Traders Union (TU) analysts have prepared a comparative analysis of the best brokers Australia in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from Australia to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.
The Most Reliable Brokers Australia by TU include the following:
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
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.
Vantage Markets is a broker that is a real catch for traders who prefer ECN trading.
InstaForex is the best option for traders with any level of experience. For active professional traders, there is a large pool of non-standard technological solutions for more accurate analysis. For novice traders, there are comfortable starting conditions, such as a $1 minimum deposit under the regulation of FSC and a $200 minimum deposit with the broker regulated by CySEC. There are PAMM accounts and social trading for investors.
ForexMart is a broker for those who value a wide range of trading instruments as well as quick support. This company is a good choice for both new and experienced traders who work from PCs and smartphones.
Best forex brokers for beginners in Australia in 2024
| FBS | TeleTrade | Vantage Markets | InstaForex | ForexMart | |
|---|---|---|---|---|---|
Trading platform |
MetaTrader 4, MetaTrader 5, FBS Trader |
MT4, МТ5 |
Vantage Markets app, МТ4 (desktop, mobile, web), МТ5 (desktop, mobile), WebTrader, ProTrader |
МТ4, МТ5, mobile trading, and WebTrader by InstaForex |
MT4 |
Min deposit |
$1 |
$1 |
$50 |
$1 |
$1 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
Yes |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.2 points |
From 0.8 points |
From 0.0 points |
From 0.0 points |
From 0.0 points |
Level of margin call / stop out |
40% / 20% |
70% / 20% |
100% / 50% |
30% / 10% |
30% / 10% |
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Instant Execution |
Market Execution |
No deposit bonus |
$5 |
No |
No |
No |
$150 |
Cent accounts |
Yes |
No |
No |
Yes |
Yes |
There are certain specifics in trading, which novice traders residing in the territory of Australia need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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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.
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When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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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 - FBS
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.
👍 Advantages of trading with FBS for traders from Australia:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS for traders from Australia:
•no cryptocurrency;
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
FBS Commissions & Fees for traders from Australia
FBS 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.
FBS Commissions and Fees in Australia
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From $1.7 |
No |
Cent |
From $1.3 |
No |
2
Best Forex broker for beginners in Australia - TeleTrade
TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.
👍 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 |
|
3
Best Forex broker for beginners in Australia - Vantage Markets
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.
👍 Advantages of trading with Vantage Markets for traders from Australia:
•A vast array of trading instruments like 1000+ currency pairs and contracts for difference (CFDs).
•The broker has licenses from four reputable regulators.
•Classic trading terminals and a proprietary mobile application.
•An extensive array of trading signals to choose from for traders, regardless of the type of trading account.
👎 Disadvantages of Vantage Markets for traders from Australia:
•Customers from most countries are forced to cooperate with a branch that has an offshore license.
•Limited training and a lack of information on Forex trading.
•Snail-paced withdrawal of funds with the requirement to comply with special conditions.
Vantage Markets Commissions & Fees for traders from Australia
Vantage 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.
Vantage Markets Commissions and Fees in Australia
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard STP |
From $0 |
No |
RAW ECN |
From $3 |
No |
Pro ECN |
From $1.5 |
No |
Swap Free |
From $0 |
No |
4
Best Forex broker for beginners in Australia - InstaForex
InstaForex has been in the international financial market since 2007. Over the years of its operation, the company has attracted more than 7,000,000 traders from over 140 countries. The broker has 2,500+ trading instruments, including cryptocurrencies, synthetic indices, etc. The company strives to develop its competitive advantages by offering traders and investors new technological solutions and analytical tools every day.
The InstaForex group of companies comprises:
-
Instant Trading Ltd., regulated by BVI FSC (British Virgin Islands, SIBA/L/14/1082).
-
Instant Trading EU Ltd., regulated by CySEC (Cyprus, 266/15).
InstaForex is also regulated by BaFin (Germany), AFM (Netherlands), MFSA (Malta), and regulators of Greece, UK, Czech Republic, etc.
👍 Advantages of trading with InstaForex for traders from Australia:
•2,500+ trading instruments, including non-standard assets, such as InstaFutures and synthetic securities.
•Passive investment products, including PAMM accounts and a copy trading service.
•Non-standard technological solutions such as InstaSpot (P2P spot trading), OYS account, Stock Basket, etc.
•European regulation and IFC compensation fund with guaranteed insurance coverage up to €20,000.
•Comfortable trading conditions, such as a $1 minimum deposit and leverage up to 1:1000, for clients of the FSC-regulated broker.
👎 Disadvantages of InstaForex for traders from Australia:
•Tough conditions for retail European traders due to regulations.
•The time gap between a trade executed by a trader and the one copied to the investor’s account in the social trading service can be up to 15 seconds.
InstaForex Commissions & Fees for traders from Australia
InstaForex 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.
InstaForex Commissions and Fees in Australia
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Insta.Standard (FSC) |
From 3-7 USD |
yes |
Insta.Eurica (FSC) |
From 0 USD |
yes |
Cent.Standard (FSC) |
From 3-7 USD |
yes |
Cent.Eurica (FSC) |
From 0 USD |
yes |
ECN.MT4 (CySEC) |
From 10 USD |
Yes |
ECN VIP.MT4 (CySEC) |
From 3 USD |
No |
ECN Pro.MT4 (CySEC) |
From 7 USD |
Yes |
All ECN-accounts MT5 (CySEC) |
From 0 USD |
No |
5
Best Forex broker for beginners in Australia - ForexMart
ForexMart is a company that operates globally, except for the United States, North Korea, Myanmar, Sudan, and Syria. The company is part of the TradoMart Ltd group. It was registered in 2015 in Cyprus, is regulated by the Cyprus Securities and Exchange Commission (CySEC, 266/15), and is a member of the European Securities and Markets Authority (ESMA). This broker provides clients with access to Forex currencies and other trading instruments such as futures contracts for stocks and precious metals.
Over the years, ForexMart has won many awards including “The Best New Broker in Europe 2016” from the International Financial Journal (IFM). A year earlier, ForexMart was named “The Most Promising Broker in Asia”, according to ShowFx World.
👍 Advantages of trading with ForexMart for traders from Australia:
•a diverse range of over 100 trading instruments. In addition to Forex currency, clients can use cryptocurrencies, as well as futures contracts for metals and stocks;
•the company’s official website contains a wealth of useful trading tips and educational materials.
•interesting partner programs for those looking to make extra money, as well as the option to invest in auto-copy trading.
👎 Disadvantages of ForexMart for traders from Australia:
•customer service is available 24/5;
•not suitable for scalping;
•few investment opportunities;
•no MT5 platform;
•a small set of analytical tools in comparison with some of its competitors;
•no PAMM accounts;
•not all trading advisors work stably.
ForexMart Commissions & Fees for traders from Australia
ForexMart 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.
ForexMart Commissions and Fees in Australia
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Zero Spread |
From $0 |
No |
Classic |
From $10 |
No |
Cents |
From $10 |
No |
Pro |
From $6 |
No |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
Summary
Choosing the right broker is not a simple task for new traders in Australia, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from Australia, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from Australia
| FBS | TeleTrade | Vantage Markets | InstaForex | ForexMart | |
|---|---|---|---|---|---|
Overall score |
8.28 |
7.19 |
7.32 |
7.83 |
6.23 |
Execution of orders |
9.5 |
3.21 |
8.2 |
8.85 |
2.93 |
Investment instruments |
6.96 |
6.7 |
9.19 |
7.1 |
6.91 |
Withdrawal speed |
9.57 |
7.79 |
8.2 |
6.9 |
8.14 |
Customer Support work |
7.58 |
8.41 |
6.64 |
7 |
5.98 |
Variety of instruments |
7.02 |
8.75 |
7.37 |
8.02 |
6.72 |
Trading platform |
9.03 |
8.29 |
4.31 |
9.1 |
6.7 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker Australia?
According to the requirements of country Australia, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from Australia.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from Australia.
Best Forex Brokers for Beginners by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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