How Kalgoorlie Markets Checks Brokers

First gate: Australian access

A broker is only considered if a resident of Australia can open an account, fund it with a local method such as PayID or bank transfer, and withdraw money back to an Australian bank account. If any of those steps fails, the broker is not ranked.

The local funding test matters because a broker that cannot accept PayID or bank transfer in A$ adds friction and cost. The desk checks the broker's website and account-opening flow from an Australian IP address, but does not complete a live deposit.

Where the numbers come from

All figures used in reviews come from the broker's own documents: the account terms, the instrument specification for XAU/USD, the fee schedule, and any swap or rollover table. Each document is read on a set date, and that date is recorded.

The desk does not rely on third-party aggregators or user reports for pricing. If a number cannot be found in the broker's official material, it is not stated. Where a cost depends on account type or market conditions, the article says so rather than giving a single figure.

Honest limits of the testing

The desk does not place live trades. Swap rates, execution speed, and actual spreads during news events are not tested with real money. The worked margin figure for gold is based on the broker's stated leverage cap and a reference price of 4275.0, but live margin can change with price.

Broker conditions change. A review is a snapshot on the date the documents were read, not a promise that conditions are the same today. Readers must verify the current spread, swap, and margin with the broker before trading.

Where each class of figure on this site comes from

Spread, swap and commission figures are sourced directly from the broker’s published schedules on the FxPro website, and are re-checked against the live values shown in the MT4, MT5 and cTrader platforms. We do not use third-party aggregators for these numbers because the broker’s own feed is the price an Australian trader will actually see when they open a position. Where a figure depends on account type or platform, we record the value for the default standard account on MT4 and note the variation in the methodology notes.

Margin and leverage figures are calculated from the maximum leverage cap that applies to Australian residents, which is up to 1:200. The worked margin example on the site uses the formula margin = (lots × 100 oz × reference price) ÷ leverage. At the reference price of 4275.0 and a 0.10 lot, that gives (0.10 × 100 × 4275.0) ÷ 200 = A$85.50. We do not publish margin for any other leverage ratio because the broker does not offer a higher cap to Australian clients.

The reference price used for examples is 4275.0 for XAU/USD. This is a snapshot taken from the broker’s live feed at the time the page was last reviewed, not a real-time quote. It is chosen so that the worked calculations are internally consistent, and the page states clearly that the live price at any moment will differ. Historical price data is not published on this site because gold prices move continuously and any static table would be out of date before it loaded.

The formula each calculator uses, in plain words

The pip value calculator uses the formula: pip value = (0.01 ÷ current price) × 100 oz × lots. For a standard lot at a price of 4275.0, one pip is worth (0.01 ÷ 4275.0) × 100 × 1 = A$0.0002339 per ounce, which is A$0.02339 per lot. The calculator shows the value in AUD because the account is assumed to be denominated in Australian dollars. If the account currency were different, the pip value would need to be converted at the prevailing AUD exchange rate.

The margin calculator uses the formula: margin = (lots × 100 oz × current price) ÷ leverage. With the maximum leverage available in Australia of up to 1:200, a 0.10 lot position at 4275.0 requires (0.10 × 100 × 4275.0) ÷ 200 = A$85.50. The calculator allows the reader to change the price and lot size, but the leverage is fixed at 1:200 because that is the only cap the broker offers to Australian residents. The result is always shown in AUD.

The swap calculator uses the formula: swap = lots × 100 oz × overnight rate × number of nights. The overnight rate is expressed in points and is taken from the broker’s current swap table for XAU/USD. The site does not publish a specific swap number because the rate changes daily, but the calculator shows the result for the reader’s chosen holding period. The swap is charged or credited in the account currency, so the result is shown in AUD. A long position typically pays a negative swap, while a short position may receive a positive swap, but the sign depends on the broker’s rate at the time.

What is refreshed automatically and what is reviewed by hand

The live gold price on the site is refreshed automatically from the broker’s feed every few seconds, but it is shown for context only and is not used in any stored calculation. The margin and pip value calculators use the price you enter, not the live feed, so the result is stable while you type. The reference price of 4275.0 is a hand-maintained constant that is updated only when the page is reviewed, which is at least monthly. This avoids a situation where the worked example changes mid-sentence.

Spread and swap figures are reviewed by hand at least once a month, because they are not available through a reliable automated feed. We log into the MT4 and MT5 platforms during the Sydney and London sessions, record the typical spread on XAU/USD, and compare it with the broker’s published schedule. If a spread has changed by more than a few points, we update the page and note the date of the check. Swap rates are checked weekly because they are reset daily by the broker.

Regulatory status and funding methods are reviewed by hand every quarter, because changes to ASIC licensing or payment rails are rare but material. The page states that FxPro is licensed by the FCA and CySEC, and that it does not hold an ASIC licence. We verify this against the FCA register and the ASIC professional registers. The local funding methods of PayID and bank transfer are checked against the broker’s deposit page and are not refreshed automatically. Any change to these facts triggers an immediate manual update.

The known limits of this method

The largest limit is that spread and swap values are not static, and any figure we publish is a snapshot that may be stale by the time you trade. The gold market is open nearly 24 hours a day, and the spread widens during rollover, news events and low-liquidity periods. We therefore avoid publishing a single spread number and instead describe the spread as variable, with the note that it depends on market conditions and the platform you use. The same applies to swaps, which are reset daily by the broker.

A second limit is that the worked margin example assumes the maximum leverage of 1:200, but you may choose a lower leverage or the broker may assign a different default. The margin required is inversely proportional to leverage, so at 1:100 the same 0.10 lot would need A$171.00. We do not publish this alternative because the broker’s Australian entity does not offer 1:100 as a cap, but it is a simple calculation. The calculator on the site fixes leverage at 1:200, which is the upper bound.

The third limit is that we cannot observe the exact execution price you will receive, because the broker’s platform may apply slippage or requotes during fast markets. The reference price of 4275.0 is used only for examples and is not a guarantee of the price at which you can buy or sell. We also do not publish historical gold prices, because any table would be incomplete and could mislead a reader into thinking that past performance predicts future results. These limits are intrinsic to any broker review and are not unique to this site.

How a broker fact is dated and re-checked

Every broker fact on this site carries a date of last verification in the page’s metadata, even if the date is not shown in the text. The regulatory status of FxPro is checked against the FCA register quarterly, and the ASIC register is checked to confirm that FxPro UK Limited is not licensed by ASIC. The funding methods of PayID and bank transfer are checked against the broker’s deposit page at the same time. If any fact changes, the page is updated immediately and the review date is advanced.

Spread and swap figures are re-checked by hand at least monthly, and the date of each check is recorded in the methodology notes. The check involves logging into MT4 and MT5 during the Sydney open, recording the typical spread on XAU/USD, and comparing it with the broker’s schedule. Swap rates are checked weekly because they are reset daily. If a figure has changed, we update the page and note the new value in the change log, which is accessible from the methodology page.

The maximum leverage cap of up to 1:200 for Australian residents is checked against the broker’s terms and the ASIC product intervention order at each quarterly review. Because this cap is set by regulation and the broker’s policy, it is unlikely to change frequently, but we verify it anyway. The worked margin example is recalculated whenever the reference price is updated, and the date of that update is shown next to the example. No broker fact is ever published without a date of last check, even if the date is not visible to the reader.

How We Resolve Conflicting Broker Data

When two sources disagree, we resolve the conflict by checking the date, the type of source and the direction of the change. A spread shown on a broker’s website is a live or indicative quote, while a screenshot from a trading platform is a historical record. We give more weight to the source that was updated more recently, but only when it matches the instrument and account type we are testing. If a broker publishes a fixed spread and a platform shows a wider one, we treat the wider observation as the current cost because it reflects real order-book conditions at that moment.

We never average conflicting figures or present a range unless the range itself is the fact. For gold (XAU/USD), a spread of 0.20 and a spread of 0.35 are not the same fact; one is a marketing number, the other is an execution number. We record both with their timestamps and show only the more conservative value in our cost calculations. When a broker changes a spread or swap without notice, the conflict becomes a signal to re-test the account, not a reason to wait for the broker’s next disclosure. This keeps our numbers anchored to what a trader in Australia would actually see on a live platform.

If the disagreement is about a regulatory fact, such as the entity that serves Australian residents, we rely on the regulator’s public register, not the broker’s promotional text. FxPro is licensed by the FCA (UK) and CySEC, and it does not hold an ASIC licence. When a broker’s local marketing page implies ASIC coverage but the register says otherwise, we follow the register. For costs like swaps, which are quoted per lot per night, we compare the figure shown in the platform’s specification window with the broker’s contract sheet and use the platform figure, because that is the one applied to a live position.

Why Your Live Gold Price May Differ from a Broker’s Posted Quote

A live gold price can differ from a broker’s posted quote because the posted quote is a snapshot, not a binding offer. The price of XAU/USD moves in fractions of a second, and a quote displayed on a website or in a platform’s market watch window is delayed by the time it takes to reach your screen. By the time you click buy or sell, the price has often moved by a pip or more. On a standard lot of 100 oz, one pip equals $1.00, so even a one-pip difference changes the trade’s value. The broker’s posted quote is also the mid-price, while your execution occurs at the bid or ask, which includes the spread.

The difference also depends on the liquidity provider and the broker’s mark-up. FxPro uses multiple liquidity sources, and the price stream you see in MT4, MT5 or cTrader is aggregated from those sources. During volatile moments, such as a US inflation release or a geopolitical shock, the spread widens and the price can gap. The posted quote may show a price that is no longer available; the platform will show a new quote only after the gap. In Australia, where many traders use PayID or bank transfer to fund accounts, the time it takes for funds to appear in the trading account can also create a mismatch between the price you saw when you decided to trade and the price when the funds arrive.

Finally, the price you see on a chart is not always the price you can trade. A chart often shows the last traded price or a midpoint, while the order window shows a bid and an ask. For gold, a typical spread might be a few pips, but that spread is the cost you pay immediately. The reference price we use on this site is 4275.0 for XAU/USD, but that is a benchmark for calculations, not a prediction of where the price will be when you open a position. The value of a move is fixed by the contract size, not by the quote you see: one full point in gold equals $100 per standard lot, and a pip of 0.01 equals $1.00. That is why we show the cost per pip and per point, not just the headline price.