Each of the Australian forex brokers will have differences separating them from their competition. It is the job of the following to show you some of the key differences of two companies: AxiTrader and ForexCT. The following may not compare all things about the company. Furthermore, facts do change as brokers try to keep up with the competition. It is your job to conduct due diligence in order to separate out the differences here and ensure they are still current. You may also want to do a more indepth comparison to determine if there are more differences or more advantages to one company versus the other as named below.
Australian Forex Brokers through AxiTrader
AxiTrader is an ECN, which means it has no dealing desk. This company supplies English and Mandarin pages for traders. It is regulated through the ASIC. In recent news on Australian forex brokers and market share AxiTrader was touted to have at least a 7 per cent market share versus other brokers available to Australian traders. This can change overtime and quickly so you may need to check if they held their market share.
In terms of account details you are able to trade with MetaTrader 4, Web, or PowerTrader through this company. Additionally they offer 400:1 leverage, an account size of $200 in terms of deposit, and a EUR/USD spread of 1.5. Again this is the data found at the time this article was drafted and it can change. Some Australian forex brokers provide live chat; however, their system indicates that option is not available. Besides spot trading your account can be used for hedging, scalping, futures, oil, silver, and gold trades. This last lot may not matter if you are only interested in spot transactions for forex.
Australian Forex Brokers with ForexCT
This brokerage firm is a market maker, so it has a dealing desk. It also has live chat since there are brokers on hand to answer questions. Like AxiTrader the account has Chinese and English languages available and is regulated through the ASIC. The only trading platform noted online was Web. It is unclear if they have other options; however, you can check directly with the brokerage firm.
The leverage option is the same at 400:1. A standard account requires at least $5,000 deposit and a micro account is $500. For the EUR/USD spread on both accounts it is 4 pips. Lastly you cannot hedge or conduct scalping with the account, but you can trade silver and gold.
You should have noticed some differences by now for these two Australian forex brokers. To sum it up both are ASIC regulated with gold and silver transactions as well as spot transactions. One is a dealer with a desk and the other is electronic only. You also have different account sizes and deposits required although the maximum leverage is the same. In terms of the spread or fee charged it is higher with ForexCT; however, you need to check if it is a fixed rate and if other rates are just as high. Sometimes a company might offer lower spreads on the EUR/USD and expensive spreads on other pairs.