Ultimate Guide to Choose A Best Forex Broker in Australia till 2024
Best forex broker in Australia for trading is the same as anywhere else but more so. Australia has a uniquely well regulated system, which is extremely fair to not only retail investors but also brokers. Picking the best forex broker in Australia entails thorough shopping around. That said, we highlight a few things for potential investors to watch out for!
- Regulated Brokering Services
- Free education materials
- Strong customer support
- Flexible Trading account
- Easy access to the financial tools you want of Forex Broker in Australia
Australia has the most diverse retail forex environment which can make it complicated to find out who is best forex broker in Australia. Australia is lucky to have a large market of brokers, and the industry has evolved with expanding investor interest. Australia itself needs no introduction in relation to its brokers and retail investments, sitting as one of the largest financial centres worldwide according to none other than ASX. Here is the best website to search for the top forex broker in  Australia for small retail investors. For the best forex broker in Australia make sure to view our list of the top performers in this review of Forex Broker in Australia.
Table of Contents of Forex Broker in Australia
SAXO MARKETS is the best Forex Broker in Australia
Saxo Markets Australia is an exceptional trading platform with a powerful client portal of educational resources. This ultra cheap broker has been trading for over a decade, offering well in excess of 65K tradable instruments as well useful research and information tools. Trading accounts also include margin closeout protection, negative balance protection and 24/7 expert customer service. These are all additional attributes of Saxo Markets Australia separating themselves from many other brokers and showing that this technological safety net is something they believe in providing as part of their trading offering. Saxo Capital Markets is a wholly owned subsidiary of Saxo Bank A/S, the Danish investment bank which specializes in online trading and investment across global financial markets.
At Saxo, the smallest initial deposit is AUD 1,000 with an account that will give you instant access to the Saxo Bank loyalty scheme and rewards. Because brokers like Saxo offer access to spot currencies, cryptocurrencies, FX options and FX swaps, flexible trading opportunities present themselves in all forex markets. As In regards to leverage, Australian clients can expect 50:1 on major and minor pairs, 40:1 stock indices (Indices from places like the UK are much higher), individual stocks at10x and commodities with all other leverages set of 25. Spreads are some of the lowest offered in their class, beginning at 0.6 pips on majors
Saxo provides Tier 1 liquidity and price improvement tech for traders. So, they can reduce the spreads to a significant minimum while receiving almost zero asymmetric slippage and gaining access to top price execution. One another thing to highlight is, Saxo has fewer premature stop outs than other brokers. Stop orders are therefore activated at the opposite end of applicable spreads in order to keep traders from closing positions too soon. Saxo Bank – Best Forex Broker Australia If you prefer your trading experience to be as professional as possible, Saxo Bank is the forex broker in Australia for you.
IG MARKETS LTD of Forex Broker in Australia
IG in forex market is a name that needs no introduction. This firm provides a high level of trading tools, comprehensive educational resources as well as sophisticated in-house developed proprietary trading platforms.
When Australians register with IG, they can expect a broad choice of trading products plus two types of accounts:
1. CFD account: where traders are charged a commission on every share CFD trade they undertake and no other asset incurs any trading charges. It offers spreads from 0.6 pips, but IG is also a market maker in some trades.
2. With an DMA account (these are also known as Level 2 trading accounts) you have the ability to set tighter spreads (as low as 0.1 pips), however they will come with a variable commission based on the size of your trade. You can only access DMA via IG’s iOS trading apps and the L2 dealer. This is a professional traders preferred account type as it provides what arguably few others can (trading straight through the Exchange order books).
Each type of trading account can be funded using a deposit of minimum $450 value and via Mastercard, Visa through Paypal or bank transfer. Australian retail traders are permitted leverage rates of up to 30:1 for major pairs and 20:1 on minor pairs when trading forex, while professional accounts can trade with margin levels of up to 100:1 and at they offer four more times the exposure margins (250/500) respectively. With IG, you can access 100s of currency pairs with spreads from just 0.6 pips as well over eighty indices and more than thirteen thousand shares- equities across fifteen global markets plus twelve cryptocurrencies including Bitcoin whilst also having the ability to trade on top name ETFs(2) /UCITS in multiple ways (leveraged/short etc.) using your own existing equity positions9 also a selection of ready-made baskets9 like eToro’s copy trading canvases or assorted other thematic collections(choices based editors picks). IG supports 24/6 customer service IG is also 100% regulated by the Australian Securities and Investments Commission (ASIC) as an AFS licensee.
On the whole this puts IG miles ahead of its competitors when it comes to diversification opportunities.
FP MARKETS of Forex Broker in Australia
FP Markets is one of the preferred brokers offering Australian traders top-notch forex trading tools and platforms. That is right you can open a trading account for only AUD$100, but if your still learning this product they also offered an extremely easy demo version which shows exactly how the product works.
There are two account types with FP Markets for forex broker in Australia.
1. FP Markets Standard Account: The ideal meeting point between trader and zero commissions, spreads from 1.0 pips
2. FP Markets Raw Account – Smaller Spreads.
Australian retail traders will get regional leverage of 1:30 on majors and 1:20 on minors, whereas professional can go up to the highest possible figure of cap banded at 500 times. However, where FP Markets truly shines is their trading platforms. It comes with the full MetaTrader package (MT4 & MT5) as well, but also some of their own. Australian traders can now trade on the go with FP Markets Mobile Trading app. Additionally, the choice of bundle includes IRESS (Viewpoint, Trader and Mobile) or Viewpoint Essential. Social and copy trading are also provided by the FP Markets Social Trading application or through MyFXBook Autotrade. API trading is also available as well as a multi-account manager tool and VPS hosting.
Well regardless of which forex trading platform you eventually settle on, FP Markets offers more than 60 different currency pair options for trading – as well as commodities such as gold and copper, crypto currencies like Bitcoin or Stellar Lumens, stock CFDs from around the world in combination with global indices. so even if one item is not performing well due to a high spread etc; then via diversification by having other assets within your portfolio working (hopefully!)intoshould keep some cushion against any volatility without all eggs being put into just ONE basket. Leverage for retail investors is as high as 1:30 and 1:20 of large, small companies or regular traders can use respectively, while professional Forex counterparts general get up to a maximum of 1:500. FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) Winstar Casino has a reputation as one of the safest casinos in Malaysia to play, with good customer support by chat 6 days a week for help around the clock.
IC MARKETS best forex broker in Australia
This company was established in 2007 alongside IC MARKETS. A Sydney-based broker still only in its second year, but one of the top global forex brokers quickly making a name for itself as trustworthy. IC Markets offers the lowest costs with liquidity providers globally, providing trading services for forex market as facilitator via competitive low razor rates. Another interesting feature of IC Markets compared to other Brokers in Australia is futures. Given IC Markets has so much liquidity available it makes perfect sense for scalpers to use them.
Australian investors can select between a Standard account and two types of Raw Spread accounts when it comes down to trading account. Standard Account – Available Commission-free pricing of trades and state-of-the-art institutional-grade (minimum 0.6 pips) spreads This is incredibly fast because it uses Equinix NY4 servers in New York City. To open the Raw Spread account, traders can access it by using MetaTrader (spreads from 0.0 pips + $7.00 / round turns) and cTrader ($6.00 per standard lot (round turn))
MetaTrader Raw Spread are favored by scalpers and algorithmic traders, while DoM (Depth of the Market) type players would tend to choose cTrader for its analytics tools and market depth. On the EUR/USD pair with an IC Market Raw Spread Account, you can expect a spread that averages less than 0.10 pips (i.e., it is highly unlikely for spreads to be lower).
The same applies when trading products for Australian traders, with IC Markets providing 61 currency pairs (30:1 retail leverage and 500:1 professional leverage), over25 indices, over1600 stocks, more than18 cryptocurrencies other treasuries futures commodities. Both listed directly using contracts for difference (CFDs). This makes Futures quite a rare offering from Australian brokers. ICE Dollar Index Futures Brend Crude Oil Futures WTI Crude Oil CBOE VIX Index F pueden ser comercializados con IC Markets. Australian broker IC Markets offers some of the most comprehensive customer service support options of all brokers, with its customers on standby 24/7 to respond to queries. IC Markets is also fully authorised and regulated by the Australian Securities and Investments Commission (ASIC).
ETORO Forex Broker in Australia
Gamified Forex Trading What eToro lacks in range of trading products, it certainly makes up for with a quirky UX that takes lessons from social games. On this front the platform is extremely strong; most young people are familiar enough to immediately understand how things work. For those Australians who are new to forex trading – eToro provides the best educational resources. Furthermore, Australian crypto traders can also choose from a variety of cryptocurrencies to invest in directly or trade with CFDs if they prefer.
Account Types : eToro provides one account type so the clients are forced to use their own platform & tools which is very unique compared with all other Australian brokers. At least $50 needs to be deposited and the account credited with a credit card, bank transfer, Paypal or any of dozens of e-wallets. For all major trading accounts, retail investor leverage will be capped at 1:30 on the main pairs and 1:20 on minor ones. Traders: 1:400/professional Trader The FCA and CySEC also regulate eToro, so it is a reputable broker as well.
In one area, eToro is further together along in the process: currency traders are well catered for with a choice of 49 forex pairs while stock trade choices on approximately over 2,,600 stocks and related Exchange Traded Funds (ETF) show no smaller difference – covering roughly two-thirds fewer financial instruments compared to Interactive Brokers through which you can access about 16 markets plus global exposure by CFD-tied equities. Although eToro is not quite as nuanced on the customer service side of things in Australia compared to some other global brokers. But you can still go ahead and query the broker for all normal questions. Do not to forget that eToro is licensed with ASIC.
PEPPERSTONE Forex Broker in Australia
Pepperstone was established back in 2010 and has been growing with the local forex market ever since. Pepperstone has been in the market since 2010 and serves over nowing a lot of money with almost $10 billion daily trading volume through 300k clients from around the world, so Australian traders have a good reason to trust this broker. By going with Pepperstone for example, you can trade 60+ Forex currency pairs and enjoy execution speeds of ~30ms as their low spreads. But such resources should not deceive you, the first thing to do is determine who are your trading styles as well as on which trading platform and with what tools would be best for executing a trader. Pepperstone has separate account types available (Standard and Razor) so you will find this exercise useful for your own learning beyond the end of this strategy.
Pepperstone Trading Account Types
Pepperstone Standard Account where they provide commission-free round robin trading in standard lots and spreads range between 0.6-0.8 pips.
Pepperstone Razor Account: there are two different ways you can create this account
Capitalise. ai or MT 4/5: ECN style account, from 0.0 to 0.2 pips spreads with AUD7.00 each standard lot round-turn commission on an ai or MT platform[ It is mainly used by program-based and/or short term traders.
Tighter spreads and $6.00 commission for TradingView or cTrader This is mainly for traders who want to use sophisticated analytics tools.
Pepperstone – as all brokers on this list brings full regulation from the Australian Securities and Investments Authority This Pepperstone review found that customer service is an area where it outperforms most brokers in terms of the fact live agents are available at all times, 24/7.
