, estimated net worth, and source of trading funds.
  4. Click on “upload documents” to submit various identification proofs.

We have submitted the following documents to verify our AvaTrade account:

  1. Copy of national identification (both front and back)
  2. Copy of utility bill as address proof

The registration process took merely 15 minutes. Our account was verified after 1 business day.

We registered our accounts on October 4, 2020, and it was verified on October 5, 2020.

Overall, our account opening experience was quick and smooth, with one minor issue.

After submitting all the documents, our AvaTrade account logged out. When we tried to login again, our password was showing wrong even though it was correct. We have to reset the password.

AvaTrade Account Opening
AvaTrade account verification page

Deposit and Withdrawal

Deposits on AvaTrade accounts are fast and easy, but processing withdrawal requests take a bit of time. The broker does not charge anything for deposits and withdrawals.

Minimum Deposit

AvaTrade has a minimum deposit amount of US$100 for all payment methods.

Deposit

AvaTrade allows client deposits through wire transfers, credit cards, and popular e-wallets like Skrill, Neteller, and Paypal.

Deposits with credit cards are not available in Canada, while EU and Australian clients cannot use Skrill, WebMoney, and Neteller.

We have tested the deposit process on AvaTrade using multiple payment modes.

There was no deposit fee and for most of the payment methods, funding was instant.

Details of our fund deposits are shown in the below table.

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit/Debit card2020-11-112020-11-113 hourszero
Skrill2020-11-112020-11-11Instantzero
NETELLER2020-10-282020-10-28Instantzero
Paypal2020-11-112020-11-11Instantzero

Our debit card deposit was not instant. It showed “pending” for 3 hours before the amount was approved and funded.

AvaTrade Deposit Methods
AvaTrade’s fund deposit page

Withdrawal

AvaTrade supports withdrawals with multiple payment methods, similar to its deposits. The broker does not charge any withdrawal fee.

Our experience with the withdrawal process was mixed. We faced some issues with our initial withdrawal requests, but it was quickly resolved.

First, we submitted 4 withdrawal requests on the same day, each with a different payment method. AvaTrade rejected all these requests

We reached out to Avatrade customer support for this issue. 

The customer support executive told us that as we deposited through different payment methods, we have to withdraw our fund through the same order and the same amount for each payment method. Any remaining booked profits need to be withdrawn using the last used deposit method.

We did as we were instructed and received the funds.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit/Debit card2020-11-17RejectedNANA
Skrill2020-11-17RejectedNANA
NETELLER2020-11-17RejectedNANA
Paypal2020-11-17RejectedNANA
Credit/Debit card2020-11-182020-11-202020-11-202 working dayszero
Skrill2020-11-192020-11-202020-11-201 working dayzero
Paypal2020-11-222020-11-222020-11-22same dayzero

Markets and Products

AvaTrade offers CFDs trading services in various popular markets, including forex, indices, commodities, bonds, cryptocurrencies, stocks, and ETFs.

It offers a fair number of instruments across all the markets. All instruments on AvaTrade are CFDs.

The complete list of AvaTrade offerings are:

MarketsInstruments
Forex55
Indices23
Commodities29
Bonds2
Cryptocurrency14
Stocks614
ETFs59

AvaTrade also offers vanilla forex options for which a separate account with AvaOptions is needed.

Trading Conditions

AvaTrade offers good trading conditions. The broker allows both hedging and scalping. It also offers copy trading services with two third-party services: DupliTrade and ZuluTrade.

AvaTrade offers MQL5 Signals Services as well.

The broker, however, does not allow traders to change the leverage levels.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo
Copy TradingYes

Leverage

Traders can change and adjust their leverage levels on AvaTrade.

MarketsAva Trade EU LtdAva Capital Markets Australia Pty LtdAva Trade Middle East LtdAva Capital Markets PtyAva Trade LtdAva Trade Japan K.K.
Currency Pairs30:1400:1400:1400:1400:125:1
Gold20:1200:1200:1200:1200:1NA
Oil10:1100:1100:1100:1100:1NA
Other Commodities (except Gold and Oil)10:150:150:150:150:1NA
Major Indices20:1200:1200:1200:1200:1NA
Non-major Indices10:1100:1100:1100:1100:1NA
Bonds5:120:120:120:120:1NA
Stocks5:110:110:110:110:1NA
ETFs5:120:120:120:120:1NA
Cryptocurrencies2:120:120:120:120:1NA

Australian ASIC will impose major restrictions on leverages offered by the retail brokers, which will come into effect on March 29, 2021.

Bonus

AvaTrade offers attractive bonuses on the first deposits of its clients.

The promotional offer is valid for clients under three regulated entities:  Ava Capital Markets Pty, Ava Trade Ltd, and Ava Capital Markets Australia Pty Ltd.

Clients from countries, including European countries, Canada, Japan, Bangladesh, China, Hong Kong, Indonesia, Iran, Macao, Malaysia, Mongolia, Pakistan, Taiwan, Thailand, and Vietnam, are not eligible for deposit bonuses.

Deposits via Skrill and Neteller are not eligible for this promotional offer.

The first deposit bonus for traders under Ava Capital Markets Pty are:

Deposit AmountBonus Amount
US$50,000US$10,000
US$20,000US$4,000
US$10,000US$2,000
US$5,000US$1,000
US$3,000US$600
US$2,000US$450
US$1,000US$300
US$600US$200
US$100US$30

The first deposit bonus for traders under Ava Trade Ltd, and Ava Capital Markets Australia Pty Ltd are:

Deposit AmountBonus Amount
US$50,000US$10,000
US$20,000US$4,000
US$10,000US$2,000
US$5,000US$1,000
US$3,000US$600
US$2,000US$400
US$1,000US$200

Trading Platform

AvaTrade offers multiple trading platforms:

  • MetaTrader 4
  • MetaTrader 5
  • WebTrader (AvaTrade’s propriotary web-based platform)
  • AvaOptions (for forex vanilla options)
  • AvaTradeGo (for mobile trading)

MetaQuotes Software developed the MetaTrader platforms, and they are among the widely used third-party trading platforms.

AvaTrade’s own web trading platform and its mobile trading platform are also very clean and easy to use for the traders.

For our tests, we placed the orders on the MetaTrader 4 mobile platform.

AvaTrade Trading Platform
AvaTrade’s WebTrader trading platform

Research and Tools

AvaTrade offers a good set of research tools. The charting tools are excellent with many functions. 

Some of the key tools are:

  • Excellent charts
  • Economic calendar
  • Trading calculator
  • Popular trading ideas
  • A good news feed

On the downside, the broker lacks in offering good fundamental data on the markets.

AvaTrade Charting Tool
Charting tools on AvaTrade WebTrader

Education

AvaTrade offers excellent trading educational materials for new traders.

The educational resources of the broker include:

  • Tutorial videos on trading and platform-tools
  • eBooks and web-based guides on trading
  • Webinars

The broker also offers a demo account for novice traders.

AvaTrade Educational Material
AvaTrade video tutorial page

Customer Service

AvaTrade has excellent customer support.

Traders can contact the broker via:

  • Live chat
  • email
  • Phone
QuestionResponse TimeQuality of reply
Live ChatWe asked several questions5 minsThe answer was clear and direct
EmailWe asked if AvaTrade allows to change trading leverage
same dayThe answer was clear and direct

To check AvaTrade’s customer service, we have asked several questions via live chat. One of the questions we asked is if AvaTrade allows hedging and scalping.

We received a reply in less than 5 minutes.

Live chat is only available on the weekdays (East European working hours).

AvaTrade offers support in several languages.

The broker also maintains a detailed Q&A page for mostly faced issues.

AvaTrade Customer Support
AvaTrade live chat support

Conclusion

Overall, our experience with AvaTrade is positive.

The broker offers impressive spreads on forex pairs.

Though we faced withdrawal rejections at first, the issue was resolved quickly by the support staff. Our experience with customer support was also good.

We recommend Avatrade to traders who focus on trading currencies and traders who would like to run hedging or scalping as their trading strategies.


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Tickmill Review 2021

For this Tickmill review, we opened a live account and deposited over US$ 8,000.

We traded the popular instrument in each market to identify the average spread and placed 12 trades in total.

We contacted the broker’s customer support to resolve the challenges we faced.

Finally, we withdrew all our funds to discover if there are any issues with withdrawals.

What is Tickmill

Tickmill is a global Forex and CFDs broker, founded in 2014.

The broker is headquartered in London but is licensed by regulators in the UK, Cyprus, South Africa, Seychelles, and Labuan (Malaysia).

Tickmill has offices in each of the countries where it is regulated.

Some of Tickmill’s key features are listed below:

🗺️ Authorised & Regulated inUK, Cyprus, South Africa, Seychelles, Labuan
🛡️ Is Tickmill safeYes
💰 EUR/USD Spread1.63
💳 Minimum depositUS$100
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMetaTrader 4
📈 Markets offeredForex, Commodity, Indices & Bonds
📉 Number of Products85

Licenses and Regulations

Tickmill is licensed by 5 global regulators including the top-tier UK’s FCA, the CySEC, FSCA, Labuan FSA & South Africa’s FSA.

Here’s a full list of the licenses, which are held by Tickmill’s subsidiaries:

Legal entityRegistered inRegulatorLicense NumberCompensation Scheme AmountAccepting clients from
Tickmill UK LtdUnited KingdomFinancial Conduct Authority (FCA)717270£85,000Globally many countries
Tickmill Europe LtdCyprusCyprus Securities and Exchange Commission (CySEC)278/15€20,000Globally many countries
Tickmill South Africa (Pty) LtdSouth AfricaFinancial Sector Conduct Authority (FSCA)49464No protectionSouth Africa
Tickmill LtdSeychellesFinancial Services Authority of Seychelles (FSA)SD008No protectionGlobally many countries
Tickmill Asia LtdMalaysiaFinancial Services Authority of Labuan (Labuan FSA)MB/18/0028No protectionGlobally many countries
Tickmill FCA (Financial Conduct Authority) Registration
Tickmill FCA License

Is Tickmill Safe

Yes, Tickmill is safe to trade. Tickmill’s regulation by the FCA and CySEC means that traders registered under the two entities are entitled to deposit compensation schemes of up to £85,000 and €20,000 respectively.

We did not encounter any major issues when trading and making withdrawals with Tickmill.

For this review, we opened an account under Tickmill UK Ltd which is regulated by Financial Conduct Authority (FCA) for our tests where we deposited money, placed trades, and withdrew our funds.

We recommend that you register your account with the UK entity, if it’s available to you, as we consider FCA regulation as the best since it provides compensation of up to £85,000 if the broker goes bankrupt.

Fees and Commissions

Tickmill charges low fees for stock index trades, while forex and commodities fees are average to high.

Spread Charged in our Trades

In our tests, we chose the popular instrument in each market. We placed 3 trades for each instrument to get a complete picture of the average spread. We tested the Classic Account which only charges a spread without commissions. Overall, the spread is stable as shown in the table below.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD1.61.61.71.63
IndicesFTSE 1001111.00
CommoditiesGold2.42.66.43.80

We traded through MT4 on our iPhone which we video recorded the trades. You see this them here.

Comparing the spreads charged in our trades to industry benchmarks, we found the spread on stock indices to be quite low, but the spreads on Forex and commodities were in-line with industry averages or higher.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD1.631.6
IndicesFTSE 1001.001.5
CommoditiesGold3.803.8

Other fees

Tickmill does not charge non-trading fees such as account inactivity fees as well as deposit & withdrawal fees.

Account types

Tickmill offers 3 account types, that is, the Pro, Classic, and VIP accounts. See the differences below:

ProClassicVIP
Minimum Deposit$100$100$50,000
Minimum Balance$0$0$50,000
Spreads from0.0 pips1.6 pips0.0 pips
Commissions2 per side per 100,000 tradedZero Commissions1 per side per 100,000 traded

Tickmill also offers swap-free forex accounts. The main difference with Islamic accounts is that instead of daily swap rates, there is an administration fee charged if you hold for more than 3 nights.

For our tests, we chose to open a Classic Account.

Account Opening

Tickmill account opening is fast and straightforward. We opened an account to test the entire process, which was fully digital.

Here are the 5 steps to opening a Tickmill account:

  1. Enter your country of residence, preferred communication language, client type, your name, email, and phone number.
  2. Enter your address including country of residence, state, city, street name, house number and ZIP code.
  3. Answer a few questions about your nationality employment and financial status
  4. Choose and confirm your password.
  5. Verify your ID and residency using either a National ID or Passport and a bank statement.
Tickmill Account Opening
Tickmill account opening page where traders can choose the entity

The registration process took about 20 minutes and our account was approved in 1 day, which was impressive.

We registered our account on 29 August 2020 and it was verified on 30 August 2020. Our account was approved the next day after submitting all the necessary documents.

Unlike other brokers, Tickmill allows you to choose the entity under which you want to open an account giving you the option to choose the UK entity, which we did.

We video recorded our account opening process. See the video below

Tickmill account opening

Deposit and Withdrawal

Tickmill offers free and fast deposits and withdrawals. There are various options for funding your account, including bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller.

Minimum Deposit

Tickmill’s minimum deposit is $100 for bank transfers, credit/debit cards, Skrill and Neteller. However, the VIP account has a $50,000 minimum deposit.

Deposit

Tickmill clients can deposit funds into their trading accounts using debit/credit cards, bank transfers, and e-wallets such as Skrill, and Neteller.

Tickmill Deposit Methods
Tickmill deposit methods

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill2020-08-30 2020-09-01 1 working dayzero
Credit card2020-09-01 2020-09-01 Instantzero
Skrill2020-09-01 2020-09-01 Instantzero
Bank Transfer2020-09-01 2020-09-02 1 working day*US$25
Neteller2020-09-082020-09-08Instantzero
Neteller2020-09-132020-09-13Instantzero

All the deposit methods offered by Tickmill are instant and free, except for bank transfers, which take 1 working day and usually incur a $25 fee charged by the bank.

Withdrawal

Tickmill processes client withdrawals quite fast with zero charges on each withdrawal.

We withdrew our funds via the four payment methods we used to make our initial deposits to test all the available withdrawal options.

Tickmill allows you to withdraw your funds using any of the payment methods used to deposit funds without following a particular order. We made our first deposit using Skrill yet our first withdrawal was to our credit card.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Credit Card2020-10-02 2020-10-022020-10-03 1 working dayzero
Skrill2020-10-02 2020-10-052020-10-05 1 working day (3-4 Oct, weekend)zero
Bank Transfer2020-10-03 2020-10-052020-10-06 2 working days (3-4 Oct, weekend)zero
Neteller2020-10-02 2020-10-052020-10-05 1 working day (3-4 Oct, weekend)zero

Markets and Products

At Tickmill, you can trade CFDs on Forex, stock indices, commodities, and German government bonds.

Popular asset classes, such as stocks, ETFs, mutual funds, bonds and options are missing.

Here’s the complete list of Tickmill’s product offerings:

MarketsInstruments
Forex62
Indices13
Commodities6
Bonds4

Trading Conditions

The trading conditions at Tickmill are good. You can run most types of trading strategies as the broker allows high-risk strategies such as hedging and scalping.

There are no time limitations for keeping your hedging positions open. Tickmill also allows the use of Expert Advisors (EAs).

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

Tickmill offers different leverage levels to its clients depending on the entity under which they registered their account:

The table below outlines the various leverage levels available to clients:

MarketsTickmill UK LtdTickmill Europe LtdTickmill South Africa (Pty) LtdTickmill LtdTickmill Asia Ltd
Major currency pairs30:130:1500:1500:1500:1
Minor currency pairs20:120:1100:1100:1500:1
Exotic pairs10:110:110:110:110:1
Gold20:120:1500:1500:1500:1
Indices20:120:1100:1100:1100:1
Other Commodities10:110:1100:1100:1100:1
Bonds5:15:1100:1100:1100:1

Bonus

Tickmill offers a no-deposit bonus worth $30 to its new clients.

However, the bonus is only provided by Tickmill Ltd and does not apply to clients from certain countries.

Tickmill Welcome Bonus
Tickmill Bonus – $30 Welcome Bonus

Here are the full details of the bonus scheme:

Bonus TypeNo deposit bonus
Bonus AmountUS$30
Provided byTickmill Ltd
Does not apply to clients fromThe European Union, Algeria, Armenia, Australia, Azerbaijan, Belarus, Bulgaria, Colombia, Georgia, Hong Kong, Iceland, Israel, Kazakhastan,

Trading Platform

Tickmill’s trading platform is based on the popular MetaTrader 4 platform (MT4). The broker does not offer any other trading platform making it ideal for MT4 lovers.

Tickmill MT4 Webtrader
Tickmill MT4 Webtrader

The MT4 platform is decent enough and can be customised to a high degree. However, the design is getting old, and we would have loved to see the broker offer the MetaTrader 5 platform (MT5), which is the newer version of the platform.

In our test, we placed all our trade through the MT4 app on our iPhone.

Research and Tools

Tickmill provides user-friendly research tools including

  • Autochartist
  • Myfxbook Copy Trading
  • Economic Calendar
  • Forex Calculators
  • Tickmill VPS
  • One-Click Trading
Tickmill Trading Tool
Tickmill provides trading tool – Autochartist

Education

Tickmill does a good job in education. They offer

  • Webinars
  • Seminars
  • Ebooks
  • Video Tutorials
  • Infographics
  • Forex Glossary
  • Fundamental Analysis
  • Technical Analysis
  • Market Insights
Tickmill Educational Material
Tickmill video tutorials

Customer Service

Tickmill’s customer support team was helpful and provided relevant answers to our questions.

You can contact Tickmill via Email, and Phone calls. However, we could not reach anyone by phone as our calls went unanswered.

We were disappointed to find out that the broker does not have a Live Chat function, which is a crucial support channel offered by most brokers.

See the results of our test below:

QuestionResponse TimeQuality of reply
EmailFunds Withdrawal1 working dayOkay

We did note that the account opening and verification process was smooth and we did not encounter any issues during the process.

Tickmill Customer service channels:

Tickmill Customer Support
Tickmill customer service

Conclusion

Our overall experience was smooth. Tickmill allows traders to trade with almost any trading strategy including scalping, which is great for day trading and EA trading. Tickmill also allows traders to change their leverage levels and…

As compared to other brokers. Tickmill offers a limited number of markets and instruments, and we hope that they will add shares CFDs, cryptocurrencies, and ETFs in the future.

We recommend Tickmill for traders who run EAs, scalping and prefer the MT4 platform, as well as those interested in trading with FCA-regulated brokers.


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eToro Review 2021

For this eToro review, we opened a real account and deposited over US$ 6,000 in total.

We traded the popular instrument in each market to get the spread and placed a total of 18 trades.

We also reached out to customer support to solve issues that we encountered.

Most importantly is fund withdrawal. We withdrew all our funds at the end to see if there is any issue with the withdrawal process.

What is eToro

eToro is headquartered in Tel Aviv, Israel, and was founded in 2006.

The broker gained popularity as one of the best social trading platforms. It allows trading with multiple markets, including forex, indices, commodities, stocks, exchange-traded funds (ETFs), and cryptocurrencies.

eToro carries several licenses from regulators in the UK, USA, Australia, and Cyprus.

Some of the highlighted features of eToro are:

🗺️ Authorised & Regulated inUSA, UK, Australia, Cyprus
🛡️ Is eToro safeYes
💰 EUR/USD Spread0.97
💳 Minimum depositUS$50 or US$500
💰 Withdrawal feeUS$5
🖥️ Trading PlatformeToro’s own trading platform
📈 Markets offeredIndices, Forex, Commodities, Stocks, Cryptocurrencies, ETFs
📉 Number of Products986

Licenses and Regulations

eToro is licensed by some of the top global regulators, including the UK’s FCA, CySEC, ASIC, and FinCEN.

The licenses were awarded to locally formed entities of eToro. The full list of eToro’s licenses is below.

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
eToro (UK) LimitedUnited KingdomFinancial Conduct Authority (FCA)583263United Kingdom£85,000
eToro (Europe) LimitedCyprusCyprus Securities and Exchange Commission (CySEC)109/10Globally many countries€20,000
eToro Aus Capital Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)491139AustraliaNo Compensation Scheme
eToro USA LLCUSAFinancial Crimes Enforcement Network (FinCEN) as a Money Services BusinessUSA$250,000

eToro can only offer real cryptocurrency trading in the United States as it does not have licenses from the Commodities Futures Trading Commission (CFTC) and National Futures Association (NFA), the two derivatives trading regulators in the USA.

eToro (Europe) CySEC (Cyprus Securities and Exchange Commission ) Registration
eToro (Europe) Limited registered in Cyprus Securities and Exchange Commission (CySEC) website

Is eToro Safe

Yes, eToro is safe to trade. FCA and CySEC have deposit compensation schemes of up to £85,000 and €20,000 respectively, meaning each traders’ deposits are insured up to those sums.

Additionally, eToro offers insurance of up to £1 million to all its users. If the broker goes bust, the policy will pay its customers.

Our trading and withdrawal were smooth with eToro.

For this review, we opened an account under eToro (Europe) Limited which is regulated by the CySEC. For our tests which we deposited money, placed trades, and withdrew deposits.

We recommend you register your account with the UK or CySEC entity.

Fees and Commissions

eToro offers commission-free trading for real stocks, but for CFDs, its commission is included in spreads. Forex spreads are below industry standard, while the spreads on cryptocurrencies (also crypto CFDs) are on the higher side.

Spreads Charged in Our Trades

For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread. The spreads for all the asset classes did not fluctuate much for our trades.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
IndicesFTSE 1001.21.51.51.4
ForexEUR/USD1.10.810.97
CommoditiesGold4.54.54.54.5
StocksAAPL2.32.32.12.23
CryptocurrenciesBitcoin102.23102.87103.04102.71
ETFsQQQ0.53380.518680.52390.53

The spreads for indices and forex instruments are below the industry average. For commodities and stock CFDs, spreads are above the industry average.

The spreads on cryptocurrencies in our trades are more than double the industry average.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
IndicesFTSE 1001.41.65
ForexEUR/USD0.971.16
CommoditiesGold4.53.53
StocksAAPL2.231.75
CryptocurrenciesBitcoin102.7172.81
ETFsQQQ0.530.45

Other Fees

eToro charges a few non-trading fees.

The broker charges a $10 monthly fee after a year for inactive accounts. Though deposit and account maintenance are free on eToro, it charges $5 for each withdrawal.

Account Types

eToro offers only a single account type to the traders. 

Novice traders can also open a demo account before trading on a live account.

Account Opening

Opening a new account on eToro is very simple and easy. We have opened an account ourselves to test the entire process with the broker.

Steps to create an eToro account:

  1. Enter username, email, and password (you can also signup with Google or Facebook).
  2. Click on ‘Complete profile’ and provide basic information like name, date of birth, address, and Passport number.
  3. Answer a few questions: your trading experience, trading plans, occupation, and financial status.
  4. Verify your account with phone number verification and submitting other documents.

We have submitted the following documents to verify our eToro account:

  1. Copy of passport
  2. Copy of national identification
  3. Copy of 3 months’ bank statements

The registration process took merely 11 minutes. Our account was verified after 8 days.

We registered our accounts on October 11, 2020, and also submitted all the necessary documents on the same day. Our account was verified on October 19, 2020.

One of the reasons behind the delay was that we had used a VPN for registration. eToro contacted us about the difference in IP address and questioned us back and forth for 8 days.

eToro Account Opening
Our eToro’s trading account pending verification

Deposit and Withdrawal

Both deposit and withdrawal processes on eToro are simple enough. eToro offers a lot of options to fund your account, and deposits are free. The broker, however, charges a flat fee of $5 for every withdrawal

We have elaborated both the processes in the following section.

Minimum Deposit

eToro has both minimum and maximum deposit limits. The minimum deposit on eToro varies from $50 to $10,000.

  • For US users, the minimum deposit amount is $50
  • For most of the others countries, the minimum deposit amount is $500

eToro has a maximum daily deposit limit of $10,000.

Unverified eToro accounts have a total deposit limit of $2,250.

Deposit

eToro users can deposit funds with debit/credit cards, bank transfers, and several popular electronic wallets.

The first deposit has to be made using bank transfer, credit/debit cards, or PayPal.

We have tested the deposit process on eToro using multiple payment modes and, in each case, the deposits were received instantly.

We used a debit card for our first deposit.

The below table shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill2020-10-262020-10-26Instantzero
NETELLER2020-10-262020-10-26Instantzero
Credit/Debit card2020-10-262020-10-26Instantzero
Paypal2020-10-292020-10-29Instantzero

For all our tested deposit methods, the process was completed instantly with zero fees.

Withdrawal

Withdrawals from eToro are easy, but the platform charges $5 for each withdrawal request.

eToro has a minimum withdrawal limit of $30.

We withdrew funds in multiple accounts to know the process in detail.

First, we deposited with a credit card. The same amount proceeded back to our credit card before we withdrew with other payment methods.

Overall, the withdrawal process is quick.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Skrill2020-10-292020-10-302020-10-301 working dayUS$5
Credit card
Neteller2020-10-282020-10-292020-10-291 working dayUS$5
Paypal2020-10-29US$5
eToro Deposit Methods
eToro’s withdrawal method

Markets and Products

eToro offers trading services with several markets, including forex, stocks, cryptocurrencies, commodities, and indices

Though eToro is primarily a forex and CFD broker, it also offers trading services with real stocks, ETFs, and cryptocurrencies.

All digital currencies on eToro’s Australian subsidiary are CFDs.

The complete list of eToro’s offerings are:

MarketsInstruments
Indices13
Forex49
Commodities31
Stocks726
Cryptocurrency16
ETFs151

eToro offers access to 17 stock exchanges.

Non-leveraged buy positions on stocks, ETFs, and cryptocurrencies, on eToro are traded as real assets.

Social Trading

eToro is known for its social trading feature. In fact, it gained popularity because of this feature.

It basically has two features: CopyTrader and CopyPortfolio.

Copy Trader

eToro traders can copy trading strategies of any other experienced traders on the platform.

The broker maintains its experienced traders’ page very well and clearly categorizes their profiles.

The profiles are very transparent, and traders can see every detail of the experienced trades activities, including trades per week, average holding time, and performance on charts.

eToro does not charge for availing CopyTrader services. There is a minimum limit of $200 to copy a trader.

eToro CopyTrader
eToro’s CopyTrader

CopyPortfolio

eToro also offers a feature called CopyPortfolio. Traders can copy the trades on markets and traders based on a pre-determined trading strategy.

Similar to CopyTrader, CopyPortfolios are categorized as Top trader portfolios, Market portfolios, and Partner portfolios. Do not consider eToro CopyPortfolios as hedge funds or exchange-traded funds (ETFs).

eToro CopyPortfolios
eToro’s CopyPortfolios

eToro runs a Popular Investor Program to attract experienced traders. It offers attractive incentives to the traders who are active on the platform and whose trading portfolios are being copied.

Traders accepted under eToro’s Popular Investor Program will only receive commissions when their trades are copied.

eToro Popular Investor Program
eToro Popular Investor Program incentives

Trading Conditions

Trading conditions on eToro are fair. eToro says it allows hedging. However, it states that it retains any profits generated by such a strategy in its T&C pdf. eToro does not allow scalping.

Trading MethodAllowed
HedgingYes (eToro will retain the profits)
ScalpingNo
Change LeverageYes
Copy trading/Social tradingYes

Leverage

Traders can change and adjust their leverage levels on eToro.

MarketseToro (UK) LimitedeToro (Europe) LimitedeToro Aus Capital Pty LtdeToro USA LLC
Major Currency Pairs30:130:1400:1N/A
Non-major Currency Pairs20:120:1400:1N/A
Gold20:120:1400:1N/A
Major Indices20:120:1100:1N/A
Non-major Equity Indices10:110:1100:1N/A
Other Commodities (except Gold)10:110:1100:1N/A
Stocks5:15:110:1 to 20:1N/A
ETFs5:15:110:1N/A
Cryptocurrency2:12:12:11:1

Trading Platform

eToro uses its own trading platform. It looks modern and is easy to use.

eToro only offers trading services on web-client and mobile trading App. The mobile platform is available for both iOS and Android devices.

For our tests, we placed the orders on eToro’s web-trader.

eToro Trading Platform
eToro’s desktop web trading platform

Research and Tools

eToro offers decent market research tools.

It has some good technical analysis tools. But on the downside, it lacks comprehensive fundamental data and a proper news feed.

The platform also recommends stocks to the traders, has market sentiment indicators, showing both activities by hedge funds and insider trading sentiments.

eToro Tchnical Analysis Tools
eToro’s technical analysis tool

Education

eToro does not offer good educational resources to traders.

Some of eToro’s educational materials are:

  • Few basic video tutorials
  • Some podcasts on trading
  • A text guide on trading and investment
  • Daily news and analysis of major market activities

The broker seems to have developing its learning materials for beginners and is offering the materials via eToro’s Trading School.

eToro Educational Material
eToro’s webinar by Henry Ward

Customer Service

eToro offers decent customer support.

Traders can contact the broker on:

  • email
  • Live chat
QuestionResponse TimeQuality of reply
Live ChatA few basic trading questionsIt is only available in Cyprus working hours.
EmailIP Address DifferenceSame day and next working dayAbout 4 emails from our side and 5 emails from eToro side in 5 days. The problem was solved.

To check eToro support, we have raised several tickets.

The live chat is only available on weekdays and in Cyprus working hours. The email support is good with same-day responses.

eToro also has a list of a Q&A page of basic and mostly-faced problems by the traders.

eToro Customer Support
eToro’s customer service center

Conclusion

All in all, our trading experience on the platform was smooth.

eToro is good for beginners and experienced/popular traders. It has some attractive features like social trading.

eToro offers commission-free trading for real stocks and attractive spreads on forex.

We recommend eToro for traders who are

  • Beginners in trading to copy Popular Investor’s trades
  • Experienced traders who want to join Popular Investor program
  • Trading Currency pairs, Cryptocurrencies or Stocks

eToro might not be a fit if you are

  • Scalping trader
  • Hedging trader
  • EA trader
  • Trading through MT4/MT5 platform only
  • Commission based trading

Categories
Uncategorized

Trading 212 Review 2021

For this Trading 212 review, we opened a real account and made a total deposit of over EUR 5,500.

We traded the popular instrument in each market to determine the average spread charged and we placed a total of 15 trades.

We also reached out to the broker’s customer support team to resolve the issues we encountered.

Finally, we withdrew all our funds to identify if there are any delays or issues with withdrawals.

What is Trading 212

Trading 212 is a global Forex and CFD broker, founded in 2004. The broker is headquartered in London and is regulated by the UK Financial Conduct Authority (FCA) and by the Bulgarian Financial Supervision Commission (FSC).

Some of the highlighted features of Trading 212 are:

🗺️ Authorised & Regulated inUK & Bulgaria
🛡️ Is Trading 212 safeYes
💰 EUR/USD Spread1.37
💳 Minimum depositUS$1
💰 Withdrawal feeUS$0
🖥️ Trading PlatformTrading 212’s custom Trading Platform
📈 Markets offeredIndices, Forex, Commodities, Stocks, Cryptocurrencies
📉 Number of Products2,029

Licenses and Regulations

Trading 212 has 2 licenses globally including a top-tier license from the UK’s Financial Conduct Authority (FCA).

Here is the full list:

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
Trading 212 UK LtdUnited KingdomFinancial Conduct Authority (FCA)609146Globally (many countries)£85,000
Trading 212 LtdBulgariaFinancial Supervision Commission (FSC)RG-03-0237Globally (many countries)€20,000

Is Trading 212 Safe

Yes, it is safe to trade. Trading 212 is regulated by two financial authorities globally, including a top-tier one. We did not encounter any issues in the trading and withdrawal process during our test.

For this review, we opened a CFD account with Trading 212 UK Ltd which is one of theFCA regulated forex brokers in UK in which we deposited money so as to run our tests.

We recommend that you open your account with the UK entity if it’s available to you since we consider regulation by the FCA as being the best given that it offers investor compensation of up to £85,000 in case the broker goes bankrupt.

Trading 212 FCA (Financial Conduct Authority) Registration
Trading 212 UK Ltd registered in Financial Conduct Authority (FCA) website

Fees and Commissions

Trading 212’s CFD Account charges zero commissions on trades but with a spread.

Spread Charged in our Trades

We did blindly trust the spreads quoted on Trading 212’s website. The spreads listed here were actually charged on the live trades we made through our funded account.

In our test, we chose the most popular instrument in each market since we can’t test all 2,029 instruments. We placed 3 trades for each instrument to get a complete picture of the average spread. Overall, the spread is stable, as seen in our test results shown below.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.41.31.41.37
IndicesFTSE 1001.83.32.32.47
CommoditiesGold10.55.46.57.47
StocksApple1.81.51.81.70

Comparing the spreads charged in our trades to the industry benchmark, we found the spreads for the FTSE 100 and Gold to be quite high. However, the spreads charged on FX and stock trades were in-line with industry trends, especially the spreads for stock trades which are much lower than the industry average.

MarketsInstrumentsAvg. spreadIndustry avg. spread
ForexEUR/USD1.371.16
IndicesFTSE 1002.471.65
CommoditiesGold7.473.53
StocksAAPL1.701.75

We traded through Trading 212’s mobile app and recorded videos of the trades. You can see this here.

video of our trading

Other fees

Trading 212 does not charge other non-trading fees such as account inactivity fees, deposit & withdrawal fees.

Account types

Trading 212 offers 2 account types which are the Invest and CFD accounts.

Invest vs CFD Account

See the differences between the 2 accounts below

Invest CFD
Minimum Deposit$1$1
Real Stocks & ETFs 6,500+0
CFDs & FX Pairs02,029
Commissions$0$0

For our test, we chose to open a CFD Account.

Account opening

Trading 212 account opening is fully digital, fast and straightforward. Below are the 6 steps to opening a Trading 212 account:

  1. Enter your name, nationality, phone number, date of birth, Passport/National ID number.
  2. Input your residential address, the country where you pay your taxes, and tax ID,
  3. Choose your account type and currency.
  4. Answer a few questions about your annual income, the value of savings and investments, and source of your deposited funds.
  5. Provide your employment status, occupation and industry of business.
  6. Verify your identity by taking a selfie with your Passport, driver’s license or identity card.

In our test, it took 2 working days to open and verify our account. The registration took only 16 mins to complete.

In the account verification, we were asked to take a selfie to compare it to our document for identity verification. Our account was verified and allowed to deposit and trade after the ID verification. However, the address proof came after we made our first deposit.

Trading 212 Account Activated
Trading 212’s trading account activated

We video recorded our account opening. See the video below

video of our account opening

Deposit and Withdrawal

Trading 212 offers free and fast deposits and withdrawals. The broker provides multiple options for funding your account, including bank wires, credit and debit cards, as well as e-wallets such as Skrill, and PayPal.

Minimum deposit

Trading 212 requires a minimum deposit of $1 for bank transfers, credit/debit cards, Skrill and Paypal.

Deposit

In regards to the deposit, we tested 3 payment methods available to fund our account. Debit card, Skrill and Paypal deposits reflect instantly in your trading account with zero fees, which is why we recommend them. The funding times and fees are as follow

Payment MethodSubmitted DayFunded Account DateFunding TimeFee
Skrill2020-10-222020-10-22Instantzero
Credit card2020-10-222020-10-22 Instantzero
PayPal2020-10-22 2020-10-22Instantzero

Withdrawal

And about withdrawals, we made deposits via PayPal, debit card, and Skrill. However, when it came to processing our withdrawals, the broker combined our two separate withdrawals into one payment, which we received via PayPal. Hence, we were unable to test withdrawals back to our debit card.

Payment MethodSubmitted DayFunds Released DateFunds Arrived DateWithdrawal TimeFee
Skrill
Credit card2020-10-292020-11-022020-11-023 Working dayszero
PayPal2020-10-292020-11-022020-11-023 Working dayszero
Trading 212 Deposit Methods
Trading 212’s deposit methods

Markets and Products

Trading 212’s CFD account offers the following instruments to traders, which are indices, commodities, Forex pairs, stocks, and cryptocurrencies. Some popular asset classes, such as ETFs, mutual funds, bonds and options are missing.

MarketsInstruments
Forex184
Indices57
Commodities118
Stocks1661
Cryptocurrencies9

Trading Conditions

The trading conditions at Trading 212 are okay. High-risk strategies such as scalping and using EAs are prohibited. However, hedging strategies are allowed.

Trading MethodAllowed
HedgingYes
ScalpingNo
Change LeverageNo

Leverage

Trading 212 offers 1:2 to 1:30 leverage to retail clients.

MarketsTrading 212 UK LtdTrading 212 Ltd
Major Currency Pairs30:130:1
Non-major Currency Pairs20:120:1
Gold20:120:1
Major Indices20:120:1
Non-major Equity Indices10:110:1
Other Commodities (except Gold)10:110:1
Stocks5:15:1
Cryptocurrency2:12:1

You cannot change your account’s leverage level.

Trading Platform

Trading 212 offers proprietary web and mobile trading platforms as the only trading platforms. The broker does not offer the popular MetaTrader 4 & 5 (MT4 platform & MT5 platform) platforms. Therefore, traders interested in using the two platforms may have to go with a different broker.

In our tests, we placed trades via the broker’s mobile platform, which was quite intuitive.

Trading 212 Trading Platform
Trading 212’s trading platform

Research and Tools

Trading 212 has excellent charts loaded with many functions that make it easy for traders to plan their trades. The broker also provides a detailed economic calendar for traders, which is a great feature. However, its market analysis and news features are not as detailed as those of its peers. The broker also provides the 212 hotlists showing how many traders own a particular stock.

  • Excellent charts
  • News
  • Economic calendar
  • Analysis
  • 212 hotlist
Trading 212 Hotlist
Trading 212’s 212 hotlist

Education

We found Trading 212’s educational resources, especially the video tutorial course, to be some of the best in the industry given the easy-to-understand format in which the material is presented.

The broker offers:

  • Text and video tutorials
  • Educational articles
  • A demo account
Trading 212 Video Tutorials
Trading 212’s video tutorials

Customer service

Trading 212 provides 24/7 customer service and their agents give very relevant answers. You can reach their support team via the live chat function, email and phone calls. However, our phone calls went unanswered.

You can contact Trading 212 via Email, Live Chat, and Phone calls. See our test below

QuestionAnswerResponse TimeQuality of reply
Live ChatProof of addressResolvedInstantExcellent
EmailChange leverageResolvedSame daySatisfactory
Trading 212 Customer Service Live Chat
Trading 212’s customer service live chat

Conclusion

Our overall experience with Trading 212 was smooth, and we found it safe to trade with given that the top-tier FCA regulates it.

On the plus side, we liked the broker’s educational materials, which are some of the best we have seen, especially their video tutorials. We also liked the huge selection of actual stocks available to trade combined with the low spreads on stock trades

Trading 212 has some drawbacks, though. We found the spreads on the FTSE index and Gold to be quite high, and the lack of the MetaTrader 4 & 5 platforms means that MT4 & MT5 traders might have to find another broker.

We recommend Trading 212 for traders who are

  • Beginners in trading
  • Experienced traders
  • Trading currency pairs or CFD stocks

Trading 212 might not be a fit if you are

  • Scalping trader
  • EA trader
  • Trading through MT4/MT5 platform only
  • Trading gold or indice

Categories
Uncategorized

Best Forex Brokers Australia 2021

For this list, we tested over 15 forex brokers with ASIC licenses operating in Australia. 

We opened a real account and deposited between $4,000 and $8,000 with each broker. We placed real trades in each popular market to get the real spreads.

We also reached out to customer support to solve issues that we encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best forex brokers based on our trading data and experience as a trader. 

Australian ASIC Regulated Forex Brokers

Forex brokers must be authorized and licensed by the Australian Securities & Investment Commission (ASIC) to operate in Australia. ASIC’s website is asic.gov.au and we suggest investors and traders follow ASIC on Twitter, @ASIC_Connect to get the latest news.

ASIC-regulated brokers are safe to trade as ASIC is a good regulator with a strict measure to protect investors and traders. It has imposed millions of dollars of fines to brokers for not complying with its operational guidelines. In some cases, ASIC even withdrew brokers license and banned directors from working in the industry.

ASIC allows Australian brokers to offer a maximum leverage of 30:1, and all brokers must provide negative balance protection. But the downside is that ASIC does not have any compensation scheme to protect traders if a broker goes bankrupt.

Some of the key highlights of trading with ASIC regulated brokers are:

🏦RegulatorAustralian Securities and Investments Commission (ASIC)
📊Max. Leverage30:1
🛡️Is It safe to tradeYes
🔒Negative Balance ProtectionYes
💰Compensation SchemeNo Compensation Scheme

Best Forex Brokers Australia

To select the best forex brokers, we have tested and reviewed over 15 forex brokers operating in Australia. We opened live accounts and deposited real money. We placed real trades to get the exact picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service. 

  • Pepperstone – Best Overall Forex Broker in Australia
  • IG – Best Forex Broker for Beginners in Australia
  • GO Markets – Best MT4 Broker Australia
  • CMC Markets – Best Forex Trading Platform Australia
  • Admiral Markets – Lowest Spread & Trading Fees in Australia

Best Overall Forex Broker in Australia

We picked Pepperstone as the overall best forex broker in Australia.

Pepperstone is an excellent broker with a full package of services. The experience of opening a new account is smooth, and it offers 9 deposit and withdrawal methods. 

Pepperstone also offers competitive spreads with only 1.15 pips on EUR/USD pair. Trading conditions with the broker are also excellent with no limit in trading strategies. Furthermore, it provides great education and trading tools, including video tutorials, webinars, Autochartist, and many more. The broker also added social trading services recently through Myfxbook and DupliTrade. 

Best Forex Broker for Beginners in Australia

We picked IG as the best forex brokers for beginners in Australia.

IG is one of the top global forex brokers operating in Australia with an ASIC license. It is an excellent platform to start with as it provides a ton of educational resources to guide new traders.

IG’s educational guides include detailed articles, infographics, and video explainers. The broker also offers online trading courses and has end-of-course quizzes. For hands-on practice, it offers a demo account to new traders too.

The broker offers trading services with a wide range of asset classes and good trading platforms. It provides an arsenal of market research and analytics tools.

Best MT4 Broker Australia

We picked GO Markets as the best MT4 forex brokers in Australia.

GO Markets is an Australia-headquartered broker with operations around the world. It offers trading on both MT4 and MT5 platforms, which are developed by the MetaQuotes Software.

The broker also offers three account tiers, all on both MT4 and MT5. It offers these industry-standard trading platforms on both desktop and mobile devices.

GO Markets also offers trading with several asset classes, and spreads are also attractive for forex. All in all, it is the best MT4 forex broker in Australia. 

Best Forex Trading Platform Australia

We picked CMC Markets as the best forex trading platform in Australia.

CMC Markets offers trading with forex, stocks, indices, and other asset classes. But the platform shines even only as a forex trading platform. It offers 339 currency pairs, which is higher than most of the top forex-only platforms.

CMC Markets also offers very attractive spreads. Out testing finds that the average spread on EUR/USD pair on the broker is only 0.7 pips, which the industry average stands at 1.6 pips. It also offers fast execution.

Forex Broker with Lowest Spread and Trading Fees in Australia

We picked Admiral Markets as the Australian forex broker with the lowest spreads and fees.

When it comes to forex spreads, Admiral Markets offers some lowest in the industry. Our testing of the broker finds that the average spread on EUR/USD spread remains 0.6, which is among the lowest in the industry. Spreads on CFDs of indices, stocks, and commodities are also much lower than the industry average.

Admiral Markets charges a trading commission on most accounts, but there is no trading fee on two basic account types. Overall, Admiral Markets is the best lowest spreads and fees broker in Australia.

Australian Forex Brokers List & Review

Besides our best picks above, we also put together a complete list of 16 Australian forex brokers along with our reviews.

Forex BrokerASIC RegulatedAbout Our TestOur Review
eToroYesDeposit Amount: Over $6,000
Total Trade: 18 trades
eToro Review
AvaTradeYesDeposit Amount: Over €4,000
Total Trade: 21 trades
AvaTrade Review
Plus500YesDeposit Amount: Over €6,000
Total Trade: 18 trades
Plus500 Review
AXI (AxiTrader)YesDeposit Amount: Over €6,000
Total Trade: 12 trades
AXI Review
XMYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
Admiral MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
FP MarketsYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
FxProYesDeposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
PepperstoneYesDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
CMC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
CMC Markets Review
IC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
Markets.comYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Markets.com Review
Vantage FXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
ThinkMarketsYesDeposit Amount: Over €5,000
Total Trade: 15 trades
ThinkMarkets Review
GO MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
GO Markets Review
FortradeYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Fortrade Review

FAQ & More on Australian Brokers

Traders usually have many questions related to trading generic trading-related queries. We tried to pick and answer some of the most important queries related to Australian brokers.

How to Verify an ASIC-Regulated Broker?

The registration details of any ASIC-regulated can be checked on the online registry of the regulator.

Go to https://connectonline.asic.gov.au/ and select the search type from the dropdown menu and type the name of the broker. A list of all the name matches will appear with the relevant licensing details.

ASIC (Australian Securities and Investments Commission) Register
ASIC Register

How to Compare Australian Forex Brokers?

All Australian forex brokers can be compared using the standard trading metrics like regulatory license, products offered, spreads and fees, deposit and withdrawal options, and a few other parameters.

We have tested several ASIC-regulated brokers based on these parameters and concluded that Pepperstone is the best overall forex broker in Australia.

ECN Forex Brokers in Australia

ECN brokers offer traders direct market access and do not take any positions against the traders. These brokers are often preferred by expert traders for zero or tight spreads and fast execution.

Some of the best Australian ECN traders are:

  • Pepperstone
  • IG
  • IC Markets
  • GO Markets
  • FP Markets

MT4 Forex Brokers in Australia

MT4 is the industry standard forex and CFD trading platform. It is preferred by both brokers and traders and dominates the trading industry, in terms of trade volume execution.

Though many brokers started to offer an alternate trading platform, MT4 remains the primary one for most of them.

Some of the top MT4 forex brokers in Australia are:

  • GO Markets
  • XM
  • Markets.com
  • ThinkMarkets
  • IC Markets

High Leverage Forex Brokers in Australia

From March 2021, ASIC set maximum leverage of 30:1 on CFDs for all regulated brokers. To access trading high leverage trading like 400:1 or 500:1, Australian traders need to be eligible to apply as professional traders or trade with a broker from New Zealand, like BlackBull Markets. 

Lowest Spread Forex Broker in Australia

Spreads charged by the brokers remain the making or breaking factor to get clients. If the brokers charge too high spreads, traders will go to other platforms, and if the spreads are too low, along with no commission, then it would be hard to sustain the business.

Some of the Australian brokers with the lowest spreads are:

  • Admiral Markets
  • CMC Markets
  • AvaTrade
  • Plus500
  • Markets.com

Australian Forex Brokers Offer Micro/Cent Account

Micro/Cent account generally means the brokers calculate the trading account balance instead of dollars. Though most of the brokers do not promote themselves as micro/cent account brokers, they usually offer such services for standard retail clients.

Swap Free Forex Brokers in Australia

Swap-free is the option of offering trading services without any fees. These accounts are considered Halal under Islamic Sharia Law as traders are not trading on commission-basis or paying any roll-over charges.

Some of the ASIC-regulated brokers offering swap-free accounts are:

  • IC Markets
  • ThinkMarkets
  • VantageFX
  • Pepperstone
  • AXI (AxiTrader)