Recently a news announcement for Australia indicated about five Australian forex brokers have a large market share. There are still dozens of other brokers that can offer you a trade platform that might have only a 1 or 2 per cent market share compared to 7% and up to 20%. With the competition increasing as indicated in the news article you have plenty to choose from. Finding the differences between brokers is essential in order to make a good decision. Brokers are not always as different as black and white, night and day…well, you get the point. It is still in your best interest to assess any differences you can find in order to choose the company that is the best fit for your goals. Early on in forex lessons you learn to write out your trading goals to help you stay on target and develop discipline, which is why the comparison is offered below between Alpari and FXDD.
Australian Forex Brokers Alpari
Alpari accepts Australian clients in their Tokyo office, but it is not a regulated Australian broker. Alpari is mainly headquartered in the USA with numerous offices throughout North America, Europe, and a few in Asia. It was founded in 2006 with regulatory agencies CFTC, NFA, and RFED checking on them. While not regulated as Australian forex brokers are by the ASIC it is a potential choice for you. They provide 40 pairs to trade with a demo account and windows mobile platform. Desktop platforms include Alpari Direct, Dirext Pro, JForex, and Meta Trader 4.
In terms of account details leverage is low at 50:1, with a standard account deposit at $500 and a mini account at $250. The standard spread is 1.6 and 1.7 for a micro account on the EUR/USD pairing. Further account options include scalping. The dealing desk is STP and ECN. They are not a market maker.
FXDD Not Regulated Australian Forex Brokers
FXDD is not regulated by the ASIC making it technically not part of the Australian forex brokers line. Like Alpari they do operate for Australian customers. It is important to be very clear about regulatory agencies. A company can operate for countries without the local regulatory agency being involved. It takes an offshore account. Australia is not known for blocking offshore accounts. It can be difficult to protect your assets with a non ASIC regulated company; therefore, it is not recommended in this article to go with companies not ASIC regulated, but again it is your choice.
In terms of offerings FXDD provides 30 currency pairs on Windows Mobile, iPad, iPhone, and Android mobile platforms. You also have access to Swordfish, Mirror Trader, MTXtreme, PowerTrader, VikingTrader, and Meta Trader 4 platforms.
Leverage is 200 to 1, with a standard account at $2,000 and micro at $250. The spread is the same for both types of accounts on the EUR/USD at 2 pips. As a broker they provide gold, silver, oil, hedging, and scalping accounts. They are a market maker and STP dealer. Remember, they are only two companies acting as offshore Australian forex brokers, not regulated under ASIC.