Australian Forex Brokers with Fixed Spreads – (Updated for 2020)

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Broker!
    Perfect for beginners!
    Free Demo Account! Free Trading Education!

  • Binomo
    Binomo

    Only for experienced traders!

Australian Forex Brokers with Fixed Spreads

The following article will take a look at the advantages and disadvantages associated with fixed spreads. It will also detail the best brokers to rely on and some of the features that you should look for in such agencies. So, without further ado, here is what you need to know.

How Fixed Spreads Can Benefit You

Let’s first take a look at why fixed spreads are something you should consider when you register with a particular broker.

Now, as you are aware, the spread is the difference between the Asking and Bid price during a trade. The spread can be affected by a number of different factors including global events and information releases.

Such elements can result in volatility, which means that the price can jump rather quickly.

When such situations take place, you will often find that the spreads can widen rather significantly. Therefore, you may end up paying a bit more than you typically would.

As you can imagine, this ends up cutting into the profits you make, decreasing the overall amount. Fixed spreads, however, seek to minimize such losses.

As you can tell from the term, fixed spreads don’t change, regardless of the market situation.

This can come in useful for different kinds of traders. For instance, if you are new to trading, fixed spreads create a more stable trading environment for you. Such spreads are also helpful to traders involved in day trading or trading around major events.

Top Australian Brokers with the Lowest Fixed Spreads

Now that you have a better understanding of fixed spreads, it is time for the next step. Below, you will find the local brokers that will offer the best fixed spreads:

easyMarkets

easyMarkets only offers fixed spreads. Here, though, the spreads do differ according to the account type, as well as the currency that you wish to trade with. As a result, you may find that the spreads range from around 1.8 pips to 4 pips. For the most part, the more VIP accounts tend to offer the lowest fixed spreads for traders. There are quite a few advantages to be appreciated with this particular broker. Not only is their customer service top-notch but their trading platforms are highly rated as well. All in all, it is a rather well-rounded broker and one that is ASIC regulated to boot.

AvaTrade

AvaTrade is one of the better-known brokers and offers up fixed spreads as well. On average, the fixed spread for a currency pair is around 1.9 pips. Although this may not be the cheapest, there are several advantages working in AvaTrade’s favour.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Broker!
    Perfect for beginners!
    Free Demo Account! Free Trading Education!

  • Binomo
    Binomo

    Only for experienced traders!

To start with, this is an ASIC regulated broker, which makes it a more reliable option. There are also a number of different trading platforms to select from, including the very popular MetaTrader 4. The broker provides traders with enough resources to help with trading decisions as well.

eToro

eToro does provide traders with fixed spreads but they tend to be slightly higher than most other brokers. So, you may discover that these fixed spreads can be as high as 3 pips in some instances.

Despite this, quite a number of traders rely on this well-regarded broker.

This is largely to do with the fact that the interface and platforms are user-friendly and suitable for most types of traders.

To add to this, it also boasts some rather impressive social trading tools.

eToro is also one of our top rated bitcoin brokers and CFD brokers in Australia.

Are Fixed Spreads Always Profitable?

The above points reveal that fixed spreads help to create a more normal trading situation, particularly for novice traders. At the same time, though, there is one downside associated with this type of spread.

This, of course, is the fact that under normal conditions, there may not be as many advantages to reap with fixed spreads.

Under regular trading situations, there is always the chance that market liquidity will be rather low. During these instances, traders that have opted for floating spreads will be able to enjoy much lower spreads than usual.

Nonetheless, if you have opted for fixed spreads, you will end up paying a fixed amount that may be higher than the spread currently being quoted in the market.

Tips for Selecting Australian Brokers with Fixed Spreads

While the brokers mentioned above are highly rated, you will discover that they are not the only options around. With such a selection to choose from, you may be wondering how to determine which brokers are your best options. Well, the following tips will come in handy when searching for such brokers:

  • ASIC Regulated Brokers are Key: as you are aware, not all forex brokers are regulated by ASIC .Now, this doesn’t automatically mean that non-authorised brokers are fraudulent. Nevertheless, sticking with regulated brokers is often advised. For one thing, they are less likely to be engaged in scams. For another, should there be any fraudulent activity, you will have peace of mind knowing that there are proper security measures in place.
  • Double Check Fixed Spreads: it is important to double check that a forex broker does, in fact, provide fixed spreads. What’s more, you should be aware of all the variations in fixed spreads in regards to account types and currency pairs.
  • Understand Terms and Conditions: in many instances, there are terms and conditions associated with fixed spreads. For example, in some cases, you may find that the broker has the right to alter the fixed spreads temporarily. Therefore, it is important to be aware of when this can take place.
  • Fixed Spreads aren’t the Only Factors: last but certainly not least, fixed spreads aren’t the most important element of a broker. Make sure that they are legitimate, easy to use, and offer suitable currency pairs before registering with them.

These are the top things you need to understand regarding Australian forex brokers who provide you with fixed spreads. As long as you keep these details in mind, you will be able to utilise the advantages associated with this type of spread.

Best Australian Forex Brokers 2020

While there is a magnitude of brokers to choose from on the internet, many beginner Australian traders will find it difficult to know which are the right brokers, who will be a true partner to them. It’s hard to know just which broker to trade with in Australia. FX Empire is here to help you decide exactly who to choose as your trusted trading partner. With the insight of our readers from across Australia and the in depth research of our experts we have created a list of the best, most trustworthy and technologically advanced brokers in Australia.

The brokers below represent the best forex brokers in Australia

Your Capital is at Risk

cTrader, MT5, Zulutrade

Your Capital is at Risk

Your Capital is at Risk

ECN, Market Maker, No dealing desk, STP

Your Capital is at Risk

Your capital is at risk

MT4, MT5, Zulutrade

Market Maker, STP

Your capital is at risk

Your capital is at risk

IRESS, MT4, MT5, webtrader

No dealing desk

Your capital is at risk

76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

No dealing desk

76.4% of retail CFD accounts lose money

Your capital is at risk

MT4, MT5, myFXbook, Zulutrade

Your capital is at risk

Here’s a list of The Best Forex Brokers in Australia

IC Markets

Regulated By: ASIC, FSA

Foundation Year : 2007

Headquarters : International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

Min Deposit : $200

Your Capital is at Risk

Owned by International Capital Markets PTY, the IC Markets brand was founded in 2007. The platform operates under the AFSL license number 335692 issued by the Australian Securities & Investment Commission (ASIC). Its head office is located at Level 6 309 Kent Street Sydney, NSW. The broker also maintains an office in Limassol Cyprus.

For market access, IC Markets offers 3 main types of trading platforms, the MetaTrader 4, the MetaTrader 5 and cTrader platforms. Both the MT4 and MT5 are proven trading platforms with a high level of reliability. As for the cTrader, the platform was designed especially for true ECN connectivity. Other advantages of IC Markets include low spreads and high leverage ratio. The broker is also well known for offering its traders a complete educational center.

Broker Rating Official Site Regulations Min Deposit Max Leverage Trading Platforms Foundation Year Publicly Traded Trading Desk Type Currencies Commodities Indices Stocks Crypto Commission on trades Fixed spreads offers promotions Official Site
Pros Cons
  • 24/7 Customer support
  • Competitive spreads
  • Leverage ratio of 1:500
  • Resource packed educational center
  • No offer of bonuses or cash rebates

GO Markets

Regulated By: ASIC

Foundation Year : 2006

Headquarters : Level 22, 600 Bourke Street, Melbourne, VIC 3000, Australia

Min Deposit : $200

Your Capital is at Risk

GO Markets Pty Ltd an ASIC regulated broker has been in operation since 2006. The head office is located in Melbourne, Australia. With over a decade of experience, GO Markets has grown to become a leading broker with a huge client base from over 150 countries. GO Markets offers forex, share CFDs, indices, metals and commodities for trading on the MT4 and MT5 trading platforms.

Pros Cons
  • GO Markets is a regulated brokerage entity, which is a factor that ensures transparent trading conditions.
  • Ultra fast trade executions courtesy of innovative technology and powerful servers located in London.
  • Availability of trading and analysis tools like Autochartist and Trading central.
  • Clients’ fund segregation.
  • Demo accounts expire after 30 days, However, non-expiry demo account is available.
  • Clients from over 35 high risk and other monitored jurisdiction are not accepted, which is a lot.
  • Only two account types available for all traders.
  • Swap free offered in MENA region only.

USGFX

Regulated By: ASIC, FCA

Foundation Year : 2005

Headquarters : G03 135 Macquarie Street Sydney NSW Australia 2000

Your capital is at risk

The broker offers to trade on 62 tradable assets across Forex, Metals, Energies and Indices. Clients can choose from four different account types called Mini Account, Standard Account, VIP Account and Pro-ECN Account. Clients can also trade on the globally recognised MetaTrader 4 and 5 trading platforms for Windows, Mac, Web, Android and iOS operating systems as well as through social trading platforms ZuluTrade and myFXbook.

Clients of USGFX can also benefit from free access to Trading Central’s technical analysis service and Featured Ideas, as well as access the USGFX TradersClub Program which offers education, market research and commentary, premium trading tools and personalised coaching from their Senior Analyst, Rob Clayton.

Pros:

Cons:

  • ASIC regulated with segregated client funds.
  • Can trade on MetaTrader 4 and 5.
  • Free access to Trading Central and Featured Ideas services.
  • Personalised coaching via the USGFX TradersClub education program.
  • Limited range of instruments.
  • No Stocks and soft Commodities
  • Advertised spreads are higher than most.
  • Knowledge of live chat support agent below par.

FP Markets

Regulated By: ASIC, CySEC

Foundation Year : 2005

Headquarters : Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit : $100

Your capital is at risk

FP Markets is an online forex and CFDs trading platform that is owned by First Prudential Markets Pty. The holding company is an Australian based company with its head office located at Level 5, Exchange House, 10 Bridge St, Sydney NSW. Founded in 2005, FP Markets is regulated by ASIC and holds an Australian Financial Services License (AFSL) number 286354. Apart from offering its traders the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, the broker also offers them the Iress trader platform.

Spreads on FP Markets starts from as low as zero pip as the broker claims to offer true ECN connectivity. Traders at FP Markets also have a selection of trading accounts to choose from, whether it is for spot forex trading or for CFDs trading.

Pros Cons
  • 3 types of trading platforms to choose from
  • Competitive spreads
  • ECN trading available
  • Multiple choices of trading accounts
  • No proprietary platforms, only MetaTrader
  • Limited list of assets

Plus500

Regulated By: ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year : 2008

Headquarters : Building 25, MATAM, Haifa, Israel

Min Deposit : $100

76.4% of retail CFD accounts lose money

Plus500 has been in the brokerage business for a decade. They boast of 317,000 clients from all over the world. They are properly regulated in four different countries including Australia, UK and Cyprus. The trading platforms are simple, user-friendly, fast and secure. Platforms that can be used across multiple devices and operating systems are available for trading in various situations.

No educational materials are available, which is a huge minus. Furthermore, no research materials (else then the economic calendar) or technical analysis is provided.

Pros Cons
  • 2,000+ CFD products available for trading across global markets, including cryptocurrency CFDs
  • Offers guaranteed stop-loss orders
  • Multiple regulations from different countries. Regulation includes FCA, ASIC, CySEC and MAS.
  • Over 100 chart indicators are available in the web platform
  • Lack of content and news headlines
  • Lack of Trader Education to clients
  • No phone support offered

Vantage FX

Regulated By: ASIC, CIMA

Foundation Year : 2009

Headquarters : 29/31 Market St, Sydney

Min Deposit : $200

Your capital is at risk

Managed and owned by Vantage Global Prime Pty Ltd, Vantage FX is a forex trading platform that was founded in 2009. The broker’s head office can be found at Level 29, #31 Market St, Sydney, New South Wales. Regulated by the Australian Securities and Investments Commission (ASIC), Vantage FX is authorized under the AFSL license number 428901.

Vantage FX selection of trading platforms comprises of the MetaTrader 4, MetaTrader 5, WebTrader, ZuluTrade and MyFXBook Autotrade. The latter two trading platforms are geared towards beginner traders as it allows for copy trading. As for the cost of trading at Vantage FX, the broker offers ECN access on its MetaTrader platforms. Spreads starts from as low as zero pips.

Pros Cons
  • Earn 8.88% interest on available trading balance
  • Good choices of trading platforms
  • Ultra tight spreads
  • Limited assets available for trading

How to Choose a Forex Broker (as an Aussie trader)

  • The most important factor to look for in a broker is to see if the broker is regulated by the Australian Securities and Investment Commission (ASIC). ASIC is the regulatory body that is in charge of regulating the Australian financial industry. ASIC is also tasked with consumer protection as well as corporate governance which helps to ensure that your rights as a consumer are not abused by the brokers.
  • Apart from regulatory oversight, you should also ensure that the broker has provided you with a reliable trading platform. The trading platform is every trader’s gateway to the financial markets and without a reliable platform, one will not be able to trade effectively.
  • Finally, look at the spreads or commissions that the broker is charging. If the broker charges high spreads or commission, then your profitability will be affected. To help our Australian readers get a head start, we have compiled a list of recommended brokers that are based in Australia.

Australian inhabitants have often demonstrated resourcefulness in overcoming the numerous hurdles of living in such a sparsely populated area. Over the last 10 years with China’s economy booming at a furious rate, this has resulted in an upswing of exports from Australia and the appreciation of the Australian dollar. As a result, many Australians seeking to gain from the gain in the Australian dollar have taken to retail forex trading. This increased interest in retail forex trading goes to explain why the retail forex trading industry in Australia has been growing at a tremendous pace in recent years.

When it comes to selecting a Forex broker, there are a variety of things to bear in mind. Over the course of this article we will explore the key areas you as an Australian trader should be aware of when it comes to selecting a Forex Broker that will be a true partner to you. We will look at the Australian regulation of brokers, the importance of working with a locally regulated broker, how to choose the best trading platform to trade with, and other key areas such as commissions, spreads and leverage offered by the broker, plus the importance of good customer support.

General Regulations & Australia Regulation

Generally speaking in the online forex trading industry, the untrustworthy brokers tend to be unregulated. To attract your patronage, they often make outrageous claims which they fail to deliver on further down the road. Because of the high risks of getting scammed by an unregulated broker, your search for a reliable and dependable broker should start with those brokers which are regulated.

The Forex market is an over the counter (OTC) market. This means that the market is not regulated by any central regulatory body. In fact before Forex trading became popular on the retail level, Forex trading was largely confined to an institutional level and is largely self regulatory. But as Forex trading became more popular on a retail level, financial regulatory agencies in the more developed economies around the world began to step in, in an effort to protect the interest of the small retail investors.

Some of the standards which financial regulatory agencies around the world have established for Forex brokers operating in their jurisdictions include requiring the broker to have segregated accounts for their clients and the company’s operational funds. This requirement helps to ensure that the broker does not misuse the trading funds that have been entrusted to it by the clients. In other words, traders can rest assured that their funds will be in their trading account whenever they want to make a trade.

In addition, having segregated accounts helps to protect the clients money from being used to pay the broker’s debts, in the event the broker becomes insolvent. In other words, creditors of the broker are not permitted to claim the funds in these segregated accounts as part of the broker’s assets which can be used to pay off the broker’s debt. Another standard industry requirement for a regulated forex broker is the maintenance of a capital adequacy ratio. The purpose of requiring brokers to maintain a capital adequacy ratio is to ensure that the broker will at all time have sufficient liquidity to meet its contractual obligations.

Australian Securities and Investment Commission (ASIC)

For traders in Australia, the regulatory authority which they should take note off is the Australian Securities and Investment Commission (ASIC). Established in 1998 under the Australian Securities and Investments Commission Act, 2001, ASIC is empowered by the Corporations Act, 2001, the Insurance Contracts Act, 1984 and the National Consumer Credit Protection Act, 2009 to be responsible for the following in the financial industry in Australia:

  • Consumer Protection
  • Corporate Governance
  • Promotion Financial Literacy
  • Regulating Financial Services
  • Regulating Insurance Industry
  • Regulating the trading Securities and Derivatives

If you are a beginner trader who is unfamiliar with the online forex trading industry, the best starting point for you is to deal only with ASIC regulated brokers. Regardless of how attractive an unregulated forex broker’s offer may be, there is no point in taking up their “offers” if at the end of the day you find yourself unable to get your money back. Go for the benefits of an ASIC regulated broker which can provide you with peace of mind.

Trading Platform & Software

The next factor to take into consideration when selecting the best forex brokers in Australia to partner with is the performance of their trading platforms. The trading platform is your gateway to the forex market and without a reliable and efficient trading platform, you will not be able to trade the forex market effectively.

What are the main types of trading platform that the broker has provided. Here we are referring to:

Do you have to download a client software such as the MetaTrader 4 client software before you can use the trading platform? This means you can only use that platform from the computer that you have originally downloaded to.

Or is it a web based platform which only requires you to use a web browser to connect to the trading platform? This means you can literally trade from anywhere that you have internet connection. You will login using your username and password.

  • Mobile platforms

These are usually a stripped down version of the download or web based trader specifically built for the smartphone or tablet. Additionally some brokers offer their platform as an app which can be downloaded through the app store or Google Play.

In addition, consider if the trading platform is proprietary or a generic platform widely used by the industry.

Proprietary Platform

A proprietary platform can be indicative of the broker’s willingness to invest to improve the quality of its clients trading experience. This is a platform that the broker designs and builds for the use of their traders. It is often highly customizable to the user and can cater for all level of traders.

Generic Platform

Often called a white label this is a platform offered by many brokers and branded to them eg, with their logo. The most popular version of this is the MetaTrader 4 provided by Metaquotes. Sirix Trader and cTrader are the next most popular white labeled platforms.

Things to look for in your platform:

  • Check if the trading platform is easy to use and executes trades instantly
  • Can provide you with a wide array of trading tools to enhance your market analysis
  • Look at the quality of the trading charts and see if they can provide you with an in-depth look of the price movements
  • Additional tools which further extend your trading capabilities such as economic calendar, currency and pip calculator, updating news stream, trading directly from charts.

If in doubt about the above refer to the below list before you select a platform to trade on:

  1. Comprehensive charts
  2. Fast Execution of trades
  3. Mobile capable
  4. User Friendly Interface
  5. Wide range of trading tools

Commissions, Spreads & Leverage

With trading costs being one of the main factors which determine a trader’s profitability, most forex traders’ first instinct is to look at the commissions that brokers charge as well as the spread that they offer. Depending on the broker’s business model, most brokers do not charge any commissions. Instead, their main source of revenue will be the spread which traders pay each time they make a trade. The spread is merely the difference between the BID and ASK price. For frequently traded currency pairs, the spreads which a trader pays can range from zero pip to 5 pips. In addition when evaluating the spreads offered by the broker, check if the spreads offered is fixed or variable. For traders who wants certainty with their trading cost, it is better to opt for fixed spreads as they do not change according to market volatility as opposed to variable spreads.

Commissions

Although most brokers do not charge any commissions, this is not the case with brokers who offer ECN trading capacity. An Electronic Communications Network or ECN broker allow traders to deal directly with the liquidity providers hence allowing then to take advantage of the interbank rates offered by the liquidity providers. To compensate for the loss of revenue by giving traders direct access to interbank rates, ECN broker’s charge a small commission instead. This commission can be fixed or based on a percentage of the trading volume.

Leverage

The leverage ratio offered by forex brokers is also another important consideration to take into account. For Australian traders, the leverage enjoyed by them is considerably higher than what most brokers in Europe are offering their clients. Most European brokers due to regulatory restrictions are only permitted to offer their clients up to a maximum of 1:100 leverage ratio. Whereas for Australian regulated brokers, they are permitted to offer a maximum of 1:500 leverage ratio.

Account Types

The types of trading accounts offered by forex brokers depend on the target market which the broker is targeting. For beginner friendly brokers, the type of trading accounts offered usually have a low minimum deposit requirement as well as the ability to trade in small amounts or lots. For premium brokers, the account opening requirements is usually higher and often beyond the financial capability of the small retail trader. Nevertheless, the services offered by these premium brokers are usually personalized and exceptional. In addition when looking at the types of trading accounts that are provided by a broker, always make it a point to study their withdrawal policies and ensure that you are comfortable and agreeable with the terms provided. Some brokers may provide free withdrawals while others may charge their clients a high fee each time their clients makes a withdrawal request. Finally, check how long a broker usually takes to process a withdrawal request. Most regulated brokers usually take 3 business days to process a withdrawal request whereas some process a withdrawal within the same day.

Customer Service

It should be noted that the forex market is a 24 hours market with continuous trading activities going on throughout the entire trading day. Because of this, you want to ensure that your broker is capable of supporting you on a 24 hours basis and not just during office hours. Furthermore, check if the broker provides multiple methods of communicating with the support team. The more methods that the broker has made available, the more accessible the broker is when you have to contact the support team for assistance. Other factors to consider with regards to a broker’s customer support service are whether the broker provides multilingual support and localized support telephone numbers.

Additional Services

In a competitive industry such as the online forex trading industry, most forex brokers try to provide additional services in order to help them differentiate their services from other brokers in the industry. Some of the added features or benefits provided by these brokers may include the following:

  • Free Trading Alerts
  • Free VPS
  • Interest on trading account balance
  • Loyalty program and rebates on trading cost
  • Market Analysis
  • Market commentary
  • One to One Consultation with in house expert
  • Robot or Signal Trading Services
  • Sign up Bonuses
  • Social Trading Support
  • Trading Competition

Conclusion

Because of the proliferation of forex brokers on the internet over the last decade or so, many beginner traders find it difficult to differentiate between the various types of brokers in the industry. To help our readers make the right choice, we have conducted in depth reviews of various brokers in the industry based on the guidelines that we have mentioned in this guide. Our goal is to provide you with a shortlist of brokers that meet a high operating standard as well as being able to meet all the traders’ trading requirements.

Always be wary of brokers that make outrageous claims such as “Risk Free Trading” or “Guaranteed Profits” as risks will always be present when trading the financial markets. Remember, no one can guarantee your profits. As an Australian trader, the best forex brokers to trade with in Australia are those brokers which have taken the initiative to be regulated by ASIC. This shows that the broker is willing to invest time and effort to gain their clients’ trust as well as to protect the legal interests of their clients. In other words, they are not fly by night operators that will disappear with your money. Lastly, by trading with ASIC regulated forex brokers, you will have fewer difficulties in referring any complaints that you might have about your broker to ASIC.

Top 10 Best Forex Brokers in Australia for 2020

Are you a forex trader based in Australia and searching for your first, or next top forex broker? if so, then you have arrived at the right place. Here we have collected all of the key information you need to make the best choice as an Australian forex trader.

This means that not only can you choose from the very best top forex brokers on the Australian market, but you can also answer some important questions on how to trade forex in Australia. Let’s get started.

This question is an easy one to answer. Yes, forex trading is completely legal in Australia. In fact, Australia is home to what is considered one of the most respected regulatory bodies in the industry. ASIC (Australian Securities & Investments Commission) are responsible for overseeing the market here and any broker wishing to offer their services in Australia must register. They have been around since 1991 and provide some of the most comprehensive, yet fair regulation in forex trading around the world.

How to trade forex in Australia

Typically, trading forex from within Australia is not too different from doing so in other countries. The documents that you will need to sign up remain the same and these include:

  • Proof of identity (A passport is usually the best).
  • Proof or residence (A utility bill or bank statement with current address is usually best.)

Once you have submitted these documents to your chosen broker through a convenient online system, your account should be quickly verified and you will be able to deposit and start trading.

Due to their close relations, if you are a trader in New Zealand, you may be allowed to register with Australian brokers instead of Brokers regulated in New Zealand.

Top 10 Best Forex Brokers in Australia

Here are 10 of what we consider to be your best choices for trading forex in Australia:

1. Pepperstone

Established in 2020, Pepperstone is already a highly-regarded Forex broker. In fact, by 2020, the company which was launched by a self-confessed Aussie farm boy with a penchant for tech and a good idea was already the 11th biggest forex trading brokerage in the world. This award-winning company is based in Australia and offers an attractive suite of trading options to its clients. Forex trading is the basis from which these options sprung, and no best forex broker in Australia list should be without Pepperstone.

The minimum deposit here is of good value to all traders at 200 AUD and the broker is of course, ASIC regulated. Pepperstone leverage is available up to 500:1 and spreads are also very attractive, starting from 0 pips. The active trader program from the broker also rewards trading and helps reduce your trading costs.

  • Regulations: ASIC, FCA
  • Minimum deposit: $200
  • Platforms: MT4, MT5, cTrader,cAlgo
  • InvestinGoal rank: 4.8/5

73.6% of retail CFD accounts lose money

2. IC Markets

IC Markets is based in Sydney and is considered to be among the largest forex brokerage companies in the world. It is certainly among the most popular Forex brokers in Australia and the Far East. IC Markets focuses on ECN brokerage and, as with the other brokers on this list, will only serve clients in countries where its services are legal. They are also very well-trusted with ASIC regulation firmly in place.

The fact that IC Markets do not have a minimum deposit requirement is something that very much helps in attracting new traders and has seen their reputation as a top broker for forex trading grow. The very low spread starting at 0.1 pips combined with lightning order execution have also bolstered this reputation. As with many Australian brokers, leverage of up to 500:1 is available and opens many trading possibilities.

  • Regulations: ASIC
  • Minimum deposit: $200
  • Platforms: MT4, MT5, cTrader
  • InvestinGoal rank: 4.8/5

74-89 % of retail CFD accounts lose money

3. Avatrade

Although AvaTrade’s headquarters are in Dublin, Ireland, it also has offices in Sydney as well as several other major centres around the world. Avatrade supports smaller trades but is also popular with larger traders too. The company is proud of the fact that it is compliant with regulations in five continents – an achievement that few brokers can boast. Of these 5 continents, the one which Australian traders want to see, ASIC, is also in place.This regulation allows some leniency comparable to the likes of CySEC so Avatrade offers great leverage of as much as 400:1 to Australian traders.

The low 100 AUD minimum deposit of Avatrade is also welcomed by many and keeps trading accessible to all. They are also a popular choice for forex traders who want to trade with fixed spreads. These spreads start from 1.3 pips on forex trading.

  • Regulations: SCB, FCA, FSB, CySEC, DFSA
  • Minimum deposit: $500
  • Platforms: MT4, MT5, cTrader
  • InvestinGoal rank: 4.5/5

71% of retail CFD accounts lose money

4. FP Markets

The next top Australian broker to make the listing is FP Markets. They hold a strong position in a very competitive Australian forex broker market and are well favored by those who want to select an ECN STP forex broker. This market maker broker is again very comprehensively regulated by ASIC and boasts many points of attraction for traders. Among these is the fact they have been in business since 2005.

Beyond that, the very low spreads that FP Markets offer, starting from as little as 0 pips has also bolstered their position. Traders can also avail of the major trading platforms MT4, MT5, Webtrader, and IRESS. All of this is available for an excellent value minimum deposit of 100 AUD and leverage generously extends up to 500:1. This flexibility has been key in keeping FP Markets at the top of the industry for many years.

  • Regulations: ASIC
  • Minimum deposit: $100
  • Platforms: IRESS, MT4, MT5
  • InvestinGoal rank: 4.5/5

74-89% of retail CFD accounts lose money

5. EasyMarkets

Like our preceding selections, easyMarkets is a multiple award winner. Its most recent award at time of writing was in 2020 when it won the “Most Innovative Broker” title. The company’s remarkably high Trustpilot rating tells its own story and is prominently featured on its website. Easy Markets has earned a position of trust in the marketplace, and has achieved a great deal of global recognition for its professionalism. This is all backed by the full regulation of ASIC. The broker also goes the extra step of providing negative balance protection as well.

On trading, you can get started with just 200 AUD as a minimum deposit and have your pick of trading in more than 150 markets including a huge 120 forex pairs and a wide range of others where up to 400:1 leverage is available. EasyMarkets have something for all traders and a very low spread starting from 0.9 pips.

  • Regulations: ASIC, CySEC
  • Minimum deposit: $100
  • Platforms: Proprietary, Mobile, MT4
  • InvestinGoal rank: 3.6/5

81% of retail CFD accounts lose money

6. VantageFX

VantageFX is next to feature on our list of top Australian forex brokers. Having been around the industry for more than a decade since founding in 2009, they are now well-versed on everything needed to be a top broker. They have not overlooked the key area of regulation, being regulated by ASIC as well as the FCA and CIMA around the world, they really are a trusted choice.

Trading with VantageFX, you will find a broker that you can access for a minimum deposit of 200 AUD and that provides a huge leverage of as much as 500:1 on trading in more than 150 markets. This trading offer really suits everyone, with 40 forex currency pairs available to select and a highly competitive spread that starts from 0 pips. As a VantageFX trader you will also benefit from fast ECN trading through both MT4, and MT5.

  • Regulations: ASIC
  • Minimum deposit: $200
  • Platforms: MT4, MT5
  • InvestinGoal rank: 3.8/5

74-89% of retail CFD accounts lose money

7. CMC Markets

If you’re a fan of pioneers, CMC Markets will be among the top forex brokers Australia you’d be considering as a trading intermediary. The firm has been around since 1989, has a consistently good reputation, and claims to be the first company to perform online currency trades. It’s interesting to note that Goldman-Sachs owns shares in this company. However, despite a head start on its competitors and its own trading platform, it is believed not to hold as large a market share as some of its competitors. CMC Markets is based in London but has an Australian presence which means they are well-regulated by ASIC.

Traders are often attracted here with the no minimum deposit on offer. The great spreads starting from just 0.3 pips on forex are also very appealing. Both new and experienced traders can also benefit from extensive free research tools available including webinars. Trading here takes place through MT4 or Ninjatrader.

  • Regulations: FCA
  • Minimum deposit: $200
  • Platforms: CMC Platform, MT4
  • InvestinGoal rank: 3.8/5

80% of retail CFD accounts lose money

8. ThinkMarkets

ThinkMarkets is a home-grown Australian company, but it’s said to be hugely popular with Asian traders too. With an impressive roll of awards to its name, the company has also added its own trading platform, ThinkTrader, to the list of its achievements. Like any reliable broker, the company does not offer its services in jurisdictions where its categories of trading are not accepted by the authorities. This complies with the ASIC regulations they have in place.

You can start trading here with a 250 AUD minimum deposit and take advantage of the very low spreads starting at 0.4 pips through MT4 or their own platform on a host of markets. Spread betting on almost all markets is also available and a high leverage of up to 500:1 is catered for at ThinkMarkets.

  • Regulations: ASIC, FCA
  • Minimum deposit: $250
  • Platforms: MT4, Trade Interceptor
  • InvestinGoal rank: 3.7/5

72.88% of retail CFD accounts lose money

9. FXCM

Despite a relatively rocky history, FXCM has recovered, and is now among the service providers compliant with Australian legislation that can be featured on a top 10 forex brokers, Australia list. The company was founded in New York and is now based in London. However, it has a presence in Australia and, as such, operates within the boundaries of legal compliance set out by the ASIC through their base in Sydney. The minimum deposit for this market maker broker is a very appealing point for many, at just 50 AUD it opens trading to all.

This trading and the positive broker reputation that has grown is further bolstered by the availability of up to 400:1 leverage and very tight spreads starting from 0.9 pips making sure trading costs stay competitive all round. MT4, Ninjatrader, and the brokers own trading platform are offered providing a great range of trading choices.

  • Regulations: ASIC, FCA, AMF, IIROC
  • Minimum deposit: $50
  • Platforms: MT4, NinjaTrader, WebTrader
  • InvestinGoal rank: 3.0/5

76.88% of retail CFD accounts lose money

10. Hantec Markets

Also making our selection of top Australian forex brokers is Hantec Markets. They have been around for more than a decade, growing steadily in size and reputation since being founded in Sydney in 2008. They have been and are still fully regulated by ASIC inspiring a strong trust from traders. The 50 AUD low minimum deposit is a good point of positivity for traders looking to get started on a budget. Once you are inside and trading you will also not be disappointed by the range of choices. This includes availability in trading more than 100 markets with no less than 50 being forex pairs.

The spread too provides fantastic value starting at only 0.2pip and a leverage of as much as 500:1 provides plenty of scope to go deep into big trades. All of these trades take place through the trusted MT4 or Webtrader.

  • Regulations: FCA, FMA. FSC
  • Minimum deposit: $50
  • Platforms: MT4
  • InvestinGoal rank: 2.5/5

66% of retail CFD accounts lose money

Australian trader? Here’s what to look for in a forex broker

Now that you have had a look at the top brokers on offer, here are a few key points when it comes to trading in Australia.

Unlike some countries where you may trade forex, in Australia, a number of other products including binary options, spread betting, cryptocurrency trading and CFDs are all legal. This means you do not need to have any fear when choosing a broker and you should be able to trade everything you need here. At the moment, leverage in Australia is also very flexible and as much as 500:1 leverage is available depending on your choice. There is talk of changing this to as low as 20:1, less than what CySEC currently offers from forex brokers in Europe, though nothing is official yet. Negative balance protection is also not mandatory in Australia, though funds are typically kept in top-tier, segregated accounts.

With that in mind, here are a few more key tips in helping make sure you choose the best forex broker for you:

1. Look for forex brokers regulated in Australia

Trust is always vital. This comes in no better form in the world of forex trading than from ASIC. They are one of the top regulatory bodies in the world and it is highly recommended to choose an ASIC regulated broker if you are making a move as a forex trader.

2. Try to look for brokers that offer AUD currency

It will usually be the case that your broker will accept AUD deposits or base currency since they must be regulated by ASIC to offer services in the country. Choosing this kind of broker will save you money on possible currency conversion or other banking related fees and charges from your own bank and the broker.

3. First time trading? Look for Negative Balance Protection

Negative balance protection does exactly as it says. It stops your balance from going below zero if the market turns against you. Although it is not mandatory under ASIC regulations, it is still highly recommended that you pursue a broker offering this protection. While it may rarely, if ever, happen, it is positive to know that your balance will be protected in this way.

How to verify if a forex broker is regulated in Australia

Verifying your forex broker regulation in Australia could not be easier. Simply, head over to the ASIC official website. Once you are there, find the ASIC Register and search for the company name of the broker. This company name is often to be found at the bottom of your forex brokers homepage.

Is forex trading taxable in Australia?

The simple answer on forex trading tax in Australia, is yes. You do have to pay tax on any profits. Typically in Australia, the capital gains tax to be paid is 23%. This is calculated on a varying percentage of the income between 15% and 60%. Generally, for day trading, this figure stands at 40%.

  • We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect
Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Broker!
    Perfect for beginners!
    Free Demo Account! Free Trading Education!

  • Binomo
    Binomo

    Only for experienced traders!

Like this post? Please share to your friends:
How To Choose Binary Options Broker
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: