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 regulator 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 2024 – A Comparison
🔎 Broker | 🤝 Accepts Australian Traders | 💰 Minimum Deposit (USD) | 💰 Minimum Deposit (AUD) | 🚀 Open an Account |
🥇 XM | ☑️ Yes | $5 USD | A$ 7,20 AUD | 👉 Click Here |
🥈 AvaTrade | ✅ Yes | $100 USD | A$ 144 AUD | 👉 Click Here |
📌 Etoro | ☑️ Yes | $50 USD | A$ 72 AUD | 👉 Click Here |
📌 XTB | ✅ Yes | $100 USD | A$ 144 AUD | 👉 Click Here |
📌 IG | ☑️ Yes | $140 USD | A$ 202 AUD | 👉 Click Here |
📌 CMC Markets | ✅ Yes | $10 USD | A$ 14,40 AUD | 👉 Click Here |
📌 Plus 500 | ☑️ Yes | $100 USD | A$ 144 AUD | 👉 Click Here |
📌 FXTM | ✅ Yes | $10 USD | A$ 14,40 AUD | 👉 Click Here |
📌 HFM | ☑️ Yes | $5 USD | A$ 7,20 AUD | 👉 Click Here |
📌 OctaFX | ✅ Yes | $5 USD | A$ 7,20 AUD | 👉 Click Here |
10 Best Forex Brokers in Australia (2024)
- ☑️ XM – Overall, Best Broker in Australia
- ☑️ AvaTrade – Well-Regulated Forex Broker
- ☑️ eToro – High Australian Trust Score
- ☑️ XTB – Best Online Trading Experience
- IG – Low A$ Minimum Deposit
- CMC Markets – Excellent Technical Tools
- Plus500 – Lowest Overall Costs in AUD
- FXTM – Award-Winning Broker in Australia
- HFM – Competitive Fees and Spreads
- OctaFX – Best Globally Regulated Broker
XM
Overall, XM.com 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 |
🎉 Bonus | ✅ Yes |
🆓 Demo Account | ☑️ Yes |
💵 Fees from | $ 3.5 |
🔁 Spreads from | 0.6 pips |
💳 Commission | Account depending |
🚩 Max Leverage | 1:888 |
💰 Minimum Deposit | $5 |
🚀 Open an Account | 👉 Click Here |
XM Pros and Cons
✔️ Pros | ❌ Cons |
Low stock CFD and withdrawal fees | Limited product portfolio |
Easy and fast account opening | No investor protection for non-EU clients |
Great educational tools |
Min Deposit
USD 5
Regulators
FSC, DFSA, CySEC, ASIC, CMA
Trading Platform
MT4, MT5, XM App
Total Pairs
55
Islamic Account
Yes
Trading Fees
No
Account Activation
24 Hours
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 |
💰 Minimum Deposit | $100 USD |
🚀Bonus | Open a trading account in 1 minute and receive up to $ 10.000 Bonus. |
📱 MetaTrader 4 (MT4) | Yes |
📱 MetaTrader 5 (MT5) | Yes |
📊Trading Islamic Account | Yes |
🎮 Demo account provided | Yes |
🚀 Open an Account | 👉 Click Here |
AvaTrade Pros and Cons
✅ Pros | ❌ Cons |
Fee Free Deposit | Limit Offers |
Low Trading Fees | Inactivity Fee |
User Friendly | Administration Fee |
Min Deposit
USD 100
Regulators
ASIC, FSA, CBI, BVI, FSCA, FRSA, ISA
Trading Platform
MT4, MT5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
eToro
Overall, eToro can be summarized 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 |
💰 Minimum Deposit | $50 USD |
📊 Institutional Accounts | ❌ No |
📊 Managed Accounts | ✅ Yes |
📈 Maximum Leverage | 20:1 |
🚀 Open an Account | 👉 Click Here |
eToro Pros and Cons
✔️ Pros | ❌ Cons |
Used by 6,000,000+ traders | Doesn’t allow scalping |
Established in 2006 | Inactivity Fee |
Regulated by FCA, CySEC, and ASIC | Limited range of instruments |
Min Deposit
USD 50
Regulators
FCS, ASIC, CySEC, GFSC, FinCen, FINRA
Trading Platform
No Trading Desk
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.
XTB
Overall, XTB can be summarized 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 | None |
🛑 Inactivity Fee | $10 USD |
🆓 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 |
Lowest FX spreads | Does not accept U.S. clients |
Regulated by FCA (U.K.) | Non-FX spread costs are high |
Offers protection for client accounts | No guaranteed stop loss |
Emphasis on customer service | No back-testing or automated trading capabilities |
Min Deposit
USD 250
Regulators
FCA, CySEC, IFSC, KNF
Trading Platform
No Trading Desk
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
IG
IG Group can be summarized 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 |
💳 Min. Deposit | $140 USD |
📌 Base Currencies | 6 |
🆓 Demo Account | ☑️ Yes |
⚙️ Products Offered | ETF/Forex/Options |
🚀 Open an Account | 👉 Click Here |
IG Pros and Cons
✅ Pros | ❌ Cons |
Excellent Web-Trading Platform | High Fees |
Educational Tools | Limited Product Portfolio |
Great deposit and withdrawal options | Lacking Support |
Min Deposit
USD 0
Regulators
FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF
Trading Platform
MT4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
CMC Markets
Overall, CMC Markets can be summarized as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads. It is regulated by five tier-1 regulators (high trust) and one tier-2 regulator (average trust). It has a trust score of 99 out of 100.
CMC Markets Overview
🔎 Broker | 🥇 CMC Markets |
💰 Min. Deposit | $10 USD |
🛑 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 mobile platforms | Only CFDs available |
Advanced research tools | Customer support only 24/5 |
Min Deposit
USD 10
Regulators
FCA, IIROC, ASIC, FMA, MAS
Trading Platform
MT4
Crypto
Yes
Total Pairs
158
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Plus500
Plus500 is a 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 with a low-risk trading environment.
Plus500 Overview
🔎 Broker | 🥇 Plus500 |
💰 Min. Deposit | $100 USD |
🆓 Demo Account | ☑️ Yes |
🔁 Spread | Variable |
📈 Leverage | 1:30 |
💵 Base Currencies | 14 |
📉 Withdrawal Fee | ❌ No |
📊 Deposit Fee | ❌ No |
Plus500 Pros and Cons
✅ Pros | ❌ Cons |
User-Friendly | Lack in Research Tools |
Low Trading Fees | Average Education |
Listed on the London Stock Exchange | Limited Product Range |
Min Deposit USD 100 Regulators CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA Trading Platform WebTrader Crypto Yes (Availability subject to regulations) Total Pairs 71 Islamic Account On Request Trading Fees Low Account Activation 24 Hours 79% of retail CFD accounts lose money
FXTM
Overall, FXTM can be summarized as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.
FXTM Overview
🔎 Broker | 🥇 FXTM |
📝 Regulation | FCA / FSCA |
💰 Min. Deposit | $10 USD |
☪️ Islamic Account | ☑️ Yes |
🆓 Demo Account | ☑️ Yes |
📈 Max Leverage | 1:2000 |
FXTM Pros and Cons
✅ Pros | ❌ Cons |
Excellent Customer Service | High Stock CFD Fees |
Great Educational Tools | Inactivity Fee |
No Deposit Fee | No Price Alert |
Min Deposit
USD 10
Regulators
FCA, CySEC, FSC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
63+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
HFM
Overall, HFM rebranded as HFM Markets can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. It is regulated by one tier-1 regulator (highest trust) and three tier-2 regulators (medium trust). It has a trust score of 95% out of 100.
HFM Overview
🔎 Brokers Name | 🥇 HFM |
⚖️ Regulation | CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine |
💳 Minimum deposit | $0 |
💰 Maximum Leverage | 1:2000 |
🔘 Asset Types | Forex, Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and Cryptocurrencies |
📊 Trading platforms | HFM APP, MT4, MT5, HFM Copy Trading |
💳 Supported lot | 0.01 - 500 |
💳 Demo | ☑️ Yes |
🚀 Open an Account | 👉 Click Here |
HFM Pros and Cons
✅ Pros | ❎ Cons |
Swap Free Accounts | Segregates client funds |
$0 Min. Deposit | |
Regulated by CySEC | |
24/5 Online Support | |
1:2000 Leverage |
Min Deposit
USD 0
Regulators
CySEC, FCA, FSA, DFSA, FSCA, CMA
Trading Platform
MT4, MT5, HFM APP, HFM Copy Trading
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
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.
Octa Overview
🔎 Broker's Name | OctaFX |
📍 Headquartered | Kingstown, St Vincent, and the Grenadines |
📅 Year Founded | 2011 |
⚖️ Regulating Authorities | SVGFSA |
🌐 Countries not accepted for trade | The United States, Canada, Belgium, and others outside Europe |
☪️ Islamic account (swap-free) | Yes |
👍 Demo Account | Yes |
📊 Institutional Accounts | No |
📊 Managed Accounts | No |
📈 Maximum Leverage | 1:500 |
💰 Minimum Deposit | 5 USD |
💳 Deposit Options | Visa Bitcoin Skrill Neteller |
💳 Withdrawal Options | Visa Bitcoin Skrill Neteller |
💻 Platform Types | MetaTrader 4, MetaTrader 5, cTrader |
📱 OS Compatibility | Desktop, iOS, and Android |
📈 Tradable assets offered | Forex, metals, stock indices, cryptocurrencies, and energies |
👨💼 Languages supported on Website | English, Indonesian, Malay, Hindi, Urdu, Thai and Vietnamese |
👥 Customer Support Languages | English, Indonesian, Malay, Hindi, Urdu, Thai and Vietnamese |
📆 Customer Service Hours | 24/7 |
🚀 Open an Account | 👉 Click Here |
Octa Pros and Cons
✔️ Pros | ❌ Cons |
octa.eu domain is Regulated and authorized by CySEC | Limited assets |
Unlimited demo account | Low Crypto coverage |
Advanced technology | No VPS |
Forex and CFDs offered | No education tools on Forex |
More than 30 FX pairs to trade | Telephonic support not available 24/7 |
No commission deposits or withdrawal options | No clients from USA, Canada, Belgium, or others outside EU |
Min Deposit
USD 5
Regulators
SVGFSA
Trading Platform
MT4, MT5, OctaTrader
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
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 Pros and Cons?
👉 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: HFM 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
Who is the most used forex broker in Australia?
According to research, XM is the most popular broker choice in Australia.
Can non-Australian residents trade with forex brokers in Australia?
Yes, non-Australian residents can trade with forex brokers in Australia. However, non-Australian residents may need to meet certain requirements and provide additional documentation to open an account with forex brokers in Australia. These requirements may vary depending on the broker and the country of residence of the trader.
Who regulates forex brokers in Australia?
In Australia, the main regulatory body for forex brokers is the Australian Securities and Investments Commission (ASIC). ASIC is responsible for overseeing and regulating financial services companies, including forex brokers, to ensure that they comply with the law and act in the best interests of their clients.
Are forex brokers in Australia allowed to offer leverage to their clients?
Yes, forex brokers in Australia are allowed to offer leverage to their clients.
How many forex traders are currently active in Australia?
The rough estimate is approximately 110 000 active Australian traders per month.