Author:
Alexander Foster
Last Updated:
21/11/2022
Table of Content
- A comparison for everyone trading forex in Australia
- Is forex trading in Australia legal?
- tips to ensure secure and fair forex trading in Australia
- This is how our experts identify the best forex brokers in Australia
- Here’s how you find your perfect forex broker in Australia
- What other trading takes place online in Australia?
- Conclusion: Now you’re ready to find the best forex broker in Australia
- Best Forex Broker in Australia FAQ
A comparison for everyone trading forex in Australia
Somewhere on this page is the absolute best forex broker for your needs, no matter how much – or how little – previous experience you have. Here at TradersBest.com, we understand that the world of forex trading can seem intimidating when you’re first starting out, but we don’t believe that should be a deterrent.
Every forex trader has to start somewhere, and we aim to give you all the information you need to choose the broker that’s the perfect fit for your requirements. But that doesn’t mean we don’t cater for experienced and knowledgeable forex traders too! You never really stop learning when trading online, and there are always new strategies to consider, and new trading platforms to get to grips with.
Wherever you are on your forex trading journey, we’re on hand with useful advice. Our experts put every forex broker to the test, and we only ever recommend the ones that make it all the way through our comprehensive review process. It means you can trust any of the forex brokers on this page, so let’s get started with finding the one that’s perfect for you!
Is forex trading in Australia legal?
The very first thing newbie traders need to know is that trading forex in Australia is perfectly legal. Not only that, but Australia has passed laws that actively facilitate trading to a much greater extent than European and US markets.
Online forex trading in Australia is regulated by the Australian Securities and Investments Commission, better known as ASIC. You can rest assured that you’re in safe hands when you sign up to an ASIC-regulated broker, as it’s reckoned to be one of the top industry regulators, alongside the FCA, the FSCA and CySEC.
5 tips to ensure secure and fair forex trading in Australia
This is how our experts identify the best forex brokers in Australia
There’s certainly no lack of opportunities to trade forex in Australia, but not all of them are legitimate. The internet makes it exceptionally easy for the determined scammer to create a seemingly legitimate broker’s site. And if you don’t know exactly what to look out for, it can be difficult to distinguish the genuine sites from the fake ones.
That means we put every forex broker across our site through a series of licensing and security checks at the start of every review. And you can be absolutely confident that we go to great lengths to ensure that each broker has up-to-date validation from a reputable industry regulator. We expect to see client funds kept in segregated accounts as a matter of course, and state-of-the-art security features are mandatory.
Only once a broker has passed these initial checks do we proceed to the main body of our review. And once again, our checks are thorough, so you can be certain that you have all the necessary facts to hand. After all, it’s the only way to properly assess which is the best forex broker in Australia for your needs.
Usability
It doesn’t make any difference whether you’re a complete beginner to the world of trading foreign currencies, or you’re a pro trader – you’ll be wanting an easy and intuitive online experience. Nobody wants to spend time waiting around for pages to load, and not all fonts and graphics are equally pleasing to the eye.
But we expect much more from a forex broker’s website than thoughtful design touches. Clear navigation is essential, so you won’t have to click around wildly trying to find the sections you’re looking for. We’ll give you insights into what to expect, including information about the type of trader that the broker is aimed at.
Trading platforms
If you have a favourite trading platform, this is the part of our review where you discover whether it’s supported by the broker in question. Most forex brokers in Australia tend to offer MT4 and MT5 – after all, they’re the biggest and best-known trading platforms in the world. But these days, many forex brokers offer their own proprietary trading platforms too.
Our reviews give you a rundown of the available trading platforms, including details of whether they’re designed for desktop or mobile use – or both. We’ll give you some indications of how easy each platform is to use too, so you can assess which one will be right for your level and experience of trading.
Accounts
No two investors will be approaching forex trading in Australia in quite the same way, so forex brokers usually offer a variety of accounts including the following options:
- Demo accounts: you can trade in real time ,using virtual funds to explore how trading works without risking your own money.
- Micro and mini accounts: these accounts are aimed at beginners, allowing for smaller trades with lower deposit requirements.
- Standard accounts: these are the main trading accounts, which come with minimum deposits and trading limits, for the more confident trader.
- Professional and VIP accounts: aimed at high-level investors and traders, these accounts offer higher trading limits and a raft of benefits, including personalised support.
Payments
From the currencies you can trade to the currencies you can deposit and withdraw in, our broker reviews give you the complete picture. We’ll tell you about deposit and withdrawal limits, processing times and fees, so you won’t have any unexpected surprises.
Customer support
All of the best online forex brokers in Australia offer friendly and helpful customer support, and we let you know how to get in touch. We’ll explain whether there’s email, telephone and live chat support, and what the operating hours are. Some brokers offer a dedicated help centre packed with FAQs, and you might even find a message board where you can ask other site users for information.
Take a look a these great forex trading sites in Australia
The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
All investments involve risks, including the possible loss of capital.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Here’s how you find your perfect forex broker in Australia
There’s a forex broker to suit absolutely every level of Australian trader, and yours is waiting for you somewhere on this page! To help make identifying your perfect broker that little bit easier, we recommend you answer the following questions, to pinpoint your requirements more exactly:
What’s your risk profile?
Risk-averse traders should look for a broker with demo and micro account options, which allow for lower trading levels.
Which device will you be using?
If you want to be able to follow your trading activities on the go, look for a mobile site or a broker with a dedicated app that you can download.
How experienced are you at forex trading?
Inexperienced traders should look for a site with plenty of educational resources. More experienced traders should look for a variety of tools to help with their trading activities.
How much money do you want to invest in trading?
Be sure to look out for a broker offering trading opportunities that suit your budget.
What other trading takes place online in Australia?
Trading online in Australia isn’t just confined to foreign currencies. You can also explore trading in CFDs, ETFs, commodities and stocks and shares. Not only will you be trading in heavily regulated markets, but you can count on our advice and support to help you make the right decisions while you’re learning!
Interactive Brokers Review
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Conclusion: Now you’re ready to find the best forex broker in Australia
Now we’ve reached the end of our article, we hope we’ve given you valuable insights that will allow you to identify your perfect forex broker. When you choose a broker from this page, you can be confident that it’s certified, reputable and legitimate, so we’re saving you a ton of research!
But we don’t just lead you to the best forex broker in Australia and then leave you to sink or swim. We’ve got useful advice across our site that will be of use, no matter what or where you’re hoping to trade. From the best online trading platform for your needs, to news, reviews, comparisons and more, we’re here to help you navigate the online trading world in safety.
Best Forex Broker in Australia FAQ
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