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Best Forex Brokers in Australia for 2021 - Top 10

June 2021

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Forex is a short form of foreign exchange, and people interested in Forex trading connect to foreign exchanges to buy and sell floral currencies. It's the most traded market in the whole world, and it's also very popular among beginners as well as seasonal traders in Australia.

Best Forex Brokers In Australia For 2021 - Top 10

Just like any other trading type, the primary goal in Forex trading is also to earn profit by exchanging a currency into another, such as exchanging AUD (Australian dollars) to USD (US dollars). All the Forex brokers in Australia need to become authorized by ASIC (Australian Securities and Investment Commission) before accepting CFDs and Forex traders.

You can still find tons of authorized online brokers for forex trading in Australia. That’s why we have compiled this article containing the best Forex brokers in Australia for 2021 that are not only authorized but also offer the best features and functionalities for a seamless trading experience.

Best Forex Brokers in Australia

The following list only contains the 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.

The ratings also demonstrate the transparency of the brokers, their financial regulations, and how they’ll serve the user in different trading situations. Here’s a list of the factors that we considered carefully while creating the following list and ratings:

Position Broker Rating Account Minimum Learn More

1

eToro

5.0/5

200 US Dollars

Open Account

2

IC Markets

4.9/5

200 US Dollars

Open Account

3

IG.com

4.8/5

0 US Dollars

Open Account

4

CMC Markets

4.7/5

0 US Dollars

Open Account

5

Plus500

4.7/5

100 US Dollars

Open Account

6

AvaTrade

4.7/5

100 US Dollars

Open Account

7

Oanda

4.6/5

0 US Dollars

Open Account

8

Interactive Brokers

4.5/5

0 US Dollars

Open Account

9

Pepperstone

4.5/5

0 US Dollars

Open Account

10

Forex.com

4.4/5

100 US Dollars

Open Account

Top 10 Trading Platforms in Australia

If you’re wondering how to get started with Forex trading in Australia, the very first and the most important step is to choose the right brokerage. It’s a very critical decision to make that requires the proper establishment of your priorities. We recommend you not to rush this step and read the following breakdown of each broker that we have mentioned in our list. Not only will it help you to start Forex trading in the right direction. But you’ll also be able to earn more profit in the least possible time.

eToro

eToro was founded back in 2007, and it's our top pick for multiple reasons. It's regulated in one tier-2 jurisdiction and two in tier-1, including ASIC (Australian Securities and Investment Commission). It's a great choice for all types of Forex traders in Australia.

Why is eToro good for traders from Australia?

  • It’s regulated by ASIC

  • Offers social trading experience

  • Seamless and easy account opening

  • Charges no inactivity fee

  • Offers multiple offices in Australia

  • Comes with a demo account opening

IC Markets

IC Markets was founded back in 2007 in Sydney, Australia, and it's regulated in one tier-2 and one tier-1 jurisdiction. It's also regulated and authorized by ASIC, making it a safe brokerage for Forex trading in Australia.

Why is IC Markets good for traders from Australia?

  • Regulated by ASIC

  • Offers physical office in Australia

  • Comes with an extremely low Forex fee

  • Easy and fast account opening

  • Supports 22 base currencies

  • Charges no inactivity and withdrawal fee

IG.com

IG Markets is considered one of the pioneers because it was found way back in 1974. It's regulated in 6 different tier-1 jurisdictions, including ASIC. Not only is it a trusted and safe online brokerage, but it also offers everything you need for Forex trading.

Why is IG Markets good for traders from Australia?

  • Regulated by ASIC

  • Offers multiple physical offices in Australia

  • Comes with a first-class and fast web trading platform

  • Offers an excellent mobile application

  • No minimum deposit is required and charges no withdrawal fee

  • Offers demo account

CMC Markets

CMC Markets was founded back in 1989, and it's regulated in two tier-2 and four tier-1 jurisdictions. It's a low-risk Forex trading platform that’s one of the biggest supporters of ASIC rules and regulations.

Why is CMC Markets good for traders from Australia?

  • Regulated by ASIC

  • Offers physical office in Australia

  • Its customer support service is also impressive

  • Supports 10 different base currencies

  • Offers demo account

Plus500

Plus500 was founded back in 2008, and it's regulated in four tier-2 and three tier-1 jurisdictions, including ASIC. Not only is it a safe and trusted online brokerage, but it also offers a great set of tools and features that all types of Forex brokers can use in Australia.

Why is Plus500 good for traders from Australia?

  • Regulated by ASIC

  • Offers physical office in Australia

  • Comes with easy to use the web, mobile, and desktop applications

  • Offers seamless and fast account opening

  • Supports 16 different base currencies

  • Offers demo account opening

AvaTrade

AvaTrade was founded back in 2006, and it's one of the easiest Forex trading platforms that suit beginners the best. It's regulated by three in tier-2 and three in tier-1 jurisdictions, including ASIC. Here are some of the reasons why it's a great option for Forex traders in Australia.

Why is AvaTrade good for traders from Australia?

  • Regulated by ASIC

  • Has a physical office in Australia

  • Free withdrawal and deposit options

  • Charges no inactivity fee

  • Offers demo account

  • Great educational and research options

Oanda

If you don't already know, Oanda is one of the oldest online brokerages that was founded back in 1996. It's regulated by six different tier-1 jurisdictions, including ASIC. It's a low-risk broker that offers everything you need for a seamless Forex trading experience.

Why is Oanda good for traders from Australia?

  • Regulated by ASIC

  • Has a physical office in Australia

  • Offers outstanding research tools

  • User-friendly and fast account opening

  • Offers demo account

  • No withdrawal and depositing fee charges

Interactive Brokers

Interactive Brokers was founded back in 1977, and it’s regulated by ASIC and five other authorities in tier-1 jurisdictions. Not only is it a low-risk and safe online broker for Forex trading in Australia, but it's also the best all-rounder that serves all types of traders equally.

Why is Interactive Brokers good for traders from Australia?

  • Regulated by ASIC

  • Has a physical office in Australia

  • Offers low trading fee

  • Come with a demo account offering

  • Supports 22 different base currencies

  • Amazing collection of research tools

Pepperstone

Pepperstone was founded back in 2010, and it's regulated by a couple of different tier-1 jurisdictions, including ASIC. It's also low-risk and safe online brokerages that can be your best option for Forex trading in Australia.

Why is Pepperstone good for traders from Australia?

  • Regulated by ASIC

  • Offers physical office in Australia

  • Comes with fully digital and fast account opening functionality

  • Supports 9 different base currencies

  • No minimum deposit required and doesn’t charge any inactivity or withdrawal fee

Forex.com

Forex.com was founded back in 2006, and it's regulated by four tier-1 jurisdictions, including ASIC. It's also a great online trading platform when it comes to Forex trading in Australia. Here are the most significant reasons why it can be your best option for trading Forex.

Why is Forex.com good for traders from Australia?

  • Regulated by ASIC

  • Offers extremely low Forex fee

  • Diverse research and technical tools

  • Demo account availability

  • No withdrawal fee charged

  • Offers a great range of currency pairs

These are the best online brokers that you can choose for Forex trading in Australia. Bear in mind that we have created this list after analyzing the real-time trading experiences of each browser.

Comparison of Brokers in Australia

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.

  • eToro
    More than one office in Australia: Yes
    Supporting Australian currencies: Yes

    eToro is one of the most popular brokerages out there that is well-known for its high-quality service and its own legal department. It provides clients with protection in all disputable situations because of its exceptional customer support services. Other than that, it also offers distance training, and it comes with one of the most versatile and convenient withdrawal systems as well.

  • IC Markets
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    IC Markets is yet another great online platform that’s regulated by ASIC. The regulatory status of this brokerage is in tier-1 jurisdiction as well as in tier-2 Jurisdiction that makes IC Markets a safe Forex trading platform. Moreover, it also offers a range of third-party trading and research tools and plugins.

  • IG.com
    More than one office in Australia: Yes
    Supporting Australian currencies: Yes

    IG Markets is a publicly traded online trading broker. It’s also considered as one of the most trusted platforms when it comes to Forex trading experience with diverse platforms, excellent tools for research, etcetera. It can be your best option if you’re looking for a Forex trading brokerage in Australia.

  • CMC Markets
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    CMC Markets is a great platform that can serve all types of forex traders. It comes with a next-generation, feature-rich platform that allows you to take your forex trading experience to another level. Not to mention, you can access an array of educational resources, research amenities, and great customer services.

  • Plus500
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    Plus500 is one of the best Forex trading platforms for beginners. That’s because it offers a range of basic features that allow you to understand Forex trading in the least possible time. It offers a below-average fee structure, and you can use the educational and research material to minimize risk.

  • AvaTrade
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    AvaTrade is yet another online brokerage that works the best for beginners. It offers numerous sources to access educational content such as audio guides, video tutorials, articles by experts, etcetera. It also comes with a reasonable fee and commission structure to meet the needs of all types of traders.

  • Oanda
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    The market analysis and research tools, educational content, latest market news, and trends, with amazing pricing that Oanda offers, make it one of the best online Forex trading platforms in Australia. This regulated platform is the best option for professional forex traders because of its superior analysis tools and technical indicators.

  • Interactive Brokers
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    The best thing about Interactive Brokers is that it covers all the corners. Regardless of your financial goals, you can utilize this platform to achieve both short-term and long-term objectives. Moreover, this regulated platform also offers everything you need for an enhanced Forex trading experience to maximize your profit by perfect risk management.

  • Pepperstone
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    Pepperstone is also a decent option for Australian Forex traders. It comes with a below-average fee structure and all the features and tools that you need to perform Forex trading. You can access 22 different types of trading guides crafted by experts on this platform. Moreover, its mobile trading application is also impressive that offers all the functionalities.

  • Forex.com
    More than one office in Australia: No
    Supporting Australian currencies: Yes

    Last but not least, Forex.com is one of the oldest and most successful online brokerages. It’s also one of the most trusted online Forex trading platforms because of its long and impressive track record. It has a great fee structure and a range of features and tools that you can utilize to make the most informed decision to trade Forex.

All the Forex trading brokers mentioned above have their own advantages. It’s important to understand where each brokerage shines and choose the one that suits you the best. It’ll help you to make the best out of your Forex trading experience in Australia.

Compare All Forex Brokers

Top 3 Forex Brokers for Investors

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 Investment Programs Minimum Deposit

CMC Markets

Investment Programs:

CMC Web, CMC Mobile, MT4

Minimum Deposit:

0 US Dollars

IG Markets

Investment Programs:

MT4, IG Proprietary

Minimum Deposit:

0 US Dollars

Forex.com

Investment Programs:

MT4, MT5, FOREX.com Platforms

Minimum Deposit:

100 US Dollars

Pay Attention!

We have chosen these Forex brokers for the Australian investors after considering all the important factors such as education and researching tools, commission and fee structure, regulation, investing programs, etcetera. According to our real-time testing, these platforms offer the best investing experience to maximize the users’ profit.

More About Investing Money

Top 5 Online Brokers for Beginners

One of the most important factors about the online brokers that you need to keep in mind is that not all of them are made equal. Some of them specialize in one field, and that's why it's critical to choose the trading platform that meets your needs. If you're a new trader or a beginner, then the following brokerages will suit you the best.

Broker Types of accounts for beginners Minimum deposit

eToro

Types of accounts for beginners:

Retail Account

Minimum deposit:

200 US Dollars

Plus500

Types of accounts for beginners:

Standard Trading Account

Minimum deposit:

100 US Dollars

AvaTrade

Types of accounts for beginners:

Retail Account

Minimum deposit:

100 US Dollars

Interactive Brokers

Types of accounts for beginners:

IBKR Lite account

Minimum deposit:

0 US Dollars

Pepperstone

Types of accounts for beginners:

Standard Account

Minimum deposit:

0 US Dollars

Pay attention!

We have crafted the above table very carefully by considering multiple factors. Each of the brokers mentioned above comes with an easy-to-understand and user-friendly interface. Moreover, regardless of your preferred device, you’ll be able to access all the features for a consistent forex trading experience.

Speed Course “Forex Trading for Beginners”

Forex brokers with deposits through Australian banks

Choosing a broker that offers a great set of tools and features is still unusable if you can’t use your bank’s credit card to deposit or withdraw funds. The following table explains whether you can use the bank accounts of the most popular Australian banks to deposit and withdraw funds. Keep in mind that most of the brokers support all the leading Australian banks. You can attempt to deposit funds in your brokerage account if you have a bank account of any other bank that’s not mentioned in the following table.

Broker National Australia Bank (NAB) Commonwealth Bank of Australia (CBA) Westpac Banking Corporation (Westpac)

eToro

Yes

Yes

Yes

IC Markets

Yes

Yes

Yes

IG Markets

Yes

Yes

Yes

CMC Markets

Yes

Yes

Yes

Plus500

Yes

Yes

Yes

AvaTrade

Yes

Yes

Yes

Oanda

Yes

Yes

Yes

Interactive Brokers

Yes

Yes

Yes

Pepperstone

Yes

Yes

Yes

Broker National Australia Bank (NAB)

eToro

Yes

IC Markets

Yes

IG Markets

Yes

CMC Markets

Yes

Plus500

Yes

AvaTrade

Yes

Oanda

Yes

Interactive Brokers

Yes

Pepperstone

Yes

Broker Commonwealth Bank of Australia (CBA)

eToro

Yes

IC Markets

Yes

IG Markets

Yes

CMC Markets

Yes

Plus500

Yes

AvaTrade

Yes

Oanda

Yes

Interactive Brokers

Yes

Pepperstone

Yes

Broker Westpac Banking Corporation (Westpac)

eToro

Yes

IC Markets

Yes

IG Markets

Yes

CMC Markets

Yes

Plus500

Yes

AvaTrade

Yes

Oanda

Yes

Interactive Brokers

Yes

Pepperstone

Yes

Best Brokers Based in Australia

Choosing the Forex broker that's regulated by ASIC and also offers a great trading experience depending upon your needs can be difficult. The brokers on the following list are not only regulated by ASIC, but they also have their physical offices in Australia as well. It means that you can choose and trust any of them without worrying about your investments.

We recommend you test all the following brokers by accessing their demo accounts to make sure that you choose the brokerage that meets your unique needs and financial goals.

Company Office in Australia

eToro

Level 19, 9 Hunter Street, Sydney NSW 2000, Australia

IC Markets

Level 4, 50 Carrington Street Sydney, NSW 2000 AUSTRALIA

IG Markets

IG Level 26 1 Bligh Street Sydney NSW 2000

CMC Markets

CMC Markets Asia Pacific Pty Ltd Level 20, Tower 3, International Towers, 300 Barangaroo Avenue Sydney NSW 2000 Australia

Plus500

Plus500AU Pty Ltd, PO Box H339, Australia Square | Sydney NSW 1215, Australia

AvaTrade

Ava Capital Markets Pty Ltd C/O WeWork Ground Floor, 320 Pitt Street Sydney NSW 2000

Oanda

OANDA Australia Pty Ltd, 225 George Street, Level 43, Suite 4303, Sydney NSW 2000 Australia

Interactive Brokers

Level 40, Grosvenor Place, 225 George Street, Sydney 2000, New South Wales, Australia

Pepperstone

Level 16, Tower One, 727 Collins Street, Melbourne, VIC 3008, Australia

Forex.com

Suite 7.03, Level 7, 25 Bligh Street, Sydney NSW 2000

Forex Regulations in Australia | Expert’s Review

The Australian foreign exchange has been regulated by ASIC (Australian Securities and Investments Commission) since the 1990s. Any broker that wants to accept Forex traders must be authorized by this regulatory authority. Authorization simply means adhering to all the standard guidelines that prevent financial malpractices and offer fair trading opportunities.

The regulatory environment influences the types of assets, protection, maximum leverage, and the commission and spread that a brokerage offers. That's why in my opinion, it's most critical for all the traders to only choose the brokerage that's regulated by ASIC.

Forex Regulations in India | Expert’s Review

Another regulatory body other than ASIC in Australia is APRA (Australia Prudential Regulation Authority) that takes care of insurers and banks. According to the ASIC guidelines, any broker that wants to work in Australia must have at least 1 million Australian dollars in their working capital. Not only does it help the brokerage to bear all types of market conditions, but it also makes sure that the money of investors is in reliable hands.

More about Forex Regulators

Reviews on Australian Brokers

About eToro:

eToro is undoubtedly the best trading platform out there, and it has allowed me to maximize my profits within the shortest period of time. In my long forex trading experience, I have tried multiple online brokers. None of them has worked for me the way I always wanted except eToro. Not only does it provide me with the peace of mind that my investments are in safe hands. But it also allows me to stay connected with the Forex market to learn about the current market trends and to make informed decisions.

Dr. Leonard Sawayn V, 44


About AvaTrade:

AvaTrade is the online broker that I always wanted, and its mobile application has exceeded my expectation in every way possible. I'm not a full-time trader, but I also need to stay connected with the Forex market. I believe that there’s no better way to achieve it than using your mobile. AvaTrade mobile application allows me to access the complete functionality of the platform, and I only need to tap a few times to perform any required action.

Vince Bogisich, 38


About Interactive Brokers:

I don't even remember the number of years I've been involved in Forex trading. I have approximately tried all the renowned online brokerages. A few years back, I decided to test Interactive Brokers, and it's the best all-rounder platform that covers all the boxes. Whether you're a beginner or a professional trader, this trading platform has everything you can ask for. From innovative research tools and educational material to easy-to-use technical indicators, Interactive Brokers never ceases to amaze me.

Carter Zemlak, 58


About Forex.com:

Forex trading is my jam, and Forex.com is the platform that every time works wonders for me. It has single-handedly taken my Forex trading experience to another level. It's a specialized online brokerage that truly lives up to its name. Not only does it support all the currencies that I want, but it also provides me with the best environment equipped with excellent features and tools to earn profit.

Garth Hansen, 29


About IC markets:

For all the traders out there, who want to work on an online brokerage with the best fee structure, I recommend IC markets. It’s one of those online trading platforms that offer the best value for the money. Whether you're a professional or a new trader, you can use IC Markets with its great set of tools to make the most informed decisions. Not only has it allowed me to excel in Forex trading, but I can also achieve my trading and financial goals in the least possible time.

Toney Donnelly, 51

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About the Author of this Article

Jack Moore
Jack Moore,
Financial Analyst, Trader
  • Jack has been engaged in trading and forecasting in the Forex market for more than 9 years. During this time, he’s gone from a novice to an expert in stock and financial markets. Jack consults well-known brokerage companies and he also helps private clients to choose a broker.
  • In 2013 he commenced at System Capital Group (trading stocks and currencies online using investments of companies and individuals). He held this position for 5 years.
  • Jack Moore advises all traders to work with brokers through Traders Unions. Throughout his professional career he is proud to receive excellent recommendations from numerous clients who have been satisfied with the advice that he has provided.

FAQ

What is the best Forex broker in Australia?

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.

Can a person perform forex trading legally in Australia?

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).

How to perform Forex trading in Australia?

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.

Do you need to pay tax for x trading in Australia?

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.