Visit Pepperstone74-89% of retail investor accounts lose money when trading CFDs
Visit IC Markets74-89% of retail CFD accounts lose money
Visit AvaTrade76% of retail investor accounts lose money
Visit FP Markets74-89% of retail CFD accounts lose money
Visit eToroeToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD
Visit Vantage74-89% of retail CFD accounts lose money
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Visit City Index70% of retail CFD accounts lose money
Visit EasyMarkets75% of retail investor accounts lose money
The best Forex (Foreign Exchange) brokers in Australia, according to our research, are:
- IC Markets
- FP Markets
- City Index
In order to create this list of the best Forex brokers for Australian traders, here’s what we have taken into consideration:
- If the broker is ASIC regulated
- The minimum deposit of the broker for Australian traders
- The base currencies of the broker for Australian traders
- The spreads of the broker for Australian traders
- The leverage of the broker for Australian traders
- The overall quality of the broker
- If promotions, account types or rebates were in place for Australian traders
What are the best forex brokers in Australia?
Below is our curated list and review of the best forex brokers for traders living in Australia, with details and information about the country laws, the features, and the characteristics.
Comparison of the best Australian Forex brokers
|Min. Deposit (AUD)
|AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
|30:1 / 500:1
|Active Trader program
|AUD, NZD, EUR, USD, GBP, JPY, CAD
|30:1 / 500:1
|AUD, GBP, USD, EUR
|30:1 / 400:1
|AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY
|30:1 / 500:1
|USD (conversion fees apply)
|30:1 / 500:1
|USD (POLi payments accept AUD)
|30:1 / 400:1
|AUD, USD, EUR, GBP
|30:1 / 300:1
|Monthly cash rebates
|AUD, USD, GBP, EUR, CAD, NZD
|None / A$500
|AUD, EUR, CHF, GBP, USD
|30:1 / 500:1
What is the best Australian Forex broker for ECN trading?
The best Australian Forex broker for ECN trading is Pepperstone.
Pepperstone facilitates a very fast execution with deep ECN liquidity, paired with competitive commissions and three trading platforms to choose: MT4, MT5 and cTrader. For more options see best ECN Forex brokers.
What is the best Australian Forex broker with the lowest spread?
The best Australian Forex broker with the lowest spread is IC Markets.
IC Markets charges extremely low spreads from 0 pips on its Raw Spreads account, and the commissions per lot are $7 or $6 with cTrader or MT4/MT5 respectively. For more options see lowest spread Forex brokers.
What is the best Australian Forex broker with fixed spread?
The best Australian Forex broker with fixed spreads is AvaTrade.
AvaTrade offers fixed spreads from 0.9 pips to its traders, which can start from 0.6 pips for professional traders. For more options see best fixed spreads Forex brokers.
What is the best Australian Forex broker with high leverage?
The best Australian Forex broker with the highest leverage is FP Markets.
In Australia, the leverage is limited to 1:30 for retail traders, while professional traders can access higher leverage. At FP Markets, professional traders can have leverages up to 1:500. For more options visit high leverage Forex brokers.
What is the best Australian Forex broker for Islamic traders (swap free)?
The best Australian Forex broker for islamic traders is AvaTrade.
AvaTrade offers a swap free islamic account that does not charge additional fees if the positions are kept for several days in a row. However, it comes with slightly higher spreads. For more options visit best swap free islamic Forex brokers.
What is the best Australian Forex broker with MT4 platform?
The best Australian Forex broker with MT4 is Pepperstone.
Pepperstone offers a good MT4 service since it offers low spreads on CFD Forex pairs, competitive commissions, VPS integration and rebates for high-volume traders. For more options see best MT4 Forex brokers.
What is the best Australian Forex broker for beginners?
The best Australian Forex broker for beginners is eToro.
eToro offers a user-friendly trading platform, a low minimum deposit, an unlimited demo account as well as great copy and social trading functionalities. For more options see best Forex brokers for beginners.
What is the best Australian Forex broker with a Cent account?
At the moment, there are no Australian Forex brokers with cent accounts. If you’re looking for an alternative, have a look at Oanda which allows traders to trade with very small currency units. For more options, see best cent account Forex brokers.
What is the best Australian Forex broker with a low minimum deposit?
The best Australian Forex broker with a low minimum deposit is eToro.
eToro, in Australia, requires only $50 to open a trading account. For more options see low minimum deposit Forex brokers
Is forex trading legal in Australia?
Forex trading is completely legal in Australia.
In fact, Australia is home to what is considered one of the most respected regulatory bodies in the industry, ASIC (Australian Securities & Investments Commission). ASIC is responsible for overseeing the market in Australia and any broker wishing to offer their services in Australia must be registered.
ASIC has been around since 1991 and provides some of the most comprehensive, yet fair regulations in forex trading around the world.
How to trade forex in Australia
Typically, trading forex from within Australia is not too different from doing so in other countries. The documents that you will need to sign up remain the same and these include:
- Proof of identity (A passport is usually the best).
- Proof of residence (A utility bill or bank statement with your current address is usually best).
Once you have submitted these documents to your chosen broker through a convenient online system, your account should be quickly verified and you will be able to deposit and start trading.
Due to their close relations, if you are a trader in New Zealand, you may be allowed to register with Australian brokers instead of brokers regulated in New Zealand.
What should Australian traders look for in a forex broker?
Now that you have had a look at the top forex brokers on offer, here are a few key points when it comes to trading in Australia.
Unlike other countries that allow forex trading, in Australia, a number of other products including binary options, spread betting, cryptocurrency trading, and CFDs are all legal, so you don’t have to worry about your trading strategies being legal. In the past, leverage in Australia was very flexible, being up to 500:1. However, since March 29th, 2021, ASIC restricted this amount to 30:1 just like many best forex brokers regulated in Europe, UK and other areas are doing. Negative balance protection is also mandatory in Australia, and your funds are typically kept in top-tier segregated bank accounts.
With that in mind, here are a few more key tips in helping make sure you choose the best forex broker for you:
- Look for forex brokers regulated in Australia: Trust is always vital. This comes in no better form in the world of forex trading than from ASIC. They are one of the top regulatory bodies in the world and it is highly recommended to choose an ASIC-regulated broker if you are making a move as a forex trader.
- Try to look for brokers that offer AUD currency: It will usually be the case that your broker will accept AUD deposits or base currency since they must be regulated by ASIC to offer services in the country. Choosing this kind of broker will save you money on possible currency conversion or other banking-related fees and charges from your own bank and the broker.
- First time trading? Look for negative balance protection: Negative balance protection does exactly as it says. It stops your balance from going below zero if the market turns against you. It is still highly recommended that you pursue a broker offering this protection. While it may rarely, if ever, happen, it is positive to know that your balance will be protected in this way.
How to verify if a forex broker is regulated in Australia
Verifying your forex broker regulation in Australia could not be easier. Simply, head over to the ASIC official website. Once you are there, find the ASIC Register and search for the company name of the broker. This company name is often to be found at the bottom of your forex brokers homepage.
Is forex trading taxable in Australia?
You do have to pay tax on any profits. Typically in Australia, the capital gains tax to be paid is 23%. This is calculated on a varying percentage of the income between 15% and 60%. Generally, for day trading, this figure stands at 40%.
We are not professional tax advisors, thus we strongly suggest contacting local authorities if you don’t know how to manage this aspect.
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