AUSFOREX offers two account types – STP & ECN, both accessible through the popular MetaTrader 4 platform. The ECN account offers lower spreads, but involves a commission of $10 per standard lot, while the STP account provides commission-free trading and comparatively high spreads.
Micro lots are available for trade on both account times. What is more, there are MAM and PAMM account options with this broker.
The Company. Security of Funds
AUSFOREX provides online FX and CFD trading services to individual investors, traders, fund managers and other financial institutions. Its product portfolio includes foreign Exchange, equity Indices, oil, gold & silver and CFDs.
Founded in 2003 in Melbourne, Australia, AUSFOREX has been authorized and regulated by Australian Securities and Investments Commission (ASIC) since 2005. To provide better global services, AUSFOREX moved its headquarter to London, UK in 2015, where it was registered as an Appointed Representative (A.R.) of a company licensed by the Financial Conduct Authority (FCA). The company maintains offices in London, Cyprus, Beijing, Shanghai, Malaysia and Vancouver. Unfortunately, AUS CAPITAL (UK) Ltd. is no longer registered with the FCA as an A.R.
Minimum Initial Deposit
The minimum deposit for opening a trading account with AUSFOREX is $1000, which is a bit too high, as most brokers require less. You can start out with $200 with AxiTrader and with just $1 with FxOpen or CMC Markets, all of them authorized by the FCA.
Average spreads & Commissions
As a STP/ECN brokerage, AUSFOREX offers variable spreads. The typical ones on the STP account amount to around 2.0 pips on EUR/USD, which is a bit too high, while the ones on the ECN account are significantly lower – averaged 0.5 pips on EUR/USD. The ECN account, however, involves a commission of $10 round turn, so trading costs for this pair amount to around 1.5 pips per lot, commission included, which is on the upper end of average.
In comparison, AxiTrader, another broker with Australian origin and FCA license, offers typical spreads of 1.4 pips on EUR/USD on its commission-free accounts, and the ones on the ECN account are averaged 0.4 pips on EUR/USD, involving a commission of $7 round turn. For further information, you may look up and compare real-time spreads of 15 leading brokers.
The maximum leverage rates at AUSFOREX are up to 1:400. Such leverage is considered average, yet many other FCA-regulated brokers offer similar or even higher leverage rates. AxiTrader, for instance, also provides leverage up to 1:400 and FxPro – up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Nonetheless, we advise traders to exercise caution: the higher leverage ratios, the greater the risk of heavy losses.
AUSFOREX offers both MetaTrader 4 and MetaTrader 5. The popular MetaTrader4 (MT4) platform comes in all forms and shapes: desktop, web and mobile. This fully customizable and feature-rich online trading platform is preferred by most traders. AUSFOREX’s MT4 provides advanced charting package, Real-time news feed from Dow Jones, 20 popular technical indicators (including SMA, MACD, Bollinger Bands and RSI), and a variety of Expert Advisors (EAs).
Besides, you can trade directly from charts on MetaTrader 4, one-click execution, hedging, and API trading are also available.
In addition, AUSFOREX launched the successor of MT4, MetaTrader 5, probably because the developer of both platforms, MetaQuotes, announced it will soon stop updating and selling the older version. MT5 is a multi-asset platform that is equipped with most of the advanced features of its predecessor, plus some more.
At the time of writing this review, the broker offers 10% on deposit bonus to a maximum of $10,000.
Methods of Payment
Clients of AUSFOREX can make deposits to and withdrawals from their accounts via credit/debit cards, (Visa, MasterCard, Maestro), and bank wire. Popular e-wallets such as Skrill, and Neteller are not supported by this broker.
AUSFOREX enables clients to open accounts and deposit funds in GBP, EUR, USD, AUD, and SGD.
AUSFOREX is a reliable NDD broker, offering trading in various currency pairs and CFDs on two great platforms. Its spreads are not the tightest in the forex industry and the initial deposit required is a bit too high. What is worse, currently it is not regulated by any governmental agency.
AUSFOREX Review Conclusion
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