Best Australian Forex Brokers in 2024

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.

List of Best Australian Forex Brokers in 2024

Top Forex Trading Platforms in Australia

Forex 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!

1. Blueberry Markets: 24/7 Excellent Customer Support

Blueberry Markets is one of the promising best Australian 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.

Blueberry Markets - Leading Brokerage Service Provider

Along with its 50+ trading instruments on the MetaTrader 4 platform, the 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 forex 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!

Features

right Regulated by: VFSC, ASIC, SCB

right Year Founded: 2016

right Minimum Deposit: $100

right Max Leverage: 1:500 for both accounts (Standard Account) & (Direct Account)

Pros

  • A 24/7 live chat is provided.
  • A free 30 days demo account with all features.
  • A wide range of research tools available.

Cons

  • Educational content is not provided.
  • A minimum deposit required $100 or more.
  • A high risk of no negative balance protection.

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2. 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.

XM.com -Best Australian Forex Brokers

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 – one of the best online forex 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.

Features

right Regulated by: CySEC, ASIC, FSC

right Year Founded: 2009

right Minimum Deposit: $5 or more depending on account type

right Max Leverage: Flexible Leverage from 1:1 up to 1000:1

Pros

  • The platform charges low fees for CFD trading and withdrawals.
  • Users get access to a demo account with simulations of all features and no time limit.
  • It is best for forex trading and creates strong foundations for new users’ first steps into forex trading.

Cons

  • The platform has a limited product portfolio for traders.
  • The forex fees are average and not necessarily affordable for all types of users.
  • The customer support is available only from Monday to Friday.

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3. 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.

Start trading on low spreads with Eightcap

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.

Features

right Regulated by: ASIC, SCB

right Year Founded: 2009

right Minimum Deposit: $100

right Max Leverage: 30:1 for ASIC and 500:1 for SCB

Pros

  • Traders need to deposit only $100 to open a live account.
  • Free deposit and withdrawal.

Cons

  • Technical support not available on weekends.
  • Lacks educational resources.

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4. 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.

Markets.com - Offer Excellent Trading Service!

The best Australian forex brokers offers a 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.

Features

right Regulated by: FCA, CySEC, ASIC, FSCA, FSC

right Year Founded: 2009

right Minimum Deposit: $100

right Max Leverage: 300:1 but Europe clients limit leverage to 30:1 on FX

Pros

  • Free and fast deposit and withdrawal.
  • Great tools for learning and research.
  • Easy and fast account opening.

Cons

  • Technical support not available on weekends.
  • High forex fees.
  • Mobile app provides less functionality than full site.

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5. Pepperstone: Best Advanced Features

Pepperstone is another of the prominent online forex 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.

Pepperstone - Prominent FX Brokers in Australia

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.

Features

right Regulated by: ASIC, DFSA, FCA, SCB, FCA

right Year Founded: 2010

right Minimum Deposit: Australian Dollar $200 or equivalent

right 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.

Pros

  • Reliable customer support.
  • Client funds are stored securely in Tier-1 banks only.
  • Competitive spreads and fees.

Cons

  • High withdrawal fees.
  • Limited deposit money methods.
  • No guaranteed stop-loss orders.

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6. 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)

FP Markets - Global FX Broker

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 of at least 1K U.S Dollars for other account types but overall has low fees. Explore more about the best Australian forex brokers platform in our FP Markets review and get every detail you need.

Features

right Regulated by:  ASIC, Cyprus

right Year Founded: 2005

right Minimum Deposit: $100

right Max Leverage: 500:1

Pros

  • Low forex fees and easy account opening.
  • Instant withdrawals and deposits.
  • Non-trading fees are waived.

Cons

  • High fees for money transfer from international banks.
  • Limited asset portfolios.
  • High minimum deposit on advanced accounts.

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7. 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.

GO Markets - ASIC Regulated Broker

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.

Features

right Regulated by: ASIC, FSC, CySEC

right Year Founded: 2006

right Minimum Deposit: 200 AUD

right Max Leverage: Standard leverage of 1:500

Pros

  • Offers commission-free trades.
  • Minimum deposit to start live trading is AUD 200.
  • Wide range of trading instruments.

Cons

  • No support over the weekends.
  • Does not offer Negative balance protection.

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8. 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.

IG - No.1 CFD provider

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.

Features

right Regulated by: FCA (U.K.), MAS, & CFTC, NFA (U.S.)

right Year Founded: 1974

right Minimum Deposit: $300

right Max Leverage: 50:1

Pros

  • Superb educational tools.
  • Great deposit and withdrawal options.
  • Low foreign exchange fee.

Cons

  • Limited product portfolio.
  • Slow customer support.
  • High trading fee for occasional traders.

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9. 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 - Automated Trading System

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 Australian forex broker; 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.

Features

right Regulated by: ASIC, FSA, CYSEC

right Year Founded: 2007

right Minimum Deposit: $200

right Max Leverage: 1:500

Pros

  • Low spreads and commission fees.
  • No commission fees on deposits and withdrawals.
  • Raw spread and standard account.

Cons

  • Limited assets for trading.
  • Slow live chat support.
  • Limited Educational Resources.

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10. 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.

City Index - Trade on over 12,000 markets

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 forex 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.

Features

right Regulated by: ASIC, MAS, and FCA

right Year Founded: 1983

right Minimum Deposit: $/£/€100

right Max Leverage: 30:1

Pros

  • No withdrawal fees.
  • Low trading costs.
  • 24/5 customer support.

Cons

  • Demo account is only available for 12 weeks.
  • Charges account inactivity fee.

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11. 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 - Most Secure FX broker

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.

Features

right Regulated by: FCA (U.K.)

right Year Founded: 1989

right Minimum Deposit: $0

right Max Leverage: 500:1 (professional clients) & 30:1 (retail clients)

Pros

  • Low forex fees.
  • Offers advanced risk management tools for its advanced traders.
  • Great web and mobile platforms.

Cons

  • Charges account inactivity fee.
  • Customer support is not available 24/7.

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12. 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.

AxiTrader - FX Broker Australia

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.

Features

right Regulated by: ASIC, FCA, DFSA

right Year Founded: 2007

right Minimum Deposit: There is no minimum deposit requirement

right Max Leverage: Flexible leverage up to 400:1

Pros

  • Low Trading Fees.
  • Zero Charges on Withdrawals & Deposits.
  • No Minimum Deposit Requirement.
  • No Dormant Fees.

Cons

  • Email-only Customer Support.
  • Reachable for Only 5 Days a Week.

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13. 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 - Best FX Broker

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.

Features

right Regulated by: CFTC, NFA (U.S.), FDM, and FCA (U.K.)

right Year Founded: 1996

right Minimum Deposit: No Minimum Deposit Amount

right Maximum Leverage: 50:1

Pros

  • Wide range of tradable instruments.
  • Negative balance protection.
  • Lower forex fees.

Cons

  • Inadequate research tools.
  • Slow customer service.

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14. 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 valuable tools for the active trader.

NinjaTrader - Automated Trading Solutions

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.

Features

right Regulated by: CFTC, NFA

right Year Founded: 2003

right Minimum Deposit: $50

right Maximum Leverage: 50:1

Pros

  • Low trading fee.
  • Offers a variety of research tools and educational resources.
  • Great platform for advanced and experienced traders.

Cons

  • High withdrawal fees.
  • No mobile app and desktop is only on Windows.

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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 in australia, 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 guide you through some excellent and beginner-friendly forex brokers that you may try, since these best forex trading platforms Australia attract people who are new to trading. 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 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).

Though Plus500 is urged for experienced traders. But beginners should begin with a demo account and use our E-books, educational videos, Trading Academy, webinars, and insights to enhance their learning.

Plus500 - Best Trading Platform

This market maker is known as one of the Best Australian FX brokers; it is an ASIC-regulated and licensed trading platform; along with that, it is CySec regulated license number 250/14. which is reliable in 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.

As far as fees are concerned, the platform charges – Overnight Funding – whenever a position is left open after a certain cut-off time, a Currency Conversion Fee – Up to 0.7% of the trade’s realised net profit and loss, and Inactivity fee – USD 10 per month if you are not logged in to your account for a period of at least three months; you can explore more details on its fee structure here.

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. Keep in mind your financial situation before letting in to avoid losing your money.

Features

right Regulated by: FCA, CySEC, ASIC, Israel Securities and Investments Commission

right Year Founded: 2008

right Minimum Deposit: 100 units of the linked currency

right Max Leverage: 1:2 (Crypto)

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82% of Retail CFD Accounts Lose Money

  • 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.

eToro - Social trading platform

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 accounts. (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.

Features

right Regulated by: CySEC, MiFID, ASIC FCA, FinCEN & AFSL (Australian Financial Services Licence)

right Year Founded: 2007

right Minimum Deposit: $50 in most countries, but it varies per country.

right Max Leverage: x5 (CFD stocks & ETFs), x30 (major trading currency pair such as EUR/USD), x20 (non-major trading currency pairs like EUR/NZD)

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Comparison of Best Brokers in Australia

Forex Brokers Minimum Deposit Maximum Leverage ASIC Regulated Forex Broker Accepts Australian Residents
Blueberry Markets $100 1:500 right right
XM $5 1:1 to 1000:1 right right
Eightcap $100 30:1 for ASIC right right
Markets.com $100 300:1 right right
Pepperstone $200 (AUD) 30:1 right right
FP Markets $100 500:1 right right
GO Markets $200 1:500 right right
IG Forex $300 50:1 right right
IC Markets $200 1:500 right right
City Index $100 1:30 right right
CMC Markets $0 30:1 right right
AxiTrader $0 400:1 right right
Oanda $0 50:1 right right
NinjaTrader $50 50:1 cancel right
Plus500 $100 1:2 (Crypto) right right
eToro Varies as per country x30 for Major Pairs right right

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.

Is FX trading legal in Australia

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 initially 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 forex traders do 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.How do I trade Forex in Australia?

With 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 brokers 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.

Forex 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.

List of the Top 5 Most Used Forex Broker Tools in Australia

  1. MetaTrader 4 (MT4) and MetaTrader 5 (MT5): MetaTrader platforms are widely used in the Forex market. They provide a user-friendly interface, advanced charting tools, technical analysis, automated trading capabilities, and a variety of indicators.
  2. cTrader: This is another popular trading platform known for its intuitive interface and advanced charting features. It offers algorithmic trading through cAlgo, providing traders with the ability to create and test automated trading strategies.
  3. TradingView: While not a direct trading platform, TradingView is a web-based charting platform that many traders use for technical analysis. It offers a wide range of charting tools, indicators, and social trading features.
  4. Forex Calendar and News Apps: Many traders use economic calendars and news apps to stay informed about economic events that could impact currency markets. Examples include the Forex Factory calendar and dedicated news apps from financial news providers.
  5. Risk Management Tools: Successful trading involves effective risk management. Traders often use tools provided by brokers or third-party applications to set stop-loss and take-profit levels, calculate position sizes, and manage overall portfolio risk.

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.

Please take into account your ability to take on risk, make investments, learn about the currency pair, and have knowledge of the forex market and financial management. To avoid losing money, Australian forex traders should research market trends before making any investments.

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. 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.

FAQs

Is There Any Tax on Forex Trading in Australia?

As forex trading is legit in Australia, traders who wish to trade fall under the tax bracket and are liable to pay tax on their profits. Tax laws can always change, so always consult an expert before proceeding.

Which Forex Brokers has the Lowest Spreads in Australia?

As per our review of the above platform, IC Markets, Pepperstone & XM are a few of the best forex brokers for the Australian trader with the lowest spreads in Australia.

Is Day Trading Legal in Australia?

Yes, in Australia, day trading is completely legal. There are several brokers in the forex business based in Australia. Furthermore, forex trading is now easier and safe for Australian traders as there are no leverage restrictions imposed or other legal obligations apart from tax obligations.

How to Become a Forex Trader in Australia?

Becoming a forex trader is easy; you only need to select one Forex broker. New traders need to invest a considerable amount in a live account with a small deposit before making a more significant commitment toward professional Forex trading.

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