December 04, 2021

Most Forex Brokers in Australia are regulated by ASIC regulatory authority, however Australian traders do not always choose a locally based brokerage but rather spread their wings and choose the best Forex brokers which are not located in Australia at all. That being said, there are of course advantages in choosing an Australian forex Broker and this is what we will address in this section now. Australian forex brokers offer outstanding summary of market movements throughout the Asian trading session. Customer assistance is professional and available during the local trading hours and there is an obvious link to the local banks and financial institutions related to money and online trading. Australian Forex Brokers Reviews and Rating

In this section our team of experts has collected a list of the best rated Australian Forex brokers. The reviews of brokerages in Australia are conducted based on overall reputation among forex traders, trading conditions, platform, bonus offers, professional customer support, physical address and regulation. We hope that our hard work pays off and you can easily find the top Australian online forex Broker that suits your financial needs and trading requirements. 

Not only Australians trade Australian dollar AUD. In fact, it is one of the major players in the currency pool including one of the fave AUD/USD. Living in the country, however, makes the local currency even more attractive for trading and therefore searching and comparison of forex brokers in Australia makes perfect sense, since the local firms can ensure better spreads and fastest execution for the AUD related pairs. 

Why do we think that regulated Australian brokers are your best shot? The longer a broker has been operating, the better .Any regulated brokerage seem to be the top choice for any trader around the globe, mainly because you feel more protected against fraud. Another interesting fact is that in Australia, regulated Brokers can offer larger leverage options, while non-regulated companies have to minimize the risks and limit the leverage options. Keep in mind that there are billions of non-regulated brokers all over the internet that accept all traders including Australian clients and give gigantic leverage. We do recommend to exercise caution when trading with such brokers, because your funds and personal information might be compromised. 

Australian Forex brokers list

Australian Forex brokers are under the watchful eye of the Australia Securities and Investments Commission. In other words, your funds are better protected and the brokerage cannot just do whatever they wish with your money when you are not looking (or when you are, but cannot do anything about it anyway!). The super advantage of trading with Australia-based broker an living in the country is that if there is some fraud activity your claim against the scam forex broker will be processed faster.

 

   

Australia BrokerRatingDemoLeverageBonusPlatformsMin DepositPayments
LiteFinance 7yes1:50030% + 15%Metatrader 4, Metatrader 5, WebTerminal10 Skrill, Webmoney, Bitcoin, Advcash, Credit Card
PrimeXBT6yes1:1000PrimeXBT, Turbo1Credit Cards
FXCM5yes1:200-Trading Station II, MetaTrader 4, Active Trader, Forex System Selector 250Credit/Debit card, Online Check, Bank Wire, Paper Check
AdvancedMarkets4yes1:50-Advanced Trader/Pro/Prime, Fortex FX 500Wire, Check
Blueberry Markets4yes1:500MetaTrader 4100credit cards, wire transfer, POLi, Skrill
FP Markets3yes1:50010% credit bonusMetaTrader 4 (MT4), IRESS, Mobile trading200credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer
Freshforex3yes1:1000+5% to each cryptocurrency deposit; get 300% for each depositMetatrader 41WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking
Pepperstone3yes1:500100% Match BonusMetatrader 4, Metatrader 5, cTrader, cAlgo, cMirror200bPay, credit cards, Paypal
EasyMarkets2yes1:100Metatrader 4, EasyMarkets web-based platform100credit cards, neteller, Skrill, Webmney, wire transfer
Synergy FX1yes1:500MetaTrader 4500credit cards, skrill, wire transfer
Oinvest0yes1:200Samsung Galaxy, iPhoneMetatrader 4200Skrill, Neteller, Credit Cards
BlitzBrokers (IB for AxiTrader)0yes1:500MetaTrader 41Credit cards, Neteller, Skrill
Eightcup0yes1:500Metatrader 4100
ForexMart0yes1:1,000$150 no deposit neededMetatrader 41credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin
AETOS0yes1:200MetaTrader 4250Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY
Axi0yes1:400Metatrader 4200Debit and Credit Cards (Visa, Master, Maestro, JCB) Neteller Skrill/Moneybookers Global Collect (only for Australian clients) BPAY (only for Australian Clients) China Union Pay (only for Chinese residents) Bank Transfer Broker to Broker Transfer

How To Choose a Forex Brokerage if you are Australian trader

You have to decide on your currency pairs and trading style. Practice with demo account before you invest any real money into the game. Keep in mind that Metatrader 4 platform is one of the popular and safest out there and is available for either download and web-based including mobile versions.

Whether a complete newbie or experienced trader, check out terms and conditions of each broker you have selected to trade with. Little hidden fees, high spreads, limitations on trading styles can be a huge disadvantage for your investing career.

What you need to look out for the most:

  • Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
  • Swaps – the fee you pay in order to keep the contract open over night. There are Islamic accounts with some brokers with swap-free options.
  • Commissions per lot traded – usually charged with ECN and STP accounts where spreads are fixed.
  • Respected regulation authority such as DFSA, FCA UK, Cysec
  • Segregated accounts for your trading funds (meaning that your money is kept separately from the company's finances)
  • Satisfactory reviews from real forex traders from Kenya and around the globe
  • Various payment methods with fast deposit and withdrawal options
  • Low spreads and outstanding trading features
  • Reputable trading platform such as Metatrader 4
  • High quality customer support via chat email and phone 

Is forex trading legal in Australia?

The only legal restrictions set by the ASIC, Australia's Forex regulatory body, are imposed on the trading platforms and they limit credit card deposits to $1,000 when you open an account. Other than that, there are no leverage restrictions imposed, for now, or other legal obligations, apart from tax obligations.

Is Forex actually profitable?

How Profitable is Forex Trading? Generally, profits and losses are almost unlimited in the Forex market. Mostly, it depends on your risk appetite, your trading strategy, and your level of understanding. Start trading for a skill instead of a profit, and in time, the profits should come with the skill.

How much do forex traders make in a day?

This way it is possible to earn very easily between $500 - $1000 a day net of cost on the trade. If you trade correctly bearing in mind the short term, medium and long term auction then you can do very well.

So there, we explained the main parts and now you can go over the top rated ECN Australian Forex brokers, check out the Reviews and try out demo account, navigate through their trading platforms, try out the trading features and see the pros an cons of each broker yourself. Below is the broker list you have been waiting to see.  By running through this checklist, you should end up with a shortlist of brokers that offer you a good quality of service.

How do I choose a forex broker in Australia?

Searching for a reliable broker can be overwhelming because there are so many of them. The task becomes much easier if you search with some criteria in mind. Here’s a list with some of the conditions your broker must meet in order to be considered trustworthy. The best practice is to look for a broker that is regulated by a financial institution in Australia. That means you should be looking for a broker that is regulated by the ASIC (Australian Securities and Investments Commission).

How to Choose a Forex Broker (as an Aussie trader)

  • The most important factor to look for in a broker is to see if the broker is regulated by the Australian Securities and Investment Commission (ASIC).  ASIC is the regulatory body that is in charge of regulating the Australian financial industry. ASIC is also tasked with consumer protection as well as corporate governance which helps to ensure that your rights as a consumer are not abused by the brokers.
  • Apart from regulatory oversight, you should also ensure that the broker has provided you with a reliable trading platform. The trading platform is every trader’s gateway to the financial markets and without a reliable platform, one will not be able to trade effectively.
  • Finally, look at the spreads or commissions that the broker is charging. If the broker charges high spreads or commission, then your profitability will be affected. To help our Australian readers get a head start, we have compiled a list of recommended brokers that are based in Australia.

BOTTOM LINE

The fact that there are numerous well-managed, trustworthy and Forex brokers in Australia makes the process of choosing the best broker quite overwhelming. Unlike in most other markets around the world, you can bet on the strict ASIC regulations to keep the unscrupulous traders at bay thereby giving you peace of mind when making this all-important decision.

Start by checking the reviews of the companies you seek to trade with. You can also engage professional traders and investors within your network for advice on the best trading platforms. Most importantly, turn to reliable review platforms as topbrokers.com for expert advice about the best traders currently available in different markets, including Australia.