Best Australian Forex Brokers of 2021

Australian forex trading platforms are stirring the foreign exchange market with their impressive market performance for the past few years. These trading platforms are bringing together some very versatile, trustworthy, intuitive, and advanced trading platforms into the market. Australian forex brokers are also bringing some very useful and exceptional trading tools with cutting edge pricing that is giving the rest of the world a stiff competition!

Best Australian Forex Brokers - Find with CryptoNewsZBest Australian Forex Brokers – Find with CryptoNewsZ

When there is such a good variety and stiff competition, choosing the right foreign exchange broker becomes daunting. Many retail investor accounts lose money due to wrong trading decisions. In such scenarios, good research, thorough reviews like ours, come in handy. In this review, we are going to look at some of the best Australian Forex Brokers, most of which are regulated by the Australian Securities & Investments Commission (ASIC). The ASIC is known to be one of the strictest regulatory bodies.
We will be looking at the enviable list of the best ones for beginners as well as for the expert forex traders. So let’s begin our review:

Is forex trading legal in Australia?

Is FX trading legal in AustraliaIs FX trading legal in Australia?

Trading Forex in Australia has been going on for quite some time. The Australian brokers’ industry had seen a major spike in 2015. The government of the country has a liberal yet cautious take when it comes to foreign exchange brokers and 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 FX positions with Australian brokers. The doors are open for international customers alike. But yes, they definitely need to abide by the norms set by the ASIC.

Looking deeper into restrictions, the only one that we could get our hands on are rules laid by Australia’s Forex regulatory body ASIC. ASIC dictates that before any foreign exchange broker in Australia starts to deal with CFD traders and foreign exchange traders, they need to get regulated by ASIC. This way the ASIC is able to protect both the 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 states that upon opening an account, the customers can’t deposit more than 1K U.S. Dollars through the credit card route. This rule of the ASIC 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 by the way is applicable everywhere else in the world too. Like Australia’s ASIC, the other parts of the world have their own regulatory bodies such as 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 activities in their respective areas.

How do I trade Forex in Australia?

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

Forex trading in Australia is equally popular amongst the local residents as well as the overseas forex traders. Trading in foreign exchange or fiat currency pairs (GBP, EUR, USD, etc) is all about buying and selling of forex on the foreign exchange market with the aim of making profits. Given the FX market is the busiest financial market and is always in demand it is advised to first learn the ways of it before diving into it straight away as many accounts lose money owing to wrong decision making. Please Note: Any reckless decision making can make a trader’s accounts lose money in no time!

Benefits such as high liquidity, regular profit-making opportunities, leverage trading, 24-hour trading system among a variety of foreign exchange pairs allure many. But as there is a method to everything, foreign exchange trading also has a way to go about it. If you are new to the foreign exchange world, then here are some comprehensive steps that will give you a fair idea about how to trade foreign exchange:

  • Research about the best forex trading route for yourself.
  • Learn about the workings of the forex market.
  • After a thorough research, open an account with your chosen forex broker.
  • Have a trading plan based on your trading portfolio.
  • Select a trading platform.
  • Open your first position, monitor it for the trading duration, and then close your first position.

We will go deeper about these steps in our review and also will give you a brief summary about the best Australian forex brokers. Read on.

What is the best forex broker for beginners?

Forex brokers trading can be quite daunting especially for beginners. That is why it is imperative to choose the best ones for beginners. As per market research, 74–89% of retail investor accounts lose money when trading CFDs. That is why clear market knowledge is so important. It ensures that one does not get allured by attractive 0 pips opportunities and rather uses well-informed decisions.

Therefore, it becomes all the more important to know first and then invest in trading. In this section of our review, we will walk you through some very popular and beginner-friendly forex brokers that you can try if you are a beginner.


Plus500 - Best Trading PlatformPlus500 – Best Trading Platform

Plus500 is considered to be among the best forex trading brokers in Australia, especially designed for beginners. It is so because of its incredible web-based trading. This broker offers a user-friendly platform to trade along with competitive spreads and a good variety of forex pairs. It is an ASIC regulated and licensed trading platform which is absolutely safe to trade forex and CFDs with. With its low-risk and overall trust percentage of 98, we can give you a confident nod to try this platform. Plus500 provides only the most essential tools for trading and does not offer MetaTrader. The platform however comes with powerful charting features which include 100+ technical indicators and 21 drawing tools. These features are very helpful in technical analysis.

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eToro - Social trading platformeToro – Social 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 across 1,900+ instruments. CopyPortfolios is another unique tool that is recommended by all eToro clients. This acts as a natural boost to their trading portfolio and profit-making. Though equipped with incredible services and features, eToro has some downsides; it is pricey and the minimums required for copy trading is quite high.

Otherwise, eToro is a beginner-friendly web platform and mobile app allow the traders to boost their trading plan many folds. It also has a seamless process of opening an account. Like most of its peers who enjoy the governance of ASIC, eToro is also authorized by ASIC.

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Which broker is the best for forex?

There are many forex brokers that offer versatile trading tools and other facilities that again 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 forex brokers to help you make the correct choice. But before we set off, one major point to remember is that the forex broker you shortlist should be authorized by ASIC. Here are some of the best:

Blueberry Markets

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

Blueberry Markets is one of the promising forex brokers that offer excellent services in MT4 and MT5 forex trading. It has a wide range of 40+ foreign exchange currency pairs such as GBP, EUR, USD, as well as other financial instruments like indices, stocks, oil, commodities, CFDs, gold, and silver. Along with its 50+ trading instruments on the MT4 platform, this broker offers ECN and commission-free accounts to its foreign exchange traders. 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, when compared to other forex brokers it is quite limited and not fully up to the mark. Further, this ASIC regulated broker offers tight spreads starting from 0 pips on ECN accounts, competitive commission fees. One great feature of Blueberry Markets is that it offers 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.

The minimum deposit required to start at Blueberry Markets is just 100 U.S. Dollars. Blueberry Markets is considered as one of the best forex brokers and is known for having an intuitive website with insightful information.

Sign Up Now - Popular Australian – Popular Australian broker is yet another popular Australian forex broker. It is regulated by ASIC, CySEC and the FCA. It offers an attractive and a wide range of account types such as Micro accounts, Ultra Low Accounts, Zero accounts, Standard accounts, demo account, etc., to suit the needs of any forex trader. Further, its “XM Global Webtrade” is suitable for beginners and experienced foreign exchange traders alike. The minimum deposit at is $100,000USD. One good thing about the demo account offered by is that there is no specific time limit on how long an user can use a demo account.

As per information on website, this broker offers more than 1000 markets and low spreads. It is also called the “next-generation broker” due to its online foreign exchange and commodity trading services. 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.’s 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 while you are on the go. Logging in to the XM platform is very easy and smooth and can be done through one’s fingerprint. 

XM broker offers insightful education on forex and forex trading which can be really beneficial for aspiring traders. XM also has a credible customer support which provides assistance in various languages. 

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IQ Option

IQ Option - Online trading platformIQ Option – Online trading platform

IQ Option is an online trading platform that offers its traders a wide range of financial instruments that include forex, stocks, ETFs, commodities, binary options, and cryptocurrency pairs. It is one of the most sought-after trading brokers internationally which holds more than 1,000,000 daily transactions. At IQ Option, the traders get a chance to gain profit of up to 95 percent on binary options and around 900 percent on digital options. 

IQ Option offers a top-notch forex trading platform and its services are spread across multiple devices like Mac, Windows, Android, and iOS. The profits at this trading broker are kept high and the losses are kept under control based on risk management. As per information on the official website, traders get to trade in 250+ assets. These assets include ETFs, cryptocurrencies, stocks, foreign exchange, and CFDs. IQ Option offers free demo accounts for beginners to get an idea about how this forex broker functions. The minimum deposit amount at this Australian broker is 10K US Dollars. 

This broker offers attractive leverage that the users can utilize to earn maximum gains. Traders however should be very cautious as it might bring in losses if not used properly.

Sign Up Now - Offer Excellent Trading Service! – Offer Excellent Trading Service! is another good forex broker 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. The trader here can enjoy commission-free CFD trading on more than 2,200 instruments. Not only this, offers real stocks and shares with Marketsi. Traders here enjoy an intuitive and insightful trading experience. The only downside is that offers a limited trader education support in comparison to its peers, and the spreads are comparatively higher than other forex brokers in the Australian market.

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

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

Its web platform is supported by NetDania that leads to strong charting. Moreover, at UFX the traders get 30 crypto CFDs and the platform has introduced more than 400 new CFDs in order to widen its CFD offerings. If we were to talk about its low points then there are just two. First, it spreads throughout all the accounts for foreign exchange. And secondly, UFX does not offer MT4 to micro and mini account types. The minimum initial deposit is 100 US Dollars and VIP account holders can find discounts too.

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

Pepperstone is another of the prominent forex brokers in Australia which is held in high regard for its good features.  It is regulated by ASIC and the UK’s Financial Conduct Authority (FCA). Here you get perks like low trading fees, low non-trading fees, and low foreign exchange fees. But when it comes to CFD financing prices, they are high. The account opening process at Pepperstone is very interesting. It is quick, fully digital, and user-friendly. 

Pepperstone doesn’t ask for any minimum deposit for opening the standard account.  The mobile trading 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, search functions, user-friendly, etc. The only downside is that there is no 2-step login and no face ID login.

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FP Markets

FP Markets - Global FX BrokerFP Markets – Global FX Broker

FP Markets is another Australian forex broker known for its low forex fees. FP Markets is regulated by Australia’s ASIC. The account opening process and the deposit process is fairly straightforward and quick. It supports its traders with well researched and high-tech educational tools. Talking about its cons, FP Markets offers high stock CFD fees. The portfolio of trading products is not very versatile. In terms of the web and desktop trading platforms, the platform needs some upgradation. The minimum deposit is not that high for foreign exchange, but for other account types, the minimum deposit is at least 1K U.S Dollars.

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GO Markets

GO Markets - ASIC Regulated BrokerGO Markets – ASIC Regulated Broker

GO Markets broker is regulated by ASIC and offers forex, CFDs, indices, metals, and commodities for trading on the MT4 and MT5 trading forex brokers. It is a safe and transparent platform that provides ultra-quick trade executions. This broker comes with trading tools like Autochartist and Trading central that allow it to offer hi-tech services to all its traders. What makes GO Markets unique from other forex brokers in Australia, is that it is strict on who can trade on its platform. So, the downside becomes that it does not allow clients from jurisdictions with high risk or under other restrictions (which is 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. 

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IG Forex

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

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, good trading and research tools, technical analysis, and competitive rates. Moreover, this broker supports its users with well researched educational courses. Further, it is 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 (JFSA). IG’s mobile app is backed by excellent tools, charting, and research that gives stiff competition to all the leading industry brokers.

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IC Markets

IC Markets - Automated Trading SystemIC Markets – Automated Trading System

IC Markets is an international foreign exchange and CFD broker. Like other eminent brokers, it is regulated by the Seychelles Financial Supervisory Authority (FSA), ASIC, and Cyprus Securities and Exchange Commission (CYSEC). It offers low foreign exchange fees and is considered one of the best foreign exchange trading brokers. The account opening process at IC Markets is easy and quick. When it comes to deposits and withdrawals, it is absolutely free of cost. While looking at the cons, we found out that IC Markets does not offer any investor protection, and there is neither any negative account balance protection offered to the traders. Moreover, the CFDs are also limited in number. The minimum deposit at this platform is 200 US Dollars. The web trader of IC Markets is offered by MetaTrader (not by and not by MetaTrader 5.) It has some very customizable options that come in many languages to choose from. The fee structure is also straight forward. But it lacks on the design front, two-step login, and price alert domains.

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City Index

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

This low risk, 99 out of 99 trust scoring Australian forex broker is known for its offering of investments. 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). This trading platform offers forex spot trading, 84 currency pairs (such as GBP, EUR, USD, etc), 4500 CFDs, offers copy trading or social trading, and cryptocurrency as CFDs trading. 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 in the near future 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. It offers features like 74 indicators, Trading Central, and other modules such as Technical Analysis, Featured Ideas, and Analyst Views sections.

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CMC Markets

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

CMC Markets is a very secure trading broker with a long-standing history. 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.

If offers low fees. Both the web and mobile trading platforms offer great performance. It 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 its downsides of this trading platform include high stock CFD fees, a limited product portfolio, no banking license, and the account verification is quite complicated.

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AxiTrader - FX Broker AustraliaAxiTrader – FX Broker Australia

AxiTrader is yet another Australian forex broker that has made its name in our list of best Australian forex brokers. This ASIC-regulated broker offers low trading fees to its traders and charges no additional inactivity fee. There is no withdrawal or deposit fee either. The account opening process is quite easy and is a fully digital one. On the other hand, the broker offers a limited variety of trading products which is limited to foreign exchange and CFDs. The research tools are also limited. And finally, the customer support is also very slow. It is limited to 24/5 services and email communication is the only service available and that too is slow.

Sign Up Now - Global FX Trading – Global FX Trading Specialist is a highly regulated forex broker. It is ASIC regulated and also regulated in the UK, US, Canada, Japan, Singapore, and the Cayman Islands. broker offers impressive mobile and desktop functions while the trading view charts that are built into the platform are very useful too. When it comes to downsides, offers higher spreads than other international brokers. Further, the rebate for active traders is quite limited. There is no negative balance protection offered to the traders. It is best known as one of the very active forex trader brokers. And the account minimum is also quite low at 50 US Dollars.

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Oanda - Best FX BrokerOanda – Best FX Broker

Oanda is a low fee forex broker. It offers its traders an easy-to-use web trading platform. Oanda occupies a prominent place among all brokers because its account opening process is quite fast and easy. There is no minimum deposit at Oanda. This Australian Securities and Investments Commission (ASIC) regulated broker offers some very useful research tools, plenty of useful technical indicators, and a great API. The product portfolio of Oanda broker is also very limited and comprises only forex and CFDs. Other down points include high bank withdrawal fee, and slow customer support system. The account opening process takes anywhere from 1 to 3 days. On the brighter side, there is no minimum deposit required by Oanda.

The mobile trading app from Oanda is a user-friendly platform that offers a two-step login process that ensures customer security. The search functions of the website are quite nice and come with all information searched for. The only downer is that there is no face ID login.

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NinjaTrader - Automated Trading SolutionsNinjaTrader – Automated Trading Solutions

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. The platform download is free and packed with active useful tools. The micro contract at this platform offers low investment commissions that go as low as 0.09 US Dollars. The minimum account requirement is low, i.e. of 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.

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We hope after reading this review you have got a fair idea about the best forex brokers in Australia which are regulated by ASIC. Forex trading innately presents a high risk of losing money. All foreign exchange brokers run a disclaimer about the market risks as many accounts lose money while trading. To combat such a high risk of losing money, thorough market research, and in-depth market knowledge come in handy. A prepared hand always performs better. Therefore, whether you are a beginner or a seasoned trader, take your time to feel assured about a forex trader, its offerings, its pros, and cons, etc; before deciding to dive into it. 

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. Please consider your risk capacity, investment capacity, market knowledge, finance management capabilities, before investing so that you do not lose money. Also, always opt for a broker regulated by ASIC, in that case, there is less risk involved. You will look up for a list of ASIC regulated forex brokers on any reliable website. Do refer to the information on that list before choosing your forex broker.

In the forex market, the intensity of buy and sell orders stay in demand which makes the spread or difference to drop to 0 pips. This makes the spreads to start with 0 pips through the received quotes whereas the trading costs are charged based on a fixed commission on every trade. That is why it is important to have clear market knowledge so that one does not get allured by attractive 0 pips opportunities and then lose money. An awareness and thorough information about the market ensure that you don’t lose money while trading and gain strong experience with time.

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