Best Forex Brokers And Trading Platforms In Australia 2024
The Australian Dollar (AUD) is one of the 10 most traded currencies globally and plays a significant role in the Asia Pacific. It represents around 6% of the entire foreign exchange market by volume, despite Australia only comprising approximately 1% of global gross domestic product (GDP).
With rising interest in forex trading, alongside strong regulatory oversight by the Australian Securities and Investments Commission (ASIC), Aussies now have hundreds of online brokers to choose from.
Discover our selection of the best forex trading platforms in Australia. Our recommended brokers cater specifically to Aussie traders with currency pairs containing the AUD and ASIC authorization.
Top 10 Forex Trading Platforms In Australia
Our latest tests show these brokers are the best for forex traders in Australia:
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1PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Ratings
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
2Fusion Markets
Ratings
$00.01 Lots1:500ASIC, VFSC, FSACFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, cTrader, TradingView, DupliTradeVisa, Skrill, Neteller, Mastercard, PayPal, Bitcoin Payments, FasaPay, Perfect Money, Doku Wallet, Wire Transfer, Credit Card, Debit Card, Dragonpay, Sticpay, Ethereum Payments, TransferWise, AstroPay, PayID, JetonCashUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
3CityIndexAll trading involves risk. Ensure you understand those risks before trading.
Ratings
$00.01 Lots1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.ASIC, FCA, MASCFDs, Forex, Stocks, Cryptos, Options, Commodities, BondsMT4, TradingView, TradingCentralPayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPalUSD, EUR, GBP, AUD, CZK -
4Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, VoletUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
5IC Markets
Ratings
$2000.01 Lots1:30 (Retail), 1:500 (Pro)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
6AvaTrade
Ratings
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
7FOREX.com20% Welcome Bonus Up To $5000
Ratings
$1000.01 Lots1:400NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
8XM
Ratings
$50.01 Lots1:30ASIC, CySEC, DFSA, IFSCCFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, EnergiesMT4, MT5, TradingCentralCredit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, JPY -
9Eightcap
Ratings
$1000.01 Lots1:30ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
10IGSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Ratings
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
Here is a short overview of each broker's pros and cons
- Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
- Fusion Markets - Fusion Markets offers an excellent selection of 90+ currency pairs, providing a range of short-term trading opportunities. It continues to excel for its ultra-tight spreads from 0.0 pips and exceptionally low commissions of $2.25 per side. You also get access to leading forex software in MetaTrader 4.
- CityIndex - Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
- AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
- XM - XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.8 pips on the EUR/USD in the commission-free account.
- Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
Best Forex Brokers And Trading Platforms In Australia 2024 Comparison
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Christian Harris, Reviewer
Pepperstone Quick Facts
GBPUSD Spread | 0.4 |
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EURUSD Spread | 0.1 |
EURGBP Spread | 0.4 |
Total Assets | 100+ |
Leverage | 1:30 (Retail), 1:500 (Pro) |
Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
Fusion Markets
"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."
Jemma Grist, Reviewer
Fusion Markets Quick Facts
GBPUSD Spread | 0.13 |
---|---|
EURUSD Spread | 0.05 |
EURGBP Spread | 0.09 |
Total Assets | 90+ |
Leverage | 1:500 |
Platforms | MT4, MT5, cTrader, TradingView, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Fusion Markets offers best-in-class support with very fast, friendly and helpful responses during tests and no frustrating automated chatbot to navigate.
- Fusion Markets is set up to support algo traders with a sponsored VPS solution and a 25% discount if you opt for the NYC Servers VPS for MT4 or cTrader.
- The range of charting platforms and social trading features is excellent, with MT4, MT5, cTrader and more recently TradingView, catering to a wide range of trader preferences.
Cons
- Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
- There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
- While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
CityIndex
"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."
Tobias Robinson, Reviewer
CityIndex Quick Facts
GBPUSD Spread | 0.8 |
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EURUSD Spread | 0.5 |
EURGBP Spread | 0.8 |
Total Assets | 84 |
Leverage | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. |
Platforms | MT4, TradingView, TradingCentral |
Account Currencies | USD, EUR, GBP, AUD, CZK |
Pros
- No minimum deposit to get started
- Excellent reputation with over 1 million account holders and tier-one regulatory oversight
- A free demo account with unrestricted access to all markets and trading tools
Cons
- No Islamic account for Muslim traders
- US traders not accepted
- $15 monthly inactivity fee
Vantage
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
Jemma Grist, Reviewer
Vantage Quick Facts
Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
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GBPUSD Spread | 0.5 |
EURUSD Spread | 0.0 |
EURGBP Spread | 0.5 |
Total Assets | 55+ |
Leverage | 1:500 |
Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
- It’s quick and easy to open a live account – taking less than 5 minutes
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
Cons
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- Unfortunately, cryptos are only available for Australian clients
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
Christian Harris, Reviewer
IC Markets Quick Facts
GBPUSD Spread | 0.23 |
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EURUSD Spread | 0.02 |
EURGBP Spread | 0.27 |
Total Assets | 75 |
Leverage | 1:30 (Retail), 1:500 (Pro) |
Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
AvaTrade
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
Jemma Grist, Reviewer
AvaTrade Quick Facts
GBPUSD Spread | 1.5 |
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EURUSD Spread | 0.9 |
EURGBP Spread | 1.5 |
Total Assets | 50+ |
Leverage | 1:30 (Retail) 1:400 (Pro) |
Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
Cons
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There is no ECN account with raw spreads
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
Bonus Offer | 20% Welcome Bonus Up To $5000 |
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GBPUSD Spread | 1.3 |
EURUSD Spread | 1.2 |
EURGBP Spread | 1.4 |
Total Assets | 80+ |
Leverage | 1:400 |
Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
XM
"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."
Christian Harris, Reviewer
XM Quick Facts
GBPUSD Spread | 0.8 |
---|---|
EURUSD Spread | 0.8 |
EURGBP Spread | 1.5 |
Total Assets | 55+ |
Leverage | 1:30 |
Platforms | MT4, MT5, TradingCentral |
Account Currencies | USD, EUR, GBP, JPY |
Pros
- XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
- XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
- XM’s customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.
Cons
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable or web-accessible solution for a more beginner-friendly user experience with unique features.
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Christian Harris, Reviewer
Eightcap Quick Facts
GBPUSD Spread | 0.1 |
---|---|
EURUSD Spread | 0.0 |
EURGBP Spread | 0.1 |
Total Assets | 50+ |
Leverage | 1:30 |
Platforms | MT4, MT5, TradingView |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
Christian Harris, Reviewer
IG Quick Facts
GBPUSD Spread | 0.9 |
---|---|
EURUSD Spread | 0.8 |
EURGBP Spread | 0.9 |
Total Assets | 80+ |
Leverage | 1:30 (Retail), 1:250 (Pro) |
Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
Choosing A Forex Trading Platform In Australia
Years of hands-on tests and a research team comprised of active traders and industry experts give us a genuine voice on what makes a good forex broker. These are the key things we look for:
Trust
After observing various forex scams in recent years with increasing levels of sophistication, we prioritize choosing trustworthy brokers.
TradeFed, for example, was sued after using high-pressure sales tactics to entice Aussie forex traders to its platform before reportedly taking the opposing side of 95%+ of its clients’ positions, making money when investors’ trades went the wrong way, with some Aussies losing upwards of A$140,000.
That’s why all our recommended forex brokers are authorized by the Australian Securities and Investments Commission (ASIC), a ‘green-tier’ regulator in line with our Trust Rating, providing the highest level of investor protection.
We also balance firms’ regulatory credentials with their standing in the forex industry, though no brokerage can ever be totally ‘safe’.
ASIC-regulated forex trading platforms are required to provide several safeguards to retail investors, notably:
- Deposits are segregated from the business to ensure they can be returned in the event of liquidation. For example, when ASIC-regulated foreign exchange firm Halifax Investment Services went under in 2018, ASIC provided creditors with regular updates to ensure the segregated funds made their way back to clients.
- Forex traders should not be marketed financial products that are unsuitable for them. For instance, when I signed up with IC Markets I had to fill out a suitability questionnaire that asked about my risk appetite and source and scale of funds before I could trade currencies.
- Potential losses are capped by limiting leverage on forex to 1:30 for major currency pairs like the AUD/USD and 1:20 for minors like the AUD/JPY. These rules will be in place until at least 2027, following a 91% reduction in aggregate net losses by retail client accounts since the rules came into place in 2021.
- Negative balance protection should be in place, preventing Aussies from losing more than their deposit amount when trading currencies online.
- Although all our recommended forex trading platforms are ASIC-regulated, IG earns our vote as the most trusted. Authorization from 13 regulators, over 50 years of industry experience, a listing on the London Stock Exchange, and excellent reports from our active traders who’ve used the IG platform for real-money trading, help it stand out from the crowd.
Currency Pairs
All our top-rated forex platforms provide access to a range of currency pairs (at least 30), ensuring diverse trading opportunities.
Critically, they also provide trading on currency pairs containing the AUD, catering specifically to Aussie traders.
The Australian Dollar (AUD) is the national currency that replaced the Australian Pound in the 1960s. Because Australia is a major exporter of iron ore and coal, the price of these commodities can heavily influence AUD’s value, warranting the attention of active traders.
- Pepperstone’s selection of 100+ currency pairs remains almost unrivalled, with majors like the AUD/USD, six minors/crosses including AUD/SGD, AUD/JPY and AUD/GBP, plus exotics and commodity crosses not commonly found elsewhere, notably AUD/NOK and XAU/AUD. Its ultra-fast execution speeds of 30ms also help day traders lock in optimal prices in volatile FX markets.
Tools
Our hands-on tests show the best Australian forex brokers offer excellent tools for analyzing foreign exchange markets with insights into events that could influence the value of the AUD, amongst other currency pairs.
MetaTrader 4 (MT4) remains the most popular forex software, catering to experienced traders looking for strong charting features, with 30 indicators, 24 analytical objects and 9 time intervals from 1 minute (suitable for short-term trading). That said, I don’t like the dry workspace.
Fortunately, Aussie forex brokers are increasingly developing their own platforms to rival the MetaTrader suite, often with more intuitive interfaces for newer investors.
I recommend starting with a demo account, available from every one of our recommended Australian forex brokers. They provide a terrific way to learn platform features before risking funds.Equally, maintaining a trading journal can help you identify what works and what doesn’t and help you refine your forex trading strategy.
Forex day trading apps are also becoming ever-popular. The Vantage App is one of my favorites. The charting is detailed – you’re able to layer indicators, such as the RSI and MACD, and apply specific parameters. Charting switches from horizontal to vertical, viewing swiftly, with a pinch-to-zoom that I love. A wonderfully well-thought-through forex app in my book.
- Eightcap’s forex tools are also a cut above the rest. Alongside MT4 (built specifically for forex trading) and MT5 (more features for advanced traders), TradingView was made available in 2022 (superior interface for newer traders with a forex screener covering 13 AUD currency pairs). Eightcap also has an AI-powered calendar that I filtered by ‘Australia’ to get insights into inflation data and balance of trade statistics, which can influence the value of the AUD.
Pricing
Our top-rated Australian forex trading platforms offer competitive pricing, especially for day traders.
We make This assessment by analyzing spreads on popular currency pairs and factoring in any additional fees, such as commission (a fixed charge often applied in raw/low-spread accounts that are popular with active traders).
Importantly, as one of the most liquid currencies in the world, AUD currency pairs often have relatively tight spreads, especially when paired with other liquid currencies, such as USD and EUR.
- Fusion Markets, according to both the firm’s marketing claims and our own assessment, is one of the cheapest forex brokers in Australia. It charges low spreads with a $2.25 per side commission. We particularly appreciate the transparency around spreads. They host a ‘Live and Historical Spread’ tool that displays the average, minimum and maximum spreads over three timeframes. For example, I found that over the past month (at the time of writing), the AUD/USD had an average spread of 0.11 pips, while the lowest was 0.04 pips.
Account Funding
We know from first-hand experience that convenient account funding can make for a smooth forex trading experience. That’s why we evaluate the selection of payment methods available, paying attention to popular local solutions, such as those in Australia.
Whilst credit cards, debit cards and wire transfers are still king in Australia, PayID is increasingly popular as it allows Aussie traders to easily check who they’re transferring to before hitting send, helping to prevent scams.
- City Index impresses with a growing list of deposit and withdrawal solutions, notably PayID, bank cards and wire transfers, plus no minimum deposit, making it a stand-out option for beginner forex traders in Australia.
FAQ
Which Is The Best Forex Trading Platform In Australia?
Use our list of the best forex trading platforms in Australia to find the broker that best meets your needs.
They all cater to Australian forex traders, but the choice is ultimately personal, depending on individual needs and preferences.
Who Regulates Australian Forex Brokers And Trading Platforms In Australia?
The Australian Securities and Investments Commission (ASIC) regulates forex brokers and trading platforms serving Australian traders.
The ASIC is a first-rate, highly active regulator that’s cracked down on the industry in recent years, shutting down unregistered firms and taking action against platforms that fail to disclose the risks of trading currencies online sufficiently.
Ultimately, Aussies will be best protected by signing up with an ASIC-regulated forex broker, though trading remains inherently risky, so only invest what you can afford to lose.
What Is The Minimum Amount I Need To Start Trading Forex In Australia?
This varies depending on the broker, but our findings show you’ll normally need between 0 and 400 AUD.
That said, we’re seeing a growing trend towards forex platforms having no minimum deposit alongside excellent educational tools, catering to beginner traders. The highest-rated following our assessment are Pepperstone and ThinkMarkets.
Recommended Reading
Article Sources
- Australian Dollar - Corporate Financial Institute
- Australia Share of Global GDP - World Economics
- PayID Uptake in Australia - Australian Banking Association
- TradeFed Forex Scam - ABC News
- Australian Securities and Investments Commission (ASIC)
- Foreign Exchange Turnover - Bank of International Settlements
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