Best Forex Broker in Australia
Top Forex Broker in Australia:
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
Vantage Markets - Best for trading CFDs on major U.S. Stocks (zero fees apply)
Eightcap - Best broker to trade directly from TradingView charts
IC Markets - Biggest Forex broker by trading volume (average volume over 29B per day)
XM Group - Best Order Execution (99.35% of orders are executed nearly instantly)
Admirals - Best for MetaTrader charting (with company's proprietary Supreme Edition plug-in)
The Australian Securities and Investments Commission (ASIC) is the regulatory body for the financial services industry in Australia. ASIC's role is to protect consumers and promote confidence in the financial system. For traders, it is essential to trade with an ASIC-regulated broker to ensure that their funds are protected and that the broker is operating in a fair and transparent manner.
Traders Union has compiled a list of the best forex brokers in Australia that are regulated by ASIC. These brokers have been selected based on a number of factors, including their fees, trading platform, trading conditions, customer support, and overall reputation.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The following list only contains the ASIC-authorized online brokers that we have chosen after detailed research. In order to test each of the brokers comprehensively, we tested all their provided functionalities and features. Not only did it allow us to understand the educational material and customer support they offer, but we also managed to rate each of them according to our real-time experience.
| Position | Broker | Supported currency pairs | ASIC regulation | Minimum deposit | Learn More |
|---|---|---|---|---|---|
1 |
72 |
5$ |
|
||
2 |
60 |
50$ |
|
||
3 |
40 |
100$ |
|
||
4 |
45 |
200$ |
|
||
5 |
55 |
5$ |
|
||
6 |
80 |
1$ |
|
||
7 |
40 |
|
|||
8 |
90 |
1$ |
|
||
9 |
53 |
100$ |
|
||
10 |
185 |
|
FBS is an international broker with a strong presence in Asia, offering a wide range of trading instruments including Forex, stocks, indices, energies, and metals. With over 90 international awards and 27 million clients across 150 countries, FBS boasts a strong global reputation.
The company provides flexible trading conditions: leverage up to 1:3000, floating spreads from 0.7 pips, commission-free trading, and fast execution speeds starting at 0.01 seconds. FBS ensures client security with negative balance protection and offers a user-friendly experience on familiar trading platforms.
While FBS doesn't currently offer cryptocurrency trading or passive income options like PAMM accounts and copy trading, its competitive conditions and extensive educational resources make it a compelling choice for traders seeking a comprehensive and accessible experience.
| 💰 Account currency: | EUR |
| 🚀 Minimum deposit: | €10 |
| ⚖️ leverage: | 1:3000 |
| 💱 Spread: | 0.2 points |
| 🔧 Instruments: | Forex, indices, metals, futures contracts |
| 💹 Level of margin call / stop out | 40% / 20% |
| 💻 Trading platform: | MT4, MobileTrading |
Vantage Markets is a multi-asset broker offering a vast array of 1,000+ trading instruments, including currency pairs, CFDs on stocks, indices, commodities, energy, and ETFs. Holding licenses from reputable regulators like the FCA and ASIC, Vantage Markets ensures a level of security and trust for its clients.
The broker provides a choice between spread-based and commission-based account types, with leverage up to 1:500 on Forex pairs. Its PRO ECN option particularly stands out with commission starting from $1.5 per lot, making it attractive for high-volume traders.
Alongside the popular MetaTrader 4/5 platforms, the broker offers proprietary trading platform ProTrader and a convenient Vantage App. Additionally, Vantage Markets integrates with TradingView, enabling direct trading from the popular charting platform.
| 💰 Account currency: | AUD, USD, GBP, EUR, SGD, and CAD |
| 🚀 Minimum deposit: | $50 |
| ⚖️ leverage: | Up to 1:20 (for CFDs on stocks), up to 1:500 (for currency pairs) |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | Currency pairs (57), CFDs on stocks (226), indices (26), and commodities (22), energy, ETFs, bonds, share SFDs |
| 💹 Level of margin call / stop out | 100/50% |
| 💻 Trading platform: | MT4, MT5, WebTrader, Mobile Apps |
Eightcap is a leading Forex and CFD broker, offering over 800 trading instruments, including currency pairs, cryptocurrencies, indices, stocks, and commodities. With tight spreads starting from 0 pips, leverage up to 1:500, and no withdrawal fees, Eightcap provides a competitive trading environment. The broker is regulated by top-tier authorities such as ASIC and FCA, ensuring a secure trading experience.
Comprehensive educational resources, advanced analytics, and innovative functionality such as code-free automated trading through Capitalise.ai and enhanced order execution with FlashTrader distinguish the platform from others.
Though Eightcap does not offer passive income opportunities or joint accounts, it is a popular choice for those seeking a reliable and feature-rich broker.
| 💰 Account currency: | AUD, USD, GBP, EUR, NZD, CAD, and SGD |
| 🚀 Minimum deposit: | 100 USD |
| ⚖️ leverage: | Up to 1:500 |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
| 💹 Level of margin call / stop out | 80%/50% |
| 💻 Trading platform: | MT4, MT5 |
IC Markets stands out as a highly reputable broker offering trading with 2,250+ instruments across Forex, stocks, commodities, cryptocurrencies, and more.
The broker provides ultra-fast execution with order speeds up to 40 milliseconds facilitated by its top-tier liquidity partners and processes over $29 billion in Forex trades daily. With a strong focus on active traders, it offers ECN accounts with raw spreads from 0 pips and leverage up to 1:500 (based on which regulator's rules apply to a trader's account). Copy trading is also well-supported through integration with ZuluTrade, cTrader Copy, and other platforms.
IC Markets clients benefit from robust security and regulatory licenses from ASIC, CySEC, and others.
| 💰 Account currency: | EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY |
| 🚀 Minimum deposit: | $200 |
| ⚖️ leverage: | 1:500 (FSA); 1:30 (ASIC and CySEC) |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures |
| 💹 Level of margin call / stop out | 50%/100% |
| 💻 Trading platform: | MT4, cTrader, MT5, TradingView |
XM Group is a globally recognized broker, operational in nearly 190 countries and serving over 5 million traders. The broker offers over 1,000 trading instruments, including Forex pairs, stocks, commodities, cryptocurrencies, and precious metals. With licenses from regulators like ASIC and CySEC, XM ensures a secure trading environment.
The company is committed to high-speed order execution without requotes, ensuring 99.35% of trades are completed nearly instantly. The broker's leverage varies by region, offering up to 1:1000 for some non-EU countries while maintaining strict compliance with European standards for others. The spreads start from 0.6 pips.
XM doesn't offer passive investment options like PAMM accounts but provides access to MQL5 copy trading and a VPS for algorithmic trading.
| 💰 Account currency: | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR |
| 🚀 Minimum deposit: | $5 |
| ⚖️ leverage: | 1:30 (only for EU regulated Entity and AU). For all the other countries - 1:1000. |
| 💱 Spread: | 0.6 points |
| 🔧 Instruments: | Currencies, stocks, commodities, stock indices, precious metals, and energies |
| 💹 Level of margin call / stop out | 100%/50% |
| 💻 Trading platform: | MT4, MT5, MobileTrading, XM App |
Reading online reviews and facts about the online brokers for Forex trading in Australia is undoubtedly helpful. We recommend you go one step further by acquiring the demo account of the brokerage that you’re considering to test all its features and tools along with its fee structure in real-time. Consider reading the following comparison in order to make the whole process easy.
| FBS | Vantage Markets | Eightcap | IC Markets | XM Group | Admirals | Trade Nation | Pepperstone | AvaTrade | Saxo Bank | |
|---|---|---|---|---|---|---|---|---|---|---|
Trading |
MT4, MobileTrading | MT4, MT5, WebTrader, Mobile Apps | MT4, MT5 | MT4, cTrader, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, WebTrader, Mobile platforms | Trade Nation Platform, MT4, Mobile platforms | MT4, MobileTrading, WebTrader, cTrader, MT5, TradingView | MT4, MobileTrading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option | SaxoTraderGO, SaxoTraderPRO |
Min deposit |
$1 | $50 | $100 | $200 | $5 | $250 | $5 | $1 | $100 | |
Leverage |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:30 |
From 1:10 to 1:500 |
From 1:1 to 1:400 |
From 1:200 to 1:400 |
From 1:1 to 1:30 |
Trust management |
||||||||||
Accrual of % on the balance |
||||||||||
Spread |
0.2 points | 0 points | 0 points | 0 points | 0.6 points | 0.5 points | 0.6 points | 0 points | 0.9 points | 0.7 points |
Level of margin call |
40% / 20% | 100% / 50% | 80% / 50% | 100% / 50% | 100% / 50% | 50% / 0% | 175% / 100% | 90% / 20% | 25% / 10% | 100% / 100% |
Execution of orders |
Market Execution | Market Execution | Market Execution | Market Execution | Market Execution | Exchange execution, Market Execution | Market Execution | Instant Execution | Instant Execution | Market Execution |
No deposit bonus |
$5 |
Professional traders are always seeking opportunities in the currency market. A large number of supported currency pairs by the broker allows traders to profit not only from major pairs but also from numerous exotic regional currencies, which are often more volatile. Traders Union has selected the top 3 brokers with the highest number of supported currency pairs in your country.
| Broker | Supported currency pairs |
|---|---|
185 |
|
90 |
|
80 |
The following are the three best Forex brokers for investors who want to achieve their financial goals in the long term. These forex brokers not only offer the required features and technical indicators that investors need but also offer the best-investing programs as well. Moreover, they're also, as mentioned earlier, are regulated by ASIC, which makes them authorized brokers for Australians.
| Broker | Stocks | ETFs | Gold |
|---|---|---|---|
Venturing into the world of trading can be an exciting yet daunting experience, especially for beginners. To ensure a smooth transition, it is highly recommended to consider brokers that cater to novice traders by offering beginner-friendly features such as Demo (Paper Trading) or Cent accounts and copy trading capabilities. Demo accounts provide a risk-free environment to experiment with trading strategies, while cent accounts allow traders to gain experience with minimal financial commitment. Additionally, copy trading features enable beginners to observe and replicate the trades of experienced traders, gaining valuable insights and potentially generating profits.
| Broker | Demo | Cent | Copy Trading |
|---|---|---|---|
As an Australian trader, understanding the nuances of broker selection is crucial to ensure a secure and rewarding trading experience. This guide will equip you with the essential knowledge to make informed decisions and choose a broker that aligns with your trading goals.
Verify ASIC authorization. Ensure the broker holds an Australian Securities and Investments Commission (ASIC) license to operate legally and adhere to strict regulatory standards. Consider also additional factors as broker’s reputation and track record. Research the broker's reputation within the industry, considering factors like customer reviews, industry awards, and regulatory compliance.
Analyze the broker's trading fees, including spreads, commissions, and overnight financing charges, to select the most cost-effective option. Assess the broker's margin requirements, which determine the amount of leverage you can use when trading currencies.
Assess the responsiveness and availability of the broker's customer support team through various channels, such as live chat, email, and phone support. Explore additional resources like availability of educational resources, FAQs, and tutorials provided by the broker to enhance your trading knowledge.
Evaluate additional services and tools provided by the broker, such as market analysis, trading signals, and risk management tools.
Take advantage of the free demo to evaluate broker’s trading platform and practice your trading strategies before going live.
According to the Australian Taxation Office (ATO), profits from Forex trading are place-based, meaning that the profits from trading Forex are only taxable in Australia if the trader is resident in Australia.
The ATO classifies Forex traders as either investors or traders. Investors pay capital gains tax on their profits, while traders pay income tax on their earnings. The rate of taxation depends on whether the profits were made through short-term or long-term trades. Short-term trades are taxed at the maximum income tax rate, while long-term trades are taxed at a lower rate.
When reporting taxes for Forex trading, Australians must include all profits made from trading as part of their assessable income. They must also keep records of all transactions they make and declare any losses they incur when filing their taxes.
Forex trading hours Australia time are typically broken down into three distinct sessions: the Asian session, the London (European) session, and the New York session.
The Asian session begins at 10:00 pm AEST and ends at 2:00 am AEST during winter.
In summer, the Asian session is from 9:00 pm to 1:00 am AEST. This session is primarily driven by activity in Tokyo, Singapore, Hong Kong, and Sydney.
The London session forex time in Australia starts at 7:00 am AEST and closes at 4:00 pm AEST. This session is driven by activity in London, Frankfurt, Zurich, Paris, Madrid, and Milan.
The New York session Forex time in Australia begins at 1:00 am AEST and ends at 10:00 am AEST. This session is driven by activity in New York City as well as Toronto and Chicago.
Best Time to Trade Forex in AustraliaAustralia is one of the most regulated countries when it comes to Forex trading. The Australian Securities and Investments Commission (ASIC) regulates Forex brokers in Australia. All Forex brokers must have an AFSL license to operate in Australia and must meet certain financial requirements, such as having at least 10% of their revenue or a minimum of A$1 million as net tangible assets (NTA).
Foreign Exchange dealers are also regulated by the Reserve Bank of Australia (RBA). They must comply with the Financial Services Reform Act 2001 (FSR Act), which requires them to be licensed. Additionally, foreign exchange providers must demonstrate that they comply fully with all regulations. When choosing a Forex broker, it is important to ensure that they are properly regulated and licensed by ASIC.
Forex trading is a legal activity in Australia, and traders can use local and offshore brokers. However, the Australian Securities and Investments Commission (ASIC) has imposed certain limitations on forex trading to protect investors. The maximum leverage for FX majors has been capped at 30:1, while minor currencies are capped at 20:1. In addition, brokers are obliged to hold traders' funds in separate, protected accounts.
Moreover, ASIC has imposed a limit on credit card transfers to your broker: $1,000 (AUD) in the context of a new account. These regulations are designed to ensure traders are not exposed to excessive risk when trading Forex in Australia. Investors need to be aware of these restrictions before they start trading so that they can make informed decisions about their investments.
Checking whether a Forex broker in Australia is ASIC-regulated can be done in three ways. The first way is to use the Australian Securities and Investments Commission (ASIC) website. You can search for a particular broker on the website or check the list of all ASIC-regulated brokers. You will also find information about their services and any disciplinary actions taken against them.
You can also use an information broker. Information brokers are companies that provide access to data from different government agencies, including ASIC. They can provide detailed information about the status of a particular broker and their compliance with regulations.
Finally, you can check on the broker's website itself. Most reputable brokers will have an "About Us" page where they list their regulatory status and any other relevant information about their services. This should be your first port of call when looking for information about a particular broker's regulation status.
We evaluate and assess each broker using over 100 objective criteria, resulting in an average score for each Forex broker, which characterizes all aspects of its work. We also take into account its trading volume, which we have access to thanks to hundreds of thousands of traders of our Union. We also take into account reviews on brokers by their traders, which we curate on our website. As a result, according to our unique algorithmic matrix, which is applied to all companies, our program impartially calculates the overall average for each company and its position in the rating. This makes our rating system the most objective and independent in the Forex market.
| Criteria category name | Criteria number in category |
|---|---|
Financial |
38 |
Reliability |
27 |
Security |
18 |
Trading conditions |
15 |
Customer support |
9 |
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
Is forex legit in Australia? Yes, you can trade Forex in Australia
The most trusted Forex broker is IC Markets, which is regulated by the Australian Securities and Investments Commission (ASIC).
Yes, you are required to pay taxes for Forex trading in Australia. The Australian Taxation Office (ATO) considers any profits made from Forex trading as assessable income. As such, you will need to declare your profits and losses on your tax return.
According to our own real-time experience, the best broker for Forex trading in Australia is eToro, especially for beginners. Not only does it offer a decent pricing structure, but it also comes with the best tools and features that traders need.
The simple and one-word answer is yes. Forex trading is undoubtedly 100 percent legal, and the best thing is that it's regulated by ASIC (Australian Securities and Investments Commission).
All you need to do is to choose the right forex broker from the list given above and deposit your funds. It’s important for the new traders and beginners to spend a considerable amount of time in leading and education before getting into forex trading with real money.
In Australia, Forex trading is taxable, and the tax code is also very complicated. We recommend you acquire assistance from a certified and experienced Australian accountant to comply with the applied taxation.
