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Best Forex Brokers Australia 2021

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Finding the best forex brokers in Australia could be a hectic job. Today, I’ll review some of the most popular brokers in Australia, discussing the services offered, and sharing their pros and cons. In the end, I will list some factors that should be considered while choosing a broker.

Read: Forex Trading In Australia

Best Forex Brokers in Australia

#1 Plus500

Plus500 is one of the leading forex brokers offering regulated trading services in Forex, Commodities, Shares, and Cryptocurrencies. With its regional offices in more than 50 countries, Plus500 is a global leader for having competitive spreads and advanced risk management tools. The broker redefines exceptional trading conditions with its super-fast trading execution model and state-of-the-art trading platforms. In addition to negative balance protection, the minimum deposit requirement and cash rebate program are some persuasive features of the broker. The company offers complete security of funds under the Financial Services Compensation Scheme. 

Plus500 offers an easy to use intuitive trading interface for both desktop and mobile supported versions of trading platforms. Generous leverage, educational resources, economic calendar, and round the clock customer support are some factors that make trading experience more enjoyable with Plus500. 

  • Founded:2008
  • Regulation: FCA, ASIC, MAS
  • Headquarter: United Kingdom
  • Minimum Deposit: $100
  • Trading Platforms: Online, Desktop & Mobile

Read: Plus500 Review

PROSCONS
Low minimum deposit requirement
Multiple Regulations (ASIC & FCA)
Competitive Spreads  Charges no commission on trades
Offers funds protection under Financial Service Compensation Scheme
Does not accept US clients
Does not offer fixed spreads
Average email support Limited research tools

#2 FXCM

FXCM is an online Forex and CFD broker based in the United Kingdom. The broker offers cutting edge trading services in Forex, Shares, Indices, Commodities, and Cryptocurrencies all across the globe. Offering advanced online and mobile-based trading platforms, the broker also facilitates clients looking for social trading. Competitive spreads, leverage options, and instant trade execution make the broker one of the best options available around. FXCM offers multiple deposit and withdrawal methods, following a quick account opening process. 

Forex Capital Markets has rich educational resources and a virtually funded practice account to help traders learn and improve their trading skills without depositing any money. With forex signals and detailed analytics, traders can stay ahead of the market at FXCM. 

  • Founded: 1999
  • Regulation: ASIC, FCA
  • Headquarter: United States
  • Minimum Deposit: $50
  • Trading Platforms: Online, Desktop & Mobile (MT4, Zulu Trade)

Read: FXCM Review

PROSCONS
Relatively low fees
Low minimum deposit Multiple regulations
Instant trade execution – STP/ECN
Offers social trading 
Limited leverage options for EU Clients
No fixed spreads
US clients not accepted
No funds Protection

#3 FP Markets

First Prudential Markets (FP Markets) has been offering world-class trading services in a wide range of tradable assets for the past fifteen years. With different types of accounts and a variety of trading tools, the broker fulfills all the trading needs of a trader under one roof. The broker offers multiple trading platforms with competitive pricing models allowing traders to access 10,000+ tradeable CFDs on the world’s most top-rated exchanges. Educational resources such as e-books, video tutorials, economic calendar, technical & fundamental analysis help traders learn and groom. FP Markets offers numerous payment methods for deposit and withdrawals. Some of the main payment methods offered by the broker include:

  • Bank Wire
  • Credit/Debit Cards
  • Skrill
  • Neteller
  • Cheque

FP Markets also offers managed forex accounts such as PAMM and MAM accounts. Auto chartist tools, forex calculator, Myfxbook, and VPS services are some other commendable features of the broker. 

  • Founded: 2005
  • Regulation: ASIC, AFSL
  • Headquarter: Sydney, Australia
  • Minimum Deposit: $50
  • Trading Platforms: Online, Desktop & Mobile

Read: FP Markets Review

PROSCONS
Offers low spreads starting from 0.1 pips
Instant trade execution
Supports scalping strategies
No price manipulation
Offers less account
Limited tradable instruments
Relatively higher fees for Stock & CFD trading
Does not accept US clients
Average customer support

#4 IG 

IG Markets is a well-known brokerage providing trading services in financial derivatives, including spread betting and contracts for differences. It is one of the pioneer brokers in the forex industry. With its head office located in London, the broker operates through 18 regional offices worldwide. Offering a rich portfolio of more than 17000 tradable assets, the broker brings one-touch trading to the power of your palm. You can enjoy tight spreads, high leverage, and mirror trading through broker’s trading platforms.

IG Markets also offers volume-based rebates. In addition to trading signals, IG Markets also allows algorithmic trading in collaboration with world-class trading platforms such as MT4, ProRealTime, and native APIs. The broker’s range of educational resources and round the clock customer support are enough to make traders delighted.  

  • Founded: 1974
  • Regulation: FCA
  • Headquarter: London, United Kingdom
  • Minimum Deposit: $300
  • Trading Platforms: Online, Desktop, Mobile, MT4 & ProRealTime

Read: IG Review

PROSCONS
Easy-to-use trading platforms
Good security of funds
Supports algorithmic trading
Rich collection of educational resources
Offers high leverage
Good customer support
Does not accept US clients
Higher spreads for CFDs & Stocks
Doesn’t support scalping

#5 City Index Australia

City Index AU is one of the most popular brokers in Australia. The company started its operation almost three decades ago. City Index AU operates under the brand name of Gain Capital Pvt. Ltd. The broker offers trading services in more than 4500 financial instruments, including stocks, indices, commodities, CFDs, and cryptocurrencies. With real-time market analysis, in-depth research, and trading strategies, the broker makes trading more simplified. City Index AU also offers the power of the world’s most advanced trading platforms across multiple supported devices. 

Offering quick deposits and hassle-free withdrawals, City Index AU supports a wide range of payment options. With advanced trading tools, multiple types of accounts, leverage options, and competitive price schedules, the broker has become a strong competitor amongst the industry’s rivals. 

  • Founded: 1983
  • Regulation: FCA, MAS, ASIC
  • Headquarter: Sydney, Australia
  • Minimum Deposit: $150
  • Trading Platforms: Webtrader, Desktop, Mobile, MT4 

Read: City Index Review

PROSCONS
Allows hedging techniques
Offers Islamic account type 
Backed by multiple regulations
Offers in-depth market analysis
Wide range of tradable assets
Slow processing of withdrawals
Availability of limited educational resources 
Does not accept US clients
Average customer support 

How Did I Select the Above Forex Brokers?

During my ten years of trading career, I have tried numerous brokers. Some of them were good, while most of them were kind of average. Based on my experience, I have compiled a list of top five brokers that are, in my view, the best forex brokers in Australia. I included them in the list of my top brokers because of the following factors;

  1. Regulation
  2. Funds Safety
  3. Trading Platforms
  4. Minimum Deposits
  5. Payment options
  6. Customer support

In addition to the above-listed factors, I also open a real trading account with each broker. I tried my best to share the most authentic and unbiased information about each broker. 

Australian Securities & Investments Commission – ASIC

The Australian Securities & Investments Commission (ASIC) is the main regulatory body responsible for regulating forex brokers in Australia. The regulatory body has been acting in the same capacity since the early 1990s. ASIC oversees the financial matters of the forex brokers and stipulates guidelines requiring strict compliance from all forex brokers operating in Australia. 

Read: ASIC Regulated Forex Brokers

Any broker who seeks ASIC regulation need to fulfill the following criterion;

  • The broker needs to have a valid license from the Financial Services, Australia.
  • The broker should have a regional office in Australia.
  • To ensure transparency, the broker will need to submit periodic audit reports to ASIC.
  • The broker will have to keep clients’ funds in segregated bank accounts. 
  • The broker needs to provide its clients with a seamless trading experience.

Factors to Consider When Choosing a Forex Brokers 

Searching for a good forex broker could be a real headache sometimes. Given below are some factors that should  be considered while making a choice for a Forex broker;

Regulation

Regulation of a broker is by far one of the most important factors that you must consider before opening an account with a broker. Regulated brokers ensure the safety of your funds by keeping them in segregated bank accounts. In compliance with the respective regulators’ SOPs, regulated brokers always act in the best interest of their clients. 

Security

The safety of your personal and financial information is crucial. Therefore, you must check if your prospective broker offers you the same. A good broker should have SSL certificate enabled on its official website. This can be checked easily by visiting the broker’s website, the website should have https sign in green colour. 

Trading Platforms

An easy-to-use trading platform can offer you a better trading experience as compared to a complex one. Always make sure that the broker you wish to open an account with offers a user-friendly trading platform.  It should also have a compatible version to facilitate on-the-go trading across different devices. The availability of all basic and advanced trading tools also matters for rewarding trading experience. 

Deposits & Withdrawals

Good forex brokers generally offer multiple deposit and withdrawal methods, making it easy for clients to pay using their preferred payment method. You can check the available payment methods using the broker’s client portal or by asking the customer support representative. In addition to available payment methods, you should also check for the fee associated with deposit and withdrawals.  

Funds Insurance

Most of the renowned forex brokers offer funds protection under different insurance schemes such as the Financial Services Compensation Scheme & Civil Liability Insurance Programs etc. Always check if your broker has any insurance program in place to protect you in case any unforeseen economic loss occurs. 

Fees & Charges 

Overcharging or the excessive fee could turn your profits into losses. Therefore, it is pertinent to know if your broker has competitive pricing models. There is no point paying extra bucks for the same services that you could avail with some other broker with lower rates. 

Customer Support 

A reliable forex broker always offers excellent customer support round the clock. If you feel that your prospective broker doesn’t pay heed towards your issues, you must not waste your time opening an account with them. If English is not your first language or you are not comfortable in English speaking, then you should check whether the broker offers customer support in your language. A good broker should offer customer support using phone, livechat, and email. 

Verdict

After a detailed overview of the brokers listed above, I hereby conclude that Plus500 is one of the best brokers in Australia. Plus500 is a multi-regulated company offering world-class trading services with a minimum deposit of just $100. The broker has easy-to-use intuitive trading platforms. Funds protection under the Financial Services Compensation Scheme makes the broker one of the best options available in Australia. 

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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