Since 2012 we have reviewed and traded with over 180 Forex brokers in Australia. The FX Scouts team of trading experts is frequently cited in international and local media. Find out more about us here.
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
The best Forex brokers for beginners all share the same essential qualities. They will be regulated to ensure protection from fraud and have a user-friendly trading platform for a stress-free first trading experience. In addition, they will have a comprehensive educational section and a free demo account so beginners can learn as they trade without risking their own money. Finally, they should also have low costs, as many beginners start trading with small sums of money, and reliable customer support in case technical issues arise.
All the Forex brokers on this list have been chosen because they meet these criteria, so whatever your exact needs as you start trading, you will find a broker that suits you.
These are the best Forex brokers for beginners in Australia for 2023.
Broker | Overall Rating | Official Site | Beginner Friendly | Min. Deposit | Beginner Course | Beginner Videos | Downloadable Ebook | Unlimited Demo | Support Hours | Total CFDs | Currency Pairs | Trading Cost | Platforms | Regulated | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 4.30 /5 Read Review | Visit Broker > 79% of retail CFD accounts lose money | Excellent | AUD 100 | Yes | Yes | Yes | Yes | 24/5 | 10162 | 70 | USD 7 | MT4, MT5, cTrader, IRESS |    | |
 | 4.61 /5 Read Review | Visit Broker > 75.8% of retail CFD accounts lose money | Excellent | AUD 100 | Yes | Yes | No | No | 24/7 | 1245 | 70 | USD 6 | MT4, MT5, cTrader |      | |
 | 4.36 /5 Read Review | Visit Broker > 77% of retail CFD accounts lose money | Excellent | AUD 200 | Yes | No | No | No | 24/7 | 1744 | 64 | USD 8 | MT4, MT5, cTrader |  | |
 | 4.49 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | Excellent | AUD 100 | Yes | Yes | Yes | No | 24/5 | 872 | 55 | USD 9 | MT4, MT5, Avatrade Social, AvaOptions |    | |
 | 4.69 /5 Read Review | Visit Broker > 75% of retail CFD accounts lose money | Excellent | AUD 0 | Yes | Yes | Yes | Yes | 24/5 | 19295 | 80 | USD 6 | MT4, L2 Dealer, ProRealTime |   | |
 | 4.35 /5 Read Review | Visit Broker > 77.37% of retail CFD accounts lose money | Excellent | AUD 5 | Yes | Yes | No | No | 24/5 | 1510 | 57 | USD 7 | MT4, MT5 |  | |
 | 4.34 /5 Read Review | Visit Broker > 75.6% of retail CFD accounts lose money | Excellent | AUD 0 | Yes | Yes | Yes | No | 24/7 | 188 | 70 | USD 10 | MT4 |   | |
 | 4.25 /5 Read Review | Visit Broker > 73.5% of retail CFD accounts lose money | Excellent | USD 0 | Yes | Yes | Yes | Yes | 24/5 | 425 | 45 | USD 10 | MT4, MT5 |   | |
 | 4.48 /5 Read Review | Visit Broker > 75% of retail CFD accounts lose money | Excellent | USD 100 | Yes | Yes | Yes | Yes | 24/5 | 209 | 62 | USD 4 | MT4, MT5 |  |
Online Forex trading can only be done via a Forex broker. Because most of the currency traded globally comes from large institutions like banks that don’t deal with retail clients, Forex brokers facilitate the trades between these institutions and retail traders. Forex brokers buy up large currency positions and make them available to retail traders who can open accounts with just a few hundred dollars or less. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.
We have an experienced review team dedicated to evaluating the best brokers for beginners, so you don’t have to. Our team of experts meticulously examines each broker in 7 different areas using over 200 individual metrics. We invest hundreds of hours annually researching and scrutinising brokers to ensure we only recommend the best in the Forex industry.
Of these 7 areas, we focused on the broker’s regulation, trading platforms, educational resources, and customer service to ensure that they cater to beginner traders. You can find out more about our in-depth review process here.
Available 24/5 via live chat, email, and telephone in over 12 languages, FP Markets’ customer service helps beginner traders with all aspects of CFD trading, from setting up an account to navigating its platforms, and any other technical queries. A large, globally renowned ECN/DMA broker, FP Markets is well-recognised by the Forex industry, having won numerous awards since its inception, including Best Customer Support 2019 (LiveHelpNow Challenge).
FP Markets offers competitive trading conditions on two live accounts on the MT4 and MT5 platforms, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account, and 0.10 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD (round turn) per lot traded.
Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.Pepperstone (ASFL: 414530) offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos. It hosts regular webinars, and archives of previous webinars are available for free on its website. Customer service is also available 24/7 in multiple languages to help beginners with any setup or technical queries.
Pepperstone offers support for the MT4, MT5, and cTrader platforms on two account types with ECN execution. Pepperstone’s trading conditions are some of the most competitive in the industry, with spreads that average at 1.09 pips on its commission-free Standard Account, and 0.09 pips (EUR/USD) on the Razor Account in exchange for a commission of 7 USD per trade. Most trades are executed within 30 milliseconds, which is ideal for scalpers and traders who use expert advisors.
Accepts Australian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.IC Markets is a well-regulated ECN broker that provides a welcoming environment for beginner traders. Many other ECN brokers fail to provide education and analysis materials, forcing traders to self-educate with third-party material. IC Markets’ extensive education hub is free to all visitors of the website and includes topics such as Forex Basics, Technical Analysis, Fundamental Analysis, Trading Psychology, Trading Strategies, and Risk Management, among others. Instructional videos are also available to help clients set up trading software. Furthermore, IC Markets has a dedicated support department operating 24/7 via email, live chat, and phone.
IC Markets offers two Raw Spread Accounts and a Standard Account with variable spreads on the MT4, MT5, and cTrader platforms. The Raw Spread Accounts offer spreads averaging at 0.1 pips on the EUR/USD, which is one of the tightest spreads available, in exchange for a commission of 7 USD per trade. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.
Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options. With full support for leading trading platforms, including MT4, MT5, and its award-winning app, AvatradeGO, Avatrade provides one of the most user-friendly and innovative trading environments for beginner traders.
Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts. It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system. Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders of all experience levels.
Accepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
4.69 / 5| 🏦 Min. Deposit | AUD 0 |
| 🛡️ Regulated By | ASIC, BaFin, MAS, CFTC |
| 💵 Trading Cost | USD USD 6 |
| ⚖️ Max. Leverage | 30:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4, L2 Dealer, ProRealTime |
| 💱 Instruments | Bonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates |
IG (ASFL: 220440) gives all clients an award-winning educational section comprising the IG Academy, which includes courses for traders of all experience levels, materials outlining how traders can reduce their risk, and frequent webinars and seminars. Market analysis across all CFD assets is frequently updated by the IG research team of finance professionals. Unique to IG is its weekend trading and support: available 24/7, clients can trade on major Forex pairs, cryptocurrencies, and the main global indices. Weekend support is also good for part-time and beginner traders trying to get their footing in trading.
IG is a well-regulated broker offering trading on a range of 19295 CFDs a single commission-free account. Spreads are tighter than other similar market makers, starting at 0.6 pips on the EUR/USD.
Accepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares. Traders can choose between four live accounts on both the MT4 and MT5 platforms. XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second.
XM also provides some of the best educational and market analysis materials in the industry. Comprised of various sections, including its unique live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway.
Leverage limitations apply to all the EU regulated entities of the group.Tickmill is an ECN/STP broker offering trading on multiple assets, including Forex, stock indices, oil, precious metals, and bonds. With three live accounts, Tickmill has won numerous awards for its excellent trading conditions, including its low commissions. Spreads start at 1.6 pips (EUR/USD) on its commission-free Classic Account, which is wider than other similar brokers, but tighten to an average of 0.1 pips (EUR/USD) on its Pro Account in exchange for a small commission of only 2 USD per side per lot traded.
In addition to its attractive trading conditions, beginners will find Tickmill’s education section a welcoming experience. Tickmill offers a free 46-page ebook titled The Majors – Insights & Strategies, a well-illustrated resource explaining Forex Trading Basics and how Forex trading works. It also runs frequent webinars in four languages and runs seminars around the world. Overall, Tickmill is a good choice for beginner traders looking for good trading conditions and educational support.
Accepts Australian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and MT5 platforms supported. Tickmill is regulated by CySEC, FCA, LFSA, FSCA, and the FSA-Seychelles.Forex trading is the buying and selling of different currencies on the foreign exchange market. The goal of forex trading is to profit from fluctuations in exchange rates between currencies. The Forex market is the biggest financial market in the world, with over 6.6 trillion USD traded every day. Because the Forex market is global and virtual, it operates 24 hours a day, 5 days a week – from the moment the Australian market opens on Monday morning until the New York market closes on Friday evening.
Forex trading is popular in Australia because of its advanced economy, robust regulatory environment led by the Australian Securities and Investment Commission (ASIC), strong trading community, flexibility of forex trading hours, and access to a wide variety of currency pairs offered by local brokers.
The thriving local forex trading community, with various forums and social media groups, fosters an environment of learning and support for traders. In essence, Australia’s Forex market combines a strong economic backdrop with an established regulatory framework and vibrant trading community, making it an excellent choice for beginning a Forex trading journey.
Ensure the broker you choose is regulated by a reputable financial authority, like the Australian Securities and Investment Commission (ASIC). Regulation provides a level of security and ensures that the broker adheres to a set of standards, providing trader protection against fraudulent activities
As a beginner, it’s essential to choose a broker that offers a user-friendly trading platform. The platform should be easy to navigate, with a clear layout and intuitive design. It should provide easy access to buy and sell orders, charting tools, market news, and other features necessary for trading. Moreover, the platform should offer seamless execution of trades and real-time price updates. The functionality and usability of the trading platform will have a significant impact on your trading experience.
A forex broker that offers comprehensive educational resources can be highly beneficial for beginners. Look for brokers that provide a range of learning materials, such as e-books, webinars, tutorial videos, FAQs, and glossaries. These resources can help you understand forex trading concepts, strategies, market analysis, risk management, and more. Some brokers also offer dedicated learning centres or academies, which can be incredibly valuable for enhancing your trading knowledge and skills.
Demo accounts are an invaluable tool for beginners. They allow you to practice trading strategies, understand how the forex market operates, and get familiar with the trading platform without risking any real money. Ensure that the broker you choose provides an easily accessible and fully functional demo account. Ideally, the demo account should closely mimic the conditions of a real trading account, offering a realistic trading experience.
As a beginner, it’s advisable to start with a broker that has a low minimum deposit requirement. This allows you to start live trading without making a significant financial commitment. Remember, as a new trader, the primary goal should be to learn and gain experience, not to make big profits. Once you gain confidence and experience, you can consider investing more money. Always remember that forex trading involves risks, and it’s possible to lose the money you invest.
For beginners, effective customer support can be crucial. Problems can arise anytime, and having a responsive local Australian support team can make a significant difference. You want a broker that offers 24/7 customer support through various channels (e.g., live chat, email, and a local telephone number). Additionally, the support team should be knowledgeable and capable of resolving issues quickly and effectively.
Every time you trade, you will have to pay for either the spread or a commission, so it’s crucial to look for the most affordable and reliable brokers. When we evaluate brokers, one of the most important considerations is the trading costs, which can affect your profitability. Brokers such as Avatrade and Pepperstone are both good for beginner traders and provide a low-cost trading environment.
Good Forex brokers will allow you to deposit funds and withdraw your earnings hassle-free. Ensure the broker’s withdrawal and deposit methods are convenient and straightforward. Check for any fees associated with these transactions, as they vary between brokers. Having accounts denominated in AUD is also a bonus for Australian traders, who will be able to avoid paying currency conversion fees on deposits and withdrawals.
Demo accounts are a crucial tool for any beginner in the forex market. These accounts allow new traders to practice trading without risking real money, providing a risk-free environment to understand how trading works. They offer real-time market scenarios, enabling traders to familiarise themselves with different trading platforms, implement various strategies, and understand trading operations like placing orders, setting stop losses, and making profits. Beginner traders should always start with a demo account before transitioning to a live trading account.
Forex trading is not a set-it-and-forget-it activity. It requires constant learning and skill upgrading to stay abreast of changing market conditions. This can be achieved by attending webinars and seminars, enrolling in online courses, listening to podcasts, and staying updated with financial news. Traders should also learn technical analysis, charting, and the use of trading indicators. Practicing different strategies and learning from successful forex traders can contribute significantly to skill enhancement.
Risk management is a key component of successful forex trading. It involves recognising potential risks and taking steps to mitigate them. This includes setting stop-loss orders to limit potential losses, using leverage wisely to avoid significant losses, and never investing more money than you can afford to lose. Diversification, trading only a small portion of your capital, and not getting emotionally attached to trades are vital risk management strategies. Remember, the goal is not to win every trade but to manage your risk so you can stay in the game for the long term.
Understanding and following market trends is essential in forex trading. Trends give traders an idea of the direction in which the market is moving. Traders can use various technical analysis tools to identify trends, such as moving averages and trend lines. Following market trends and combining this strategy with other trading techniques can increase the likelihood of making successful trades. Additionally, staying updated with global news and economic indicators can provide insights into potential market trends. It’s important to note that trends can change quickly, so traders should be adaptable and ready to respond accordingly.
Some brokers in Australia have minimum deposits of just 10 AUD, but we recommend starting with at least 200 AUD to avoid your account being wiped out if the market turns against you.
Most international brokers require a minimum deposit in USD, which can vary from as low as 5 USD to as high as 2000 USD, depending on the broker and the account type you are opening. In Australia, some brokers will offer AUD trading accounts which means that you can keep your trading balance in Australian dollars.
Forex trading is a risky endeavour that can cause substantial losses if not managed properly. Some of the risks associated with Forex trading are market volatility, which can cause losses due to sudden currency fluctuations, and high leverage, which can intensify both gains and losses. The decentralization of the forex market also contributes to the risk, as it can lead to potentially fraudulent activities. Additionally, external factors like political instability, economic events, and natural disasters can dramatically affect currency values, adding to the inherent risks.
Yes, it is possible to make a living through forex trading, but it’s important to note that this is not easy and is not the norm. Successful forex trading requires a high level of knowledge and skill, as well as a comprehensive understanding of financial markets, macroeconomic indicators, and risk management. Forex traders must be prepared to spend a significant amount of time studying the markets, following international news, and developing and testing trading strategies. Consistent profitability requires time, patience, discipline, and continual learning.
Improving your forex trading skills involves a combination of education, practice, strategy development, and emotional control:
Trading Forex and CFDs is unsuitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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