Best Forex brokers for beginners in Australia in 2024

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TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.

8.43

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IC Markets Trading Company is a great broker for scalping enthusiasts, automated trading lovers, and beginner traders.

8.49

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FxPro is a reliable broker company that offers market access to all traders, regardless of their level of knowledge and experience. Broker's clients are protected from negative balance; their activities are carried out in comfortable conditions and with competent professional support.

7.9

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AvaTrade is a brokerage company that provides optimal working conditions for all traders with any skill level. The broker provides customers with security by protecting their data and finances, and they are constantly working to improve the service.

6.74

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The broker is focused on cooperation with active traders, regardless of their trading experience.

Best forex brokers for beginners in Australia in 2024

	TeleTrade	IC Markets	FxPro	AvaTrade	IronFX
Trading platform	MT4, МТ5	MetaTrader 4, MetaTrader 5, TradingView and cTrader	MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge	MetaTrader 4, MetaTrader 5, Mirror Trader, ZuluTrade, AvaTrader, mobile and web versions of МТ	MetaTrader 4
Min deposit	$10	$200	$100	$100	$100
Leverage	From 1:1 to 1:500	From 1:1 to 1:500	From 1:1 to 1:500	From 1:200 to 1:400	From 1:30 to 1:0
Trust management	No	No	No	No	No
Accrual of % on the balance	0.00%	0.00%	0.00%	0.00%	0.00%
Spread	From 0.8 points	From 0.0 points	From 0.0 points	From 0.9 points	From 0.0 points
Level of margin call / stop out	70% / 20%	100% / 50%	25% / 20%	25% / 10%	40% / 20%
Execution of orders	Market Execution, Instant Execution	Market Execution	Market Execution	Instant Execution	STP, Market Maker, ECN
No deposit bonus	No	No	No	No	No
Cent accounts	No	No	No	Yes	No

There are certain specifics in trading, which novice traders residing in the territory of Australia need to know about:

Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.

1
Best Forex broker for beginners in Australia - TeleTrade

TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.

👍 Advantages of trading with TeleTrade for traders from Australia:

•detailed analytical section;

•informative educational section.

👎 Disadvantages of TeleTrade for traders from Australia:

•no PAMM accounts or other money management options;

•a small range of trading instruments;

•few withdrawal options;

•support is available 24/5;

•withdrawals delayed;

•technical support responds slowly;

•sometimes it takes a long time to verify data.

TeleTrade Commissions & Fees for traders from Australia

TeleTrade charges trading fees. The fees are charged as the spread. In the fees review for traders from Australia, you can learn about their rates depending on the account type.

TeleTrade Commissions and Fees in Australia

Account type	Spread (minimum value)	Withdrawal commision
Standard ECN	$17	No
Professional NDD	$9	No
Sharp ECN CENT	$2	No
Cryptocurrency account	$3

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2
Best Forex broker for beginners in Australia - IC Markets

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.

👍 Advantages of trading with IC Markets for traders from Australia:

•Availability of three licenses;

•Wide range of assets;

•Standard and ECN account types for trading on different platforms;

•Mobile apps for Android and iOS-based devices;

•Scalping, hedging, and algorithmic trading are allowed;

•Minimum delay when executing orders and ultra-fast market execution;

•Competitive trading fees;

•Wide choice of social trading and copy trading platforms;

•24/7 support via live chat;

•Demo accounts on MT4, MT5, and cTrader;

•Swap-free accounts are available for Muslim traders.

👎 Disadvantages of IC Markets for traders from Australia:

•Education materials available on the website are not very informative or diverse;

•Rebates are available outside Australia and the European Economic Area;

•Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.

IC Markets Commissions & Fees for traders from Australia

IC Markets charges trading fees. The fees are charged as the spread. In the fees review for traders from Australia, you can learn about their rates depending on the account type.

IC Markets Commissions and Fees in Australia

Account type	Spread (minimum value)	Withdrawal commision
Standard	$8	Bank fees apply
Raw spread MT4/MT5	$0	Bank fees apply
Raw spread cTrader	$0	Bank fees apply
Islamic	$0	Bank fees apply

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3
Best Forex broker for beginners in Australia - FxPro

FxPro is a well-established broker offering traders access to over 2,100 financial instruments across multiple asset classes, including Forex, stocks, commodities, indices, and cryptocurrencies. It is regulated by reputable authorities – FCA, CySEC and others.
The broker stands out with its focus on technology and offers an average order execution speed of 14-30 ms, setting a market benchmark. FxPro also provides an impressive suite of trading tools and educational resources, such as Trading Central analytics. The minimum deposit of $100, however, is higher than some competitors.
With a company capital exceeding 100 million euro, and a track record of reliability, FxPro stands out as a top-tier choice for traders looking for a secure and dynamic trading environment.

👍 Advantages of trading with FxPro for traders from Australia:

•Negative Balance Protection of a client on a real account is a unique broker service. It has an automated transaction monitoring and a risk management system, the capital is guaranteed not to go into a negative balance;

•insurance of client funds at the expense of the broker participation in an investor compensation fund;

•beginner traders will be able to access tested advisors;

•a full package of services is available to the client regardless of the balance of his account;

•VIP account holders are offered a personal manager and get a Free VPS;

•company capital exceeds 100 million euros;

•offers swap-free accounts for customers whose religious beliefs do not permit swapping eg. Islamic traders;

•the reliable trading environment provided by the competent educational and research department.

👎 Disadvantages of FxPro for traders from Australia:

•it is not the best choice for beginner traders who are looking for their first broker as the minimum deposit of $100 is considered high;

•difficulties registering in an affiliate program.

FxPro Commissions & Fees for traders from Australia

FxPro charges trading fees. The fees are charged as the spread. In the fees review for traders from Australia, you can learn about their rates depending on the account type.

FxPro Commissions and Fees in Australia

Account type	Spread (minimum value)	Withdrawal commision
FxPro MT4 Instant	From $10	0
FxPro MT4 Fixed	From $5	0
FxPro MT5	From $5	0
FxPro cTrader	From $3	0
FxPro Platform	From $1	0

Your capital is at risk.

4
Best Forex broker for beginners in Australia - AvaTrade

AvaTrade was founded in 2006 in Dublin, Ireland. The company has offices in 10 countries. It currently has over 300, 000 registered users and processes more than 2 million transactions every month. These factors contribute to AvaTrade being a reliable and trusted broker. They are accredited across five continents and are one of the market leaders. The broker is regulated by the Australian Securities and Investment Commission (ASIC, 406684), the Japanese FSA ( 1662), and the South African FSCA ( 45984). AvaTrade holds accreditation by the Central Irish Bank ( C53877 ), the Abu Dhabi Financial Services Regulatory Authority (190018), and the British Virgin Islands Financial Services Commission ( SIBA/L/13/1049), CySEC ( 347/17). AvaTrade allows traders to trade stocks, securities, indices, cryptocurrencies, and currency pairs. In total, the offer more than 1,200 tools to customers.

👍 Advantages of trading with AvaTrade for traders from Australia:

•a wide range of trading instruments;

•there is a license for the provision of services on the territory of 5 continents;

•customer service operates around the clock and provides competent assistance to users in 14 languages;

•a wide choice of convenient trading platforms;

•ability to trade from mobile devices;

•availability of an account for representatives of Islam (swap-free);

•for reliable storage of customer funds, the broker uses a segregated account;

•option for automated trading using trading advisors, indicators, and other analysis tools;

•no restrictions on trade and scalping;

•availability of training materials and conducting webinars for beginners and experienced traders.

👎 Disadvantages of AvaTrade for traders from Australia:

•the site interface is not user-friendly;

•customer service efficiency and response time

•trading terminals are prone to occasionally freeze.

AvaTrade Commissions & Fees for traders from Australia

AvaTrade charges trading fees. The fees are charged as the spread. In the fees review for traders from Australia, you can learn about their rates depending on the account type.

AvaTrade Commissions and Fees in Australia

Account type	Spread (minimum value)	Withdrawal commision
Standard	From 0 to 20 US dollars, depending on the platform	No

Your capital is at risk.

5
Best Forex broker for beginners in Australia - IronFX

IronFX was launched in January 2010 by a team of specialists in finance and software development. Today, IronFX has grown to be among the industry leaders that provide online trading services globally. Customers can use the MT4 advanced trading platforms and trade more than 300 tools from 6 various asset classes. IronFX serves individual as well as corporate clients from over 180 countries. IronFX is highly valued for providing cutting-edge technological innovation on trading platforms and trading tools.

👍 Advantages of trading with IronFX for traders from Australia:

•round-the-clock communication with a multilingual support TEAM on weekdays;

•wide range of trading assets;

👎 Disadvantages of IronFX for traders from Australia:

•the verification procedure can be repeated;

IronFX Commissions & Fees for traders from Australia

IronFX charges trading fees. The fees are charged as the spread. In the fees review for traders from Australia, you can learn about their rates depending on the account type.

IronFX Commissions and Fees in Australia

Account type	Spread (minimum value)	Withdrawal commision
Standard	from $18	No
Premium	from $16	No
VIP	from $14	No
Zero Fixed	from $0	No
No commission	from $17	No
Zero Spread	from $0	No
Absolute Zero	from $3	No