AusForex provides five different account types AusForex offers two regular account types, an STP account (Straight Through Processing execution) and ECN (electronic communication network) account. Each account type has its own set of conditions for commission, margin call, and leverage and minimum deposits.
Finding a reputable list about AusForex account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.
AusForex is an Australian forex broker company, now based in London. As Forex broker the company provides traders with access to platforms that allow them to buy and sell foreign currencies.
Forex brokers are also known as retail forex brokers or currency trading brokers. Retail currency traders, in turn, use these brokers to gain access to the 24-hour currency market for speculation purposes. Forex broker services are also provided for institutional clients and large companies such as investment banks.
AusForex was founded in Melbourne, Australia in 2003 and approved by the Australian Securities and Investments Commission (ASIC) in 2005.
The company relocated its headquarters to the United Kingdom in 2015 to better serve the global market. With the move, AusForex also obtained regulation by the United Kingdom Financial Conduct Authority (FCA), as well as supervision by the Hong Kong Securities and Futures Commission (SFC) and the Cyprus Securities and Exchange Commission (CySEC).
As a leading online trading broker, AusForex offers online dealing services to private investors, institutions, banks, and brokerages. They specialize in Foreign Exchange (Forex) and Contracts for Difference (CFDs), and clients enjoy 24-hour access to all global financial markets via the provided MetaTrader 4 and MetaTrader 5 trading platforms.
AusForex’s dedicated and experienced staff comes from varied international financial backgrounds, with lots of shared expertise and knowledge to make available to clients.
AusForex maintains offices in London, Cyprus, Beijing, Shanghai, Malaysia, and Vancouver but does not offer services to clients located in Japan, Iran, Cuba, Sudan, Syria, Belgium, and North Korea.
AusForex offers two regular account types, an STP account (Straight Through Processing execution) and ECN (electronic communication network) account, both accessible through the popular MetaTrader 4 platform, as well as the option for an Islamic Account.
The minimum deposit required to open an account is $1 000.
With an STP account, the broker’s trading commission is included in the spread and an ECN account is a computerized system that automatically matches buy and sell orders for securities in the market. It connects major brokerages and individual traders to trade between themselves directly without an agent, making it possible for investors in different geographic locations to trade with each other easily.
The ECN earns money by charging a fee for each transaction and eliminates the role of a third party in executing orders and permits such orders to be partly or entirely executed. The use of an ECN allows investors to trade outside traditional trading hours and provides a mechanism for those that cannot be active during normal market times and who prefer the flexibility of wider availability.
The AusForex 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.
Both accounts require a minimum Deposit of 1 000 USD, so in reality choosing an account comes down to a choice between one with above-average spreads but no commission fees, or one with amazing spreads but higher than average commission charges.
- Minimum Deposit: 1 000 USD
- Maximum Leverage: 1:400
- Average Spreads: 2.0 pips
- Commission: None
- Minimum Deposit: 1 000 USD
- Maximum Leverage: 1:400
- Spreads: 0.5 pips
- Commission: $10 per standard lot round-turn
- Micro lots are available on both accounts and MAM and PAMM account options are also available.
AusForex offers Muslim traders who follow the Sharia law the option of an Islamic Account.
It is unclear whether it is merely an option where traders can convert their live trading account to an Islamic Account, or whether it is a standalone account with a separate application procedure.
AusForex offers traders the option of opening a Demo Account for 30 days which can be utilized in several ways, including, but not limited to the following:
- A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
- Traders who are evaluating and comparing brokers who would like to explore AusForex’s trading conditions in a risk-free environment, and
- Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.
The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow the Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.
AusForex offers its Islamic Account only to Muslim traders who follow the Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.
Traders who are interested in registering for an Islamic account must contact AusForex’s customer support to verify the details of the account as conditions may have changed from the time of writing.
These changes are as per the broker’s discretion and/or changes in market conditions.
Pros and Cons
|✔️ PROS||❌ CONS|
|Regulated by several authorities||High minimum initial deposit required|
|MT4 and MT5 offered||Swap fees applicable|
|High leverage levels available||Only two account type options|
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AusForex at a Glance
|Headquarters||First Melbourne, Australia, now London, United Kingdom|
|Regulating authorities||Financial Conduct Authority (FCA), the Hong Kong Securities and Futures Commission (SFC), Cyprus Securities and Exchange Commission (CySEC)|
|Countries not accepted for trade||Japan, Iran, Cuba, Sudan, Syria, Belgium, and North Korea|
|Islamic account (swap-free)||Yes|
|Minimum deposit||1 000 USD|
|Deposit options||Credit or debit cards, Wire transfer|
|Withdrawal options||Credit or debit cards, Wire transfer|
|Platform(s) provided||MetaTrader 4, MetaTrader 5|
|OS compatibility||Mobile, Web|
|Tradable assets offered||Forex, Index, Crude Oil, Gold and Silver, and CFDs. Forex trading includes popular currency pairs and some exotic options.|
|Languages supported on the website||English, Chinese|
|Customer support languages||English, Chinese|
|Customer service hours||24 hours per day, seven days per week|
How many instruments can I trade with AusForex?
You can trade several different instruments with AusForex, which include the following:
Forex, including popular currency pairs and some exotic options
- Crude Oil
- Gold and Silver
Which platforms are supported by AusForex?
AusForex provides the following popular trading platforms: MetaTrader 4 and MetaTrader 5.
Does AusForex offer leverage?
Yes, AusForex offers maximum leverage of up to 1: 500.
What spreads can I expect with AusForex?
AusForex offers variable spreads. On the STP account, it typically amounts to around 2.0 pips on EUR/USD, which is high, while on the ECN account it is significantly lower, about 0.5 pips on EUR/USD.
Does AusForex charge commission?
Yes. More information on commissions can be obtained from the customer support service.
Are there additional charges on the Islamic account?
Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.
New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.
Is AusForex regulated and by whom?
AusForex is regulated by the Financial Conduct Authority (FCA), the Hong Kong Securities and Futures Commission (SFC), Cyprus Securities and Exchange Commission (CySEC).
Is AusForex a recommended forex trading broker for experts and beginners?
AusForex offers a fair-trading environment for all types of traders, but due to the high minimum deposit, it may appeal more to experts.
What is the overall rating out of 10 for AusForex?
What is the difference between a demo and live trading account?
A demo account as is offered by broker companies like AusForex is usually funded with virtual money and allows a prospective customer to experiment with the company’s trading platforms and its features.
Does AusForex offer a demo account?
Can I convert my demo account to a live trading account with AusForex?
This is not clear from the information on the company homepage, but the demo account can be used for 30 days.
Which live trading accounts does AusForex offer?
- STP Account
- ECN Account
Does AusForex offer an Islamic Account?
What are the available deposit currencies for a live trading account?
Funds can be deposited in GBP, EUR, USD, AUD, and SGD.
Deposits and Withdrawals
What is the minimum deposit required to open an account with AusForex?
$ 1 000.
How do you make a deposit and withdraw money with AusForex?
AusForex offers the following deposit and withdrawal methods:
- Credit or debit cards
- Wire transfer
- The popular e-wallets like Skrill and Neteller are not supported.
Does AusForex charge withdrawal fees?
No, but fees from financial institutions may be applicable.
How long does it take to make a withdrawal?
Card deposits are processed real-time, but wire transfers can take five business days or so. Withdrawals can be done with the same methods and withdrawal fees for all card methods are listed as free.