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AuthorBy Jeffrey Cammack
Updated: April 26, 2021

Cryptocurrency trading is a popular addition to CFD trading due to bitcoin’s popularity and the potential to profit from the wild changes in cryptocurrency value. With a rise in interest in cryptocurrency trading, unregulated brokers have sprung up to take advantage of unprepared newcomers. Always trade with a well-regulated broker. 

To test these brokers, we registered for a live trading account, verified the broker’s regulation, and confirmed the trading platform could perform technical analysis, execute trades quickly and with a wide variety of cryptocurrency pairs. More dependable brokers will offer a margin account, providing at least 10:1 leverage on crypto pairs, with trading conditions that won’t exhaust your profits. Always use a demo account to familiarize yourself with CFD trading before risking your capital. These are the best cryptocurrency brokers in Australia for 2021, according to our testing and our research.

English

The best CFD brokers for trading Cryptocurrencies

Last updated on 26 Apr 2021
Updated 26 Apr 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FP Markets
Min. Deposit
AUD 100
4.234.23
Crypto Pairs
5
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.23/ 5
AlertAccepts 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 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
2
eToro
Min. Deposit
AUD 50
3.693.69
Crypto Pairs
16
Trading Desk Type
REGULATED BY
Overall Rating
1110.503.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
3
AvaTrade
Min. Deposit
AUD 100
4.484.48
Crypto Pairs
18
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.48/ 5
AlertAccepts 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
IG Markets
Min. Deposit
AUD 250
4.694.69
Crypto Pairs
8
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.69/ 5
AlertAccepts 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.
5
Pepperstone
Min. Deposit
AUD 100
4.614.61
Crypto Pairs
5
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.61/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.09 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. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
6
IC Markets
Min. Deposit
AUD 200
4.464.46
Crypto Pairs
10
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.46/ 5
AlertAccepts 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.
7
Admiral Markets
Min. Deposit
AUD 100
4.244.24
Crypto Pairs
32
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.24/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.50 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 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
8
CMC Markets
Min. Deposit
AUD 5
4.694.69
Crypto Pairs
12
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.
9
MarketsX
Min. Deposit
AUD 250
4.394.39
Crypto Pairs
6
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.39/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
10
Fibo Group
Min. Deposit
USD 5
4.004.00
Crypto Pairs
9
Trading Desk Type
REGULATED BY
Overall Rating
11110.54.00/ 5
AlertDOES NOT ACCEPT 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 1000:1. Islamic account available. MT4, MT5 & cTrader platforms supported. FIBO Group is regulated by CySEC and BVI FSC.

How to compare cryptocurrency brokers

Cryptocurrency trading is not available at all brokers, and this can be for several reasons. Regulatory conditions restrict some brokers – for instance, the FCA has barred all UK-based brokers from offering cryptocurrency CFD trading. For other brokers it is a business decision to not offer crypto trading, and for some it is due to platform limitations. When comparing cryptocurrency brokers, consider: 

Regulation: Regulation, especially with cryptocurrency trading, is very important. Numerous illicit offshore brokers specialise in cryptocurrency trading, so always verify your broker’s regulation before making a deposit.

Demo accounts: This free account type should always be a starting point for any trader starting to trade crypto. Cryptocurrency is extremely volatile, and price patterns are much harder to predict, as limited fundamental data is available and all trading is done by examining charts.

Leverage: Leverage is typically much lower, between 1:5 and 1:10, for cryptocurrency pairs. While using too much leverage in highly volatile markets can devastate a trading account, traders will still want to access some leverage. Check that the leverage amounts match your risk appetite.

Number of cryptocurrency pairs: Some cryptocurrency traders will be happy with a smaller number of pairs, which will limit them to Bitcoin, Litecoin, and other coins against the USD. Some brokers and cryptocurrency exchanges will offer a wider range of crypto CFDs which will introduce more variety to your trading. Trading the same few crypto pairs will limit your cryptocurrency trading opportunities, and you will need to find other asset classes, like Forex or commodities, to trade in parallel. 

Number of FX pairs: Most cryptocurrency traders will also want to trade currencies. Just as the number of crypto pairs is important, so too is the same with the FX pairs. The more currency pairs available, the more variety you can have in your trading.

Transaction fees: Brokers may introduce a fee for trading cryptocurrency in addition to the spread. Spreads on cryptocurrency can be a lot wider than on fiat currency pairs, which means that large changes in prices will need to happen for a trader to profit.


    What is Cryptocurrency CFD Trading?

    Cryptocurrency CFD trading is much like other CFD trading, the difference being that the assets traded are cryptocurrencies, not Forex, commodities or equities.

    The other major difference is that an established international CFD market for these other assets already exists, which means that traders can use DMA (Direct Market Access) brokers to open trading positions on the actual market.

    As there is no established market for crypto CFDs, any broker offering them to trade must be the market. This means that the broker needs to be the counterparty to all trades, creating a direct conflict of interest between traders and the broker.

    As STP brokers funnel all trades straight through to the market without interference, they will not offer crypto trading. You will need to find a market maker broker or one that can find a counterparty for the trade.

    Why Trade Cryptocurrency?

    Every market or financial instrument has its own unique behaviour, but the cryptocurrency CFD market is the most volatile and unpredictable of the CFD markets. It is this volatility that allows for big profits in single trades and attracts traders who accept the high risk in exchange for the potentially huge profit.

    The high level of volatility available with digital currencies negates the need to use margin trading. Even though margin trading can be a powerful tool, margin trading of cryptocurrencies is a recipe for disaster for the inexperienced trader.

    How Cryptocurrency Trading Works

    The main aspect of cryptocurrency CFD trading operates in much the same way as you would trade the Forex CFDs. As with all trading, you’re doing so with the expectation that asset value will change in the way you have predicted, so you can close the trade for a profit.

    Like Forex trading, cryptocurrencies are also traded in pairs using a two-way quotation system. It is still rare for brokers to offer cryptocurrency pairs where both currencies in the pairs are cryptocurrencies – an example would be BTC/LTC (Bitcoin and Litecoin). Most brokers offer pairs of one fiat currency and a cryptocurrency.

    What makes this asset appealing to Forex traders is that it requires the same chart reading skills and chart pattern recognition skills that are used in the Forex market because the supply and demand forces function similarly.

    All Brokers with Cryptocurrency Trading

    These are all the brokers we have reviewed that provide cryptocurrency trading, ordered by the number of cryptocurrency pairs offered. 

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    Overall Rating
    Official Site
    Min. Deposit
    Crypto Pairs
    No. of FX Pairs
    Unlimited Demo Account
    Copy Trading
    Regulators
    Compare
    Official Site
    4.54 /5
    Read Review
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    Your capital is at risk
    AUD 20
    128
    166
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    Your capital is at risk
    4.24 /5
    Read Review
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    Your capital is at risk
    AUD 100
    32
    40+
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    Your capital is at risk
    4.12 /5
    Read Review
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    Your capital is at risk
    USD 50
    19
    56
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    Your capital is at risk
    3.58 /5
    Read Review
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    Your capital is at risk
    USD 250
    19
    48
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    Your capital is at risk
    4.48 /5
    Read Review
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    Your capital is at risk
    AUD 100
    18
    50+
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    Your capital is at risk
    3.69 /5
    Read Review
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    Your capital is at risk
    AUD 50
    16
    52
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    Your capital is at risk
    4.14 /5
    Read Review
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    Your capital is at risk
    USD 5
    16
    49
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    Your capital is at risk
    2.62 /5
    Read Review
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    Your capital is at risk
    USD 25
    15
    37
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    Your capital is at risk
    4.69 /5
    Read Review
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    Your capital is at risk
    AUD 5
    12
    330
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    Your capital is at risk
    3.28 /5
    Read Review
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    Your capital is at risk
    USD 10
    12
    57
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    Your capital is at risk
    4.14 /5
    Read Review
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    Your capital is at risk
    USD 1
    11
    80
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    Your capital is at risk
    3.32 /5
    Read Review
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    Your capital is at risk
    USD 1
    11
    110
    Visit Broker >
    Your capital is at risk
    3.53 /5
    Read Review
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    Your capital is at risk
    USD 10
    11
    33
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    Your capital is at risk
    4.46 /5
    Read Review
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    Your capital is at risk
    AUD 200
    10
    60
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    Your capital is at risk
    4.00 /5
    Read Review
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    Your capital is at risk
    USD 5
    9
    60+
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    Your capital is at risk
    4.09 /5
    Read Review
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    Your capital is at risk
    AUD 200
    9
    70+
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    Your capital is at risk
    4.69 /5
    Read Review
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    Your capital is at risk
    AUD 250
    8
    93
    Visit Broker >
    Your capital is at risk
    2.85 /5
    Read Review
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    Your capital is at risk
    USD 5
    8
    38
    Visit Broker >
    Your capital is at risk
    3.49 /5
    Read Review
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    Your capital is at risk
    USD 100
    7
    43
    Visit Broker >
    Your capital is at risk
    3.83 /5
    Read Review
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    Your capital is at risk
    USD 1
    7
    65
    Visit Broker >
    Your capital is at risk
    4.34 /5
    Read Review
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    Your capital is at risk
    AUD 5
    6
    80+
    Visit Broker >
    Your capital is at risk
    4.39 /5
    Read Review
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    Your capital is at risk
    AUD 250
    6
    50+
    Visit Broker >
    Your capital is at risk
    2.99 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 100
    5
    46
    Visit Broker >
    Your capital is at risk
    4.23 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 50
    5
    65
    Visit Broker >
    Your capital is at risk
    4.32 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 100
    5
    50+
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 50
    5
    84+
    Visit Broker >
    Your capital is at risk
    3.52 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 500
    5
    40
    Visit Broker >
    Your capital is at risk
    3.45 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 50
    5
    50
    Visit Broker >
    Your capital is at risk
    4.23 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 100
    5
    60+
    Visit Broker >
    Your capital is at risk
    4.13 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 50
    5
    40
    Visit Broker >
    Your capital is at risk
    4.24 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 100
    5
    70+
    Visit Broker >
    Your capital is at risk
    3.93 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 200
    5
    46
    Visit Broker >
    Your capital is at risk
    4.10 /5
    Read Review
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    Your capital is at risk
    AUD 200
    5
    50+
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 100
    5
    38
    Visit Broker >
    Your capital is at risk
    4.19 /5
    Read Review
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    Your capital is at risk
    USD 50
    5
    85
    Visit Broker >
    Your capital is at risk
    4.61 /5
    Read Review
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    Your capital is at risk
    AUD 100
    5
    80+
    Visit Broker >
    Your capital is at risk
    3.92 /5
    Read Review
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    Your capital is at risk
    EUR 100
    5
    70
    Visit Broker >
    Your capital is at risk
    4.00 /5
    Read Review
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    Your capital is at risk
    USD 1000
    5
    78
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
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    Your capital is at risk
    USD 5
    5
    36
    Visit Broker >
    Your capital is at risk
    4.07 /5
    Read Review
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    Your capital is at risk
    USD 100
    4
    40
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 100
    4
    70
    Visit Broker >
    Your capital is at risk
    4.49 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 5
    4
    51
    Visit Broker >
    Your capital is at risk
    3.49 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 500
    4
    41
    Visit Broker >
    Your capital is at risk
    3.60 /5
    Read Review
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    Your capital is at risk
    USD 50
    4
    28
    Visit Broker >
    Your capital is at risk
    3.42 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 100
    4
    55
    Visit Broker >
    Your capital is at risk
    3.64 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 500
    4
    63
    Visit Broker >
    Your capital is at risk
    3.04 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    USD 100
    3
    60
    Visit Broker >
    Your capital is at risk
    3.98 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 200
    3
    103
    Visit Broker >
    Your capital is at risk
    4.37 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 10
    3
    59
    Visit Broker >
    Your capital is at risk
    3.93 /5
    Read Review
    Visit Broker >
    Your capital is at risk
    AUD 50
    3
    45
    Visit Broker >
    Your capital is at risk

    Before You Begin

    Before trading crypto CFDs, first, try to answer why you are interested in trading this asset class. In recent years, the value of cryptocurrencies have increased considerably, which has driven a belief that large profits are possible for considerably low risk.

    Before you start trading Bitcoin (BTC) or any other cryptocurrency, you have to understand blockchain technology and how the value of cryptocurrencies change. Because these currencies are borderless with no oversight by a central bank or government, their behaviour is in no way regulated or controlled. Furthermore, as they have no value base (ie. they are not tied to the success or failure of a national economy), their price action is purely speculative.

    As with all trading, the more you learn about a specific asset class, the better trading decisions you will be able to make.

    Remember, not all brokers offer cryptocurrency trading. There is a growing number who do, and there are even fewer that have a wide range of cryptocurrencies to trade.

    How to Start

    Knowing the dos and don’ts should prevent you from making the errors that most novice traders are prone to make. Before you start trading cryptocurrencies, find a broker that offers an excellent education section and a full range of research and analysis on trading crypto pairs.

    Make sure your broker that has the minimum deposit amount that suits you. Some traders will want to add more to their accounts than others, but this is a highly personal choice.

    Is It Profitable?

    Like all trading, if you’re on the right side of the market, you can make a profit. However, if you’re on the wrong side of the market with cryptocurrencies, you can lose a lot of money in a short period.

    The cryptocurrency market is very volatile, and it’s not uncommon to see 20%, 30% and even 50% swings every single day. If you are day trading, this can translate to good profits if you can capitalise on the short-term fluctuations.

    Is It Safe?

    Trading cryptocurrency is a very high-risk market. In part, this is because the market doesn’t have a long history, so we can’t refer to previous market behaviour, but also because it does not have the same oversight and controls as fiat currencies. This lack of control makes the market an unpredictable asset to trade.

    Cryptocurrency CFD trading is also only as safe as your broker. The same rules apply when looking for a broker to trade crypto CFDs, as they do for fiat currencies. Finding a well-regulated broker, with an acceptable account choice, trading conditions and reputation is key to your trading safety.

    Cryptocurrency Trading Hours

    Because there is no actual cryptocurrency exchange, and all trades use a broker as a counterparty, cryptocurrencies can be traded 24/7. Crypto CFDs are the only assets that trade around the clock, seven days a week, 365 days a year, which is very rare in the financial world.

    In contrast, the stock markets operates 8 hours a day; 5 days per week while the Forex market pauses trading over the weekend.

    The main advantage of a 24/7 market is that you can buy and sell cryptocurrencies any time of the day, making it accessible to all traders.

    Are Profits Taxable?

    Like any other regular income, cryptocurrency trading is taxable. However, the cryptocurrency market remains a relatively new market, and because of that, there is also a lot of ambiguity in the laws. In Australia, Bitcoin is not seen as money, but rather as property, thus being an asset subject to capital gains tax

    If you’re transacting any cryptocurrency, you need to be aware of the tax consequences — no matter where you live, if you have significant money invested in cryptocurrencies you should always seek guidance from a financial adviser when it comes to legal issues and taxes.

    Conclusion

    Trading cryptocurrency CFD pairs is essentially the same as trading Forex currency pairs, and if you’re already an experienced technical Forex trader the transition into cryptocurrency will be straight forward. If you already have a trading account, you only need to find out what cryptocurrency pairs are available.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable 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: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. 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 from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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    Featured Brokers

    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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