ASIC Regulated Forex Brokers 2022

FP Markets Has Good Trading Platforms

FP Markets Account Types

Australian forex traders interested in opening a trading account with FP Markets can choose from among two account types:

• Standard account. This no-dealing-desk account charges no commissions, meaning traders pay only spread fees. Note that spreads start at 1.0 pips, however, and may vary depending on market conditions.
• RAW account. The RAW account offers tight spreads starting from 0.0 pips, but traders pay a commission starting from AUD $7.00 per round-turn trades of a standard lot.

FP Markets allows prospective customers to test out the trading experience with a free demo account, which converts to a live trading account upon receipt of a minimum deposit of AUD $100 or its equivalent.

Given their overall similarity – same minimum deposit, same no-dealing-desk execution model, same trading platforms – the choice of platform largely hangs on experience and trading style. Beginners and long-term traders may fare better with the Standard account, while scalpers and day traders will find the RAW account more compelling.

FP Markets Trading Products

With approximately 250 available trading products, FP Markets has a solid range of financial instruments more than adequate to most traders’ needs.

In addition to over 60 currency pairs, including major pairs like EUR/USD, AUD/USD, USD/GBP and USD/CHF and popular minor currency pairs, such as combinations of the New Zealand dollar and Japanese Yen.

FP Markets also offers 814 shares and 19 global indices. Commodities are somewhat limited, however, as is cryptocurrency.

Australian FP Markets account holders also have the option to trade in CFD derivatives. The broker is known, in particular, for a strong stock CFD offering. Note that bond CFDs and ETF CFDs aren’t available.

FP Markets Trading Platforms

Where FP Markets really makes a name for itself: trading platforms. This forex broker has a truly impressive range of platforms, integrations and value-add services designed to ensure that each client enjoys a close-to-custom trading experience.

In addition to a proprietary mobile app, FP Markets account holders everywhere can trade using the MetaTrader 4 or MetaTrader 5 platforms with optional integrations like Autochartist and Advanced Trade Assistant. For traders using a social or copy trading strategy, FP Markets offers Myfxbook integrations for MetaTrader.

Australian traders also benefit from access to the IRESS suite of trading platforms, including IRESS Trader and IRESS Mobile. If you trade shares and want an alternative to MetaTrader 5, IRESS is your best bet. The platform gives users access to over 10,000 stocks – a larger range than available with MetaTrader 5. It also offers Direct Market Access (DMA) execution.

Finally, account holders enjoy access to an impressive selection of value-add services, including API trading, a multi-account manager and VPS hosting.

Our Verdict on FP Markets

A real ‘all-rounder’, FP Markets may not have the flash of some newer, leaner forex brokers or the reach of other operations we review, but snags a top spot due to its commitment to providing Australian account holders with an optimal trading experience. An impressive range of trading tools combined with straightforward pricing combine to make FP Markets a solid choice for traders looking for a no-frills, fully-licensed broker.

View FP Markets Review >>Visit FP Markets >>

IC Markets IS A Great Low-Spread Broker

Sydney-based IC Markets has expanded since 2007 to become one of the largest and best-known forex brokers in the world. Access to deep liquidity sourced from over 25 providers around the world allows this leading broker to offer traders some of the best rates.

Key Strengths

1. Access to deep liquidity means excellent rates and low trading costs
2. Variety of trading platforms and tools
3. Award-winning customer support

IC Markets Account Types

Depending on their preferred trading platform, IC Markets clients have the option to select from three account types and two pricing structures:

• Raw Spread account (MetaTrader). Spreads start from 0.0 pips for major currency pairs, including EUR/USD, however traders using an AUD-based account pay a commission of AUD $7.00 per round-turn trade.
• Raw Spread account (cTrader). The Raw Spread account with cTrader also offers competitive pricing. Tight spreads go as low as 0.0 pips, and traders pay a flat commission of USD $6.00 (converted to local currency at the spot rate) for all round-turn trades of standard lots.
• Standard account. A commission-free account type offering no-markup, institutional-grade spreads starting from 0.6 pips.

Note that, as with other top forex brokers, your choice of account type with IC Markets should consider your preferred trading platform. Standard account holders are locked into MetaTrader 4 and MetaTrader 5, while those opting for Raw Spread also have the option trade on cTrader.

The simple pricing structure and more limited range of trading tools make the Standard account a better option for new traders, while those with more experience will probably find the Raw Spread accounts offer more bang for the proverbial buck. Algorithmic traders using expert advisors (EAs) and scalpers can benefit from the Raw Spread with MetaTrader configuration, while cTrader may hold more appeal for those who need greater Depth of Market (DOM) visibility.

Traders not yet familiar with IC Markets can get acquainted with this Australian forex broker by opening a demo account. To convert to a live account, IC Markets recommends a minimum deposit equivalent to USD $200 to cover margin costs.

IC Markets Commission-Based Spreads vs Other Brokers

Because IC Markets makes use of such a large pool of liquidity providers, the broker is able to offer some of the best spreads in the industry with their RAW Spread account.

ECN Broker Spreads	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD
	0.14	0.25	0.02	0.27	0.17
	0.80	0.80	0.20	0.80	0.40
	0.26	0.47	0.17	0.40	0.24
	0.20	0.30	0.20	0.40	0.20
	0.30	N/A	0.30	0.50	0.40
	0.24	N/A	0.17	0.54	0.30
	0.30	0.70	0.20	0.50	0.40
	0.30	1.10	0.10	0.60	0.50
	0.79	1.60	0.46	1.26	1.28

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/11/2022

Average spreads for this account are below 0.10 pips which is the benchmark when it comes to the EUR/USD currency pair. This compares well with other notable no dealing desk competitors such as Pepperstone, FP Markets and ThinkMarkets.

IC Markets Trading Products

Like other high-profile Australian forex brokers, IC Markets ensures that account holders have access to all major trading products, either as direct investments or derivatives.

Trading forex? IC Markets offers over 60 pairs covering all the major, minor and exotic combinations. This broker also has a diverse range of commodities available for trading, including over 17 soft commodities, four metals and five energies.

Trading CFDs? IC Markets allows Australians to trade all available financial instruments directly, or to bet on the market with contracts for difference.

IC Markets alone allows customers to trade in futures including ICE Dollar Index Futures, CBOE VIX Index Futures, Brent Crude Oil Futures and WTI Crude Oil Futures.

IC Markets Trading Platforms

While IC Markets has yet to develop a proprietary platform, the brokerage has made significant investments in its mobile app, as well as value-add services to enhance trading execution and account management.

In addition to the Advanced Trading tools suite of solutions, which includes expert advisors (EAs), IC Markets customer trading on MetaTrader have access to an Autochartist plug-in for more advanced charting.

For social trading, IC Markets account holders have access to Myfxbook integrations for MetaTrader 4 and 5, as well as MetaTrader’s own Signals app. The broker has also partnered with ZuluTrade, which traders can use as a stand-alone platform or MetaTrader integration.

A copy trading solution, ZuluTrade allows traders to mimic the trades of successful retail investors in its community. With around 2 million users, the platform is one of the more successful copy trading platforms available, which means more signal providers from whom to choose and more opportunities for automation.

IC Markets also makes upgrading trading conditions straightforward with a collection of value-add services like multi-account management, VPS hosting and API trading.

Our Verdict on IC Markets

With a transparent pricing model, on-demand customer support and global name recognition, IC Markets is a good choice for beginners transitioning to more advanced trading strategies and more experienced traders pursuing social and copy trading strategies.

View IC Markets Review >>Visit IC Markets >>

AvaTrade Is A Good Broker for Beginners

Based in Dublin, this AVA Group subsidiary has grown from a single office in 2006 to a multinational operation globally recognized for its innovations in risk management and trader education.

Key Strengths

1. Powerful risk management tools, including AvaProtect
2. Excellent educational tools and support for beginner traders
3. Wide variety of trading platforms and integrations

AvaTrade Account Types

When it comes to account types, it doesn’t get simpler than AvaTrade. Unless you’re a qualifying professional trader, you’ll trade on a Retail account.

Before committing, potential customers with AvaTrade can open a demo account to explore the available tools and overall trading environment. Once you’re ready to go live, AvaTrade will ask for a minimum deposit of USD $100.

While retail investors trading with AvaTrade won’t pay commission fees, this comes at a price. AvaTrade acts as a market maker for account holders, which means the brokerage sits on the opposite side of some trades. To safeguard liquidity, AvaTrade sets a minimum EUR/USD spread of 0.9 pips and charges spread fees to traders. For experienced traders looking to profit from high volatility in the markets, AvaTrade’s highly-controlled trading environment might not be the best fit.

For novices, however, AvaTrade’s innovative risk management features may outweigh higher trading costs. The broker offers a proprietary tool through its AvaTradeGo mobile app that allows traders to effectively insure specific trades for up to AUD $1 million during a given period. For example, a trader applies ‘AvaProtect’ to an open position for a period of one week. The market moves against him, however, and he closes the position three days later at a loss. AvaTrade reimburses him directly into his trading account.

AvaTrade Trading Products

Suitable for new and experienced traders, AvaTrade’s selection of available products to trade covers all the important categories and includes cryptocurrencies and CFDs.

AvaTrade offers a full range of financial instruments to Australian forex traders, including an impressive range of 27 commodities ranging from energy to agriculture to precious metals.

This Australian forex broker also offers 55 forex pairs, 59 ETFs, 44 options, 33 indices and 16 cryptocurrencies. Leverage for major currency pairs extends to 30:1, and minor pairs are capped at 20:1, following ASIC regulations.

AvaTrade Trading Platforms

With the largest number of trading platforms of any Australian forex broker we profiled, AvaTrade has a tool suitable for every trading style or strategy.

In addition to MetaTrader 4 and MetaTrader 5, traders focused on options can trade using AvaTrade’s proprietary AvaOptions solution.

Social traders can trade directly via ZuluTrade, but may also opt for the broker’s own AvaSocial tool. MetaTrader 4 traders can engage in copy trading via the DupliTrade integration.

Our Verdict on AvaTrade

With powerful risk protection tools and a simplified account structure, AvaTrade is the ideal choice for new traders learning the ins and outs of trading on popular platforms like MetaTrader 4 or MetaTrader 5 and developing a trading strategy.

View AvaTrade Review >>Visit AvaTrade >>

eToro Is Great for Social Trading

Newcomer eToro may not have the breadth of tradable products available with other top-tier brokerages, but this innovative young brokerage has made significant strides in bringing retail investing to the masses while pioneering social and copy trading technology.

Key Strengths

1. Extensive cryptocurrency offering available for direct investing and CFD trading
2. Excellent educational tools and support for beginner traders
3. Sophisticated social and copy trading tools designed to lower barriers to entry for new investors

eToro Account Types

Similar to AvaTrade, reviewed above, eToro aims to simplify trading by reducing the available account types to a single account structured with retail investors in mind.

Australians trading with eToro will pay no commissions on their trades, however the broker acts as a market maker, sitting on the opposite side of some trades. While this ensures that your order gets filled, the certainty comes with a cost. Traders must cover spread fees starting from 1.0 pips.

Curious traders interested in learning more about eToro can open a free demo account funded with virtual currency. eToro does not require a minimum deposit (except for Islamic, swap-free accounts), but does charge an AUD $5 withdrawal fee.

eToro Trading Products

eToro’s focus on innovation in investing and financial products means the broker has an impressive array of cryptocurrencies and CFDs available to trade: 46 in total.

eToro also features an impressive array of derivatives: 13 indices, 264 ETFs and more than 2,500 stocks, as well as CFDs.

For forex brokers, eToro has nearly 50 currency pairs, including all the major and minor pairs. Its commodities offering also includes a wide range of commodities, 33 in all covering metals, energies and soft commodities.

eToro Trading Platforms

Love eToro? Then you need to love its trading app. Unlike other Australian forex brokers, eToro offers only its own, home-grown trading platform to account holders.

The good news? If you’re a social or copy trader, eToro offers cutting edge tools designed to make these trading styles accessible to even the most casual traders.

Among the platform’s key features, the CopyTrader and Smart Portfolio solutions. Copy Trader allows new investors to follow and mimic the decisions of Popular Investors chosen on the basis of their previous trading success, while Smart Portfolios provide new investors with ready-made investment strategies organised around particular themes, such as IT, cannabis and electric vehicles.

Our Verdict on eToro

Though perhaps not the strongest of forex brokers, eToro’s game-ified approach to investing and emphasis on cryptocurrency may prove attractive to younger traders who view investing as a social activity.

View eToro Review >>Visit eToro >>

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

Fusion Markets Is Best For Low Commissions

Founded by veteran Australian financial professionals with a combined 50 years of experience in forex trading, Fusion Markets puts low trading costs and fast execution at the centre of its mission.

Key Strengths

1. Excellent trading conditions thanks to ECN-like trading conditions and STP
2. Ultra-low commissions and overall highly competitive trading costs
3. Over 90 forex pairs available to trade

Fusion Markets Account Types

With Fusion Markets all traders benefit from a no-dealing-desk, ECN-like trading environment with straight-through processing (STP), regardless of account type:

• Classic account. This commission-free account charges only spread fees, a more attractive prospect than with other brokers given that variable spreads start at a comparatively low 0.8 pips.
• Zero account.  Traders opting for this account type will pay a commission per round turn trade of a standard lot. In exchange, they’ll have access to tighter spreads starting at 0.0 pips. Fusion Markets also charges less than other regulated brokers: just AUD $4.50 per trade.

Note that, while Fusion Markets does not require a minimum deposit to open a Classic account or Zero Account but the broker recommends a minimum $1,500.

Given that both Classic and Zero accounts offer STP and neither restricts account holders to a specific trading platform, the choice between account types should turn on trading style.

Traders implementing a strategy that relies on scalping, hedging or automations – anything that relies on small market movements and fast execution to generate profits – would do well to opt for a Zero account. Traders just starting out or who intend to hold positions open for longer periods will be better served by the Classic account.

Fusion Markets Trading Products

Forex traders, take note, Fusion Markets offers the most currency pairs of any ASIC-regulated online brokerage: a total of 93.

The broker also stands out for its cryptocurrency offering – 15 in total, as well as a variety of commodities. In addition to three energy commodities, traders can trade 10+ precious metals (of which four are gold cross-pairs) and 10+ soft commodities.

Fusion Markets’ also offers 100+ stocks for traders using MetaTrader 5 and 10 indices. One notable shortcoming? CFD trading with Fusion Markets is limited to US shares and crypto.

Fusion Markets Trading Platforms

An excellent choice for those who like to keep things simple, Fusion Markets account holders can choose between MetaTrader 4 and MetaTrader 5, depending on their desired trading product.

The good news? Fusion Markets supports social trading. Social and copy traders can add Myfxbook or DupliTrade integrations to MetaTrader 4. Note that Myfxbook with Fusion Markets also includes Myfxbook Autotrade, which gives you the ability to fully automate your trading strategy.

Fusion Markets also provides two important value-added services: VPS hosting with New York City servers and a proprietary multi-account manager.

Our Verdict on Fusion Markets

Budget-conscious forex enthusiasts will appreciate Fusion Markets’ ultra-low commissions and extensive forex offering, but the minimalist approach to trading platforms and lack of trading tools to support more advanced trading strategies may dissuade experienced traders.

View Fusion Markets Review >>Visit Fusion Markets >>

Go Markets Offers Great Educational Resources

The self-proclaimed, “first MT4 broker in Australia” has consistently delivered a high-quality trading experience to Australian account holders, particularly those interested in trading stocks.

Key Strengths

1. Extensive, high-quality educational resources for beginner and experienced traders alike
2. Commitment to the MetaQuotes suite of trading tools and solutions
3. Competitive commissions and fixed spreads

Go Markets Account Types

Go Markets makes calculating your trading costs as simple as possible with two virtually identical account types:

• Standard account.  Traders pay no commission with this account type, just the spread fee. Spreads start at 1.0 pips.
• GO Plus+ account.  Tight spreads starting from 0.0 pips make this an attractive choice, but traders using this account type will pay a commission of AUD $6.00 per round-turn trade.

If you’d like to test drive the Go Markets trading environment, you have the option to open a free demo account. Live accounts require a minimum deposit of AUD $200, which you can fund via most major credit cards, as well as several online payment solutions, such as Skrill and FasaPay.

Similar to Fusion Markets, reviewed above, Go Markets makes very little distinction between its two available account types. Both Standard and GO Plus+ accounts operate on a no-dealing desk model for ECN-like trading conditions and execute orders using straight-through processing.

The commission-free pricing model and more predictable spreads of the Standard Account are a good choice for anyone new to trading or who prefers to hold assets for a longer period. For more experienced traders, or those who rely on micro-movements in the market to generate profits, the GO Plus+ account’s tight spreads better align with your trading needs.

Regardless of your account type, trading style or strategy, you’ll benefit from an extensive library of free educational resources, ranging from introductory how-tos to detailed trading tutorials. Podcasts and webinars help you stay current on market analysis, along with live Q&As with experienced traders. Rated #1 for educational materials by Investment Trends in 2021, the broker has a clear commitment to making retail investing accessible.

Go Markets Trading Products

With a respectable, if not outstanding, collection of asset classes available for trade, Go Markets has a solid range of options for traders interested in a diversified portfolio.

Australian account holders can trade up to 49 forex currency pairs, including major and minors. Go Markets also offers 10 cryptocurrencies and four commodities covering metals and energies.

The brokerage does have one standout offering: traders can spot trade over 2,500 stocks and 280 stock CFDs. 12 futures and two futures indices, plus one ETF round out Go Markets’ available financial instruments.

Go Markets Trading Platforms

Algorithmic traders and automation enthusiasts will appreciate Go Markets’ investment in value-add services, but the broker’s reliance on MetaTrader may prove problematic for some traders.

Unlike other top forex brokers committed to the MetaQuotes suite of platforms, Go Markets has yet to invest in the Advanced Trading Toolkit. It does, however, allow traders to integrate Autochartist for advanced charting.

Social traders have the option to add Myfxbook to support their trading, while algorithmic traders have access to A-Quant and Trading Central. A-Quant uses artificial intelligence to generate trading algorithms and may be useful for those new to technical trading. Trading Central likewise leverages machine learning to provide high-level expert analysis of market conditions and trade performance.

Our Verdict on Go Markets

High-quality learning resources and a simple, straightforward product make Go Markets a great choice for casual or hobby traders experimenting with forex and CFDs before making the leap into serious investing.

View Go Markets Review >>Visit GO Markets >>

ThinkMarkets Has the Best Mobile Trading App

Key Strengths

1. Award-proprietary trading app with features beyond either MetaTrader platform
2. Comprehensive range of trading products, including forex, CFDs and other derivatives
3. Low trading costs and no withdrawal or inactivity fees

ThinkMarkets Account Types

Australian traders considering ThinkMarkets have two account types from which to choose, one spread-only and one commission-based.

• Standard account. With variable spread starting at 4.0 pips, the commission-free Standard account has some of the best pricing of any market maker account from an ASIC-regulated broker.
• Think Zero account. Tight variable spreads starting at 0.0 pips make the ThinkZero account a worthy choice for sophisticated traders prepared to pay commissions of AUD $7.00 per round turn trade of a standard lot.

ThinkZero offers free demo accounts for potential customers interested in learning more about the brokers’ features. Those who decide to open an account should note that, while ThinkMarkets has neither a recommended nor a required minimum deposit to open a Standard account, Think Zero accounts need AUD $500 to cover margin costs.

Both the Standard and Think Zero accounts offer traders professional-grade trading conditions: no-dealing desk order execution with STP.

Likewise, ThinkMarkets allows customers to fund their accounts via credit card, bank transfer, PayPal and, for crypto enthusiasts, BitPay. The broker charges no internal fees for deposits and withdrawals.

ThinkMarkets Trading Products

While a bit less expansive in its forex selection than other top-tier Australian forex brokers, ThinkMarkets has a unique value proposition for share and ETF traders: direct dealing on the Australian Securities Exchange (ASX).

Beyond its 46 forex pairs, ThinkMarkets offers traders the opportunity to trade a range of other financial products and CFDs, including ETFs, commodities and stocks.

The broker has an impressive selection of cryptocurrencies – 21 total, including CFDs, as well as 22 indices and four futures.

ThinkMarkets Trading Platforms

While ThinkMarkets account holders have the option to trade via the well-known MetaTrader 4 and MetaTrader 5 platforms, the broker’s proprietary platform, ThinkTrader, provides a unique combination of features and tools that may win over novices and committed traders alike.

In addition to 125 technical indicators, 20 charts and 50 drawing tools, ThinkTrader can claim an award-winning mobile platform. Rather than shave features to save space, ThinkTrader doubled down. The result? A mobile trading app with significantly more tools than either MetaQuotes option, including DOM, Time and Sales, automatic funds transfers and partial order filling.

Our Verdict on ThinkMarkets

An ideal option for traders more comfortable with a phone or tablet, ThinkMarkets provides a powerful trading platform alternative to MetaTrader 4 or MetaTrader 5, coupled with attractive spreads and low commissions, depending on account type.

View ThinkMarkets Review >>Visit ThinkMarkets >>

*Your capital is at risk ‘71.89% of retail CFD accounts lose money’