When selecting the best forex broker a forex trader should start by considering the forex trading platforms offered from Metatrader 4, 5 or cTrader, then the CFD spreads and fees, the forex markets offered from currency pairs to cryptocurrencies and finally the customer support offered.
View the top retail foreign exchange regulated brokers below.
By Justin Grossbard / Updated: Saturday, December 07th, 2019
The Top 10 Best Forex Brokers
Below are the best forex brokers across key CFD trading categories:
IC Markets – Lowest EUR/USD Spread Broker
Pepperstone – Best Forex Trading Platform Offering
Plus500 – Best Bitcoin + Cryptocurrency Broker
eToro – Best Copy Trader + Social CFD Broker
FXCM – Best Forex Trading Platform App
City Index Group – 4500+ CFD Global Market
FxPro Group Limited – Best Spead Betting Broker
AxiTrader – Best Metatrader 4 Broker
IG Group – Largest Foreign Exchange Retail Broker
EasyMarkets – Best Beginner Forex Trading Platform
The overall rating is based on review by our experts
10 / 10
10 / 10
9 / 10
5 / 10
Range of Markets
8 / 10
10 / 10
IC Markets Offers Has Low Trading Costs With ECN Forex Broker Spreads
There are three forex account types offered by IC Markets. The standard account for more beginner/intermediate brokers has no commission on traders and spreads starting from 1.0 pips.
The other two forex accounts are ECN forex trading accounts. These forex accounts have no dealing desk which means forex traders trade directly with currency markets. In the case of IC Markets, the forex markets include 50+ banks and dark liquidity pools to secure the best prices. With no dealing desk, extra spreads are market-based (not fx broker based).
Based on no dealing desk or trade interventions know as a ‘markets maker’, experienced traders prefer the True ECN or cTrader forex account with lower spreads and modest commission rates. Exchange rates are also impacted by liquidity in the market.
The table below highlights the average and minimum spreads of the true ECN account taken from the IC Markets website on the 28/10/2018.
There are 60 currency pairs offered on all forex accounts with quotes from 50+ banks and dark liquidity sources. As noted above, spreads differ by currency pairs with the EUR USD in most circumstances having the lowest spread. This is because the EUR/USD is the most popular traded currency pair reducing the difference between the ask and sell price. Other US dollar currency pairs are also commonly traded.
IC Markets stream prices on 60 different currency pairs and 4 metals on all of three online trading platforms. With quotes from over 50 different banks and dark pool liquidity sources IC Markets offers some of the best pricing in the industry, this combined with unrivalled real-time execution speeds makes IC Markets the favoured destination for day traders, scalpers and those using expert advisors (EAs).
The low spreads and commissions offered by IC Markets make it one of the leaders when it comes to price in the sector.
IC Markets Offers The Two Most Popular Forex Platforms
The two forex trading platforms are offered for Australian forex traders:
1) MetaTrader 4 + MetaTrader 5
MetaQuotes two trading platforms are the worlds most popular including MetaTrader 4 the forex trading platform while MetaTrader 5 is ideal for CFD trading and advance automated trading.
The preferred forex trading platform by many Australian experienced traders as it not only can have ‘inverse spreads’ with IC Markets but it allows for scraping and automation. Like MetaTrader, it has an IOs trading app and Android mobile trading.
IC Markets allows Australian forex traders to get the most from these forex platforms due to the best hardware and infrastructure setup which is ‘first in its class’. This includes having forex trading platform servers setup near wall street (NY4) for MetaTrader users and in London (LD5) for cTrader users.
Having infrastructure so close to the main trading hubs combined financial institution partnerships ensures fast trading with deep liquidity tools. Fibre optic connections from Australia to the two forex trading hugs in London and New York minimise latency times reducing slippage and misquotes when trading.
Both the MetaTrader and cTrader accounts offer a demo account or a forex trader can open a live account for the real trading environment. Live accounts allow foreign exchange trading once proof of identity requirements are met. All order types are supported on the demo or when trading real money. The mobile app may have some restrictions when you trade forex and forex pairs.
Leverage Offered By IC Markets
With a maximum leverage level up to 500:1, IC Markets offers the equal highest leverage on a range of forex pairs compared to other top forex brokers such as Pepperstone and CMC Markets.
An example of what 500:1 means is that for every dollar that you trade you can trade an equivalent of $500. This means that for a $100 trade you could trade $50,000 worth of currency so a currency movement of 0.1% would lead to a $50 profit (which in this case would be a 50% profit). Leverage magnifies gains but also brings a high level of risk. It’s important to factor in this high-risk factor and online trading conditions to determine the right leverage level for you.
It should be noted that 500:1 is considered globally very high and is only offered on some forex markets. This is why other brokers such as OANDA only offers 50:1 and IG offers a maximum level of 200:1. Due to the high risks involved when you trade forex, IC Markets or Pepperstone can lower a traders leverage. In fact, those who are new to forex trading are often started at a lower ratio be at a level that reflects the high risks involved.
IC Markets offers outstanding customer service for Australian foreign exchange traders. Training meets ASIC requirements of staff members under Australian Financial Services Licence 335692. The team who provide customer support have strong foreign exchange market currency trading experience. Customer support is 24 hours during weekdays when foreign currency markets are open. Their customer service team excels for experienced traders who have increased requirements on their fx brokers.
IC Markets also offers the live chat customer service channel through live chat inc. Most pages within the IC Markets website has a live chat pop-up, there is a direct live chat listing on Google and the option is also accessible through their fx trading platforms. Live Chat is operational 24/5 and is ideal to answer short concise questions relating to forex accounts. More complex live chat conversations may lead to an e-mail or phone call support.
There is also an excellent education section for those new to foreign currency trading to those looking for more advanced strategies or the latest currency market news. Another feature is a set of video tutorials that are useful when getting used to a new platform.
With IC Markets having no trading desk, experience traders deal directly with the currency markets. Education and customer service is tailored towards this type of fx trading with a focus on training conditions that have minimal broker intervention.
Pepperstone has a similar offering to IC Markets but also are FCA regulated for UK traders. Both brokers are recommended for experienced traders. This is based on spreads, customer service and forex trading platforms offered. Beginner forex traders may require customer support and an easy to use trading platform which EasyMarkets specialises on. For all other forex traders, IC Markets is an excellent broker to meet their needs and trading strategies. View some of our other forex broker reviews here.
Pepperstone – The leading Australian Raw ECN broker offering forex trading platforms MetaTrader and cTrader and award-winning customer support.
IC Markets – ECN/STP forex broker offering CFD trading with advanced trading tools, markets and cryptocurrency trading.
Plus500 – CFD provider offering more than currency trading from EFTs and stocks with an exclusive trading platform.
FXCM – Low initial deposit forex broker offering a trading platform exclusive to the forex broker allowing a range of market trading.
AxiTrader – ECN/STP online forex broker offering advanced automated trading through MT4 EAs focusing on real-time execution and low spreads.
Saxo Capital Markets – Stockbroker and foreign exchange broker with the lowest spreads for a no commission standard account.
CMC Markets – Broker offering share trading as well as trading CFDs on currency markets, commodities and indices.
Easy Markets – A beginner centric forex broker offering risk management tools to manage high risk when new to trading currencies.
IG Markets – The largest retail forex broker offering a large range of markets and platforms to suit non-specialised currency traders.
ThinkMarkets – MT4 forex broker offering currency and metals trading using its own propriety forex platform.
FOREX.com – Global currency broker offering modest leverage, training and customer service in multiple regions.
AvaTrade – CFD broker offering to trade through its exclusive trading platform offering currency and stock trading with leverage.
Go Markets – One of the few online brokers that also offers binary options which has a high level of risk associated.
Australian Best Forex Brokers List
ASIC Authorised (Australia)
Forex Trading Platform(s)
(Guaranteed) Negative Balance Protection
Yes - AFSL 335692
MetaTrader 4 MetaTrader 5 cTrader
No - Smart Stop Out (cTrader), Margin Call Warning (MetaTrader 4) Only
Forex Indices + Bond Futures Bitcoin + Futures
Advanced MT4 trading tools
Yes- AFSL 414530
MetaTrader 4 MetaTrader 5 cTrader
No - Margin Call Warning Only
Forex Indices + Precious Metals Bitcoin + Energy
Award winning customer service
Yes - AFSL 220440
IG Platform MetaTrader 4 L2 Dealer
Yes - Built-In Guaranteed Risk Protection.
Forex Share Trading Bitcoin + Ether Indices + Commodities
Share trading (stockbroking) services
Yes - AFSL 246566
EasyMarkets Platform MetaTrader 4
Yes - Guaranteed Protection
Forex Metals + Commodities Bitcoin + Indices
Fixed spreads and Deal Cancellation
Yes - AFSL 417727
Plus 500 Platform
No - Margin Call Warning Only
Forex Indices + EFTs Cypto + Shares
Highest rated CFD trading apps
Yes - AFSL 238054
Next Generation Platform MetaTrader 4
Forex Share Trading Indices + Commodities Treasuries
Stockbroking and stop loss order features
Yes - AFSL 424700
Trade Interceptor MetaTrader 4
No - Margin Call Warning Only
Forex Indices + Metals Commodities
'Trade Interceptor' to find opportunities
Yes - AFSL 345646
MetaTrader 4 At Pro
No - Margin Call Warning Only
Forex Share Trading Indices + Metals Bonds + Options Treasuries
Advanced charting and indicators
Yes - AFSL 254963
MetaTrader 4 MetraTrader 5
No - Margin Call Warning Only
Forex Commodities + Indices Binary Options
Free MT4 enhancements including Autochartist
Yes - AFSL 412981
OANDA Platform MetaTrader 4
No - Margin Closeout Only
Forex Commodity + Bonds Indices + Metals
Offer money transfers to send funds overseas.
FAQ's About The Best Forex Brokers
Which Is The Best Spread Forex Broker?
Based on the awards given out by investment trends Pepperstone was considered the best spread forex broker. This award is based on 13,000 investors and traders voted on November 2018. This included the best forex broker 2018 lowest spread category. The picture below shows how they also won several other categories in 2019. It should be noted in 2015 they also won the spread, customer service and satisfaction categories. View the full review of Pepperstone.
What Is the Best Forex Brokers For Beginners?
Based on risk management tools and transparent trading costs easyMarkets is the best beginner forex broker with:
Negative Balance Protection ensuring losses can’t exceed a traders deposit
Guaranteed stops preventing slippage leading to losses exceeding limits
Simple to use forex trading platform for beginner forex traders
A low initial deposit of just $200
DealCancellation so a deal can be cancelled within 60 minutes
Those looking for an Electronic Communication Network (ECN broker) should consider IC Markets have the best Raw trading account. This account offers spreads similar to an ECN forex broker (market maker) based on a combination of:
High Leverage Of 500:1
Raw spreads from 0.0 pips (ECN broker type spreads)
The choice of MT4, MT5 or cTrader forex trading platform
Low latency through Equinix Data Center in New York & London
There are also over 10 advanced trading tools from an alarm manager, correlation matrix/trader, trade terminal, market manager, mini terminal to sentiment trader. These tools can help analyse the market and then make trades based on market movements.
What Is The Top Forex Broker For Bitcoin?
Those looking to trade forex and cryptocurrency should consider Plus500.
Unlike other online brokers that only offer Bitcoin, Plus500 also offers CFD trading of cryptocurrencies such as:
Bitcoin + Bitcoin Cash
Offering more than just Bitcoin is not the only feature of Plus500. They also offer up to 1:30 leverage when trading making them the best forex broker 2019 for leverage. It’s these factors that make IC the top forex brokers with bitcoin and other cryptos.
Pepperstone is the best MT4 forex broker. It was explained above in the spread section that this MT4 forex broker is a multi-award winner and when it comes to the MetaTrader 4 forex trading platform. One core reason is they offer ‘Smart Trader Tools’ for the MT4 forex platform. Based on a minimum $500 AUD equivalent account balance these tools include correlation trader and matrix, market manager, sentiment trader and session map.
The fx broker also offers no dealing desk which allows experienced traders to trade directly with currency markets. This applies to a wide range of forex markets. They have Australian Financial Services Licence 414530 and FCA regulation. View the full review of Pepperstone.
How We Compiled The 2019 Best Forex Broker List
The best forex broker comparison table has been created over the past 5 years comparing brokers from the FCA and Australian Securities And Investments Commission foreign exchange providers. A list of suitable criteria including the largest broker offers was created for customers who are looking for the best fx broker for experienced traders. The forex account comparisons and the research were based on key fx broker principles with preference given to market makers. Other fees such as rollover rates impacted by the interest rate were also factored but not discussed in this comparison.
All brokers retail investor accounts compared needed to be available to the majority of experienced forex traders. Some other brokers were received such as Global Prime, XTB, OANDA, and eToro but not shortlisted for the comparison. Other locations were also considered such as the UK, New Zealand, Singapore, Malaysia and South Africa as regulation changes in these districts. This was not designed for USA trader who may require a broker with the National Futures Association (NFA) or the CFTC. Some trading platforms such as NinjaTrader were not considered when comparing fx platforms.
The team completed this forex broker comparison with the goal of providing forex traders with the best broker based on value and service. Both the final table and this best forex broker recommendation were made based on the data obtained on the trader’s website (which in some cases were validated by the providers). We focused on the biggest fx brokers with ASIC regulation to avoid issues that some smaller, lesser-known brokers have had historically. Some forex broker reviews like easyMarkets and FP Markets were completed but not found suitable for the comparison table. Such fx brokers and individual broker offers can be viewed on other pages. Learn more about selecting a CFD provider with our choosing article.
In the comparison, to review customer support we reviewed the rankings on third party award sites such as Investment Trends. The regulatory bodies were also assessed and their feedback on fx broker customer support, issue resolution and compliance issues including:
Third-party review sites were also reviewed for customer support reviews and other feedback from individual forex traders.
Data Integrity And Feedback
As the above 2019 best forex broker comparison table is compiled manually by our team and with no automation. The data may have some inaccuracies due to either the misinterpretation of data or due to Forex websites having updated their company details since (e.g. fees) of broker offers. As this is the case, the trading forex information provided on this forex broker comparison page and on this website should be used for indicative purposes only.
Once website users click across from this website to a broker they should review their content. Start trading only after reviewing the foreign exchange brokers product disclosure statements. This is to validate any information provided on this website and to ensure this product is suitable for them and since broker offers can change without warning.