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10 Best Forex Brokers in Australia

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 AustraliaIn 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$5 USDA$ 7,20 AUD👉 Click Here
🥈 AvaTrade✅ Yes$100 USDA$ 144 AUD👉 Click Here
📌 Etoro☑️ Yes$50 USDA$ 72 AUD👉 Click Here
📌 XTB✅ Yes$100 USDA$ 144 AUD👉 Click Here
📌 IG☑️ Yes$140 USDA$ 202 AUD👉 Click Here
📌 CMC Markets✅ Yes$10 USDA$ 14,40 AUD👉 Click Here
📌 Plus 500☑️ Yes$100 USDA$ 144 AUD👉 Click Here
📌 FXTM✅ Yes$10 USDA$ 14,40 AUD👉 Click Here
📌 HFM☑️ Yes$5 USDA$ 7,20 AUD👉 Click Here
📌 OctaFX✅ Yes$5 USDA$ 7,20 AUD👉 Click Here

 

🏆 10 Best Rated Forex Brokers

 

 

10 Best Forex Brokers in Australia (2024)

 

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

 

 

XM Review

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
📌 RegulationFCA
🎉 Bonus✅ Yes
🆓 Demo Account☑️ Yes
💵 Fees from$ 3.5
🔁 Spreads from0.6 pips
💳 CommissionAccount depending
🚩 Max Leverage1:888
💰 Minimum Deposit$5
🚀 Open an Account👉 Click Here

 

XM Landing Page

 

XM Pros and Cons

 

✔️ Pros❌ Cons
Low stock CFD and withdrawal feesLimited product portfolio
Easy and fast account openingNo investor protection for non-EU clients
Great educational tools

 

Overall Rating

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 Review

 

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
🚀BonusOpen a trading account in 1 minute
and receive up to $ 10.000 Bonus.
📱 MetaTrader 4 (MT4)Yes
📱 MetaTrader 5 (MT5)Yes
📊Trading Islamic AccountYes
🎮 Demo account providedYes
🚀 Open an Account👉 Click Here

 

Avatrade Landing Page

 

AvaTrade Pros and Cons

 

✅ Pros❌ Cons
Fee Free DepositLimit Offers
Low Trading FeesInactivity Fee
User FriendlyAdministration Fee

 

Overall Rating

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 Review

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
📌 RegulationFCA, ASIC, CySEC
☪️ Islamic account✅ Yes
👍 Demo Account☑️ Yes
💰 Minimum Deposit$50 USD
📊 Institutional Accounts❌ No
📊 Managed Accounts✅ Yes
📈 Maximum Leverage20:1
🚀 Open an Account👉 Click Here

 

etoro Landing Page

 

eToro Pros and Cons

 

✔️ Pros❌ Cons
Used by 6,000,000+ tradersDoesn’t allow scalping
Established in 2006Inactivity Fee
Regulated by FCA, CySEC, and ASICLimited range of instruments

 

Overall Rating

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 Review

 

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. DepositNone
🛑 Inactivity Fee$10 USD
🆓 Demo Account✅ Yes
🔁 Spreads from0.1
📌 CommissionsPro Account
🎉 Sign Up Bonus✅ Yes
🚀 Open an Account👉 Click Here

 

XTB-Landing-Page

 

XTB Pros and Cons

 

✔️ Pros❌ Cons
Lowest FX spreadsDoes not accept U.S. clients
Regulated by FCA (U.K.)Non-FX spread costs are high
Offers protection for client accountsNo guaranteed stop loss
Emphasis on customer serviceNo back-testing or automated trading capabilities

 

Overall Rating

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 Review

 

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 ClassHigh
💵 Inactivity Fee☑️ Yes
💳 Min. Deposit$140 USD
📌 Base Currencies6
🆓 Demo Account☑️ Yes
⚙️ Products OfferedETF/Forex/Options
🚀 Open an Account👉 Click Here

 

IG Landing Page

 

IG Pros and Cons

 

✅ Pros❌ Cons
Excellent Web-Trading PlatformHigh Fees
Educational ToolsLimited Product Portfolio
Great deposit and withdrawal optionsLacking Support

 

Overall Rating

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 Review

 

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 Currency10
🚀 Open an Account👉 Click Here

 

CMC Markets Landing Page

 

CMC Markets Pros and Cons

 

✔️ Pros❌ Cons
Low forex feesHigh stock CFD fees
Great mobile platformsOnly CFDs available
Advanced research toolsCustomer support only 24/5

 

Overall Rating

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 Review

 

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
🔁 SpreadVariable
📈 Leverage1:30
💵 Base Currencies14
📉 Withdrawal Fee❌ No
📊 Deposit Fee❌ No

 

Plus500 Landing Page

 

Plus500 Pros and Cons

 

✅ Pros❌ Cons
User-FriendlyLack in Research Tools
Low Trading FeesAverage Education
Listed on the London Stock ExchangeLimited Product Range

 

Overall Rating

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 Review

 

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
📝 RegulationFCA / FSCA
💰 Min. Deposit$10 USD
☪️ Islamic Account☑️ Yes
🆓 Demo Account☑️ Yes
📈 Max Leverage1:2000

 

FXTM Landing Page

 

FXTM Pros and Cons

 

✅ Pros❌ Cons
Excellent Customer ServiceHigh Stock CFD Fees
Great Educational ToolsInactivity Fee
No Deposit FeeNo Price Alert

 

Overall Rating

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 Review

 

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 platformsHFM APP, MT4, MT5, HFM Copy Trading

💳 Supported lot

0.01 - 500

💳 Demo☑️ Yes
🚀 Open an Account👉 Click Here

 

HFM Welcome Bonus

 

HFM Pros and Cons

 

✅ Pros❎ Cons
Swap Free AccountsSegregates client funds
$0 Min. Deposit
Regulated by CySEC
24/5 Online Support
1:2000 Leverage

 

Overall Rating

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

 

 

Octa Review

 

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 NameOctaFX
📍 HeadquarteredKingstown, St Vincent, and the Grenadines
📅 Year Founded2011
⚖️ Regulating AuthoritiesSVGFSA
🌐 Countries not accepted for tradeThe United States, Canada, Belgium, and others outside Europe
☪️ Islamic account (swap-free)Yes
👍 Demo AccountYes
📊 Institutional AccountsNo
📊 Managed AccountsNo
📈 Maximum Leverage1:500
💰 Minimum Deposit5 USD
💳 Deposit OptionsVisa
Bitcoin
Skrill
Neteller
💳 Withdrawal OptionsVisa
Bitcoin
Skrill
Neteller
💻 Platform TypesMetaTrader 4, MetaTrader 5, cTrader
📱 OS CompatibilityDesktop, iOS, and Android
📈 Tradable assets offeredForex, metals, stock indices, cryptocurrencies, and energies
👨‍💼 Languages supported on WebsiteEnglish, Indonesian, Malay, Hindi, Urdu, Thai and Vietnamese
👥 Customer Support LanguagesEnglish, Indonesian, Malay, Hindi, Urdu, Thai and Vietnamese
📆 Customer Service Hours24/7
🚀 Open an Account👉 Click Here

 

OctaFX Overview

 

Octa Pros and Cons

 

✔️ Pros❌ Cons
octa.eu domain is Regulated and authorized by CySECLimited assets
Unlimited demo accountLow Crypto coverage
Advanced technologyNo VPS
Forex and CFDs offeredNo education tools on Forex
More than 30 FX pairs to tradeTelephonic support not available 24/7
No commission deposits or withdrawal optionsNo clients from USA, Canada, Belgium, or others outside EU

 

Overall Rating

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.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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