Best Forex Broker In Australia In 2023

Last Updated November 24th 2022
20 Min Read

Many Australians think of the stock market when they think of investing, but other options can offer even better returns. Forex trading is one of the best ways to make quick and high returns on investment. More than five trillion dollars are traded in Forex daily. This means there is always a lot of activity and opportunity for profit. 

Forex trading is done through online platforms, which allow you to buy and sell currencies from anywhere in the world. Thanks to leverage, you can control a large amount of money with a small amount of capital. And because the market is so fluid, you can quickly take advantage of changing conditions to maximize your profits. 

Forex brokers allow users to trade multiple currency pairs from all over the world. This flexibility makes Forex an attractive option for experienced investors and those just starting out. In addition, Forex offers the potential for high returns, making it an ideal way to grow your portfolio. Forex could be the right choice for you whether you're looking to diversify your holdings or simply trying to make some quick profits.

While many forex brokers are in the Australian market today, the best ones give investors access to 0% commission trading. They also allow traders to trade on leverage for maximum returns.

In this guide, we are giving traders a breakdown of the top 10 best forex and CFD brokers in Australia for tight spreads, money security, customer service, and much more. 

The Best Forex Brokers In Australia In 2023

Below are the top forex brokers in Australia to trade. 

  • eToro   Best Forex Broker In Australia
  • AxiTrader  Popular Forex Broker With No Depot And Withdrawal Charges
  • EightCap  Regulated Forex Broker With A Beginner-Friendly Account Registration Process
  • VT Markets  One Of The Most Customer-Friendly Forex Brokers In Australia
  • AvaTrade  One Of The Best Brokers Known For Its Tight Spreads And Low Commissions
  • XM  Beginner-Friendly Forex Broker That Has A Low Entry Minimum Of Just $5
  • CMC Markets  Popular Forex Broker Known For Its Tight Spreads
  • Skilling  App Trading For Flexibility In Forex Trading
  • Pepperstone  Top Forex Broker For Tight Spreads And Friendly Customer Service
  • XTB  Forex Trader Known For Low Spreads

 

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

In the follow-up section, we review the above forex brokers to help you choose the best for your needs.

Best Forex Broker Australia – An In-depth Analysis

Up to this point, you have a rough idea of the best forex brokers in Australia in 2023. Let’s now analyze each of them in detail to help you make an informed choice. Please note that all of them are regulated, so capital safety is not really an issue.

1. eToro – The best forex broker to trade in Australia

etoro forex broker

Beginner forex traders love eToro for its ease of use. eToro is one of the leading online brokerages, offering a wide range of assets, including stocks, commodities, currencies, and more. One of the attractions of eToro is its low minimum deposit requirements, with just $50 needed to start trading. They also support various payment methods, including debit/credit cards, Bank Wire, and eWallets like PayPal, Neteller, POLi, and Skrill. This makes it easy for Australian customers to get started with eToro. 

Another benefit of eToro is its social trading platform, which allows you to follow and copy the trades of other successful investors. This can help you quickly build up your portfolio and take some of the guesswork out of trading. Overall, eToro is a great option for Australian investors looking for an easy-to-use online broker with a low minimum deposit.

Another factor that gives eToro a spot amongst the best forex brokers in Australia is its low cost of trading. eToro offers a selection of 49 currency pairs, all spread-only. You will only pay the spread when you trade, with no commission or fees. Spreads start from as low as 0.1 pips on the EUR/USD pair, and leverage is up to 1:500. With eToro, you can trade forex 24/5 and receive customer support in 14 languages. A dedicated team of market analysts also provides timely market updates and analysis. In addition, eToro offers a free demo account to practice trading before committing real funds.

Forex traders also love eToro for the fact that it is regulated. This means that eToro is subject to regular audits by financial authorities. In addition, eToro offers several safety features, such as negative balance protection and two-factor authentication. These features help to protect users from fraud and theft. Overall, eToro is a safe and secure platform that offers investors the peace of mind that their capital is protected.

eToro users also enjoy flexibility in trading because eToro allows for App-based trading. eToro offers a mobile app for managing trades and monitoring markets on the go. The mobile app offers all of the same features as the online platform, including live quotes, charts, and news feeds. Users can also manage their portfolios and place trades using the mobile app. In addition, the app offers several unique features, such as a built-in camera that can scan QR codes and place trades. The mobile app also offers touch ID support for security. Overall, the mobile app is convenient for accessing the eToro platform from anywhere.

The best part is that eToro has a copy trading feature that is perfect for beginner traders. The Copy Trading service is a feature that allows users to copy the investment decisions of experienced traders automatically. This means that users can access the same opportunities and potential profits as the trader they are copying without having to make their own investment decisions. The Copy Trading service is available to all eToro users, and no minimum investment is required. Users can choose which trader they want to copy, and they can adjust their copying settings at any time. The Copy Trading service is an excellent way for beginner investors to get started or for experienced investors to diversify their portfolios.

Pros

✅ It is versatile allowing you to buy and in some cases trade EFTs, stocks, forex and cryptocurrencies. 

✅ Simple and fast account opening process taking under two minutes

✅ Competitive fees and spreads

✅ Capacity to support passive investments due to its copy trading function

✅ Well-regulated by significant players like FCA, ASIC, SEC, and CySEC

Cons

❌ Deposit charges of 0.5% on payments made in AUD

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. AxiTrader – Popular forex broker with no depot and withdrawal charges. 

AXI Trader forex broker

AxiTrader is one of the most popular forex brokers in Australia, mainly for its zero-fee deposits and withdrawals. AxiTrader offers competitive rates and a low commission structure. Deposits and withdrawals are free of charge, and all major currencies are supported. 

In addition, AxiTrader offers a variety of tools and resources to help traders succeed in the forex market. The company's website provides an extensive education center full of articles, videos, and webinars on forex trading. A dedicated customer support team is also available 24/7 to answer any questions. With its low fees and extensive range of features, AxiTrader is an ideal choice for both beginner and experienced forex traders.

For those looking for a reputable and reliable forex broker, AxiTrader is an excellent choice. The company is regulated by multiple agencies in several countries, ensuring that it adheres to strict standards of financial conduct. 

In addition, AxiTrader offers various features and services designed to meet the needs of both experienced and novice traders. For example, the company provides a free demo account so that potential clients can try out the platform before committing to a real money account.

AxiTrader also offers a variety of educational resources so that clients can learn about the forex market and develop their own trading strategies. With its commitment to safety, security, and transparency, AxiTrader is an ideal choice for those looking for a reliable forex broker.

AxiTrader also understands that different traders have different needs. That’s why it offers three different account types to suit the diverse needs of traders: Standard, Pro, and VIP. Standard accounts are best suited for beginner or infrequent traders, as they have lower minimum deposit requirements and access to basic features. 

Pro accounts are designed for more experienced traders and offer higher leverage ratios and advanced features such as expert market analysis and dedicated customer support. VIP accounts are reserved for high-volume traders and provide the highest leverage ratios as well as exclusive benefits such as priority withdrawal processing and invitations to VIP events. No matter what your trading style or experience level, AxiTrader has an account type to suit your needs.

For beginner traders, the idea of starting to trade can be daunting. There are so many brokers and platforms to choose from, and opening an account can be confusing. Fortunately, AxiTrader makes it easy to get started. Their account opening process is fully digital, meaning you can do it all online without going through mountains of paperwork. You need a few minutes and a valid ID, and you're good to go. Plus, their user-friendly platform is perfect for beginners who are still learning the ropes. So, if you're looking for an easy and stress-free way to start trading, AxiTrader is the perfect broker for you.

Then there is the ease of trading. Axis web trading platform is built on MetaTrader technology, which is extremely customizable. You can set up your workspace to exactly match your trading style and preferences. And, because the platform is web-based, you can access it from anywhere in the world with an internet connection. Best of all, Axi provides a clear and transparent fee report, so you always know exactly how much you pay in commissions and spreads. Overall, the Axi web trading platform is an excellent choice for experienced and novice traders.

  • Assets CFDs, Forex
  • Trading prices 0.1 pip spread
  • Deposit fees $0

 

Pros

✅ Zero-fee deposits and withdrawals

✅ Many trading tools

✅ It’s a regulated broker

✅ Educational resources

✅ Different accounts for different clients

✅ Easy to use platform

Cons

❌ It only has forex and CFDs

trade forex

82.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3. EightCap – Regulated forex broker with a beginner-friendly account registration process.

EightCap forex broker

When choosing a forex broker, security is one of the paramount concerns. You want to make sure that a reputable authority regulates your broker and that your funds are held in a safe and segregated account. EightCap is a broker that offers both of these things. EightCap is regulated by the ASIC, one of the most respected financial regulatory agencies in the world. In addition, your funds are held in a segregated account at EightCap's partner bank, National Australia Bank (NAB). This means that your funds are not commingled with EightCap's funds and are protected if EightCap becomes insolvent. Overall, EightCap is a safe and secure choice for forex trading.

Forex traders know that, if not careful, fees can quickly eat into your profits. That's why it's essential to choose a broker with low fees. EightCap is one of the lowest-fee forex brokers in Australia. They charge a flat fee of $3.5 per trade, with no hidden fees or commission charges. In addition, they offer a free demo account, so you can test out their platform without having to risk any real money. With EightCap, you can be confident that you're getting a great deal on your forex trading.

EightCap is also one of the top Australian brokers that fully understands the needs of its clients. For instance, inactivity fees are a common charge levied by brokerages, but EightCap does not believe in penalizing its clients for taking a break from trading. Whether you take some time off for a well-deserved vacation or need a breather from the markets, you can rest assured that your account will not be subject to an inactivity fee. This policy ensures that you can return to trading on your terms without worrying about incurring any extra charges. 

Most people who trade Forex do so through a broker. And one of the biggest expenses associated with trading forex is broker fees. EightCap is a broker that doesn't charge any fees for withdrawing your money. That's right, EightCap has zero withdrawal fees. So, you can take your money out of your account anytime you want without paying a penny in fees. And that's just one of the many reasons EightCap is among Australia's best forex brokers. 

One thing that makes EightCap stand out is that it only takes a day to open an account. This means that you can start trading fairly quickly and take advantage of whatever market conditions you are aiming for. EightCap also offers a variety of features that can help you trade more effectively. For example, you can use their mobile app to track your positions and get real-time quotes. You can also set up price alerts so that you know when to buy or sell. In addition, EightCap offers a demo account to practice trading before you risk any real money. Overall, EightCap is one of the best online forex brokers in Australia in 2023.

  • Assets CFDs, Forex, Commodities
  • Trading prices $3.5 commission
  • Deposit fees $0
  • Minimum deposit $100

 

Pros

✅ Low trading fees

✅ Easy account opening

✅ Free deposits

Cons

❌ Few educational tools

trade forex

74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. VT Markets – One of the most customer-friendly forex brokers in Australia

VT Markets forex broker

When looking for the best forex broker in Australia, one that has won awards can’t miss in the selection list. We have included VT Markets amongst the 11 best forex brokers in Australia in 2023. Since 2019, VT Markets has won several awards affirming its quality. Among the accolades this Australian Forex Broker has won include: Most Innovative Forex Broker Australia 2019, Best Emerging Fintech Forex Broker Australia 2019, Best Customer Support Europe 2021, Fastest Growing Broker Europe 2021, and Best Customer Support 2021. 

Besides the assurance that comes with all these awards, there are many other reasons to consider VT Markets as your forex broker of choice in 2023. One of the things that make VT Markets so popular with traders is its generous bonuses. The broker offers several different bonuses, including deposit, trading, and Refer-a-Friend bonuses. deposit bonuses are available to new clients who make a qualifying deposit, and trading bonuses are awarded to clients who trade actively on the platform. Refer-a-Friend bonuses are awarded to clients who refer new clients to VT Markets. These bonuses represent an excellent way for traders to boost their account balance and increase their potential profits. 

VT Markets is also a great choice for beginning forex traders. One of the reasons is that they offer features like Zulu Trader, a copy trading feature. This allows users to copy the successful trades of other, more experienced traders. As a result, beginners can learn from the successes (and failures) of others without putting their own money at risk. VT Markets also offers low spreads and fast order execution, making it easy for beginners to get started with forex trading. With all of these beginner-friendly features, VT Markets is an ideal choice for those just starting out in the forex market.

VT Markets is also one of the brokers that try to meet the needs of all its customers in the best way possible. For instance, for many Muslims, the practice of riba, or charging interest, is forbidden. As a result, standard trading accounts can pose a problem for Muslim traders. 

However, VT Markets offers Islamic trading accounts compliant with Shariah law. With an Islamic account, there is no interest charged on overnight positions, and all trades are executed according to the spot price. In addition, VT Markets does not charge any hidden commissions or fees. As a result, Muslim traders can trade confidently knowing that their accounts comply with their religious beliefs. 

  • Assets CFDs, Forex, Commodities
  • Trading prices 0.1 pip spread
  • Deposit fees $0

 

Pros 

✅ It has Islamic accounts

✅ It offers trading bonuses

✅ Zulu Trader for copy trading

Cons

❌ Few research tools compared to competitors

trade forex

74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

5. AvaTrade – One of the best brokers known for its tight spreads and low commissions

trading on Avatrade

AvaTrade is another of the lowest-cost forex brokers in Australia. One of the key factors that give AvaTrade a good name amongst traders is its 0% commission trading. This is a huge advantage for traders, as they can keep more profits. AvaTrade offers several other benefits, including low spreads, fast execution speeds, and a user-friendly platform. In addition, AvaTrade is regulated by several financial authorities, which gives traders comfort. AvaTrade is an excellent broker for anyone looking for reliability and affordability. 

Besides having an excellent platform for trading, you can count on AvaTrade is a regulated broker. A variety of financial bodies regulate AvaTrade. These are ASIC, CySEC, FFAJ (Japan), and the Central Bank of Ireland. This ensures that AvaTrade adheres to a high standard of financial regulation and provides its clients with a safe and secure trading experience. 

In addition to being regulated by these financial authorities, AvaTrade is also a member of the Investment Industry Regulatory Organization of Canada (IIROC). This organization works to protect investors and helps to ensure that member firms adhere to fair dealing practices. As a result, clients of AvaTrade can be confident that they are working with a reliable and trustworthy broker.

Traders also love AvaTrade because it has a variety in trades. AvaTrade is a versatile online broker that supports most asset classes, including stocks, Forex, and ETFs, among other assets. This makes it a great choice for investors who want to diversify their portfolios. For example, investors who hold only stocks may want to add some bonds to their portfolio to minimize risk. AvaTrade makes this easy by allowing investors to trade multiple asset classes in one place. In addition, AvaTrade offers competitive commissions and margins, making it a cost-effective option for active traders. As a result, AvaTrade is an excellent choice for investors who want to trade various assets.

AvaTrade is also a perfect broker for beginners who test the waters with only a little capital. One of the reasons AvaTrade is so popular is that they have a very low minimum deposit for first-time customers. You can start trading with just $100. This makes it very accessible for those who may not have much money to invest. Additionally, AvaTrade offers a variety of different account types to meet different trader needs. Whether you're a beginner or a pro, AvaTrade has something to offer you. 

One of the best advantages of trading with AvaTrade is the low spreads on offer. For example, the spread on EUR/USD is just 0.9 pips, which is amongst the best in the market. This competitive spread helps reduce trading costs, making it more profitable for traders. 

In addition, AvaTrade also offers a variety of bonuses and promotions, which further enhance the value of trading with this platform. Overall, AvaTrade is an excellent choice for traders looking for a reliable and competitive online trading platform.

  • Assets CFDs, Forex, Commodities
  • Trading prices 0.9 pip spreads for EUR/USD
  • Deposit fees $0

 

Pros

✅ More than 1000 tradable assets

✅ Low depositi minimum

✅ In-depth charting tools

Cons

❌ Lacks crypto trading

 

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

6. XM – Beginner-friendly forex broker that has a low entry minimum of just $5

XM broker

XM can’t miss among the best Australian forex brokers, and for a good reason. XM is a popular forex broker in Australia that offers its clients several advantages. One of the most significant selling points of XM is its low minimum deposit requirement ($5), which makes it an ideal choice for those with a limited budget. XM also offers a wide range of currency pairs and provides its clients with access to powerful trading tools and resources. In addition, XM delivers excellent customer service and offers several convenient account management features. Overall, XM is an excellent choice for forex traders in Australia who are looking for a broker that offers great value for money.

You will also love the fact that it has some of the lowest spreads on major forex pairs. Spreads are one of the most important factors when choosing a forex broker. A spread is the difference between a currency pair's bid and ask price, representing the cost of trading. The tighter the spread, the less the trader pays in fees. 

XM offers some of the tightest spreads in the industry, with EUR/USD starting at just 1 pip. This low cost of trading means that traders can take more trades without worrying about high fees eating into their profits. In addition, XM's spreads are fixed, so traders know how much they will pay in fees with each trade. This predictability is extremely helpful when planning trading strategies. 

For those looking to trade Forex on the go, XM offers a native mobile app for both iOS and Android. The app is designed to mirror the trading experience on the web platform, with a user-friendly interface and a range of features and tools. Web traders also have the option to choose MT4 or MT5. Both platforms are widely used by traders worldwide and offer a comprehensive set of features. However, MT5 is newer and offers some additional capabilities, such as market depth monitoring and support for hedge funds. As such, it may be the better choice for more experienced traders.

  • Assets CFDs, Forex, Commodities, Crypto
  • Trading prices As low as 1 pip for EUR/USD
  • Deposit fees $0

 

Pros

✅ Low minimum deposit starting from as low as $5

✅ Supports multiple assets

✅ Tight spreads

Cons

❌ No in-depth web-trading tools

 

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

7. CMC Markets – Popular Forex Broker known for its tight spreads

trading on Cmc markets

CMC Markets is one of the best forex brokers in Australia for small traders. That’s because it has a zero deposit minimum. You can start trading Forex with as little as $1. The broker also has a user-friendly platform and provides good customer service. You can also get a demo for practice trading. When you're ready to start trading, you can open a live account and deposit money into it. 

Traders also love CMC Markets for its variety of tradable instruments. CMC Markets gives traders access to a wide range of financial instruments. With over 12,000 instruments to trade, including Forex, CFDs, metals, commodities, indices, and shares, CMC Markets offers one of the most comprehensive trading platforms available. The company's award-winning technology provides live streaming prices, real-time market data, powerful charting tools, and advanced order types. Whether you're a seasoned trader or just starting out, CMC Markets has the tools to take your trading to the next level.

Like the other brokers in this list, CMC Markets is a regulated broker. It is regulated by the Financial Conduct Authority (FCA) in the UK, as well as by other major financial institutions around the world. This means that it adheres to strict financial regulations and is required to maintain high customer service standards.

 In addition, CMC Markets provides negative balance protection to its clients, meaning that they will never lose more money than they have deposited with the broker. This makes it an ideal choice for those new to online trading and more experienced investors looking for a reliable and reputable broker.

  • Assets CFDs, Forex, Commodities, Crypto, Treasuries
  • Trading prices As low as 0.7 pips for EUR/USD
  • Deposit fees $0

 

Pros

✅ More than 10k tradable assets

✅ Doesn’t have a deposit minimum

✅ It’s regulated

Cons

❌ It has a high commision on stocks 

 

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

8. Skilling – App trading for flexibility in forex trading

trading on Skilling

Today, most forex traders prefer doing it via an app. That’s because it allows them to trade from anywhere, provided they have a smartphone at hand. Skilling makes it to the list of best forex brokers in Australia in 2023. 

The Skilling app is a great way to stay connected to the markets while on the go. The app is available for iOS and Android devices and provides all of the same features as the Skilling web trading platform. That means that traders can access their accounts, place trades, monitor their portfolios, and more. 

The app also includes several advanced features, such as real-time quotes and charts, that make it an essential tool for any serious trader. Best of all, the Skilling app is free to download and use. Whether you're a seasoned pro or just getting started in online trading, the Skilling app is the perfect way to stay connected to the markets.

Funding a Skilling account is quite easy, too. It supports multiple payment methods, including debit and credit cards, e-wallets, and bank wire transfers. This makes it easy to deposit and withdraw funds and trade with confidence. 

The app also offers a range of features and tools to help traders make the most of their time in the market. These include live market news and analysis, real-time charts and indicators, and various order types. The Skilling trading app is an excellent choice for anyone looking for a simple, effective way to trade the financial markets.

  • Assets CFDs, Forex, Commodities, Crypto, Treasuries
  • Trading prices As low as 0.2 pips for EUR/USD
  • Deposit fees $0

 

Pros

✅ Good App for trading on the go.

✅ Perfect for beginner traders

✅ It’s regulated

Cons

❌ Fewer tradable markets than most top brokers

 

9. Pepperstone – Top Forex Broker for tight spreads and friendly customer service

trading on pepperstone

Next on the list of best forex brokers in Australia 2023 is Pepperstone. Founded in 2010, Pepperstone is an online forex and CFD broker that offers trading services to clients in more than 150 countries. The company is headquartered in Melbourne, Australia, and is regulated by the Australian Securities & Investments Commission (ASIC). 

Pepperstone offers a range of trading platforms, including Meta Trader 4, cTrader, and their proprietary WebTrader platform. Account types include standard, Razor, and Islamic. Leverage is up to 500:1, and spreads start from 0.0 pips. Pepperstone also offers a range of educational resources, including market updates, webinars, and an extensive glossary of forex terms. Overall, Pepperstone is a reliable and user-friendly broker suitable for both beginner and experienced traders. 

Clients also love Pepperstone for its highly customized services. Pepperstone offers both a standard and VIP account option so that clients can choose the account that best suits their needs. VIP account holders also enjoy special perks such as dedicated account managers and exclusive market analysis. Pepperstone clients can also take advantage of the company's low spreads and fast execution speeds when trading forex pairs. Pepperstone is a great choice for a reliable and reputable forex broker.

When it comes to finding trading opportunities, Pepperstone has plenty of options. CFD instruments can be found across ETFs, stocks, indices, crypto, commodities, and Forex. This gives investors a wide range of choices when deciding where to invest their money. In addition, Pepperstone offers various account types, including demo accounts, which allow investors to test out the platform before committing any real money. This makes Pepperstone a perfect forex broker for newbies, as well as for experienced investors who want to diversify their portfolios. With so many options available, Pepperstone is sure to have something to offer everyone.

  • Assets CFDs, Forex, Commodities, Crypto
  • Trading prices Varies between $3.5 and $0 depending on the account
  • Deposit fees $0

 

Pros

✅ Institutional-level trading tools

✅ Multiple tradable markets

✅ Low trading fees

Cons

❌ Mainly supports 3rd party tools

 

10. XTB – Forex trader known for low spreads. 

trading on XTB

XTB is one of the top forex brokers in Australia and is known for its tight spreads. With XTB, you can trade with spreads as low as 0.1 pip on EUR/USD. This makes XTB an ideal choice for day traders and scalpers looking for the tightest possible spreads. In addition to its low spreads, XTB also offers a variety of other benefits.

The company's trading platform is user-friendly and designed for both beginners and experienced traders. XTB also offers a demo account so new traders can practice their skills before putting real money on the line. XTB also provides 24/7 customer support and a wide range of educational resources. Whether you're a seasoned pro or starting out, XTB is a great choice for forex trading in Australia.

Of course, like all the other brokers in this list, XTB is a regulated forex broker. Licensed and regulated by the Australian Securities and Investments Commission (ASIC), XTB is a trusted provider of online forex trading services. With over 15 years of experience in the industry, XTB has built a reputation for providing excellent customer service and a user-friendly trading platform. It’s definitely a worthy consideration for the best forex broker in Australia in 2023. 

  • Assets CFDs, Forex, Commodities, Crypto, Indices
  • Trading prices As low as 0.1 pip for EUR/USD
  • Deposit fees $0
  • Minimum deposit — None

 

Pros

✅ Tight spreads for profitable trading

✅ Thousands of tradable assets at zero commission

✅ Zero minimum deposit

Cons

❌ Does not support 3rd party systems

 

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How To Find The Best Forex Broker Australia In 2023

With so many forex brokers in the market today, finding the best one can take time and effort. Luckily for you, we have come up with a list of factors to consider choosing a forex broker. 

Check out the fees

To increase your odds of successful trading, go for a forex broker with low trading fees, The best forex brokers in Australia have very competitive rates that should not in any way hinder your trading journey. 

Check out the table below for a comparison of trading fees between different brokers. 

CFD Brokers Pricing System Deposit Fee EUR/USD Spread (From) Account Fees
eToro 0% commission on real stocks and ETFs. 1% on real crypto. Spread-only on CFD markets. 0.50% 1 pip 0.5% deposit fee, $10 inactivity fee, $5 withdrawal fee
Axi Trader $3.5 on Forex, Stocks, Indices $0 deposits 0.1 Pips No Inactivity fee
EightCap $3.5 commission and 0 pip spreads $0 0.0 Pips No Inactivity fee
VT Markets Starts at 0.5 Pips $0 $0 No Inactivity fee
XTB 0% commission on all markets $0 on debit/credit cards, 2% on Skrill 0.1 pip $10 inactivity fee
Avatrade 0% commission on all markets None 0.9 pips $50 inactivity fee
Pepperstone $3.50 commission per lot on a razor account, 0% commission on a standard account None 0.0 pips on a razor account, 0.6 pips on a standard account None
Skilling 0% on standard accounts Debit/credit cards are free, e-wallets range from 0-2.9% 0.2 pips None
XM None on a Standard account None 1 pip on a standard account $5 inactivity fee
CMC Markets None except for stocks None 0.7 pips $10 inactivity fee

 

Make sure it is ASIC Regulated

For capital safety, only trade on ASIC-regulated forex brokers like eToro. The last thing you want is to trade through a broker that can disappear with your capital anytime. 

Look at the minimum amount you can deposit

The best forex brokers to use in Australia are designed with a small investor in mind. For instance, eToro, one of the top forex brokers globally, has a minimum deposit of just $50. 

Market Analysis Tools

For you to trade successfully, you need access to the market's best trading tools. As such, you need a forex broker with tools that enhance your trading capabilities.

eToro is one of the best on this front, as it has strong charting tools and even a copy trading feature. With eToro Copy Trading, even inexperienced trader can increase their odds of success by copying more experienced traders. 

Demo trading

Before you choose a forex broker, make sure they offer demo accounts. This allows you to perfect your trading strategy before going live in the market. 

Multiple payment methods

For ease of trading, go for a forex broker with multiple deposit and withdrawal methods. For instance, eToro has various funding options, including cards, e-wallets such as PayPal and Skrill, and wire transfers. 

Customer support availability

Before choosing a forex broker, ensure the support team is available when you need them. This ensures that any issues you may have when trading are dealt with quickly.

App-based trading

To make the most of the forex markets, it is important to be able to trade at any time an opportunity arises. That’s why it is best to go for a forex broker that offers App-based trading. 

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

How To Trade Forex With A Regulated Forex Broker

To help you start your forex journey, here is a step-by-step guide on trading Forex using eToro – the best forex broker in Australia. 

Step 1: Signup with eToro

Go to the eToro homepage and signup for an account. All you need is your email and a password. 

open trading account

Get verified

eToro will ask you to upload identification documents for KYC. 

etoro account verification

Make a deposit and start trading.

Once you get verified, deposit funds in your account and start trading whatever forex pairs you like.

fund account

 

trade forex

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion

In this guide, we have reviewed the best forex brokers to use in Australia in 2023. The best ones are regulated low fees and responsive customer support. 

While all the brokers discussed above have good features, eToro is the best forex broker in Australia for novices and pro traders. 

eToro is regulated, has a low minimum deposit, tight spreads, and has a very responsive customer support team. 

eToro - The Best Trading Platform In Australia

etoro broker

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

Which is the best forex broker in Australia?

eToro is the best forex broker in Australia. It is ASIC regulated and is perfect for beginner traders.

Which Australian forex broker has the most competitive fees?

While there are many cheap forex brokers in Australia, eToro is the best. It charges no commission but a spread-only fee, sometimes as low as 0.5 pips per trade.

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