InvestinGoal Top Picks
  • 1.
    Rated: High
    90
    Visit Pepperstone
    74-89% of retail investor accounts lose money when trading CFDs
  • 2.
    Rated: High
    88
    Visit FP Markets
    74-89% of retail CFD accounts lose money
  • 3.
    Rated: High
    91
    Visit IC Markets
    74-89% of retail CFD accounts lose money
  • 4.
    Rated: High
    92
    Visit AvaTrade
    76% of retail investor accounts lose money
  • 5.
    Rated: High
    76
    Visit Vantage
    74-89% of retail CFD accounts lose money
  • 6.
    Rated: High
    81
    Visit FXCM
    66% of retail investor accounts lose money
  • 7.
    Rated: High
    79
    Visit City Index
    71% of retail investor accounts lose money
  • 8.
    Rated: High
    80
    Visit EasyMarkets
    75% of retail investor accounts lose money

The best Forex brokers in Australia are Pepperstone, FP Markets, IC Markets, and AvaTrade.

To choose the best Forex broker to trade in Australia, proper registration of the broker with the Australian Securities and Investments Commission (ASIC), trading costs (spreads and commissions), platform and tools, execution speed, and customer support for Australian residents are the most important criteria.

Pepperstone is the best Australian Forex Broker overall with ASIC regulation (n. 414530), for spreads (0.1 pips on EUR/USD along a $7 commission on MT4/5 and $6 on cTrader per lot round turn), fast execution (average 30ms), comprehensive platforms (MetaTrader, cTrader, TradingView and Proprietary Platform), and active customer support (24/5 availability).

FP Markets, IC Markets, and AvaTrade follow Pepperstone as the best Australian Forex brokers with active ASIC license, Platform and Tools (MT4, cTrader, Proprietary platforms) and Customer Support (24/5 availability via phone, email, and chat). FP Markets (ASIC regulation n. 286354) offer trading costs with spreads from 0.1 pips along a commission of $6 per lot round turn on EUR/USD with an execution speed of 40 ms approximately. IC Markets (ASIC regulation n. 335692) offer trading costs with spread from 0.1 pips along a commission of $7 per lot round turn on EUR/USD with an execution speed of 36.5 ms approximately. AvaTrade (ASIC regulation n. 406684) offers trading costs with fixed spreads of 0.9 pips on EUR/USD with an execution speed of 145 ms approximately.

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.

1. Pepperstone
best for day trading

Pepperstone is an Australian broker regulated by ASIC and operates from Melbourne. Pepperstone offers no minimum deposit for Australian clients and provides spreads from 0 pips on 90+ forex pairs with leverage options up to 500:1 for professionals.

90
InvestinGoal Rating
  • Regulations:
    FCA, MIFID-ESMA, ASIC, DFSA, CYSEC, SCB (Bahamas)
  • Avg. EUR/USD Spread:
    0.10 pips
  • Platforms:
    cTrader, ZuluTrade, MT4, MT5, MAC Platforms
Minimum Deposit: $0
Demo account available
Visit Pepperstone
74-89% of retail investor accounts lose money when trading CFDs
About Pepperstone

Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.

Pepperstone Features

The features of Pepperstone are listed below.

  • Pepperstone is an Australian broker ASIC regulated (n.414530), with a registered office in Melbourne.
  • Australian clients won’t be required to make a Pepperstone minimum deposit.
  • Pepperstone base currencies available for Australian traders are AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD.
  • Pepperstone spreads for Australian traders start from 0 pips on 90+ forex currency pairs.
  • The max leverage on forex is up to 30:1 (Pepperstone Australian Retail) and up to 500:1 (Pepperstone Australian Professional).
  • Australian high-volume clients are able to apply for one of the 3 tiers of the Active Trader program. These are, as a member, you can earn discounts based on how many lots you trade per month.
Pepperstone Pros and Cons

Advantages of Pepperstone

The advantages of Pepperstone are listed below.

  • Stable raw spreads (0,10 pips on EUR/USD on average)
  • Caters for algorithmic trading
  • Has won over 30 Forex industry awards

Disadvantages of Pepperstone

The disadvantages of Pepperstone are listed below.

  • The demo account is not unlimited

2. FP Markets
best for overall trading experience

FP Markets is an Australian broker with ASIC regulation and a Sydney office. FP Markets requires a minimum deposit of 100 AUD for Australians and offers spreads from 0 pips on 70+ currency pairs with leverage up to 500:1 for professionals.

88
InvestinGoal Rating
  • Regulations:
    MIFID-ESMA, ASIC, FSCA, CYSEC
  • Avg. EUR/USD Spread:
    0.09 pips
  • Platforms:
    MT4, MT5, Proprietary Platform, MAC Platforms
Minimum Deposit: $100
Unlimited demo account available
Visit FP Markets
74-89% of retail CFD accounts lose money
About FP Markets

FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.

FP Markets Features

The features of FP Markets are listed below.

  • FP Markets is an Australian broker ASIC regulated (n. 286354), with a registered office in Sydney.
  • Australian FP Markets clients have to make a minimum deposit of 100 AUD.
  • The base currencies available for Australian traders of FP Markets are AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, and JPY.
  • Australian clients of FP Markets also have access to the IRESS accounts and platform, with a minimum deposit of 1,000 AUD, where they can trade 10,000+ shares with a commission of 0.08% per lot and a minimum cost of 0 AUD.
  • FP Markets spreads for Australian traders start from 0 pips on 70+ currency pairs.
  • The max. FP Markets leverage on forex is up to 30:1 for Australian retail traders and up to 500:1 for Australian professional traders.
FP Markets Pros and Cons

Advantages of FP Markets

The advantages of FP Markets are listed below.

  • Broad Instrument Offering
  • Competitive Spreads
  • Multiple Trading Platforms

Disadvantages of FP Markets

The disadvantages of FP Markets are listed below.

  • High Fees for International Withdrawals
  • Outdated Platform Design

3. IC Markets
best for algo traders

IC Markets, an ASIC-regulated broker, operates from Sydney. IC Markets offers no minimum deposit for Australians, provides spreads from 0 pips on 60+ currency pairs, and offers professional leverage up to 500:1.

91
InvestinGoal Rating
  • Regulations:
    ASIC, CYSEC, FSA (Seychelles), SCB (Bahamas)
  • Avg. EUR/USD Spread:
    0.1 pips
  • Platforms:
    cTrader, Mirror Trader, ZuluTrade, MT4, MT5
Minimum Deposit: $0
Unlimited demo account available
Visit IC Markets
74-89% of retail CFD accounts lose money
About IC Markets

IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.

IC Markets Features

The features of IC Markets are listed below.

  • IC Markets is an Australian broker ASIC regulated (n. 335692), with a registered office in Sydney.
  • Australian clients won’t be required to make an IC Markets minimum deposit.
  • IC Markets provides several base currencies for Australian traders, including AUD, NZD, EUR, USD, GBP, JPY, and CAD.
  • IC Markets spreads for Australian traders start from 0 pips on 60+ currency pairs.
  • The max IC Markets leverage on forex is up to 30:1 for Australian retail traders and up to 500:1 for Australian professional traders.
IC Markets Pros and Cons

Advantages of IC Markets

The advantages of IC Markets are listed below.

  • Low-latency trading environment
  • Institutional level liquidity
  • MT4, MT5, cTrader platforms are all available

Disadvantages of IC Markets

The disadvantages of IC Markets are listed below.

  • Small amount of educational tools for new traders
  • Small range of tradable assets compared to other CFD/Forex brokers

4. AvaTrade
best for fixed spreads

AvaTrade is regulated by ASIC for the Australian market. AvaTrade requires a 100 AUD minimum deposit, offers fixed spreads from 0.9 pips, and provides leverage up to 400:1 for professional Australian traders.v

92
InvestinGoal Rating
  • Regulations:
    FSA, MIFID-ESMA, ASIC, CIRO, FSCA, BVI (British Virgin Islands)
  • Avg. EUR/USD Spread:
    0.9 pips
  • Platforms:
    Mirror Trader, ZuluTrade, MT4, MT5, Proprietary Platform, MAC Platforms
Minimum Deposit: $100
Demo account available
Visit AvaTrade
76% of retail investor accounts lose money
About AvaTrade

AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.

AvaTrade Features

The features of AvaTrade are listed below.

  • AvaTrade in Australia is regulated by ASIC (n. 406684).
  • AvaTrade Australian clients find a minimum deposit of 100 AUD.
  • Australian clients of AvaTrade can use AUD, GBP, USD, and EUR as base currencies.
  • AvaTrade charges fixed spreads from 0.9 pips for their Australian clients on 60+ forex pairs.
  • The AvaTrade maximum leverage on forex for Australian clients is up to 30:1 (retail) and up to 400:1 (professional).
AvaTrade Pros and Cons

Advantages of AvaTrade

The advantages of AvaTrade are listed below.

  • Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
  • The mobile apps are well designed
  • Can be connected to ZuluTrade and Duplitrade

Disadvantages of AvaTrade

The disadvantages of AvaTrade are listed below.

  • High inactivity fees
  • The demo account is limited to 30 days

5. Vantage
best for scalpers

Vantage, ASIC-regulated, operates from Sydney. Vantage requires a minimum deposit of 200 AUD and offers Australian clients spreads from 0 pips on 40+ forex pairs, with leverage up to 500:1 for professionals.

76
InvestinGoal Rating
  • Regulations:
    FCA, MIFID-ESMA, ASIC, VFSC (Vanuatu), CIMA (Cayman Islands)
  • Avg. EUR/USD Spread:
    0.00 pips
  • Platforms:
    ZuluTrade, MT4, MT5, MAC Platforms
Minimum Deposit: $200
Demo account available
Visit Vantage
74-89% of retail CFD accounts lose money
About Vantage

Vantage is a global multi-asset broker founded in 2009, offering trading on forex, CFDs, commodities, indices, shares, and cryptocurrencies. Vantage provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Vantage is regulated by multiple authorities including ASIC, FCA, and CIMA. Vantage is known for fast execution, competitive spreads, and extensive educational resources. Vantage serves over 3 million registered users worldwide. The Vantage CEO is David Shayer.

Vantage Features

The features of Vantage are listed below.

  • Vantage is an Australian broker ASIC regulated (n.428901), with a registered office in Sydney.
  • The Vantage minimum deposit is $200 for Australian clients.
  • Australian clients of Vantage find that AUD and USD are the account base currencies
  • Australian traders find Vantage spreads from 0 pips on 40+ forex pairs.
  • The Vantage leverage available on forex is up to 30:1 (retail) and up to 500:1 (professional).
Vantage Pros and Cons

Advantages of Vantage

The advantages of Vantage are listed below.

  • Competitive spreads and low commissions
  • Strong range of asset classes

Disadvantages of Vantage

The disadvantages of Vantage are listed below.

  • Not available to US traders
  • Customer service could be improved

6. FXCM
best for transparency and global presence

FXCM operates under ASIC regulation with a Sydney office. FXCM requires a 50 USD minimum deposit for Australians and offers spreads from 0.9 pips on 39 currency pairs, with professional leverage up to 400:1.

81
InvestinGoal Rating
  • Regulations:
    FCA, ASIC, FSCA
  • Avg. EUR/USD Spread:
    1.3 pips
  • Platforms:
    ZuluTrade, MT4, Proprietary Platform
Minimum Deposit: $50
Unlimited demo account available
Visit FXCM
66% of retail investor accounts lose money
About FXCM

FXCM is a global forex and CFD broker founded in 1999, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FXCM provides MetaTrader 4 and proprietary trading platforms. FXCM is regulated by multiple authorities including FCA, ASIC, and CySEC. FXCM is known for competitive spreads, extensive educational resources, and copy trading services. FXCM recently launched a sister platform called Tradu. The FXCM parent company “Stratos Group” CEO is Brendan Callan.

FXCM Features

The features of FXCM are listed below.

  • FXCM is regulated by ASIC (n. 309763), with a registered office in Sydney.
  • Australian clients of FXCM will have to make a minimum deposit of $50.
  • The FXCM base currency for Australian traders available is USD, but payments via POLi accept AUD base currency.
  • FXCM spreads for Australian clients start from 0.9 pips on 39 currency pairs.
  • Australian retail leverage on forex is up to 30:1 while the Australian professional leverage available is up to 400:1.
  • Australian Professional traders have access to the FXCM Rebate Program, where you’re paid a cash rebate depending on how much you trade on every asset. The minimum notional volume requirement is USD 10 Million per month.
FXCM Pros and Cons

Advantages of FXCM

The advantages of FXCM are listed below.

  • Regulation and Trust
  • Advanced Trading Tools
  • Competitive Spreads for Active Traders

Disadvantages of FXCM

The disadvantages of FXCM are listed below.

  • Limited Range of Instruments
  • Average Pricing Structure

7. City Index
best for service quality

City Index, regulated by ASIC, operates from Sydney. City Index requires a 150 AUD minimum deposit for Australians and offers spreads from 0.5 pips on 55+ forex pairs, with professional leverage up to 300:1.

79
InvestinGoal Rating
  • Regulations:
    MAS, FCA, MIFID-ESMA, ASIC
  • Avg. EUR/USD Spread:
    0.8 pips
  • Platforms:
    Proprietary Platform
Minimum Deposit: $50
Demo account available
Visit City Index
71% of retail investor accounts lose money
About City Index

City Index is a global forex and CFD broker founded in 1983, offering trading on currencies, indices, commodities, cryptocurrencies, and stocks. City Index provides proprietary platforms alongside MetaTrader 4. City Index is regulated by multiple top-tier authorities including FCA, ASIC, and MAS. City Index is known for competitive spreads, extensive research tools, and educational resources. City Index is part of the NASDAQ-listed StoneX Group. The City Index’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.

City Index Features

The features of City Index are listed below.

  • City Index is regulated by ASIC (n. 345646) with a registered office in Sydney.
  • Australian clients need to make a minimum deposit of 150 AUD.
  • The base currencies available for Australian clients are AUD, USD, EUR, and GBP.
  • Australian traders are charged spreads starting from 0.5 pips on 55+ forex pairs by City Index.
  • The maximum leverage for Australian traders with City Index is up to 30:1 for retail clients and up to 300:1 for professional clients.
  • Australian professional clients have access to monthly cash rebates on forex. There are 3 tiers. The first one requires a minimum traded volume of $50m with a forex rebate of $4.50, and the last one requires a minimum traded volume of $300m with a forex rebate of $14.50.
City Index Pros and Cons

Advantages of City Index

The advantages of City Index are listed below.

  • Regulatory Trust
  • Advanced Trading Tools
  • Diverse Market Access

Disadvantages of City Index

The disadvantages of City Index are listed below.

  • Limited MetaTrader Options
  • Educational Content Gaps
  • Customer Support Issues

8. EasyMarkets
best for day best for commodities

EasyMarkets, regulated by ASIC, provides services from Sydney. EasyMarkets requires a 200 AUD minimum deposit for Australians and offers fixed spreads from 1.8 pips on 60+ currency pairs.

80
InvestinGoal Rating
  • Regulations:
    MIFID-ESMA, ASIC, CYSEC
  • Avg. EUR/USD Spread:
    1.0 pips
  • Platforms:
    Proprietary Platform
Visit EasyMarkets
75% of retail investor accounts lose money
About EasyMarkets

EasyMarkets is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, cryptocurrencies, and stocks. EasyMarkets provides proprietary web and mobile platforms alongside MetaTrader 4 and 5. EasyMarkets is regulated by multiple authorities including CySEC and ASIC. EasyMarkets is known for innovative features like dealCancellation and fixed spreads. EasyMarkets serves clients worldwide and has received numerous industry awards. The EasyMarkets CEO is Nikos Antoniades.

EasyMarkets Features

The features of EasyMarkets are listed below.

  • easyMarkets is regulated by ASIC (n. 246566), with a registered office in Sydney.
  • The easyMarkets minimum deposit is 200 AUD for Australian clients.
  • Australian traders can choose among several easyMarkets base currencies, including AUD, USD, GBP, EUR, CAD, and NZD.
  • Australian traders find fixed spreads from 1.8 pips with an easyMarkets Standard account on 60+ currency pairs.
EasyMarkets Pros and Cons

Advantages of EasyMarkets

The advantages of EasyMarkets are listed below.

  • Innovative Risk Management Tools
  • User-Friendly Platform
  • Regulatory Trust

Disadvantages of EasyMarkets

The disadvantages of EasyMarkets are listed below.

  • Limited Tradeable Symbols
  • Higher Spreads on Some Accounts
  • Outdated User Experience

9. Thinkmarkets
best for VPS service

ThinkMarkets is ASIC-regulated with a Melbourne office. ThinkMarkets does not require a minimum deposit for its standard account and offers Australians spreads from 0 pips on 40+ forex pairs, with leverage up to 500:1 for professionals.

82
InvestinGoal Rating
  • Regulations:
    FCA, MIFID-ESMA, ASIC
  • Avg. EUR/USD Spread:
    0.3 pips
  • Platforms:
    Mirror Trader, MT4, Proprietary Platform, MAC Platforms
Minimum Deposit: $250
Unlimited demo account available
Visit Thinkmarkets
72.88% of retail CFD accounts lose money
About Thinkmarkets

ThinkMarkets is a global multi-asset broker founded in 2010, offering trading on over 4,000 instruments including forex, stocks, indices, commodities, cryptocurrencies, and ETFs. ThinkMarkets provides the proprietary ThinkTrader platform alongside MetaTrader 4 and 5. ThinkMarkets is regulated by multiple authorities including ASIC, FCA, and CySEC. ThinkMarkets is known for tight spreads, fast execution, and extensive educational resources. ThinkMarkets offers 24/7 customer support in over 20 languages. The ThinkMarkets CEO and co-founder is Nauman Anees.

Thinkmarkets Features

The features of Thinkmarkets are listed below.

  • ThinkMarkets is regulated by ASIC (n. 424700) with a registered office in Melbourne.
  • Australian traders find no minimum deposit to open a Thinkmarkets standard account ($500 for a ThinkZero account).
  • ThinkMarkets Australian traders find these base currencies are: AUD, EUR, CHF, GBP, and USD.
  • Australian clients of ThinkMarkets have access to spreads from 0 pips on 40+ forex pairs.
  • The maximum leverage is up to 30:1 for Australian retail clients and up to 500:1 for Australian professional clients.
Thinkmarkets Pros and Cons

Advantages of Thinkmarkets

The advantages of Thinkmarkets are listed below.

  • Regulatory Compliance
  • Diverse Trading Options
  • Advanced Trading Tools

Disadvantages of Thinkmarkets

The disadvantages of Thinkmarkets are listed below.

  • Average Educational Resources
  • Fees on Certain Accounts

Comparison of the best Australian Forex brokers

Broker ASIC Regulated Min. Deposit (AUD) Base Currencies Spreads (from) Leverage (Retail/Professional) Promotions/Account Types/Rebates
Pepperstone Yes (n.414530) No minimum AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD 0 pips 30:1 / 500:1 Active Trader program
FP Markets Yes (n.286354) A$100 AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY 0 pips 30:1 / 500:1 None
IC Markets Yes (n.335692) No minimum AUD, NZD, EUR, USD, GBP, JPY, CAD 0 pips 30:1 / 500:1 None
AvaTrade Yes (n.406684) A$100 AUD, GBP, USD, EUR 0.9 pips 30:1 / 400:1 None
Vantage Yes (n.428901) A$200 AUD, USD 0 pips 30:1 / 500:1 None
FXCM Yes (n.309763) A$50 USD (POLi payments accept AUD) 0.9 pips 30:1 / 400:1 Rebate program
City Index Yes (n.345646) A$150 AUD, USD, EUR, GBP 0.5 pips 30:1 / 300:1 Monthly cash rebates
EasyMarkets Yes (n.246566) A$200 AUD, USD, GBP, EUR, CAD, NZD 1.8 pips 30:1 None
ThinkMarkets Yes (n.424700) None / A$500 AUD, EUR, CHF, GBP, USD 0 pips 30:1 / 500:1 None

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 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.

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:

  1. 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.
  2. 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.
  3. 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.