This article mentions the top 10 Forex brokers in Australia that allow Australians to trade based on the rules and regulations set by the Australian Securities and Investments Commission (ASIC).
March 4, 2021 | AtoZ Markets – The forex market is the world's biggest financial market, with daily transactions over $6 trillion. If you are a financial market trader or want to build yourself a career in financial market trading, you can choose Australian-regulated brokers as they provide a reliable trading environment.
The major participants in the forex market are central banks and financial institutes like banks, insurance companies, multinational companies, and retail trading brokers. However, the introduction of Contract for Difference (CFDs) allows retail traders to have suitable trading opportunities with their limited funds.
Therefore, you can start trading in the forex market if you are a citizen of Australia. Many forex trading brokers in Australia offer CFDs trading to Australian citizens. Therefore, you can have hassle-free trading with Australian brokers if you live there. However, you might have to face a problem for Non- Australian citizens who open accounts in Australian Brokers.
Before proceeding further, you can find the entire table of contents of this guide about Forex trading in Australia.
(Table of contents section)
- How Forex Trading is Regulated in Australia
- How to Choose a Forex Broker in Australia?
- Top 10 Best Forex Brokers in Australia
- How to Open a Forex Trading Account in Australia
- How to Deposit or Withdraw Funds from Australia Forex Brokers
How Forex Trading is Regulated in Australia
It is very important to identify the regulatory environment of a Forex broker as it has a direct impact on trading performance. Furthermore, the regulation affects the trading instruments, spread and commission, and leverage and pant protection.
Before you want to open a trading account, you should know the maximum benefit the regulating authority will allow rather than other countries.
The Australian financial market implemented blockchain technology to enhance the trading experience. Australian Securities Exchange (ASX) is the first stock exchange that claims to build an infrastructure based on blockchain technology.
There are two regulating authorities in Australia-
- Australian Securities and Investments Commission (ASIC), and
- Australian Prudential Regulation Authority (APRA)
ASIC started its operation on July 1, 1998, but became a leader in the new generation after regulating authority in Australia. ASIC was preceded by ASC but dissolved after the Wallis Inquiry.
How to Choose a Forex Broker in Australia?
If you want to open an Australian broker account, you should find a broker with ASIC regulations. There are many forex brokers available online that offer services through ASIC regulation.
If you are a citizen of Australia, it will be easier to open a trading account with an Australian broker. However, if you live abroad, but you want to open an account in Australia and Broker, you might face it difficult as ASIC has some regulations on Overseas accounts.
You should find an Australian broker with multiple regulations with at least one regulation from your location. For example, say you live in Europe and want to open an account with an Australian broker. Therefore you have to find a broker that has both ASIC and CySEC regulations. It is not difficult to find these brokers online as the regulating information is available at the bottom of every broker's website.
Later on, it would help if you focused on the trading environment and the availability of trading instruments. Many Forex brokers worldwide allow MetaTrader 5 and MetaTrader 4 trading platforms with cTrader and web trading for both windows and mobile.
Trading costs and commissions are another essential part that you should focus on. Brokers take a fee from the bid and ask price, representing the difference between the buying and selling price of a currency pair. Besides taking the spread, some brokers charge additional permission while some brokers offer zero spread.
In the following section, we will see the top 10 Forex trading brokers in Australia.
Top 10 Best Forex Brokers in Australia
This section will see the top 10 forex brokers in Australia based on ASIC regulation and trading environment.
Pepperstone is a forex broker from Melbourne, Australia that was established in 2010. The company started its business in Australia and expanded its business by opening a London office in 2015.
The company focuses on superior technology, genuine commitment & low-cost spreads to traders all around the world. Moreover, Pepperstone offers multiple currencies, shares, metals, CFDs, metals, cryptocurrencies, etc.
- What type of Forex broker is Pepperstone?
Pepperstone is a Forex and CFD broker.
- Is Pepperstone regulated in Australia?
Pepperstone has licenses and regulations from the two continents that work with financial regulators across various jurisdictions to provide investor protection.
Pepperstone is regulated by the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA) regulates
- How much does it cost to trade with Pepperstone in Australia?
The minimum cost of Pepperstone starts from AUD 3.50 on most of the major currencies. On the CFD position, the commission would be AUD 0.02.
- Which trading platforms do Pepperstone offer to Australian traders?
Pepperstone offers MT5. MT4 and cTrader platform
- What is the minimum deposit for Australian traders with Pepperstone?
Traders can start trading with a minimum deposit of AUD 200.
- How is Pepperstone Customer support in Australia?
The customer service of Pepperstone is available on 24/5 using telephone, email & direct live chat. Moreover, everyone can contact them by their official phone no: 1300 033 375, and email them at [email protected]
2# IC Markets
IC Markets is a famous forex trading broker based in Australia that provides CFD trading for scalpers, day traders, and other traders who are new into the market. It has a cutting-edge trading platform with superior liquidity.
IC Markets was incorporated in 2007. A team of professionals in the financial services industry was behind the success of one of Australia's largest CFD and Forex providers.
- What type of Forex broker is IC Markets?
IC Markets is a Forex and CFD broker.
- Is IC Markets regulated in Australia?
IC Markets is an ASIC, Cysec and FCA regulated broker.
It holds an Australian financial services license (AFSL No. 335692) to carry on a financial services business in Australia, limited to the financial services covered by its AFSL. The trading name, IC Markets, used by International Capital Markets Pty Ltd, is also used by other entities.
- How much does it cost to trade with IC Markets in Australia?
The spread of this broker is started from 0.0 pips per Standard Lot with a $3.5 commission. Otherwise, $1.0 pips spread with no commission on its standard account.
- Which trading platforms do IC Markets offer to Australian traders?
IC Markets offers MT5. MT4 and cTrader platform
- What is the minimum deposit for Australian traders with IC Markets?
Traders can start trading with a minimum deposit of $200.
- How is IC Markets Customer support in Australia?
IC Markets customer service is available 24/7. Their customer service team is very responsive, and they solve problems as early as possible.
The website is available in 18 languages, and the "Help Centre" section has answers to most of the questions asked.
3# Multibank FX
MultiBank Group started its business in 2005, and now has its headquarters in Hong-Kong. The company started its operation in the US. Later on, it diversified its operations into Europe, Australia, and the British Virgin Islands. It offers multiple currencies, shares, metals, CFDs, metals, cryptocurrencies, etc.
MultiBank comprises several companies that are licensed and regulated worldwide through relevant authorities, including ASIC in Australia, BaFin in Germany, FMA in Austria, CNMV in Spain, FSC in the BVI, CIMA in the Caymans and RAK in the UAE.
- What type of Forex broker is Multibank FX?
Multibank FX is a Forex and CFD broker.
- Are Multibank FX regulated in Australia?
MultiBank Group has licenses and regulations across four continents to ensure maximum investor protection.
MultiBank Group is licensed and regulated by ASIC, BaFin, FMA, CNMV, FSC, CIMA, RAK.
- How much does it cost to trade with Multibank FX in Australia?
In the Multibank ECN Pro platform, the broker charges $2/3 lots with no commission in MultiBank Pro & Maximus platforms.
Besides, the benchmark EUR/USD spread is floating around 0.7 pips with no commission.
- Which trading platforms do Multibank FX offer to Australian traders?
Multibank FX offers an MT4 platform.
- What is the minimum deposit for Australian traders with Multibank FX?
Traders can start trading with a minimum deposit of $50.
- How is Multibank FX Customer support in Australia?
MultiBank Group is available to contact 24/5, which includes telephonic support, email, direct live chat, and video conference. It has dedicated phone consultants for 41 countries, ensuring that someone is available to resolve the query.
Axi, previously known as AxiTrader, was established in 2007, a recognized broker with its head office in Sydney, Australia. Later on, the broker launched the UK headquarters in 2012.
Axi offers the MetaTrader platform with 80 currency pairs and 65 CFDs on commodities, metal, indices, and cryptocurrencies. It has a premium MT4 NextGen add-on package for clients with social-copy trading platforms.
- What type of Forex broker is Axi?
Axi is a Forex and CFD broker.
- Is Axi regulated in Australia?
- Axi maintains regulation with the UK's FCA under its London- based entity AxiCorp Limited,
- ASIC in Australia under AxiCorp Financial Services Pty Ltd and
- Dubai Financial Services Authority (DFSA) under AxiCorp Financials Services Pty Ltd, the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC), in Dubai, UAE.
- Axi is also registered in Saint Vincent and the Grenadines by the Financial Services Authority under AxiTrader Limited.
- How much does it cost to trade with Axi in Australia?
The spread of the standard account starts from 1.0 pips with no commission, and for Pro, accounts start from 0.0 pips with a $7 commission.
- Which trading platforms do Axi offer to Australian traders?
Axi offers an MT4 platform.
- What is the minimum deposit for Australian traders with Axi?
There is no deposit requirement for Axi.
- How is Axi Customer support in Australia?
Axicustomer service is available 24 hours a day, Monday to Friday. Traders can use the live chat option to get any instant support. Moreover, its other contact methods are mentioned below:
Phone No: +61 2 9965 5830
Email: [email protected]
Plus500 is owned by a holding company called Plus500 Ltd. It operates through 3 different subsidiaries:
- Plus500UK Ltd,
- Plus500CY Ltd
- Plus500AU Pty Ltd.
Additionally, Plus500 is also an active sponsor of professional Soccer and Rugby teams. The firm has been the official sponsor of Club Atletico de Madrid since 2016.
- What type of Forex broker is Plus500?
Plus500 is considered as a leading broker in the CFD trading. It delivers trading facilities on shares, Forex, commodities, ETFs, options, and indices.
- Is Plus500 regulated in Australia?
Plus500 is regulated by the UK's FCA, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).
- How much does it cost to trade with Plus500 in Australia?
For EUR/USD, the spread is fixed at 0.6 pips. However, it's worth noting that financing rates are quite high.
- Which trading platforms does Plus500 offer to Australian traders?
Plus500 has a trading platform on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors.
- What is the minimum deposit for Australian traders with Plus500?
When opening an account, you have to deposit a USD100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.
- How is Plus500's Customer support in Australia?
Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.
XM Is a globally recognized broker that has More than 3,500,000 clients from 196 countries. The company was founded in 2009 and has grown as an established international investment firm and a true industry leader.
The company has more than 450 trading professionals with long experience in the industry. XM provides its service in 30 languages that help it to access many countries.
Overall, XM has a license from the following countries:
- The UK
- What type of Forex broker is XM?
XM is a Forex and CFD broker.
- Is XM regulated in South Africa?
XM is authorized and regulated by IFSC (International Financial Services Commission), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission)
- How much does it cost to trade with XM in South Africa?
XM offers a standard spread for Major currencies as low as 0.6 pips with 888:1 leverage. Details of the spread and leverage are mentioned on the XM website.
- Which trading platforms does XM offer to South African traders?
XM offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.
- What is the minimum deposit for South African traders with Oanda?
Traders can trade as low as $5 with XM. However, the minimum deposit varies from trading account types.
- How is XM's Customer support in South Africa?
XM has a dedicated customer support team for South Africa. Besides life support, they make regular contact with clients regarding their trading account and trading help.
The Royal launched its business operation in 2006 with a vision to run a globally successful forex company to offer to trade in Forex, CFDs, metals, stocks, and shares.
The company is regulated in many jurisdictions with a fantastic team of over 130 talented people across four continents.
- What type of Forex broker is Royal?
Royal is a Forex and CFD broker.
- Are Royal regulated in Australia?
- Royal Financial Trading Pty Ltd is licensed and regulated by ASIC (Australian Securities & Investments Commission – License number AFSL 420268) and located in Sydney, Australia.
- Royal Financial Trading (CY) Ltd is licensed and regulated by CySEC (Cyprus Securities & Exchange Commission – License number 312/16) and located in Limassol, Cyprus.
- Royal Financials SAL is licensed and regulated by the Lebanese Capital Markets Authority (CMA) as a Financial Intermediary Institution (License No. 15) and located in Beirut, Lebanon.
- How much does it cost to trade with Royal in Australia?
The average spread in classic accounts is1.4 pips, for premium account 0.6 pips, and for VIP accounts, there is no commission. On the other hand, the core account charges $3.5 to $7 as a commission.
- Which trading platforms do Royal offer to Australian traders?
Royal offers the MT4 platform, metaFX and MT4 multiterminal.
- What is the minimum deposit for Australian traders with Royal?
The minimum deposit requirement for Royal is $50
- How is Royal Customer support in Australia?
Royal covered most of the asked questions in the FAQ section. Moreover, traders can contact them through live web chat, WhatsApp, Messenger, callback request, and email support.
AETOS Capital Group Pty. Ltd. is an Australian broker committed to providing retail and corporate clients with trading opportunities in CFD in Forex, metals, energy, and indices. AETOS focuses on the top-tier trading platform for investors.
- What type of Forex broker is Aetos?
Aetos is a Forex and CFD broker.
- Are Aetos regulated in Australia?
AETOS Capital Group Pty. Ltd. is a subsidiary of AETOS Capital Group, licensed and regulated by the Australian Securities and Investments Commission (ASIC). Therefore, AETOS Capital Group Pty. Ltd. (ACN: 125113117) is regulated and licensed under Australian law and regulations since 2007.
- How much does it cost to trade with Aetos in Australia?
The general floating spreads on EURUSD and AUDUSD are as low as 0.2 pips.
- Which trading platforms do Aetos offer to Australian traders?
Aetos offers the MT4 and MT5 trading platforms.
- What is the minimum deposit for Australian traders with Aetos?
The minimum deposit requirement for Aetos is $250
- How is Aetos Customer support in Australia?
The Live Chat Function is available 24/5, and clients are expected to see a pop-up window after entering the required message.
9# FP Markets
FP Markets is a Forex and CFD broker from Australia regulated by the Australian Securities and Investments Commission (ASIC).
This company allows trading in MT4, MT5, mobile trading, and web-based global forex trading opportunities. Besides, this broker has over 50 currency pairs including, gold, silver, CFDs, Futures, and Shares.
- What type of Forex broker is FP Markets?
FP Markets is a Forex and CFD broker.
- Are FP Markets regulated in Australia?
FXCM AU is regulated by ASIC [AFSL 309763]. FXCM AU ACN: 121934432.
- How much does it cost to trade with FP Markets in Australia?
FP Markets charge as low as AUD 10 per month.
- Which trading platforms do FP Markets offer to Australian traders?
FP Markets offers the MT4 and MT5 trading platform.
- What is the minimum deposit for Australian traders with FP Markets?
The minimum deposit requirement for FP Markets is AUD 100
- How is FP Markets Customer support in Australia?
The website of FP Markets is available o 12 different languages,
Besides the live chat option, the company allocates two phone numbers. The number 1300 376 233 is allocated for domestic calls in Australia, while international callers can reach the team on +61 2 8252 6800
FXCM is a leading provider of online forex trading, CFD trading, and related services. The company is providing financial trading services for the last 20 years.
The diversified team of FXCM allows traders to have maximum benefit from this platform.
- What type of Forex broker is FXCM?
FXCM is a Forex and CFD broker.
- Are FXCM regulated in Australia?
FXCM is regulated by the Australian Securities and Investments Commission (ASIC) and CySEC.
- How much does it cost to trade with FXCM in Australia?
FXCM charges spread as low as 1.2 pips.
- Which trading platforms do FXCM offer to Australian traders?
FXCM offers the MT4, trading station, ninja trader, and trading view.
- What is the minimum deposit for Australian traders with FXCM?
The minimum deposit requirement for FXCM is $50
- How is FXCM Customer support in Australia?
FXCM customer support is available 24/5 in live chat, email, SMS, trading desk, and feedback forms.
How to Open a Forex Trading Account in Australia
Opening a Forex trading account in an Australian broker is straightforward. Therefore, you might not have to face any trouble as you can complete all of the trust through the broker's website:
- First, you have to find a broker that offers trading under ASIC regulation.
- Later on, move to the registration section of the website, which will be available on every visible tab.
- The registration will ask for your full names, addresses, phone number, email address and information regarding your trading account. You can set the types of trading accounts you are looking for, including the leverage.
- After completing the registration, they will send you an email. You have to confirm the email, and often some brokers try to have a phone verification to ensure the two-step authentication.
- After completing the account, they will ask for your identity verification. You should keep any two of your identity verification cards and an address verification document.
- When we submit these documents, the back office will verify it. It will send unique login details and send unique login details of your trading account once your information is fully verified.
- After getting verified, you should download all the trading materials like MetaTrader 4 MetaTrader 5 or cTrader.
- After downloading the trading platform and setting the trading template, you are ready to deposit your account.
How to Deposit or Withdraw Funds from Australia Forex Brokers
As Forex trading is legal in Australia, you might not have to face trouble to make a deposit and withdrawal. Most of the brokers in Australia allow deposits through credit cards and banks.
Most of the forex brokers in Australia are attached to a bank that keeps clients separate from the broker's regular trading. Therefore if you transfer the front to the associated brokers, it will not take X to add the balance to your account. Moreover, if you use a credit card, you can have an instant deposit in your trading account within a minute.
Another best way to make a Deposit in an Australian broker is by using the electric payment method. Besides credit cards, other electronic payment methods have become very famous. The most used electric payments in Australia are PayPal, Neteller, Skrill, Bitcoin, and more.
Once you deposit through a payment method, you have to withdraw through the same payment method. However, if you make any profit excess the deposit amount, you can choose any payment method for the profit portion only.
Best Brokers in Australia - Conclusion
There are thousands of forex brokers allowing trading from Australia that might confuse you. It is often difficult for you to test all brokers as it will require time and effort. However, you can see the available broker list in Australia with their trading opportunities from the AtoZ broker review directory.
In closing, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis.
Do you still have questions about trading Forex in Australia? Then feel free to write a comment below or contact our team directly.