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 the best Forex brokers in Australia for 2020, according to our testing and our research. Australians are not legally required to select a Forex broker that is ASIC regulated, so the best Forex brokers available in Australia extend beyond those regulated locally.
4.17
Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.
Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and a lightweight education section, which includes daily email updates of the latest financial news impacting the currency markets.
3.42
Accepts 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.Founded in New Zealand in 2014, BlackBull Markets is an ECN-only broker providing direct market access on the MT4 platform. Average spreads are unpublished, though start at 0.1 pips on the commission-based account. The commission-based accounts have high minimum deposits and educational material and market analysis are weak compared to similar brokers. BlackBull are well regulated by the New Zealand FMA and professional traders will be interested in the free VPS and FIX API service.
4.07
Accepts Australian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.
Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.
4.51
Accepts Australian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.Pepperstone is a renowned Australian Forex broker, fully-regulated by ASIC and popular worldwide for its fast ECN execution of trades, tight spreads and a wide choice of trading platforms. Award-winning 24-hour support anchors their customer support, where a personalised service for individual customers is available through numerous channels.
Founded in 2010, Pepperstone won the fastest-growing company award (2014) in Australia, from BRW Magazine and emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a strong newcomer with well-appreciated trading conditions.
4.69
Accepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 250:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.If you’re a beginner Forex trader, you can’t find a much better broker than IG Markets. Despite being a market-maker with a single account, IG is one of our highest rated brokers for good reason. Spreads are very tight considering the low minimum deposit and the educational support and market analysis are probably the best in the industry. A wide choice of platform (including MT4) is also available and customer service is world-class.
All of this is coupled with regulation from the FCA and ASIC and a long history of satisfied clients. As the winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.
4.39 Accepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.Markets.com is a global playing the Forex market and has strong brand recognition. With strong International regulation and feedback from the industry, they have built a client base of over 5 million accounts since 2010. The trading conditions are reasonable for Markets.com being a market maker, and it was a positive step to see this broker adopt the MetaTrader suite of tools. We recommend Markets.com as traders enjoy trading with them. They are a broker to set up a serious trading account on trusted software and regulation.
4.18
Accepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.Hugely respected worldwide, AvaTrade is one of the largest and best value brokers in the Forex industry. AvaTrade has built its reputation on providing a secure and innovative trading environment for beginner traders; it continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.
With support for the leading trading platforms and top-quality multilingual support, AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities.
3.69 Accepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.eToro is a world-famous internationally and ASIC-regulated CFD broker offering clients a unique experience trading Forex, stocks, commodities, cryptocurrencies, ETFs and indices. While eToro’s main attraction is a bespoke crowd trading platform built to encourage clients to follow expert traders or select market strategies, their trader community is continually let down by inadequate disinterested customer support and tortuously long response times.
eToro has a reduced minimum deposit to 50 USD for all Australian clients, making the platform more appealing to entry level traders. Upon sign up, eToro’s clients become part of a massive community of traders all following expert traders or professional traders contributing to their social trading platform.
For the most part, the trading conditions at eToro align with other market makers with a unique platform offering, but in contrast, eToro has numerous non-trading fees on both deposits and withdrawals. All in all, a trader who is looking for a traditional trading environment eToro won’t find a fit. Still, for those looking for a strong copy trading platform, eToro wrote the book on copy trading and still stands out as the leader.
4.18 Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.Founded in 2001, Admiral Markets offers reliability, market leadership and simple modern trading. A global presence, a large Australian and international client base, flexible trading accounts, competitive trading conditions, and peerless educational material have attracted both beginner and experienced traders to the brand.
Admiral Markets offers their own custom version of the MetaTrader trading platforms, the MetaTrader Supreme Edition, compatible with both MT4 and MT5. Additionally, most Admiral Markets accounts have free access to Trading Central – providing independent market insight and technical analysis – and the company offers one of the best cryptocurrency offerings on the market by a Forex broker.
4.34 Accepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSAFounded in 2008 in Sydney, AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While trading platform choice is limited to MT4, Axitrader’s platform setup and support have received multiple awards including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).
Neither account at AxiTrader requires a minimum deposit, spreads are tight and all clients receive AutoChartist for free; as an ECN broker all trades are posted directly to market and educational and analytical support is good for beginners.
4.68 Accepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.CMC Markets is a British CFD broker with regulation from ASIC, the FCA, MAS and the FMA – making it is one of the world’s best-regulated brokers. Clients at CMC Markets can trade on Forex, indices, shares, commodities, treasuries, cryptocurrencies, and share baskets. The single trading account has a 5 AUD minimum deposit and offers commission-free trading on 330 Forex pairs, one of the largest sets of Forex pairs in the industry.
CMC Market’s offers spreads as low as 0.70 pips pips on the EUR/USD, much lower than most other commission-free brokers. Traders will appreciate these low trading costs, advanced order management tools, and CMC Markets’ powerful and innovative platform, but beginners may be disappointed by the limited educational material.
4.24 Accepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.EasyMarkets offers three simple account types, a 50% deposit bonus for new accounts up to $2000, and offers MT4 alongside its proprietary platform. EasyMarkets is fully regulated by CySEC, FSA and ASIC in Australia, ensuring compliance with the highest client protection standards. With a minimum deposit of $200, you can trade Forex, commodities, agriculture, metals and other stocks allowing a diversified portfolio of investments.
Customer accounts have a dedicated account manager, 24/5 customer support from their offices around the world, fast withdrawals and a stacked learning centre. EasyMarkets is one of our favourite online Forex brokers.
Winner of the 2020 Best Broker in Australia Award, FP Markets is the all-around best broker for beginner and experienced traders. FP Markets excels for:
FP Markets supports the older and most popular MT4 version, as well as the newer and more feature-filled version MT5. For professional traders, the Iress platform is available. It is a highly customisable web-based platform that offers the trader custom alerts, news feeds and a range of other settings for fine-tuning the trading experience.
With averages spreads for EUR/USD at 0.1 pips, GBP/USD at 0.2 pips and USD/JPY at 0.1 pips, has made it nearly impossible for other brokers to compete. Commission on this account is 6 USD commission round turn.
With a minimum deposit of 100 AUD, traders can open a commission-free trading account with 60++ FX pairs, metals, indices and commodities to trade. Use leverage up to 500:1 when trading Forex pairs on this account, using either the MT4 or MT5 platform.
The Traders Hub portal gives beginner CFD traders the education they need to get started and includes eBooks, video tutorials and trading courses. This section also features market analysis, so traders get an expert opinion on current market movements and a view ahead into the week ahead.
Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.Founded in New Zealand in 2014, BlackBull Markets is an ECN-only broker providing direct market access on the MT4 platform. BlackBull Markets has grown rapidly in recent years, and now has offices in London, New York, Kuala Lumpur, Hong Kong, and Japan. BlackBull Markets has regulatory oversight from New Zealand’s FMA and the Seychelles FSA and has twice been recognised by Deloitte as one of the fastest-growing technology companies in the world. We like BlackBull Markets for its:
BlackBull Markets offers three account types, the ECN Standard, ECN Prime and ECN Institutional. Leverage on all accounts is set at a maximum of 1:500. 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 is a true ECN/STP broker and does not operate a dealing desk. Equinix servers, based in New York (NY4), London (LD5) and Tokyo (TY3) allow for lightning fast market access, while Straight Through Processing prevents slippage and failed executions that can occur at other ECN brokers.
BlackBull Markets offers free VPS services to any clients who are interested. The only requirements are a BlackBull Markets Prime account and a minimum of $2,000 deposit with 20 lots traded per month. The BlackBlull VPS also supports Expert Advisors, so that any automated trading strategies can run continuously. Some professional traders require the use of their own FIX application, so BlackBull Markets offers a FIX API. FIX API allows institutional clients to bypass the BlackBull MT4 application and directly connect into the ECN grid using their own FIX.
BlackBull offers a range of methods to deposit and withdraw funds and all deposits are free of charge. Bank wire withdrawals are free of charge for Australian bank accounts and take 1-3 days to process. BlackBull Markets also offers funding via Visa/Mastercard and number of eWallets, including Skrill, Neteller, fasapay and China Union Pay – though charges will apply for withdrawals via these methods.
For Australian traders looking for a professional-grade ECN/STP broker, BlackBull Markets ticks many boxes. Equinix servers ensure fast market execution and prevent slippage and the commission of 3 USD on the Prime Account is one of the lowest available. Institutional traders will enjoy the FIX API and VPS options, and beginners looking for commission-free ECN trading will like the ECN Standard Account.
Accepts 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.Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. MT4 and MT5 are fully supported and with the trading conditions on offer, it is easy to see why Eightcap were the winners of the Award for Best Global MT4 Broker 2020. Highlights include:
Eightcap offers full support for MT4 and MT5, the two most popular trading platforms. Released in 2005, MT4 is still popular for its auto trading features via expert advisors. MT5 is similar to MT4, but has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market and has a built-in Economic Calendar. Both MT4 and MT5 are fully supported with EAs, scalping, and hedging allowed on all accounts.
Aside from a demo account, Eightcap offers two simple trading accounts – one commission-free Standard Account and a Raw Account with very tight spreads and a commission of 3.5USD per lot. In addition to Forex, Eightcap offers trading on a selection of indices, commodities and Australian shares, though share trading is only available on MT5.
As Eightcap’s pricing is derived from several top-tier liquidity providers, spreads are variable. Spreads on the Standard Account can be as low as 0.5 pips on the EUR/USD and spreads on the Raw Account can be as low as 0 pips on the EUR/USD. The minimum deposit on both accounts only 100 AUD.
Both MT4 and MT5 traders looking for tight spreads, low minimum deposits and a simple, honest approach will be tempted by Eightcap. Both MetaTrader platforms are fully supported and Eightcap offers a range of assets, including commodities and indices. The trading conditions on the Raw Account, in particular, are exceptional, with spreads down to 0 pips and a low commission for 100 USD minimum deposit.
Accepts Australian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.Pepperstone is the leading Australian ECN/STP Forex broker. Overall a great broker but especially well known for:
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 down to 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.
At Pepperstone clients can rest assured that their money is in safe hands. Not only is Pepperstone regulated in Australia, UK, Cyprus, Dubai, the Bahamas, and Kenya, but all client funds are kept in segregated accounts at Tier 1 banks.
Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners who are interested in ECN trading, Pepperstone’s also has of the better education sections offered by a market execution broker.
Pepperstone offers high-speed market execution with tight spreads and the detailed education for beginners that most ECN brokers are lacking. With all three major trading platforms available, along with their online and mobile app counterparts, traders have the power of technology and the trading conditions that have earned Pepperstone their reputation.
Accepts Australian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.Beginners brokers focus on education, onboarding and design a rookie trading experience that acts as a springboard to a successful trading career. IG Markets is the best all-around beginner broker because:
While a demo account is central to any beginner trading experience, a valid demo account is available at almost all Forex brokers. A beginner trader needs to know that what lies beyond the demo account is as a competitive offer at a well-regulated brokerage.
IG Markets is most suitable for beginners owing to their ASIC broker regulation (AFSL: 220440), and their trading costs are low with EUR/USD spreads from 0.6 pips, retail margin at 0.5% and no additional commission on the trade.
IG Markets has a well-structured and beautifully produced beginner course (with a continuation for advanced traders), and live video lessons in the form of webinars or seminars. An inhouse markets research team publishes frequent updates to the blog giving traders fresh analysis and trade ideas.
Customer service and onboarding will make or break the beginner experience. IG Markets has multilingual service available on a toll-free phone number, email and live chat every day of the week but Saturday, in addition to the Peer Support forum that connects IG staff and traders to help with general support and trading discussions.
Accepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 250:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.Few brokers put the resources into developing, and of those who did, MarketsX won our award for Best Trading Platform 2021. Marketsx is the best for:
Marketsx is packed full of features but has been built from the ground up with the user in mind. Each tool has integrated buy and sell buttons so traders can act instantly upon the information presented. In the chart view, traders can see their orders, related instruments and open positions with a single click. Marketsx offers a clean, well-designed UI that puts the trader usability first.
Advanced charting, including drawing tools to plot trendlines, channels, pitchforks, Fibonacci Retracements help traders spot trends and direction of the market. Marketsx can overlay up to 5 of each type of indicator on the chart, including overlaying multiple assets onto one chart or compare up to 8 instruments side-by-side.
Accepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.Winner of the award for the best Forex broker of 2020, ASIC-regulated AvaTrade offers the best online trading experience for Australian forex traders:
AvaTrade has low spreads across Forex, commodities, stocks, indices, crypto, bonds and ETFs. Leverage is set at 1:400 and spreads are some of the tightest we have seen for an account with only 100 AUD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD.
AvaTrade’s reputation as a client-focused broker was enhanced with the launch of the AvaProtect tool, which allows traders to purchase loss-protection for a time. Any losses during that time are fully refunded, but any gains are the traders to keep. In a further benefit, AvaProtect is available on the award-winning AvaTradeGo app.
In addition, AvaTrade offers full support for MT4 and MT5 (including EA’s, indicators, scalping and hedging) and provides free access to the integrated Trading Central dashboard for both platforms.
It is one of the most regulated brokers in the world, with regulation in Europe, Japan, the UAE, South Africa, British Virgin Islands, and Australia. Education for beginners is detailed and helpful and copytrading is available via both ZuluTrade and Duplitrade. With over 200,000 active traders around the globe and awards for its trade execution, AvaTrade is a good partner for all types of trader.
Accepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.Copy trading is what eToro has always done, and remains the leading ASIC regulated social trading broker for Australians. They excel for:
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 a low 50 AUD. Few brokers offer a small trading account to Australian clients, so eToro deserves recognition for being a standout.
eToro’s web-based platform, also available as a mobile app, is a very intuitive trader platform. Many of the complex trading features found on other platforms like MetaTrader and cTrader are either removed or blend into the trading experience in a more natural way. This point-and-click platform is straightforward needing little introduction before opening trades.
Few things are more attractive to beginner traders than having a coach, and copy trading is the closest that most will ever come to this salvation. eToro lets traders copy individual traders or algorithmically managed investment portfolios following a selected strategy named CopyPortfolios.
Accepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.Admiral Markets is an international broker with regulation and support teams in most geographic locations. Their product offering is attractive to Australians. They have:
Admiral Markets has four accounts, two of which focus on the MT4 platform – Trade.MT4 and Zero.MT4. Both MT4 trading accounts have a 100 AUD minimum deposit, a large variety of CFD products to trade (including 37 and 45 currency pairs respectively) and attractive trading conditions.
The Trade.MT4 account has a minimum spread from 0.10 pips with no commission and the Zero.MT4 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT4 account is 7 USD round turn, which is at the lower end of what other brokers can offer.
Indulging beginners with the free Zero to Hero program where clients learn to trade in 20 days, and accompanying webinars Admiral Markets has created a wonderful onboarding experience. With intermediate and advanced trading education for experienced traders and access to Trading Central delivering trading insights, quality learning material is front and centre for all clients.
Available for both demo and live accounts, MetaTrader Supreme (newly available for MT5 as well) has advancements in technical analysis, improved trading widgets, the trader terminal, charts and indicators that update the antiquated standard versions of the software with both functionality and usability.
Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.Built by traders, for traders, Axi is an ASIC and FCA regulated ECN broker with some great features:
Axi likes to keep things simple, only offering support for the MT4 platform. But this singular focus has allowed Axi to offer the best ECN MT4 experience in the world. Axi offers a range of tools for MT4, but one of the highlights is its MT4 NexGen plugin. MT4 NexGen offers a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal.
In addition, Axi’s pricing model connects to over 20 liquidity sources, so traders experience fewer slippages and requotes. Spreads on the Pro Account start at 0 pips (with a 7 USD commission) and leverage maximum is 1:500.
Apart from MT4 NexGen, traders at Axi have access to a range of tools. These include AutoChartist, the powerful automated technical analysis tool, and PsyQuation, an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with all the trading algos you wish to install to your MT4.
Axi keeps things simple when it comes to its trading accounts and platform. Two great accounts, market execution, and the best version of MT4 you will find at an ECN broker. The complexity is left to the trader – the range of powerful trading tools to choose from at Axi really seals the deal. For serious ECN traders on the MT4 platform, this is a no-brainer.
Accepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSAOne of our highest rated brokers, this London based broker is the best broker for low deposit traders because of:
Regulated by the FCA (United Kingdom), ASIC (Australia) and MAS (Singapore) means all tier 1 regulators supervise CMC Markets, in addition to their FMA (New Zealand) license. These multiple leading licenses mean traders get the ultimate security of funds for traders.
Few brokers have a minimum deposit as low at 5 AUD, in exchange for all the features available at the brokerage. The company vision “to provide the most superior and unrivalled trading experience for our clients” definitely comes in at a reasonable level for beginner traders.
While CMC Markets currently only offers a single live account, spreads are tighter than most of its competitors with a minimum spread for EUR/USD at 0.7 and GBP/USD at 0.9 (no commission per lot) keeping trading cost at 7 USD per lot. Max leverage is 500:1 , and margin rate is 0.20% on this account.
Accepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.Regulated by ASIC since 2003, CySEC since 2007 and the FSA since 2020, easyMarkets states their values as simple, honest, and transparent. easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss back in 2001 – these tools are now industry standards: easyMarket offers:
easyMarkets offers the unique Freeze Rate, dealCancellation and EasyTrade tools, all intended to help new traders manage their risk. Freeze Rate allows traders to freeze a price for a few seconds to make a trade, crucial in a volatile market. dealCancellation lets traders cancel a trade either one, three or even six hours after it was made. EasyTrade is a simple trading tool that allows traders to set their risk level and hold a trade for a one, three, or six-hour period. A simple binary choice between up and down is all the trader needs to manage.
Spreads at easyMarkets are fixed but tight, with the EUR/USD at 0.9 pips on the MT4 platform and 1 pip on the easyMarkets web platform. Minimum deposit is only 25 USD and the easyMarkets MT4 platform comes with a range of features, including pre-installed indicators and the choice of ZAR as a base currency.
easyMarkets is a great broker for new traders who want to manage their risk. The innovative tools and simple account options, when combined with tight spreads and MT4 support, makes for an uncomplicated and low-risk trading experience. ZAR Accounts are available for South African traders, too – and with a low minimum deposit and great regulation, easyMarkets are an easy choice for those looking for a good market-maker.
Accepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.The best brokers are IG Markets, Pepperstone and Markets.com. IG Markets is a great all-round broker with low fees and tight spreads. Pepperstone is trusted by thousands of traders across the world and has a great range of account types. Markets.com has a wide range of assets to trade, top-class customer support and education for new traders, and the new Marketsx platform is a great piece of design.
As a beginner trader, choose a broker with an unlimited demo account, as this will give you the opportunity to practice before making a deposit. Limited demo accounts usually expire after 1-3 weeks, which is not enough time to learn how to profit from CFD trading.
Beginner traders should get educational support when starting, and each broker varies significantly in what material they provide. The minimum you should accept is some general videos and articles, but some brokers have invested in creating small trading universities that include video material as well as live webinars hosted by experts.
Each of our reviews has a section on the educational content to help beginner traders decide the best path forward.
The Forex broker for beginners is XTB. Customer service is available 24/7 with both one-on-one mentoring and dedicated account managers provided for new traders. Educational material is excellent and is presented via XTB’s Trading Academy, which is both well-structured and clear. Finally, minimum deposit requirements are low, and spreads are tight.
Four things should be considered when determining if a broker may be trusted – regulation, trade execution method, client funds management, and industry recognition of their achievements.
The more major regulators the broker group is regulated by, the more oversight the group has. The number of regulators overseeing their processes gives a strong indication of the level of trust the government regulatory agencies have in them.
The execution method of trades is another component because if the broker profits from your loss – as is the case with market maker brokers – this can be seen as making the broker less trustworthy.
This is more of a concern if fewer major regulators regulate a market maker. Therefore, a heavily regulated market maker is considered more reputable than one with lesser regulation. It is noteworthy that some market makers have strong reputations and lots of client resources.
Most regulators require strict processes to keep client funds safe. This process includes placing client funds in segregated accounts at major banks in the local jurisdiction. Segregated bank accounts that are audited every evening means that client funds are protected against any bankruptcy.
Industry awards are given to brokers from journalists, financial watchdog organisations and their peers. While it can be argued that these award ceremonies are biased, they remain the best gauge industry recognition.
If the broker is a market maker, then they are the market and will be trading against you by being the counterparty to your trade to create the liquidity you need. Since a vast majority of trades by retail traders are lost, a market maker is making money in most client trades. DMA brokers do not have any conflict of interest and do not trade against you.
Market Makers will make money only from the spread – the difference between the buying and selling price of the currency pair. Since a Market Maker will become the counterparty to any trade, they will also make money when clients lose trades.
DMA brokers will make money from a tight spread and a commission, which is calculated on a per lot amount.
Each broker is going to have different deposit methods, but all will have a deposit by credit/debit card and bank transfer option. Most brokers will also accept Neteller or Skrill, which are favoured by many traders because deposits and withdrawals are instant and usually free.
Some will accept regional payment methods and, on occasion, brokers will accept Bitcoin deposits.
Traders have different requirements of Forex brokers, and thus there is no single best choice. This is how we compare them, and we offer insight into your choices. At the top of this article, there is a list of those that we believe are the best brokers for traders based on their reputation, platform, trading conditions and resources available to beginners.
If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story. We 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.
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 State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.
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