Forex brokers offer many differences in order to keep the competitive edge. ForexFS and ForexCT are two Australian brokers you may be interested in. It is always a good idea to take a look at all brokers in your area and under your regulatory agency to ensure you have the right company for currency trading. Starting a list of those you wish to learn more about is one way to go about eliminating brokers as you conduct research. There are at least five Australian regulated brokers and dozens more that have multiple regulatory agencies. The features of the aforementioned brokers will be explored to help you compare companies.
Currency Trading with Forex FS
Forex FS was started in 2008 under ASIC regulation. Its headquarters are strictly in Australia. They do accept USA clients, but as an Australian this is of little importance to you. For currency trading pairs this company offers 30 with a demo account and three mobile platforms. You can access the broker via Android, iPhone, or Windows Mobile platforms.
Forex FS offers a fairly high leverage, but not as high as other brokers. It is 300:1 leverage. The account size according to details found online show $500 AUD for both standard and micro accounts. This is a fairly decent amount, but you would want to check the accuracy of these details since the deposit is one thing that can often change with brokers. In currency trading information changes as competition changes, thus you also want to check the EUR/USD spread is still 3 pips rather than changing to be more competitive. It matters when comparing brokers since this can be a point that takes one broker off the list and puts another on it. For the main trading platform one uses MetaTrader 4, which is inarguably the most prominent trading platform around. The platform also has hedging, scalping, and precious metals trading.
Currency Trading with Forex CT
Forex CT is one year younger than Forex FS. Like the other company it is completely Australian with ASIC regulations and headquarters. This broker does not accept USA clients, but they offer 40 currency trading pairs. There is a demo account, but only a mobile platform for the iPhone.
ForexCT is one of those brokers with a higher leverage at 400:1. The account sizes are also $5,000 and $500 AUD for standard and micro deposit amounts, respectively. The EUR/USD spread is 4 pips, which is higher than Forex FS and should be checked to make certain it is still the same.
The only trading platform with this currency trading company is the web. They do offer gold and silver trading, but not hedging or scalping. ForexCT is a market maker, which differs from the STP dealing desk with ForexFS. An STP means no dealing desk, but actually straight through processing. Both have live chat for customer service as well as email and phone numbers.
From the above you should have a good idea of how you might want to pick and choose a broker with a comparison.