18 Best Australian Forex Brokers

Best Australian Forex Brokers Reviewed

18 Best Australian Forex Brokers Reviewed

 

We now take a look at the Best Canadian Forex Brokers. Entrepreneurs are subscribed to countless blogs and YouTube channels to find out about morning routines, stock portfolios, business ideas and “building your empire” every day from 5am to 9pm. There is absolutely no doubt about it. It is very difficult for a person to achieve the lifestyle that they’re dreaming of without deliberately building the wealth ladder of life, instead of letting it get built for you by the routine 9 to 5 over the next 40 years.

In the midst of all the side hustles, inspirational videos and skill sharing, many aspiring entrepreneurs are finding great returns and significant increases in wealth from the Forex markets. Granted, in times past, Forex investments were always looked at with a tender shiver down the spine of prospective traders because of the massive risks attached to the markets.

It may not be safe to say that the risk level has decreased but one cannot deny the advancements that have been made in technology to mitigate the risk to a manageable level. Forex trading may indeed be that “side hustle” that could take you a few levels up on the wealth ladder. This article hopes to provide some information about a few of the big players in the market that have put in some serious time and effort to assist in making the market risk more manageable.

This list is not on a basis of ranking of brokers but a comprehensive list of the top brokers to choose from when trading from Australia.

 

Best Australian Forex Brokers AvaTrade

AvaTrade

With a client base over 200 000 traders, AvaTrade have shown themselves to an authority in the Forex market. With established web and mobile platforms, they enable over 2 000 000 Forex transactions per month.

Helping the beginner trader is a fundamental focus at AvaTrade and they have provided traders with vast amounts of training and educational material to assist in their journey.

Getting an account is an effortless process and is backed by great customer support that quick to respond with relevant answers available channels like email, live chat and telephone.

Overall Pros and Cons

Pros Cons
Quick sign-up Research tools aren’t current
Deposits and withdrawals carry no transaction fees Phone support can be better
Impressive educational tools Few products on offer

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $100
Average spread EUR/USD – active 0.62
Average spread EUR/USD – standard 0.92
VIP or active trader discounts Yes

 

Best Australian Forex Brokers XM.com

XM.com

Sporting more than 3 Million customers, XM.com have come quite a way since opening their doors in 2009 and it is not surprising that they are an industry leader in Forex. Traders are given access to spectacular mobile platform as well as an average web platform.

XM.com also offers superb educational, lecture and marketing material that prove to be very useful to traders.

Signing up is straightforward and customer support is quick to respond to any issues that may present themselves.

Overall Pros and Cons

Pros Cons
Quick sign-up Few products on offer
Deposits and withdrawals carry no transaction fees Forex fees are high
Educational resources are fantastic Lack of activity will attract penalties

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $5-$100
Average spread EUR/USD – active 0.8
Average spread EUR/USD – standard 1.6
VIP or active trader discounts No

 

Best Australian Forex Brokers FXTM

FXTM

With a staff complement of 800 employees, it’s no surprise that FXTM is able to service it’s 2 Million plus customers.

Beginner traders are FXTM’s favourite customers and the team at FXTM have provided a multitude of educational tools to ensure that the transition into the Forex world is as painless as possible. It’s evident that the mobile platform provides a far better experience than the web platform.

Getting an account takes no effort at all and the support team will ensure that your trading experience remains that way.

Overall Pros and Cons

Pros Cons
Customer support is fantastic Withdrawals attract high fees
Creating an account is easy Penalties are charged for inactivity
Educational material is comprehensive Limited products on offer

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $100
Average spread EUR/USD – active 1.0
Average spread EUR/USD – standard 0.8
VIP or active trader discounts Yes

 

Best Australian Forex Brokers FP Markets

FP Markets

It may be said that any company that successfully made an exodus from a global financial crisis is a company that is reliable. FP Markets has certainly earned that reputation and have been awarded many accolades since opening its doors in 2005.

FP Markets is a viable option for traders who are looking for a broker that has a good balance between pricing and product offering.

Signing up is painless and the client support team will ensure a smooth experience on the mobile and web platforms.

Overall Pros and Cons

Pros Cons
Customer service is great Limited product scope
Easy sign-up Certain options carry transaction costs
Inactivity doesn’t attract any penalties Web platform needs to be updated

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $100
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard 1.19
VIP or active trader discounts N/A

 

Best Australian Forex Brokers Alpari

Alpari International

Alpari International (Alpari) is an international broker that has a prominent presence in the Forex market. Regardless of your experience levels, traders can expect an engaging trading experience and are given access to a demo account to test the waters before diving in.

The Strategy Manager title is an added bonus for experienced traders who would like to see further gains.

This title allows you to earn profit share from other users who have adopted your trading strategies.

Overall Pros and Cons

Pros Cons
Offers good range of products Research and educational resources need improvement
Profit sharing gains from strategy manager role

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $100
Average spread EUR/USD – active 0.82
Average spread EUR/USD – standard 0.92
VIP or active trader discounts Yes

Read the 20 Best UK Forex Brokers Reviewed here

Best Australian Forex Brokers GO Markets

GO Markets

It’s easy to see why traders are impressed with GO Markets. Their training resources and trading platforms offers an amazing trading experience. There are only a few short steps to getting your own account which will enable you to enjoy low forex costs.

Client support can be contacted through social media, telephone, web and email and provide concise support.

Overall Pros and Cons

Pros Cons
Low fees on trading accounts Inactivity carries penalties
Fantastic customer support

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $200
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard 1.2
VIP or active trader discounts N/A

 

Best Australian Forex Brokers IG Group

IG

Always keeping the customer first has made IG a market leader in CFD instruments. Traders will have access to great web and mobile trading platforms equipped with all the utilities needed to become a successful trader.

The account confirmation process feels lengthy and customers should expect long lead times, but once you’re in, great trading and effective customer support are what lies ahead of you.

Overall Pros and Cons

Pros Cons
Web platform is fantastic Limited products on offer
Educational tools are noteworthy Poor phone support
Trading fees are low

Fees and commissions

Features Prices
Minimum Initial deposit to start trading £250
Average spread EUR/USD – active 0.36
Average spread EUR/USD – standard 0.7
VIP or active trader discounts Yes

 

Best Australian Forex Brokers Plus500

Plus500

With a sole mission of being the leading CFD provider in the Forex market, Plus500 takes an innovative approach to making Forex as easy as possible. Products are limited to Forex and CFDs but users can look forward to web and mobile platforms that are kept up to date.

The support team is available at all hours of the day and features a WhatsApp chat line as opposed to a telephone line.

Overall Pros and Cons

Pros Cons
User experience is efficient Limited research tools
Library of educational tools WhatsApp support needs to be optimised
24/7 customer support

Fees and commissions

Features Prices
Minimum Initial deposit to start trading €100
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard 0.6
VIP or active trader discounts No

 

Best Australian Forex Brokers easyMarkets

Easy Markets

Novice traders have been enjoying Easy Markets proprietary platform since 2001. With novice traders being the focus for the library of educational and research material as well as product scope, more experienced traders will find some limitations with strategy approaches.

Client support experiences longer lead times from time to time but provide accurate responses to customer queries.

Overall Pros and Cons

Pros Cons
No commissions More options needed on trading accounts
Lower fees

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $100
Average spread EUR/USD – active 0.9
Average spread EUR/USD – standard 0.9
VIP or active trader discounts Yes

 

Best Australian Forex Brokers Saxo Bank

Saxo Bank

Having an approach to business that has been proven to work, Saxo Bank (Saxo) is the frontrunner for online platforms and has been around since 1996. Saxo has a complex verification process for account creation and users will need to be patient.

Compared to competitors, Saxo’s minimum deposit may be undesirable to prospective traders. Saxo’s trading platforms will give a great trading experience. Unfortunately, most of the training and research materials come at a premium. Their customer support is good and only available during working hours.

Overall Pros and Cons

Pros Cons
Great platforms Excessive minimum deposit
Premium research tools are good Customer support limited to working hours
Good product variety

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $10 000
Average spread EUR/USD – active 0.6
Average spread EUR/USD – standard 0.6
VIP or active trader discounts Yes

 

Best Australian Forex Brokers eToro

eToro

The folks at eToro like to be known for their out-of-the-box approach to “Social Trading” and have been in business since 2007.

It’s easy to sign up and the platforms that are available (mobile and web) offer a great trading experience.

You may find that research and training material is a bit outdated to be completely useful but is still informative.

Customer care is available during working hours and the support team provide a pleasant experience.

Overall Pros and Cons

Pros Cons
Quick sign up High forex fees
Efficient trade experience Traders will need to be patient when processing withdrawals

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $200
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard 3
VIP or active trader discounts Yes

 

Best Australian Forex Brokers CMC Markets

CMC Markets

Having a track record since 1989, CMC Markets have been giving traders exceptional service and helpful tools.

Opening an account is free but slightly tricky to navigate to completion. The available platforms provide ample information and make sure that the user experience is satisfactory.

Any support requests will need to be dealt with during office hours.

Overall Pros and Cons

Pros Cons
Many products offered Expect delays with withdrawals
Well-designed trading platforms Long turnaround times for support calls
Useful educational tools

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $0
Average spread EUR/USD – active 0.81
Average spread EUR/USD – standard 0.81
VIP or active trader discounts Yes

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Best Australian Forex Brokers OANDA

Oanda

Oanda is no novice to the market and has been around since 1996. Traders will need to exercise patience when opening an account as Oanda’s confirmation process is quite drawn out.

Research and training material will prove useful to traders once you have figured out how to navigate the online filing system.

The support team’s answers may not always be completely accurate but their response times are normally short.

Overall Pros and Cons

Pros Cons
Trading fees are low High fees for withdrawals
Quick sign-up Long lead times for support call resolution
Web platform is well developed

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $0
Average spread EUR/USD – active 1.4
Average spread EUR/USD – standard 1.4
VIP or active trader discounts Yes

 

Best Australian Forex Brokers Pepperstone

Pepperstone

Pepperstone are the preferred choice for traders who are looking for good trading platforms with premium features and a trusted business with a good history in Forex.

Solid web and mobile platforms are awaiting users who complete the easy sign up process. Pepperstone provides good customer support and is available via email, live chat and telephone.

Overall Pros and Cons

Pros Cons
Low forex fees Product offering is limited
Good client support Not enough research material
Effortless trading

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $200
Average spread EUR/USD – active 0.86
Average spread EUR/USD – standard 1.13
VIP or active trader discounts Yes

 

Best Australian Forex Brokers FXCM

FXCM

Since 1999, FXCM has been an attractive option for novice traders because of their explicit focus on education and training. Getting your own account is relatively easy but not as quick as clients would like due to the long confirmation process.

Traders should also not expect more than an average experience with web and mobile platforms. Fast and helpful support is available via email, live chat and telephone.

Overall Pros and Cons

Pros Cons
Good research tools Few products offered
Detailed educational tools Platforms need more development
Quick sign-up

Fees and commissions

Features Prices
Minimum Initial deposit to start trading £300
Average spread EUR/USD – active 0.70
Average spread EUR/USD – standard 1.30
VIP or active trader discounts Yes

 

Best Australian Forex Brokers Forex.com

Forex.com

Forex.com have been a forex broker since 2001. There are some glaring holes in research data but users will find that some of the tools a quite good.

Apart from the lengthy confirmation steps, account creation is quite easy. Telephone support seems to have the shortest turnaround time but live and email are also available.

Overall Pros and Cons

Pros Cons
Low forex fees Desktop platform needs development
Research tools are adequate Few products on offer
Quick sign-up

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $50.00
Average spread EUR/USD – active 0.7
Average spread EUR/USD – standard 1.0
VIP or active trader discounts Yes

 

Best Australian Forex Brokers CityIndex

City Index

Backed by GAIN Capital, City Index have been providing brokerage services since 1985. Getting your own account is simple and fast and users will appreciate how the training and educational resources have been presented.

Client tech support is timeous and efficient but do not elect email as your first contact channel.

Overall Pros and Cons

Pros Cons
Affordable forex fees Sub-par desktop experience
Easy setup More products needed
Adequate resources

Fees and commissions

Features Prices
Minimum Initial deposit to start trading £50.00
Average spread EUR/USD – active 0.8
Average spread EUR/USD – standard 0.8
VIP or active trader discounts Yes

 

Best Australian Forex Broker Swissquote

Swissquote

Serving Forex customers since 1996, Swissquote bring all things swiss to their service offering. Users will have access good mobile and web platforms and getting your own account is a completely digital process.

Research and educational material are available, but you may find some limitations. Client support has sufficient channels and provides a quality experience.

Overall Pros and Cons

Pros Cons
Inactivity attracts no penalties Trading fees may feel excessive
Markets exposure is great
Good research tools

Fees and commissions

Features Prices
Minimum Initial deposit to start trading $1000.00
Average spread EUR/USD – active N/A
Average spread EUR/USD – standard N/A
VIP or active trader discounts N/A

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