Best Forex Broker in Australia
Top Forex Broker in Australia:
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
Vantage Markets - Best for trading CFDs on major U.S. Stocks (zero fees apply)
IC Markets - Biggest Forex broker by trading volume (average volume over 22.68B per day)
Admirals - Best for MetaTrader charting (with company's proprietary Supreme Edition plug-in)
The Australian Securities and Investments Commission (ASIC) is the regulatory body for the financial services industry in Australia. ASIC's role is to protect consumers and promote confidence in the financial system. For traders, it is essential to trade with an ASIC-regulated broker to ensure that their funds are protected and that the broker is operating in a fair and transparent manner.
Traders Union has compiled a list of the best forex brokers in Australia that are regulated by ASIC. These brokers have been selected based on a number of factors, including their fees, trading platform, trading conditions, customer support, and overall reputation.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The following list only contains the ASIC-authorized online brokers that we have chosen after detailed research. In order to test each of the brokers comprehensively, we tested all their provided functionalities and features. Not only did it allow us to understand the educational material and customer support they offer, but we also managed to rate each of them according to our real-time experience.
| Position | Broker | Supported currency pairs | ASIC regulation | Minimum deposit | Learn More |
|---|---|---|---|---|---|
1 |
40 |
100$ |
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2 |
72 |
5$ |
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3 |
60 |
50$ |
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4 |
45 |
200$ |
|
||
5 |
80 |
1$ |
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||
6 |
40 |
|
|||
7 |
90 |
1$ |
|
||
8 |
53 |
100$ |
|
||
9 |
30 |
|
|||
10 |
60 |
100$ |
|
Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.
| 💰 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 |
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
| 💰 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 that has been operating since 2009. The company operates under the licenses of four regulators – the UK (FCA, 590299), Australia (ASIC, 428901), Vanuatu (VFSC, 700271), and South Africa (FSCA, 51268). Over the years, Vantage Markets has received numerous accolades and prestigious awards. Read more about Vantage Markets Available Countries.
| 💰 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 |
IC Markets is a multi-regulated STP/ECN broker that offers trading of 2,250+ instruments on MetaTrader, TradingView and cTrader platforms. Currently, IC Markets provides its services to over 200,000 clients worldwide. The broker processes over 500,000 trades daily and its monthly trading volume is almost $1.4 trillion as of June 2024. It is regulated by CySEC, ASIC, and FSA. The broker was incorporated in 2007 and is constantly developing, improving, and adding new services and products.
| 💰 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 |
Admirals was founded in 2001. In more than 20 years of operation, a regional Estonian broker has grown into an international financial group of companies providing access to over-the-counter markets in more than 130 countries, as well as to exchange-traded stock instruments. Following the 2021 rebranding, Admirals became Admirals. The updated platform received new integrated risk management solutions.
The Admirals group of companies comprises:
Admirals AU Pty Ltd.
Admirals UK Ltd.
Admirals Cyprus Ltd.
Admirals AS Jordan Ltd.
Regulators of the Admirals group of companies include FCA (UK, 595450), CySEC (Cyprus, 201/13), ASIC (Australia, 410681), JSC (Jordan, 57026), and CIPC (South Africa, 2019 / 620981 / 07).
| 💰 Account currency: | ASIC - AUD, USD. FCA - EUR, USD, GBP, CHF, RUB. CySEC - EUR, USD, GBP, CHF, BGN, RON, PLN, HUF, HRK, CZK. JSC - EUR, USD, JOD, AED, GBP. |
| 🚀 Minimum deposit: | $1 — $100, $250 |
| ⚖️ leverage: | Up to 1:20-1:30 for retail traders subject to the asset type, up to 1:10-1:500 for professional traders, and up to 1:10-1:500 for all traders with JSC. |
| 💱 Spread: | 0.5 points |
| 🔧 Instruments: | stocks, ETFs, as well as CFDs on currency pairs, commodities, stocks, indices, bonds, ETFs, and cryptocurrencies. |
| 💹 Level of margin call / stop out | 50% for retail traders and 30% for professional traders. |
| 💻 Trading platform: | MT4, MT5, WebTrader, Mobile platforms |
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.
| Eightcap | FBS | Vantage Markets | IC Markets | Admirals | Trade Nation | Pepperstone | AvaTrade | Axi | FP Markets | |
|---|---|---|---|---|---|---|---|---|---|---|
Trading |
MT4, MT5 | MT4, MobileTrading | MT4, MT5, WebTrader, Mobile Apps | MT4, cTrader, MT5, TradingView | 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 | Axi Mobile app, Mobile application, MT4 | MT4, MT5, WebTrader |
Min deposit |
$100 | $1 | $50 | $200 | $250 | $5 | $1 | $100 | $100 | |
Leverage |
From 1:30 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:500 |
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 1:500 |
From 1:1 to 1:500 |
Trust management |
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Accrual of % on the balance |
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Spread |
0 points | 0.2 points | 0 points | 0 points | 0.5 points | 0.6 points | 0 points | 0.9 points | 0 points | 0 points |
Level of margin call |
80% / 50% | 40% / 20% | 100% / 50% | 100% / 50% | 50% / 0% | 175% / 100% | 90% / 20% | 25% / 10% | 90% / 20% | |
Execution of orders |
Market Execution | Market Execution | Market Execution | Market Execution | Exchange execution, Market Execution | Market Execution | Instant Execution | Instant Execution | Market Execution | Market Execution |
No deposit bonus |
$5 |
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.
