Trading costs at other brokers tend to be around 9 USD per lot of EUR/USD, so the Standard Account’s trading costs are average. But the costs are low on the Raw Account, which has a round turn commission of 6 USD and much tighter spreads.
The IRESS accounts have more complex trading conditions that are described in detail in the accounts section below.
Standard Account
The Standard Account is the best option if you are looking for commission-free trading. Spreads are wider than on the Raw Account, usually starting at 1.0 pip, although they can come down to 0 pips with high trade volumes. The minimum deposit is 100 AUD (or equivalent), and 60+ Forex pairs, metals, commodities, and indices are available for trading.
Raw Account
This account has tighter spreads (0 pips on the EUR/USD), but a commission of 6 USD round turn per standard lot is charged. The minimum deposit is also set at 100 AUD (or equivalent), so the only real difference between this account and the Standard Account is whether the broker’s fee is charged on the commission or in the spread, although the costs on the Raw Account are substantially lower. Raw accounts are generally more suited to scalpers and day traders.
Professional Account
UK residents can also apply for a Professional Account, which means that leverage is increased to 500:1. This applies to traders who select to trade through the ASIC-regulated entity. However, they have to meet certain criteria in order to do so:
- Demonstrate you have carried out transactions, in significant size (i.e., 1 lot), on the relevant market at an average frequency of ten (10) per quarter over the previous four (4) quarters.
- Demonstrate that the size of your Financial Instrument portfolio, defined as including cash deposits and Financial Instruments exceeds 500.000 EUR.
- Demonstrate that you work or have worked in the financial sector for at least one (1) year in a professional position, which requires knowledge of the transactions or services envisaged.
Professional account-holders should be aware that they waive some of the privileges afforded to retail clients, including no compensation under the Investor Compensation Fund.
IRESS Account Types
The IRESS suite is a collection of DMA (Direct Market Access) platforms with advanced functionality. These are only available through the ASIC-regulated entity. They allow for CFD trading in shares and futures along with other non-DMA financial instruments such as Forex, indices, and commodities. Though the platforms are similar, IRESS Viewpoint is an updated version of IRESS Trader, while IRESS Investor is designed for investors who wish to use hedging strategies. The IRESS trading platform is also packed with technical tools, including charting tools, drawing tools, and in-depth market data across various time intervals.
Traders can choose between three IRESS accounts: The Standard, Platinum, and Premier Accounts.
Standard Account
To open this account, a minimum balance of 1,000 USD is required. The broker fee on this account is 10 USD minimum, and then 0.1% thereafter. The IRESS Trader fee of 55 USD is waived if you generate 150 USD in commission/month. It also provides access to competitive DMA commission and margin rates.
Platinum Account
A minimum balance of 25,000 USD is required to open a Platinum Account. The broker fee is 9 USD, then 0.09% thereafter. Like the Standard Account, the IRESS Trader fee of 55 USD is waived if you generate 150 USD in commission/month. It provides access to even lower commissions and financing rates.
Premier Account
A minimum balance of 50,000 USD is required to open an account. There is no minimum broker fee, and 0.08% is charged on this account. The IRESS Trader fee is waived, and there are no platform fees and no brokerage charges.
