- Best Forex Brokers Australia
- 1. Blueberry Markets
- 2. XM
- 3. Eightcap
- 4. Markets.com
- 5. Pepperstone
- 6. FP Markets
- 7. GO Markets
- 8. IG Forex
- 9. IC Markets
- 10. City Index
- 11. CMC Markets
- 12. AxiTrader
- 13. Oanda
- 14. NinjaTrader
- Who is Best Forex Broker for Beginners?
- Comparison of Best Brokers Australia
- How to Verify ASIC Authority
- Is Forex Legal in Australia?
- How do I Trade Forex in Australia?
- What is the Best Time to Trade Forex in Australia?
Australian forex trading platforms are stirring the foreign exchange market with their impressive market performance over the past few years, with the average daily turnover in all OTC foreign exchange instruments in the Australian market being US$150.4 billion in April 2022. Even the AUD is the second most popular currency, accounting for 52% of trades. These forex trading platforms bring together some versatile, trustworthy, intuitive, and advanced trading platforms into the market. Best Australian forex brokers are also getting some handy and exceptional trading tools with cutting-edge pricing, giving the rest of the world stiff competition!
Please note: The information in the below content has been provided with various online research conducted by us to guide you and help you choose the right broker. Before starting, remember trading CFDs carries risk, and you may lose money, so always be careful.
Best Forex Brokers in Australia of 2023
- Blueberry Markets: 24/7 Excellent Customer Support
- XM: Best for EA Trading
- Eightcap: Best for Low Spreads
- Markets.com: Best for Online Trading Tools
- Pepperstone: Best Advanced Features
- FP Markets: Best for Scalping
- GO Markets: Best for Higher Level of Security
- IG Forex: Best Overall Broker
- IC Markets: Best for Low Broker Spreads
- City Index: Best for CFDs
Top Forex Trading Platforms in Australia
Trading Platforms have become a need for every broker. We will look at the enviable list of top-rated ASIC-regulated forex brokers in Australia for beginners & expert traders. You can also have a quick look at our comparison table, where we have information regarding its maximum leverage and minimum deposit. Now let’s get started!
Blueberry Markets: 24/7 Excellent Customer Support
Blueberry Markets is one of the promising best forex brokers that offer excellent MT4 and MT5 forex trading services. The award-winning best forex trading platform Australia has a wide range of 40+ exotic currencies, trading major pairs and minor pairs, such as GBP, EUR, USD, and a large range of other financial instruments like indices, stocks, oil, commodities, Forex CFD, gold, & silver. Suitable platform to trade major assets for all Australian traders.
Along with its 50+ trading instruments on the MetaTrader 4 platform, the best forex brokers offer the following features: ECN broker and commission-free accounts to its base currency markets traders, financial products, huge range of base currency pair (major pairs and minor pairs). Blueberry Markets, however, does not include cryptocurrencies and has no negative balance protection for Australian traders.
Although it offers free VPS, social trading tools, and educational material to its traders, it is a pretty limited range and not entirely up to the mark when compared to other best forex brokers in the market. Further, this ASIC-regulated broker offers tight spreads starting from 0 pips on ECN accounts (Electronic Communications Network) and competitive commission fees. Learn more about the best platform in our Blueberry Markets review, the list of features and base currencies suitable for you & the Australian traders & begin trading.
One great feature of Blueberry Markets is that it provides high leverage ratios of up to 1:500. Leverage can help improve the potential gains of users. Still, it is also important to use leverage properly, or else it might increase the risks. (as it offer higher leverage min or lower)
The min. initial deposit required to start trading forex at Blueberry Markets is just 100 U.S. Dollars. Blueberry Markets is considered one of the best brokers in Australia and has an intuitive website with insightful information, an award-winning customer service team, and great chat support. So begin your forex trading now!
Regulated by: VFSC, ASIC, SCB
Year Founded: 2016
Minimum Deposit: $100
Max Leverage: 1:500 for both accounts (Standard Account) & (Direct Account)
XM: Best for EA Trading
XM is yet another popular Australian forex broker. It is regulated by Australian regulators and others like ASIC, CySEC, and the FSC. It offers an attractive and wide range of account types, such as Micro accounts, Ultra-Low Accounts, Zero accounts, Standard accounts, demo accounts, etc., to suit the needs of beginner forex traders or experienced forex traders. Further, its “XM Global Webtrade” is suitable for beginners and experienced foreign exchange traders alike.
The award-winning platform has the min. deposit at XM is $5 for MICRO, STANDARD & ULTRA LOW accounts, but for SHARES accounts, it is $10,000. One good thing about the demo account offered by XM is that there is no specific time limit on how long a user can use a demo account, also includes a range of financial instruments.
As per information on the XM website, the broker offer more than 1000 markets and low spreads (the minimum spread, tight spreads). It is also called the “next-generation broker” due to its online foreign exchanges and commodity trading services. XM website claims that it is known for its excellence in auto trading, zero hidden fees, base currencies, and fast order executions, with 99.35% taking place in under 1 second and many other good option to choose from.
XM is an all-in-one broker with a huge leverage range, is flexible, and varies from 1:1 to 1000:1, depending on the instrument. XM Australian retail clients can manage the leverage risk on their own.
XM – the best online broker Australia is available on Android devices like tablets and phones and Apple devices like iPhones and iPad. XM, one of the great forex trading app is downloadable from the Google Play Store or Apple App Store. The app allows monitoring markets and trading currencies (global currencies) while you are on the go. Logging into the XM platform is very easy and smooth and can be done through one’s fingerprint and the support of demo accounts.
XM, an online broker, also offers insightful education on forex and forex trading day, which can benefit aspiring traders. XM also has a credible customer support team and an award-winning platform, which assists in various languages. Learn more about the best platform in our XM review and the list of features, the inactivity fee & more.
Regulated by: CySEC, ASIC, FSC
Year Founded: 2009
Minimum Deposit: $5 or more depending on account type
Max Leverage: Flexible Leverage from 1:1 up to 1000:1
Eightcap – Best for Low Spreads
Eightcap is one of the most popular forex brokers because of the lowest fees. Eightcap is an Australian organization founded in 2009 and is regulated by the Australian Securities and Investments Commission (ASIC) and SCB.
Eightcap is safe because of the top-tier ASIC regulators. Their pleasant experience in account opening and customer support has set higher benchmarks every time. They don’t charge anything for deposits, and the deposit range is wide enough to satisfy every customer’s needs.
Along with 800 financial instruments, they stand perfect for CFDs on FX, Cryptos, Indices, etc. One can directly trade from the TradingView charts and use Eightcap to trade at the leading market platforms such as MT4 and MT5. Since their servers are located in Equinix Data Center, it is easy to execute faster, and this data center deals with the world’s largest and maximum financial concerns. Besides, their pricing makes them stand out as they offer trade spreads from a low pip of 0.0.
Their easy payment methods and customer support make them great forex brokers. They focus on providing customer safety and great service, meeting the customer needs. The process is transparent, leaving no room for illegal activity. Since they are servicing in Multiple jurisdictions, it is easy for traders to trade in comfort.
You get to choose between two account types, RAW and STANDARD. The Raw account spreads from 0.0 PIPS, asking for a commission of $3.5; on the other hand, the Standard account spreads from 1.0 PIPS, where no commission is required.
Regulated by: ASIC, SCB
Year Founded: 2009
Minimum Deposit: $100
Max Leverage: 30:1 for ASIC and 500:1 for SCB
Markets.com: Best for Online Trading Tools
Markets.com is another good forex broker to trade that is popular for its excellent services. This proprietary platform is regulated by ASIC, FSC, FCSA, FCA, and CySEC, so the safety concern is well taken care of.
The best forex brokers offer trader commission-free Forex CFD trading platform with more than 2,200 financial instruments. Not only this, Markets.com offers real stocks, shares, and two proprietary trading platforms that provide a complete product range to you with Markets. Get to compare the value of any two currencies. Successful traders here want an intuitive and insightful trade experience using their own trading platform.
The only downside is that Markets.com trading platforms offers limited trader education support compared to its peers, and the spreads are comparatively higher (tightest spreads) than other top forex brokers in the Australian market. However, the first step you can take is to check our Markets.com review to find more information about its inactivity fees, the base currencies support & more unique features on this right trading platform.
Regulated by: FCA, CySEC, ASIC, FSCA, FSC
Year Founded: 2009
Minimum Deposit: $100
Max Leverage: 300:1 but Europe clients limit leverage to 30:1 on FX
Pepperstone: Best Advanced Features
Pepperstone is another of the prominent online brokers in Australia, held in high regard for its good features. It is regulated by the UK’s Financial Conduct Authority (FCA) and ASIC.
In these forex brokers in Australia, you get perks like low non-trading fees and low foreign exchange fees in Australian dollars. But when it comes to CFD financing, forex prices are high. The account opening process at Pepperstone is fascinating. It is quick, fully digital, and a user-friendly trading platform with base currencies support.
The Pepperstone group limited Razor Account offers Australian forex traders the best trading experience and low spreads, almost zero spreads, platforms like ctrader regulation, Pepperstone minimum deposit & many other features, and expert advisors.
Pepperstone forex brokers in Australia don’t ask for any min. deposit for opening the standard account types (generally, Pepperstone offers low trading fees and ctrader regulation support). This broker’s mobile trading experience platform is also great, which is offered by MetaTrader4 and not by MetaTrader 5. The Pepperstone minimum deposit is Australian dollar 200, but overall low fees.
Pepperstone offers many things like 24/7 customer support & is backed by things like price alerts, user-friendly search functions, decision assistance, deal in the Aussie dollar, and a broadcast feature providing information on the currency markets to Australian traders and order types. The only downside of Pepperstone group limited is that there is no 2-step login & no face ID login.
Regulated by: ASIC, DFSA, FCA, SCB, FCA
Year Founded: 2010
Minimum Deposit: Australian Dollar $200 or equivalent
Max Leverage: 30:1 for forex in the ASIC, 30:1 in our DFSA jurisdiction, 200:1 in our SCB jurisdiction, and 30:1 in our FCA jurisdiction.
FP Markets: Best for Scalping
FP Markets is another Australian forex broker, ASIC regulated, known for its low forex fees and raw account. The account opening process and the deposit process are relatively straightforward and quick. The FP markets support its successful traders with well-researched and high-tech educational tools, iress trading platform, and many other options. These forex brokers in Australia support many pair with spreads from 0.0 pips (raw spread accounts)
Regarding its cons, FP Markets offers raw account,raw spreads, and high stock markets CFD fees. The portfolio of trading products is not very versatile. In terms of the web and desktop trading platforms, one of the best overall platform needs some upgradation.
The FP Markets brokers offer to charge a min. deposit is not that high for foreign exchanges, but brokers charge the min. deposit is at least 1K U.S Dollars for other account types but overall has low fees. Explore more about the best forex brokers in Australia platform in our FP Markets review and get every detail you need.
Regulated by: ASIC, Cyprus
Year Founded: 2005
Minimum Deposit: $100
Max Leverage: 500:1
GO Markets: Best for Higher Level of Security
GO Markets broker is regulated by ASIC and offers to trade CFDs, forex, indices, metals, and Forex commodities on the MT4 and MT5.
It is a safe (high level) and transparent platform that provides ultra-quick trade executions; most forex brokers are not that transparent. This broker comes with tools for trading like Autochartist and Trading central to offer hi-tech services and has many other advantages to all its traders. GO Markets is unique from most fx brokers in Australia because it is strict on who can trade CFDs and other underlying asset classes on its platform.
So, the downside becomes that it does not allow clients from jurisdictions with high risks or under other restrictions (35 in number!) Further, the account type availability is restricted to only two. The website of GO Markets has information about the swap-free service, which is offered only in the MENA region. If you want, you can also browse our detailed Go Markets review and check out its features.
Regulated by: ASIC, FSC, CySEC
Year Founded: 2006
Minimum Deposit: 200 AUD
Max Leverage: Standard leverage of 1:500
IG Forex: Best Overall Broker
IG Forex is a low-risk forex broker in Australia. It has a trust rate of 99%. Here you can get a great range of tradable products, suitable trading and research tools, technical analysis, and competitive rates (applicable for interest rates as well). IG markets offer Direct Market Access trading accounts (DMA) with no market maker or dealing desk intervention.
Moreover, this broker in Australia supports its users around the world with well-researched educational materials and forex trading guides that help beginner traders develop different forex trading strategies (forex direct). Also, for the following huge range of features mentioned above, you can read more about the IG broker review for more information about these forex trading accounts.
Further, the most important thing is that six tier-1 regulators authorize the IG markets trading. They are the Monetary Authority of Singapore (MAS), Australian Securities and Investment Commission (ASIC), Financial Conduct Authority (FCA), Swiss Financial Market Supervisory Authority (FINMA), Commodity Futures Trading Commission (CFTC), and Japanese Financial Services Authority deals in Japanese yen (JFSA).
IG’s forex trading apps are backed by excellent tools, advanced charting tools, and research with a wide range of features that gives stiff competition to all the leading brokers of the industry, and transactions can be done in American dollars, Japanese yen as per region & moreover its presence is around the world.
Investment Advice: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage; one should not start trading directly if they lack experience. Many retail CFD accounts lose money when trading CFDs, and can you afford to take the high risk of losing money while using CFDs with this provider.
Regulated by: FCA (U.K.), MAS, & CFTC, NFA (U.S.)
Year Founded: 1974
Minimum Deposit: $300
Max Leverage: 50:1
IC Markets: Best for Low Broker Spreads
IC Markets (International Capital Markets Pty Ltd) is an international foreign exchanges and CFD broker. Like other countries’ eminent brokers, it is regulated by the Seychelles Financial Supervisory Authority (FSA), Australian Securities and Investment Commission (ASIC), and Cyprus Securities and Exchange Commission (CYSEC). See the disclosure text at the bottom of the website to check if it’s regulated.
This Pty Ltd online trading offers the lowest fees for trading and is considered one of the best brokers. IC Markets follow an easy, quick and simple process of opening an account with fast execution, which is a point of important consideration, among other things. When it comes to minimum deposits and withdrawals fees, it is free of trading cost, but some financial institutions (eg any banks or personal bank account) may charge their own fees, and the trade costs can fluctuate.
IC Markets Pty Ltd offering relatively low fees, advanced trading platforms, fast execution, advanced charting, lowest average spread compared to other forex trading brokers Australia, which suits advanced traders and experienced traders.
While looking at the cons, we found out that IC Markets does not offer any retail investors protection or non-retail traders, and neither is negative account balance protection provided to the traders.
Moreover, CFDs are complex instruments and are also limited in number; you should also understand how CFDs work. The min. deposit at this platform is 200 US Dollars. MetaTrader offers the web trader of IC Markets MetaTrader 4, MetaTrader 5, cTrader platforms (ctrader regulation), and an economic calendar. It has some very customizable online trading options that come in many languages to choose from.
The fee structure is also straightforward for this online trading broker in Australia; the smooth process of deposits and withdrawals & of course, IC Markets spreads are among the lowest. But it lacks on the design front, two-step login, and price alert domains, as trading costs do fluctuate over time.
Note: Your capital is at significant risk (high degree). You may lose money when trading CFDs; It may not be suitable for many traders, so please ensure you fully understand all the risks involved before opening an account. You may lose substantially more than your initial investment while using CFDs with this provider.
Regulated by: ASIC, FSA, CYSEC
Year Founded: 2007
Minimum Deposit: $200
Max Leverage: 1:500
City Index: Best for CFDs
This low-risk, 99 out of 99 trust-scoring Australian forex broker is known for its investment offering. City Index is one of the best Australian forex trading brokers. It is publicly traded and is under ASIC regulation. It is also regulated by the Monetary Authority of Singapore (MAS) and the Financial Conduct Authority (FCA). City Index’s parent company, GAIN Capital, is a public company listed on the New York Stock Exchange (NYSE). See the disclosure text at the bottom of the website to check if it’s regulated and get central regulatory body information.
City Index, the best currency trading platform offers forex spot trading, 84 most popular currency pairs (such as GBP, EUR, USD, etc., including exotic currency pairs, major fx pairs, minor fx pairs.), 4500 CFDs, offers copy trading tools or social trading, and crypto pairs currency trading as trading CFDs. It also offers fixed spreads for traders.
This best forex broker in Australia also provides Metatrader4 (MT4) trading across two brokers: AT Pro (desktop-based) and Web Trader (web-based). It does not offer Metatrader 5. (Maybe soon we can see this platform introducing MetaTrader 5.) The City Index mobile trading app is not as sophisticated as other Australian brokers but is competitive enough to be noticed for trading minor currency pairs and get you gain access to trade major currency pairs as well.
This crypto trading broker offers features like 74 indicators, Trading Central, trading cost information, and other markets modules such as technical analysis tools, featured ideas, and analyst views sections. Check out the City Index review to know more about the platform broker in Australia. and its overall rating.
Investment Advice: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Many retail CFD accounts lose money when trading CFDs, and can you afford to take the high risk of losing money while using CFDs with this provider.
Regulated by: ASIC, MAS, and FCA
Year Founded: 1983
Minimum Deposit: $/£/€100
Max Leverage: 30:1
CMC Markets: Best for Range of Offerings
CMC Markets is a very secure trading broker with a long-standing history for day traders. It is listed on the London Stock Exchange and is under ASIC regulation (Australian Securities and Investments Commission). The UK’s Financial Conduct Authority (FCA), Investment Industry Regulatory Organization of Canada (IIROC) (Canada), Financial Markets Authority (FMA), New Zealand, and Monetary Authority of Singapore (MAS), Singapore, also regulate CMC Markets like other brokers. You can find more information about the best CFD trading platform Australia in our CMC markets review.
CMC Markets’ Next Generation trading platform (online forex), Web and mobile trading platforms offer outstanding performance and also offers low fees, the best day trading platform Australia, and exotic currency pairs. The forex market also supports its customers with highly advanced research and educational tools. Further, it offers its traders negative balance protection and exceptional customer support.
Some of the downsides of this online forex trading platform include high stock CFD fees, or overall high fees, a limited product portfolio, and no banking license, and the account verification is quite complicated for forex and CFD trading.
Note: If you are retail traders your capital is at risk. Please ensure you fully understand all the risks involved before opening an account. You may lose (as substantial risk is there) more than the initial investment objectives you have kept in your mind.
Regulated by: FCA (U.K.)
Year Founded: 1989
Minimum Deposit: $0
Max Leverage: 500:1 (professional clients) & 30:1 (retail clients)
AxiTrader: Best MT4 Broker
AxiTrader is another fx broker in Australia that has made its name in our top forex brokers in Australia list. This broker holds an Australian Financial Services Licence (AFSL) number. This ENC broker has low trading fees for its traders and charges no additional inactivity fee, free withdrawals, or deposit fee either. The process of opening a forex trading account is relatively easy and fully digital, and even withdrawal request can be made when required.
Unlike other brokers, the forex market broker offer a limited variety of trading products limited to foreign exchanges and CFDs; the research tools are also limited. And finally, customer support is also prolonged. It is a limited to 5 days a week service, and email communication is the only service available and slow. However, it is available 24 hours a day and has educational resources.
However, check the AxiTrader review to know more details about its currency pairs, support for retail traders, inactivity fees, and other features and start trading.
Regulated by: ASIC, FCA, DFSA
Year Founded: 2007
Minimum Deposit: There is no minimum deposit requirement
Max Leverage: Flexible leverage up to 400:1
Oanda: Best for Overall Trading Experience
Oanda is a low-fee forex broker in Australia that offers its traders an easy-to-use web trading platform. Oanda occupies a prominent place among all brokers; in terms of forex trading strategies, it is relatively fast and easy with no minimum deposit. This Australian Securities and Investments Commission (ASIC) regulated brokers offer helpful research tools, plenty of useful technical indicators, and a great API.
Oanda broker’s forex market working product portfolio is also minimal and comprises only forex and trading CFDs. Other down points include high bank withdrawal fees and a slow customer support system that is open six days a week. The account opening process takes anywhere from 1 to 3 days. On the brighter side, no high minimum deposit is required to start trading by Oanda. (low fees in terms of trading, high but high withdrawal fees & charge commissions)
The mobile trading app from Oanda is a user-friendly platform that offers a two-step login process that ensures customer security and global exchanges as needed and gets customer feedback to improve further. The website’s search functions are lovely and come with all the information searched for. The only downer is that there is no face ID login. Oanda is a forex firm that offers investors direct access to CFDs & forex. (and you must consider whether you understand how CFDs works) You can also read our Oanda reviews to learn about this forex market platform.
Note: Your capital is at risk. You may lose money when trading, and derivatives may not be suitable for all investors, so please ensure you fully understand the high risks involved before opening an account. And you should consider whether you can afford to take the high risk as you may lose substantially more than your initial investment.
Regulated by: CFTC, NFA (U.S.), FDM, and FCA (U.K.)
Year Founded: 1996
Minimum Deposit: No Minimum Deposit Amount
Maximum Leverage: 50:1
NinjaTrader: Best Futures Broker
NinjaTrader is best known for its impressive future trades, 24/7 activity, and some great analysis tools. It is an open-source trading application that helps improve the trade experience 24 hours a day. The forex market platform download is free and packed with active valuable tools for the active trader.
The micro contract (forex contract) at this platform offers a low investment commission that goes as low as 0.09 US Dollar. The minimum account requirement is low, i.e., 400 US dollars. The only downside to NinjaTrader is that one can only trade futures and options. Ninja Trader is NFA registered and not ASIC. However, we have it covered if you want to explore more detail about the Ninja Trader reviews platform and its features, which can be handy for Australian traders.
Regulated by: CFTC, NFA
Year Founded: 2003
Minimum Deposit: $50
Maximum Leverage: 50:1
Which Are the Best Australian Forex Brokers for Beginners?
Forex brokers provide trading conditions that can be pretty daunting, especially for beginners. That is why it is imperative to choose the best ones for beginners. As per forex market research, 74–89% of retail investor accounts lose money when trading CFDs. That is why explicit market knowledge is so necessary (forex markets).
It ensures that one does not get allured by attractive 0 pips opportunities, thus avoiding the risk of loss and instead using well-informed decisions and even opt for trading courses and always being aware of your financial situation before letting in and thus you can avoid losing your money and make best possible choices. Though may receive compensation from the third party.
Therefore, to start the best forex broker trading, it becomes the most important factor to consider which are most regulated brokers by the Australian and other bodies, and to know first the forex platforms (about forex markets condition, supported currency pairs) and open an account and then invest in trading. In this section of our review, we will walk you through some top brokers rated high and beginner-friendly best fx brokers Australia list that you can try as these best forex trading platforms Australia attract new traders. Below we have mentioned two platforms that you can check out:
Plus500: Best Broker for Beginners
Plus500 is considered among Australia’s best forex trading brokers, specially designed for beginners, and the broker provides excellent trading conditions. It is so because of its incredible web-based trading. This forex trading broker offers user-friendly trading software to trade and competitive spreads, better spreads for forex trades, and many good options for various forex pairs. (in turn, this results in a competitive fees structure and options for currency pairs for Australian traders)
This market maker is known as one of the Best Australian fx brokers; it is an ASIC-regulated and licensed trading platform that is safe to trade forex and trading CFDs (and one should understand how CFDs work). With its low-risk and overall trust percentage of 98, we can give you a confident nod to try this platform. Plus500 broker for beginners provides great trading conditions and only the most essential tools for trading and does not offer MetaTrader platforms, either it’s MetaTrader 4 or the Metatrader 5 Trading Platform.
The venue, however, comes with powerful charting features, which include 100+ technical indicators and 21 drawing tools for Australian traders. These key features are beneficial in technical analysis and fundamental analysis with detailed insights into forex markets to trade forex pair, though it charges for inactivity fee.
You can also read more about the best forex broker Australia Plus500 reviews & you can also find all the general information about this best forex broker and more you need to open an account and start forex trading (forex and CFDs) keep in mind your financial situation before letting in to avoid losing your money.
Regulated by: FCA, CySEC, ASIC, Israel Securities and Investments Commission
Year Founded: 2008
Minimum Deposit: 100 units of the linked currency
Max Leverage: 1:20 (Crypto)
eToro: Best Copy Trading Platform
This forex broker in Australia is awarded as the winner of 2020 due to its user-friendly copy trading or social trading platform. It also offers commission-free stock trading. With the help of the CopyTrader feature, users can glimpse other traders in real-time with the help of the eToro platform.
This copy trading feature allows the traders who have just begun their foreign exchange trading journey to copy other users’ trades trading strategy to apply forex trade across 1,900+ instruments (forex and CFDs). eToro, the market maker platform, offers free access to an unlimited demo account on its proprietary trading platform and professional traders who want to start with a live account based in Australia.
CopyPortfolios is another unique copy trading tool that all eToro clients recommend. This Australia forex platform acts as a natural boost to their trading portfolio and profit-making. Though equipped with incredible financial services, commission-free trading, forex markets insights, and features, eToro, though based in Australia, has some downsides; this market maker is pricey and does not support MetaTrader 4, and the minimums required for copy trading are pretty high. It may be the right broker for some & maybe not for some, it doesn’t offer spread betting, but it’s a broker for beginners.
New South Wales-based eToro is a beginner-friendly web based platform, and its mobile apps allow traders to boost their forex trading plans many folds, which suit their trading style (as many brokers and the most recommended brokers provide support to help beginners in currency trading like free unlimited demo account). It also has a seamless process for opening trading account. (competitive spreads).
Like most of its peers who enjoy the governance of ASIC, the eToro proprietary platform is also authorized by ASIC (Australian Securities and Investments Commission). You can also read about the forex broker Australia eToro broker review for more general information and details on forex trading, its copy trading feature, inactivity fee, and how to open an account if you are an Australian trader.
Regulated by: CySEC, MiFID, ASIC FCA, FinCEN & AFSL (Australian Financial Services Licence)
Year Founded: 2007
Minimum Deposit: $50 in most countries, but it varies per country.
Max Leverage: x5 (CFD stocks & ETFs), x30 (major trading currency pair such as EUR/USD), x20 (non-major trading currency pairs like EUR/NZD)
Comparison of Best Brokers in Australia
|Forex Brokers||Minimum Deposit||Maximum Leverage||ASIC Regulated Forex Broker||Accepts Australian Residents|
|XM||$5||1:1 to 1000:1|
|Eightcap||$100||30:1 for ASIC|
|eToro||Varies as per country||x30 for Major Pairs|
How to Verify ASIC Authority
To verify the ASIC authority, Visit the ASIC website at www.asic.gov.au; use the ‘Search ASIC Registers’ option on the ASIC website to look up the company name of the forex broker you’re interested in. Check the details found and look out for any warnings or bans issued against the broker.
You can also visit the platform website and check at the bottom of the homepage, where they have mentioned the details; see below the example of FP Markets:
FP Markets is a group of companies which include First Prudential Markets Pty Ltd, an ASIC regulated provider of Derivatives and Forex trading services (ABN 16 112 600 281, AFS License No. 286354)
Is Forex Trading Legal in Australia?
Trading Forex in Australia has been going on for quite some time. The forex brokers’ industry saw significant trading volume spikes in 2015. As we mentioned on the top Australian forex brokers list earlier, they have been for a long time. Nowadays, Australia is becoming a hub and taking an important part in the share trading industry. Thus safe for Australian citizens.
The country’s government (local law) has a liberal yet cautious take regarding Australian-based broker and forex trading platforms. This mixed stance is based on giving freedom to the forex industry while maintaining the customers’ safety. Other than this, no other regulations or legal complications may stop anyone from trading forex positions with Australian brokers. Brokers operating in particular areas also need segregated accounts for clients.
The doors of the Australia forex trading platforms are open for both Australian traders and international customers. But yes, they must abide by the norms set by the ASIC, a national regulatory authority- ASIC license, which is an Australian-based broker requirement for brokers to segregate client funds.
Looking deeper into restrictions, the only ones that we could get our hands on are rules laid by Australia’s Forex regulatory body ASIC for trading platforms. ASIC dictates that before any unregulated broker in Australia starts to deal with Forex CFD products for traders and foreign exchange market for traders, they need to get regulated by ASIC. This way, the ASIC can protect both the leading forex traders in Australia and international traders through acts such as the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009.
The ASIC website or the body states that upon opening an account in any trading platforms, the customers can’t initial deposit more than 1K U.S. Dollars through the credit card deposits route/bank wire. This rule of the ASIC website is imposed on the trading platforms in the country. Further, there are some tax obligations that the ASIC warrants every trader to abide by, which are applicable everywhere else in the world. Hence, Australian traders or not have to pay tax.
Like Australia’s ASIC, which is the financial markets regulator in Australia forex as they all follow segregating client funds, the other parts of the world have their regulatory bodies such as the Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Swiss Financial Market Supervisory Authority (FINMA), Commodity Futures Trading Commission (CFTC), and Japanese Financial Services Authority (JFSA), supervising trading funds activities in their respective areas. So must have regulatory oversight before going into forex trading and choosing the right trading platforms to trade.
How Do I Trade Forex in Australia?
Forex trading in Australia is equally popular amongst Australian citizens and overseas forex traders, as top Australian forex brokers have a well-known reputation. Trading in the foreign exchange rate or fiat currency pairs (GBP, EUR, USD, etc. are the most frequently traded currency pairs, exotic forex pairs, exotic pairs, minor currency pairs, and major currency pairs also make a list, where usually the quote currency at the bottom and base currency at top) is all about buying and selling forex on the FX market to make potential profits by the Australian traders, always look for the trading fees and other factors related to it.
When such a good variety of distribution and stiff competition among the Australia forex trading platforms, choosing the right foreign exchange broker becomes daunting. Many retail investor accounts lose money due to wrong trading decisions. Sound research and thorough reviews like ours come in handy in such scenarios. As discussed above, In this review, we have covered some of the best forex broker in Australia, as most brokers are regulated by the Australian Securities & Investments Commission (ASIC). The ASIC license is known to be one of the strictest regulatory bodies and is a national regulatory authority for many forex trading platforms.
Broker in Australia, even for new users or experienced traders, the trading platforms used by traders to trade pairs are much larger than the total trade size of investment done. Given that the FX market is the busiest and one of the largest financial market and is always in demand, it also seeks to constitute financial advice; whether you can afford to take the high level of risk, it is advised first to learn its ways, know the the trading fees or any other hidden fees before diving into it straight away as many retail investor accounts lose money due to bad decision-making.
Please Note: Your capital is at risk as most Australian traders make reckless decision-making on trading platforms, which can make a trader’s accounts lose money in no time! There is a very high degree of risk involved in trading securities, so fully understand the risks associated and be aware of your financial situation before letting in and avoid losing your money, and possibly seek independent advice, as previous performance does not guarantee future results for any forex trading, as sometimes the market fluctuate by small amounts & sometimes big. So Australian citizens should be on alert.
Forex trading Benefits such as high liquidity providers, regular profit-making opportunities to make money, leveraged trading, offshore broker, 24 hours a day trading system, day traders, no market maker intervention, various types of Forex pairs (exotic forex pairs, price swings, and much wider spreads), currency pairs, trading your US dollar for Aussie dollars vice versa to get more profits (the main goal of making money while exchanging one currency for another) are among various factors that allure many, but as there is a method to everything, foreign exchange trading also has a way to go about it.
Even provide the support of a stop loss order (it is a conditioned order to save you from risk, thus called a stop loss order). If you are new to the FX world, we will provide you with the best possible choice then here are some comprehensive steps that will give you a fair idea about how to trade stocks in the foreign exchange market and understand the risks associated:
- Australian traders should research the best forex trading popular route for themselves.
- Learn about the workings of the forex market conditions to avoid losing your money.
- After extensive research, open a forex trading account with your chosen Australia best forex brokers.
- Have a trading plan based on your trading forex portfolio.
- Select the best forex trade platform in Australia. (a multi-asset platform)
- Open your first position, monitor it for the trading duration, and then close your first open position.
What is the Best Time to Trade Forex in Australia?
The foreign exchange market is open 24/7, so there are no specific hours for daily trading. Regular trading hours are Monday through Friday from 5:00 am (Sydney time) to 5:00 pm (New York time).
Yet, some trading sessions may provide greater liquidity and volatility, which makes them better for trading. Here are the best times to trade forex in Australia:
- Australian Trade Session: This session overlaps with the Asian trading session and is the first major market to open. The hours are 7:00 AM AEST to 2:00 PM AEST. Around this time, AUD currency pairs often have significant liquidity and volatility.
- Asian Trading Session: The Asian trading session begins at 9:00 AM AEST and ends at 5:00 PM AEST. It overlaps with the Australian trading session. Major financial hubs, including Tokyo, Hong Kong, and Singapore, are represented in this session, which is noted for their strong liquidity and volatility in the JPY and NZD currency pairs.
- London Trading Session: The London Trading Session begins at 4:00 PM AEST and ends at 1:00 AM AEST. It overlaps with the conclusion of the Asian Trading Session. This session, which encompasses important financial hubs like London, Frankfurt, and Zurich, is the busiest for trading. For its strong volatility and liquidity in the GBP, EUR, and CHF currency pairs.
- New York Trading Session: The New York trading session begins at 10:00 PM AEST and ends at 7:00 AM AEST. It coincides with the conclusion of the London trading session. High liquidity and volatility in USD currency pairs are hallmarks of this session, particularly in the early going.
Conclusion of the Best Forex Brokers in Australia
So fx trading brokers in Australia innately present a high risk of losing money. All foreign exchange brokers run a disclaimer about the market risks, as many retail investor accounts lose money while trading. To combat such an increased risk of losing money, thorough market research and in-depth market knowledge come in handy as even independent advice. A prepared hand always performs better.
Therefore, whether you are a beginner or a seasoned trader, take your time to feel assured about forex traders (like forex commodities, liquidity providers, currency pairs (major pairs & minor), and other fees that may be charged during transactions), their offerings, pros, and cons, as different brokers have different features, different types, different spreads like fixed spreads average spread, etc., so think before deciding to dive into it and allow yourself to make money in any platform of forex broker Australia.
CFDs are complex trading instruments. They can lead to a high risk of losing money and crumbling any budget within seconds. Therefore, the importance of a well-informed decision can’t be emphasized enough (market makers role). Please consider your risk capacity, investment capacity, forex market knowledge, finance management capabilities, and understanding of the currency pair. Australian traders should observe investment trends before investing so that they do not lose money.
Also, Australian traders always opt for a broker regulated by ASIC; there is less risk involved in that case, as retail investor accounts get affected. You will look up a list of ASIC-regulated forex brokers on any reliable website and choose the best forex broker. Do refer to the information on that list before choosing your Australian forex broker. Be aware of brokers who say guaranteed profits as the risk will be there, as not all forex brokers are trustworthy.
In the forex market, the intensity of buy and sell orders, limit orders (buy and sell price, a bid price to open trade) stays in demand and turns into market orders, making the spread or difference drop to 0 pips. This makes the spreads start with 0 pips through the received quotes some offer with spreads from 0.0 pips as well, whereas the lower trading costs are charged based on a fixed commission on every trade; it is better to opt for fixed spreads as they do not change according to market volatility than variable spreads (some offer commission free trading, order types, one currency exchange as well).
That is why it is essential to have explicit market knowledge and not to get allured by attractive 0 pips opportunities and then lose money. Past performance is no guarantee, and future performance may be another story. An awareness and thorough information about the market ensure Australian traders that they don’t lose money while trading and gain strong experience with time.