Experienced forex brokers are always up to date with the latest trading techniques and tools. They serve as assistants for convenient trading. But now the Australian market is teeming with a variety of trading platforms, it is not so easy to choose one that will meet your requirements, as a trader.
Our team of financial experts conducted a series of tests, studied each trading platform and broker in detail, and created a convenient and easy-to-use trading guide for Australia. You can see the results of our work below.
In This Guide
Here are the Best Stock Brokers & Platforms in Australia
- Best Forex Broker: Forex.com
- One of the Best CFD Forex Brokers with Low Minimum Deposit: Plus500
- Best Free Forex Trading Platform: IG Markets
- Best Forex Broker for Beginners: CMC Markets
- Best Forex Broker for Professionals: IG Markets
- Best Forex Trading Platform for Windows: Forex.com
- Best Forex Trading Platform for Mac OS: AvaTrade
Which is the Best Forex Broker in Australia?
Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.
Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✔ Poor selection of CFDs
✔ Long processing times for certain withdrawals
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✗ Poor selection of CFDs
✗ Long processing times for certain withdrawals
Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.
In our opinion, and in the opinion of many customers from Trustpilot, Google Play and the App Store, Forex.com is crowned the best forex broker in Australia.
As the name entails, Forex.com’s main focus is forex trading, and their work is amazing. Trading with Forex.com is as exciting as it is efficient, and the huge number of forex pairs to trade gives you the option to pick and choose among the world’s currencies.
In addition to forex, Forex.com offers commodities, indices, individual stocks, bonds, ETFs, gold and silver, cryptocurrencies, and futures, which provide excellent trading opportunities to many traders.
It is worth taking into account that some users claim that Forex.com has long processing times for withdrawals.
Which is one of the Best CFD Forex Brokers with a Low Minimum Deposit in Australia?
When you trade with Plus500's app, you will be using the highest-ranked trading app for both Android and iOS.
You will also gain access to some of the world's best mobile trading features and a great selection of asset classes.
✔ Easy to use mobile software
✔ Competitive spread
✔ Top rated in both app stores
✔ Limited monthly transactions
✔ Only 2,200 CFD assets on offer
✔ Easy to use mobile software
✔ Competitive spread
✔ Top rated in both app stores
✗ Limited monthly transactions
✗ Only 2,200 CFD assets on offer
Fees: Overnight Funding, Currency Conversion Fee and Inactivity fee (read more about Plus500 fees here)
Demo Account: Yes
Min Deposit: £100
CFD Assets: 2,000+
License: FCA, CySEC, ASIC, FSCA, MAS
Plus500 holds a high position in our list of the best CFD forex trading platforms in Australia and the rest of the world, and there is a good reason why. Plus500 has been in the industry for almost ten years. The company has managed to build a strong reputation as a reliable broker worthy of its clients’ trust.
The minimum deposit you need to trade is AU$200. The minimum opening deposit is AU$200. Moreover, it has commission-free services that attract many traders with low budgets. In fact, Plus500 is not only a customer-favourite, but it is also one of our absolute favourite brokers with a low minimum deposit in 2022.
Which is the Best Free Forex Trading Platform in Australia?
IG Markets is one of the oldest and biggest online brokers in the world.
This UK-based broker has been offering trading opportunities since the early 1970s.
Still to this day, IG Markets keeps trail blazing the industry and setting the standard for all other online brokers.
✔ Real stock trading of the exchanges
✔ Huge selection of international stocks.
✔ High minimum deposit.
✔ Commission on spread betting and CFD stock trading.
✔ Real stock trading of the exchanges
✔ Huge selection of international stocks.
✗ High minimum deposit.
✗ Commission on spread betting and CFD stock trading.
Fees: Low spread & commission.
Demo Account: Yes
Min Deposit: £300
Deposit Options: Visa, Mastercard, PayPal, Bank Transfer
Assets: 10,000+
License: FCA, ASIC, CFTC, MAS
It’s not easy to find a free trading platform in Australia, but we suggest that you test IG Markets’ free demo account.
You can safely trade forex without any risks as IG Markets allows you to trade with $20,000 of virtual funds. If you want to change the market, there are 10,000+ assets and markets to choose from. You can trade forex, indices, stocks, commodities, cryptocurrencies and other instruments for free, using the IG Markets’ demo account.
You should take into account that you cannot trade real money or make a profit using a demo account. To do this, you need to open an account for free on one of IG Markets’ trading platforms. The platform also has low spread and commissions.
Which is the Best Forex Broker for Beginners in Australia?
CMC Markets is a global trading service based in the UK but with customers and offices all around the globe.
A combination of great trading tools, tons of assets, and long experience in the industry make CMC Markets an excellent choice for most traders.
✔ Huge selection of assets
✔ Well-established broker
✔ Top-notch trading platform
✔ Complicated registration
✔ High spread on stocks
✔ Fees on many transactions
✔ Huge selection of assets
✔ Well-established broker
✔ Top-notch trading platform
✗ Complicated registration
✗ High spread on stocks
✗ Fees on many transactions
Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC
If you have just started trading forex and your ambition is to get serious with it, you don’t want to opt for the most simple platform, but rather the best broker for beginner forex traders, of which we recommend CMC Markets.
CMC Markets have offered forex trading since 1996, making it one of the oldest online forex brokers. You can trade 330 spots and forward forex pairs, including majors EUR/USD, GBP/USD and AUD/USD.
CMC Markets offers new traders the chance to test different forex strategies, as well as measure their relative success rate and suitability, with their forex demo account. It’s a great opportunity as you can try risk-free trading with virtual funds to determine if the trading platform is suitable for you.
You can also develop your trading skills with CMC Markets’ free educational materials and resources. They share dedicated trading webinars, platform guides, advanced trading strategies, and more useful information on their trading platforms.
Which is the Best Forex Broker for Professionals in Australia?
IG Markets is one of the oldest and biggest online brokers in the world.
This UK-based broker has been offering trading opportunities since the early 1970s.
Still to this day, IG Markets keeps trail blazing the industry and setting the standard for all other online brokers.
✔ Real stock trading of the exchanges
✔ Huge selection of international stocks.
✔ High minimum deposit.
✔ Commission on spread betting and CFD stock trading.
✔ Real stock trading of the exchanges
✔ Huge selection of international stocks.
✗ High minimum deposit.
✗ Commission on spread betting and CFD stock trading.
Fees: Low spread & commission.
Demo Account: Yes
Min Deposit: £300
Deposit Options: Visa, Mastercard, PayPal, Bank Transfer
Assets: 10,000+
License: FCA, ASIC, CFTC, MAS
IG Group, which owns IG Markets, is one of the UK’s biggest financial companies (in all categories). It’s great for advanced traders due to its vast range of trading tools, including informative fundamentals and signals, in-depth chart analysis, custom alerts and automatic trading.
Moreover, it is very convenient to use IG Markets as it has several forex trading platforms to choose from: web platform, trading apps, MetaTrader 4, ProRealTime and demo.
Unfortunately, IG Markets’ minimum deposit requirement is quite high. You need to pay $300, or the equivalent in different currencies if funding by card to start trading.
Which is the Best Forex Trading Platform for Windows in Australia?
Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.
Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✔ Poor selection of CFDs
✔ Long processing times for certain withdrawals
✔ Offers MT4 and an Advanced Platform
✔ Unparalleled forex service
✗ Poor selection of CFDs
✗ Long processing times for certain withdrawals
Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.
Forex.com is the market leader in forex trading. The platform has been operating for 21 years and has great experience in the online trading world.
Forex.com can confidently boast with its advanced trading platforms available for Windows. You can use Forex.com on MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are free-of-charge forex trading platforms. As we know, the software is licensed to foreign exchange brokers who provide the software to their clients.
Many Windows users prefer to use MT4 and MT5 forex trading platforms as they are convenient and easy to download.
Which is the Best Forex Trading Platform for Mac OS in Australia?
AvaTrade represents the top tier of online brokers.
With a combination of their own software and third-party platforms, you'll gain access to some of the best trading services and features.
✔ Easily integrated trading robots
✔ Commission-free trading
✔ A limited selection of assets
✔ Rather high spread on certain assets
✔ Easily integrated trading robots
✔ Commission-free trading
✗ A limited selection of assets
✗ Rather high spread on certain assets
Fees: 0% commission but spread on each trade
Demo Account: Yes
Min Deposit: £100
Deposit Options: Debit & Credit Cards, Skrill, Neteller, Webmoney
Assets: 1,000 assets
License: Central Bank of Ireland, ASIC, FSCA, FSA
AvaTrade is considered to be the best trading platform for Mac OS users. They have several leading trading platforms that are available on desktop, mobile devices, and tablets with the Mac OS operating system. These interfaces allow you to trade over 250 assets on the popular MT4, as well as on MT5 and WebTrader.
MetaTrader 4/5 Mac, as the name suggests, was created specifically for Mac. AvaTrade for Mac has everything a Mac trader needs to trade comfortably. You can access the full range of order types and a variety of charting options for efficient trading. Its convenient and simple interface, as well as smooth navigation, takes trading to the next level.
Unfortunately, the AvaTrade trading platform lacks news and research, and it also has hidden fees.
Trading Guide for Forex Traders in Australia
The safety of our readers is our top priority. That is why we only recommend licensed and regulated brokers who provide their services in a completely secure way.
We also suggest that our readers pay attention and only use secure trading platforms. To determine how safe a broker is, you need to study the Australian trading laws in detail.
The Australian trading market is one of the most secure and, at the same time, has favourable trading laws. Australia’s main regulatory body is the Australian Securities and Investments Commission (ASIC), which controls the financial market and issues licenses to brokers.
As it is one of Australia’s main trading regulatory authorities, the ASIC is very strict towards brokers. Therefore, getting a license is very difficult. Brokers who can boast of having their licenses are considered one of the safest.
Since many successful brokers are also based abroad, they may have other licenses. This does not mean that they are less secure. There are many overseas regulatory bodies, such as the Financial Conduct Authority (FCA) in the UK or the Securities and Exchange Commission (SEC) in the U.S., which also issue licenses to brokers.
How to Choose the Best Forex Broker
Choosing the best forex trading platform among the many different ones can be a difficult task. Therefore, we want to give you some crucial tips that will come in handy when choosing the best forex trading platforms.
- Broker’s license and regulation
Day trading is legal and regulated by ASIC in Australia. As we’ve mentioned above, it is crucial to choose a safe forex broker for risk-free trading. A licensed and regulated broker guarantees that your money will not be stolen and trading will be completely secure.
- Educational tools
It is essential to choose trading platforms that will allow you to develop your trading skills. Many platforms offer training webinars, courses, books and even movies now. This is an excellent opportunity for both novice and experienced traders to learn new things and stay up-to-date.
- Set a budget
A popular mistake experienced traders do not make is to spend more money than they can afford. Keep in mind that it is better to use the money for trading that you can expose to risks. For example, to open an account, you need at least $100.
If you can afford more, that’s great. But never trade forex with money that you cannot afford to lose.
- Open a demo account
The best way to check if the trading platform is 100% right for you is to use their demo account first. This is a great opportunity to try all the tools in action, trade virtual funds for free, and explore all the pros and cons on your own.
It will be easier for you to choose the right forex broker and start trading by following our advice. You can also read our forex trading guide in Australia to explore the best forex trading platforms in more detail.
FAQs
Is forex trading legal in Australia?
Forex trading in Australia is entirely legal. Many of the most famous forex brokers have safely operated for many years in this country. Besides, forex trading has become easier and safer for Australian traders as Australia has one of the world’s most controlled financial sectors.
How do I Trade Forex in Australia?
To trade forex, you need to do the following:
- Study the forex market in detail
- Select a suitable forex trading platform
- Open a forex trading account
- Create a trading plan and stick to it
Is day trading legal in Australia?
Yes, day trading is legal in Australia. But you still need to be sure that your broker is licensed and regulated by main regulatory bodies, such as the Australian Securities and Investments Commission (ASIC). ASIC regulated forex brokers are known for high reliability since they protect and provide strong funds security and a guarantee from the Australian banks.
Do you pay tax on forex profits in Australia?
It is obligatory to be taxed in Australia when trading forex or other instruments. You can check with your local tax office, the Australian Tax Office (ATO), or an accountant who understands trade and investment taxes in Australia to ensure you are paying the correct amount and following the law.
How long does it take to learn forex?
An essential factor in forex trading is risk management. Experienced traders say that it will take a beginner two to ten years to develop a strategy that will give them positive trading results.
Conclusion
There are many brokers and trading platforms in Australia. By using our trading guide, you can quickly find a licensed broker that suits your requirements and offers a set of useful tools.
Note: Don’t hesitate to leave a comment below in case you have any questions regarding trading apps, safety, day trading, investments, financial systems, or anything else that might come to mind while spending time on our website. We promise to answer you as soon as possible.
Trading Platforms, Brokers & Apps That We Tested:
- Markets.com
- 24Option
- IQ Option
- BDSwiss
- HotForex
- Trade.com
- Libertex
- Plus500
- XTB
- InstaForex
- IG Markets
- GKFX
- LionsFX
- Valutrades
- XM
- IronFX
- Blackwellglobal
- FPMarkets
- AmanaCapital
- Admiralmarkets
- Alvexo
- Bizintra
- Pepperstone
- Windsorbrokers
- FXPro
- ForexTime
- HYCM
- FXGrow
- TeleTrade
- Trader.online
- Marketscube
- Finmaxbo
- FXCC
- Oanda
- Forex.com
- LCG
- CMC Markets
- FXCM
- iForex
- IFC Markets
- Aaatrade
Is Trading Allowed In My Country?
CFD Regulation Country by Country. The CFD trading services we are listing in this article are available in the following countries.
Europe:
- Albania
- Bosnia & Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Kosovo
- Latvia
- Lithuania
- Macedonia
- Malta
- Moldova
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- Serbia
- Slovenia
- Spain
- Sweden
- Switzerland
- Turkey
- Ukraine
- United Kingdom
Excluded: Belgium
North America
- Belize
- Canada
- Costa Rica
- Cuba
- Guatemala
- Honduras
- Jamaica
- Mexico
- Nicaragua
- Panama
- Puerto Rico
- The Bahamas
Excluded: United States
South America
- Argentina
- Bolivia
- Chile
- Colombia
- Dominican Republic
- Ecuador
- Guyana
- Paraguay
- Peru
- Suriname
- Uruguay
- Venezuela
Excluded: Brazil
Africa
- Algeria
- Angola
- Benin
- Botswana
- Burkina Faso
- Burundi
- Cameroon
- Central African Republic
- Chad
- Democratic Republic of Congo
- Egypt
- Eritrea
- Ethiopia
- Gabon
- Ghana
- Guinea
- Guinea-Bissau
- Kenya
- Lesotho
- Liberia
- Libya
- Madagascar
- Malawi
- Mali
- Mauritania
- Morocco
- Mozambique
- Namibia
- Niger
- Nigeria
- Republic of the Congo
- Rwanda
- Sierra Leone
- Somalia
- South Africa
- South Sudan
- Sudan
- Swaziland
- Tanzania
- The Ivory Coast
- Togo
- Tunisia
- Tunisia
- Uganda
- Western Sahara
- Zambia
- Zimbabwe
Middle East
- Georgia
- Armenia
- Azerbaijan
- Iran
- Iraq
- Syria
- Lebanon
- Cyprus
- Israel
- Jordan
- Saudi Arabia
- Kuwait
- Bahrain
- Qatar
- United Arab Emirates
- Oman
- Yemen
Asia
- Afghanistan
- Bangladesh
- Cambodia
- China
- China
- India
- Indonesia
- Japan
- Kazakstan
- Kirgizistan
- Laos
- Malaysia
- Mongolia
- Myanmar
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Thailand
- Turkmenistan
- Uzbekistan
- Vietnam
Excluded: Hong Kong
Oceania:
- Australia
- New Zealand
Our Author:
Adam Jarfjord is a Swedish day trader, investor, and copywriter. He works as head of content at BullMarketz.com and has been providing editorial content within the financial sector for more than 5 years.Read more about him by visiting his LinkedIn profile or contact us directly to learn more about the team.
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