Best Australian Forex Brokers of 2022

Australian forex trading platforms are stirring the foreign exchange market with their impressive market performance over the past few years. These trading platforms bring together some very versatile, trustworthy, intuitive, and advanced trading platforms into the market. Australian forex brokers are also getting some handy and exceptional trading tools with cutting-edge pricing that gives the rest of the world stiff competition!

Top Australian Forex Brokers - Find with CryptoNewsZBest Forex Brokers Australia – Find with CryptoNewsZ

When there is such distribution of a good variety and stiff competition among the trading platforms, choosing the right foreign exchange broker becomes daunting. Many retail investor accounts lose money due to wrong trading decisions. In such scenarios, sound research, and thorough reviews like ours come in handy. In this review, we will look at 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.

We will be looking at the enviable list of the forex brokers in Australia for beginners and expert FX traders (best fx brokers for everyone). So let’s begin our review on various trading platforms based in Australia.

Best Forex Brokers Australia

We created a list of all top-rated ASIC regulated forex brokers. Here is our list of top-notch Australian forex brokers.

  • Plus500: Best Broker for Beginners
  • Markets.com: Best for Online Trading Tools
  • Pepperstone: Best Advanced Features
  • FP Markets: Best Platform for Scalping
  • IG: Best Overall Broker
  • IC Markets: Best for Low Broker Spreads lower spreads)
  • CMC Markets: Best for Huge Range of Offerings

Compare Forex Brokers Australia In Detail

Compare Australian forex and CFDs brokers by regulations, fees, brokers charge, commission, spreads (like max spreads, minimum spreads, lowest spreads, average spread), leverages, trading financial instruments, account features, forex trading platforms, third-party tools using the summary table below for trading platforms based in Australia.

Regulations and Licenses

ASIC (Australia)
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FCA (UK)
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CySEC (Cyprus)
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FSCA (South Africa)
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pending
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FMA (New Zealand)
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Dubai (DFSA)
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MAS (Singapore)
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Fees, Charges and Commission

Minimum Deposit
100 units of the linked currency
$250
$200
$100
$450
$200
$0
Inactivity Fees
$10/ Month
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£10 (depends on your account currency)
Funding Fees
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Commissions
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$3.50 SGD 4.55
USD $3.00
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$7.00
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Commission Rebates
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Currency Conversion Fee
up to 0.7%
0.60%
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0.5% CFD, 0.7% Share
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0.50%

Spreads and Leverages

Retail Max. Leverage
30:1 (FCA/ASIC) 20:1 (MAS)
30:1
30:1 (FCA, ASIC, BaFIN, CySEC)
50:1 (DFSA)
200:1 (SCB)
30:1 ASIC
30:1 Europe
500:1 International
400:1 (CMA)
30:1 (UK/Europe/ Australia)
50:1 (US)
50:1 (Dubai)
30:1
30:1 (Europe/ Australia)
20:1 (Singapore)
500:1(Other)
Professional Leverage
300:1
294:1
500:1
500:1
200:1
500:1
500:1
EUR/USD Avg. Row Spread
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0.17
0.10
0.17
0.10
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GBP/USD Avg. Row Spread
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0.59
0.20
0.60
0.40
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AUD/USD Avg. Row Spread
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0.24
0.20
0.30
0.20
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EUR/USD Standard Spread
0.8
0.60
0.77
1.20
0.86
1.10
0.70

Trading Instruments

Currency Pairs
60+
120
66+
61+
90+
65
339+
Index CFDs
67+
58
20+
14+
37
16
46
Commodities CFD
17+
36
17
4+
26+
19
111
Crypto- currency CFDs
10+
7
20+
5+
8
10
12
Share CFDs
1816+
3312
1000+
12,986+
8600+
100
9000+
Stockbroking
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Spread betting
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Yes (only for UK and Ireland clients)
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Other Instruments
Options CFDs, ETFs CFDs, Cannabis Index
Bonds, ETFs
ETF CFDs
Bonds, Futures
Bonds

Account Features

Demo Account
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Islamic Accounts
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Auto Trading
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MetaTrader 4 only
Funding Methods
3
6
16
8
4
15
Bank Wire, Visa, Mastercard, Neteller
Social + Copy Trading
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MetaTrader 4 only
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Trade Signals
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free forex signals, index signals, commodity signals
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Standard Stop Loss
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Guaranteed Stop Loss
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Guaranteed Negative Balance Protection
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only with FCA regulation
(Aus/Europe only)
ESMA regulated territories only
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Only in ESMA regulated territories
Overnight/ Rollover/ Swap fees
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Trading Platforms and Tools

MetaTrader 4 (MT4)
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MetaTrader 5 (MT5)
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cTrader
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Proprietary Platform
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Other Tools
Marketsx,
Marketsi
Myfxbook, DupliTrade, MetaTrader Signals
Autochartist
Algorithmic trading
MT4 Advanced Trading Tools

Is Forex Trading Legal in Australia?

Trading Forex in Australia has been going on for quite some time. The forex brokers’ industry had seen a significant amount of trading volume spike in 2015. As we mentioned on the top Australian forex brokers list earlier as they have been for a long time. Nowadays, Australia is becoming a hub and taking an important part in the share trading industry.

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 industry while maintaining the safety of the customers. Other than this, there are no other regulations or legal complications that may stop anyone from trading forex positions with Australian brokers. Brokers operating in particular areas need to have segregated accounts for clients as well.

The trading platforms doors are open for international customers alike. But yes, they need to abide by the norms set by the ASIC (which is a national regulatory authority- ASIC license), and ASIC (Australian based broker) requirements for brokers to segregate client funds.

Is FX trading legal in AustraliaIs 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, Corporations Act of 2001, and 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 route. 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 is applicable everywhere else in the world.

Like Australia’s ASIC, which is the financial markets regulator in Australia 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 a regulatory oversight before going into forex trading and choosing the right trading platforms.

How Do I Trade Forex in Australia?

Forex trading in Australia is equally popular amongst the residents and the overseas forex traders as top Australian forex brokers have well-known reputations. 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, major currency pairs also make the 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.

How do I trade Forex in Australia?
How do I trade Forex in Australia?

The broker in Australia even for new users or experienced traders, the trading platforms used by traders 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, also seeks to constitute financial advice, whether you can afford to take the high level of risk, it is advised to first learn its ways 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 people make reckless decision-making in trading platforms 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 (but not to worry as some may receive third party compensation which is provided by some trading platforms).

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, have 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 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:

  • Research about the best forex trading popular route for yourself.
  • Learn about the workings of the forex market conditions to avoid losing your money.
  • After thorough extensive research, open a forex trading account with your chosen 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.

We will go deeper into these steps in our review and give you a summary of the best fx broker in Australia. Read on to learn about the trading platforms for experienced and new traders. Thus choose as per need.

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 avoid risk of loss and instead uses 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 all the more most important factor to consider which are regulated by the Australian and other bodies, and to know first the platforms (about forex markets, 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 platforms attract new traders.

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 a variety of forex pairs. (in turn, results in a competitive fees structure, and options for currency pairs)

Plus500 - Best Trading PlatformPlus500 – Best Trading Platform

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 provides great trading conditions and only the most essential tools for trading and does not offer MetaTrader platforms either its 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. These key features are beneficial in technical analysis, fundamental analysis with detailed insights into forex markets to trade forex pair, though it charges for inactivity fee. You can also read more about 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.

Features

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

Year Founded: 2008

Minimum Deposit: 100 units of the linked currency

Max Leverage: 300:1 (FX and Index CFDs), 150:1 (Commodity CFDs), 20:1 (Crypto and Share CFDs), 100:1 (EFTs)

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eToro: Best Copy Trading Platform

This forex broker 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 have a glimpse of other traders in real-time.

This 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 offers free access to an unlimited demo account on its proprietary trading platform and professional traders who want to start with a live account.

eToro - Social trading platformeToro – Social trading platform

CopyPortfolios is another unique tool that all eToro clients recommend. This 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 has some downsides; it is pricey, does not support MetaTrader 4, and the minimums required for copy trading are pretty high.

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 of opening trading account (competitive spreads).

Like most of its peers who enjoy the governance of ASIC, eToro 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 and how to open an account.

Features

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

Year Founded: 2007

Minimum Deposit: $50 in most countries, but varies as 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)

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Which broker is the best for forex?

Many best forex brokers offer versatile trading tools and (and many other leading brokers as mentioned) facilities that can make it an anxious process to choose the right broker for you. In this section of our review, we will walk through some of the best online brokers to help you make the best possible choice. But before we set off to find the best Australian forex broker, one central point is that ASIC should authorize the forex broker you shortlist. So, here are some of the best brokers found in Australia:-

Blueberry Markets: 24/7 Excellent Customer Support

Blueberry Markets is one of the promising forex brokers that offer excellent MT4 and MT5 forex trading services. The award winning platform has a wide range of 40+ exotic currency pairs, 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, and silver. Suitable platform to trade majors assets for all.

Blueberry Markets - Leading Brokerage Service ProviderBlueberry Markets – Leading Brokerage Service Provider

Along with its 50+ trading instruments on the MetaTrader 4 platform, it offers the following features like ECN broker and commission-free accounts to its base currency markets traders, financial products, huge range of base currency pair (major and minor pairs). Blueberry Markets, however, does not include cryptocurrencies and has no negative balance protection.

Although it offers free VPS, 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. Further, this ASIC regulated broker offers tight spreads starting from 0 pips on ECN accounts (Electronic Communications Network), competitive commission fees.

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, but 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 and award winning customer service. So begin your forex trading now!

Features

Regulated by: VFSC, ASIC

Year Founded: 2017

Minimum Deposit: $100

Max Leverage: 1:500 for both (Standard Account), (Direct Account)

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XM.com: Best for EA Trading

XM.com is yet another popular Australian forex broker. It is regulated by the Australian regulators and others like ASIC, CySEC, and the FCA. 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 any beginner forex traders or experienced forex traders. Further, its “XM Global Webtrade” is suitable for beginners and experienced foreign exchange traders alike.

XM.com - Popular Australian brokerXM.com – Popular Australian broker

The award winning platform has the min. deposit at XM.com 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.com is that there is no specific time limit on how long a user can use a demo account.

As per information on the XM.com website, the broker offer more than 1000 markets and low spreads (minimum spreads, tight spreads). It is also called the “next-generation broker” due to its online foreign exchanges and commodity trading services. XM.com website claims that it is known for its excellence in auto trading, zero hidden fees, and fast order executions, with 99.35% taking place in under 1 second and many other good option to choose from.

XM.com’s huge range of leverage is flexible and varies from 2:1 to 30:1, depending on the instrument. XM clients can manage the leverage risk on their own.

XM is available on Android devices like tablets, phones, and Apple devices like iPhone, iPad. XM app is downloadable from the Google Play Store or Apple App Store. The app allows monitoring of markets as well as 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 support of demo accounts.

XM, online broker, also offers insightful education on forex and forex trading day, which can be beneficial for aspiring traders. XM also has a credible customer support team an award winning platorm, which assists in various languages.

Features

Regulated by: CySEC, ASIC, IFSC

Year Founded: 2009

Minimum Deposit: $5 or more depending on account type

Max Leverage: Flexible Leverage from 1:1 up to 888:1

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Markets.com: Best for Online Trading Tools

Markets.com is another good forex broker to trade that is popular for its excellent services. It is regulated by ASIC, FSC, FCSA, FCA, and CySEC, so the safety concern is well taken care of.

Markets.com - Offer Excellent Trading Service!Markets.com – Offer Excellent Trading Service!

The trader here can enjoy commission-free Forex CFD trading on more than 2,200 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. Traders here want an intuitive and insightful trading 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 on this right trading platform.

Features

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

Year Founded: 2008

Minimum Deposit: $100

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

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UFX: Get Cashback for Every Trade

UFX offers its traders a straightforward and easy-to-use user interface on its ParagonEX web and mobile platforms. It is governed by the Vanuatu Financial Services Commission and not ASIC.

UFX - Level Up with Trading!UFX – Level Up with Trading!

Its web platform is supported by NetDania which leads to solid charting. Moreover, at UFX, the traders get 30 crypto CFDs, and the platform has introduced more than 400 new CFDs to a wide selection of its Forex CFD trading offerings and tight spreads.

If we were to talk about its low points, then there are just two. First, it spreads throughout all the accounts for foreign exchanges. And secondly, UFX does not offer MT4 to the micro trading account and mini trading account. The minimum initial deposit is 100 US Dollars and VIP account holders can find discounts too in this.

Features

Regulated by: CySEC

Year Founded: 2007

Minimum Deposit: $100

Max Leverage: 30:1 due to strict CySEC rules but professional traders can apply up to 400:1

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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.

Here you get perks like low trading fees, 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 user-friendly.

Pepperstone - Prominent FX Brokers in AustraliaPepperstone – Prominent FX Brokers in Australia

The Pepperstone group limited Razor Account offers Australian forex traders the best trading experience and low spreads, platforms like ctrader regulation with many other features along with expert advisors.

Pepperstone doesn’t ask for any min. deposit for opening the standard account types (generally low trading fees, ctrader regulation support). The mobile trading experience platform of this broker is also great, which is offered by MetaTrader4 and not by MetaTrader 5. It 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 and no face ID login.

Features

Regulated by: ASIC, SCB, CySEC, DFSA, BaFin, CMA & 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.

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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 offer support to its traders with well-researched and high-tech educational tools and many other options. Support many pair with spreads from 0.0 pips.

FP Markets - Global FX BrokerFP Markets – Global Broker

Talking about its cons, FP Markets offers, raw account, 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 broker charges a min. deposit is not that high for foreign exchanges, but the min. deposit is at least 1K U.S Dollars for other account types.

Features

Regulated by: Australian Securities and Investment Commission (ASIC)

Year Founded: 2005

Minimum Deposit: $100

Max Leverage: 500:1

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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 BrokerGO Markets – ASIC Regulated Broker

It is a safe (high level)and transparent platform that provides ultra-quick trade executions, not all forex brokers are 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. What makes GO Markets unique from most fx brokers in Australia is that it is strict on who can trade CFDs and other underlying asset assets 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.

Features

Regulated by: ASIC, FSC, FSA, CySEC

Year Founded: 2006

Minimum Deposit: 200 AUD

Max Leverage: Standard leverage of 100:1

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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 IG broker review for more information about these forex trading accounts.

IG - No.1 CFD providerIG – No.1 CFD provider

Further, the most important thing is that the IG markets trading are authorized by six tier-1 regulators. 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 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. 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

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

Year Founded: 1974

Minimum Deposit: $300

Maxi Leverage: 50:1

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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). To check if it’s regulated see the disclosure text at bottom of the website.

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 banks and your bank account) may charge their own fees and the trading costs can fluctuate.

IC Markets - Automated Trading SystemIC Markets – Automated Tradings System

IC Markets Pty Ltd offering relatively low fees, advanced trading platforms, fast execution, advanced charting, lowest average spread compared to other forex 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, and there is neither any negative account balance protection provided to the traders.

Moreover, the 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), 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, smooth process of deposits and withdrawals. 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 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

Regulated by: ASIC, FSA, CYSEC

Year Founded: 2007

Minimum Deposit: $200

Max Leverage: 1:500

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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 ASIC regulated. 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). To check if it’s regulated see the disclosure text at bottom of the website.

This best currency trading platform offers forex spot trading, 84 popular currency pairs (such as GBP, EUR, USD, etc. including exotic currency pairs, major fx pairs, minor fx pairs.), 4500 CFDs, offers copy trading or social trading, and crypto pairs currency trading as trading CFDs. Check out the City Index review to know more about the platform broker in Australia. and its overall rating.

City Index - Trade on over 12,000 marketsCity Index – Trade on over 12,000 markets

This forex broker 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 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.

It 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.

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

Regulated by: ASIC, MAS, and FCA

Year Founded: 1983

Minimum Deposit: $/£/€100

Max Leverage: 400:1

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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 regulated by ASIC (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 CMC markets review.

CMC Markets - Most Secure FX brokerCMC Markets – Most Secure broker

CMC Markets’ Next Generation trading platform (online forex), Web and mobile trading platforms offer outstanding performance also offers low fees, exotic currency pairs. The forex market also supports its customers with highly advanced research and educational tools. Further, it offers negative balance protection to its traders along with exceptional customer support.

Some of the downsides of this online forex trading platform include high stock CFD fees, a limited product portfolio, no banking license, and the account verification is quite complicated for forex and cfd trading.

Note: 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

Regulated by: FCA (U.K.)

Year Founded: 1989

Minimum Deposit: $0

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

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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 offers low trading fees to 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 AustraliaAxiTrader – Broker Australia

Unlike other brokers, the forex market broker offer a limited variety of trading products limited to foreign exchanges and CFDs (and you must consider whether you understand how CFDs works). The research tools are also limited. And finally, customer support is also prolonged. It is limited to 5 days a week service and email communication is the only service available and slow, though it is available 24 hours a day. However, check the AxiTrader review to know more details about its currency pairs, other features and start trading.

Features

Regulated by: ASIC, FCA, DFSA, FSA

Year Founded: 2007

Minimum Deposit: There is no minimum deposit requirement

Max Leverage: Flexible leverage up to 500:1

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FOREX.com: Best for High Volume Trader

FOREX.com is a highly regulated forex broker. It is ASIC-regulated and regulated forex brokers in the UK, US, Canada, Japan, Singapore, and the Cayman Islands. The FOREX.com broker offers impressive mobile platform and desktop functions, while the trading view charts built into the platform are handy, and provide regulatory protection. You can find more information about the Forex.com platform and how to open a trading account.

FOREX.com - Global FX Trading SpecialistFOREX.com – Global FX Trading Specialist

When it comes to downsides, Forex.com offers higher spreads (offer higher levels of spreads) than other international brokers (high volumes). Further, the rebate for active traders is quite limited. There is no negative balance protection provided to the traders. It is best known as one of the very active FX trader brokers. And the account minimum is also relatively low at 50 US Dollars.

Investment Advice: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage involves significant risk. It may not be suitable for many retail CFD accounts lose money when trading CFDs and can you take the high risk of losing money while using this provider.

Features

Regulated by: IIROC, ASIC, MAS, FSA, and CIMA

Year Founded: 2001

Minimum Deposit: $100 (recommended $2,500)

Max Leverage: 50:1

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Oanda: Best for Trading Experience

Oanda is a low fee forex broker, 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 BrokerOanda – Best Broker for Forex

The forex market working product portfolio of Oanda broker 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, there is no minimum deposit required to start trading by Oanda. (low fees, high but high withdrawal fees)

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 search functions of the website are pretty lovely and come with all 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 the Oanda broker review to know more about this forex market platform.

Note: Your capital is at risk. You may lose money when trading, 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

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

Year Founded: 1995

Minimum Deposit: $0 (Standard); $20,000 (Premium)

Maximum Leverage: 50:1

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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 trading experience 24 hours a day. The forex market platform download is free and packed with active valuable tools.

NinjaTrader - Automated Trading SolutionsNinjaTrader – Automated Trading Solutions

The micro contract (forex contract) at this platform offers low investment commission that goes as low as 0.09 US Dollar. The minimum account requirement is low, i.e., 400 US Dollar. The only downside to NinjaTrader is that one can only trade futures and options. Ninja Trader is NFA registered and not ASIC.

Features

Regulated by: CFTC, NFA

Year Founded: 2003

Minimum Deposit: $400

Maximum Leverage: 50:1

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Conclusion:

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, 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 give yourself the opportunity 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 it can crumble 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, understanding of currency pair, observe investment trends before investing so that you do not lose money.

Also, 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.

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 not to get allured by attractive 0 pips opportunities and then lose money as past performance is no guarantee and future performance may be another story. An awareness and thorough information about the market ensure that you don’t lose money while trading and gain strong experience with time.

FAQs

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?

It’s easy to become a forex trader; all you need to do is 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 towards professional Forex trading.

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