Forex brokers can be difficult to compare. Each broker has a different approach they offer different account types, different trading platforms and different trading conditions. Atwe have traded with all the brokers we review, and we review each broker according toour detailed and transparent process. Overall, the best Forex brokers in Australia are:

Forex brokers can be difficult to compare. Each broker has a different approach they offer different account types, different trading platforms and different trading conditions. AtFX-Australiawe have traded with all the brokers we review, and we review each broker according toour detailed and transparent process. Overall, the best Forex brokers in Australia are:

Home/Best Forex Brokers in AustraliaBy Jeffrey CammackUpdated: July 3rd, 2019Best Forex Brokers in AustraliaFilter Results (6)Trading ExperienceI am a beginnerI have traded beforeI am a proTrading Conditions4 & Up3 & Up2 & Up1 & UpTrading PlatformsMetaTrader4WebTraderMetaTrader5cTraderMetaTrader Supreme EditionProprietaryRegulatorsSCB – BahamasFSC – MauritiusFMA – LiechtensteinMAS – SingaporeDFSA – DubaiFSA – JapanB.V.I FSC – British Virgin IslandsIFSC – BelizeFSCA – South AfricaASIC – AustraliaFCA – United KingdomCySEC – European UnionWe pride ourselves on giving good advice and we always put our readers first. When choosing partners, we do our research according to our review process which covers areas such as regulation, trading conditions, and the product offering.

We dont put just anyone up here. We put you first.

In order to pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get commission from partners featured on our website.

Our business model never influences the our opinion of any partner, and partner selection and review process are seperated. The compensation we receieve from partners may affect how our lists are arranged, but the reviews are genuine and the data is accurate. Our opinon can not be bought, and we always put our readers and their financial livelyhoods first.

71% of retail investor accounts lose money when trading CFDs with this provider

71% of retail investor accounts lose money when trading CFDs with this provider

69% of retail investor accounts lose money when trading CFDs with this provider

69% of retail investor accounts lose money when trading CFDs with this provider

79% of retail investor accounts lose money when trading CFDs with this provider

79% of retail investor accounts lose money when trading CFDs with this provider

81% of retail investor accounts lose money when trading CFDs with this provider

81% of retail investor accounts lose money when trading CFDs with this provider

76% of retail investor accounts lose money when trading CFDs with this provider

76% of retail investor accounts lose money when trading CFDs with this provider

73% of retail investor accounts lose money when trading CFDs with this provider

73% of retail investor accounts lose money when trading CFDs with this provider

We mentioned above that comparing brokers can be difficult, so here are some things to consider when choosing a broker.

? As long as it has oversight from one of the major regulators, there are processes to keep the trading environment and your money safe.

MT4, MT5 and cTrader are industry standard trading platforms.  However, there are brokers who have built bespoke trading platforms which improve the user experience and add additional features that are not common to all brokers.  Specialty platforms exist too, which are targeted at experienced traders.

are important. Accounts requiring different deposit amounts are common, so ensure you find a broker with an account that is right for you.

ECN, STP and Market Maker brokers all have different business models which affect the levels of conflict of interest created between the broker and the trader.

quality varies between brokers. If you are learning to trade, sign up with a broker that will support your learning.

Tight spreads, the leverage offered, and the number of currency pairs available to trade is all going to affect your experience with a broker. Tighter spreads and higher leverage will make trades more profitable, and more currency pairs will allow for a greater variety of trading opportunities.

Some brokers have characteristics that stand out, making them better than others. We want to give you an idea of how we compare brokers to each other, and why we recommend some above others.

Brokers with strong customer support, easy-to-use trading platforms, an expansive, structured education section and simple account options are the best for beginners. While this is the case with the vast majority of brokers, there are brokers that really make an effort to create the best environment for beginner traders.

There are a number of Forex trading platforms, and selecting which Forex broker to use from a platform-first perspective means we first need to look at the difference between the two major types of platforms cross-broker platforms and proprietary trading platforms.

Across-broker platformis one that you will be able to use with different brokers there are a couple of advantages to doing this. Firstly, using a platform that moves with you between brokers means setting up with a new broker doesnt mean learning new software.

Another advantage of using cross-broker platforms is that there is a large community using them. This means a lot of support with troubleshooting, and developer communities building add-ons, known as EAs (Expert Advisors) or trading algorithms.

Aproprietary trading platformis one that a broker has developed for use by their clients.  Many proprietary trading platforms have won awards for speed of execution or additional features.  An advantage to using proprietary trading platforms is that they often look better and are easier to use.  While these platforms are often great trading tools, the drawback is that if you change broker, you will need to change software too.

There are many different brokers, and their trading conditions are always changing.  To compare brokers, you need to know what makes brokers technically different, and then find one that suits you best.  We only feature reputable brokers, so we have already started a shortlist for you.  We have strict editorial guidelines for reviewing brokers that can be reviewed onour about us page.

Market Maker vs ECN/STPThere are two distinct ways that a broker can manage your trade after you have requested it to be placed on the market.  Market makers may interfere with it indirectly while an ECN/STP broker will allow the trade to go market without that conflict of interest.

Regulation is your only safety net with a broker.  Ensure that your broker is regulated with one of the major three regulators (FCA, ASIC and CySEC) and you should be fine.  Regulated by two is always better than regulated by one.

Spreads onthe most commonly traded currency pairs. Brokers with wide spreads are hard to make a profit with, as the broker will take the first part of your profit as their fee for handling the trade.

Account types are key.  A broker does not need to offer many, but they need to be clear, and you need to understand how they are different from each other.  Before you fund an account ensure your expectations are aligned with what your broker has told you directly.

Thesoftware platformsupport by the broker is essential.Many brokers will use MT4 or MT5(MetaTrader) which is a traditional industry standard, but other brokers will offer platforms that include additional features likesocial tradingthat you may want.

Customer support is important.  Feel confident you can get the attention of the broker when you need it.  Opening hours should be clearly posted, and if are assigned a dedicated account manager, that is even better.

Withdrawal options are central to trust and is one of the highest priorities for professional traders.  The rules, fees, and the timeline for getting your money back should be obvious.  Companies that deliberately go slow here should not be engaged read the small-print.

Things not to worry about when choosing a broker.

You dont need 3000:1 leverage on your account if you have some sense ofrisk management.  You are probably only going to use up to 100:1 leverage for most of your trades, so dont go straight for the broker with the highest leverage.

Minimum deposit. If you are going to use leverage on your trades, you need to make a deposit that will allow you to hold the position open without your broker closing it for you.  Brokers will close your trades in a margin call if you dont have the funds in your account to protect against a loss.  So, brokers with low minimum deposits are not better than those with $200 minimums.

The first decision a trader is going to have to make ishow much money they want to investin an account.  Some brokers take deposits as small as $5 and some take a minimum of $1000.  Forex trading does carry risk, so consider that all the money that you deposit can be lost.

Advі given t new trdrѕ is t ѕtrt ut small, whіh mnѕ looking fr a Forex brkr who wіll lt u n an account with about $250-$500.  Micro accounts with a lower minimum deposit are available, but if you are going to use leverage in your trades, you will need to have deposited funds to be able to take the potential loss.

ASIC has good advice for those considering the amount to deposit into an account.  It needs to be per yourtrading plan.

If you want to develop your plan, start by writing down your goals or setting up a simple spreadsheet. Think about what you want, when you want it and why. Work out how much you need to reach your goals and how much you need to set aside each pay period.

Source: ASICs Moneysmart Guide to Investing Between the Flags (pdf)- Page 26

If you are considering borrowing money to invest in this market, they continue with their warning as it comes with additional risk.

Borrowing to invest is a high-risk investment strategy for experienced investors only. If you are looking to use this strategy, ask yourself these questions:

Do you have secure income from other sources such as your salary to top up the loan if you get a margin call?

Do you have a high marginal tax rate to make the most of any tax benefits?

Are you in it for the long haul? Gearing is generally a medium- to long-term strategy (at least 5 to 10 years).

Is your strategy flexible enough to allow for changes in your circumstances, such as having children or a drop in income?

Will you lose sleep at night if your investment performs poorly?

Source:ASIC Moneysmart Guide Risks of borrowing to invest

The next thing to consider is theregulation of the Forex broker.  Regulation is the oversight of the broker, and while there are several active regulators around the world, ASIC is the Australian regulator.  It could be that ASIC regulation is crucial to you, and thusour list of ASIC regulated brokerswill be useful for you.

The vast majority of Forex brokers are regulated.  But not all brokers are regulated by all authorities, and a broker can decide if they want to apply for regulation at any time they wish.  It is often the case that the larger the customer base of a broker, the better chance that the broker has regulation is more than one jurisdiction.

A couple of the larger regulators of Forex brokers are:

ASIC is a stringent and traditional regulator.  They are not usually the ones to set new policy, but they have a robust auditing procedure and have a good track record of protecting clients.ASICWebsite

CySEC is a leading regulator as it relates to policy and was the first regulator to start banning bonuses and aggressive marketing to new clients a change that had a strong positive impact on the industry.  CySEC is the fastest to adapt to the changing market and works alongside other major regulators to maintain a safe trading environment.CySEC Website

Another traditional and some would argue, the best regulator of the group.  Stringent policies surround FCA regulated brokers, and this is seen as the best regulation you can get.FCAWebsite

Forex brokers are technically CFD Brokers, and Forex pairs are one of many different assets that can be traded. It is common for CFD brokers to offer CFDs in commodities, indices, stocks, EFTs andcryptocurrencies.

While cryptocurrencies are the newest introduction at most CFD brokers, there is an increasingly larger focus on expanding the selection of coins that are available to trade.

Most customer service offices are open 24/5 and closed on weekends, and some are open 24/7.  Some brokers will offer a designated account manager for VIP account types.  The most common issues that customer service answers are questions about deposits, withdrawals, and information related to their trading conditions.

Forex traders value easy access to money in their trading wallets, and brokers have made changes to make withdrawals faster and free.  It is now relatively standard for brokers to process a withdrawal request within one business day, but time until receipt of funds can vary as this is dependent on the transfer method.

Most brokers accept PayPal and other e-wallets like Neteller and Skrill for deposits, however, deposits using this method will require withdrawals to be made to the same account.  This is to prevent any money laundering or tax evasion that could take place.

Forex brokers make money by taking a commission either as a part of the spread, or commission per lot traded.  This will also vary between accounts as well.

Th ѕrd іѕ th dіffrn in price between the buy price and sell price in thequotes f th urrn pairs.  The spread is not everything when it comes to choosing a broker, but you do want to make sure that their spreads are competitive.  If your broker has wide spreads on the pairs you often trade, this will mean smaller profits on your trades.

There are three types of brokers, of which ECN is one, each with different trading conditions offered.  For more details ontop-rated ECN brokers read this.

ECN Brokers:These brokers getquotesdirectly from the Interbank market, meaning they are as up-to-date as you can get them.  The downside of these broker types is that if you put in an order and there is no liquidity available at the original price, the trader is going to get requoted for a different price.

STP Brokers:These brokers operate similarly to ECN brokers, but if there is ever not enough liquidity in the market, then the broker will become the counter-party to your trade.

Market Makers or Dealing Desks:There brokers set their rates for thecurrency pairs, and are always the counter-party to a trade.  This means that as you buy a currency, they sell the currency to you. In essence, these brokers behave as their own market hence the name.

Market Makers (Dealing desks) do this and some STP brokers will, but not ECN/STP or ECN brokers. Market Makers do this to give you the liquidity when you need it and also to make a profit when you make a loss.  If you dont want to have this conflict of interest with your broker, ensure that you use a non-dealing desk broker.

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Global Legal Entity Identifier Foundation (GLEIF)

Membership : 254900LUG07G07A31U72 – as we have shared values of efficiency, transparency, and trust associated with legal entity identification (LEI) in the handling of investments. As Finance Professionals, the LEI is the highest standard

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.

It is really important that you do not trade any money that you cant afford to lose because regardless of how much research you have done, or how confident you are in your trade, there will always be a time that you lose.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.