Australia is one of the hottest jurisdictions for forex traders. ASIC (Australian Securities and Investments Commission) is one of the regulators with the highest rating and the traders and investors still could benefit from the higher leverage in Australia compare with the other leading jurisdictions.
The traders could choose between brokers with the main headquarter in Australia (like Pepperstone) and world forex brands with subsidiaries regulated by ASIC (Plus500 for example).
| Broker | Description | Pros | Cons | Rating | Go |
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| IC Markets | IC Markets is a Forex and CFD broker established at 2007. The company provides competitive spreads and fast execution. IC Markets offers three platforms – Meta Trader 4, Meta Trader 5 and C Trader. IC Markets is regulated by the Australian Securities and Investment Commission (ASIC) and by the Seychelles Financial Services Authority (FSA). |
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Full Review | |
| Pepperstone | Pepperstone is one of the largest forex brokers and it was founded in 2010. The main advantages of the broker are low spreads, fast execution, and high-level support. Pepperstone offers three platforms – Meta Trader 4, Meta Trader 5 and C Trader. The company is regulated by Financial Conduct Authority (FCA) in the United Kingdom. |
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Full Review | |
| Plus500 | Plus500 was founded in 2008 in Israel. The company offers various CFDs based on Forex, Indices, Commodities, Shares, and ETFs. Plus500UK Ltd is authorized & regulated by the FCA (#509909), Plus500CY Ltd is authorized & regulated by CySEC (#250/14), Plus500SG Pte Ltd is licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018). The company attracts clients with the proprietary developed platform. |
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Full Review |
One of the most important parts is the regulation of the Forex broker. Because even а forex broker offers the tightest spreads and the fastest execution, if the jurisdiction of regulation is not one of the strongest, it is possible to be hard to get your profits and the deposited capital back. As the brokers below are regulated from ASIC, the traders receive one of the highest possible protections pf their money.
Choosing between the best Forex brokers sometimes may depend on your trading strategy or style. For example, a broker can offer lower spreads to all symbols except the one you are trading. So the lower average spread doesn't mean better trading conditions for you. One broker can be the best for you, but the worst for someone else. If you trade overnight and hold positions for a long time, the swap is much more important than the spread. And again it is much more important the swap for the instruments you trade, than the average swaps. If you deposit and withdraw a lot, then you are going to look for an Australian broker that offers the lowest deposit/withdrawal fees. So the best Australian broker is the one who suits your trading the most and you must take into considerations all the things that are important for your trading strategies.
| Forex Broker | Min deposit | Leverage | Deposit method | Platforms | Spread | Swaps | Support |
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| Pepperstone Visit |
200 AUD | 1:30 |
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| Plus500 Visit |
100 USD | 1:30 |
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| IC Markets Visit |
200 USD | 1:30 |
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There is a big variety of trading platforms among the Australian forex brokers. If the trader is a fan of Meta Trader, he could choose between MetaTrader 4 and MetaTrader 5. Also, there are brokers with proprietary trading platforms with a big number of features.
One of the first things to consider is what is the device that you are going to use for your trading. If you use your phone or tablet, you need to check is the platform that is offered by the broker good for your device. They always support most of the devices, but sometimes the solutions are not very good. The good thing is that you can create a demo account first and after you are ok with the applications you can step to make a real account.
If you plan to use automated trading then you don't have a big choice - your broker must support MetaTrader or cTrader. Usually, the traders prefer MetaTrader for automated trading. If you plan to use social trading you are even more limited for the platform choosing. Another important for automated trading is the VPS. MetaTrader offers cheap and reliable VPS solutions.
The leverage is one of the biggest advantages of Australian Forex brokers. As European brokers are limited to 33:1, US brokers to 50:1 and Japanese brokers to 25:1, the Australian ones could offer leverages to 400:1 or even 500:1.
This is an important part when you choose a forex broker. If you want to trade Indices CFDs, a broker that offers only Forex will not be suitable for you. The variety of instruments also includes metals, cryptocurrencies, shares CFD, oil, different types of commodities, and others. If a certain instrument of type of instruments is important for you (for example Australian stock indices), it is good to check it before opening an account with a chosen broker.
Australia has some of the best regulations for Forex brokers. If you choose from the licensed brokers you can be sure that your money is safe and you are getting a competitive trading environment. Sometimes unregulated brokers can offer better spreads swaps etc, but they are just from marketing. In reality, these things are not as described. In the regulated brokers the conditions are as advertised.
Our advice is to search not for the best broker in people's reviews but to search for brokers that suit your personal trading style, strategy instruments, and so on.
Miroslav Georgiev is Senior Risk Executive with 20+ years of professional wide-ranging experience in multinational forex companies. Take part in Global setup and development of Forex and CFD being an active part of the Business Team. Build and manage Risk management departments and teams.
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