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This aligned to demo account testing showing FP Markets had the fastest limit order execution. To achieve ECN-style pricing FP Markets connects with top-tier liquidity providers while using no dealing desk execution, providing retail investor accounts with a professional trading environment. As well as some of the lowest spreads available, FP Markets has a reputation for excellent customer support. They also offer excellent market intel, including advanced technical analysis.
IC Markets offers fast execution and low fees for Aussie scalpers traders across:. The standard account has no commissions and spreads starting from 0. This account is a good choice if you are new to trading since it has a simpler cost structure. If you are an experienced trader or just want the lowest possible spreads then the IC Markets RAW account is recommended. While this account does have commission costs, even with these costs factored in, you will save compared to the standard accounts.
Spreads for this account can be as low as 0. IC Markets spreads are low because they use straight-through processing STP to source the best quotes from their pool of over 25 liquidity providers. IC Markets advertises the lowest average spread of all brokers on their website for their no commission account. Since these spreads average so low, this makes IC Markets an excellent choice for scalp trading.
Execution speed is an important consideration for scalpers. If you want to trade frequently to take advantage of small movements in the market, it is essential you have a broker that offers the execution you need to get those prices and avoid slippage. IC Markets offers an average execution speed of under 40ms and has servers located in the same New York Equinix data centre as the major liquidity providers host their servers.
The third main online trading cost is deposit and withdrawal fees. IC Markets mostly charge no deposit and withdrawal fee. This applies to both withdrawals and deposits. Overall, IC Markets do not directly charge deposit or withdrawal fees, making them one of the lowest fee brokers.
IC Markets is one of the best choices for scalping due to their fast execution, low spreads, and choice of trading platforms offering a choice of MT4, MT5, or cTrader trading platforms. The broker is recommended for individuals looking to trade forex with the lowest brokerage costs.
Our best forex broker Australia comparison found AvaTrade offers something unique. When high market volatility exists, fixed spreads will often be lower than variable spreads. Fixed spreads are best suited to either those new to forex or CFD trading or traders.
Traders who like to always know the costs associated with each trade may also choose a fixed spread CFD broker over one with variable spreads. The table below compares average fixed spreads from brokers that offer and publish fixed spreads on their websites. As one can see, AvaTrade fixed spreads are clearly superior to other brokers.
One thing to note is that fixed spreads are wider than ECN pricing accounts. You may also notice spreads are wider than standard accounts, this is the price you pay for the security of fixed spreads since the broker is taking on risk should variable spreads deviate from normal price ranges. Despite this, AvaTrade has competitive spreads when compared to many standard accounts. AvaTrade offers a wealth of trading products for trading, over financial instruments are available. In addition to 55 currency pairs, you can also trade 42 forex options.
They even offer a specialised trading platform for options called AvaOptions which is suitable for Apple iOS and Google mobile phones. This platform comes with 13 options strategies including spot, call, call spread, call ratio put, put spread, put ratio and straddle and any options come with an expiration date of up to 1 year. While AvaTrade makes this list as the best Australian forex brokers for fixed spreads , it is also worth mentioning the cryptocurrencies for CFD trading. Cryptos that can be traded include:.
Remember, you are trading CFD derivatives which means you are not trading spot crypto through the exchange. This means no commission fees, which is different to exchange trading where commissions are required. There are some other advantages trading forex markets with AvaTrader has over an exchange and this includes immediate execution when you open a trade.
This is faster than through an exchange which will have delays, as trades need to be confirmed via an arbitration panel. All these platforms are good choices but if you choose AvaTradeGo then you can access a unique risk management tool not found with other brokers.
Included with this platform is AvaProtect, a risk management tool exclusive to AvaTrade that allows you to exit your position on losing trades. For a small fee when you open your position, you can protect yourself for up to one million for that specific trade over a time of 6 hours to 2 days. So in the event that the trade results in a loss during the protection period, you can get all losses from the trade back up to 1 million.
If you lack the skills or time to trade, then social trading or copy trading might be a better choice for you. This type of trading allows you to leverage the trades of other more successful traders for your benefit. AvaTrade provides you with the ability to do this with their mobile trading platform known as AvaSocial. The AvaTrade social trading platform was developed in partnership was Pelican Trading.
Key features of the app include the ability to chat about financial markets directly with other traders or start chat groups and the ability to follow and copy other traders. Like all good social trading platforms, traders have a choice of copying real-time trading signals manually or automatically. One fun feature of AvaSocial is that it allows you to share your successes via social media platforms such as Facebook, Instagram and Twitter.
Overall AvaTrade is best summarised as a broker that specializes in fixed spread brokers so is a good choice for new traders and traders who like predictability when reading. Unlike most other brokers which allow you to integrate social trading platforms with their main platforms, the eToro trading platform itself is a social trading platform.
Spread with eToro start from 1. The eToro platform has over million trades executed with a large community that interacts with one another on their social network. This allows traders to discuss strategies, ideas and decisions on their social feed. The social trading functionality exists on both the desktop and mobile platforms.
A key reason why eToro is popular is that traders are encouraged to let others copy their trades. This is through an incentivisation program rewarding them when they have more followers copying their strategies. They also offer ETFs, indices, stocks, currencies and commodities. If social trading is important to you or you want to copy a past trader, then eToro is the Australian best broker for you.
Note that eToro has some unique fees, including withdrawal charges that should be considered before joining the broker. Plus is an Australian Securities and Investments Commission regulated CFD provider that has a good range of risk management tools not usually found with other brokers.
As well as various order types such as stop limit, trailing stop and stop loss, Plus ensures your losses are limited by providing a guaranteed stop loss GSLO , a feature offered by a few Australian providers. Spreads with Plus start at 0. To sign up with Plus, there is no requirement for a deposit and no funding costs when making a deposit or withdrawal.
If you wish to engage in scalping or automation then Plus may not be the best choice since these are not permitted. When online trading CFDs with Plus, customers gain access to a user-friendly trading platform, a range of financial instruments and advanced tools to manage the high risk of CFD trading. The Australian Investment Trends report awarded Plus the best platform with:. Investment Trends runs a client survey of CFD traders annually and found that Plus had the best mobile platform.
This was based on the ease of use, functionality and range of contracts for difference CFDs tradable. The trading of contracts for differences comes with a high risk of losing money, Plus customers can use different order types to ensure profits are maximised and losses are minimised. The availability of a GSLO is one reason Plus can be a good option if you are new to trading as the GSLO ensures your account is protected, unlike a stop loss, which can have gapping.
When you open your position, Plus will widen the spread slightly, this is your premium for a GSLO. The further your trigger from your opening, the wider your spread will be. View the beginner broker page to compare this feature to other providers that cater to those new to trading forex.
The advantage of a VPS is that trader can switch off their computer and still have automation Expert Advisors run. It also allows access to MetaTrader 4 even without the platform installed and can enhance trading speeds. The cost of the VPS service is reimbursed to traders at the start of each month.
Overall, MetaTrader 4 is the most popular forex trading platform. Traders should be aware that spreads are higher than some other brokers recommended in this analysis and the markets offered are more limited. High volume retail investors are eligible for special privileges depending on the forex exchange broker.
Below shows a Saxo Bank trading account comparison. As the spread table below highlights, the VIP trading account has the lowest spreads of any Saxo Bank trading account. These are not average spreads but published minimum spreads for their non-commission account. This means the true spread may be higher depending on market conditions. Generally, VIP spreads are competitive against other non-commission spread accounts.
They also can receive tickets to some of the best Australian events, ranging from music to sport. This includes a personal relationship manager and sales manager. Traders also get access to senior management and the Australian market strategist Eleanor Creagh.
Overall, the Saxo Bank VIP account has low spreads non-commission account , advanced perks and superior support. CMC is an all-in-one broker ideal for day trading with:. CMC Markets offer both services in Australia with a wide range of markets and is the logical choice for day traders. Not only does CMC Markets offer stockbroking services, but the fee structure to trade shares is also one of the lowest as shown below. CMC Markets also offers futures trading, commodity trading, and foreign exchange trading.
Algorithmic trading is allowed, and the margin requirement on major currency pairs is 0. In terms of fundamental analysis, CMC Markets provide complimentary forex news. They offer a free demo account allowing traders to test the platform prior to trading real money. The most popular forex brokerage trading firm in Australia, based on the range of markets, accessibility, popularity and ease of use is IG Markets.
By having the highest Australian forex exchange market share across retail traders, IG can offer a wide range of options including:. Over , retail traders from around the world enjoy trading on over 80 forex currency pairs and an additional 16, other markets shares, indices, commodities, cryptocurrencies, etc. However, since IG offers a variable spread model, the real spread widens being affected by:.
The hallmark of the variable spread model is that you trade commission-free spreads. For a complete spread review, study the table below. Traders must be aware that having access to IG Forex Direct comes with higher costs and limits base currency options. The commission charged by IG is progressively applied via a volume-based scheme. For low-volume traders, the commission fees are quite high and in the long term, can eat away at your profits.
Below you can view the complete commission-based scheme charged by IG Markets. On the plus side, the average spreads offered by IG are kept lower via Forex direct. The spreads from the table below are derived directly from the biggest banks in the world. As a market maker, Markets. Scalping and hedging are permitted with all trading platforms. A swap-free Islamic account is available for those that comply with sharia law.
In addition to forex, you can trade over 2, different financial products, ranging from major stock markets to cryptocurrencies and blends:. You can choose between three different trading platforms. Along with full market access, the multi-asset platform provides extensive sentiment, technical and fundamental analysis tools to help you develop trading strategies while managing the high risk of forex trading.
If you are looking to fully automate trading, MT4 and MT5 offer algorithmic trading tools where you can write your trading robots aka Expert Advisors , or download tried and tested EAs from the MetaTrader Marketplace online. Both platforms also provide advanced technical and fundamental analysis tools with an inbuilt charting package, alerts and notifications, and an economic calendar MT5 only.
The broker is recommended for traders looking for a commission-free account that is easy to use. View Markets. Pepperstone is the best MT4 broker based on spreads, superior trading experience, and customer service. MetaTrader 5 is the next most popular platform and the best CFD trading platform. The full list of trading software and top brokers can be viewed on our top 10 forex trading platform comparison. Our ASIC regulated broker page helps find the best broker for each category. You can also view our list of beginner forex trading platforms.
To help you start trading with the right broker, we have collated Australian forex brokers that only have Australian Securities and Investments Commission regulation ASIC regulated. Australian traders should only consider regulated brokers to avoid scams that are normally associated with unregulated brokers. Two years ago, ASIC announced forex trading changes , including reduced leverage last year.
A comprehensive list of regulated forex brokers in Australia updated in is below. Most of these forex trading platforms are nationally regulated as the authors rated higher brokers that offered Australians a higher level of security.
Our risk disclaimer is CFDs, exchange derivatives to automated crypto trading. Forex trading is very legal in Australia. Using an ASIC regulated broker means the broker complies with the requirements of companies in Australia that manage financial services.
It is best to demo the platform you plan to use when trading. There are and cons of both trading platforms but generally, MetaTrader 5 has all the features MT4 has and more. The main reason to choose MT4 is if you have a low powered computer since MT5 uses higher processing power, you want access to the largest possible range of expert advisors since MT4 has a larger marketplace, a larger trading community since more people use MT4 and if you plan to use Myfxbook or Duplitrade which integrates with MT4 but not MT5.
If you plan to trade stocks then you must use MT5 since MT4 is not built for this. Why is this and how do I get more? Brokers in Australia must be licenced and regulated by the Australia Securities Investment Commission ASIC , as a condition of their licence they cannot offer leverage higher than for major forex pairs and for minor forex pairs.
If you want higher leverage, some brokers do offer up provided you meet the qualification criteria as a professional trader. To do this you must pass the brokers Sophisticated Investor Test or Wealth test. I would like to know about decfx, I know they are an Australian broker but I want to know how good they are.
Your broker will arrange for your funds to be kept in a segregated bank account. In fact before Forex trading became popular on the retail level, Forex trading was largely confined to an institutional level and is largely self regulatory. But as Forex trading became more popular on a retail level, financial regulatory agencies in the more developed economies around the world began to step in, in an effort to protect the interest of the small retail investors. This requirement helps to ensure that the broker does not misuse the trading funds that have been entrusted to it by the clients.
In other words, traders can rest assured that their funds will be in their trading account whenever they want to make a trade. Another standard industry requirement for a regulated forex broker is the maintenance of a capital adequacy ratio.
The purpose of requiring brokers to maintain a capital adequacy ratio is to ensure that the broker will at all time have sufficient liquidity to meet its contractual obligations. If you are a beginner trader who is unfamiliar with the online forex trading industry, the best starting point for you is to deal only with ASIC regulated brokers.
Go for the benefits of an ASIC regulated broker which can provide you with peace of mind. The next factor to take into consideration when selecting the best forex brokers in Australia to partner with is the performance of their trading platforms.
The trading platform is your gateway to the forex market and without a reliable and efficient trading platform, you will not be able to trade the forex market effectively. What are the main types of trading platform that the broker has provided. Here we are referring to:. Do you have to download a client software such as the MetaTrader 4 client software before you can use the trading platform? This means you can only use that platform from the computer that you have originally downloaded to.
Or is it a web based platform which only requires you to use a web browser to connect to the trading platform? This means you can literally trade from anywhere that you have internet connection. You will login using your username and password. These are usually a stripped down version of the download or web based trader specifically built for the smartphone or tablet. Additionally some brokers offer their platform as an app which can be downloaded through the app store or Google Play.
In addition, consider if the trading platform is proprietary or a generic platform widely used by the industry. This is a platform that the broker designs and builds for the use of their traders. It is often highly customizable to the user and can cater for all level of traders. Often called a white label this is a platform offered by many brokers and branded to them eg, with their logo.
The most popular version of this is the MetaTrader 4 provided by Metaquotes. Sirix Trader and cTrader are the next most popular white labeled platforms. Instead, their main source of revenue will be the spread which traders pay each time they make a trade. For frequently traded currency pairs, the spreads which a trader pays can range from zero pip to 5 pips. In addition when evaluating the spreads offered by the broker, check if the spreads offered is fixed or variable.
For traders who wants certainty with their trading cost, it is better to opt for fixed spreads as they do not change according to market volatility as opposed to variable spreads. Although most brokers do not charge any commissions, this is not the case with brokers who offer ECN trading capacity. An Electronic Communications Network or ECN broker allow traders to deal directly with the liquidity providers hence allowing then to take advantage of the interbank rates offered by the liquidity providers.
This commission can be fixed or based on a percentage of the trading volume. The leverage ratio offered by forex brokers is also another important consideration to take into account. For Australian traders, the leverage enjoyed by them is considerably higher than what most brokers in Europe are offering their clients.
Most European brokers due to regulatory restrictions are only permitted to offer their clients up to a maximum of leverage ratio. Whereas for Australian regulated brokers, they are permitted to offer a maximum of leverage ratio. The types of trading accounts offered by forex brokers depend on the target market which the broker is targeting. For beginner friendly brokers, the type of trading accounts offered usually have a low minimum deposit requirement as well as the ability to trade in small amounts or lots.
For premium brokers, the account opening requirements is usually higher and often beyond the financial capability of the small retail trader. Nevertheless, the services offered by these premium brokers are usually personalized and exceptional. In addition when looking at the types of trading accounts that are provided by a broker, always make it a point to study their withdrawal policies and ensure that you are comfortable and agreeable with the terms provided.
Some brokers may provide free withdrawals while others may charge their clients a high fee each time their clients makes a withdrawal request. Finally, check how long a broker usually takes to process a withdrawal request. Most regulated brokers usually take 3 business days to process a withdrawal request whereas some process a withdrawal within the same day. It should be noted that the forex market is a 24 hours market with continuous trading activities going on throughout the entire trading day.
Because of this, you want to ensure that your broker is capable of supporting you on a 24 hours basis and not just during office hours. Furthermore, check if the broker provides multiple methods of communicating with the support team. The more methods that the broker has made available, the more accessible the broker is when you have to contact the support team for assistance.
In a competitive industry such as the online forex trading industry, most forex brokers try to provide additional services in order to help them differentiate their services from other brokers in the industry. Some of the added features or benefits provided by these brokers may include the following:.
Because of the proliferation of forex brokers on the internet over the last decade or so, many beginner traders find it difficult to differentiate between the various types of brokers in the industry. To help our readers make the right choice, we have conducted in depth reviews of various brokers in the industry based on the guidelines that we have mentioned in this guide.
Remember, no one can guarantee your profits. As an Australian trader, the best forex brokers to trade with in Australia are those brokers which have taken the initiative to be regulated by ASIC. In other words, they are not fly by night operators that will disappear with your money. Lastly, by trading with ASIC regulated forex brokers, you will have fewer difficulties in referring any complaints that you might have about your broker to ASIC.
This page may not include all available products, all companies or all services. By : Kate Leaman. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Table of Contents. The brokers below represent the best forex brokers in Australia.
Scroll for more details. MT4, MT5, cTrader. ECN, No dealing desk. MT4, MT5. Market Maker, Dealing Desk. Market Maker. Your capital is at risk. No dealing desk, STP. Sponsored Sponsored. Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash. Note: Not all Forex brokers accept US clients.
For your convenience we specified those that accept US Forex traders as clients. IC Markets Review. Visit Broker Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose.
Eightcap Review. Visit Broker Margin trading involves a high level of risk, and may not be suitable for all investors. ASIC regulated. Commission-free trading available with competitive spreads. MetaTrader 4 and MetaTrader 5 available. VFSC regulated. TMGM Review. Visit Broker The information provided on this website is general in nature only and does not constitute personal financial advice.
FP Markets Review.
Best Forex Brokers Australia ; IG - Best overall broker, most trusted ; Saxo Bank - Best web-based trading platform ; CMC Markets - Excellent. Best Forex Brokers Australia ; BDSwiss – Best MT4 Broker in Australia ; BlackBull Markets – Best Broker for Beginners in Australia ; HFM – Best for. Our list of the top forex brokers in Australia in June is: Pepperstone - Best ASIC regulated forex broker; fpmarkets logo FP Markets -.