|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average spreads|
|Mini||$50||0.01 lots||1:400||From 0.4 pips|
|Standard||$1000||0.1 lots||1:200||From 0.4 pips|
|Pro||$10 000||0.1 lots||1:100||Commission only: $5 per lot|
Rakuten Securities Australia (RSA) offers three types of real trading accounts, plus a free demo account with virtual $100 000 for testing purposes.
The broker has a portfolio of 40 forex pairs and CFDs on gold and silver. This is a relatively small asset portfolio. There are other brokers, like FxPro and IG, which offer trading in more than 70 forex pairs – major, minor, exotic and emerging.
|Rakuten Securities Australia||Australia||ASIC|
Rakuten Securities Australia (RSA) is a subsidiary of the Japanese brokerage Rakuten Securities, which is part of the Rakuten Group. The company is based in Japan, but operates globally through various subsidiaries offering business services like e-commerce, travel, banking, securities, credit card, e-money, portal and media, online marketing and professional sports.
RSA is regulated by Australia's Australian Securities and Investment Commission (ASIC) and is a member of a client compensation scheme and keeps client funds in segregated accounts in the National Australia Bank.
Minimum initial deposit
RSA requires a minimum deposit of $50 for its Mini account, which is not a very significant sum, though there are other ASIC-regulated brokers like IG and AxiTrader who require just $1. Other brokers operating in Australia, like KVB Kunlun, require $1000, again for their Mini account.
Spreads and commissions
RSA claims it offers “competitive spreads”, which can mean a lot of things, but they appear tight enough. On their Pro account the broker charges commission only - $5 per lot.
The maximum leverage offered by RSA is 1:400, which is fairly lucrative for traders, even though it is also riskier. Unlike Japan, in Australia there is no leverage cap, the various brokers operating on this market have leeway to offer whatever leverage they like. IG, for instance, gives 1:200, while XM offers 1:888, which is the highest. The majority of brokers offer 1:400-1:500.
Rakuten Securities Australia offers the most popular trading platform offered by the majority of brokers: MetaTrader 4 (MT4).
MT4 has been on the market for over 10 years and is preferred by brokers and traders alike for its ease of use, multiple options, various types of orders, charting and technical analysis tools and the wide selection third-party applications compatible with it. The platform also allows automated trading with Expert Advisors and hedging.
Probably MT4's popularity would eventually wane and it will be replaced by its successor MT5, but it looks like it will still be around for some time to come.
RSA provides just two funding methods: bank transfer through the National Australia Bank and through the online banking system of Australia Post: POLi Payments.
Rakuten Securities Australia is one of the many forex brokers operating on the rather saturated and lucrative Australian market. Its trading conditions are comparable to those of other of the major players on it, so we could not say it is outstanding in any way. Nevertheless, it is part of a big and stable conglomerate, so this should give traders peace of mind.
|MT4||Limited funding options|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Cyprus, Hong Kong||FCA, CySEC, SFC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4, MT5||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|UK, Cyprus, Bulgaria||FCA, CySec, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, Web||$500||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|