FXCM vs Plus500: Australia Broker Comparison (2026)

Trading costs for Australian traders vary between FXCM and Plus500. Plus500 typically offers lower spreads on major forex pairs like EUR/USD (around 0.6 pips) with no commission, making it cost-effective for small to medium volume traders. In contrast, FXCM's Standard account charges spreads from 1.2 pips with no commission, but its Raw Pricing account offers spreads from 0.0 pips with a $7 per lot commission (AUD equivalent). For high-volume traders using FXCM's Raw account, total costs can be lower than Plus500. However, Plus500's all-in spread model simplifies cost calculation. Australian traders should consider their monthly trading volume and instrument choices when comparing costs, as Plus500's spread advantages are most apparent on commonly traded CFDs.

FXCM offers MetaTrader 4 and Trading Station, both popular among experienced Australian traders for advanced charting and automated trading. Plus500 uses a proprietary web-based platform that is intuitive and fast, suitable for traders who prefer simplicity. While FXCM's platforms support EAs and custom indicators, Plus500 focuses on mobile trading and ease of use. Australian traders who value deep analysis may prefer FXCM, while those who want quick execution and straightforward trading may choose Plus500.

Execution quality is crucial for Australian traders. FXCM offers No Dealing Desk (NDD) execution with access to multiple liquidity providers, reducing slippage and requotes. Plus500 uses a market maker model, which can result in faster execution but potential conflict of interest when spreads widen. FXCM's execution is generally preferred for experienced traders needing direct market access, while Plus500's execution is reliable for standard CFD trades. Both provide negative balance protection as required by ASIC.

Both FXCM and Plus500 are regulated by the Australian Securities and Investments Commission (ASIC), offering Australian traders a high level of protection. ASIC mandates strict leverage limits (up to 30:1 for retail forex), negative balance protection, and client fund segregation. FXCM holds AFSL 323193, while Plus500's Australian entity (Plus500AU) holds AFSL 417027. This means both brokers must adhere to local compliance, including regular auditing and transparent reporting. For Australian traders, ASIC regulation ensures a safer trading environment compared to offshore brokers, with clear dispute resolution mechanisms via the Australian Financial Complaints Authority (AFCA).

Australian traders can fund their FXCM and Plus500 accounts using local payment methods: BPAY, POLi, Bank Transfer, and Credit Cards (Visa/Mastercard). FXCM also accepts PayPal, Neteller, and Skrill, while Plus500's local options are limited to the primary methods. Deposits via BPAY and POLi are processed instantly with no fees from either broker—ideal for quick funding. Bank transfers (wire) are also fee-free but may take 1-2 business days. Credit card deposits are instant but may incur cash advance fees from the card issuer. Withdrawals at both brokers are generally processed via the same methods used for deposits. FXCM offers free withdrawals for POLi and Bank Transfer, while Plus500 charges no fee for withdrawals but may have a minimum amount (e.g., $50 AUD). Processing times range from 1-5 business days depending on method. For Australian traders, BPAY and POLi are the most convenient and cost-effective options.

Both FXCM and Plus500 offer Islamic (swap-free) accounts for Muslim traders in Australia, in compliance with Sharia law. FXCM requires traders to submit a request via customer support to convert their account, while Plus500 automatically provides swap-free trading on eligible accounts without any special request. These accounts do not charge overnight interest (swap) on positions held past market close, but may incur small administrative fees for positions held over weekends. It's important to note that both brokers are ASIC-regulated, and Islamic accounts are available for all account types, though conditions may vary. Australian Muslim traders can open either account based on their platform preference.

Customer support for Australian traders is available from both brokers. FXCM offers 24/5 phone support in English, live chat, and email, with local Australian phone numbers for quick assistance. Plus500 provides 24/7 live chat and email support, but phone support is not readily available for Australian clients. Both brokers have comprehensive FAQ sections on their websites. For refunds or disputes, Australian clients can escalate to AFCA. Overall, FXCM's personal support may be more suited to traders needing direct human interaction, while Plus500's digital-first support is efficient for routine queries.