Reputable brokers in the AU are Pepperstone, FXCM, IG, City Index, and Saxo Bank.
ASIC plans to impose a single leverage ratio limit of 20:1 for all currency pairs but the final decision seems to have been delayed due to the pandemic.
In the near future, I don’t think you’ll be able to get a higher leverage ratio limit than 30:1 if you wish to stick with a broker in a strongly regulated jurisdiction (UK, EU, AU).
You’re limited to offshore brokers which means zero protection from potential financial risk and fraud.
no market maker: only ecn, stp, dma
Don’t put too much weight on these acronyms. They’re basically marketing jargon that brokers use to try to sound fancy.
Since retail forex is OTC, all retail forex brokers are “market makers” in the sense that if you want to trade, you have to trade through them using the quotes they display to you on your trading platform (or API).
They are the sole counterparty of their customers and take the opposite side of all their trades.
For example, if you wish to trade EUR/USD, your broker “makes a market” for you and quotes you a bid and ask price for EUR/USD.
What differentiates brokers is during the next step of handling this risk they’re now holding onto.
Technically, they’re not really “brokers”, the more correct label would be “dealers”.
This is because a broker acts as a third-party that matches a buyer and seller. (There are three “parties” involved.)
But in retail forex, if you buy, your broker sells to you. If you sell, your broker buys from you. (There are only two “parties” involved.)