AuthorBy Jeffrey CammackAuthor InformationUpdated: November 6, 2020

CFD trading allows you to speculate on the rise or fall of prices on various financial markets, such as Forex, stock indices, commodities, shares and treasuries. Unlike buying or selling these assets, CFDs (Contract for Difference) allow traders to speculate on their future value with a small account balance, via leveraged trading. CFD brokers are highly specialised and though they may appear similar to the untrained eye, some really stand out for their excellence.

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Best Brokers in Australia for Trading CFDs

Last updated on 6 Nov 2020
Updated 6 Nov 2020
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
4.174.17
Min. Spread
0 pips
Fx Pairs
60+
Deposit & Withdrawal Methods
Overall Rating
11110.54.17/ 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 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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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.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
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2
Black Bull Markets
Min. Deposit
USD 200
3.423.42
Min. Spread
0.20 pips
Fx Pairs
31
Deposit & Withdrawal Methods
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.
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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.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
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3
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
Fx Pairs
40
Deposit & Withdrawal Methods
Overall Rating
11110.54.07/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0 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.
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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.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
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4
Pepperstone
Min. Deposit
AUD 100
4.514.51
Min. Spread
0 pips
Fx Pairs
80+
Deposit & Withdrawal Methods
Overall Rating
11110.54.51/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
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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.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
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5
IG Markets
Min. Deposit
USD 250
4.634.63
Min. Spread
0.60 pips
Fx Pairs
93
Deposit & Withdrawal Methods
Overall Rating
11110.54.63/ 5
AlertAccepts 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.
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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.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
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6
IC Markets
Min. Deposit
AUD 200
4.264.26
Min. Spread
0.10 pips
Fx Pairs
60
Deposit & Withdrawal Methods
Overall Rating
11110.54.26/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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IC Markets presents itself as the best and largest true ECN broker. ASIC regulated and with support for MT4, MT5 and cTrader, IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure uncomplicated and the company understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Headquartered in downtown Sydney, IC Markets represents the best of highly-reputable and competitive Australian brokers.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
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7
XM
Min. Deposit
AUD 5
4.384.38
Min. Spread
1 pips
Fx Pairs
57
Deposit & Withdrawal Methods
Overall Rating
11110.54.38/ 5
AlertLeverage limitations apply to all the EU regulated entities of the group.
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XM Group lets traders deposit as little as $5 to open an account; offers 500:1 leverage, and has a generous bonus scheme for new accounts.  Fully regulated by ASIC, CySEC and the FCA, XM Group offers accounts to suit most traders including those interested in tight spreads and automated trading.

XM Group partners with investment-grade banks and uses segregated accounts to ensure security, your personal account manager ensures your satisfaction, and customer service is available 24/5, via live chat, email and in 30 languages.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
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8
CityIndex
Min. Deposit
AUD 50
4.184.18
Min. Spread
0.70 pips
Fx Pairs
84+
Deposit & Withdrawal Methods
Overall Rating
11110.54.18/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.69 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CityIndex proprietary platforms supported. CityIndex is regulated by FCA, ASIC, and MAS.
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Founded in 1983, City Index is a traditional market maker now owned by the NYSE listed financial group, GAIN Capital. It has tight spreads and a varied platform choice, including MT4 and AT Pro; an advanced automated trading platform allowing for full customisation with powerful back-testing.

City Index’ education section is perfect at beginners who want to get up to speed quickly and customer service is open 24/5. Overall, a good market maker and competitive with traditional brokers of its size and type.

Pros
  • Well regulated
  • Wide range of assets
  • Excellent market analysis
Cons
  • Slow withdrawals
  • Limited demo account
  • Limited education
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9
CMC Markets
Min. Deposit
AUD 5
4.684.68
Min. Spread
0.70 pips
Fx Pairs
330
Deposit & Withdrawal Methods
Overall Rating
11110.54.68/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.
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CMC Markets are a well-known market maker broker, based in London and operating globally. While it currently only offers a single live account, spreads are tighter than most of its competitors and the required minimum deposit is low enough for all beginner traders. The focus on new traders continues with CMC Market’s education and analysis sections, which are insightful, well-structured and updated frequently.

We also like the proprietary New Generation trading platform, wide asset choice and responsive customer service. Overall, an excellent broker for all traders and one of our highest rated.

Pros
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
Cons
  • No swap-free account option
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10
eToro
Min. Deposit
AUD 50
3.333.33
Min. Spread
1 pips
Fx Pairs
47
Deposit & Withdrawal Methods
Overall Rating
1110.503.33/ 5
AlertAccepts 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.
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eToro is one of the largest brokers in the world and is well-known as the pioneer, and industry leader, in social trading. Also ASIC-regulated, eToro’s spreads are on par with other market maker brokers and the minimum deposit is only 50 USD for Australian traders.

The social trading experience is quite different from traditional Forex trading and eToro offers an unlimited demo account for traders to try the platform and social trading concept; setting up a live account is a simple instant process.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
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11
FxPro
Min. Deposit
AUD 100
4.214.21
Min. Spread
0.60 pips
Fx Pairs
70+
Deposit & Withdrawal Methods
Overall Rating
11110.54.21/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA.
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FxPro is one of the most respected Forex brokers in the industry. Regulated by the FCA and CySEC and with over 870,000 client accounts in 173 countries, FxPro is a truly global powerhouse.

FxPro offers a no dealing desk execution model on MT4, MT5, cTrader and a browser-based platform. A reasonable 100 AUD opening deposit and outstanding customer service are combined with competitive spreads – often as low as 0.6 pips – to match profitability with security.

Since its founding in 2006, FxPro has won more than 55 awards for best broker, best service, best tools, and best trading platform and has cemented its place the top tier of global Forex brokers.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
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12
easyMarkets
Min. Deposit
AUD 200
4.244.24
Min. Spread
0.90 pips
Fx Pairs
103
Deposit & Withdrawal Methods
Overall Rating
11110.54.24/ 5
AlertAccepts 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.
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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.

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
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13
OctaFX
Min. Deposit
USD 50
4.104.10
Min. Spread
0 pips
Fx Pairs
28
Deposit & Withdrawal Methods
Overall Rating
11110.54.10/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
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OctaFX is an STP broker founded in 2011 that will appeal to all Forex traders, both beginners and professionals.  They have an excellent analytical section and offer a range of useful trading tools such as AutoChartist, copy trading, and an account monitoring service so you can learn anonymously from other successful traders.

Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered – but platforms are linked to account type and trading conditions.

Pros
  • Great platform choice
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited education
  • Restrictive account types
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14
AvaTrade
Min. Deposit
AUD 100
4.184.18
Min. Spread
0.90 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
Overall Rating
11110.54.18/ 5
AlertAccepts 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.
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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.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
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15
XTB
Min. Deposit
USD 5
4.294.29
Min. Spread
0.80 pips
Fx Pairs
49
Deposit & Withdrawal Methods
Overall Rating
11110.54.29/ 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 & xStation platforms supported. XTB Group is regulated by CySEC CySEC, FCA and the IFSC
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Well-regulated, safe and award-winning, XTB is a true leader in the Forex trading industry.

Joining other leading ECN/STP brokers with unbeatable trading conditions, excellent trader education and rock-solid analysis, XTB has also developed an award-winning proprietary trading platform that goes beyond MT4 to offer clients easy-to-use functionality with fast execution speeds.

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
Read More About XTB
16
Plus500
Min. Deposit
AUD 200
3.693.69
Min. Spread
0 pips
Fx Pairs
70+
Deposit & Withdrawal Methods
Overall Rating
1110.503.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. Plus500 proprietary platform support. Plus500 Group is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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With 50+ Forex CFD pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers.  Even though a lot of effort has been put into creating a user-friendly platform, CFDs are complex financial products, and thus the platform is not suitable for inexperienced traders.

Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple. 

Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
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17
FXCM
Min. Deposit
AUD 50
4.134.13
Min. Spread
0 pips
Fx Pairs
40
Deposit & Withdrawal Methods
Overall Rating
11110.54.13/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA.
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FXCM is an ASIC-regulated provider of online Forex trading and CFD trading and is recognised as a leader in the industry. No commission is charged on the standard account and no fees are charged on deposits or withdrawals. Customer service is available 24/5 via live chat, phone, email and drop-in to FXCM’s local office in downtown Sydney.

Clients have the advantage of one-click order execution and trading from real-time charts across MT4, NinjaTrader or FXTM’s award-winning Trading Station platform – which has many of MT4’s best features without the lengthy setup or complications.  FXCM is also renowned for the number of specialty trading platforms on offer for more experienced traders.

Pros
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
Cons
  • Limited demo account
Read More About FXCM
18
Trade.com
Min. Deposit
USD 100
3.423.42
Min. Spread
1.80 pips
Fx Pairs
55
Deposit & Withdrawal Methods
Overall Rating
1110.503.42/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 4 pips on trading account with lowest minimum deposit. Max leverage 300.1. Islamic account available. MT4 platform supported. Trade.com is regulated by CySEC, FCA and the FSCA.
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Trade.com is a multi-asset market maker with MT4 support and a range of account types. Trading conditions are good, and the more expensive account types have very tight spreads. The Micro Account is excellent value and dedicated customer support is available for those with higher minimum deposits.

Regulated by CySEC and the FSCA, Trade.com has committed to a secure system for managing client funds and protecting the brokerage from illegal activity.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Wide spreads
Read More About Trade.com
19
Tickmill
Min. Deposit
USD 100
4.344.34
Min. Spread
0 pips
Fx Pairs
60+
Deposit & Withdrawal Methods
Overall Rating
11110.54.34/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.20 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.
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Built by traders, for traders, Tickmill offers low spreads and commission on both ECN and traditional accounts. All accounts feature ultra-fast STP execution (0.15s on average and no requotes) and support for the MT4 platform with all strategies allowed.

Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally – and a regular winner of trade execution and trading conditions awards – Tickmill also offers 80+ instruments to trade alongside dedicated multi-lingual support and negative balance protection.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
  • Wide range of assets
Cons
  • MT4 only
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20
Swissquote
Min. Deposit
USD 1000
3.603.60
Min. Spread
1.70 pips
Fx Pairs
78
Deposit & Withdrawal Methods
Overall Rating
1110.503.60/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 and Swissquote proprietary platforms supported. Swissquote is regulated by the FCA.
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Swissquote is an award-winning, FCA-regulated STP broker. Swissquote targets more experienced traders (and serious beginners) as the minimum deposits required are considerably higher than with other similar brokers. However, Swissquote’s trading conditions reflect what clients should expect from a professional brokerage.

Swissquote has an award-winning proprietary trading platform, but also offer support for the MetaTrader suite. In addition, premium analytical tools are available for clients for free.

Pros
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited education
  • Poor customer service
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21
IronFX
Min. Deposit
USD 100
4.194.19
Min. Spread
0 pips
Fx Pairs
85
Deposit & Withdrawal Methods
Overall Rating
11110.54.19/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA.
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IronFX is a global broker with a wide range of account types, a great value micro account and over 80 tradeable currency pairs.

IronFX has regulation from ASIC and all the other major authorities and has recently introduced market execution accounts with ultra-low spreads.

For beginners who want to learn to trade on either the MT4 or MT5 platform, and experienced traders looking for strong international regulation, IronFX is an excellent choice in a broker.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
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22
InstaForex
Min. Deposit
USD 150
3.323.32
Min. Spread
0 pips
Fx Pairs
110
Deposit & Withdrawal Methods
Overall Rating
1110.503.32/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 3 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform supported. InstaForex is regulated by CySEC and FSC (British Virgin Islands).
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InstaForex is an award-winning broker offering a wide variety of account types with good trading conditions and a copy-trading service. With three market execution accounts, one specifically built for scalping, and two instant execution accounts with no minimum deposit, InstaForex will appeal to beginner traders and more experienced scalpers.

The market analysis and education sections feature regularly updated content for traders of all experience levels and MT4 is fully supported via download and webtrader.

Pros
  • Wide range of assets
  • Copy trading accounts
Cons
  • Limited market analysis
  • Limited education
  • Wide spreads
Read More About InstaForex
23
HYCM
Min. Deposit
USD 100
4.184.18
Min. Spread
0.20 pips
Fx Pairs
38
Deposit & Withdrawal Methods
Overall Rating
11110.54.18/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform supported. HYCM is regulated by CySEC, FCA, and the DFSA.
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HYCM’s parent company has been involved in asset trading for over 40 years and its various subsidiaries are regulated by the FCA, CySEC and the DFIC. Primarily a market-maker broker, HYCM still offers attractive trading conditions, and has a market-execution account for those who prefer commission over wider spreads.  Support for both MT4 and MT5 is offered alongside a comprehensive market education suite that will be beneficial for all traders.

HYCM offers its clients an opportunity to trade on more than 300 financial instruments including wide range of currency pairs, commodities, stocks, and cryptocurrencies.

Pros
  • Well regulated
  • Wide range of assets
  • Good range of accounts
  • Fast and free withdrawals
Cons
  • Limited currency pairs
Read More About HYCM
24
HotForex
Min. Deposit
USD 5
4.294.29
Min. Spread
0 pips
Fx Pairs
51
Deposit & Withdrawal Methods
Overall Rating
11110.54.29/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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An ECN/STP broker regulated by multiple major authorities including the FCA and CySEC, HotForex has built a reputation among traders for its stable, fair, secure and transparent trading environment. Excellent educational and analytical material is available for both visitors and clients, and customer service is available 24/5 with all clients receiving a personal account manager.

Both MT4 and MT5 are supported and with both commission-free and zero-spread account on offer for low minimum deposits, HotForex will appeal to all traders. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
25
GKFX Prime
Min. Deposit
USD 5
3.533.53
Min. Spread
0 pips
Fx Pairs
47
Deposit & Withdrawal Methods
Overall Rating
1110.503.53/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. GKFX is regulated by the FCA and B.V.I FSC.
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GKFX Prime was founded by GKG, a Malta-based Fintech company, in 2012 and is regulated by the BVI’s Financial Services Committee. With, no required minimum deposit, a good range of account types – including fixed spread, variable spread and commission-based ECN – and a decent education section, GXFX Prime are a good choice for new traders.

A number of useful tools are also available, including AutoChartist and Trading Central – alongside ZuluTrade and Autotrade for those who prefer social trading – though support is only offered for MT4.

Pros
  • Innovative trading tools
  • Wide range of assets
  • Low minimum deposit
Cons
  • Expensive withdrawals
  • Limited education
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26
FBS
Min. Deposit
USD 1
3.773.77
Min. Spread
0 pips
Fx Pairs
37
Deposit & Withdrawal Methods
Overall Rating
1110.503.77/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC and the IFSC.
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Very popular across Asia, FBS offers unusually tight spreads, a simple account structure and support for MT4 and MT5. Education and market analysis are both good and all traders, but especially beginners, will enjoy the 24/7 customer support – also unusual in an industry where the usual hours are 24/5.

The trading conditions on the Cent Account are exceptional for such a low minimum deposit and other accounts are equally impressive – with negative spreads on the ECN account for instance – and no fees are charged for deposits or withdrawals.

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
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27
Capital Index
Min. Deposit
GBP 100
3.943.94
Min. Spread
0 pips
Fx Pairs
68
Deposit & Withdrawal Methods
Overall Rating
1110.503.94/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform supported. Capital Index is regulated by the FCA.
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Capital Index was founded in 2014 by industry veterans to meet the needs of serious traders. It quickly started winning awards, including STP/ECN broker of the year and has grown its client base substantially over the last six years.

Regulated by the FCA and with good, simple trading conditions across three account types, Capital Index is an ideal brokerage for experienced traders looking for a simple approach and MT4 support.

Pros
  • Tight spreads
  • Fast and free withdrawals
  • Wide range of assets
Cons
  • Limited platform choice
  • Limited education
  • No swap-free account option
Read More About Capital Index
28
BDSwiss
Min. Deposit
USD 100
4.224.22
Min. Spread
1 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
Overall Rating
11110.54.22/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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BDSwiss is a respected broker with a strong focus on educating traders – as such its education and analysis material is excellent, including webinars, video courses and insightful market news. Also known as an innovator in the industry, BDSwiss recently launched a subscription-based Raw Spread Account, offering very tight spreads and no commission for a small monthly payment.

MT4 and MT5 are both supported and more experienced traders will also find a lot to like with the Black Account, including free AutoChartist and one-on-one support.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
29
Axitrader
Min. Deposit
USD 5
4.434.43
Min. Spread
0 pips
Fx Pairs
80+
Deposit & Withdrawal Methods
Overall Rating
11110.54.43/ 5
AlertAccepts 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 DFSA
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Founded 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.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
Read More About Axitrader
30
24option
Min. Deposit
USD 100
2.992.99
Min. Spread
1.10 pips
Fx Pairs
46
Deposit & Withdrawal Methods
Overall Rating
110.5002.99/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 2.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform supported. 24 Option is regulated by the IFSC.
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24Option started life as a binary options provider but now only offers CFDs for Forex, Commodities, Stock and Indices. Regulation is poor, with oversight from the Belize IFSC only – meaning that 24Option is not permitted to take clients from Europe and a number of other countries.

The minimum deposit at 24Option is 250 USD, and support is provided for its proprietary web-based trading platform as well as MT4. Spreads are relatively wide for a market-maker of this type and educational material is restricted to active traders.

Pros
  • Wide range of assets
Cons
  • Wide spreads
  • Limited education
  • Limited market analysis
  • Poorly regulated
Read More About 24option
31
Trade360
Min. Deposit
AUD 500
3.733.73
Min. Spread
3 pips
Fx Pairs
48
Deposit & Withdrawal Methods
Overall Rating
1110.503.73/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 4 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT5 & Sirix platforms supported. Trade360 is regulated by CySEC.
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For a minimum deposit of $500, try the innovative CrowdTrading platform built by Trade 360. A market maker broker, Trade 360 asks its clients to rely on the CrowdTrading algorithm, which constantly examines Trade360 client activity, spots changes in price action and highlights these changes to help traders make better decisions.

Regulated by CySEC in Europe, Trade360 offers traders a broad range of asset choices, not just Forex.

Pros
  • Good range of accounts
  • Wide range of assets
Cons
  • Wide spreads
  • Limited education
  • Limited market analysis
  • High minimum deposit
Read More About Trade360
32
Amana Capital
Min. Deposit
USD 200
4.054.05
Min. Spread
0.10 pips
Fx Pairs
54
Deposit & Withdrawal Methods
Overall Rating
11110.54.05/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Amana Capital Group is regulated by the CySEC, FCA, and the DFSA.
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Amana Capital offers market-executed trades on the MetaTrader platform, solid execution, advanced fundamental and technical analysis, tight spreads on the advanced accounts and only 50 USD to open an account. It is one of the best-regulated brokers available to individual traders and has taken a modern approach to their software offering – slowly phasing out MT4 and pushing MT5 instead.

A trader looking for MetaTrader compatibility, excellent regulation, and a wide range of CFDs available for trade, should consider Amana Capital as a frontrunner.

Pros
  • Well regulated
  • Tight spreads
  • Great customer support
Cons
  • High minimum deposit
  • Limited education
Read More About Amana Capital
33
Go Markets
Min. Deposit
AUD 200
4.134.13
Min. Spread
0.20 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
Overall Rating
11110.54.13/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Go Markets is regulated by ASIC.
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GO Markets was founded in 2006 and was the first Australian MetaTrader broker. Though it only offers two account options, one with a dealing desk and wider spreads and the other an ECN with tight spreads and commission, both are competitive. Though much of the education section is paywalled for customers only, the content is excellent GO Markets offer full support for MT4 and MT5.

GO Markets really shines with its suite of trading tools including a free VPS service, Autochartist and Trading Central. A technological innovator, GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

Pros
  • Fast and free withdrawals
  • Wide range of assets
  • Excellent market analysis
  • Innovative trading tools
Cons
  • High minimum deposit
  • No swap-free account option
Read More About Go Markets
34
Admiral Markets
Min. Deposit
AUD 100
4.184.18
Min. Spread
0.10 pips
Fx Pairs
40+
Deposit & Withdrawal Methods
Overall Rating
11110.54.18/ 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 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
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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.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
35
MarketsX
Min. Deposit
AUD 250
4.394.39
Min. Spread
0.60 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
Overall Rating
11110.54.39/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
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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.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
Read More About MarketsX
36
FXTM
Min. Deposit
AUD 10
4.234.23
Min. Spread
0.10 pips
Fx Pairs
59
Deposit & Withdrawal Methods
Overall Rating
11110.54.23/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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FXTM is an award-winning ECN/STP broker popular with traders for its wide range of accounts types, from instant execution accounts with very low minimum deposits to ultra-low spread ECN accounts. FXTM’s client base relies on fast execution, tight spreads as low as 0 pips, and leverage as high as 1:1000.

With support for both MT4 and MT5, recognition from the FCA and CySEC, excellent training material, and 24/7 customer support, FXTM is a great broker for all traders.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
37
Exness
Min. Deposit
USD 1
4.124.12
Min. Spread
0.10 pips
Fx Pairs
120
Deposit & Withdrawal Methods
Overall Rating
11110.54.12/ 5
AlertDoes NOT Accept Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
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Founded in 2008, Exness is a well-regulated broker with tight spreads and unlimited leverage on its MT4 Pro Accounts.  With both market and instant execution methods and full support for both MT4 and MT5, there is little to find fault with here – including its well-publicised sponsorship of Real Madrid.

Exceptionally, customer service is available 24/7 in English and Chinese and most traders will find something to like from the wide range of account types.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
Read More About Exness

What is CFD trading?

The acronym CFD stands for ‘Contract For Difference’, which means that buyers (or sellers) will be paid based on the price movement by their counterparty. Unlike trading in traditional financial instruments, CFD’s are a contract between two parties, and there is no ownership implied or realised by the transaction.

CFD’s are almost exclusively designed for short-term speculation or short-term hedging purposes. Counterparty risk is also a consideration when trading CFD’s, as a CFD is only worth as much as the entity that writes it.

How does CFD trading work?

The best explanation of CFD trading comes from IG Markets, and if this is new to you, its a great way to spend 3 minutes.

The basics of CFD trading are straightforward.  Traders enter a position by buying or selling a contract that is tied to an underlying instrument at a given level, which is determined by the market maker they are trading.

For example, CFD’s are commonly written for major Forex pairs, equity indices, interest rates for widely traded debt instruments, commodities and some other popular financial products.

Unlike buying the financial instruments themselves, CFD trading usually allows an investor to gain exposure to the underlying instrument at a much lower cost.

When buying equities on a margin, it is rare that 100% leverage is offered. More limited leverage means that if an investor wants to gain exposure to $10,000 worth of shares, they will need almost $5,600 of capital to buy into the position, assuming they can leverage 80% of the principle.

With CFD’s the leverage available is generally over 100x (equal to 10,000% of the principle), so that same $10,000 position would only require $100 to open. Lower initial investments can be both advantageous and dangerous, depending on how that leverage is used.

Example 1: Forex CFDs

CFD’s are nearly always traded based on a spread that the market-maker/dealer creates.

For example, let’s say that the USD/AUD is trading at 1.3020/1.3040 so a trader can buy the pair at 1.3020, or sell it at 1.3040. The difference between the two prices is called the ‘spread,’ and when you trade CFD’s, the size of the spread is important.

In this case, you choose to buy $50,000 worth of the contract at 1.3020, as you are speculating that the USD will rise in price versus the AUD. If your broker requires a margin of .2%, this trade will cost you $100 to open, though your risk isn’t limited to the initial margin that is necessary.

Let’s suppose that over the next two days the trade moves in your favour and the price of the USD rises to 1.3100, or a gain of 80 points on the contract. Your profit would be [$50,000 x 1.3100] 65,500 – [$50,000 x 1.3020] 65,100, or $400.

The profit would represent a gain of 400% on the initial margin required to open the trade, and demonstrates why so many traders want to employ leverage.

But using large amounts of borrowed money in a position is also risky.  Should the market go against you, your position can end up losing a lot of value quickly.

Example 2: Stock CFDs

Let’s suppose that you think that the S&P 500 is going to rally on a better than expected GDP report. The index is trading at 2637.38/2636.88 with your CFD broker, with the buying price first, and the selling price second.

Because you think the index will rally, you buy three CFD contracts at 2637.38, with a margin requirement of 1%. Your broker will assign a value to the index points for any given security, but for this example, let’s say that one point on the S&P 500 is worth one dollar.

That means the total cost of the position would be $7,912.14, and your initial margin requirement would be $79.12. In this situation, we will suppose you are wrong, and the GDP print disappoints.

This results in the S&P 500 falling, and you are stopped out of your trade at 2634.50.

You will have lost 3 dollars for every point that the index falls before you sell your position, so the loss of 2.88 index points will translate to an actual loss of $864, which is far more significant than your margin. This is an example of how quickly your margin can evaporate, and why keeping a tight stop loss is so important when trading with leverage.

Depending on your CFD broker, you may have to pay a fee when you open a position or a percentage of the gross value of the position. Every broker will have different requirements and costs, so it is imperative to understand their margin requirements and fee structure before you begin trading.

Short-Selling CFDs

Gaining short exposure to shares and equity indices with CFD’s is probably one of their best uses.

Because they don’t rely on access to the underlying instruments, CFD’s let investors short just about any financial market or product, without having to borrow shares, or find ways to structure a trade that shorts an entire market effectively.

Like any short, using CFD’s does open the investor up to unlimited losses if the trade goes the wrong way, but unlike shorting a stock, there will never be a shortage of shares, and thus, it will always be possible to cover the position.

Hedging with CFDs

For investors that want to lock in a high price for their stocks, or hedge a winning position, CFD’s make a lot of sense.

If you bought a position in a stock that has gone up, and you don’t want to sell it and incur capital gains taxes, buying a short position in CFD’s will cover your downside risk. It also is a very cost-effective way to do so, because you can buy a lot of exposure for a relatively small amount of money up front.

Hedging makes CFD’s a nearly ideal way to ensure a winning position, without having to worry about actually exiting the trade.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

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

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

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

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

References

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

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