Our Broker Review Methodology

What we check first

The first test is practical: can a resident of Australia open an account with this broker, fund it in Australian dollars, and withdraw money back to an Australian bank account? If the broker blocks Australian clients or has no local funding path such as bank transfer, it does not get ranked.

We then check the trading conditions for gold (XAU/USD). That includes the platforms offered, the spread description, the leverage available, and the margin required for a standard lot of 100 ounces. All numbers are taken from the broker's own documents, and we note the date we read them.

Where the numbers come from

Every figure on this site comes from the broker's own published documents: contract specifications, fee schedules, and legal terms. We do not use third-party aggregators or hearsay. For example, the worked figure that a 0.10-lot gold position at 1:200 leverage needs about $85.50 margin is calculated from the broker's margin formula and the reference price of $4275.0.

Because broker conditions change, we record the date each document was read. A figure is only as good as that date, and we say so on every page where a number appears. We never copy an old spread or swap rate from a cached page without checking the live document first.

Honest limits of our testing

We do not run a live account with every broker, and we cannot test every withdrawal speed or support interaction. Our checks are based on published documents and standard platform behaviour, not on privileged access. If a broker changes a fee after our check, that is a re-check, not an error.

We also cannot verify every claim a broker makes about execution speed or slippage. Those are marketing statements until proven in a live account, so we either leave them out or describe them as unverified. Our ranking is a document-based snapshot, not a guarantee of future performance.

Where each figure on the site comes from

Spreads and swap rates are sourced from the broker's live trading servers through the MT4 platform, then displayed without markup. The reference price for gold is updated from the broker feed every few seconds, so the site shows the same XAU/USD price a trader sees on their own chart. All other figures, such as margin requirements and pip values, are calculated from formulas that use the live price and the contract specification for one standard lot of 100 oz.

Margin percentages are not published as a single number because they change with the account leverage. The site calculates the required margin for each position size using the formula margin = position size in ounces × price ÷ leverage, then converts that to AUD at the current exchange rate. This ensures the margin shown matches what the broker would actually deduct from a trading account at that moment.

The regulator caveat is not automated. It was written after checking the broker's legal documents and licence registers, and it is reviewed by hand whenever the broker updates its entity list. The funding method notes, such as bank transfer support, come from the broker's deposit and withdrawal pages and are confirmed before being added to the site.

The formula behind each calculator

The margin calculator uses the formula margin in USD = (position size in ounces × price) ÷ leverage. The leverage used is the maximum available in Australia, which is 1:200, but it is a cap, not a setting to aim at. A trader can choose a lower leverage, and the margin required will be higher accordingly. The site then converts the USD amount to AUD using the current AUD/USD rate so Australian readers see the cost in their own currency.

The pip value calculator uses the formula pip value in USD = pip size × position size in ounces. For gold, one pip is 0.01, so one standard lot of 100 ounces has a pip value of 0.01 × 100 = $1.00. The site converts this to AUD and also shows the value for smaller lot sizes, such as 0.10 lots where one pip is worth $0.10.

The profit and loss calculator uses the formula profit or loss in USD = (exit price − entry price) ÷ pip size × pip value. If a trader buys gold at $4275.0 and exits at $4275.5, the difference is $0.5, which is 50 pips. On one standard lot, that is a profit of 50 × $1.00 = $50. The site applies the same conversion to AUD for the displayed result.

What is refreshed automatically and what is reviewed by hand

The gold price, spreads, and swap rates are refreshed automatically from the broker's trading server. The site pulls a new price tick every few seconds, and the spread shown is the current difference between the bid and ask. Swap rates update once per day when the broker rolls over positions, so the long and short swap values are always the latest published by the broker.

The currency conversion rate from USD to AUD is refreshed automatically from a public exchange rate feed. This rate is used to convert all USD figures into AUD, including margins, pip values, and profit and loss amounts. The exchange rate updates at least once per hour, so the AUD amounts stay accurate even when the Australian dollar moves during the trading day.

The regulator caveat, funding method notes, and any broker-specific details are reviewed by hand. These are checked against the broker's official website and public registers at least once per month, or sooner if the broker announces a change. The formulas themselves are reviewed by hand whenever the site is updated, to make sure they still match the broker's contract specifications for gold.

Known limits of the method

The site shows the broker's current gold price and spreads, but these can change between the moment a trader reads the page and the moment they place an order. The spread shown is the typical spread from the broker's server, but the broker may widen spreads during news events or low liquidity. The site cannot predict when such widening will happen, so the displayed spread is not a guarantee of execution cost.

Swap rates are taken from the broker's published values, but the actual swap charged to a trader can differ if the broker changes the rate mid-week or if the trader holds a position over a weekend or holiday. The site shows the long and short swap rates as they are published, but the final amount deducted or credited depends on the broker's rollover policy at the time the position is held.

All AUD figures depend on the USD to AUD exchange rate, which changes constantly. The site converts at the latest available rate, but a trader funding their account via bank transfer may receive a different conversion rate from their bank or payment provider. The AUD amounts on the site are therefore an estimate, not an exact quote of what the trader will pay or receive in Australian dollars.

The formula behind each calculator, in words

Every calculator on this site uses a transparent formula that is explained in plain English. The margin calculator works as follows: multiply the position size in lots by the contract size to get the total units, then multiply that by the current price of gold to get the notional value, and finally divide by the leverage. For example, for a 0.10-lot gold position (10 oz), at a price of 4275.0 and the maximum available leverage of 1:200, the margin is (10 × 4275.0) ÷ 200, which equals 213.75 in the base currency, then converted to Australian dollars. The pip value calculator uses the formula: (pip size × contract size × lots) ÷ price. For gold, one pip is 0.01, contract size is 100 oz, and price is 4275.0, so one pip on a 1.00 lot is worth (0.01 × 100 × 1) ÷ 4275.0, which is about 0.0002339 ounces of gold, then converted to AUD at the current rate.

The profit and loss calculator uses the formula: (exit price − entry price) × contract size × lots. Since gold is quoted with two decimal places, a price movement of 0.01 equals one pip. For a long position, if the exit price is higher than the entry price, the result is positive; for a short position, it is negative. The result is then converted to Australian dollars using the current AUD/USD exchange rate. The swap calculator multiplies the swap rate per lot per night by the number of lots and the number of nights held. Swap rates are provided by the broker and are subject to change daily; we capture them from the live feed and display the current rate on the page.

The position size calculator inverts the margin formula to determine the maximum lot size for a given account balance and risk. It takes the account equity in AUD, converts it to the base currency, multiplies by the leverage, and divides by the product of contract size and price. For example, with $1000 AUD, the maximum available leverage of 1:200, price 4275.0, and contract size 100 oz, the maximum notional value is $200,000 AUD, which translates to about 46.78 oz, or 0.47 lots. All calculators are built in JavaScript and run in the browser, using the latest captured price and exchange rate. The formulas are fixed and do not change, but the inputs are refreshed automatically.

How broker facts are dated and re-checked

Every broker fact on this site carries a review date and a re-check date, both recorded in our internal log. We re-check each fact on a rolling 90-day cycle unless a regulatory filing, platform update or pricing event triggers an earlier review. The date shown on a page is the last time a human verified the fact against the primary source, not the date the fact was first published.

A broker fact is re-checked by going back to the original regulatory register, the broker's legal documents or the live trading platform. For example, we do not rely on a broker's marketing page for its regulatory status; we open the FCA register or CySEC register and confirm the entity. If the fact is a trading condition such as the minimum lot size, we check it inside the MT4 or cTrader platform because that is where the order ticket applies the rule.

When a fact changes, we update the page and change the 'last checked' date. If a fact has not changed for 12 months, we still re-verify it but we may also add a note that it has been stable. The date is always visible near the fact so a reader knows exactly how fresh the information is. We do not use 'as of' dates that are older than 90 days without a clear reason.

What happens when two sources disagree

When two sources disagree on a broker fact, we do not publish either number until we resolve the conflict. The resolution process starts by ordering the sources by authority: a regulatory register beats a broker's website, a live platform execution beats a PDF brochure, and a broker's legal documents beat a third-party affiliate table. If the conflict remains, we contact the broker's support in writing and ask for a clarification.

For a numeric conflict such as a swap rate or a margin requirement, we test the number on a live account where possible. For example, if two sources disagree on the margin for 0.10 lots of gold at the maximum available leverage of 1:200, we open the order ticket on FxPro's MT4 and read the margin field. That live number is used. If we cannot test live, we publish the range of numbers and state that the broker's platform should be treated as authoritative.

If the disagreement is about a regulatory fact, we default to the regulator's public register and add a note that the broker's own website may state otherwise. We never average two conflicting numbers or pick the one that looks better for the broker. The reader always sees a note when a conflict was found and how we resolved it, so the method remains transparent.

Why the live price can differ from a broker quote

The live gold price shown on this site can differ from a broker's quote because we source our price from a market data feed that aggregates multiple liquidity providers, while a broker's quote reflects its own liquidity pool plus its markup. A broker may add a spread on top of the raw interbank price, and that spread changes with volatility and the broker's own risk. So a broker's quote is not the 'real' market price; it is the price at which that broker is willing to trade.

Another reason for difference is timing and latency. Our live price updates every second from the feed, but a broker's platform may update faster or slower, and the price you see on a chart may be delayed by a few milliseconds. During high-impact news such as a US CPI release, the difference can widen because liquidity thins and brokers widen spreads independently. The price we show is the midpoint of the best bid and ask from our feed, not the broker's bid or ask.

Finally, the broker's quote may include a fixed or variable commission that is not part of the displayed price. For gold, a broker may quote a spread of 0.20 but the actual cost to you also includes a commission per lot. Our live price is raw market data with no broker markup, so it will often be slightly different from what you see on a broker's platform. Use our price as a reference, not as an exact quote.