The Best Forex Brokers and Trading Platforms in Australia

Forex Brokers and Trading Platforms in Australia
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.

Here are the Best Stock Brokers & Platforms in Australia 

  • Best Forex Broker: Forex.com
  • One of the Best Forex Broker with Low Minimum Deposit: Plus500
  • Best Free Forex Trading Platform: IG Markets
  • Best Forex Broker for Social Copy Trading: eToro
  • 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

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.

What we like

Offers MT4 and an Advanced Platform

Unparalleled forex service

What we don't like

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

Features

Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

3 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-empty star-empty

1,694 users gave the score of 3.18/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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 Forex Broker with a Low Minimum Deposit in Australia? 

Plus500

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.

What we like

Easy to use mobile software

Competitive spread

Top rated in both app stores

What we don't like

Commission on stock trading

Limited monthly transactions

Only 2,200 assets on offer

Easy to use mobile software

Competitive spread

Top rated in both app stores

Commission on stock trading

Limited monthly transactions

Only 2,200 assets on offer

Features

Fees: Overnight Funding, Currency Conversion Fee and Inactivity fee (read more about Plus500 fees here)
Demo Account: Yes
Min Deposit: £100
Assets: 2,000+
License: FCA, CySEC, ASIC, FSCA, MAS

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

16 users gave the score of 4.4/5
Total score:
star-full star-full star-full star-full star-empty

100,420 users gave the score of 4.1/5

72% of retail CFD accounts lose money. Plus500 has been named the best CFD provider in the UK, Spain, and Germany by the Investment Trends 2019 Leverage Trading Report in the UK and Spain. In 2018, Plus500 was named the best CFD mobile platform by the Investment Trends 2018 Australia CFD report.

Plus500 holds a high position in our list of the best 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$100. 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 2021.

Which is the Best Free Forex Trading Platform in Australia? 

IG Markets

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.

What we like

Real stock trading of the exchanges

Huge selection of international stocks.

What we don't like

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.

Features

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

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

9 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-full star-empty

34,288 users gave the score of 3.98/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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 Social Copy Trading in Australia? 

eToro

No online broker does copy trading like eToro.

You can choose to trade on your own or copy other traders, and the social trading network is the perfect place to share experiences and learn new skills from other traders from all over the world.

What we like

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

What we don't like

Commission of CFD stocks.

High minimum deposit

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

Commission of CFD stocks.

High minimum deposit

Features

Fees: 0% commission on stocks, although not on stock CFDs.
Demo Account: Yes
Min Deposit: £200
Assets: Hundreds of stocks.
Deposit Options: Credit/Debit Cards, Skrill, Neteller, PayPal, Wire, Rapid Transfer
License: FCA, CySEC, ASIC

Ratings:
star-full star-full star-full star-full star-full

Rating by our editorial team

14 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

107,718 users gave the score of 4.22/5

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro is an Israeli-based social trading and multi-asset brokerage company. The broker’s main goal is to provide financial and copy trading services. It has registered offices in Cyprus, Israel, the United Kingdom, the United States, and Australia.

eToro is a unique forex trading platform that allows you to use experienced traders’ expertise and copy their trades, thanks to its CopyTrader feature. The tool is great for beginners due to its simplicity. To copy a professional trader, you need to: select the traders you want to copy, define the amount you want to invest, and copy everything they do. You can do this automatically and in real-time with one click of a button.

Initially, eToro only offered forex trading, but now there are hundreds of different financial assets to trade, including commodities, crypto assets, currencies, indices, and more. So you can stay with eToro, easily changing the trading instrument. 

Which is the Best Forex Broker for Beginners in Australia? 

CMC Markets

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.

What we like

Huge selection of assets

Well-established broker

Top-notch trading platform

What we don't like

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

Features

Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

5 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

3,511 users gave the score of 4.08/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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

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.

What we like

Real stock trading of the exchanges

Huge selection of international stocks.

What we don't like

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.

Features

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

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

9 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-full star-empty

34,288 users gave the score of 3.98/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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

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.

What we like

Offers MT4 and an Advanced Platform

Unparalleled forex service

What we don't like

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

Features

Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

3 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-empty star-empty

1,694 users gave the score of 3.18/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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

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.

What we like

Easily integrated trading robots

Commission-free trading

What we don't like

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

Features

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

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

4 users gave the score of 4.8/5
Total score:
star-full star-full star-full star-full star-half

12,618 users gave the score of 4.62/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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 

Broker’s regulation in Australia 2021

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.

brokers license and regulation in Australia
  1. 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 for traders
  1. 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.

  1. 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.

trading platforms demo account
  1. 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

Forex Brokers and Trading Platforms 2021

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:

  1. Study the forex market in detail
  2. Select a suitable forex trading platform
  3. Open a forex trading account
  4. 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.

Can you use eToro in Australia?

Yes, you can use the eToro platform in Australia. Besides, this broker has an ASIC license and many main licenses in other countries, including from the Cyprus Securities & Exchange Commission (CySEC) in Europe, and the Financial Conduct Authority (FCA) in the UK. So, eToro operates completely legally in Australia.

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:

  • eToro
  • 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:

Our Author:

Our editorAdam 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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