Top Forex Brokers In Australia

Markets.com Offers The Best Forex Trading Platform Range

Markets.com is an ASIC regulated broker that offers a great selection of trading tools to help you with strategy development and risk management.

As a market maker, Markets.com forex trading is commission-free, with tight spreads as low as 0.6 pips for major fx pairs like the EUR/USD. In addition to forex, you can trade over 2,200 different financial products, ranging from major stock markets to cryptocurrencies and blends:

• 67 Currency Pairs
• 7 Cryptocurrencies
• 41 Indices
• 27 Commodities
• 2031 Shares
• 4 Bonds
• 60 ETFs
• 23 Blends

Trading Tools

You can choose between four different trading platforms. Markets.com offers two proprietary trading platforms that provide you access to the broker’s full product range. Marketsx for forex and CFD trading, and Marketsi for share CFD trading and portfolio development.

If you prefer MetaQuotes Software, both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are available, yet you can only trade forex, commodities and indices.

Marketsx

Along with full market access, the multi-asset platform provides extensive sentiment, technical and fundamental analysis tools to help you develop trading strategies while managing the high risk of forex trading.

• Sentiment Tools: Markets.com provides various types of sentiment data to help you determine confidence in a specific financial market and whether traders are buying or selling. Sentiment indicators include Trends in Trading, Bloggers Opinions, Trading Analyst, News Alerts, News Trading Sentiment, Trading Analyst Recommendations and Signals. 
• Fundamental Analysis Tools: Real-time Dow Jones News, Thomson Reuters Stock Reports, financial commentary plus advanced notifications and alerts.
• Technical Analysis Tools: A comprehensive charting package built-in to the trading platform, and a Related Instrument tool that shows the correlation between different financial markets and how they react to one another.

Marketsi

The broker’s share CFD trading platform offers tools designed for portfolio development and diversification. You can trade Markets.com full CFD range while using two primary tools to create diversified portfolios:

• Investment Strategy Builder: helps you develop strategies that suit your risk profile and investment objectives. You can build portfolios by searching different regions, sectors and industries, with the ability to rebalance your portfolio as needed in the future.
• The Strategy Template: Expected to be released soon, this feature will allow you to use portfolio templates designed by Markets.com experts that offer different risk levels, ranging from conservative to high risk.

MT4 and MT5

If you are looking to fully automate trading, MT4 and MT5 offer algorithmic trading tools where you can write your trading robots (aka Expert Advisors), or download tried and tested EAs from the MetaTrader Marketplace online.

Both platforms also provide advanced technical and fundamental analysis tools with an inbuilt charting package, alerts and notifications, and an economic calendar (MT5 only).

Markets.com Overall

The ASIC regulated broker is a top choice for all types of traders who are looking for tight commission-free spreads. You can choose between four quality trading platforms, but to gain access to the broker’s full product range of over 2,200 CFDs and the unique sentiment and analysis tools, you will need to use Markets.com proprietary trading platforms, Marketsx.

View Markets.com Review >>Visit Markets.com >>

*Your capital is at risk ‘70% of retail CFD accounts lose money’

FP Markets Is The Lowest Spread Forex Broker In Australia

Those looking to utilise automation such as Expert Advisors (EAs) should consider FP Markets based on the Australian forex brokers:

1. Best trade execution
2. Choice of MetaTrader 4 or MT5
3. No restrictions on scalping or EAs
4. Low spreads and commissions

1) Spreads

The most traded currency pair worldwide is the EUR/USD and FP Markets offer the lowest spread for the pairing when compared to other top forex brokers. It also has the lowest spread for most popular forex pairs, including GBP/USD and EUR/GBP. Overall, FP Markets had the lowest average spreads of any broker worldwide.

FP Markets No Dealing Desk Account Spreads	EUR/USDUSD/SGDAUD/USDUSD/JPYUSD/CADAUD/JPYEUR/GBPGBP/USDEUR/JPY	EUR/USDUSD/SGDAUD/USDUSD/JPYUSD/CADAUD/JPYEUR/GBPGBP/USDEUR/JPY	EUR/USDUSD/SGDAUD/USDUSD/JPYUSD/CADAUD/JPYEUR/GBPGBP/USDEUR/JPY	EUR/USDUSD/SGDAUD/USDUSD/JPYUSD/CADAUD/JPYEUR/GBPGBP/USDEUR/JPY	EUR/USDUSD/SGDAUD/USDUSD/JPYUSD/CADAUD/JPYEUR/GBPGBP/USDEUR/JPY
	0.10	1.30	0.20	0.10	0.50
	0.09	1.43	0.17	0.14	0.35
	0.20	1.50	0.20	0.20	0.30
	0.17	N/A	0.30	0.24	N/A
	0.20	10.00	0.40	0.30	0.70
	0.10	1.30	0.50	0.30	1.10
	n/a	3.10	0.50	n/a	0.30
	0.44	1.30	0.42	0.20	0.83

Data taken from broker website. Accurate as at 01/12/2021

Why FP Markets Has The Best Trade Execution

Fast execution speed can help reduce the likelihood of slippage so is something to consider when choosing a broker. The best forex broker Australia Investment trends panel awarded FP Markets the fastest with 39 milliseconds recorded in November 2020. This aligned to demo account testing showing FP Markets had the fastest limit order execution.

Spreads And Forex Platforms With FP Markets

FP Markets offer a raw account that requires a $100 minimum deposit requirement and provides you access to ECN spreads + AUD $3.50 commission per side ($7 round turn). Australian traders can choose between MetaTrader 4 or MetaTrader 5, with the latter more suited to share CFD trading.

Examples of forex pairs with spreads from 0.0 pip include:

• EUR/USD
• AUD/USD
• GBP/USD
• EUR/CAD
• USD/CHF
• AUD/JPY
• NZD/USD
• USD/SGD
• USD/ZAR

To achieve ECN-style pricing FP Markets connects with top-tier liquidity providers while using no dealing desk execution, providing retail investor accounts with a professional trading environment. When using the IRESS trading platform, traders will have access to DMA execution, meaning you can access the full ‘depth of market’ for prices.

As well as some of the lowest spreads available, FP Markets has a reputation for excellent customer support. The broker’s award-winning customer service teams can be contacted via phone, email or live chat 24 hours a day, 5 days a week and offer efficient, multi-lingual support. They also offer excellent market intel, including advanced technical analysis.

Compare ECN Brokers >>Visit FP Markets >>

IC Markets Is The Best Forex Broker For Scalping

IC Markets offers fast execution and low fees for Aussie scalpers traders across:

1. Spreads
2. Commissions
3. Execution Speed
4. Funding/Withdrawal Fees

1) Spreads

IC Markets offers two types of accounts:

• The standard account: no commissions and spreads starting 0.6 pips for the EUR/USD currency pair
• Raw spread account: Spreads start between 0.7 pips and 0.1 pips for the EUR/USD forex pair.

2) Commissions

The spreads above are applicable for the broker’s popular Raw Spread account (formally known as the true ECN account) for MetaTrader 4 or MetaTrader 5. IC Markets archives ultra-tight forex spreads by not operating as a market maker and instead of having STP with large liquidity pools. While IC Markets do not call the Raw forex account a true ECN account, the spreads are determined by the market which is why the broker offers minimum spreads of 0.0 pips for over 10 currency pairs including the EUR/USD, GBP/USD, and AUD/USD.

As shown above, the commission fees for IC Markets raw account are $3.50 per lot, per side. If the base currency of your trading account is set as the Australian dollar, you’ll pay commission fees of AUD $3.50 while those with the US dollar as their account base currency pay a higher commission rate of USD $3.50.

• AUD 3.50
• USD 3.50
• GBP 2.50
• EUR 2.75

3) Execution Speed

Execution speed is an important consideration for scalpers. If you want to trade frequently to take advantage of small movements in the market, it is essential you have a broker that offers the execution you need to get those prices and avoid slippage.  IC Markets offers an average execution speed of under 40ms and has servers in located side by side in the same New York data centre all the major liquidity providers host their servers.

4) Funding Fees

The third main online trading cost is deposit and withdrawal fees. IC Markets mostly charge no deposit and withdrawal fees, but require you to make an initial minimum deposit of $200. This applies to both withdrawals and deposits.

The reason that IC Markets don’t state there are no fees is due to external factors. For example, NAB (which IC Markets utilise) charges a $20 fee for international wire transfers. Overall, IC Markets do not directly charge deposit or withdrawal fees, making them one of the lowest fee brokers.

Summary Of Why IC Markets is the best brokers for scalping

IC Markets is one of the best choices for scalping due to their fast execution, low spreads, and choice of trading platforms offering a choice of MT4, MT5, or cTrader trading platforms. The broker has the AFSL number 335692 and is also regulated by CySEC in Cyprus and the FSA in Seychelles.

With ECN spreads and commissions, IC Markets have the lowest forex fees.

The broker is recommended for individuals looking to trade forex with the lowest brokerage costs. To open an account, a minimum initial deposit of USD $200 is required.

Compare Broker Spreads >>Visit IC Markets >>

Plus500 Is The Best Broker Broker For Beginners

Plus500 is an Australian Securities and Investments Commission regulated CFD provider that allows traders to utilise extensive risk management tools. As well as various order types and segregated client funds, Plus500 ensures your losses are limited by providing negative balance protection, a feature offered by a few Australian providers.

Plus500 Is The Beginner Best Forex Trading Platform Australia

When online trading CFDs with Plus500, customers gain access to a user-friendly trading platform, a range of financial instruments and advanced tools to manage the high risk of CFD trading.

The Australian Investment Trends report awarded Plus500 the best platform with:

• An easy-to-use desktop and web trader interface
• Advanced mobile platform
• Risk management features for different trading conditions

Investment Trends runs a client survey of CFD traders annually and found that Plus500 had the best mobile platform. This was based on the ease of use, functionality and range of contracts for difference (CFDs) tradable.

Beginner Forex Trader Risk Management Order Types

The trading of contracts for differences comes with a high risk of losing money, Plus500 customers can use different order types to ensure profits are maximised and losses are minimised.

• Limit and Stop Loss: Closes a position once a profit or loss limit is set – No charges
• Trailing Stops: Closes a position when a trade moves in the wrong direction by a set number of pips – No charges
• Guaranteed Stop Loss: Guarantees a position will not lose more than a defined amount, a premium is paid to eliminate the chance of slippage – Extra spreads applied

View the beginner broker page to compare this feature to other providers that cater to those new to trading forex.

Regulation

Plus500AU PTY LTD is the CFD provider’s subsidiary that follows ASIC regulation subsidiary for Australian forex traders holding the AFSL number 417727. They are regulated in several other locations such as South Africa (FSCA), NZ (FMA) and by the Financial Conduct Authority (FCA) in the UK (formally FSA).

Compare Beginner Platforms >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’

eToro Is The Best Copy Trading Forex Broker In Australia

eToro offers specialist services suitable for some individuals looking for:

• Social Trading
• Copy Trading
• CFD Trading

Social Trading

eToro has a unique trading platform with inbuilt social trading tools. The eToro platform has over 300 million trades executed with a large community that interacts with one another on their social network. This allows traders to discuss strategies, ideas and decisions on their social feed. The social trading functionality exists on both the desktop and mobile platforms.

Copy Trading

eToro offers copy trading tools so individuals can make the same trades as the individual selected. This trading strategy means the same profit or loss percentage will be achieved, and that past performance isn’t always a good indication of future performance. A key reason why eToro is popular is that traders are encouraged to let others copy their trades. This is through an incentivisation program rewarding them when they have more followers copying their strategies.

CFD Trading

eToro offers a range of CFDs including 17 cryptos including Bitcoin, Ethereum and Ripple. They also offer ETFs, indices, stocks, currencies and commodities. These are all tradable on the broker’s proprietary trading platform with varying leverage.

If social trading is important to you or you want to copy a past trader, then eToro is the Australian best broker for you. Note that eToro has some unique fees, including withdrawal charges that should be considered before joining the broker.

View eToro Review >>Visit eToro >>

*Your capital is at risk ‘68% of retail CFD accounts lose money’

CMC Markets Is The Best Stockbroker And CFD Provider

CMC is an all-in-one broker ideal for day trading with:

• Share trading (stockbroker services)
• Financial markets including 330 currency pairs
• Countdowns

Some day traders don’t want one provider for share trading and another for online forex trading. CMC Markets offer both services in Australia with a wide range of markets and is the logical choice for day traders. Not only does CMC Markets offer stockbroking services, but the fee structure to trade shares is also one of the lowest as shown below.

CMC Markets also offers futures trading, commodity trading, and foreign exchange trading. The CFD trading options with CMC Markets suit most forex trading strategies on their trading platform. Algorithmic trading is allowed, and the margin requirement on major currency pairs is 0.2%. In terms of fundamental analysis, CMC Markets provide complimentary forex news.

CMC Markets was founded in 1989 and is regulated in markets including Australia, New Zealand and the UK. They offer a free demo account allowing traders to test the platform prior to trading real money.

View CMC Markets Review >>Visit Broker >>

IG Is The Largest Retail Foreign Exchange Broker

The most popular forex brokerage trading firm in Australia, based on the range of markets, accessibility, popularity and ease of use is IG Markets. By having the highest Australian forex exchange market share across retail traders, IG can offer a wide range of options including:

• Proprietary web-based fx platform
• Mobile Trading including a number of Mobile Apps
• MetaTrader 4
• Advanced platforms (ProRealTime, L2 Dealer)
• Technical analysis

Over 178,000 retail traders from around the world enjoy trading on over 80 forex currency pairs and an additional 16,000 other markets (shares, indices, commodities, cryptocurrencies, etc.).

IG offers Variable Spread Model

On the most popular currency pairs, the AUDUSD and EURUSD the minimum spread is 0.6 pips. However, since IG offers a variable spread model, the real spread widens being affected by:

• Time of the day
• Liquidity
• During news and economic reports

The hallmark of the variable spread model is that you trade commission-free spreads. To have a better view of the total trading costs, we’re going to expose the average spreads as calculated for the 12 weeks ending 31st May 2019. For example, the average AUD/USD spread is 0.76 pips respectively 0.70 pips EUR USD average spread. For a complete spread review, study the table below.

Trade forex With Direct Market Access

For sophisticated investors, IG offers Direct Market Access trading accounts (DMA) with no market maker or dealing desk intervention. Traders must be aware that having access to IG Forex Direct comes with higher costs. The commission charged by IG is progressively applied via a volume-based scheme. For low-volume traders, the commission fees are quite high and in the long-term, can eat away at your profits. Below you can view the complete commission-based scheme charged by IG Markets.

For example, if you generate less than $100 million in volume per month, IG Markets will charge you $60 per $1 million traded. Compared to Pepperstone and IC Markets, IG comes lower in our star scoring system. On the plus side, the average spreads offered by IG are kept lower via Forex direct. The spreads from the table below are derived directly from the biggest banks in the world.

Summary of Why IG is the Most Popular Forex Broker

IG Markets is the world’s oldest foreign exchange broker and has been favoured by many Australian traders due to its rich history in serving retail clients of all backgrounds. When choosing a forex broker, it’s best to opt for a regulated FX provider. IG Market’s is well-regulated by worldwide financial watchdogs from Australia, the UK and the USA.

Largest Foreign Exchange Brokers >>Visit IG >>

AvaTrade Is The Best Fixed Spread Forex Broker

Our best forex broker Australia comparison found AvaTrade offers something unique. It’s called ‘fixed spreads’ which means the amount charged for each currency pair remains the same regardless of market conditions. When high market volatility exists, fixed spreads will often be lower than variable spreads.

Fixed spreads are best suited to either those new to forex or CFD trading or traders. Traders who like to always know the costs associated with each trade may also choose a fixed spread CFD broker over one with variable spreads. The table below compares average fixed spreads from brokers that offer and publish fixed spreads on their websites. As one can see, AvaTrade fixed spreads are clearly superior to other brokers.

Fixed Spreads	EUR/USDAUD/USDEUR/GBPEUR/JPYGBP/USD	EUR/USDAUD/USDEUR/GBPEUR/JPYGBP/USD	EUR/USDAUD/USDEUR/GBPEUR/JPYGBP/USD	EUR/USDAUD/USDEUR/GBPEUR/JPYGBP/USD	EUR/USDAUD/USDEUR/GBPEUR/JPYGBP/USD
	0.90	1.10	1.50	1.80	1.60
	0.90	1.20	2.00	1.50	1.80
	1.86	N/A	2.04	2.23	2.19
	1.60	1.90	1.70	2.40	2.10
	1.50	1.80	2.00	2.00	2.00
	3.00	3.00	3.00	3.00	3.00
	4.00	4.00	3.00	5.00	5.00
	3.00	4.00	4.00	6.00	4.00

Data taken from broker website. Accurate as at 01/12/2021

One thing to note is that fixed spreads are wider than ECN pricing accounts. This is because costs there are no commission costs, so spreads are wider to include brokers trading fees. You may also notice spreads are wider than standard accounts, this is the price you pay for the security of fixed spreads since the broker is taking on risk should variable spreads deviate from normal prices ranges. Despite this, AvaTrade has competitive spreads when compared to many standard accounts.

Good Range Of CFD Product

AvaTrade offers a wealth of trading products for trading, over 1250 financial instruments are available. In addition to 55 currency pairs, you can also trade 42 forex options. They even offer a specialised trading platform for options called AvaOptions which is suitable for Apple iOS and Google mobile phones. This platform comes with 13 options strategies including spot, call, call spread, call ratio put, put spread, put ratio and straddle and any options come with an expiration date of up to 1 year.

While AvaTrade makes this list as the best Australian forex brokers for fixed spreads, it is also worth mentioning the cryptocurrencies for CFD trading. Cryptos that can be traded include:

• Bitcoin
• Dogecoin
• Ethereum
• Litecoin
• IOTA
• NEO
• Ripple
• Stellar

Of particular interest is that Bitcoin can be traded against Gold, Euros (BTCEUR), Yen (BTCJPY) in addition to USD. And, a CRYPTO 10 Index compiling the 10 best cryptos into one basket is also available.

Remember, you are trading CFD derivatives which means you are not trading spot crypto through the exchange. This means not commissions fees, which is different to exchange trading where commissions are required. There are some other advantages trading with AvaTrader has over an exchange and this includes immediate execution when you open a trade. This is faster than through an exchange which will have delays, as trades need to be confirmed via an arbitration panel.

Advanced Risk Management Tool with AvaTradeGo

AvaTrade gives you a choice of MetaTrader 4, MetaTrader 5, AvaSocial and AvaTradeGo for trading all their products (AvaOptions is for options only). All these platforms are good choices but if you choose AvaTradeGo then you can access a unique risk management tool not found with other brokers.

AvaTradeGO is an in-house developed trading platform designed for users of iOS and Android mobile. Included with this platform is AvaProtect, a risk management tool exclusive to AvaTrade that allows you to exit your position on losing trades. For a small fee when you open your position, you can protect yourself for up to one million for that specific trade over a time of 6 hours to 2 days.

So in the event that the trade results in a loss during the protection period, you can get all losses from the trade back (up to 1 million).

AvaSocial Trading Platform

If you lack the skills or time to trade, then social trading or copy trading might be a better choice for you. This type of trading allows you to leverage the trades of other more successful traders for your benefit. AvaTrade provides you with the ability to do this with their mobile trading platform known as AvaSocial.

The AvaTrade social trading platform was developed in partnership was Pelican Trading. Key features of the app include the ability to chat about financial markets directly with other traders or start chat groups and the ability to follow and copy other traders. Like all good social trading platforms, traders have a choice of copying real-time trading signals manually or automatically. Social trading automation means you don’t need to be an active trader as trading signals take care of your trades while you do other things.

One fun feature of AvaSocial is that it allows you to share your successes via social media platforms such as Facebook, Instagram and Twitter.

Summary Of AvaTrade

Overall AvaTrade is best summarised as a broker that specializes in fixed spread brokers so is a good choice for new traders and traders that like predictability when reading. Users can choose from a range of trading platforms including MT4 MT4, AvaTradeGO, AvaSocial and AvaTradeOptions for trading a solid range of trading products.

View AvaTrade Review >>Visit AvaTrade >>

Saxo Bank Is The Best VIP Forex Exchange Broker

High volume retail investors are eligible for special privileges depending on the forex exchange broker. Saxo Bank (also known as Saxo Markets) offers the leading VIP account for those with a minimum deposit of AUD 1,500,000. Below shows a Saxo Bank trading account comparison.

Below goes through three key VIP account benefits in more detail.

1) Lower Spreads

As the spread table below highlights, the VIP trading account has the lowest spreads of any Saxo Bank trading account. These are not average spreads but published minimum spreads for their non-commission account. This means the true spread may be higher depending on market conditions. Generally, VIP spreads are competitive against other non-commission spread accounts.

Events And Hospitality

VIP account holders ($1.5m requirement) receive invitations to events and exclusive hospitality in Australia. They also can receive tickets to some of the best Australian events, ranging from music to sport.

VIP Customer Support

Australian forex traders who open a VIP account with Saxo Bank get access to key personnel. This includes a personal relationship manager and sales manager. Traders also get access to senior management and the Australian market strategist Eleanor Creagh.

Overall, the Saxo Bank VIP account has low spreads (non-commission account), advanced perks and superior support. For those who have AUD $1.5 million and are looking for these benefits, Saxo Bank is recommended.

Saxo Bank Review >>Visit Saxo Bank >>

FXCM Has A Good MetaTrader 4 Forex Account

As the second-largest retail foreign exchange broker, FXCM has an ASIC regulated forex broker subsidiary in Australia. Trading under ‘FXCM AU’ or ‘FXCM Australia’ the broker offers the following forex trading platforms:

• MetaTrader 4 (MT4)
• Trading Station
• NinjaTrader

Below compares the three forex platforms offers by some key features Aussie brokers may require.

Free MT4 Private Server With FXCM

Australian traders with FXCM receive a free Virtual Private Server (VPS) when trading volume exceeds 500k. The advantage of a VPS is that trader can switch off their computer and still have automation (Expert Advisors) run. It also allows access to MetaTrader 4 even without the platform installed and can enhance trading speeds.

The FXCM VPS offer doesn’t apply to demo accounts, and the 500k per month needs to be the average over the 3 months. The cost of the VPS service is reimbursed to traders at the start of each month.

Overall, MetaTrader 4 is the most popular forex trading platform. Our best forex broker Australia analysis found FXCM is one of the leading MT4 brokers for those looking to also use VPN. Traders should be aware that spreads are higher than some other brokers recommended in this analysis and markets offered are more limited.

Compare MT4 Brokers >>Visit FXCM >>

*Your capital is at risk ‘67% of retail CFD accounts lose money’

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