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The 10 Best Forex Brokers in Australia for 2024
Swen Keller
- Last Updated 26 August, 2024
In this article, we compare the best forex brokers in Australia. To come up with our list the team got firsthand experience of all listed brokers, analyzed third-party user reviews, and took into consideration expert opinion.
We look at their trading fees, pros and cons, security, and unique features. We also mention factors to consider before choosing a forex platform.
Best CFDs Broker in Australia: Our Opinion
Our pick as the best forex broker in Australia is Plus500, the trading platform offers unique trading features like free rollover adjustments on CFD contracts, guaranteed stop loss, real-time charts, Indices CFD trading, Options CFD trading, and more.
Founded in 2008 and headquartered in Israel, Plus500 currently offers 3 platforms Plus500CFD, Plus500 Invest, and Plus500 Futures (only available in the United States). The CFD platform supports 2800+ tradable instruments. Plus500 offers features such as an economic calendar, alerts (real-time email, push notifications, etc), Insights in-depth market data tool, and more.
However, the forex broker made it to our list for its free rollover adjustments feature for Commodity and Indices CFDs.
Key Feature of Plus500
Free Rollover Adjustments
Most instruments supported by Plus500 based on a Futures contract have a rollover date. So whenever a futures contract reaches the rollover date defined for the particular instrument, all orders, and open positions are automatically rolled over to the next futures contract by plus500, without charge.
This is not the norm, as most best forex brokers charge traders for this feature. With Plus500 a compensating adjustment is made to enable forex traders to keep their positions open without affecting their Equity level. This means that the value of your position reflects the rate of the new contract and the impact of market movement based on the original opening level.
Plus500 Security
Plus500 is a fully regulated forex trading platform. Its subsidiary in Australia, Plus500AU holds an AFSL license issued by the ASIC regulatory body. Beyond regulation, Plus500AU segregates customer funds from its operational resources and offers negative balance protection to forex traders.
Plus500 Fees
The Plus500 forex broker does not charge commissions only dynamic spreads. It also charges a $10 inactivity fee, overnight funding fees, and a 0.7% currency conversion fee. All withdrawals no matter the frequency are free of charge.
Pros
- Fully regulated
- Negative balance protection
- Free rollover adjustment
- No commissions
Cons
- Not for beginners
Review from Our team (Direct Feedback from Our Employee who Personally Uses Plus500)
Plus500 is a low-cost platform to trade forex, with no commissions, low trading forex trading spreads, and zero withdrawal costs.
OQtima - Best Forex Broker In Australia With Fast Execution Speed
OQtima made it to our list of top trading platforms for its fast execution. The trading platform boasts of an average execution speed that is less than 30 milliseconds, this makes OQtima one of the fastest trading platforms in the industry. It also offers a VPS for increased speed.
OQtima charges low trading fees which start from 0.0 pips in spreads and requires a low minimum deposit amount of $100.
OQtima has a user-friendly interface and supports over 1000 tradable products and supporting a leverage up to 1:1000.
Key Features of OQtima
OQtima Trading Calendar
The OQtima Trading calendar is powered by Trading Central. It enabled traders to navigate financial markets with confidence by providing vital information about various markets
OQtima’s Trading Calendar has several features including over 115 FX Charts linked to various economic events, indices tied to economic events associated with 38 countries, and a historical performance feature that enables traders to review 5 years’ worth of data for each economic event.
Security of OQtima
OQtima is licensed by several regulatory bodies like CySEC and complies with laws applicable to investment firms.
It holds clients’ funds in segregated bank accounts with top-tier banking institutions.
OQtima conducts regular internal and external audits and consistently assesses its security policies and procedures to ensure the security of clients’ funds.
OQtima uses Virtual Private Networks, virus-scanning tools, encryption, and firewalls to prevent access to the system. It employs offline measures (physical and electronic) like alarms, cameras, and guards to prevent unauthorized access to its facilities. OQtima also provides negative balance protection for traders.
Fees of OQtima
OQtima charges spread from 0.0 pips and a commission of $3 Per Lot Traded round turn, depending on the type of account choosen. It also charges swap rollover fees.
Pros
- Fast execution speed
- It offers negative balance protection
- Low trading fees
- Suitable for retail CFD traders
Cons
- Limited educational resources
Review from Our team (Direct Feedback from Our Employee who Personally Uses OQtima)
OQtima is one of the best brokers in terms of execution speed. In addition to its fast execution speed, OQtima has an intuitive interface that makes trading easy.
OctaFX - Best Forex Trading Platform for MasterTrading
OctaFX’s forex trading platform was founded in 2011 and offers 300+ tradable instruments including Shares, Commodities, and Indices. The forex market platform made it to our list for its MasterTrading feature that allows forex traders to earn commissions from other users who copy their trades and make a profit.
OctaFx supports over 180 nations and has had 40+ million accounts opened since its inception. It also has a maximum leverage of 1:1000 and offers 30 digital currency pairs for weekend trading.
Key Features of Octa
Master Trader
The Master Trader feature enables experienced users of this best forex trading platform to earn commissions when other OctaFX customers copy their trades. Experienced traders can simply trade forex as normal and then promote their trading performance to pull in new followers.
Master traders can even describe their strategy and set a commission of their choice.
Security of Octa
OctaFX like most popular forex trade platforms segregates users’ funds from its operational funds. It is also regulated by the Cyprus Securities and Exchange Commission (CySEC). The platform also requires users to verify themselves before trading forex in line with Anti Money Laundering (AML) regulations.
Fees of Octa
OctaFx charges trading fees via spreads. It does not charge commissions, inactivity fees, or deposit/withdrawal fees. Also unlike most trade platforms, OctaFX does not charge swaps or overnight fees. However, its spreads are quite high in comparison to the industry average.
Pros
- No swap fees
- Master trading available
- High leverage
Cons
- Limited trade platforms
- Small selection of tradable assets
Review from Our team (Direct Feedback from Our Employee who Personally Uses Octa)
OctaFX is best for beginners who want an easy entry into the forex market via copy trading. However, the broker offers a limited selection of popular trade platforms.
XS.com - Best Forex Trading Broker in Australia for Multiple Account Options
XS.com allows users to trade forex, cryptocurrencies, shares, commodities, energy, futures, indices, and metals. The platform offers multiple account types (up to 5) from Cent to Elite trader accounts. XS.com supports only 2 trade platforms; MetaTrader 4/MetaTrader 5. It offers up to 1:2000 leverage based on your account type.
It also doesn’t require a minimum deposit for all account types except the Pro and Elite accounts.
Key Features of XS.com
Civil Insurance Liability
The XS broker offers clients extra insurance protection to safeguard against losses over $10,000 and up to $5,000,000 against claims of omission, negligence, fraud, and other similar risks that can result in the financial loss of customers, with no direct cost to traders. Their Civil Liability Insurance program is underwritten by Lloyd’s of London. So once you open an account with XS, your funds are protected by Llyod’s of London.
XS.com Security
XS is regulated by the Australian Securities and Investment Commission (ASIC). The company also segregates client deposits and offers insurance of up to $5,000,00 on user funds.
XS.com Fees
For the Cent, Micro, Standard, and Pro accounts, XS does not charge commissions for trading forex. However, it charges 1.1 pips, 1.1 pips, 1.1 pips, and 0.7 pips respectively. It also does not charge commissions for those accounts. For the Elite account, XS charges $3 in commission and a 1.1 pip spread.
There are no fees on deposits or withdrawals.
Pros
- Offers deposit insurance
- Fully regulated by ASIC
- Leverage of up to 1:2000
- No minimum deposit for some account types
Cons
- Limited Forex trade platforms
- High minimum deposits for pro accounts
Review from Our team (Direct Feedback from Our Employee who Personally Uses XS.com)
XS.com offers a straightforward signup and onboarding process. It is best for intermediate forex traders and users who want to use popular trading platforms.
XM - Best Forex Broker in Australia for Large Selection of Trading Platforms
The XM broker offers 1000+ trading instruments and 10+ trading MetaTrader 4 and MetaTrader 5 platforms including the MetaTrader web trader, Multiterminal, MetaTrader iOS apps, and Android apps. It also offers a proprietary trading platform for iOS and Android devices.
To access all available platforms, XM allows you to use 1 single login.
XM offers more than 50 global currency pairs, and over 600 companies on stock CFDs, commodities CFDs, Metals CFDs, Energies CFDs, Thematic Indices, and Indices CFDs.
Key Features of XM
Free VPS Services
The XM VPS allows you to get faster execution for your automated forex trading strategies. The VPS is ideal for Expert Advisors and is online 24/7. The VPS is located 1.5 km from the XM data center in London with optical fiber connectivity.
This feature ensures that users can take full advantage of the platform without having to bother about power cuts, internet connection speeds, or computer failure.
The XM VPS gives access to a Windows Server 2023 with 2.5 GB RAM and 1vCPU.
To request the VPS, you must maintain a minimum trading account balance of $5000 or the equivalent in other fiat currencies. This is also with the condition to trade a minimum of 5 standard round turn lots or 500 micro round turn lots monthly.
XM Security
XM is regulated by the Australian Securities and Investments Commission (ASIC). Also, like most forex brokers in Australia, XM segregates client funds, which means in the event of solvency, user funds are protected.
It is under regulatory supervision, including the monthly submission of financial reports to the Financial Services Commission or Belize.
Xm Fees
XM charges spread starting from 0.8 pips. The broker also charges commissions of $7 per $100,000 traded on the XM Zero account and a $5 dormant account fee if there is no trading activity for over 90 days.
Pros
- Free VPS available
- High leverage
- Multiple trading platforms
Cons
- Small number of forex pairs
- High spreads
Review from Our team (Direct Feedback from Our Employee who Personally Uses XM)
XM offers a lot of flexibility to forex traders via its support for MetaTrader and its proprietary platform on multiple operating systems.
Interactive Brokers - Best Forex Broker In Australia For Advanced Traders
Founded in 1977, Interactive Brokers is one of the oldest forex brokers.
The platform is suitable for advanced traders as it offers lots of advanced trading tools. Interactive Brokers has a complex interface, which may be confusing for beginner and intermediate traders.
Interactive Brokers supports the trading of over 50,000 instruments and offers low transaction fees. It supports several fiat currencies, as well as, lots of deposit and withdrawal methods.
Key Feature of Interactive Brokers
Client Portal
Interactive Brokers offers a client portal where traders can easily manage their accounts. The Client Portal is a one-stop tool for managing account information, monitoring account balances, checking quotes, and reviewing global market data and news.
Also, the Client Portal gives you access to a range of features like the Portfolio Analyst, a tool for consolidating and analyzing financial portfolios, and the Fundamentals Explorer for accessing market-moving news, as well as, an expanded events calendar of market activities.
Interactive Brokers Security
Interactive Brokers is a secure broker and the first broker-dealer approved by FINRA to calculate its client reserve obligation (under Rule 15c3-3) daily. This is opposed to the industry standard of performing this calculation weekly or monthly.
Clients’ funds are segregated from company funds and are protected by the Securities Investor Protection Corporation (SIPC) for a maximum coverage of $500,000.
Interactive Brokers Fees
Interactive Brokers charge commissions on their tradable instruments with a huge list of other fees like close position by phone fees, withdrawal fees, etc. The commissions vary based on factors like region, account type, and monthly volume.
Pros
- No minimum initial deposit
- Large selection of supported assets
- Low fees
Cons
- Confusing interface
- Poor customer service
Review from Our team (Direct Feedback from Our Employee who Personally Uses Interactive Brokers)
Interactive Brokers is best for experienced traders who want access to advanced charts, technical indicators, and professional training tools.
Exness - Best Forex Broker In Australia For Unlimited Leverage
Founded in 2008, Exness stands out for the unlimited leverage it offers traders. It also stands out for its sizeable selection of crypto CFDs and tight spreads. It supports 26+ crypto CFDs and over 40 fiat currencies.
Exness apps offer a low minimum initial deposit of $10.
Exness is also the largest retail broker in the world.
Key Features of Exness
Exness Terminal
The Exness Terminal is a custom-built Web-based trading terminal available exclusively to Exness traders using MT5 accounts. It offers an intuitive interface that gives traders access to industry-leading charting functionality.
Exness Terminal offers traders access to charting provided by TradingView, as well as, 50 drawing tools and 100 indicators.
Exness Security
Exness is regulated by the Financial Services Authority and the Cyprus Securities and Exchange Commission.
Exness holds user funds in segregated bank accounts separate from company funds. It conducts regular audits of its books and makes the results public. Exness also offers several account security measures including email verification, support PIN, and one time PIN.
Exness Fees
Exness spreads start from 0.0 pips for professional accounts and 0.3 pips for standard accounts. On professional accounts, users also pay up to $3.5 commission for each side per lot.
Pros
- Unlimited leverage
- Tight spreads
- Low minimum deposit amount
- Sizeable selection of crypto CFDs
Cons
- Limited educational resources for beginners
Review from Our team (Direct Feedback from Our Employee who Personally Uses Exness)
Exness is best for advanced traders interested in a platform that offers unlimited leverage.
Pepperstone - Best Forex Broker In Australia For Algorithmic Trading
Founded in 2010, Pepperstone is one of the largest MetaTrader forex brokers in the world. It made it to our list of top brokers in Australia for its support for algorithmic trading.
Pepperstone supports algorithmic trading via its API. The algorithmic trading feature is perfect for users who want to automate their trading strategies or code their own Expert Advisors.
That said, the platform offers limited digital assets (1200+ instruments) and may not be suitable for traders looking for large selections.
Key Features of Pepperstone
Algorithmic Trading
Algorithmic trading which is also known as Algotrading or automated trading enables traders to operate and automate predefined commands using algorithms. This increases the efficiency of trading strategies and minimizes trading errors caused by human emotions. Pepperstone supports algorithmic trading via its API.
Pepperstone Security
Pepperstone is licensed and regulated by the Australian Securities and Investments Commission. The broker holds clients’ funds in a trust account maintained with Australian Prudential Regulation Authority (APRA) regulated banks (an authorized deposit-taking institution or ADI).
Clients’ funds are also held in separate bank accounts from company funds and are not used for hedging trades.
Pepperstone Fees
Pepperstone charges commissions on Razor accounts when trading CFDs on Forex. On the MT5 and MT4 platforms, micro lots are rounded up or down. The broker charges up to 1 pip spread markup.
Pros
- Beginner-friendly
- Supports algorithmic trading
- No minimum deposit amount
Cons
- Not suitable for advanced traders
- Limited number of available cryptocurrencies
Review from Our team (Direct Feedback from Our Employee who Personally Uses Pepperstone)
Pepperstone is best for CFD traders interested in algorithmic trading.
AvaTrade - Best Forex Broker In Australia For Risk Management
AvaTrade is a brokerage that offers its users access to products such as CFDs, Forex, and the stock market for trade execution via retail investor accounts, etc. It made it to our list of top brokers for its custom risk management tool AvaProtect, which enables traders to minimize loss while trading.
AvaTrade offers a lot of products including a social trading platform and an Options trading platform. It is suitable for beginner, intermediate, and undercapitalized investors searching for trade platforms that support CFD trading with competitive spreads.
Key Features of AvaTrade
AvaProtect
AvaProtect is a risk management tool that offers traders guaranteed protection against loss for open trading positions.
AvaProtect enables traders to protect specific trades against losses of up to $1 million over a preferred time frame. AvaProtect ensures that protected trades are 100% safe from adverse movement for as long as the protection lasts.
Any losses incurred while AvaProtect is on will be reimbursed to the trader by the platform.
To access AvaProtect, traders are required to pay a hedging cost at the time of purchase.
AvaTrade Security
Avatrade is regulated in several countries around the world.
The trading platform protects users’ funds using several security measures including segregation of users’ funds, McAfee Secure protection against identity theft and card fraud, and data encryption.
AvaTrade Fees
AvaTrade charges low spreads and zero commissions. It charges up to 0.35% in spreads. It also charges overnight financing fees and inactivity fees.
Pros
- Suitable for beginners and intermediate traders
- Offers adequate risk management tools
- Supports high leverage
- Offers a demo account
Cons
- Low selection of supported crypto assets
Review from Our team (Direct Feedback from Our Employee who Personally Uses AvaTrade)
AvaTrade is suitable for intermediate traders interested in managing risk while trading.
IG - Best Trading Platform For Access to Trading Education
Founded in 1974, IG is one of the oldest trading platforms. IG stands out from other brokers for its educational offerings to traders. IG offers education via the IG Academy. IG Academy is a free resource that features infographics, end-of-course quizzes, and video explainers.
IG Academy users also have access to the IG demo account where they can practice trading with more than $20,000 in virtual funds.
Key Features of IG
IG Academy
IG Academy offers traders a large selection of resources that can help beginners understand financial markets and assist advanced traders in sharpening their trading skills.
IG Academy features short step-by-step courses including videos, interactive exercises, and quizzes. Traders can take these online at their convenience.
The academy also features live sessions consisting of regular webinars and seminars where industry experts share their knowledge. These sessions are often interactive and allow traders to ask questions.
IG Security
IG is a licensed broker, regulated by several agencies around the world. It holds users’ funds in segregated bank accounts and does not use clients’ money for business activities including hedging trades.
Users’ accounts on the platform are protected with password protection, touch ID authentication, and two-factor authentication.
IG Fees
IG charges high fees. It charges spreads (0.6 points on key FX pairs, 0.8 points on major indices, and 0.1 points on commodities).
IG also charges other fees including account documentation fee, Overnight funding fee, Direct Market Access Charge, Currency conversion charge, inactivity fee, and ProRealTime Charts fee.
Pros
- Offers crypto education
- Free demo account
- Welcome bonus available
Cons
- High fees
- No copy trading
Review from Our team (Direct Feedback from Our Employee who Personally Uses IG)
Considering its vast array of educational resources and its demo trading feature, IG is best for traders who are interested in expanding their knowledge of the financial markets while trading.
| BROKER | PAYMENT METHODS | TRADING FEES | TRADING PLATFORMS | MAXIMUM LEVERAGE | MIN. INITIAL DEPOSIT |
|---|---|---|---|---|---|
| Plus500 | Google Pay, debit and credit cards, electronic wallets (PayPal, Skrill, etc), wire transfer, and more | $10 inactivity fee, no commissions, dynamic spreads, 0.7% currency conversion fee | Proprietary (Plus500 CFDs, Plus500 Invest, and Plus500 Futures) | 1:30 | $100 |
| OQtima | Credit card, Revolut, debit card, Skrill, Neteller, Bank transfer, and Wise | Spread from 0.0 pips, commission of $3 Per Lot Traded ($6 Round Turn) | cTrader, Trader, MT5, MT4 | 1:1000 | $100 |
| Octa | e-wallets (Skrill, Neteller, Perfect Money), Bitcoin, bank transfer, credit card, and debit card | From 0.6 pips | MT5, MT4, and OctaTrader | 1:500 | $20 |
| XM | e-wallets (Neteller, Skrill, WebMoney), credit card, debit card, bank transfer, and Union Pay | Rollover/swap fee, commissions of USD 7 on $100,000 and variable spreads from 0.8 pips, $5 account dormant fee | MT5, MT4, WebTrader | 1:1000 | $5 |
| XS.com | Bank transfer, credit card, debit card, Skrill, and Neteller | Inactivity fees, $6 commission per round lot turn, spread from 0.0 pips, swap/rollover charges | MT4, MT5, XS WebTrader | 1:2000 | $200 |
| Interactive Brokers | Wise, Bank transfer SEPA, Wire transfer, Direct ACH transfer, Link your bank account via ACH, Online Bill Pay, Bank transfer | Commission fee of USD 0.0035 to USD 0.05 | Interactive Brokers Trader Workstation, Interactive Brokers Desktop | 1:30 | No minimum deposit |
| Exness | Exness Bitcoin wallet, mobile banking, bank cashier, Electronic Payment Systems, debit card and credit card | Up to $3.5 commission on each side per lot for pro-trading accounts, spread from 0.0 for pro-trading accounts and 0.3 pips for standard accounts | MT5, MT4, WebTrader, Exness Terminal | 1:unlimited | $10 |
| IG Markets | Credit card, debit card, bank transfer, HK FPS | Spreads from 0.6 pips, account documentation fee, currency conversion charge, overnight funding, inactivity fee, ProRealTime charts fee, Direct Market Access Charge | IG Online Platform, IG mobile Trading app, MT4, and ProRealTime | 1:200 | $50 for credit or debit card deposit and no minimum initial deposit for bank transfer |
| Pepperstone | Credit card, debit card, PayPal, and bank transfer | Up to 1 pip spread markup, $3.50 in commissions per 7 round USD turn | MT4, MT5, cTrader, and TradingView | 1:500 | No minimum deposit |
| AvaTrade | Credit and debit card, wire transfer, e-payments (Skrill, Neteller, WebMoney) | Up to 0.35% in spreads, overnight financing, inactivity fees ($100) | WebTrader, AvaTradeGo, MetaTrader 5, AvaSocial, AvaOptions | 1:400 | $100 |
What is a Forex Trading Broker Account and How Does it Work?
A forex trading broker is an online platform that allows users to buy/sell currency pairs such as EUR/USD using deposited funds. Traders need to register, deposit funds, and then choose an instrument to begin forex trading.
Things to Consider When Choosing an Online Trading Broker
Before choosing an online trading broker you should consider its trading fees, available trade platforms, major currency pairs offered, acceptance of Australian forex traders, advanced trading tools available, unique features, and security measures to protect client funds.
It is also crucial to know the regulatory status of the Australian forex brokerage to ensure it isn’t a scam platform.
Which Online Broker has the Lowest Fees in Australia?
Plus500 has the lowest fees in Australia as it does not charge commissions like most forex brokers and has tight spreads.
Which is the Best Forex Brokerage to Trade with Australian Dollars?
Plus500 is the best online broker to trade with Australian dollars as it is fully regulated in the country.
Final Thoughts
Plus500 is the top online trading brokerage in Australia for its low trading fees, large selection of tradable instruments, and free rollover adjustments for expired contracts.
However, depending on your particular needs other options like OctaFx and XS.com offer attractive features like MasterTrading and Cent accounts respectively.
To make the right choice ensure you take into account their trading fees, support platforms, security measures, and how their unique features align with your reasons for trading forex.
FAQ
Most frequent questions and answers
Yes, trading the forex markets is not banned in Australia and traders can choose regulated Australian forex brokers to trade on.
The best Australian broker is Plus500. It is commission-free and offers 2800+ tradable instruments.
XS.com’s forex MasterCard is the best in Australia. It allows users to withdraw at ATMs directly from the XS wallet.
Exness offers unlimited leverage.
82% 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.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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