Australia
  • Only reliable and regulated FX providers (accounts); your funds are protected and segregated

  • Beginner-friendly features: copy trading, market analysis, signals, chart analysis, and more

Online Forex Broker Comparison – Australia

Broker
Platforms
  • cTrader

  • MetaTrader 4

  • MetaTrader 5

  • Mobile & Tablet

Features
  • Copy Trading

  • Smart Trader Tools

  • cTrader Automate

  • Free Autochartist

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72% of retail investors lose money when trading forex (CFDs) with this provider

Notable Benefits
  • Pepperstone offer tight spreads, fast and reliable execution of trades and orders

  • A good fit for those who trade the news with the free market analysis and research on offer

Broker
Platforms
  • WebTrader

  • MetaTrader 4

  • MetaTrader 5

  • Mobile & Tablet

Features
  • 7 Deposit Methods

  • Trading Tools

  • Transparent Pricing

  • Market Reports

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74% of retail investors lose money when trading forex (CFDs) with this provider

Notable Benefits
  • FP Markets offer tools for both beginners and experts with a number of trading platforms and extra functionality

  • A range of tools and features for experienced traders: Virtual Private Servers (VPS), ECN pricing, auto-trading, and scalping

Broker
Platforms
  • Proprietary AT Pro

  • WebTrader

  • MetaTrader 4

  • Mobile & Tablet

Features
  • Free Trading Signals

  • Strategy Tools

  • Training Portal

  • NO EU Customers

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69% of retail investors lose money when trading forex (CFDs) with this provider

Notable Benefits
  • CityIndex are one of the oldest forex brokers on the market and a good choice for both new and experienced traders

  • Over 80 currency pairs, intelligent trading tools, trading ideas, and extensive market research

Broker
Platforms
  • xStation

  • xStation Mobile

  • No MetaTrader 4/5

Features
  • Customisable Platform

  • Charts Trading

  • Trading Academy

  • Market Analysis

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81% of retail investors lose money when trading forex (CFDs) with this provider

Notable Benefits
  • XTB are a great choice for beginners, offering an innovative and easy-to-use trading platform, competitive spreads margins

  • Beginners will also benefit from the trading academy, webinars, forex market news and analysis

Broker
Platforms
  • WebTrader

  • MetaTrader 4

  • MetaTrader 5

  • Mobile & Tablet

Features
  • 25+ Payment Methods

  • 30 Languages Supported

  • Just 1000 Markets

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73% of retail investors lose money when trading forex (CFDs) with this provider

Notable Benefits
  • XM are probably more suitable for more experienced FX traders who can take advantage of resources on offer

  • Free access to forex trading signals, daily technical analysis, and forex market research

Broker
Platforms
  • Proprietary

  • Mobile & Tablet

  • NO MetaTrader 4/5

Features
  • Chart Analysis

  • Market Updates

  • 10,000+ Global Markets

  • Attractive Margin Rates

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64% of retail investors lose money when trading forex (CFDs) with this provider

Notable Benefits
  • Spreadex offer basic functionality and trading platform for forex traders, making it a better choice for novice traders

  • Not the best choice for forex traders as it specialise in other financial markets

Choosing Your Forex Broker in Australia

Choosing the best forex broker can be a challenging endeavour, especially with the myriad of great choices from around the world. An important first step is to do your research thoroughly and carefully. The last thing that you want to happen is to trade with a company that doesn’t understand your needs. At the end of the day, this is your hard-earned money, and you need to be able to choose based on your preferences and personal requirements. Here are some important questions to ask yourself when comparing forex brokers:

When it come to choosing the right forex broker in Australia you’ve got to understand it that it’s not only about the broker itself but what you can find and what’s right for you; let’s say you have a great account and with a respected provide but you don’t bother to learn an that’s where the problems start. Make sure you spend some time learning and practising.

Is It Trustworthy?

Trustworthiness and reliability are two important factors that you should look for in a forex provider. Trading currencies with a broker that you trust is crucial for success in the international currency market. Your broker’s goal should be to help you make profits and not incur losses. Check online reviews on sites like TrustPilot/Choice or visit forex forums to see what other trader friends have to say about the broker. If they’re happy, then there’s a good chance that you’ll be, too. Even though, the list above contains only trusted and reputable brokers, you should do your own homework.

What Are Their Policies?

The best forex brokers adhere to several strict policies. The stricter the policies, the more secure and pleasant your trading experience will be. Broker websites should post their initial deposit requirements, account security measures (your funds will be held in a segregated bank account to protect your deposits), account levels, and ways to deposit and withdraw money. All this information should be clearly laid out. If a prospective client is unsure of a specific policy or has questions, the FX broker should be able to provide a way to contact them and have their queries answered.

What Are the Trading Costs? Spreads? Fees on Deposits?

Forex brokers might charge the following fees (not necessarily all of them): commission, spreads, and interest rate swap. Additional costs include overnight financing charges, account fees, and fees for deposits and withdrawals. Overnight financing charges can either be a refund (net credit) or a loss (net debit). Forex brokerage firms usually have two fee models for traders: the commission model and the spread model. The commission fee is a fixed amount, and it largely depends on the trading volume. In this model, traders don’t need to pay an additional spread other than the commission. The spread is the difference between the buy and sell price of currencies. In the spread model, the broker earns money through an additional spread. Depending on trading supply and demand, the spread can widen or narrow. Depending on how often you plan to trade, those fees and spreads might add up to a considerable sum of money; here, you must apply your trading plan to figure out which forex trading account is best for you.

What fees you should expect from a reputable forex broker:

  • Tight spreads, competitive commission
  • $0 inactivity or account fees
  • $0 deposit and withdrawal fees

What Are Its Different Trade Entry Types?

When you examine the trade execution screen of a trading platform (this can be accessed if you open a demo account or have a live account with another provider), you will see different trade entry types and stop orders. These are all safety provisions for the trader, designed to protect and help the trader. The forex broker should have a Limit Order, Market Order, Stop Order, Stop-Limit Order, Guaranteed Stop-Loss Order, and a Close All order.

Forex Trading Platforms

Gone are those times when an FX brokerage was someone that you dealt with over the phone. The advent of the internet has changed all that. Now, traders can use forex trading platforms downloaded on their phones or laptops or directly done on web browsers from their computers. With a number of forex platforms on the markets on top of the proprietary ones, you’re here for a treat. At this point, you should know which trading platform is best for you and you feel comfortable with.

Additional Features and Analyses

As it was mentioned before, forex market is super competitive with hundreds of brokers vying for new business with new marketing tricks and promotions. Since deposit bonuses were banned by the regulators, brokerages had to adapt and come up with new ideas. Depending on your trading style and strategy you should opt for a broker which offers you the necessary tools for free; for example, if you’re not sure how to trade you might want to decide to follow more experienced traders through copy trading or use free forex signals to save time on research. The possibilities are endless now. Comparison table above shows which extra features are offered by each broker.

Choosing the Right Trading Platform in Australia

Wherever you are, there are forex brokers that you can trade with. Brokers have various trading platforms that offer a range of financial offerings, trading education, research, customised features, and technical indicators. The best forex platforms allow investors to have a smooth trading experience. They also offer their clients more trading tools that are specifically designed to understand volatile currencies.

When you find a forex broker, you must make informed decisions about how and to trade and invest using their system. You can use your desktop or laptop, tablet, or even your mobile phone for more accessibility. Here’s what you should look out for:

It Should Provide Basic Functionalities and Additional Features

Forex traders of varying levels use the platform, so it should be flexible enough to accommodate beginners. It should be simple enough for novice traders to understand, with intuitive functions that understand how traders navigate through a site or a mobile app. However, it should also be customizable and should have options for more sophisticated features that cater to veteran traders.

Adequate Support Should Be There

Online forex brokers usually provide a helpline for clients who have queries and who need assistance in various areas. A lot of them provide a live online chat feature with an actual broker to advice clients while they’re trading. Most brokers also provide email support, FAQs, and online community forums so that traders can discuss their trades with others.

It Should Have a User-friendly Interface

Forex traders should be able to have a great trading experience. With just one look at the platform, traders should know what to click and where to go. Luckily, nowadays, the software is beginner-friendly, intuitive, and easy-to-use.

It Should Provide Trading Education and Research

Some of the best forex brokers in the world offer educational and training opportunities for traders. These usually come in the form of frequently asked questions, videos, and extensive informational articles. Forex brokers usually offer new traders a chance to practice by offering practice accounts. It allows prospective clients to trade forex pairs using play money. This is an invaluable resource that allows the trader to examine the quality of the broker’s bid/ask pricing. Forex brokers should also provide economic analysis and comprehensive market research which helps traders watch out for short-term profit opportunities.

Forex Trading in Australia

To trade in the foreign exchange (forex) market, you need a forex broker. A forex broker, by its simplest definition, quotes current currency rates and execute customers’ trades and orders through their trading platform and will charge the spread or commission for the service.

When trading currencies, they come in pairs. The base currency is on top, and the quote currency is at the bottom. For instance, EUR/CAD or USD/GBP are translated as the euro versus the Canadian dollar and the US dollar versus the pound sterling, respectively. There is also a price associated with each pair. For example, if for EUR/CAD the price is 1.5, that means it costs 1.5 Canadian dollars to buy 1 euro. If it changes to 1.6, then the euro has increased in value and the Canadian dollar has decreased.

Traders usually take a position in a specific currency pair, speculating that there will be an upward movement in the currency that they are purchasing and conversely, a weakness in the currency that they are selling. If this happens, then they will make a profit. Although you can trade in many different currency pairs, the four major pairs that are most popular are the U.S. dollar and the Swiss franc, the U.S. Dollar and the Japanese Yen, the euro and the U.S. dollar and the British pound sterling and the U.S. dollar.

Why Forex Trading?

As mentioned earlier, one of the main benefits of forex trading is its global market with around-the-clock trading. Since it happens all over the world, people can trade 24/5, at all hours of the day, five days a week. Currencies are traded worldwide in major financial hubs: New York, Hong Kong, London, Sydney, Tokyo, Singapore, Zurich, etc. There is always a transaction taking place somewhere in the world, and this is a very liquid market. The implication of this is that the trader has a lot of opportunities. Here are other reasons why you should try forex trading:

  • You can jump right into forex trading with the help of a forex broker without much capital. Forex trading has a lower trading cost compared to options and stocks.
  • The forex market is quite extensive. Some forex brokers allow clients to trade over 100 currency pairs.
  • You can use automated tool and trading signals to make your trading easier.
  • You can trade on a level playing field because no single company controls the market and forex isn’t really owned by anyone. It is also decentralised so there’s no middleman. The forex broker merely acts as a facilitator of the trade.

The Bottom Line

If you’re looking to trade in foreign currencies, a good forex broker will be able to help you to get accustomed to forex and assist you with their trading platform and trading technicalities. Finding the best forex broker ultimately depends on what you need and your preferred trading style. The bottom line is that forex brokers should have integrity, be regulated and reputable with a good and clean track record. Traders may compare forex brokers all they want, but this is the most important thing to consider, especially with today’s volatile market. Your trades, your money – your perfect broker.

Final Thoughts on Forex Brokers and Trading Platforms

What is the best forex broker in Australia?

It really depends on your trading style and requirements. It all comes down to what you really want from your fx account. The list above represents the most trusted brokers but it’s up to a trader to decide what broker to choose.

Should I trade with a regulated broker?

Absolutely, only trade with regulated brokers to avoid problems later in your trading career. Only trade with good and reputable currency providers to enjoy your forex trading experience. It’s worth checking broker reviews online to see what other traders think about your broker.

What are the features I need to successfully trade forex?

As you can see from the comparison table, forex brokers provide a variety of extra features you can use for free; but it really depends what features you want, for example, if you rely on forex trading signals you should sign up with a broker which provides those signals for free. And you can enjoy a wide range of features: copy trading, advanced charts, signals, economic calendar, and many more.

What are the best 5 forex brokers?

There are many good forex companies and thus it’s hard to say who are the top 5 providers. We don’t do “best 5 forex brokers” or “top 8 forex brokers” as it’s impossible to put a number on it. The comparison table simply lists reliable and trusted forex brokers in Australia.