Best Australian Forex Brokers in 2024

In 2024, the forex trading scene holds significant importance as traders seek the best forex broker in Australia. The selection of brokers plays a crucial role in shaping one’s trading journey, influencing both the trading experience and security measures. Regulatory oversight by ASIC stands as a cornerstone, ensuring that brokers adhere to ethical standards, thereby safeguarding the interests of traders. The participation of over 47,000 traders in the Australian forex market further underscores the imperative nature of choosing a reputable broker. For those interested in delving deeper, our comprehensive guide offers detailed analyses of various brokers, encompassing their features, advantages, drawbacks, and more. Ultimately, exploring and selecting the best australian forex brokers is pivotal for achieving success within the dynamic forex trading landscape.

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.

Key Takeaways

We examine the different trading conditions various brokers offer, including spreads, leverage, and trade execution speed.

Trading Platforms: We have explored the variety of trading platforms offered by the top Australian Forex brokers and their suitability for different trading styles.

Customer Support: We have assessed the quality of customer support services provided by brokers, including responsiveness and multilingual support.

Reputation & Trustworthiness: In this section, we will evaluate brokers’ reputations and trustworthiness based on user reviews, industry awards, and their longevity in the market.

Additional Services & Resources: Here, we highlight the supplementary services and resources brokers offer, such as educational materials, market analysis, and trading tools for users’ benefit.

List of Best Australian Forex Brokers in 2024

Top Forex Trading Platforms in Australia

In Australia, leading forex trading platforms offer a range of features designed to cater to trader requirements. These Australian forex brokers list boast user-friendly interfaces and advanced charting tools, ensuring a dynamic trading experience. For a thorough comparison of these platforms, refer to our comprehensive Australian forex brokers list comparison table, which we have discussed –

1. Blueberry Markets: Best for Competitive Trading Conditions

Blueberry Markets is one of the top Australian forex brokers, renowned for its innovative trading solutions and customer-centric approach. Prioritizing transparency and client satisfaction, Blueberry Markets offers a diverse range of trading instruments, competitive pricing, and cutting-edge technology catering to global traders. It prioritizes customer satisfaction and trust and remains a favored option for traders of all levels. Learn more about this platform in our Blueberry Markets review.

Blueberry Markets - Best for Competitive Trading Conditions
Source: blueberrymarkets.com

Why We Choose It?

Our preference for Blueberry Markets stems from its well-known platform and esteemed status as probably the best forex trading platform in Australia. It boasts a user-friendly interface, deep liquidity, spreads from 0.0 pips, low latency, and 300+ robust trading tools, making it an attractive choice for novice and seasoned traders.

Key Features

  • Regulated by the Australian Securities and Investments Commission (ASIC), ensuring a secure trading environment.
  • Offers competitive spreads for cost-effective trading across various asset classes.
  • Utilizes state-of-the-art technology for rapid order execution and minimal slippage.
  • Provides access to leading trading platforms such as MetaTrader 4 and MetaTrader 5, ensuring a seamless trading experience.
  • Offers educational resources, including webinars, tutorials, and market analysis, to support traders’ development.

Pros

  • Only ECN trading.
  • Provides free demo account for 30 days.
  • Swift and reliable trade execution.
  • A diverse range of trading instruments.
  • Wide range of forex currency pairs.

Cons

  • A minimum deposit of $100 is required.
  • Inactivity fee is applicable for dormant accounts.

Sign Up Now

2. FxPro: Best for Low Spreads

Traders looking for the best forex broker Australia can join FxPro, a well-established forex trading company, regulated in various jurisdictions. It successfully operates in over 170 countries for retail and institutional traders and has bagged over 110+ awards for providing the best trading platforms, financial tools, and accounts. Traders can trade over 70 currency pairs, stocks, futures, indices, and cryptocurrencies, giving a total of 2100+ assets to trade in. The basic financial assets are available on cTrader accounts, while the complete set of instruments is available on MetaTrader 4 and MetaTrader 5 platforms. Overall, FxPro is a secure and reliable forex trading platform that has set industry-standard security measures to protect client funds and information by storing them in large international banks separated from the broker’s equity.

FxPro - Best for Low Spreads
Source: fxpro.com

Why We Choose It?

  • A multi-regulated forex trading Australia platform offers a full package of financial services to all types of traders, irrespective of their account balance. 
  • A reliable forex and CFD trading account complemented with competent educational and research segments.
  • VIP account holders are offered a free VPS and may be eligible for a personal account manager.

Key Features of FxPro

  • Negative balance protection is available for all clients, regardless of their jurisdiction and categorization (professional or retail)
  • Insurance of client funds at the cost of the brokers in an investor compensation fund
  • Offers a risk management system and automated transaction monitoring
  • A wide range of financial assets traded with Standard/Raw+/Elite account for different types of traders.
  • A full range of trading platforms, including a proprietary trading platform, cTrader, MetaTrader 4, and MetaTrader 5.

Pros

  • 5-Star customer service in multiple languages available 24×7.
  • Above-par product offering for traders of all types.
  • Easy access to Expert Advisors (EAs) for beginner traders.
  • Swap-free accounts for Islamic traders.
  • Seamless mobile trading on the go with ultra-low latency, deep liquidity, and award-winning order execution.

Cons

  • Difficult registration process for the affiliate program.
  • A high minimum deposit requirement of $100.

Sign Up Now

3. Plus500: Best for Beginners

Plus500 is a prominent international financial firm that delivers online trading services for Contract for Difference (CFD) instruments spanning various asset classes. It maintains a global footprint with branches established in key locations such as the UK, Cyprus, Australia, Bulgaria, and Singapore. Renowned for its expansive CFD offerings, Plus500 caters to traders seeking a secure and diversified trading platform. Traders can benefit from swift and dependable order execution without commission charges and narrow spreads. This platform offers cutting-edge analytical instruments, and they can take advantage of leverage ratios of up to 1:300 for the most effective trading experience. You can also read more about the broker in our Plus500 reviews and start forex trading.

Plus500 - Best for Beginners
Source: plus500.com

Why We Choose It?

Wondering why you should choose Plus500? One of the major reasons to choose this platform is it is one of the best Forex trading brokers in Australia. This platform offers an array of extensive CFD offerings across different asset classes, advanced analytical tools, ensure security and compliance for its users, 24×7 customer service, and multilingual support catering to a diverse user base offering simplified trading experience.

Key Features

  • A diverse portfolio comprising over 2,000 CFDs.
  • Professional trading accounts offering 1:300 leverage options.
  • Round-the-clock customer service is available in multiple languages.
  • Platform accessibility in 32 languages, complemented by multi-lingual support.
  • This platform offers a trading academy to help users by offering educational resources to users.

Pros

  • Offers Advanced analytical tools.
  • Stringent regulatory oversight ensures security.
  • Continuous availability of customer support.
  • Multilingual platform facilitating global accessibility.
  • Offers fast and secure deposits and withdrawals.

Cons

  • Limited availability of research tools.
  • This platform does not offer phone support options.

Sign Up Now

82% of Retail CFD Accounts Lose Money

4. Eightcap: Best for Low Spreads

Eightcap is an acclaimed derivatives broker headquartered in Melbourne, Australia. Regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of The Bahamas (SCB), Eightcap distinguishes itself with its expansive selection of financial instruments and top-notch client assistance.

Eightcap - Best for Low Spreads
Source: eightcap.com

Why We Choose It?

We endorse Eightcap as one of the best forex brokers Australia due to its regulation by ASIC, FCA, CySEC, and SCB. Also this platform, along with its extensive array of financial instruments, caters effectively to diverse trading preferences in the Australian market. It has been awarded the best customer service broker, best broker of the year 2023, recognized as the Best Forex Educational Resources for a broker, and many more accolades.

Key Features

  • 800+ CFD markets with TradingView integration.
  • Offers over 800 financial instruments.
  • Provides advanced tools like TradingView and Capitalise.ai
  • This platform offers AI-powered Economic Calendar.
  • Provides negative balance protection for traders.
  • Offers diverse market instruments, including Forex, Indices, Shares, Commodities, and Cryptocurrency CFDs.

Pros

  • Traders are offered MT4 & MT5 trading platforms.
  • Advanced trading tools.
  • Regulation by top authorities.
  • Players can get weekly trade ideas from experts, with weekly market forecasts and mid-week commentary webinars with Trade Zone.

Cons

  • Customer support is not available 24/7.

Sign Up Now

5. Markets.com: Best for Customer Support

Markets.com, a well-known option in the list of best forex trading brokers in Australia, a globally recognized provider of Forex and CFD services established in 2008, boasts a substantial user base exceeding 4.7+ million worldwide. Renowned for its innovative, reliable, and transparent services, traders are offered competitive spreads and a user-friendly trading platform that caters to traders from new to experienced levels. Another beneficial feature offered by this platform is it waives commission fees for its users. You can check our Markets.com review to find more information about its fees, the base currencies support & more unique features.

Markets.com - Best for Customer Support
Source: markets.com

Why We Choose It?

Markets.com is one of the preferred choices among forex brokers Australia. You can choose this broker for several reasons, including low spreads, a $1000 bonus for each referral, its solid reputation, multiple regulatory certifications, no hidden fees, a user-friendly platform, the absence of commission fees, and a mobile app to trade on the go. Additionally, it provides a diverse range of financial products such as stocks, currency pairs, ETFs, commodities, and cryptocurrencies, enhancing its appeal to traders seeking variety and thrill.

Key Features

  • Regulated by FCA, CySEC, ASIC, FSCA, FSC.
  • Minimum Initial Deposit of $100.
  • Access to MetaTrader 4 and MetaTrader 5 platforms.
  • Availability of Islamic Accounts.
  • Offers end-to-end security.
  • 24/5 Phone and Live Chat Support.

Pros

  • A diverse range of financial products.
  • Multiple regulatory certifications ensuring compliance.
  • User-friendly platform enhancing trading experience.
  • No commission fees, reducing trading costs.
  • Users can trade from 0.0 spreads.

Cons

  • Inactivity fees applied after 3 months.
  • Compared to other brokers, offers a maximum leverage of 1:100.

Sign Up Now

6. Pepperstone: Best for Advanced Traders

Pepperstone, widely recognized as the best forex broker in Australia, stands out for its exceptional services tailored specifically to Australian traders. Regulated by ASIC, SCB, CMA, CySEC, FCA, BaFin and DFSA. Pepperstone ensures transparency and security in trading activities, cementing its position as a preferred choice among forex enthusiasts. Offering competitive spreads, a diverse range of trading platforms, high-leverage options, advanced trading tools, and reliable customer support, Pepperstone sets a benchmark in the forex industry. Traders benefit from fast order execution and a comprehensive suite of features, establishing Pepperstone as a top choice for forex trading in the Australian market. Learn more about this trading platform in our Pepperstone review before registering for a trading account.

Pepperstone - Best for Advanced Traders
Source: pepperstone.com/en/

Why We Choose It?

There are several reasons why users choose Pepperstone as their preferred broker. It is considered one of the best forex brokers in Australia due to its exceptional features and services that cater to the specific needs of Australian traders. They provide access to popular platforms (MT4, MT5, cTrader) and offer features like deep liquidity and algorithmic trading capabilities, making it the preferred choice of forex broker in Australia. 

Key Features

  • Competitive spreads, starting from as low as 0 pips on major currency pairs.
  • Access to popular trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader, accommodating diverse trading preferences.
  • High leverage of up to 500:1, enabling traders to amplify their trading positions.
  • An array of advanced trading tools, including technical analysis indicators, economic calendars, and expert advisors.
  • 24/7 customer support, ensuring assistance is available when needed.
  • Infrastructure ensures rapid order execution, minimizing slippage and enhancing trading efficiency.

Pros

  • Regulated by ASIC, ensuring compliance and investor protection.
  • Offers raw spreads, faster execution and low commissions.
  • This broker has been recognized for best customer service, trading conditions and exceptional value for money.
  • High-leverage options provide opportunities for amplifying trading positions.
  • Advanced trading tools and analysis resources aiding in informed decision-making.
  • Offers active trader program.

Cons

  • Limited product portfolio compared to some other brokers.
  • Inactivity fee for dormant accounts.
  • Limited cryptocurrency offerings.

Sign Up Now

7. FP Markets: Best for Overall Trading Experience

FP Markets is one of the top Australian forex brokers, prioritizes transparency, innovation, and quality execution. Traders benefit from tight raw spreads from 0.0 pips, $0 fee-free funding options, maximum leverage of 500:1, and 24/7 dedicated customer support. Explore more about the best Australian forex brokers platform in our FP Markets review and get every detail you need.

FP Markets - Best for Overall Trading Experience
Source: fpmarkets.com

Why We Choose It?

FP Markets emerges as one of the best forex brokers in Australia due to its unmatched trading conditions, robust trading platforms, tight spreads, and swift order execution. Additionally, the broker’s regulatory compliance and dedication to client satisfaction make it a preferred choice for traders seeking reliability and performance.

Key Features

  • Offers access to forex, commodities, indices, and cryptocurrencies.
  • Competitive pricing and low spreads from 0.0 pips top tier liquidity that benefit traders.
  • Supports MetaTrader 4, MetaTrader 5, and Iress platforms, catering to diverse trading preferences.
  • Orders are executed with minimal latency for optimal trading results, ensuring efficiency.
  • Regulated by the Australian Securities and Investments Commission (ASIC), ensuring strong regulatory oversight and compliance.

Pros

  • Excellent range of trading instruments providing ample trading opportunities.
  • Competitive pricing and consistently tight spreads enhance trading affordability.
  • 70+ Forex Currency Pairs on MT4.
  • Provides well-known cryptos like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin & more.
  • Swift order execution ensures timely trade execution.
  • Strong regulatory oversight and compliance, ensuring security and transparency.

Cons

  • Limited educational resources compared to other brokers, potentially limiting learning opportunities.
  • Fewer choices for Asset selection

Sign Up Now

8. GO Markets: Best for Forex Education

One of the best forex brokers in Australia, GO Markets is a regulated broker that provides traders with fast trade execution, Low spreads from 0.0 Pips, No deposit fees, great client support, and much more. With its robust platform, GO Markets has a solid reputation as a trustworthy broker that enables traders to easily access global financial markets. You can also browse our detailed Go Markets review and check out its features.

GO Markets - Best for Forex Education
Source: gomarkets.com

Why We Choose It?

GO Markets emerges as one of the best Australian forex brokers due to its advanced trading technology, exceptional customer service, low spreads, quick order execution, and a wide range of tradable assets. Moreover the platform is user-friendly where traders are offered various advantages like competitive pricing, No deposit fees that benefits both beginners and experienced traders.

Key Features

  • Offers access to MetaTrader 4 & 5 platforms for a seamless trading experience.
  • Low spreads from 0.0 pips for major currency pairs ensure cost-effective trading.
  • Fully regulated by the Australian Securities and Investments Commission (ASIC), ensuring compliance and security.
  • Provides access to trade forex, indices, commodities, and cryptocurrencies.
  • Offers comprehensive educational materials like News & Analysis, education hub, and economic calendar to support traders.
  • Provides various account types catering to different trading needs and preferences.

Pros

  • Competitive pricing and low spreads enhance affordability.
  • User-friendly trading platforms facilitate ease of use.
  • Go Markets is a regulated broker and segregates the client funds separately.
  • Extensive range of trading instruments providing ample trading opportunities.
  • Comprehensive educational resources aiding in trader development.

Cons

  • Limited bonus and promotional offers compared to some other brokers.
  • Not available for traders from certain jurisdictions.
  • Limited variety in account types compared to some other brokers.

Sign Up Now

9. IG Forex: Best Overall Broker

IG Forex is one of the best forex brokers in Australia, which offers a wide range of trading options and a well-known Australia’s No.1 CFD provider. This platform charges $0 commission on US and UK shares. Also, you can trade Australian shares with a $5 commission if you trade more than three trades in the previous month which is one unique feature of IG Markets. Also, traders get extended hours to trade on over 70 key US shares outside main market sessions. For more information about these forex trading accounts, you can read about this broker in our IG broker review.

IG Forex - Best Overall Broker
Source: ig.com

Why We Choose It?

IG Forex earns its reputation as one of the best forex brokers in Australia due to its unrivaled reliability, transparency, and innovation in the forex market. IG International is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority. Having a multitude of awards makes it a standout option for Australian traders seeking a trustworthy and feature-rich platform.

Key Features

  • IG offers access to many tradable instruments, including forex, indices, shares, commodities, cryptocurrencies, etc.
  • The broker provides a sophisticated and intuitive trading platform for beginners and seasoned traders.
  • IG offers competitive spreads, low margins, and transparent pricing to enhance trading efficiency.
  • Traders benefit from many educational resources, including webinars, seminars, and market analysis, to support informed decision-making.
  • IG is regulated by regulated authorities, which shows traders can confidently trust this platform.

Pros

  • Robust and user-friendly trading platform.
  • A diverse range of tradable assets.
  • Competitive pricing and low margins
  • Extensive educational resources.
  • Strong regulatory compliance.

Cons

  • Limited support for certain exotic currency pairs.
  • Inactivity fees may apply to dormant accounts.

Sign Up Now

10. IC Markets: Best for MetaTrader Platform

IC Markets, a prominent Australian forex broker renowned for its competitive trading conditions and extensive range of financial instruments, maintains a strong reputation in the industry. Traders are offered 0.0 pips, leverage of 1:1000, 0.01 Micro lot trading, more than 2250 tradable instruments, 2,00,000 active users on the platform, and 24×7 dedicated customer support. You can also check our detailed IC Markets review, in which we elaborated on the brokerage platform services and trading experience.

IC Markets - Best for MetaTrader Platform
Source: icmarkets.com/global/en/

Why We Choose It?

IC Markets is a top pick for forex trading in Australia due to its robust regulatory framework, mobile app for trading on the go, free demo account, powerful trading terminals like Metatrader 4 and Metatrader 5, faster trade execution, institutional grading, and much more. Traders benefit from a user-friendly interface and access to various trading tools, catering to beginners and experienced traders.

Key Features

  • Licensed by ASIC in Australia, ensuring regulatory compliance.
  • Competitive spreads start from 0.0 pips, enhancing affordability.
  • Supports MetaTrader 4, MetaTrader 5, and cTrader platforms, accommodating diverse trading preferences.
  • Offers forex, CFDs, commodities, indices, and cryptocurrencies, providing ample trading opportunities.
  • Ultra-fast execution speeds with minimal slippage, ensuring timely trade execution.
  • Up to 1:1000 leverage for eligible traders, amplifying the trading potential.

Pros

  • More than 2250 trading instruments for traders.
  • Competitive pricing with low fees, reducing trading costs.
  • Excellent customer service is available 24/7, and assistance is provided when needed.
  • Advanced trading tools and analysis resources aiding in informed decision-making.
  • Strong regulatory oversight ensures trader protection and security.

Cons

  • Limited educational resources compared to some competitors, potentially limiting learning opportunities.
  • Inactivity fees for dormant accounts necessitating account activity.
  • The availability of certain trading instruments may vary based on the account type, potentially limiting trading options for some traders.

Sign Up Now

11. City Index: Best for Risk Management Tools

City Index, one of the best forex broker in Australia, has been trusted by traders for more than 40 years. It offers CFD Trading, forex trading, Bullion, and more than 6,300+ asset classes to trade. City Index offers a suite of award-winning trading platforms, apps, and tools like Performance Analytics, Smart signals, PlayMaker, and 24×7 customer support. Check out the City Index review to know more about this forex broker in Australia and its overall rating.

City Index - Best for Risk Management Tools
Source: cityindex.com/en-uk/

Why We Choose It?

City Index is the top choice among Australian forex brokers as it offers access to 84+ pairs with institutional liquidity and competitive spreads, including from 0.0 pips with a Raw FX account. Also, it offers Bullion trading with StoneX Bullion through its associate entity, which offers investing in gold, silver, platinum, and palladium on their platforms.

Key Features

  • Access to powerful and intuitive trading platforms, including MetaTrader 4.
  • Offering diverse markets, including forex, indices, shares, and commodities.
  • Comprehensive educational resources catering to traders of all experience levels.
  • Advanced risk management tools like Market 360, Trading Central, Advanced trading view charting and more.
  • Regulated by the Australian Securities and Investments Commission (ASIC), ensuring a secure trading environment.

Pros

  • Competitive spreads and pricing enhance trading affordability.
  • Availability of multiple trading platforms catering to diverse trading styles.
  • Access a wealth of trading tools, including various order execution types, market intelligence and a powerful research portal.
  • Strong risk management tools aiding in effective risk mitigation.
  • Offers Knockout Options, an innovative and simple way to trade major FX, indices and commodities markets.

Cons

  • Inactivity fee imposed on dormant accounts.
  • Limited cryptocurrency offerings compared to some competitors.
  • Withdrawal fees apply to certain account types.
  • The absence of fixed spread accounts options limits traders’ flexibility.

Sign Up Now

12. CMC Markets: Best for Research and Analysis

CMC Markets, a well-established UK-based forex broker founded in 1989, offers diverse trading instruments, including traditional CFD assets. This platform is one of the best forex brokers Australia. CMC markets offer Metatrader 4 for its users with a wide range of charting tools, competitive spreads, Expert news and analysis, advanced trading tools, and much more. You can find more information about the best CFD trading platform in Australia in our CMC markets review.

CMC Markets - Best for Research and Analysis
Source: cmcmarkets.com/en/

Why We Choose It?

CMC Markets is recognized as one of the best Australian forex brokers. It offers Tax-free spread betting profits for experienced traders, a Mobile app to trade on the go, the MetaTrader 4 trading platform, an industry-leading charting package, and much more for its traders.

Key Features

  • An extensive range of trading instruments like forex, indices, cryptocurrencies, commodities, and shares are available.
  • Advanced trading tools for experienced traders.
  • Provision of Tier-1 liquidity.
  • It can be accessed from Desktop, Mobile and Tablet.
  • Award-winning customer service.
  • Competitive pricing offers value for money.

Pros

  • Diverse trading options cater to various preferences.
  • Strong regulatory compliance ensures security.
  • Listed on the London Stock Exchange.
  • Competitive pricing makes trading cost-effective.
  • Abundance of comprehensive educational resources.

Cons

  • Complex fee structures necessitate careful understanding.
  • Elevated risk levels associated with leverage usage.
  • Limited availability of promotions and bonuses.

Sign Up Now

13. AxiTrader: Best for Automated Trading

AxiTrader, one of the best forex broker in Australia, was founded in 2007 and offers a comprehensive trading platform encompassing forex, CFDs, and cryptocurrencies. Regulated by both the Financial Conduct Authority (FCA) and the Australian Securities & Investments Commission(ASIC), AxiTrader has garnered acclaim for its efficient services and advanced trading tools. Its dedication to providing a seamless trading experience for traders of all levels distinguishes it as one of the premier forex brokers in Australia. 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.

AxiTrader - Best for Automated Trading
Source: axi.com/int

Why We Choose It?

AxiTrader is the preferred choice for traders due to its low trading fees, diverse product offerings, including forex, CFDs, and cryptocurrencies, 24/5 customer support, and regulation by top-tier authorities. The availability of MetaTrader 4, the absence of inactivity fees, and the streamlined withdrawal process further enhance its standing as one of the best forex trading platform in Australia.

Key Features

  • Regulated by the FCA, ASIC, DFSA, and FSA.
  • Offers forex, CFD, and cryptocurrency trading options.
  • Supports the widely acclaimed MetaTrader 4 platform.
  • Provides low trading fees, ensuring cost-effectiveness for traders.
  • Offers 24/5 customer support.

Pros

  • Offers 220+ products to trade.
  • $0 starting deposit for new traders.
  • Low trading fees.
  • Absence of inactivity fees.

Cons

  • A limited selection of supported currencies.
  • Absence of MetaTrader 5.
  • Limited educational resources.

Sign Up Now

14. OANDA: Best for Currency Research

OANDA, a regulated online forex broker with a global presence, offers various asset classes, including forex, CFDs, stock indices, bonds, commodities, and precious metals. This forex trading Australia broker does not ask for Verification documents when you deposit below US$9,000. OANDA provides investors with profitable opportunities in the financial markets. Notable for its advanced trading tools, regulatory compliance, and user-friendly platforms, OANDA ensures accessibility and security for foreign exchange trading.

OANDA - Best for Currency Research
Source: oanda.com/bvi-en/cfds/

Why We Choose It?

OANDA is one of the best forex brokers in Australia, because of its reputable regulatory status, access to a range of tools, including technical analysis (powered by AutoChartist) and MetaTrader premium tools making it a standout choice for investors in the region.

Key Features

  • Regulatory Compliance with CFTC/NFA, FCA, PFSA, MAS, IIROC, ASIC, FSA, and the FSC in the BVI.
  • Diverse Asset Classes, including Forex, CFDs, Stock Indices, Bonds, and Commodities.
  • Advanced Trading Tools and Precise Technical Indicators.
  • User-Friendly Trading Platforms.
  • Multi-award Winning Broker and Currency Converter Tool.
  • 24/7 Customer Support.

Pros

  • Strong Regulatory Oversight.
  • Diverse Range of Tradable Assets.
  • Advanced Trading Tools and Indicators.
  • User-Friendly Trading Platforms.
  • This platform provides a spread calculator for its users.

Cons

  • Limited Customer Support Channels.
  • Inactivity Fees applied after One Year.

Sign Up Now

15. NinjaTrader: Best for Futures Trading

Since its inception in 2003, NinjaTrader stands out as one of the distinguished trading platforms for Australian forex brokers serving both novice and seasoned users globally. Renowned for its advanced trading tools, exceptional support, and competitive commissions, it has emerged as a leading player in the industry. Some of the noteworthy features include no deposit minimum, Low margins, Low commissions, Free platforms, and trade simulation. Because of these features, NinjaTrader has become a preferred choice for traders who seek a highly sophisticated environment.

NinjaTrader - Best for Futures Trading
Source: ninjatrader.com

Why We Choose It?

NinjaTrader, one of the best forex brokers in Australia, is preferred by global traders because this platform does not have deposit minimums, Low margins, low commissions, free unlimited simulated trading, and can be accessed through desktop, web, and mobile. With these features, NinjaTrader caters to beginners to advanced traders in the Australian forex market.

Key Features

  • Advanced charting tools with a diverse range of technical indicators.
  • Simulation features for practice trading.
  • Trade simulation capability for risk-free practice sessions.
  • Access to the NinjaTrader Ecosystem for additional tools and indicators.
  • Strong support for analysis and strategy development.
  • The user-friendly interface is suitable for traders of all experience levels.

Pros

  • Competitive trading fees.
  • Abundance of research tools and educational resources.
  • Robust analysis tools.
  • Ideal platform for advanced traders.
  • Quality educational materials enhancing trading knowledge.

Cons

  • High withdrawal fees.
  • Premium features may require additional payments.

Sign Up Now

Comparison of Best Brokers in Australia

FOREX BROKERS ACCOUNT OPENING CHARGES BROKERAGE CHARGES Minimum Investment
Best Australian Forex Brokers in 2024 AUD, USD, CAD, GBP, NZD, EUR, SGD, & more $7 for Direct Account (Spreads from 0.0 pips)

$0 for Standard Account (Spreads from 1 pips)

$100
Best Australian Forex Brokers in 2024 USD, EUR, GBP, CHF, AUD, PLN, ZAR and JPY $35 per million USD traded $100
Best Australian Forex Brokers in 2024 USD, EUR, GBP, CHF, JPY, CAD, AUD, NZD & more Variable $100
Best Australian Forex Brokers in 2024 AUD, EUR, USD, NZD, GBP, SGD, CAD Low Trading Fees on Raw Accounts $100
Best Australian Forex Brokers in 2024 USD, EUR, GBP, PLN, SEK, DKK, NOK, ZAR, AUD, CHF, CZK Average $100
Best Australian Forex Brokers in 2024 USD, EUR, JPY, GBP, AUD, CAD, CHF, CNY, SEK, NZD Low $200 (AUD)
Best Australian Forex Brokers in 2024 AUD, USD, EUR, GBP, SGD, HKD, NZD, CHF, CAD and CNY Low $100
Best Australian Forex Brokers in 2024 USD, AUD, EUR, GBP, NZD, SGD, CHF, CAD, HKD Low $200
Best Australian Forex Brokers in 2024 Bitcoin, Ethereum, and several other blockchain-based cryptocurrencies Low $300
Best Australian Forex Brokers in 2024 AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, and more Low $200
Best Australian Forex Brokers in 2024 AUD, CAD, CHF, EUR, GBP, HKD, HUF, JPY, PLN, SEK, SGD, USD Average $100
Best Australian Forex Brokers in 2024 Bitcoin, Ethereum, Bitcoin Cash, Neo, Ripple, and several more Low $0
Best Australian Forex Brokers in 2024 AUD, USD, CHF, EUR, GBP, HKD, JPY, NZD, PLN, SGD, CAD Low $0
Best Australian Forex Brokers in 2024 (55+) EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD Low $0
Best Australian Forex Brokers in 2024 EUR, USD, NZD, AUD, GBP, CAD, and more $50 $50

Forex Broker Law and Regulations in Australia

In Australia, oversight of the forex trading industry falls under the jurisdiction of the Australian Securities and Investments Commission (ASIC). This regulatory body is tasked with supervising the activities of financial institutions, including forex brokers, to ensure their adherence to relevant laws and regulations. Several crucial regulations and laws govern forex trading platforms in Australia, including –

Licensing Requirements: Forex brokers must secure an Australian Financial Services (AFS) license from ASIC to operate legally within the country.

Client Fund Protection: To safeguard traders during broker insolvency, brokers are mandated to segregate client funds from their operational funds.

Transparency and Disclosure: Forex brokers must provide clients with clear and precise information regarding trading conditions, risks, and fees.

Compliance Standards: Brokers are held to rigorous compliance standards concerning advertising, client communication, and market conduct.

Our Methodology

Our methodology in selecting the best Forex Brokers in Australia is discussed below –

Basic And Advanced Trading Features: We meticulously scrutinized each broker’s array of trading features, encompassing basic tools and advanced options like algorithmic and social trading.

Speed Of Execution: The promptness and reliability of order execution and trade processing were pivotal considerations, with brokers boasting swift execution earning higher regard.

Educational Resources: We gauged the availability of educational resources provided by brokers, including tutorials, webinars, articles, and other learning aids aimed at enriching traders’ knowledge and capabilities.

Customization Options: Recognizing diverse trader preferences and strategies, we evaluated the extent of platform and tool customizability each broker offers.

Fees Structure: Our assessment thoroughly examined fee structures, covering spreads, commissions, overnight financing rates, and other pertinent trading costs.

Safety and Security Measures: We conducted a detailed review of the brokers’ security measures and protocols to ensure the safety of client funds and sensitive data.

User Feedback: Leveraging insights from experienced trader feedback and reviews, we assessed the brokers’ overall performance and satisfaction levels.

Customer Support Services: The effectiveness and responsiveness of customer support services, including communication channels and availability, were key factors in our evaluation.

Ease of Deposit And Withdrawal: We scrutinized the efficiency, security, and convenience of deposit and withdrawal processes provided by brokers.

Range Of Products: The availability of a broad spectrum of financial products, spanning currency pairs, CFDs, commodities, and indices, was integral to our analysis.

Real-Time and Live Market Feeds: Brokers furnishing real-time market data, price quotes, and live news feeds received preferential consideration, recognizing the significance of timely information in trading decisions.

Platform Availability: Platform Accessibility pertains to the availability of the trading platform across different devices, facilitating uninterrupted trading experiences on desktops, laptops, smartphones, and tablets. 

Platform Usability (Desktop and Mobile): Platform usability centers on user-friendliness and efficacy of the trading platform interface, both desktop and mobile. Features like intuitive navigation, clear layout, customizable options, and seamless functionality contribute to a favorable user experience.

Conclusion

Choosing the best Australian Forex brokers in 2024 is paramount for traders aiming to thrive in the ever-evolving Forex market landscape. Factors such as regulatory compliance, trading conditions, available platforms, customer support, reputation, and additional services play crucial roles in this decision-making process. This comprehensive guide provides detailed insights into each broker’s offerings, empowering traders to make well-informed decisions. Given the increasing market complexity, the significance of choosing a reputable and trustworthy broker cannot be overstated.

FAQs

Is forex trading taxable in Australia?

Since forex trading is legally recognized in Australia, individuals engaging in trading activities are subject to taxation on their profits. Tax laws are subject to change, so it is advisable to seek guidance from a tax expert before proceeding with trading activities.

Which forex broker is best for beginners in Australia?

Among novice traders in Australia, platforms such as eToro, IG, and Plus500 are highly favored for their user-friendly interfaces, extensive educational materials, and provision of demo accounts. These brokers offer a conducive environment for beginners to acquire knowledge and confidently navigate the complexities of the forex market.

Is forex trading legal in Australia?

Yes, forex trading is permitted in Australia within the legal framework. The Australian Securities and Investments Commission (ASIC) provides oversight, maintaining stringent regulatory standards to uphold transparency and security within the trading environment and thereby protecting traders’ interests.

How to Become a Forex Trader in Australia?

To start forex trading in Australia: 1. Research the market. 2. Choose an ASIC-regulated broker. 3. Open and fund a trading account. 4. Develop a strategy and manage risks. 5. Begin trading to gain experience. Regularly update knowledge and adapt strategies to navigate the dynamic forex landscape effectively.

What are the benefits of trading with a broker regulated by ASIC?

Trading with a broker regulated by ASIC offers benefits such as investor protection, adherence to strict financial standards, transparent pricing, segregation of client funds, and access to a credible dispute resolution process. ASIC regulation ensures a secure and trustworthy trading environment for Australian traders.

Disclaimer: This page does not solicit or recommend investments, nor does it provide trading or financial advice. Before investing in cryptocurrencies or engaging in securities trading, you should conduct thorough due diligence, including consultation with a certified financial advisor. We accept no liability for any financial losses incurred.

Back to top button