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While Australia’s leading brokers are all regulated by ASIC, many industry giants are regulated by other reputable international entities. Australians are not legally required to trade with an ASIC-regulated Forex broker, so this list of best Forex brokers includes those not regulated locally.

These brokers are all trustworthy, have low fees and provide good trading education for new traders. To create this list we tested 160+ Forex brokers accepting Australian traders, including all the major ASIC-regulated brokers.

Below this list of brokers is shorter reviews of each broker highlighting their features and explaining why they are on the list. We also share our knowledge on how Australian residents should compare Forex brokers. These are the best Forex brokers and best trading platforms in Australia in 2021.

English

Best Forex Brokers in Australia 2021

Last updated on 26 Oct 2021
Updated 26 Oct 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
4.284.28
Min. Spread
0 pips
Fx Pairs
60
REGULATED BY
Overall Rating
11110.54.28/ 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
BlackBull Markets
Min. Deposit
USD 200
3.423.42
Min. Spread
0.20 pips
Fx Pairs
27
REGULATED BY
Overall Rating
1110.503.42/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.
3
Pepperstone
Min. Deposit
AUD 100
4.614.61
Min. Spread
0 pips
Fx Pairs
60
REGULATED BY
Overall Rating
11110.54.61/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.69 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.
4
IG Markets
Min. Deposit
AUD 250
4.694.69
Min. Spread
0.60 pips
Fx Pairs
80
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
eToro
Min. Deposit
AUD 50
3.693.69
Min. Spread
1 pips
Fx Pairs
60
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.
6
ACY Securities
Min. Deposit
AUD 50
4.084.08
Min. Spread
1 pips
Fx Pairs
63
REGULATED BY
Overall Rating
11110.54.08/ 5
AlertAccepts Australian Clients. Average spread on the EUR/USD is 1 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 .
7
AvaTrade
Min. Deposit
AUD 100
4.484.48
Min. Spread
0.90 pips
Fx Pairs
55
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.
8
Axi
Min. Deposit
AUD 5
4.344.34
Min. Spread
0 pips
Fx Pairs
70
REGULATED BY
Overall Rating
11110.54.34/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 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
9
markets.com
Min. Deposit
AUD 100
4.494.49
Min. Spread
0.60 pips
Fx Pairs
67
REGULATED BY
Overall Rating
11110.54.49/ 5
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 Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC.
10
CMC Markets
Min. Deposit
AUD 5
4.694.69
Min. Spread
0.70 pips
Fx Pairs
350
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 30:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

Comparing Forex Brokers in Australia

Although Forex brokers accept clients from most countries, their trading conditions and regulatory supervision may be different for Australian residents. This is especially true for brokers who hold an ASIC license. To find the best Forex broker for Australian residents, we need to explain what the differences are and how they affect Australian traders.

ASIC Regulation: Regulators supervise Forex brokers and other financial services companies to make sure they’re behaving ethically and within the law. Tier 1 regulators, like ASIC, have 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 which protect client funds from broker mismanagement or default
  • Negative balance protection ensures that client losses can not exceed the amount in the trading account.
  • Client fund protection which includes 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. Note that trading conditions and negative balance protection availability change depending on a trader’s country of residence, and some ASIC brokers will encourage traders to register their account under their offshore license in order to circumvent leverage restrictions.  

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.

To test these Forex brokers, we opened both demo accounts and real accounts, set up the trading software, read the educational material, deposited and traded A$350 of our money, and created all kinds of trouble for the customer service teams. Plus we put the withdrawal procedures to the test to see how long it took to process and receive our money. While experimenting with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions and how transparent the broker is with sharing them.


These are best Forex brokers in the Australia for 2021

FP Markets – Best Forex Broker in Australia

An ASIC-regulated broker with ECN pricing, FP Markets (AFS License Number 286354) offers trading on multiple instruments, including shares, metals, commodities, cryptocurrencies, indices, and over 60 Forex pairs. FP Markets supports both the MT4 trading platform and the newer MT5 platform – for professional traders, the IRESS platform is also available. 

FP MARKETS FEATURES

  • Minimum deposit of 100 AUD on both the Standard Account and the Raw Account
  • Raw Account spreads start at 0.1 pips (EUR/USD) and 6 AUD (RT) commission
  • Traders Hub: Education for beginners including video tutorials and trading courses.
  • Trading Tools: Free Autochartist, VPS services and the Traders Toolbox 
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.

BlackBull Markets – Best Trading Conditions

BlackBull Markets is an ECN-only broker providing direct market access on the MT4 platform. BlackBull Markets offers three account types, the ECN Standard, ECN Prime and ECN Institutional. Leverage on all accounts is set at a maximum of 500:1. The ECN Standard Account has a minimum deposit of 200 USD and no commission, with a minimum spread of 0.8 pips. The ECN Prime Account has a minimum deposit of 2000 USD and spreads start at 0.1 pips. A commission is charged of 3 USD per lot per side (6 USD round-turn). The institutional account has a minimum deposit of 20,000 USD and spreads starting from 0.0 pips. This account is specifically for professional traders and commission is negotiable.

BLACKBULL MARKETS FEATURES

  • Leverage of 500:1 for Australian traders (Blackbull Markets is based in New Zealand and not regulated by ASIC)
  • True ECN/STP broker with no dealing desk
  • Fast STP execution via Equinix servers based in New York, London and Tokyo
  • Institutional account for professional traders with a negotiable commission.
Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.

Pepperstone – Best ECN Trading Execution

Pepperstone (AFS License Number 414530) is the leading ASIC-regulated ECN Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 AUD commission. 

PEPPERSTONE FEATURES

  • Award-winning, personalised customer service available 24 hours a day
  • Excellent ECN trading education for beginners.
  • Free deposits and withdrawals via most Australian digital payment services
  • All three major trading platforms: MT4, MT5 and cTrader
Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
    AlertAccepts Australian Clients. Average spread EUR/USD 0.69 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 Markets – Best CFD Trading Account

    ASIC regulated since 2001, IG Markets (AFS License Number 220440) is the world’s largest CFD broker by revenue and listed on the London Stock Exchange, giving IG Markets a stricter layer of oversight than most regulated brokers. IG Markets has a single commission-free trading account with spreads starting at 0.6 pips on the EUR/USD. IG Markets also has CFDs for commodities, indices, cryptocurrencies, over 16,000 shares and ETFs, options, interest rates and bonds. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

    IG MARKETS FEATURES

    • Low costs, with spreads starting at 0.6 pips on the EUR/USD (0.86 average)
    • Regulated by 17 national authorities worldwide, including ASIC and the UK FCA
    • Three trading platforms available including MT4
    • IG Academy: Detailed courses for beginner, intermediate and advanced traders 
    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.

    eToro – Best ASIC-regulated Copy Trading Broker

    Regulated by ASIC since 2017, eToro (AFS License Number: 491139) were the creators of the first social trading system and remains the leading social trading broker in Australia. Via its unique social trading platform, traders have access to 2000+ CFDs including 96 cryptocurrency pairs. eToro offers a free unlimited demo account on its proprietary platform, and for traders who want to start trading with a live account, the minimum deposit is 50 AUD. 

    ETORO FEATURES

    • Intuitive and easy-to-use web-based trading platform, also available as a mobile app.
    • CopyTrader: Browse through the profiles of other traders, check their performance before you copy
    • CopyPortfolios: Algorithmically managed investment portfolios for more experienced traders
    • Single trading account with spreads starting at 1.0 pips on the EUR/USD
    Pros
    • Well regulated
    • Good for beginners
    • Innovative trading tools
    Cons
    • Limited education
    • Wide spreads
    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.

    ACY Securities – Lowest Commission Account

    Founded in Australia in 2013, ACY Securities (AFSL Licence Number 403863) mainly appeals to experienced traders who prefer to pay higher minimum deposits in exchange for tighter spreads, the lowest trading commissions, and a wide range of CFDs. ACY Securities offers three live accounts on MT4 and MT5 platforms, with higher minimum deposits linked to better trading conditions. Trading is offered on multiple asset classes, including Forex, commodities, indices, Share CFDs, ETFs, and cryptocurrencies.

    ACY SECURITIES FEATURES

    • 50 AUD minimum deposit on the Standard Account
    • Market execution on all accounts and ultra-low trading costs
    • Bespoke Account: Spreads starting at 0 pips (EUR/USD) with (round turn) commission of 5 AUD.
    • Personalised multilingual support available 24 hours a day, 5 days a week through multiple channels.
    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 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 .

    AvaTrade – Best Mobile Trading Experience

    AvaTrade (AFS License Number: 406684), is a beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs. AvaTrade’s AvaTradeGo mobile app has a sophisticated dashboard that allows traders to view educational videos and contact customer support from inside the app.  Traders can easily place orders, set price alerts, create watchlists, and view live prices and charts.  Like the webtrader platform, the mobile app features AvaProtect, Avatrade’s risk management system. Avatrade’s spreads are some of the tightest for a commission-free account with a 100 AUD minimum deposit – as low as 0.9 pips on the EUR/USD. 

    AVATRADEGO FEATURES

    • Over 1,000 financial instruments, including Forex, commodities, stocks, and cryptocurrencies. 
    • Links to both the MT4 and MT5 trading platforms
    • Integrated Trading Central dashboard for both platforms
    • AvaProtect: Traders can purchase temporary loss protection. Losses are refunded, but profits are the traders to keep
     
    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

    Founded in Australia in 2007, Axi (AFS License Number: 318232) is an ASIC-regulated ECN broker offering CFDs on Forex, metals, commodities, cryptocurrencies, and indices – a smaller group of assets than most brokers but with a good selection of 70+ Forex pairs. Axi only provides support for the MT4 trading platform, but with the MT4 NexGen plugin it has the best ECN 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. Spreads on the Pro Account start at 0 pips with a 7 USD per lot commission, and the leverage maximum is 30:1 for Australian traders.

    AXI FEATURES

    • ECN trading conditions, 20 liquidity providers so less slippage and requotes
    • Pro Account with spreads starting at 0 pips and 7 USD per lot commission
    • 70+ Forex pairs, metals, commodities, cryptocurrencies, and index CFDs
    • Trading tools include Autochartist, Pysquation (an AI trade diagnostic) and VPS hosting
    Pros
    • Low minimum deposit
    • Wide range of assets
    • Well regulated
    • Tight spreads
    Cons
    • Poor customer service
    • Limited demo account
    AlertAccepts Australian Clients. Average spread EUR/USD 1.20 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

    Marketsx – Best Proprietary Trading Platform

    Marketsx is a trading platform operated by Markets.com (AFS License Number: 43906) that offers traders fast, commission-free trading with spreads as tight as most ECN brokers. Marketsx offers a large variety of tradeable instruments: Over 2000 global shares, 67 currency pairs, 41 global indices, 27 commodities, 60 ETFs, 7 cryptocurrencies, and 4 government bonds. Spreads start at 0.60 pips on major FX pairs with no commission and leverage of 30:1.

    MARKETSX FEATURES:

    • Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission.
    • Native design for iOS and Android, providing a smoother and more stable trading experience
    • Built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and more.
    • A range of tools that use data from leading analysts, hedge funds, and commentators. Each tool has integrated buy and sell buttons.
    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 Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC.

    CMC Markets – Best ASIC Low-Deposit Broker

    Founded in London in 1989 and regulated by ASIC since 2002, CMC Markets (AFL License Number: 238054) has a very low minimum deposit of 5 AUD. CMC Markets only offers a single live account, but spreads are tighter than most of its competitors with a minimum spread for EUR/USD at 0.7 and GBP/USD at 0.9 (with no commission per lot).

    CMC MARKETS FEATURES

    • Over 10,000 CFDs: 330+ Forex pairs, indices, shares, commodities, treasuries, cryptocurrencies, ETFs, 8000+ shares, and share baskets
    • Support for MT4 and the award-winning proprietary platform, Next Generation with built-in Reuters newsfeed
    • Free, world-class education for beginners and advanced traders
    • Award-winning, 24 hours, toll-free customer support for Australian traders
    Pros
    • Well regulated
    • Tight spreads
    • Good for beginners
    • Excellent education
    • Excellent market analysis
    Cons
    • No swap-free account option
    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 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

    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
    4.69 /5
    Read Review
    Excellent
    238054
    AUD 5
    24/5
    4.69 /5
    Read Review
    Excellent
    220440
    AUD 250
    24/5
    4.68 /5
    Read Review
    Excellent
    513393
    AUD 20
    24/7
    4.48 /5
    Read Review
    Excellent
    406684
    AUD 100
    24/5
    4.46 /5
    Read Review
    Excellent
    335692
    AUD 200
    24/7

    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
    4.69 /5
    Read Review
    238054
    Excellent
    9646
    350
    4.69 /5
    Read Review
    220440
    Excellent
    19295
    80
    4.68 /5
    Read Review
    513393
    Excellent
    4012
    137
    4.49 /5
    Read Review
    424008
    Excellent
    2235
    67
    4.28 /5
    Read Review
    286354
    Excellent
    10084
    60

    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
    4.48 /5
    Read Review
    USD 4
    AUD 100
    500:1
    0.0 pips
    0.0 pips
    0.0 pips
    STP
    4 USD / lot - Pro Account
    4.24 /5
    Read Review
    USD 5
    AUD 100
    30:1
    0.7 pips
    0.9 pips
    1.0 pips
    STP
    1.8 - 3 USD per lot
    4.69 /5
    Read Review
    USD 6
    AUD 250
    30:1
    0.6 pips
    0.7 pips
    0.9 pips
    Market Maker
    Fees Included in Spread
    4.68 /5
    Read Review
    USD 6
    AUD 20
    30:1
    0.6 pips
    0.7 pips
    0.8 pips
    Market Maker
    Fees Included in Spread
    4.07 /5
    Read Review
    USD 6
    AUD 100
    30:1
    0.6 pips
    0.9 pips
    0.9 pips
    Market Maker
    Fees 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
    4.69 /5
    Read Review
    AUD 5
    238054
    USD 7
    30:1
    0.7 pips
    0.7 pips
    0.9 pips
    4.34 /5
    Read Review
    AUD 5
    318232
    USD 12
    30:1
    0.0 pips
    0.1 pips
    0.1 pips
    4.25 /5
    Read Review
    AUD 5
    443670
    USD 16
    30:1
    1.0 pips
    1.0 pips
    1.0 pips
    4.18 /5
    Read Review
    AUD 5
    424700
    USD 12
    30:1
    0.0 pips
    0.0 pips
    0.0 pips
    4.05 /5
    Read Review
    AUD 5
    422661
    USD 6
    30:1
    0.6 pips
    0.7 pips
    0.8 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
    4.49 /5
    Read Review
    1000:1
    USD 5
    USD 10
    0.1 pips
    0.3 pips
    0.5 pips
    3.42 /5
    Read Review
    500:1
    USD 200
    USD 8
    0.2 pips
    0.4 pips
    0.4 pips
    3.32 /5
    Read Review
    1000:1
    USD 1
    USD 30
    0 pips
    0 pips
    0 pips
    3.44 /5
    Read Review
    2000:1
    USD 10
    USD 15
    0.0 pips
    0.0 pips
    0.0 pips
    3.83 /5
    Read Review
    3000:1
    USD 1
    USD 3
    0.0 pips
    0.1 pips
    0.2 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
    3.93 /5
    Read Review
    20107
    55
    AUD 50
    500:1
    USD 14
    3 USD/ lot
    4.69 /5
    Read Review
    19295
    80
    AUD 250
    30:1
    USD 6
    Fees Included in Spread
    4.28 /5
    Read Review
    10084
    60
    AUD 100
    30:1
    USD 7
    6 USD / lot - RAW Accounts
    4.69 /5
    Read Review
    9646
    350
    AUD 5
    30:1
    USD 7
    Fees Included in Spread
    4.07 /5
    Read Review
    5135
    62
    AUD 100
    30:1
    USD 6
    Fees Included in Spread

    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
    4.69 /5
    Read Review
    350
    12
    AUD 5
    30:1
    USD 7
    0.7 pips
    0.7 pips
    0.9 pips
    4.68 /5
    Read Review
    137
    128
    AUD 20
    30:1
    USD 6
    0.6 pips
    0.7 pips
    0.8 pips
    4.00 /5
    Read Review
    130
    5
    USD 1000
    100:1
    USD 17
    1.7 pips
    1.6 pips
    2.0 pips
    3.32 /5
    Read Review
    110
    11
    USD 1
    1000:1
    USD 30
    0 pips
    0 pips
    0 pips
    3.98 /5
    Read Review
    103
    3
    AUD 200
    30:1
    USD 20
    0.9 pips
    1.0 pips
    1.3 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

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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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