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9 Best Forex Brokers in Australia for 2024

Looking for the top forex brokers in Australia? Based on our hands-on analysis, we’ve identified the 9 best options tailored to various trading needs. Practical tips from our experts are included.

Plamen Stoyanov
Reviewed By:
Ola Alder
Updated: Apr 4, 2024

List of Top Australian Forex Brokers & Trading Platforms

Strong regulation. Competitive fees. Robust liquidity. Diverse accounts.

Listed on the London Stock Exchange. Zero commissions and competitive spreads. Feature-rich platform. Over 2800 tradable instruments.

Exceedingly low fees. 10,000+ instruments. Options trading available. IRESS platform available. High liquidity supply.

Over 200 share CFDs of Australian equities. Raw spreads and tight commissions. MT4, MT5, cTrader, TradingView platforms. VPS hosting.

13,000+ instruments available. MetaTrader (4 and 5), IRESS platforms. Versatile account types.

100+ crypto CFDs available. Free Forex VPS. Sophisticated third-party tools for crypto trading.

Negative balance protection. Segregated client funds. 24/7 multilingual support.

9 top-tier regulators. 45,000+ instruments. Professional-grade platform. Complex order types. Autochartist, Dynamic Trend and Update . In-house research.

Deep traditions in the trading industry. 17,000+ tradable instruments. Versatile platforms. Multiple supporting tools. Competitive prices.

Regulatory Landscape in Australia

The Forex and CFD (Contract for Difference) market in Australia is a vibrant and well-regulated sector, overseen by the Australian Securities and Investments Commission (ASIC). This regulatory body ensures high standards of operation, transparency, and trader protection. To provide derivatives trading solutions to clients in Australia, any broker has to be authorized by ASIC.

How did FX Empire Select the Best Forex Brokers in Australia?

FXEmpire's Methodology

  • ASIC regulation. We picked only highly transparent brokers regulated by the Australian Services and Investments Commission (ASIC).
  • Offices in Australia. We only considered brokers (and broker entities) headquartered in Australia.
  • Deposit and withdrawal methods. Being able to deposit and withdraw funds in AUD is essential for Australian traders seeking to avoid paying high commission/conversion fees. That is why we selected brokers that process AUD payments.
  • Local customer support. Due to the regional specifics of the Sydney trading session, we checked whether the brokers’ customer support is available during those hours.
  • Low fees. We evaluated the competitiveness of accounts affording a combination of commission-free trading and floating spreads, and others offering raw spreads and fixed commissions.
  • Variety of accounts. In estimating the functionality of a broker’s account types, we look for diversity. We check the number of tradable instruments and the capability to implement complex trading strategies.
  • Forex trading platform. We assess the functionality of a platform based on how user-friendly it is and how many instruments and tools it has.
  • Trading experience. We also evaluate how a broker caters to the particular needs of traders with different experience levels – from the seasoned professional to the rookie beginner.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology.

Now let’s dive into the selected brokers.

Best Overall

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
  • Tradable Instruments
  • Fees

If you are looking for a combination of reliability, competitive fees, and access to all the essential tools necessary to succeed, then you can confidently put your trust in IC Markets.
The company was founded in 2007 and continues to adhere to the industry’s most important safety regulations.

Regional Features

  • ASIC regulation, License No. 335692.
  • Offices in Sydney, Australia.
  • Australian instruments – 8 FX pairs, 1 index, 21 CFD stocks. 
  • Deposits and withdrawals in AUD.

From our live testing of IC Markets’ spreads, we found their trading fees very competitive with EUR/USD spreads of 0.6 pips and commission-free trading available on the Standard account. Its clients can choose between the renowned MetaTrader 4 & 5 and the sleeker cTrader platforms, all affording a deep insight into price action behavior.

IC Markets has access to a deep liquidity pool, ensuring lighting-fast price feeds. Its clients can enjoy high-quality order execution, accommodating various strategies like scalping, day trading, and algorithmic trading.

  • Low fees.
  • Diverse account types and platforms.
  • Wide selection of educational and research materials.
  • Ultra-fast order execution.
  • Unequal commissions for MetaTrader and cTrader accounts.
  • No options trading.

Best Research Tools

CFD Service, 80% 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
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2008 and headquartered in Israel, there are 500+1 things to like in Plus500’s offering. Above all, I found it extremely safe and trustworthy. The broker is not only ASIC-regulated, which ensures compliance with the strictest safety requirements, but it’s also listed on the London Stock Exchange (LSE).

What also stood out to me in Plus500’s offering is its wide range of share CFDs of Australian companies. Local stock traders can choose from a sufficiently large collection of such derivatives and trade comfortably during the Sydney trading session.

Regional Features

  • ASIC regulation, Licensing No. 417727
  • Located in Sydney, Australia.
  • Australian instruments – 7 FX pairs, 1 index, 69 shares.
  • Deposits and withdrawals in AUD.

Except for the feature-rich and intuitive Plus500’s proprietary platform, the broker offers quality and insightful research resources. The platform keeps traders in the loop with up-to-date market news and insightful weekly analysis, largely focusing on key fundamental drivers like earnings reports and central bank activities.

WebTrader’s built-in research +Insights feature offers a peek into community trading trends, displaying data on popular instruments and top-performing positions. I find the sentiment metrics extremely useful; when the buyer-to-seller ratio hits extreme levels, it often flags potential trend reversals. This intel gains added significance due to Plus500’s extensive client base.

I tested Plus500’s trading fees and assessed them to be quite competitive. There is no volume-based commission, and the broker only charges conversion fees (when applicable) and the spread. Overnight charges also apply when executing positions lasting longer than a day. I measured Plus500’s EURUSD spread at 1.0 pips, which meets the industry average.

*This information is NOT relevant to EU residents. EU residents are to be serviced by European regulation subsidiaries of the Plus500 Group such as Plus500CY Ltd which is authorized and regulated by CySEC, license No 250/14. Different regulatory requirements apply in Europe, such as leverage limitations and bonus restrictions

  • Multilayered protections.
  • Innovative research tools.
  • Versatile in-house platform.
  • Good choice of Australian instruments.
  • No desktop platform.

Best for Professional Traders

80.26% of retails CFD accounts lose money.
  • Min Deposit
  • Tradable Instruments
  • Fees

Having been founded in 2013, TMGM is a relative newcomer to the online trading industry. Nevertheless, the broker has proved itself an innovator with services that can rival even those of household names in the industry.

Regional Features

  • ASIC regulation, Licensing No. 436416. 
  • Has offices in Sydney, Melbourne, Adelaide, and Canberra, Australia.  
  • Australian instruments – 10 FX pairs, 1 index. 
  • Deposits and withdrawals in AUD.

Our testing reveals that TMGM generally offers low spreads, commissions, and diverse account types. We examined that its Classic account offers commission-free trading and floating spreads for EUR/USD of 0,9 pips, meeting the industry average. The broker also provides a selection of over 12,000 instruments from 7 asset classes, catering to the needs of different types of traders.

Professionals can use the seamless IRESS platform specifically tailored for stock trading, while most retail traders can opt for the popular MetaTrader 4 (MT4).

What makes TMGM the best option for professionals in Australia, according to our analysis, is a mixture of several contributing factors. Firstly, the broker has seven liquidity providers ensuring fast order execution. Secondly, its various account types accommodate both high-frequency and high-volume trading. Thirdly, its research materials afford a 360-degree overview of continually evolving trading opportunities.

  • Fast order execution and reduced risk of slippage.
  • Wide range of tradable instruments.
  • Competitive costs.
  • 2-step authentication is not available.
  • Narrow range of commodities.
  • High inactivity fee ($30).

Best Low Spreads

"DFSA: Pepperstone Financial Services (DIFC) Limited is registered in the Dubai International Financial Centre (‘DIFC’) and is regulated by the Dubai Financial Services Authority (‘DFSA’) under license number F004356 to arrange deals in investments. Pepperstone Financial Services (DIFC) Limited is a wholly owned subsidiary of Pepperstone Group Limited which is licensed and regulated by the Australian Securities and Investments Commission under AFSL 414530. Pepperstone Group Limited is the product issuer. All client money is held by Pepperstone Group Limited in segregated accounts in accordance with ASIC regulations. By clicking ""Register"", you agree to the terms of the DIFC Privacy Policy and the AU Privacy Policy. Already a client? Login here. CMA: Risk Warning: Trading FX and CFDs is risky. For more information please see our legal documents here. Pepperstone Markets Kenya Limited is registered at 2nd Floor, The Oval, Ring Road Parklands, Nairobi, Kenya and is licensed and regulated by the Capital Markets Authority, Licence No 128. By clicking ""Register"", you agree to the terms of the Privacy Policy. Already a client? Login here."
  • Min Deposit
  • Tradable Instruments
  • Fees

Pepperstone is one of the biggest and most widely recognizable brands in Australia. Founded in 2010 and based in Melbourne, the broker offers access to thousands of instruments from various markets. Most impressively, it provides more than 200 share CFDs of Australian companies, thus affording local traders the freedom to exploit all kinds of trading strategies.

Regional Features

  • ASIC regulation, License No. 414530. 
  • Based in Melbourne, Australia. 
  • Australian instruments – 12 FX pairs, 2 commodities, 200 CFD shares of Australian companies, 1 ETF, 1 index. 
  • Deposits and withdrawals in AUD.   

Pepperstone stands out with its rock-bottom trading fees. I tested its ‘Razor’ account type, which features a $3.5 single-turn commission (only for FX pairs) per traded lot (100,00 units) and raw spreads from 0.0 pips.

I executed several positions and determined that this pricing mechanism is more than suitable for high-frequency trading. Scalpers and intraday traders stand to gain the most out of it.

The broker offers a variety of platforms suitable for traders of different experience levels and styles. This includes MetaTrader 4 and 5, known for straightforward order execution and support for automated trading. For those seeking advanced charting capabilities, cTrader and TradingView provide user-friendly designs that meet the requirements of technically savvy traders.

  • Competitive trading costs.
  • Wide range of tradable instruments.
  • Diverse platforms offering.
  • Fast order execution.
  • Less favorable conditions on the Standard account.

Best for Tradable Instruments

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
  • Tradable Instruments
  • Fees

Trading is a multifaceted activity, and ‘the more’ does not always mean ‘the better.’ However, certain brokers manage to hit all the right notes when it comes to having flexible services, and FP Markets is a prime example of one such company. FP Markets was founded in 2005 and has since expanded its operations globally.

Regional Features

  • ASIC regulation, Licensing No. 286354 
  • Located in Sydney, Australia.   
  • Australian instruments – 8 FX pairs, 100+ CFD shares, 1 index.
  • Deposits and withdrawals in AUD. 

From our examination, the broker offers over 10,000 instruments that can be traded as CFDs – 60+ FX pairs, 10+ commodities, 50+ shares, 4 cryptos, 15+ indices, bonds, and ETFs. This multiplicity is supported by raw spreads starting from 0.0 pips and fast order execution through FP Markets’ superior liquidity supply. The broker’s Standard account affords commission-free trading, whereas the fixed $6 round turn commission on its Raw account is below the industry average.

Clients of FP Markets can also enjoy a great degree of flexibility when it comes to available platforms – from the reputable MetaTrader 4 & 5 to the lean and sleek IRESS, which is ideal for experienced stock traders. The three comprise multiple trading indicators and drawing tools that can be used to capture the essence of price action behavior.

The above mixture of quantity and quality of services is an example of how FP Markets manages to make ‘the more – the better.’

  • Over 10,000 instruments from different markets.
  • Competitive fees.
  • Multiple platforms.
  • Fast order execution.
  • Spreads on Share CFDs are marginally higher than other asset classes.

Best for Cryptocurrency Trading

CFD’s are complex instruments come with a high risk of losing your money rapidly due to leverage. Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
  • Min Deposit
  • Tradable Instruments
  • Fees

If you happen to be one of those traders with an affinity for the high-adrenaline action of cryptocurrency trading, then you better pick a reliable partner – a partner like EightCap. Being regulated by ASIC, the broker ensures a high degree of protection. The broker was founded in 2009 and is authorized to serve clients globally.

Regional Features

  • ASIC regulation, Licensing No. 391441.
  • Located in Melbourne, Australia.   
  • Australian instruments – 6 FX pairs, 200 CFD companies, 1 index.
  • Deposits and withdrawals in AUD. 

EightCap offers an impressive selection of over 100 crypto derivatives at competitive costs compared to the broader industry. The broker’s tight spreads are even more favorable than what is frequently offered on some of the bigger crypto exchanges. For instance, its average spread on Bitcoin Cash is $1.1.

Cryptocurrency trading with EightCap is further helped by the incorporation of Cryptocrusher, allowing traders to gauge the underlying market sentiment, and – a type of automated trading solution specifically tailored for the crypto market.

Additionally, Eightap supports the intuitive TradingView, which is not only the biggest social trading community in the world but also an exceptionally efficient platform in itself. Less experienced traders may also opt for MetaTrader 4&5. The two platforms support the most essential technical tools and are quite easy to navigate.

  • Wide selection of crypto instruments.
  • Incorporates multiple tools for crypto-trading.
  • Offers VPS hosting.
  • Limited educational content.

Best ASIC-Regulated

CFDs can be very risky because they use leverage, which might not be suitable for everyone. The use of leverage means that even a small amount of money you deposit initially can lead to big losses due to market movements. CFD trading is particularly risky because the markets they involve are speculative and can change a lot. Trading these products could mean losing money, therefore, you must carefully consider your financial situation and risk tolerance before trading CFDs.
  • Min Deposit
  • Tradable Instruments
  • Fees

If you are looking for a well-regulated broker in Australia, you might find it difficult to find a company with more licenses than MultiBank, which was founded in 2005. It is authorized by eleven globally recognized institutions, such as ASIC, BaFIN, CIMA, FMA, and others. But what does ‘well-regulated’ actually mean? Clients of one subsidiary of a broker are not directly protected by the licenses of another. Still, MultiBank’s many authorizations underscore its reliability.

Regional Features

  • ASIC regulation, Licensing No. 416279
  • Located in Sydney, Australia.
  • Australian instruments – 8 FX pairs, 1 index.
  • Deposits and withdrawals in AUD.

A broker with so many licenses is clearly working towards establishing a solid brand name, which requires high accountability. MultiBank’s Australian entity, being authorized by ASIC, adheres to the country’s essential regulatory frameworks. MultiBank has even issued private indemnity insurance.

Confirming its status as a global leader, MultiBank also offers favorable trading fees, especially with regard to its tight spreads on CFD shares. Traders can take advantage of those on the efficient and feature-rich MetaTrader 5 (MT5) platform.

  • Significant global presence.
  • Retail traders are insured by up to $1,000,000.
  • Great customer support.
  • Competitive spreads.
  • Relatively high inactivity fee.
  • Limited educational materials.

Best Trading Tools

The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.
  • Min Deposit
  • Tradable Instruments
  • Fees

SaxoBank ranks among the biggest and most trusted brokers globally. Founded in 1992 and headquartered in Denmark, Saxo has established itself as a heavyweight in the industry with its impressive assortment of over 45,000 instruments, professional-grade platform and app, robust research tools, and adherence to the strictest safety requirements. The bank is authorized by 9 top-tier regulators, attesting to its overall safety.

Regional Features

  • ASIC regulation, License No. 32110128286.
  • Has offices in Sydney and Melbourne.    
  • Australian instruments – 10 FX pairs, 6 FX currency options, 1 index, 23,000+ shares across 50+ global exchanges.
  • Deposits and withdrawals in AUD.  

SaxoBank offers its in-house trading platform SaxoTraderPro along with the SaxoTraderGo app which stand out for their exceptional versatility. Equipped with over 80 analytical tools and various chart configurations, these platforms excel in facilitating advanced order execution and detailed technical analysis.

The broker offers a FIX API to bolster automated trading capabilities. Additionally, Saxo integrates insights from Autochartist, a leading provider of market analysis and trading ideas. For stock trading enthusiasts, Saxo features Dynamic Trend, a sophisticated tool designed for advanced stocks and options trading strategies.

I tested the competitiveness of SaxoBank’s trading fees by opening a Classic account featuring floating spreads from 0.9 pips and a $6 round-turn commission per traded lot (100,000 units). I assessed this combination to meet the industry average.

  • Tight regulation.
  • Professional-grade platform with advanced capabilities.
  • Robust research content and tools.
  • 40,000 tradable instruments.
  • Above-average spreads.

Best for Beginners

71% 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
  • Min Deposit
  • Tradable Instruments
  • Fees

FXCM is one of the most recognizable brand names in the online trading industry, and for good reasons too. In the span of over two decades, the broker has established itself as one of the pioneering leaders in providing leveraged products.

Regional Features

  • ASIC regulation, Licensing No. 309763.
  • Located in Melbourne, Australia.  
  • Deposits and withdrawals in AUD. 

We inspected FXCM’s wide selection of highly informative educational materials. The multiple articles and educational videos examine some of the most important questions for beginners – from the basics of technical analysis to more complex questions, such as how to develop a trading strategy.

Novice traders can also benefit from FXCM’s competitive pricing model. We measured the spreads and other trading fees on FXCM’s Standard account type and found them to meet the industry average.

The broker also offers some of the best platforms in the industry, including Trading Station, TradingView, MetaTrader, and NinjaTrader.In short, FXCM gives you the tools necessary to grow from zero to a trading hero.

  • Excellent research and educational materials.
  • Wide range of available platforms and tools.
  • Competitive spreads.
  • Reliable customer support.
  • High inactivity fee ($50).
  • Limited selection of trading instruments.

How to Choose a Forex Broker in Australia?

This section breaks down all the essential qualities to be looking for in a broker in Australia, by category.

How to find a safe broker?

First and foremost, traders based in Australia need to choose a broker that is authorized by the Australian Services and Investments Commission (ASIC) – an independent Government body regulating financial market operations in the country. It establishes the channels through which traders residing in Australia can pursue their rights and understand the protections they are entitled to.

Under ASIC’s regulatory oversight, brokers are required to provide a maximum leverage of 1:30 to retail traders, ensure negative balance protection, and keep their clients’ funds in separate bank accounts from the ones used for their corporate capital.

Explore Best ASIC-regulated forex brokers.

These three requirements ensure that a trader’s maximum market exposure is capped, any incurred losses cannot exceed their account balance, and they are not exposed to their broker’s liabilities and credit risk.

ASIC also mandates a compulsory 500,000 AUD capital requirement from brokers to ensure their business model’s sustainability. Traders who want to find out whether ASIC regulates a particular broker can search its registry for additional information.

Traders in Australia can sign up with overseas brokers that do not possess ASIC licensing, though they should be mindful of what that entails in terms of safety. Some offshore regulators entail weaker overall protection and oversight over a broker’s operations.

Read more about Best regulated forex brokers.

What to consider in broker’s fees?

You can expect your broker to charge you two types of fees – trading and non-trading. The former is comprised of spreads, swaps, and commissions, while the latter includes any maintenance and handling fees.

The spread is the difference between the bid and ask prices of an instrument; essentially, it is the price you pay to enter into a trade. The commission serves a similar function. The difference between the two is that the commission is usually fixed, whereas the spread rates may fluctuate over time. Accordingly, the swap is the charge for holding an open position overnight.

The most competitive spreads in the industry are raw, starting from 0.0 pips. Many brokers offer raw spreads. However, this is frequently offset by the inclusion of fixed commissions per traded lot. A round turn commission below $6 per 100,000 traded units is below the industry average.

With regards to non-trading costs, most brokers usually have an inactivity fee for dormant accounts on which no positions have been opened over a certain period. They can also charge a handling fee on deposits and withdrawals.

Check out our guide on best lowest spread forex brokers.

How to choose a suitable forex trading platform?

A trading platform is your window into the market. It allows you to observe price action behavior and study potential opportunities for placing orders. Technical traders use a platform’s array of indicators, drawing tools, and other features to examine various price patterns, changes in volatility, liquidity, and so on to gauge the most favorable times to enter or exit the market.

The best platforms are also the most versatile ones. They include a wide spectrum of technical indicators, such as Fibonacci retracement levels, oscillators, trend-based and range-based indicators, and others, as well as drawing tools, such as trend lines, channels, wedges, and so on.

In addition to these components, when looking for a suitable platform, you must also look for efficiency. Does the platform accommodate easy and fast placing of orders via one-click trading; does it support algorithmic trading via Expert Advisors (EAs); does it allow complex orders, like market, limit and stop orders, etc.

Read more about Best forex trading platforms.

What account type to choose?

Most brokers tend to offer two types of trading accounts. Some afford a combination of commission-free trading and floating spreads, which is suitable for high-frequency trading. Some strategies, such as scalping, require getting in and out of trades frequently, which is why it is important to avoid paying any fixed commissions as much as possible.

Check out our list of Best high-frequency trading forex brokers.

Other account types, in contrast, may have such fixed costs but also afford raw spreads starting from 0.0 pips. These are better suited for high-volume trading involving the execution of much larger orders less frequently. There are also Islamic accounts and demo accounts. The former accommodates swap-free trading, whereas the latter provides a simulated version of the real trading environment, allowing traders to test a broker’s service and hone their skills.

You should consider several other factors before choosing an account type. You need to check the available platforms and range of tradable instruments. Variety is essential, and you must pick a broker whose accounts afford you a significant degree of freedom to exploit different trading opportunities.

Read more about Best STP forex brokers and Best ECN forex brokers.

Why does speed of order execution matter?

You may have the best trading strategy, easily read price action behavior, or the most effective trading algorithm. But none of that will matter if your orders are not executed with speed and precision.

To decrease the risk of slippage – the difference between where an order for entry/exit is placed and where it gets filled – you need to look for a couple of features in brokers.

First, they must have a ‘best execution’ policy. This is underscored by the broker’s commitment to always execute client orders under the most favorable conditions possible. You can usually find out whether a broker has such a policy in its website’s ‘Legal Docs’ section or the client agreement.

Secondly, you must choose a broker with a constant and steady supply of liquidity from its providers. Brokers obtaining their liquidity from larger financial institutions are more likely to ensure quality order execution and the best possible quotes. This is especially important at times of diminished trading activity which is usually the case in the early hours of the Asian trading session.

What to look for in the broker’s tradable instruments selection?

Traders in Australia should be especially mindful of the assortment of tradable instruments presented to them by their broker.

It’s fine and well if you are offered access to thousands of instruments, but if you happen to live in Sydney, for example, and 70-80% of your broker’s instruments are CFDs of U.S. companies, then that variety will be of little use for you. With a 16-hour difference between New York and Sydney, you will struggle to stay awake for the stock market opening at 1:30 a.m. every morning.

Of course, there is no specific formula for what instruments to trade and when, but allowing yourself some legroom will be useful. Since the forex market runs 24 hours, it will help to choose a broker that offers a wide selection of currency pairs – majors, minors, and exotic.

To diversify your options further, also look for diversity in commodities, indices, bonds, and ETFs, especially in Australian businesses and sectors.

Speaking of options, consider how you can trade the available instruments. CFDs are extremely popular due to the allure of margin trading. And your ultimate success when trading CFDs essentially boils down to whether your forecasts pan out.

Explore our picks of Best CFD brokers.

However, more experienced traders may exercise greater control over their positions by using more sophisticated instruments, such as vanilla options. By purchasing the right without obligation to execute an order, you can profit from changes in the underlying volatility.

What to Avoid When Choosing an Australian Forex Broker?

Brokers that are not licensed and authorized by the Australian Services and Investments Commission (ASIC). That is not to say that all overseas licenses are necessarily weaker, as many other top-tier regulators ensure compliance with the same policies mandated by ASIC. However, ASIC is directly responsible for regulating financial services targeted at Australian residents.

Brokers that cannot ensure stable liquidity supply, which is necessary for fast and precise order execution. A reliable broker should obtain:

  • liquidity from a pool of at least several providers;
  • average execution speed should be listed on the website and be below 1.0 seconds;
  • best execution policy included in its Legal Docs section.

Brokers that do not provide a sufficient number of instruments from local markets, such as CFD shares of Australian companies. Due to the geographic location of Australia, local brokers need to offer enough assets that can be traded during the Asian trading session.

How to Avoid Forex and CFD Scams?

Scam brokers rely on the gullibility of traders. A common tactic employed by scammers to lure in new victims is to promise quick and easy profits at no risk to the trader.

So, the question is how to recognize and protect yourself from scammers wanting to exploit your trust and steal your money. Well, first and foremost, look for licenses and regulations. The best way to protect yourself is to make sure you work with a trustworthy and transparent broker. You can find a comprehensive list of reliable brokers in different jurisdictions here.

Another thing to keep in mind is that you need to be careful where you leave your information online. Registering your details on suspicious pop-ups or even more innocuous-looking landing pages promising you enormous profits could result in your contact details ending up in a scammer’s calling list. Remember, no licensed broker would make unsolicited, cold calls.

The next time you get contacted out of the blue with promises of becoming the next Warren Buffet, you must remember that you are most likely speaking to a scammer. Nowhere is the “if something sounds too good to be true…” saying more relevant than in the world of trading. That is why you should do your due diligence before opening an account with any broker.

Our Methodology

FX Empire has pioneered a unique and comprehensive methodology for evaluating the services and conditions of brokers providing CFD trading to clients worldwide.

Our team of dedicated professionals is working continuously to improve our system and keep it up-to-date with current market trends. We strive to produce comprehensive reviews that accurately underscore each broker’s pros and cons.

After completing hundreds of reviews in over a decade, we remain committed to continuing to refine our methodology. We test the functioning of each broker by systematically employing over 250 variables across nine different categories:

  • Trust
  • Fees
  • Account Types
  • Tradable Instruments
  • Platforms and Tools
  • Deposits and Withdrawals
  • Customer Support
  • Research
  • Education

We review the licenses of each subsidiary operating under a brand name and check the fine print in the Client Agreements to discern the exact protections entailed to clients of the broker. We put a lot of effort into evaluating a broker’s transparency and trustworthiness based on the scope and availability of information on its website.

Other essential information is gathered by opening a live account with the entity and testing its services in real time. We measure the spread rates, swaps, and commissions on its most popular account types and compare our findings to the industry average.

Moreover, we test the functionality of the platforms, the number and types of available instruments, the reliability of customer support, and the quality of the research and educational materials.

For this guide, we strictly chose those regulated by the Australian Services and Investments Commission (ASIC), ensuring high transparency and adherence to stringent regulatory standards. We focused exclusively on brokers that are headquartered in Australia, reinforcing local expertise and compliance with national trading regulations. Additionally, we prioritized brokers that support deposits and withdrawals in AUD  to let Australian traders avoid high commission or conversion fees.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire comprises trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Yes, traders in Australia can participate in the foreign exchange market as well as trade other derivatives like shares, commodities, indices, and cryptocurrencies. The forex market is regulated by the Australian Securities and Investments Commission (ASIC), which ensures that brokers operate in a fair and transparent manner and that investor funds are protected. In order to offer forex trading services to Australian clients, brokers must hold an Australian Financial Services (AFS) license issued by ASIC. This license requires brokers to meet strict regulatory standards, including maintaining sufficient capital reserves, segregating client funds from their own funds, and providing regular financial reporting.
Australian traders must pay capital gains tax (CGT) on profits generated from trading with financial assets. They must report any capital gains and losses in their income tax returns and pay taxes on the net gains. The amount of tax paid will depend on the traders’ income, the frequency, and size of the trades, and whether they are trading as an individual or a business entity. It is important for traders to consult with a tax professional or seek guidance from the Australian Taxation Office (ATO) to ensure they are meeting their tax obligations.
We voted FXCM the best broker for beginners in Australia as it offers a wide range of tradable instruments, diverse account types, and sophisticated platforms. Its trading fees are reasonable, and its customer support is reliable. FXCM’s educational materials are comprehensive and informative, from the basics of technical analysis to the psychology of trading.
No, you cannot. In trading, a broker acts as an intermediary between the trader and the market providing liquidity and leverage, as well as giving access to a trading platform and executing trades on behalf of the trader.
In Australia, forex brokers must be regulated by the Australian Securities and Investments Commission (ASIC) in order to offer their services to clients. Therefore, the first step in determining whether a broker is trustworthy is to check whether they are regulated by ASIC. You can do this by visiting the ASIC's website and searching for the broker's name or license number in the Financial Services Register. Once you have confirmed that the broker is regulated by ASIC, you can also check whether it has a good reputation in the industry, has won any industry awards, or has been recognized for its quality of service.
ASIC has a strict regulatory framework that aims to protect traders and investors by ensuring that brokers operate transparently and adhere to high standards of conduct. By trading with an ASIC-regulated forex broker, traders can have greater confidence in the safety and security of their funds and transactions, as well as in the fairness and reliability of the trading platform. Additionally, ASIC-regulated brokers are required to maintain client funds in segregated accounts, which means that client funds are kept separate from the broker's own funds, providing an additional layer of protection for traders.
Yes, but it is not recommended. However, trading with an unregulated broker can be risky as they may not adhere to the same standards of conduct and financial reporting as ASIC-regulated brokers. In addition, unregulated brokers may not offer the same level of protection for client funds, which could put your investments at risk.
ASIC regulators have a decent level of oversight, transparency, and enforcement mechanisms. Hence, ASIC-regulated brokers are required to segregate client funds from their own operating funds in separate accounts. This means that if the broker goes bankrupt or becomes insolvent, client funds are protected and can be returned to clients. Moreover, ASIC-regulated brokers have to participate in the Australian Financial Complaints Authority (AFCA), which is a dispute resolution scheme that provides compensation to traders who have suffered financial loss due to the broker's misconduct or insolvency. In contrast, offshore brokers do not always guarantee the same protections which could leave traders more vulnerable to scams and put their money at risk.
ASIC allows for a maximum leverage of 1:30 for retail traders, whereas some offshore regulators can afford leverage as high as 1:2000. While the leverage increases the potential profits, it also does the same for the potential losses.
Yes, cryptocurrency trading is available at some Australian-based brokers. In recent years, many Australian brokers have started offering cryptocurrency trading, alongside traditional financial instruments such as forex, stocks, and commodities.

About the Author

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.