Forex Brokers in 2023

When we compared social trading facilities we found eToro the easiest to use. Their copy trading platform allows individuals to see all eToro traders that can be copied. This includes their returns over a set period and their risk appetite. As of September 2023, just under 4% of traders that can be copied are from Australia .
It is regulated by five tier-1 regulators and one tier-2 regulator . Trading accounts in Australia can be opened for as little as $5 with XM for example. It’s always a good idea to start small, trade forex australia but if you are a newbie, it would probably be wiser to deposit a bit, and to use lower leverage ratios. From the eToro dashboard, click on ‘Currencies’ to see all of the available forex pairs.
In addition to first time bonuses, beginner and expert traders also have access to a considerable number of educational resources regarding the forex market and trading. These platforms allow you to track and mimic the moves of the best performing clients of the broker in real time. That way, you don’t have to have advanced knowledge of the markets to make a profit on them. The cost of doing so is a commission, which is set by the trader you are copying. Forex trading has become a popular way for individuals to invest and manage their finances, especially in Australia.

Besides  more than 250 currencies for spot trading, Crypto.com also supports a subset of these for staking. It is impossible to list all the currencies supported here, but you can expect to be able to trade most of the most-traded currencies. CRO rewards significant shareholders with reduced trading fees, higher staking interest rates, and better credit card rewards. As such, this top-rated Australian online brokerage platform is suitable for both long-term and short-term strategies.
Both have pros and cons but spread betting does have tax advantages when you win. It is also important to understand what country regulates the broker. Australian regulation is considered one of the premium regulators requiring brokers to have training requirements and to segregate clients’ funds into separate accounts. As with any investment product, if it’s too good to be true, it normally is. Play it safe by ensuring the broker has an Australian Financial Services Licence with a good reputation and market share. All brokers trading in Australia such as IC Markets and Pepperstone are regulated by ASIC .

By sticking to these days, you stand a better chance at reaping the benefits of high trading volumes and liquidity - meaning the market will be less volatile. Consequently, you will likely have the added advantage of super-tight spreads from your ASIC broker. The spread can be viewed as an indirect fee, which is payable to your trading platform. If your spread is 2 pips, for instance, you are beginning your trade 2 pips in the red. The vast majority of experienced forex traders use limit orders frequently. This is largely because they are so price-specific - meaning traders are safe in the knowledge that they are going to enter the trade at a desirable price.
This is why we suggest sticking with Australia forex trading platforms that offer tight spreads. In fact, you should be aiming for spreads of below 1 pip on major pairs like EUR/USD and GBP/USD. One of Global Prime’s key strengths is its diverse list of products. Traders can include four different asset classes in their trading strategies being forex, indices, commodities and cryptocurrencies. As well as 48 currency pairs, you can trade 36 CFDs including 12 major global stock indices, 4 spot metals, 2 futures , 10 soft commodities, 3 energies and 5 cryptocurrencies.

MT4 offers a range of charting and technical analysis tools, making it customisable and adaptable to different trading strategies. Choose a platform that is licensed and offers detailed and reliable trading tools as well as low spreads, commissions and withdrawal fees. If you cover all the factors outlined in the guide above, you should not have any issues, whether you are getting started with investing or switching brokers. Most Australian forex brokers have minimum spreads of 0.6 pips, while some offer even lower starting at 0.0 pips.
Pepperstone was actually founded in Australia in 2010 but has expanded to set up headquarters in America and China. Based in Melbourne, Pepperstone is regulated by the ASIC and has won numerous awards excellence in both brokerage services as well as customer service. With the strong ASIC protections for retail traders, it is no wonder they flock to Australian brokers. This has led to a drastic reduction in the amount of money opening an account takes. It used to be that doing so would cost up to $500 on average, but these days the bar is set much lower. Whereas the FX spot market is for immediate currency trades, the FX forward market is the market for trading currencies for delivery at some point in the future.
For less liquid currency pairs like the minors or exotics like the USD/ZAR, spreads are usually considerably wider. Apart from all of the tools and features, investors can also find investment options for days. Apart from futures, there is access to mutual funds, fixed income, and more, not just in ASX but around the globe. It provides the perfect opportunity to start  diversifying your portfolio, adding things here and there that help decrease your risk and increase your overall investment.

After selecting the ideal broker, you must open an account and deposit funds with them to start your trading journey. You can fund your account via debit cards, wire transfers, PayPal and several other available options. Brokers that apply for ASIC regulation must have minimum capital holdings of $1 million AUD and keep investor funds segregated from broker funds to provide an extra layer of safety for investors. Automated software has a greater ability than an individual trader to monitor multiple financial markets at a time. ProRealTime has enabled offline algorithmic trading  and fast execution speeds help ensure your trades process at the correct price.
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. Zero spread forex brokers operate by making their money through commissions or markups on the underlying exchange rate, rather than through the spread. This allows traders to trade with tighter margins and reduces the overall cost of trading, making it more accessible for traders with smaller trading accounts. The zero spread concept is particularly attractive to scalpers and high-frequency traders, who make many trades in a short period of time and need to keep their transaction costs as low as possible.

To achieve these execution speeds, Pepperstone utilises a state-of-the-art Equinix data centre in New York for MetaTrader 4. This achieves up to 10x latency reduction and a 12x improvement in trade execution speeds. Modifications within MetaTrader 4, such as ‘one-click trading’, make it easier to execute trades. With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist. The company never withdraws Requotes so traders can get maximum profit.
Clients are also able to quickly and conveniently deposit via POLI. The most important prerequisite for any Australian broker, is of course regulation on the part of the local financial watchdog, ASIC. Several of the forex brokers in Australia we reviewed, including Capital.com and Libertex, aren’t regulated by ASIC.