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AuthorBy Chris Cammack
Updated: December 5, 2022

No single Forex broker is the best option for all traders. For this reason, we have chosen the best brokers that we think will appeal to a wide variety of traders. Rather than just choosing the “best broker in Australia,” we have selected the best brokers for traders with different tastes in trading platforms and with different budgets and priorities. To find the best brokers, we tested all the well-known offshore Forex brokers and the Australian Securities and Investments Commission (ASIC)-regulated brokers here in Australia.

These are the best Forex brokers in Australia in 2022.

Best Forex Brokers in Australia 2022

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Platforms
Beginner Friendly
ASIC Regulated
International Regulators
Compare
FP Markets
4.22 /5
Read Review
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Your capital is at risk
AUD 10030:1USD 7MT4, MT5, IRESSExcellent ASIC Regulated Forex BrokersCySEC Regulated Brokers
Go Markets
4.44 /5
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Your capital is at risk
AUD 20030:1USD 7MT4, MT5Excellent ASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services AgencyFinancial Services Commission
Pepperstone
4.61 /5
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Your capital is at risk
AUD 10030:1USD 6MT4, MT5, cTraderExcellent FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
IC Markets
4.46 /5
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Your capital is at risk
AUD 20030:1USD 8MT4, MT5, cTraderExcellent CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the Bahamas
IG
4.69 /5
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Your capital is at risk
AUD 030:1USD 6MT4, L2 Dealer, ProRealTimeExcellent FCA Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtBest Forex Brokers in SingaporeDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading Association
AvaTrade
4.38 /5
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Your capital is at risk
AUD 10030:1USD 9MT4, MT5, Avatrade Social, AvaOptionsExcellent ASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCentral Bank of Ireland
Axi
4.34 /5
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Your capital is at risk
AUD 030:1USD 10MT4Excellent FCA Regulated BrokersASIC Regulated Forex BrokersFMA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services Authority – St. Vincent & the Grenadines
Markets.com
4.58 /5
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Your capital is at risk
AUD 10030:1USD 7MT4, MT5Excellent FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services Commission
ACY Securities
4.08 /5
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Your capital is at risk
AUD 5030:1USD 10MT4, MT5Standard ASIC Regulated Forex BrokersVanuatu
eToro
3.63 /5
Read Review
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67% of retail CFD accounts lose money
AUD 5030:1USD 10etoroStandard CySEC Regulated BrokersFCA Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services Authority

Comparing Forex Brokers in Australia

Forex brokers accept clients from most countries, but their fees, trading conditions, and regulatory supervision may be different for Australian residents. To find the best Forex broker for your needs, you should understand how these differences may affect Australian traders.

Regulation: Regulators supervise Forex brokers and other financial services companies to make sure they’re behaving ethically and within the law. All brokers based in Australia must be regulated by the Australian Securities and Investment Commission (ASIC). We classify ASIC as a Tier 1 regulator, meaning it has the best legal structure and enforcement mechanisms in the world, ensuring a clean market and the protection of participants.  The advantages of registering with an ASIC-regulated broker include:

  • Segregated trading accounts to protect client funds from broker mismanagement or default
  • Negative balance protection ensures that client losses can not exceed the amount in the trading account.
  • Leverage limits and higher margin close-out percentages designed to limit client losses.
  • Effective fraud investigation processes and frequently published investment scam reports.

Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, maximum leverage available, and a list of all CFDs available to Australian traders. 

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analysis to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.

FP Markets – Best Overall Forex Broker in Australia

  • 24/7 Customer Service: Polite, helpful, knowledgable and available on the weekends
  • Three Trading Platforms: MT4, MT5 and IRESS for global stock trading 
  • Traders Hub: Education for beginners including video tutorials and trading courses
  • Trading Tools: Free Autochartist, VPS services and the Traders Toolbox 

Fees and Trading Conditions: FP Markets is a good low-cost option for beginners with a required minimum deposit of 100 AUD on both the Standard Account and the Raw Account. FP Markets’ Raw Account is particularly great value with spreads starting at 0.10 pips (EUR/USD) with a 6 AUD (RT) commission. The MT4 and MT5 platforms will be enough for most traders, but specialist share traders should take notice of the IRESS platform which gives access to 10,000+ global shares. Other assets available include commodities, precious metals, indices and cryptocurrencies.

Regulation and Security: FP Markets (AFS License Number 286354) has been regulated by ASIC since 2005 and is also regulated by CySEC in the EU. As an ASIC-regulated broker, FP Markets must provide negative balance protection for all clients and must keep its operational funds segregated from client accounts. ASIC regulation also prevents FP Markets from offering leverage higher than 30:1 on Forex pairs or offering promotions or bonuses. Finance professionals and wealthy clients can waive these safety features by proving their wholesale trader status.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
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.

GO Markets – Best Trading Tools

  • Trading Tools: Autochartist, Trading Central, VPS Services, MT4 & MT5 Genesis, and MyFXbook.
  • Three Trading Platforms: MT4, MT5, and GO Markets Share Trading Platform
  • Low Fees: No deposit, withdrawal, or inactivity fees
  • Wide Range of Share CFDs and Investment Stocks: 1200+ share CFDs and 2400+ shares listed on the ASX

Fees and Trading Conditions: GO Markets offers two market-execution accounts, both with a reasonable minimum deposit requirement of 200 AUD. Trading costs on its commission-free Standard Account start at 1.0 pips (EUR/USD), which is average for the industry. Spreads come down to 0 pips (EUR/USD) on its GO Plus+ Account in exchange for a low 6 USD round turn commission, which is highly competitive. 

Security and Regulation: An ASIC-regulated broker (ASFL: 254963), GO Markets was founded in 2006 and has grown steadily since its inception. While ASIC’s new rules that were introduced in 2021 have harmed many of the lower-quality brokers in Australia, GO Markets is well-positioned with its low-cost trading accounts, range of trading platforms, a vast number of financial instruments, and excellent trading tools. GO Markets is also regulated by CySEC in Europe, Seychelles’ FSA, and the FSC of Mauritius. 

Pros
  • Fast and free withdrawals
  • Wide range of assets
  • Excellent market analysis
  • Innovative trading tools
Cons
  • High minimum deposit
  • No swap-free account option
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Go Markets is regulated by ASIC, the FSC, the FSA, and CySEC.

Pepperstone – Fastest ECN Trade Execution

  • Fast Execution: Most trades executed in less than 30ms
  • Education: Excellent ECN trading education for beginners
  • Free Deposits and Withdrawals: Via most Australian digital payment services
  • Three Trading Platforms: MT4, MT5 and cTrader with TradingView

Fees and Trading Conditions: Pepperstone offers two accounts with market execution and some of the lowest costs in the industry: The Standard Account has spreads as low as 0.77 pips and no commission and the Razor Account has spreads from 0 pips for the EUR/USD and 7 AUD commission. With fast trade execution and support for all three major trading platforms, Pepperstone is ideal for scalpers and clients who run expert advisors on MT4, MT5 and cTrader. The Pepperstone cTrader platform also integrates seamlessly with TradingView, the best third-party analysis tool in the business. The result is an almost entirely different platform, featuring TradingView’s famous analysis, indicators and trading tools.

Security and Regulation: Pepperstone (AFS License Number 414530) is a leading ASIC-regulated Forex broker, and all non-professional clients have negative balance protection and leverage restrictions of 30:1. With additional regulation from BaFin in Germany and the FCA in the UK, Pepperstone is one of the safest brokers to trade with.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts 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.

IG – Best CFD Trading Account

  • 19,000+ CFDs: Including 16,000 shares
  • Trusted: Regulated by 17 national authorities worldwide, including ASIC and the FCA
  • IG Academy: Detailed courses for beginner, intermediate and advanced traders 

Fees and Trading Conditions: IG is the world’s largest CFD broker with 320,000 clients and over 19,200 CFDs to trade. IG has two low-cost trading accounts with no minimum deposit requirements and spreads starting at 0.6 pips on the EUR/USD. Over 17,000 instruments are available to trade, including commodities, indices, cryptocurrencies, over 16,000 shares and ETFs, options, interest rates and bonds. All CFDs can be accessed on IG’s award-winning app and web trader platform. For more traditional investors, IG also runs a fully licenced stock brokerage on the side.

Security and Regulation: Founded in 1974 and regulated by ASIC since 2001, IG (AFS License Number 220440) has additional regulation from 16 other national authorities. IG’s holding company, the IG Group, is also listed on the London Stock Exchange and is a constituent of the FTSE 250 Index, adding a further level of regulatory scrutiny. Negative balance protection is provided to all of IG’s Australian clients, and all funds are kept in segregated accounts, as per ASIC regulations.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
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.

AvaTrade – Best Mobile Trading Experience

  • AvaTradeGO App: Place orders, set price alerts, create watchlists
  • Cross-Platform: AvaTradeGo syncs with both the MT4 and MT5 desktop trading platforms
  • AvaProtect: Purchase temporary loss protection. Losses are refunded, but profits are the traders to keep

Fees and Trading Conditions: Avatrade’s spreads are tight for an account with a 100 AUD minimum deposit – as low as 0.9 pips on the EUR/USD. The AvaTradeGo app has 1,000+ CFDs including Forex, commodities, stocks, cryptocurrencies, indices, bonds, vanilla options, and ETFs. Educational videos and contact customer support is also available from inside the app.  

Regulation and Security: Founded in 2006 in Ireland, AvaTrade (AFS License Number: 406684) has more than 200,000 registered clients.  It is regulated by many top-tier regulators, including the Australian Securities and Investment Commission (ASIC). In addition to being regulated by several national authorities, AvaTrade has received widespread industry recognition for its risk-management innovations like AvaProtect, which allows traders to purchase temporary loss protection.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
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.

Axi – Best ECN broker on MT4

  • ECN trading conditions: 20 liquidity providers so less slippage and requotes
  • MT4 Trading: 70+ Forex pairs, metals, commodities, cryptocurrencies, and index CFDs
  • Trading Tools: Autochartist, Pysquation (an AI trade diagnostic) and VPS hosting

Fees and Trading Conditions: Axi is an ECN broker offering CFDs on Forex, metals, commodities, cryptocurrencies, and indices on the MT4 platform. While Axi only provides support for the MT4 trading platform, the MT4 NexGen plugin gives it the best overall MT4 trading experience. The MT4 NexGen plugin includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Fees are standard for a good ECN brokers, with spreads on the Pro Account starting at 0 pips with a 7 AUD per lot commission.

Security and Regulation: Established in 2007 and headquartered in Sydney, Axi (AFS License Number: 318232) has an excellent reputation in the Australian Forex trading community. As an Australian broker, Axi is regulated by ASIC, providing Axi’s Australian clients with a high level of protection, including segregated trading accounts and negative balance protection. However, it also means that leverage is restricted to 30:1 (as opposed to 500:1 through its SVG FSA-regulated entity) and that Axi cannot offer traders bonuses or promotions. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA

Markets.com – Best Trading Platform

  • Low trading costs: Spreads starting at 0.60 pips on the EUR/USD and no commission.
  • Over 2000 global shares: 67 currency pairs, global indices, commodities, ETFs, cryptocurrencies, and bonds.
  • In-app analysis: Live streaming news, expert commentary, and webinars

Fees and Trading Conditions: The Markets.com app from Markets.com offers traders fast, commission-free trading. Costs are low, with spreads starting at 0.6 pips on the EUR/USD. Features include built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and more, which can be used alongside a range of tools that use data from leading analysts, hedge funds, and commentators, making trading efficient and fluid.

Regulation and Security: Australian traders of Markets.com (AFS License Number: 424008) will be trading under the subsidiary, Finalto (Australia) Pty Ltd, which has been authorised and regulated by ASIC since 2012. Currently owned by Playtech, a FTSE 250 listed company, Markets.com is also regulated by the FCA in the UK and CySEC in Europe. ASIC regulation ensures that all Markets.com retail clients receive negative balance protection.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and Markets.com platforms supported. Markets.com is regulated by the FSCA, FCA, CySEC, ASIC, and the BVI FSC.

ACY Securities – Lowest Commission Account

  • Market Execution: On all accounts and ultra-low trading costs
  • Bespoke Account: 5 AUD commission with spreads starting at 0 pips (EUR/USD)
  • Low minimum deposits: 50 AUD minimum on the Standard Account

Fees and Trading Conditions: ACY Securities appeals to experienced traders looking for the lowest trading commissions and are happy to meet the 10,000 AUD minimum deposit on the Bespoke Account. ACY Securities also offers two other low commission accounts on MT4 and MT5 platforms, where clients can trade Forex, commodities, indices, Share CFDs, ETFs, and cryptocurrencies.

Regulation and Security: Founded in 2011 and headquartered in Australia, ACY Securities (AFSL Licence Number 403863) holds client funds in segregated accounts, separate from the company’s operational funds, and provides all retail clients with automatic negative balance protection. Due to its history of responsible behaviour, transparent trading environment, and strict regulatory oversight, we consider ACY Securities a safe broker for Australians to trade with.

Pros
  • Great platform choice
  • Low minimum deposit
  • Great customer support
  • Wide range of assets
Cons
  • Limited educational material
  • Limited market analysis
AlertAccepts Australian Clients. Average spread on the EUR/USD is 1.00 pips on trading account with the lowest minimum deposit of 50 USD. Max leverage 30:1. MT4/MT5 platforms supported. ACY Securities is regulated by ASIC & VFSC .

eToro – Best ASIC-regulated Copy Trading Broker

  • Mobile App: Intuitive and easy-to-use mobile trading app, also available in browser.
  • CopyTrader: Browse the profiles of other traders, check their performance and copy their trades with no additional fees.
  • CopyPortfolios: Algorithmically managed investment portfolios for more experienced traders

Fees and Trading Conditions: eToro invented the first social trading system in 2007 and remains the leading copy trading broker in Australia. Costs are average on its single trading account, with spreads starting at 1.0 pips on the EUR/USD and a minimum deposit of 50 AUD. Through its copy trading platform, traders have access to 2454 CFDs including 96 cryptocurrency pairs and copying other traders is free. But eToro clients can only use eToro’s trading platform, so they will not have access to the automation tools available on common third-party platforms like MT4 and MT5.

Security and Regulation: eToro (AFS License Number: 491139) has been regulated by ASIC since 2017. The company is also regulated by the world’s other leading authorities, including the UK’s FCA  and CySEC of Cyprus. In addition to complying with ASIC’s rules, eToro has purchased an insurance policy from Lloyd’s of London, which covers up to 1 million EUR, GBP, or AUD.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 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.

 

What is the foreign exchange market?

The foreign exchange market, also known as the forex (or even more simply, the FX market), is the largest financial market in the world. Every day trillions of Australian dollars of global currencies are traded in what are called “pairs”, i.e. the exchange of one currency for another, such as US dollars for Australian dollars, euros for Japanese yen, etc. These transactions are carried out five days a week, 24 hours a day around the globe and determine the value of every currency on the planet second by second, based on supply and demand. So, if the Australian dollar is in demand, its value against, for example, the US dollar will rise and vice versa.

Given its scale and breadth, forex trading is easily accessible by individual investors, who can open an account with a few hundred dollars and begin trading immediately. But it is easy to lose money, especially if you are a beginner. Trading successfully requires effort, discipline and a determination to learn as much as you can about the market before you start. You also need to understand the regulations governing the market, the costs of trading and which brokers to use. Most importantly, you should understand the risks and disadvantages before deciding whether forex trading is for you.

Why does the forex market exist?

There are many reasons why people trade currencies. Australian companies may need to buy US dollars to pay for imports, or a Japanese business may need Australian dollars (known by the abbreviation AUD in FX markets) to pay for the acquisition of an Australian company. Central banks, such as the Reserve Bank of Australia (RBA), can intervene in FX markets, buying and selling currency to manipulate its value for reasons of economic policy. Speculators also drive a very large part of the market, trading with the aim of generating a profit.

Large financial institutions, multinational corporations and hedge funds dominate the forex market, which reached a value of US$6.6 trillion per day in April 2019, according to the latest statistics.[i] That size means it is a hugely liquid market, i.e. it is very easy to buy and sell currencies because there are so many buyers and sellers in the market for most currencies.

What drives the Forex market?

The Aussie dollar is a free-floating currency. In other words, the value of the AUD in the FX markets is determined by supply and demand. This is the case for the currencies of most advanced economies. By contrast, some currencies, such as the Chinese renminbi (RMB), have a fixed exchange rate. The Chinese authorities determine the value of the RMB against the dollar and keep the link until they decide to alter the exchange rate. Clearly, there is no potential for individual traders to profit from trading currencies with a fixed exchange rate.

The value of a floating currency such as the AUD, however, is constantly moving up and down against other currencies. Often these movements are relatively small, so the AUD may begin the trading day buying 75 US cents and end a fraction of a cent higher or lower, or even back at its opening level. But dramatic news can spark much greater volatility. For example, the outbreak of the coronavirus in early 2020 caused the AUD to fall sharply against the US currency. It fell by around 13% during the first two weeks of March on fears the virus could have a much greater impact on Australia than on other advanced economies that are less dependent on global trade and growth. Traders, fearing a prolonged period of economic uncertainty, sold the AUD as quickly as they could.

Economic developments are also a key influence. New data suggesting the economy is growing faster than anticipated might spark concerns that the RBA could raise interest rates to rein in growth. Higher interest rates enhance the appeal of holding a currency, since you are getting a bigger return on your money. That outlook consequently boosts demand for the AUD and its value rises. Similarly, if Australia’s economic outlook darkens and traders anticipate the RBA will cut interest rates, they will sell the Aussie dollar, so depressing its value against other currencies.

So, FX traders follow economic, financial and political news closely from day to day, looking for any hint of information that could sway the value of the AUD. They are hoping to react before other traders spot the development. Or they may take bets on a likely development, believing they have some insight that other traders lack.

Longer-term global economic trends are also a key factor driving the AUD. For example, the currency appreciated from less than US$0.50 in 2001 to a peak of over US$1.10 in 2011. Why? Simply because Australia has a wealth of natural resources, including iron ore, coal, gold, crude oil and gas. During that decade, China developed an immense appetite for these commodities, reflecting the industrialisation of its economy and its massive spending on infrastructure, such as roads, railways, airports and new cities.

At the start of the century (in 2000-01), total Australian goods exports to China were worth just A$6.8 billion, and of that total, exports of iron ore and concentrates accounted for some A$1.2 billion, or about 18 per cent of all exports to China. By 2011, Australian exports to China had surged to A$77.1 billion, of which iron and concentrates accounted for nearly A$44 billion, or about 57 per cent of all exports to China. China’s voracious demand for raw materials meant it also had to buy huge amounts of Aussie dollars on FX markets to pay for these imports, and that was the main factor driving up the value of the Australian currency over the decade. [ii]

However, while the AUD more than doubled in value against the greenback over those ten years, it was far from a smooth ride: the currency lost value over some months and years and, of course, there was volatility on a weekly and daily basis. That meant there were plenty of opportunities for FX traders to make money during that period, betting on whether the currency would rise or fall during a particular day, hour or even minute, even though the long-term trend was upwards.

Why is forex trading popular in Australia?

Forex trading is the largest and most easily accessible market in the world. The costs involved are relatively low compared with other markets, there are lots of brokers to choose from in Australia, and it is relatively easy to understand the ways in which you can trade the market. There are many freely floating currencies and since they can all be traded against each other there are a huge number of currency pairs to trade in. A vast amount of information is available to would-be traders, ranging from how to get started to outlining potentially profitable trading strategies.

You can trade from your living room using a fairly basic computer if you download the appropriate trading software, and it is relatively easy to set up an account with a broker. Unlike other financial markets, you can also exploit the concept of “leverage”, where you make use of borrowed money to increase your potential profits (and your losses). To explain what this means, currency pairs are traded in specific amounts called lots. They tend to be in 100,000 units of a currency, so, for example, if you are trading in the Aussie dollar against the US dollar, you would buy or sell A$100,000 at a time. Since most people don’t have A$100,000 available to trade, the broker effectively offers to lend you money. So, they may allow you to trade in a lot of A$100,000 by opening an account with A$1,000 and lend you the remainder. The initial A$1,000 is known as the margin and your leverage in this case would amount to 100 to one (100:1).

As we mentioned, as well as increasing potential profits, leverage can dramatically increase risk. There are methods you can use to contain risk, but that is a topic for another article.

The disadvantages of Forex trading

Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade you may have to spend many hours per day on your computer screen following and researching what is happening in the market – and why – in preparation for your trading day. When that day is finished, you will need to analyse what happened and why your trading activities succeeded or failed, so that you can apply the lessons learnt to the next day’s trading. There could be days when you lose money and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky and you can lose money or you may find that it is simply not something you like or have the temperament for. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful.

Introduction to the regulation of the Australian market

Trading is legal in Australia, and is regulated by the Australian Securities and Investments Commission (ASIC), an independent government agency that oversees financial markets in the country. The ASIC’s role is to:

  • facilitate and improve the performance of the financial system and entities in it
  • promote confident and informed participation by investors and consumers in the financial system
  • administer the law effectively and with minimal procedural requirements
  • receive, process and store, efficiently and quickly, information it receives
  • make information about companies and other bodies available to the public as soon as practicable
  • take whatever action it can, and which is necessary, to enforce and give effect to the law.

Before any FX broker in Australia can take on clients, it must be approved and licensed by ASIC. Brokers that are not licensed are operating illegally in Australia. It is easy to check whether a broker is licensed by ASIC: simply find the company’s register number from the disclosure text at the bottom of its Australia homepage and then enter it into the search facility on the ASIC website. ASIC also recommends using its financial advice service Moneysmart to check if a broker is on its list of unlicensed overseas companies. If so, says Moneysmart, you should not deal with that broker.

Recent regulatory changes

In 2021, ASIC introduced several new initiatives aimed at protecting investors from being exposed to volatile assets and unpredictable markets following the COVID-19 global pandemic. The changes included a huge reduction in the maximum leverage that brokers can offer individual traders, from 500:1 to 30:1. Reducing leverage is designed to reduce the risks associated with trading, making it harder to make large profits and losses. ASIC also banned brokers from offering rewards for activities such as signing up to the broker, referring a friend, or trading high volumes.

FX trading scams

Australian consumers are increasingly being targeted by unauthorised forex trading and brokerage firms offering the chance to trade in foreign exchange and other financial instruments. These firms can promise very high returns and guaranteed profits, either through a managed account where the firm makes trades on the investor’s behalf or by trading using the firm’s trading platform.

Many scam firms claim to be based in Australia and even to be ASIC-authorised. They may even clone the details of firms that are registered with ASIC but give their own phone number, address and website details, sometimes claiming that a firm’s contact details on the Register are out of date.

That is why it is so important to check that a firm really is authorised by ASIC. You should scrutinise all of their details and call the company using the switchboard number on the ASIC Register to check the information you’ve been given. Never trust an email or a website link from a firm offering you an investment. If you have any doubts about a broker, contact ASIC either online or by telephone.

Always be wary if you’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true, and never take investment advice from the company that contacted you, as this may be part of the scam.

Making a complaint against a broker

The Australian Financial Complaints Authority (AFCA) is a free, fair and independent dispute resolution scheme. If you have a complaint against a broker, you should use their Make a Complaint service.

AFCA can generally only consider your complaint if it is made to AFCA within the earlier of two timeframes, either:

  • six years after you first became aware, or “should reasonably have become aware”, that you had suffered the loss you want to complain about; or
  • if you have already complained directly to your financial firm through its internal dispute resolution (IDR) process, within two years of getting a response from your financial firm through that process.

Comparing forex brokers in Australia

A forex broker provides traders with a platform that gives them access to the FX market and allows them to buy and sell currencies. Opening an account is simple and can be done online. You will be asked to provide proof of identity and a deposit.

All ASIC-regulated forex brokers are required to adhere to the strict guidelines enforced by ASIC, which are designed to protect consumers. These include keeping their client funds in segregated (or separate) accounts from their company accounts, and not using their traders’ money for any other purpose. Every ASIC-regulated broker is required to have at least A$1 million in operating capital, which increases according to the number of traders and the trading capital. Licensed brokers must have a compensation scheme in place to compensate clients if the company breaks the law.

Using an offshore broker – the pros and cons

However, you don’t have to use an Australian broker regulated by ASIC. You can open an account with an offshore broker, i.e. a company based outside Australia.

There are advantages and disadvantages to using an offshore broker. The main advantage is that you won’t be subject to the same restrictions as when using an Australia-based broker regulated by ASIC. An example is leverage limitation: retail traders are limited to 30:1 leverage under ASIC rules, whereas an unregulated broker could offer a 500:1 ratio. Offshore brokers also tend to have lower costs, which they can pass on to you in terms of lower commissions or better spreads.

The disadvantages include the fact that if you use a broker registered in another country, it will be subject to the regulations of that country and it may not be as well supervised as an Australian firm. If things go wrong and your broker is registered in a country thousands of miles from Australia, it might be difficult to gain legal redress.

There are things you should consider whether you use an ASIC-registered broker or one based offshore. These include:

  • The trading experience – is the trading platform easy to use, what kind of support do they offer, and are there tools that can help with research, etc?
  • Trading costs and transparency – these can vary widely from broker to broker. Some charge a fixed commission regardless of how much you trade, while others charge a fee based on trading volume (the higher the volume, the greater the commission). Other brokers don’t charge a commission but instead charge a spread fee. The spread is the difference between the price the broker quotes you for buying a currency and the price it quotes for selling it. This is effectively the fee your broker charges you to trade. (For example, imagine the US dollar is trading at 0.75 to the AUD and you decide to buy some US dollars. The broker may quote you a price of 0.7502, so you have been charged two pips – “percentage in point” or “price interest point” – for your trade. The pip is thus $0.0001 for US dollar-related currency pairs.) It is also important to be aware of the hidden fees some brokers charge, such as inactivity fees, monthly or quarterly minimums, and fees associated with calling a broker on the phone.
  • Customer service – you can trade forex 24 hours a day, five days a week, but does the broker offer round-the-clock support? Is help available instantaneously online or by phone, or do you have to wait a long time for a response? You can check by calling the broker at different times of the day before signing up.
  • The size of the minimum deposit – some brokers may allow you to open an account with just A$1, but the minimum is generally between A$100 and A$300.
  • Maximum leverage offered – there is a standard 30:1 ratio for ASIC-regulated forex brokers in Australia, but offshore brokers can offer higher levels of leverage, with some providing a 500:1 ratio.

How to Compare Forex Brokers in Australia

Though Forex brokers might appear to be similar, they are quite different once you dig a little deeper, and account conditions will vary for Australian residents. These are some of the most common questions traders will have when comparing Forex brokers.

Forex Brokers for Beginners

Forex Broker Fees and Trading Costs: 

Other Trading Options

Forex Broker Regulation

Forex Broker Customer Support:

Forex Trading Platforms:

Do I Need a Broker to Trade Forex?

Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. It’s important to choose a regulated Forex broker with low costs and a history of treating its clients fairly. 

Which is the Best Broker in Australia?

The best broker in Australia is FP Markets. FP Markets is ASIC regulated, with low trading costs on both the MT4 and MT5 trading platforms. Traders have access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 6 USD round turn commission per lot. 

FP Markets allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers. FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.

Which is the Best Broker for Beginners?

CMC Markets is the best broker for beginners in Australia. ASIC-regulated since 2002 and with no required minimum deposit, CMC Markets is a safe broker to trade with and a low-risk option for new traders. Trading costs are some of the lowest in the industry, with spreads starting at 0.7 pips on the EUR/USD.  CMC Markets also has a great education section, with articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.

If you are looking for a reliable ASIC-regulated broker for beginners, some other good options are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Beginner Friendly
AFS License
Min. Deposit
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Compare
IG
4.69 /5
Read Review
Excellent
220440
AUD 0
24/5
Markets.com
4.58 /5
Read Review
Excellent
424008
AUD 100
24/5
CMC Markets
4.53 /5
Read Review
Excellent
238054
AUD 5
24/5
IC Markets
4.46 /5
Read Review
Excellent
335692
AUD 200
24/7
AvaTrade
4.38 /5
Read Review
Excellent
406684
AUD 100
24/5

Which Broker has the Best Demo Trading Account?

CMC Markets also has the best demo trading account in Australia. The CMC Markets demo account never expires and comes with 100,000 USD preloaded and can be loaded with more virtual funds at any point. The CMC Markets demo account gives Australian traders access to 10,000+ trading instruments and can be used on both MT4 and CMC Markets’ own Next Generation trading platform. 

Some other brokers with great demo accounts and ASIC regulation are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Unlimited Demo
AFS License
Beginner Friendly
Beginner Course
Experienced Course
Beginner Videos
Advanced Videos
Webinars
Total # CFDs
No. of FX Pairs
All Regulators
Compare
IG
4.69 /5
Read Review
220440Excellent 1929580ASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtBest Forex Brokers in SingaporeCommodity Futures Trading Association
Markets.com
4.58 /5
Read Review
424008Excellent 220667FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersBritish Virgin Islands Financial Services Commission
CMC Markets
4.53 /5
Read Review
238054Excellent 12146350ASIC Regulated Forex BrokersFCA Regulated BrokersBest Forex Brokers in SingaporeBundesanstalt für Finanzdienstleistungsaufsicht
FP Markets
4.22 /5
Read Review
286354Excellent 1016270ASIC Regulated Forex BrokersCySEC Regulated Brokers
Global Prime
4.19 /5
Read Review
385620Excellent 20549ASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityVanuatu

Are Forex brokers in Australia reliable?

Yes, most Forex brokers in Australia are reliable and trustworthy. The most reliable brokers in Australia are regulated by ASIC and have a history of treating Australian traders fairly. If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid.

How do I Choose a Forex Broker?

When choosing a Forex broker there are three things to consider:

  1. Regulation: Make sure you choose a broker regulated by the FSCA in South Africa or one of the other major regulators like CySEC (Europe), ASIC (Australia) or the FCA (UK). Regulated brokers have better security and will treat their traders fairly
  2. Cost: Look for a broker with a low minimum deposit and low fees. Broker fees will include the spread, commission and deposit and withdrawal fees. 
  3. Education: If you’re a beginner you will want a broker with good educational content. All of the brokers on our Best Brokers for Beginners page have high-quality education for beginners.

How do Forex Brokers Make Money?

Some brokers (called market makers) only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades. 

Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of broker makes money whether a client wins or loses.

Which Broker has the Lowest Fees?

Tickmill is the broker with the lowest fees, with the total trading cost on its Pro Account equalling 0.4 pips on the EUR/USD, this includes a 0 pip minimum spread and a round turn commission of 4 USD per 100,000 traded. 

Other brokers with low trading costs are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Cost of Trading
Regulators
Min. Deposit
Max. Leverage
EUR/USD
USD/JPY
GBP/USD
Account Types
Trading Commission
Compare
Hantec Markets
3.63 /5
Read Review
USD 0ASIC Regulated Forex BrokersFinancial Services AgencyFCA Regulated BrokersFinancial Services CommissionUSD 100500:10.20 pips0.50 pips0.50 pipsSTPFees Included in Spread
Tickmill
4.48 /5
Read Review
USD 4CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityUSD 10030:10.10 pips0.10 pips0.30 pipsSTP4 USD / lot
IG
4.69 /5
Read Review
USD 6ASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtBest Forex Brokers in SingaporeCommodity Futures Trading AssociationAUD 030:10.85 pips0.94 pips1.40 pipsMarket MakerFees Included in Spread
Pepperstone
4.61 /5
Read Review
USD 6ASIC Regulated Forex BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets AuthorityAUD 10030:10.17 pips0.26 pips0.59 pipsNDDFrom 7 USD / lot - Razor Account
OctaFX
4.27 /5
Read Review
USD 6CySEC Regulated BrokersFinansinspektionenFinancial Services Authority – St. Vincent & the GrenadinesUSD 25500:10.60 pips1.20 pips1.10 pipsECN/DMAFees Included in Spread

Broker fees are split into the trading costs, which is the total of the spread and commission, and non-trading fees such as deposit and withdrawal fees. 

The spread is the difference between the buy and sell price of a Forex pair and is measured in pips, the smaller or “tighter” the spread the less money you spend when you make a trade. Commission is charged by some brokers every time a trade is opened or closed. 

How do I make a Deposit with a Broker?

Making a deposit with a broker is a simple process. Once you have signed up and opened a  live account you will be given a few options. Most brokers in Australia will accept local bank transfers, credit cards, online payment solutions like Bpay, POLi and eWay, and eWallets like Neteller and Skrill. Bank transfers usually take 1-2 days to process and may have a fee attached but all other deposit methods are usually instant and free. 

How do I make a Withdrawal from a Broker?

To make a withdrawal from a broker you must have enough money in your trading account after deducting the margin needed to keep any trades open. Once you know how much you can withdraw, you can make a withdrawal request via your account dashboard. To prevent money laundering, Australian brokers will only let you withdraw the same amount as your initial deposit back to your credit card or eWallet. Anything more than this will have to be withdrawn to a bank account in your name. 

Which Broker has the Lowest Minimum Deposit?

CMC Markets is the broker with the lowest minimum deposit. Regulated by ASIC since 2002, CMC Markets has a single commission-free trading account with a minimum deposit of 5 AUD. Other ASIC regulated brokers in Australia with low minimum deposits are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Min. Deposit
AFS License
Cost of Trading
Max. Leverage (Forex)
EUR/USD
USD/JPY
GBP/USD
Compare
IG
4.69 /5
Read Review
AUD 0220440USD 630:10.85 pips0.94 pips1.40 pips
Axi
4.34 /5
Read Review
AUD 0318232USD 1030:10.00 pips0.10 pips0.10 pips
ThinkMarkets
4.18 /5
Read Review
AUD 0424700USD 1230:10.00 pips0.00 pips0.00 pips
CMC Markets
4.53 /5
Read Review
AUD 5238054USD 730:10.70 pips0.70 pips0.90 pips
XM
4.25 /5
Read Review
AUD 5443670USD 1630:11.00 pips1.00 pips1.00 pips

With most brokers, larger deposits usually unlock lower trading costs and other perks. What level of minimum deposit you are comfortable with depends on your financial situation.  

How do I Calculate Trading Costs?

When trading Forex, the total trading cost is the spread on the currency pair you are trading plus any commission your broker may charge. If you keep a trade open overnight you will also be charged a rollover (or “swap”) fee, which will be deducted automatically from your account. Major pairs, such as the EUR/USD or USD/JPY have tighter spreads and are cheaper to trade.

Which Broker has the Highest Leverage?

HotForex offers the highest leverage of any reliable Forex broker available to Australian clients at 1000:1 on its Micro Account (other accounts have a leverage limit of 500:1).

ASIC-regulated brokers can only offer 30:1 leverage to Australian clients, so all brokers who offer higher leverage will be offshore (i.e. not ASIC-regulated). In HotForex’ case, Australian clients will be trading with its St Vincent and Grenadines registered subsidiary, though all clients have negative balance protection and their funds are kept in segregated accounts. This is not the case with all offshore brokers. 

Below is a list of other offshore brokers who offer high leverage and accept Australian clients. These brokers are ordered not by the highest leverage but by regulatory trustworthiness. JustForex offers 3000:1 leverage but has no regulatory oversight over any part of its business (it is registered in St Vincent and Grenadines, which does not regulate Forex brokers) so is the lowest on the list. Trading with unregulated, or poorly regulated, Forex brokers is risky and not recommended. 

Scroll for more detailsPreviousNext
Broker
Overall Rating
Max. Leverage
Min. Deposit
Global Regulators
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
FX Glory
3.03 /5
Read Review
3000:1USD 1USD 202.00 pips3.00 pips3.00 pips
JustMarkets
3.18 /5
Read Review
3000:1USD 1The Seychelles Financial Services AuthorityCySEC Regulated BrokersVanuatuUSD 100.60 pips1.00 pips0.70 pips
AAFX Trading
3.48 /5
Read Review
2000:1USD 100Financial Services Authority – St. Vincent & the GrenadinesUSD 80.80 pips0.80 pips0.80 pips
FreshForex
2.65 /5
Read Review
2000:1USD 5Financial Services Authority – St. Vincent & the GrenadinesUSD 201.30 pips1.30 pips1.30 pips
FXTM
4.27 /5
Read Review
2000:1AUD 10CySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityFinancial Services CommissionCapital Markets AuthorityUSD 150.00 pips0.30 pips0.20 pips

Leverage is money borrowed from your Forex broker to increase the size of your trading position. Leverage is essential in Forex trading because the movements of the market are too small to make a decent profit unless you place thousands of dollars per trade. Leverage can be used to make large profits with little of your own money, but you can also quickly lose more than your original investment.

Which Broker Has the Most CFDs?

MultiBank is the broker with the most CFDs to trade. Regulated by 10 different authorities, MultiBank offers trading on over 20,000 instruments, including Forex, indices, share CFDs, commodities and cryptocurrencies. Multibank’s Standard Account has a minimum deposit of 50 USD and Islamic accounts are available for all Malaysian traders.  

Other brokers with a wide range of instruments to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Total # CFDs
# FX Pairs
Regulators
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Trading Commission
Compare
BlackBull Markets
3.65 /5
Read Review
2822127FMA Regulated Forex BrokersThe Seychelles Financial Services AuthorityUSD 200500:1USD 126 USD / lot - ECN Prime
MultiBank
3.87 /5
Read Review
2010850ASIC Regulated Forex BrokersBest Forex Brokers in SingaporeBundesanstalt für FinanzdienstleistungsaufsichtBritish Virgin Islands Financial Services CommissionAUD 5030:1USD 143 USD / lot
IG
4.69 /5
Read Review
1929580ASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtBest Forex Brokers in SingaporeCommodity Futures Trading AssociationAUD 030:1USD 6Fees Included in Spread
CMC Markets
4.53 /5
Read Review
12146350ASIC Regulated Forex BrokersFCA Regulated BrokersBest Forex Brokers in SingaporeBundesanstalt für FinanzdienstleistungsaufsichtAUD 530:1USD 70.005%
FP Markets
4.22 /5
Read Review
1016270ASIC Regulated Forex BrokersCySEC Regulated BrokersAUD 10030:1USD 76 USD / lot - RAW Accounts

Which Broker has the Most Currency Pairs?

CMC Markets is the Broker with the most currency pairs, with over 330 currency crosses to trade. Publicly traded on the London Stock Exchange, Swissquote is also ASIC-regulated and is one of the most trusted brokers in the world. CMC Markets targets both beginners and professional traders with minimum deposits and low trading costs.

Other Forex brokers with a larger than usual selection of currency pairs to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Forex Pairs
Crypto Pairs
Regulators
Min. Deposit
Max. Forex Leverage
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
CMC Markets
4.53 /5
Read Review
35012ASIC Regulated Forex BrokersFCA Regulated BrokersBest Forex Brokers in SingaporeBundesanstalt für FinanzdienstleistungsaufsichtAUD 530:1USD 70.70 pips0.70 pips0.90 pips
Hantec Markets
3.63 /5
Read Review
13048ASIC Regulated Forex BrokersFinancial Services AgencyFCA Regulated BrokersFinancial Services CommissionUSD 100500:1USD 00.20 pips0.50 pips0.50 pips
IronFX
3.54 /5
Read Review
835CySEC Regulated BrokersFCA Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityUSD 5030:1USD 220.00 pips0.00 pips0.00 pips
Fondex
4.14 /5
Read Review
8011CySEC Regulated BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtThe Seychelles Financial Services AuthorityUSD 1500:1USD 7.800.60 pips0.50 pips0.71 pips
IG
4.69 /5
Read Review
8010ASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtBest Forex Brokers in SingaporeCommodity Futures Trading AssociationAUD 030:1USD 60.85 pips0.94 pips1.40 pips

Which Broker is the Best for Professional Traders?

Pepperstone is the best broker for professional traders. An ECN broker with extensive liquidity streams, Pepperstone supports all three major trading platforms (MT4, MT5 and cTrader) and has some of the tightest spreads in the industry (0.09 pips EUR/USD spread on its Razor Account). 

Commissions are low and there are no minimum deposit requirements. Commissions can be further reduced by becoming a member of Pepperstone’s Active Trader Program. The Active Trader Program has a number of other advantages for high-volume traders, including a free VPS service and priority customer support.

What are Managed Forex Accounts?

Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. It is vital that you understand the minimum deposit requirements and additional risks involved when trading CFDs.

If you have any questions after reading through this guide, please get in touch with us in the comments at the bottom of the page.

How do I Know if a Forex Broker is Regulated?

All regulated brokers are required to display their licence number and the authority they received it from on their website. These licence numbers can be easily verified on the regulatory authority’s website. Some scam brokers will use similar names to legitimate businesses, so make sure the name of the licence holder on the regulator’s website matches the broker’s details.

How do I check if a Forex broker is licenced by ASIC?

All Forex brokers that are regulated by ASIC are required to publish their AFS licence number on their website. Once you have the AFSL number of a broker you can go use ASIC’s search page to enter the licence number and verify that the broker is indeed regulated.

How Can I Report Scam Brokers?

If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story. You can contact ASIC’s misconduct department here and ask them to investigate. We also have a report a scam broker form which we use to gather information so that we get the word out.  If you have been scammed, please complete the form.

Which Broker has the Best Customer Support in Australia?

FP Markets is the ASIC-regulated broker with the best customer service. FP Markets’ customer support team has won 22 awards since the company was founded in Australia in 2005. Available 24/7 (0800-1600 on weekends) via live chat, email, telephone and call-back service in over 12 languages, FP Markets’ customer support is knowledgable, responsive and can assist traders with all aspects of CFD trading, from setting up accounts to navigating its platforms, plus any other technical queries.

Which Forex Broker has the Best Platform?

Marketsx is a trading platform from Markets.com, which has been ASIC-regulated since 2012. Traders can use the Marketsx platform to trade over 2,200 financial instruments. The platform also offers advanced charting, making it easier to spot trends and identify new trading opportunities. Marketsx also allows traders to use five types of indicators once, overlay multiple assets, or compare up to eight instruments side-by-side. Marketsx is available on mobile devices and via the markets.com website. 

Which is the Best Platform for Forex?

Currently, MetaTrader 4 (MT4) is the best platform for trading Forex. MT4 has been around since 2005 but is supported by most Forex brokers and used by millions of traders around the world. MT4 is resource-efficient, fast, and can run on older hardware without any issue. It’s also fully customisable and can handle multiple trading accounts from different brokers with a single installation.

MT4 is particularly valued for its automated trading facilities. Traders can create or buy algorithmic trading robots and install them on their version of MT4 to automate trading or assist in decision making. It’s also possible to copy other traders through the MT4 trading signals facility. 

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 Rating & Review Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 160 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

References

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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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