Top 15 Australia Forex Brokers 2023

The Forex trading scene in Australia, a country renowned for its strong economy and innovative spirit, provides an impressive range of opportunities. The nation’s trading platforms are distinctive, showcasing the distinct nature of the Australian financial market. Selecting the ideal company is a journey in and of itself for traders of all experience levels, from novices to seasoned pros in the financial industry. This manual covers the Australian Forex market and identifies the top 15 Australia forex brokers 2023 based on criteria such as reliability, ease of use, affordability, and compliance with regional laws.

Analyzing the Top 15 Australia Forex Brokers 2023

Selecting an appropriate company is more than just a pragmatic choice—it’s a calculated action, considering the intricacies of currency trading and the peculiarities specific to the Australian market.

Upon closer inspection, these chosen firms offer a variety of features and benefits catered to various trading objectives and styles. These platforms meet the varied and changing needs of Australian traders, whether they are trading from a quiet Melbourne suburb or against the backdrop of Sydney’s skyline.

IG

IG is the number one pick on the top 15 Australia forex brokers 2023 list. This company operates under Australian Financial Services Licence No. 515106 and is based in Melbourne, Australia. These platforms enable people to speculate without actually owning the assets on changes in the prices of bonds, currencies, and stocks.

Create an investment account and use the IG platform to your advantage to profit from changes in the value of currencies. Offering trading opportunities in all of the major global currency pairs—AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/EUR, GBP/JPY, USD/CAD, USD/CHF, and USD/JPY—they cater to a wide range of traders. Additionally, they provide trading options in a wide range of smaller currencies, including SGD, ZAR, INR, BRL, IDR, PHP, TWD, and many more.

In addition, they provide access to opportunities in more than 13,000 shares and ETFs.

PROS:

• Outstanding platform for trading online.
• Excellent learning resources.
• Excellent options for both deposits and withdrawals.

CONS:

• Exorbitant stock CFD fees.
• Limited selection of goods.
• Client service is slow.

eToro

With more than 20 million registered users, eToro is one of the most widely used trading platforms worldwide. They have an easy-to-use platform with minimal fees and deposits.

Almost anyone can access short-, mid-, and long-term investment options with the eToro platform, which provides traders and investors with access to over 3,000 different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies (forex), and commodities. These assets can be invested in with or without leverage.

Take advantage of spreads as low as 1 pip, leverage up to 40+ global currency pairs, and diversify your holdings. They provide special trading tools like pro charts, stop loss, short positions (without leverage), and price alerts.

PROS:

• Social investment: Capacity to mimic the movements of well-known traders.
• The mobile app has advanced trading features.

CONS:

• Not all states have access to the service.
• No pairs for trading between cryptos.

XM

This company has managed to establish itself as one of the most instantly recognizable names in the forex trading industry in the short time that it has been funded since 2009. This is because of their outstanding global regulatory compliance, which is overseen by two other tier-one regulators in addition to ASIC and CySEC, as well as the fact that they are regulated in Australia.

The Australian Securities and Investment Commission has granted Trading Point of Financial Instruments Pty Ltd authorization and regulation (License# 443670).

The company serves the needs of the foreign exchange market in over 196 nations. This puts them among the brokers that are most accessible to traders of all skill levels in the market. When you combine this with XM’s outstanding education section and a wide range of trading assets, you have a winning combination.

PROS:

• Minimal withdrawal and stock CFD fees.
• Simple and quick account setup.
• Excellent teaching resources.

CONS:

• Restricted range of products.
• Average CFD fees for stocks and forex indexes.
• Non-EU clients are not protected as investors.

Vantage FX

Vantage FX is a reputable ASIC-regulated broker that provides traders in Australia with exceptional all-around service. They put a lot of effort into creating and maintaining a very safe trading environment, and with their affordable fees and minimal deposit requirements, they make trading accessible to traders of all skill levels.

The well-known trading platforms, MT4 and MT5, are both provided by this trustworthy company. This implies that you can use this broker to access the desktop, mobile, and web trader versions of these trading platforms. Both platforms have won awards for the features they offer, which include a technical depth and skill that appeals to both novice and seasoned traders.

Across all platform variations, you will have access to dozens of charting tools and indicators that put the customization of your trading experience first. The platforms are just as strong on mobile devices, offering the same comprehensive features in a user-friendly application.

PROS:

• Minimal non-trading costs.
• Extremely quick account opening.
• Easy withdrawal and deposit processes.

CONS:

• Customer service should be better.
• Restricted choice of products.
• Only in the UK is investor protection provided.

Admiral Markets

Admiral Markets, which was founded in 2001 and is based in Australia, is a well-known brand in the CFD and forex trading industries worldwide.

The broker takes great satisfaction in being governed by numerous reputable organizations globally and offering traders a full trading experience regardless of the kind of assets they wish to trade. With the support of some of the top trading platforms available, all of this is possible.

Admiral Markets is far from taking its success for granted; instead, it keeps coming up with fresh ideas for producing cutting-edge products and services for both novice and experienced traders.

PROS:

• Low CFD fees for forex.
• Free and speedy deposits and withdrawals.
• Easy steps for opening an account.

Cons

• The product line is primarily limited to CFDs.
• A charge for inaction.
• There isn’t 24-hour customer service available.

AvaTrade

Despite having started in Ireland in 2006, this company has expanded to rank among the industry’s leading forex brokers and has opened an office in Australia as well.

Because Ava Capital Markets Australia Pty Ltd has an Australian Securities & Investments Commission license (License# 406684), it is a reliable choice for citizens of Australia. Australia’s corporate, markets, and financial services regulator, ASIC, is in charge of making sure the country’s financial markets are open and equitable. Only residents of Australia are covered by Australian licenses and regulations.

With the majority of the available account types having a minimal deposit requirement of just $100 and being well-respected by numerous international regulatory bodies, this firm is a well-liked option for both novice and seasoned Australian traders.

More than 60 currency pairs, as well as additional markets for trading stocks, ETFs, cryptocurrencies, and other assets, are available for trading with the broker. Users of AvaTrade can also benefit from an extensive library of educational materials with insightful content suitable for all skill levels of traders.

PROS:

• Withdrawals are free.
• Cheap CFD costs.

Cons:

• High costs for inactivity.
• Average fees apply to FX trading.

SAXO

Saxo Bank is among the top 15 Australia forex brokers 2023. You can get a comprehensive, well-developed service that is continuously adjusted to meet the needs of customers by opening an account. Saxo Bank is an excellent firm offering a sophisticated and high-quality service. It provides an easy-to-use, thoughtfully designed-trading platform supported by excellent research. The product line offers numerous foreign markets and all asset classes.

PROS:

• Fantastic trading site.
• Excellent investigation.
• A broad range of products.
• High interest rate on cash that isn’t used.

Cons:

• High fees for futures and options.
• In some countries, the minimum deposit is quite high.
• Lacks 24/7 accessibility and live chat.

CMC Market

CMC Markets is a top-ranked forex broker in Australia because of its extremely competitive pricing and low average spreads on a wide range of international markets. Because of its multiple regulatory licenses and status as a publicly traded company (LSE: CMCX), it is one of the most reputable companies. The responsive NextGeneration platform from CMC Markets is always full of useful features and easy-to-use trading tools.

Additionally, CMC Markets has updated its MetaTrader 5 (MT5) platform to provide a greater selection of tradeable symbols.

PROS:

• More than 11,000 trading instruments are available.
• Incredibly flexible desktop and mobile interfaces.
• +30 year company.
• No minimum payment is necessary.

CONS:

• The fee structure is unclear and primarily variable.
• No mobile app for customer support.
• Only a few regions offer real share trading.

City Index

Global CFD broker City Index is governed by numerous financial authorities, including the prestigious UK FCA. Both trading and non-trading fees, such as withdrawal fees, are cheap at this firm. Opening an account is quick and easy, and there are many excellent research tools at your disposal. It solely offers trading in cryptocurrency, CFDs, and forex. The desktop trading platform is not user-friendly, and the fees for stock CFDs are substantial.

There are no withdrawal fees and reasonable forex trading fees at City Index. However, the costs associated with stock CFDs are substantial, and after a year, an inactivity fee applies.There is no minimum deposit required and the account opening process for City Index is entirely digital.

PROS:

• Minimal forex fees.
• Quick and easy account setup.
• Many research instruments.

Cons:

• The only products offered are CFDs and forex.
• High CFD fees on stocks.
• The desktop platform is not user-friendly.

FXCM

FXCM is a UK-based broker that provides trading in both CFDs and forex. The process of opening an account with FXCM is simple, quick, and easy. It has a wealth of technical indicators and other excellent tools for technical research. There is excellent educational content available.

The fact that FXCM only offers CFDs (forex, indices, commodities, cryptocurrency, and shares) means that well-known asset classes like actual stocks and ETFs are not available. Additionally, there’s a steep fee for bank withdrawals. Finally, safer two-step authentication is not available on the trading platforms.

PROS:

• Simple and quick account opening.
• Good instruments for technical research.
• Excellent instructional materials.

Cons:

• Restricted range of products.
• High costs for bank withdrawals.
• Trading platforms do not use two-step authentication.

Plus500

Global CFD is another one among the top 15 Australia forex brokers 2023. It is regulated by multiple agencies, including the UK’s FCA and Cyprus’s CySEC. It is listed on the Main Market of the London Stock Exchange. Plus500 features a neat website, with a particularly well-thought-out mobile platform. Its customer service and account opening procedure are excellent.

You can open an account in less than a day. Additionally, Plus500 offers an instant-open demo account. Only US citizens can trade futures on the Plus500 Futures platform. The lack of fundamental data and recommendations for Plus500 is a drawback. Moreover, CFD trading fees are typical.

PROS:

• Smartly created platform.
• Fantastic account launch.
• Prompt and friendly customer service.

Cons:

• Poor research instruments.
• Typical CFD costs.

Pepperstone

The majority of deposits and withdrawals are free, and its trading fees are not overly high .Even so, the dearth of assets available to traders outside of forex and CFD may turn off some of them, and if you decide to use the MetaTrader platform, you may not find its straightforward UX and design appealing. It is among the most well-known FX brokers available. If you’re looking for a variety of trading platforms and an easy account opening and funding process, this is a great choice.

PROS:

• Fast and fully digital account setup.
• Outstanding client assistance.
• Deposit and withdrawal procedures are simple and free.

CONS:

• The MetaTrader platform is so simple.

FP Markets

The FP Markets is an Australian forex and CFD broker regulated by ASIC. It offers low forex fees. You can get started right away because both opening an account and making deposits are very easy and quick processes. E-books and demo accounts are among the many excellent teaching resources that are accessible. A variety of deposit and withdrawal options are available at FP Markets; however, certain withdrawal methods are fee-based.

This company only offers CFDs, forex, and cryptocurrencies as its products. MetaTrader 4’s web and desktop trading platforms are out of date. The quality of research instruments varies greatly, especially when it comes to news, charts, and basic data.

PROS:

• Minimum commissions in forex.
• Funding and opening an account is easy and quick.
• Excellent materials for instruction.

CONS

• Limited selection of goods.
• Obsolete online and desktop programs.
• Inadequate research tools.

HYCM

A reputable international brand, HYCM Capital Markets offers forex and CFD trading through a collection of distinct entities in various jurisdictions, including the top-tier FCA. Forex and CFD trading fees are cheap at HYCM. It provides a large assortment of excellent teaching resources.

Opening an account is simple and entirely digital. Conversely, the only products offered by HYCM are CFDs and forex. Real stocks, one of the most popular asset classes, are missing. The trading platforms used by the broker, MetaTrader, have a slightly antiquated design.

After 90 days of inactivity, HYCM additionally assesses a $10 monthly inactivity fee.

PROS:

• Minimal CFD and forex fees.
• Excellent educational material.
• Easy to use account creation.

Cons:

• Only CFD and forex products.
• Trading platforms’ designs are antiquated.
• Inactivity

Flow Bank

A true and reliable firm, FlowBank offers a various range of products such as 4,751 CFDs, 53 forex pairs, 44 crypto derivatives, 2,131 funds and OTC products, 15,926 shares, and 936 futures.

With options excluded, FlowBank offers 26,118 symbols, which is still more than most brokers offer overall. This extensive product list is the largest one with the ability to be dynamically navigated by asset class from within the trading platform.

Since it doesn’t release average spreads for all of its account kinds, it’s not possible to assess its pricing in great detail. Having said that, the minimum (rather than average) spread advertised for FlowBank’s Platinum account, which has a 100,000 CHF minimum deposit requirement, is 0.5 pips.

PROS:

• Great option for financial markets.
• Provides fractional shares on an increasing number of well-known US companies.
• Connects to multiple international exchanges and offers a wide range of options markets, forex, CFDs, and other derivatives like exchange-traded securities.
• Provides access to the entire MetaTrader platform suite in addition to internal platforms.

CONS:

• It is a relatively new broker that hasn’t been in business for very long.
• Integrated research is absent from the FlowBank Pro desktop and mobile applications.
• In comparison to category leaders, it offers a smaller selection of educational resources.

HFM

HFM is an ECN/STP broker that offers great, low-cost trading conditions along with market execution. One of the best educational sections in the industry, the comprehensive section is one of the great features. With a physical presence on every continent and an impressive regulatory framework in place, this 45-time award-winning company’s offering varies based on location due to its intricate corporate structure.

For a truly global level of trust, this regulatory compliance is global and encompasses oversight by the FSA, FCA, DFCA, FSCA, FSC, and CySEC. The HFM brand entity is focused on non-EU traders, while in Europe they are referred to as HF Markets (Europe).

PROS:

• On the plus side, anyone wishing to trade can easily access the company because there is no minimum deposit required.
• Another factor that contributes to the broker’s popularity is low trading costs.
• Normally, this spread starts at one pip; however, if you have a VIP, Zero, or MAM/PAMM account type, it drops to zero pip plus a $3 commission.
• With the HF Copy account, you can start using a proprietary copy trading platform with great ease.
• Educational service is among the best available.

CONS:

• HF Markets’ provision of various services in various locations is a bad thing.
• There are no social trading features.
• There are only over 100 markets available, which might not be suitable for experienced traders.

MultiBank Group

International CFD and forex company MultiBank is the last one on the list of the top 15 Australia forex brokers 2023. It’s governed by multiple financial authorities, including Australia’s top-tier ASIC. Opening an account with MultiBank is simple and quick. You have a lot of free options for making deposits and withdrawals, including bank transfers and electronic wallets.

Customer support responds with promptness and utility. The inactivity fee and the limited range of products offered by MultiBank—which only includes forex, CFDs, and cryptocurrencies—are drawbacks. Basic research and instructional resources are also provided.

PROS:

• Opening an account quickly and easily.
• Free and extensive options for deposits and withdrawals.
• Quick and friendly customer support.

Cons:

• Inactivity fee.
• Limited coverage of products.
• Inadequate research and teaching resources.

Is It Legal to Trade Forex in Australia?

The Australian Securities and Investment Commission (ASIC), which oversees and controls the financial markets and makes sure brokers abide by the Corporations Act of 2001, is in charge of regulating forex trading in Australia.

Australia’s Financial Markets

The Australian dollar (AUD), also referred to as “the Aussie” by forex traders, is the currency of Australia. One of the most traded currency pairs on the international forex market is AUD/USD.

The Reserve Bank of Australia (RBA), which issues and oversees the Australian dollar, regulates the monetary policy that impacts the forex markets and Australian forex brokers.

The Reserve Bank of Australia (RBA) is responsible for monitoring financial system risk and advancing Australia’s overall economic prosperity, in addition to maintaining the stability of the country’s currency.

Australia’s main stock exchange is the Sydney-based Australian Securities Exchange (ASX). A diverse array of asset classes are available on the ASX’s markets, encompassing commodities, exchange-traded products (ETPs), equities, futures, and derivatives.

Does Forex Trading in Australia Require Taxes?

Yes, both Australian nationals and residents are required to declare any income they receive from trading within the country, including any profits made from forex trading. Similarly, losses incurred from forex trading may be reported, contingent on how your tax advisor files your tax returns and whether you trade under your name or a business name.

What to Avoid When Choosing an Australian Forex Broker?

You need to avoid companies who do not possess an Australian Services and Investments Commission (ASIC) license or authorization. That being said, not all foreign licenses are inherently weaker because numerous other prestigious regulators uphold adherence to the same ASIC-mandated regulations. On the other hand, ASIC is directly in charge of overseeing financial services meant for Australian citizens. You can choose one of the firms on the list of the top 15 Australia forex brokers 2023.

What is the best forex trading platform in Australia?

Thanks to its SaxoTraderGO online and mobile platforms, which offer a comprehensive range of trading tools and a highly consistent experience across platforms, Saxo Bank wins the title of best forex trading platform in Australia.

Encased in a sleek, user-friendly design, Saxo Bank’s SaxoTraderPRO desktop platform offers an equally potent array of trading tools, supported by an even greater selection of professional trading features and cutting-edge research. Saxo Bank is a great option, even for the pickiest Australian forex traders.

Conclusion

It’s never been easier to trade forex in Australia—all you need is an account with a broker regulated by ASIC and offering the currency pairs you want to trade. The top 15 Australia forex brokers 2023 have been compared in this guide based on a variety of factors, including supported pairs, cheap fees, tight spreads, trading tools, quick payouts, and much more.