The Top 10 Best Forex Brokers in Australia revealed. We have rated and reviewed the best Forex Brokers accepting Australian Traders.
This is a complete listing of The 10 Best Forex Brokers in Australia. In this in-depth write-up you will learn:
- Who is the Best Suited Broker for Beginner Australian Traders?
- Pros and Cons of Forex in Australia.
- Australian Dollar Accounts and how they work.
- AUD (A$) Costs of Trading Forex
and much, much more!
The Australian Securities and Investment Commission (ASIC) – A Definition
The Australian Securities and Investments Commission (ASIC) is the regulatory authority tasked with the overview and regulation of Australia’s markets and financial services. The Australian Securities and Investments Commission (ASIC) is an independent government body that consists of a chairperson and commission members.
10 Best Forex Brokers in Australia in 2022 – A Comparison
| 🔎 Broker | 🤝 Accepts Australian Traders | 💰 Minimum Deposit (USD) | 💰 Minimum Deposit (AUD) | 💰 Minimum Deposit (ZAR) | 🚀 Open an Account |
| 🥇 XM | ☑️ Yes | $5 USD | A$ 7,20 AUD | R80,98 ZAR | 👉 Click Here |
| 🥈 AvaTrade | ✅ Yes | $100 USD | A$ 144 AUD | R1619,53 ZAR | 👉 Click Here |
| 🥉 Etoro | ☑️ Yes | $50 USD | A$ 72 AUD | R809,76 ZAR | 👉 Click Here |
| 🏅 XTB | ✅ Yes | $100 USD | A$ 144 AUD | R1619,53 ZAR | 👉 Click Here |
| 📌 IG | ☑️ Yes | $140 USD | A$ 144 AUD | R2267,34 ZAR | 👉 Click Here |
| 📌 CMC Markets | ✅ Yes | $10 USD | A$ 14,40 AUD | R161,95 ZAR | 👉 Click Here |
| 📌 Plus 500 | ☑️ Yes | $100 USD | A$ 144 AUD | R1619,53 ZAR | 👉 Click Here |
| 📌 FXTM | ✅ Yes | $10 USD | A$ 14,40 AUD | R161,95 ZAR | 👉 Click Here |
| 📌 HotForex | ☑️ Yes | $5 USD | A$ 7,20 AUD | R80,98 ZAR | 👉 Click Here |
| 📌 OctaFX | ✅ Yes | $5 USD | A$ 7,20 AUD | R80,98 ZAR | 👉 Click Here |
10 Best Forex Brokers in Australia (2022)
- ☑️ AvaTrade – Overall, Best Broker in Australia
- ☑️ eToro – Highly-Regulated Forex Broker
- ☑️ XTB – High Australian Trust Score
- ☑️ IG – Best Overall Trading Experience
- CMC Markets – Low A$ Minimum Deposit
- Plus500 – Excellent Trading Platform
- FXTM – Lowest Overall Costs in AUD
- HF Markets – Award-Winning Broker in Australia
- OctaFX – Competitive Fees and Spreads
- XM – Best Globally Regulated Broker
XM
Overall, XM is considered a trustworthy broker with average risk with spreads as low as 0.6 pips and an above-average trust score of 84 out of 99. XM Group is not a publicly traded company but is authorized by two tier-1 regulators (high trust)
XM Overview
| 🔎 Broker | 🥇 XM.com |
| 📌 Regulation | FCA |
| 🌐 Countries not accepted for trade | United States |
| 📎 Bonus | ✅ Yes |
| 📒 Demo Account | ✅ Yes |
| 📌 Fees | from $ 3.5 |
| 📌 Spreads from | 0.6 to 1.7 pips |
| 📌 Commission | No |
| ✴️ Institutional Accounts | No |
| 👨🏼💼 Managed Accounts | No |
| ⬆️ Maximum Leverage | 1:888 |
| 💰 Minimum Deposit | $5 USD |
| 🚀 Open an Account | 👉 Click Here |
XM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Licensed and Regulated (ASIC, Cyprus Securities and Exchange Commission & IFSC)No banking license | No banking licence |
| Tight spreads available | Increased spreads on the Micro and Standard accounts |
| 55+ Currency pairs to trade with | No 24/7 Customer support |
AvaTrade
Overall, AvaTrade is considered a low-risk and can be summarized as a trustworthy forex broker. Regarding spread and security, AvaTrade guarantees fast trading speeds and secure trading conditions. In terms of users, AvaTrade has more than 500 000 registered clients globally.
AvaTrade Overview
| 🔎 Broker | 🥇 AvaTrade |
| 📜 FSCA regulated | ☑️ Yes |
| 🚀Bonus | ✅ Yes |
| 🔥Trust Score | 94% |
| 🔥Live support | 24/5 |
| 📱 MetaTrader 4 (MT4) | ☑️ Yes |
| 📱 MetaTrader 5 (MT5) | ✅ Yes |
| 📊Trading Islamic Account | ☑️ Yes |
| 📊CFDs – Total Offered | 681 |
| 💰 Spreads | 0,9 pips |
| 💰 Withdrawal fee amount | Zero |
| 💰 Trading fees class | Very Low |
| ✔️ Scalping Allowed | ☑️ Yes |
| 🚀 Open a account | 👉 Click Here |
AvaTrade Pros and Cons
| ✔️Pros | ❌Cons |
| Wide range of CFDs assets to trade – 1000+ | You can’t buy stock or cryptocurrency |
| Worldwide regulated | Cryptocurrency deposit is not accepted |
| Award winner | Quarterly and annual inactivity fees |
| Multiple platform – MT4, MT5, etc | Costumer support is not available 24/7 |
| Negative balance protection | No bonus for EU based clients |
eToro
Overall, eToro can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. Etoro has an overall trust score of 91 out of 99. eToro offers a world-class social trading platform with immediate order execution.
eToro Overview
| 🔎 Broker | 🥇 eToro |
| 📌 Regulation | FCA, ASIC, CySEC |
| ☪️ Islamic account | ☑️ Yes |
| 👍 Demo Account | ✅ Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | ☑️ Yes |
| 📈 Maximum Leverage | 20:1 |
| 💰 Minimum Deposit | $50 USD |
| 🚀 Open an Account | 👉Click Here |
eToro Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated by top market regulators | US clients not accepted |
| Client funds kept in segregated accounts | MetaTrader not provided |
| Commission-free trading | Scalping and hedging are not allowed |
| Traders can buy fractional shares | Inactivity fee charged after a year |
XTB
Overall, XTB can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.
XTB Overview
| 🔎 Broker | 🥇 XTB |
| 💰 Min. Deposit Required | None |
| 💵 Min. Deposit Recommended | $100 USD / R1600 ZAR |
| 🛑 Inactivity Fee | $10 USD / R160 ZAR |
| 🆓 Demo Account | ✅ Yes |
| 🔁 Spreads from | 0.1 |
| 📌 Commissions | Pro Account |
| 🎉 Sign Up Bonus | ✅ Yes |
| 🚀 Open an Account | 👉 Click Here |
XTB Pros and Cons
| ✔️ Pros | ❌ Cons |
| Award winning platform | Poor email support |
| Negative balance protection | Limited product portfolio, mostly CFD and FX |
| Easy and fast account opening | Does not hold a banking license |
| Regulated by top-tier FCA | |
| Broad range of educational materials |
IG
Overall, IG Group can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders.
IG Overview
| 🔎 Broker | ✅ IG Group |
| 💰 Trading Fee Class | High |
| 💵 Inactivity Fee | ✔️ Yes |
| 💳 Minimum Deposit | $140 USD / R2000 ZAR |
| 💡 Base currencies | 6 |
| ✅ Demo Accounts | ✔️ Yes |
| 📌 Products Offered | ETF, Forex, Options |
| 🔎 Open an Account | 👉 Click Here |
IG Pros and Cons
| ✔️ Pros | ❌ Cons |
| Excellent Web-Trading Platform | High Forex and Stock CFD Fees |
| Excellent Educational Tools | Limited Product Portfolio |
| Great Deposit and Withdrawal options | Slow Customer Support |
| 🚀 Open an Account | 👉 Click Here |
CMC Markets
Overall, CMC Markets can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.
CMC Markets Overview
| 🔎 Broker | 🥇 CMC Markets |
| 💰 Min. Deposit (Rec.) | $10 USD / R160 ZAR |
| 🛑 Inactivity Fee | ☑️ Yes |
| 💻 Demo Account | ☑️ Yes |
| 💵 Base Currency | 10 |
| 🚀 Open an Account | 👉 Click Here |
CMC Markets Pros and Cons
| ✅ Pros | ❌ Cons |
| Low forex fees | High stock CFD fees |
| Great web platform | Only CFDs |
| Advanced research | Lacking customer support |
Plus500
Overall, Plus500 is a trusted tier 1 regulated forex and CFD broker that offers low trading and commission fees. It has an overall high trust score of 97% out of 100 and can be considered a low-risk and can be summarised as trustworthy and reliable.
Plus500 Overview
| 🔎 Broker | 🥇 Plus500 |
| 💰 Minimum Deposit | $100 USD / R1600 ZAR |
| 💳 Demo Account | Yes |
| 💰 EUR/USD Spread | Variable |
| 📊 Leverage | 1:30 |
| 💱 Base Currencies | 14 |
| 💰 Withdrawal fee | No |
| 💰Deposit Fee | No |
| 🚀 Open an Account | 👉 Click Here |
Plus500 Pros and Cons
| ✔️ Pros | ❌ Cons |
| User-friendly platform | Lack of in-depth research tools |
| Listed on the London Stock Exchange | Only an average educational section |
| Low trading fees | Limited product range. Only CFD |
FXTM
Overall, FXTM can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 250+ trading instruments. FXTM is regulated by one tier-1 regulator (highest trust), two tier-2 regulators (medium trust), and one tier-3 regulator. FXTM has a trust score of 92 out of 100.
FXTM Overview
| 🔎 Broker | 🥇 FXTM |
| 📌 Regulation | CySEC, FCA, FSC, FSCA |
| ☪️ Islamic Account | ☑️ Yes |
| 🆓 Demo Account | ☑️ Yes |
| 📍 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:2000 |
| 💰 Minimum Deposit | $10 / 160 ZAR |
| 📌 Open an Account | 👉 Click Here 👈 |
FXTM Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a popular and multi-regulated trading provider | There are inactivity fees that will be applied if the trading account goes dormant |
| FXTM offers its clients quick deposit and withdrawal methods with short processing times | |
| There are no deposit fees charged | |
| There are several educational materials offered | |
| FXTM offers dedicated, local support in multiple languages |
HF Markets
Overall, HF Markets formerly known as HotForex can be summarised as a trustworthy and safe broker with 24/5 educational support. HFM is regulated by Tier 1 and Tier 2 Trading Bodies. HFM has a high trust score of 90 out of 100.
HF Markets Overview
| 🔎 Broker | 🥇 HF Markets Ltd |
| 🥈 HotForex | |
| 💰 Min. Deposit | $5 USD / R75 ZAR |
| 📝 Regulators | CySEC, FSC, CFTC |
| ₿ Crypto | No |
| 📌 Total Pairs | 47 |
| ☪️ Islamic Account | Yes |
| 💳 Trading Fees | Low |
| 🚀 Open an Account | 👉 Click Here |
HFM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Great range of markets | Only Forex and CFDs products |
| Enabled negative balance protection | Three entities in offshore zones |
OctaFX
Overall, OctaFX can be summarised as a trustworthy and worthwhile broker with a trust score of 90 out of 100. OctaFX is very competitive in terms of its trading fees, with low spreads rounding off its offerings.
OctaFX Overview
| 🔎 Broker | 🥇 OctaFX |
| 📌 Regulation | SVGFSA |
| ☪️ Islamic account (swap-free) | ☑️ Yes |
| 👍 Demo Account | ☑️ Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $5 USD |
| Open an Account | 👉 Click Here |
OctaFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Regulated by SVGFSA | Limited assets |
| Unlimited demo account | Low Crypto coverage |
| Advanced technology | No VPS |
| Forex and CFDs offered | No education tools on Forex |
| More than 80 pairs to trade | No clients from USA, Canada, Belgium, or others outside EU |
Conclusion
👉 Now it is your turn to participate:
➡️ Which Australian broker from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the A$ minimum deposit or the ASIC Regulation?
👉 Regardless, please share your thoughts in the comments below.
You might also like: XM Review
You might also like: AvaTrade Review
You might also like: HF Markets Review
You might also like: Etoro Review
Disclaimer
Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.
Traders need to ensure that they understand their risk exposure and determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.
Frequently Asked Questions
Is forex trading legal in Australia?
Yes. Forex Trading is 100% legal in Australia.
Which is the most used forex broker in Australia?
According to research, AvaTrade is the most popular broker choice in Australia.
How many forex traders are currently active in Australia?
The rough estimate of Active Australian traders is approximately 100 000 per month.
Can you make money with forex trading in Australia?
Yes. However, according to research, approximately 75% of all traders lose money due to a wide number of factors.
Who regulates Forex Trading in Australia?
Forex trading in Australia falls under the regulatory authority of the Australian Securities and Investment Commission (ASIC).
Featured SA Shares Writer and Forex Analyst.
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