Trading in forex in Australia is fascinating for foreign traders as well as Australian citizens. Australian Forex brokers  have been regulated through ASIC. Australian Securities and Investment Commission (ASIC). ASIC licensed brokerages are those who have met the guidelines set by the institution. Being a part of Australia is that ASIC supervises their activities . The traders conduct transactions using the forex platforms. ASIC acts as the finance market regulator. ASIC is required to approve each forex broker. They obtain an Australian financial Services Licence (AFS). The website of ASIC can be found at asic.gov.au and their twitter handle can be found at the @ASIC_Connect. As a trader who wants to trade in forex in Australia and elsewhere, you must choose the most suitable Forex broker. This list will assist you to pick the most suitable one.
Best Forex Trading Platforms in Australia
We have compiled the list of most reliable forex brokers and then ranked them. This is our top list of the best site for Forex broker for Australians:
- Plus500 – Our Top Pick
- eToro – Best Australian Social Forex Broker
- AvaTrade – Low Fees
- CMC Markets – Best for High Net-worth Investors
- Saxo Bank – Best Premium FX Broker
- City Index – Best Research Tools
- FXCM – Great Education for Forex Traders
- IG – Best Advanced Features
- Pepperstone – Best Advanced Features
What are the reasons to take the time to read this guide?
There are numerous brokers across Australia. There are a myriad of trading platforms and foreign exchange brokers across the globe. While it’s great to have a variety of options however, it can be difficult to select the top out of the multitude. The following list of most reliable forex brokers is designed for those who live in Australia. It will assist you narrow down your choices. This list is based on a number of factors essential to make the best decision.
Plus500 – Our Top Pick
In 2008, Plus500 was founded. is a business and broker through the exchange. Three regulatory agencies in the tier-1 category oversee Plus500. They include regulators from Cyprus, UK, Cyprus and Singapore. Plus500 is a safe alternative for traders from Australia.
CFDs are a complex instrument and have a high chance of losing money quickly because of leverage. 72 percent of accounts for retail investors are unable to make money trading CFDs through this company. You should consider whether you know the way CFDs operate and if you are able to afford the chance of losing your money.
In addition to others Australian foreign exchange CFD brokers The platform that this one uses offers attractive spreads. This is our top choice for experienced CFD Forex traders. The trading platform is easy to use. The company also provides traders with a guide that assists traders from Australia to understand the platform.
The platform does not have a wide range of currency pairs that it provides. 50 foreign pairs are offered via CFDs for traders from Australia. Plus500 has a wide range of CFDs that exceed 2000 to be exact.
Fees & Commissions
The spreads that are charged per trade by Plus500 are always changing and based on the market conditions. You can see the spreads through the website.
The minimum amount for depositing new accounts is EUR100.
2. eToro – Best Social Trading Platform
In Israel in 2007 eToro is a renowned broker. Two financial regulators, tier-1 in Australia and the UK and Australia control eToro. eToro is secure and reliable. It’s great for those who are just starting out who want to replicate successful traders.
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eToro has re-popularized the idea of trading on social networks. They have introduced a social media-like trading platform. It allows users to communicate with each other and share their portfolios. This feature is attractive for traders from Australia who wish to learn from other traders. It lets you get experience before you can trade independently.
The simplicity of the trading platform The simplicity of its trading platform makes eToro attractive to traders who are just beginning their journey. Users can experience a friendly interface and a friendly environment.
eToro provides 47 currencies to trade. They provide 2 000 CFDs covering commodities, cryptocurrencies as well as other assets.
Fees & Commissions
The fees and spreads of eToro are higher than the norm for spot forex trading and CFDs. The broker charges a fixed price of 3 pips on USD/EUR trades.
The platform is available with five levels PRO membership. The minimum balance required is between $5,000 and $25,000. They also grant the account holder access to an account administrator and lower fees for deposits and withdrawals and other benefits of VIP status.
The minimum amount for depositing money into normal trading accounts is $200. This is in line with the Australian foreign broker.
3. Avatrade
Established in 2006, AvaTrade is was regulated by the top authorities in tier-1 and 2. AvaTrade adheres to eight financial regulatory authorities across 6 regions. AvaTrade is a reputable broker that allows CFD or foreign currency trading. The traders can secure themselves by a maximum of $1 million. The balance insurance offered by Avaprotect (fees are applicable).
Avatrade licences:
- Australian Securities Investment Commission (ASIC)
- Investment Industry Regulatory Organization of Canada (IIROC)
- Japanese Financial Services Authority (JFSA)
- British Virgin Islands Financial Services Commission (B.V.I)
- South African Financial Sector Conduct Authority (FSCA)
- Financial Services Regulatory Authority (FSRA)
- Central Bank Of Ireland (CBI)
- Polish Financial Supervision Authority (PFSA)
AvaTrade has developed their own private web-based trading platform. They provide MetaTrader 4 as well as Metatrader 5 ZuluTrade, DupliTrade (great for trading on social networks). A wide range of forex trading platforms makes AvaTrade among the top in this regard. AvaTrade is expanding their portfolio in investment options. They have developed new trading tools and increase the number of licenses. Customers can open an account for a demo and find out how to trade on their site.
Fees & Commissions
In November of 2019, AvaTrade reduced their spreads by as much as 50 percent, making them an extremely competitive broker. The spreads they offer are competitive with market rates. The fees and conditions for trading are fantastic.
The fees for trading with Avatrade are very low which is ideal for traders who trade several times per week.
4 – CMC Markets – Great for High Net-Worth Investors
CMC Markets is a popular forex broker in Australia. The company is controlled through ASIC along with three more authorities of tier-1. CMC Markets is a stock exchange-traded business with more than 30 years ‘ experience. It is a low-risk option for traders in Australia.
The broker is specialized in offering low-cost trades to both professional and amateur traders. CMC Market offers 180 spot currency pairs for forex and 10,000 CFDs. They cover a broad range in financial assets as well as financial instruments. The trading of forex pairs through CMC Markets is cheaper compared to other brokers. This is among CMC Markets’ major competitive advantages. CMC Markets provides great research tools for traders, including. They include reports on news, market information and content from third-party sources such as Reuters as well as Morningstar. The mobile app offers various tools. The app has 29 tools out of 81 technical analysis indicators are available in its desktop application. These tools for trading are not accessible on other platforms.
The high-quality of its customer support was rated as the best.
Fees & Commissions
A trade in EUR/USD with this broker is priced at 0.7 per cent. This is a reasonable rate, whereas an average spread across other currencies is 0.71 pips. VIP accounts are offered to customers in Australia who have paid more than $3,000 in commissions , or have an account balance of more than $2.5 million. This platform comes with a wonderful feature referred to as Guaranteed Stop-Loss. It lowers the risk of execution for investors who are active, but it is priced at a price that is $8 for every 100,000 EUR/USD units. Be sure to read our list of brokers that offer the most affordable spreads.
There is no minimum amount to deposit to open an account at this broker.
