10 Best Forex Brokers in Australia

 

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)

 

1. ☑️ AvaTrade – Overall, Best Broker in Australia
2. ☑️ eToro – Highly-Regulated Forex Broker
3. ☑️ XTB – High Australian Trust Score
4. ☑️ IG – Best Overall Trading Experience
5. CMC Markets – Low A$ Minimum Deposit
6. Plus500 – Excellent Trading Platform
7. FXTM – Lowest Overall Costs in AUD
8. HF Markets – Award-Winning Broker in Australia
9. OctaFX – Competitive Fees and Spreads
10. 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).