Forex currency trading is increased with more popularity across the Australia region and even the new Forex brokers will fulfill the demand. Numerous new investors or traders are locating the best local presence of Forex broker with secured investments and also legal regulations. It is also important to consider other factors such as commissions, trading platforms, fees, and many more.
You can find various Forex brokers with available options for Australians to create an impressive challenge for the new traders. This article will assist you to choose the best Forex brokers in Australia with advanced technology and trustworthy to fulfill your requirements.
Contents
Best Forex Brokers April, 2024 in Australia
Find below the list of top Forex brokers 2024 available in Australia for your reference:
1. XM
XM is one of the well-established and largest international investment firms across the Forex trading industry. This true industry leader is operating from 196 countries to handle numerous clients worldwide. They accept investors or traders worldwide except Iran, Israel, Canada, and the United States regions. Numerous traders from Denmark, Australia, Italy, Thailand, Sweden, United Kingdom, Norway, South Africa, Germany, Singapore, India, and Hong Kong are successfully utilizing the trading platform.
XM will also offer excellent personal customer service, full-featured trading platforms, various secure payment methods, and many more. The minimum deposit for the XM trading account is $5.
Pros
- Allow hedging and low minimum deposit
- It also offers the protection for Negative Balance
- Allows scalping
- Properly regulated
- It is utilized by numerous traders or investors
Cons
- It will not offers VPS support
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2. AxiTrader – Trusted Forex Broker From Australia
AxiTrader is another best Australian Forex broker and established in 2007. This broker is regulated by various financial authorities across the globe. They are DFSA (Dubai Financial Services Authority), ASIC (Australian Securities & Investments Commission), and FCA (Financial Conduct Authority). AxiTrader Forex broker is safe for trading due to the top-tier authorities’ regulations.
The AxiTrader account will require free AutoChartiest from clients, tight spreads, and minimum deposit. This ECN broker will post the entire trades directly to the educational and market. For beginners, it is good with analytical support. The minimum deposit for trading will be $0.
Pros
- Account opening is fully digitalized
- No deposit & withdrawal fees
- No inactivity fee
- Low trading fees
Cons
- Limited research tools
- It offers only CFD & Forex trading
3. Admiral Markets
Admiral Markets is established in 2001and offers simple modern trading, market leadership, and reliability. This large Australian and global presence along with an international client base can provide peerless educational material, competitive trading conditions, and flexible trading accounts. This Forex broker will attract the brands of both experienced and beginner traders.
Admiral Markets will provide the longstanding relationship from MetaTrader (MT) platform developers with MetaQuotes software. This company has customized software named “MetaTrader (MT) Supreme Editions”, which is supported by both MT5 & MT4 trading platforms. The minimum deposit for the Admiral Markets trading account is $200.
Pros
- Financial security & great educational tools
- Numerous research tools available
- No hidden fees
- It utilizes the most popular trading platforms
- Various account choices
Cons
- It won’t accept other banks cash deposit
4. Pepperstone
Pepperstone is one of the highly-regarded and the most popular Forex brokers in Australia. This company was established in 2014 with numerous ideas and advanced technology to place within the World’s biggest Forex trading brokerage.
Pepperstone offers the best attractive trading options and features to its clients. The headquarters is located in Australia. It is regulated by ASIC and each trader is request with a minimum deposit of $200 or AUD200 for trading. The broker also provides the Active Trader Program for reducing the trading costs and rewards trading.
Pros
- No withdrawal fees or inactivity fees
- Social or copy trading
- Excellent customer support
- Low CFD & Forex fees
Cons
- Limited news flow
5. Plus500
Plus500 is another best Forex broker operating for numerous years across the online marketplace. It is regulated by various countries such as Cyprus, the UK, and Australia. This trading platform is fast, secure, easy to use, and simple with perfect options for any traders. As per the Investment trends, the Plus500 Forex broker offers the best trading platform with Security features, advanced CFD mobile platform, and easy to use WebTrader & Desktop interface.
It is charged with 0.60 pips spread rate and also higher when compared with other Forex brokers in Australia. This company offers numerous ranges of CFD products to use. Moreover, there is no educational material for beginners. The minimum deposit for the Plus500 trading account is $1.
Pros
- It is highly-regulated by MAS, CySEC, FCA, and ASIC globally
- Guaranteed stop-losses
- Numerous CFD products are available including CFD cryptocurrency
Cons
- Lack of research and educational material
6. IG Group
IG Group is one of the classical and most popular Forex brokers available across the online marketplace and founded in 1974. This industry leader will create the best concept or platform for financial spread betting for the users. It features trading solutions across numerous countries worldwide within the key financial area.
The headquarters is placed in London. The other operations are supported by New Zealand, Japan, Australia, and the USA. The company is also registered and regulated by other European countries. The minimum deposit for IG Group Forex trading is $0.
Pros
- Great withdrawal and deposit options
- Exceptional educational tools
- Web trading platform with a user-friendly interface
Cons
- Poor Customer support
- Limited product portfolio
7. FP Markets
FP Markets, the next top-most Australian Forex broker available in the market. It offers the best and well-favored trading platform to choose the ECN STP Forex broker and also the competitive Australian Forex broker. They are regulated by ASIC along with various attractive points for the traders or investors.
Since 2005, they provide business service to its clients. FP Markets can also provide access to the entire major trading platforms such as IRESS, WebTrader, MT5, and MT4. The leverage brokerage can be extended up to a maximum of 500:1. The minimum deposit for FP Markets Forex trading is $100 or 100AUD.
Pros
- Quick withdrawal and deposit
- Fast and Easy account opening
- Low Forex fees
Cons
- Outdated desktop & web trading platform
- High stock CFD fees
8. GO Markets
GO Markets was established in 2006 and most popular Forex broker that driven by technological developments, competitive spreads, and compliance. The headquarters is placed in Australia and even other offices are located in Taiwan and the UK. The trading environment utilizes advanced technologies for allowing users with the improved trading outcomes and developing multiple strategies.
GO Markets will provide numerous instruments with a tight spread such as cryptocurrencies, Commodity markets, Indices, and also Forex. The minimum deposit for trading is $500 for the Plus account and $200 for the Standard account.
Pros
- Genesis to utilize MT5 & MT4 trading platform
- Educational centre and Trading central
- Segregated client funds
- Strict regulations
Cons
- No fixed spread accounts
- No US clients
9. Saxo Bank
Saxo Bank is one of the multi-asset brokerage and leading retail Forex broker, founded in 1992. It is regulated by various jurisdictions such as Denmark, the UK, and Australia. The company offers a higher minimum deposit with an advanced Saxo trading platform is $10,000. It provides reliable customer service, in-depth research, competitive pricing, and numerous available instruments.
The VIP accounts offered by the Saxo bank will require a minimum deposit for the trading of $1,000,000 or $20,000. This pricing is comparatively too high then the other Forex brokers. The 0.60 pips with spread betting average for the USD & EUR pair are the impressive range within the list. There are no commission fees for the spread-only pricing and availability for the entire traders.
Pros
- Multiple jurisdictions with highly-regulated Forex brokers
- Numerous assets are available with multiple trading types
- It is available with excellent proprietary trading platforms for mobile, web, and desktop
Cons
- The educational section is not effective
10. City Index
City Index is a part of Gain Capital (publicly-trading Parent Company) and founded in 1983. This is another largest institutional and retail trading Forex provider across the globe. It is regulated and authorized by FCA UK to provide a high-level of safety and security. They offer to trade with premium, professional, and retail trading accounts. Numerous instruments are available to use such as Commodities, Cryptos, Forex, Shares, and Indices through Options, CFD, and Spread Betting.
The Spread betting trading accounts will offer the commission-free trading and CFD accounts for the entire asset classes except Shares. The spreads are available in variable or fixed mode. The advanced & beginner traders can browse & locate their favorite videos or Trading Academy course through online. The asset classes are covered with research & in-depth market analysis via webinars and articles. The minimum deposit for City Index Forex trading is $200.
Pros
- Numerous research & education resources
- Web-based and feature-rich proprietary trading platform
- Multiple instruments available with various asset classes
- Gain Capital, the parent company is traded publicly and regulated by FCA UK
Cons
- Beginner traders are not allowed to various markets choices
Conclusion
Most of the Forex brokers in Australia will offer the best accessibility and functionality to all the traders or investors. This article will be a time-consuming process to locate the best Forex broker in Australia. The important things to consider such as easy platform access, security, affordable pricing, withdrawals, deposits, and transaction costs. It is properly developed in your trading strategy and style.
