30 Best Australian Forex Brokers

Table of Contents

30 Best Australian Forex BrokersWhether you are an Australian citizen or simply prefer trading with Australian Forex brokers, this list of the 30 Best Australian Forex Brokers will help you choose a regulated broker that suits your individual trading needs and goals.

You should opt to trade with regulated Forex brokers to avoid any serious financial risks, and trading with a broker that supports your country’s currency will always be in your favour because it will minimise the impact of exchange rates on your investments – or perhaps you live in a different country but prefer to make deposits with AUD. 

Perhaps you are seeking a Forex broker that is regulated by the ASIC or you might have a greater level of confidence in Australian brokers because there are so many brokerages based in Australia – whatever your reason may be, finding the right Forex broker comes down to your level of trading experience and the educational content provided by the broker, the type of investments you are interested in making, your individual trading portfolio and preferred strategies, and which platforms you would like to trade on.

 

AvaTrade

AvaTrade

AvaTrader is a multi-award-winning Forex broker with over 300,000 clients and is regulated in several jurisdictions.

AvaTrade offers a variety of trading instruments and a user-friendly interface with multilingual customer support that is available 24/5.

AvaTrade also provides educational material for beginners to teach them about trading rules, market terms and all the fundamentals every trader needs to know.

Clients can choose from 4 account types and can use DupliTrade, ZuluTrade and AvaSocial in addition to other platforms provided.

 

Pros and Cons of AvaTrade:

✔️Pros ❌Cons
Account creation is easy Not available in US
Free deposits and withdrawals Telephonic customer support is unreliable at times
Great educational content
Highly regulated

 

Minimum Account Features of AvaTrade:

Minimum deposit $100
Maximum leverage 1:400
Account base currencies EUR, AUD, GBP, CHF, USD
Instruments Indices, ETFs, Stocks, Forex, Bonds, Crypto, Commodities
Regulations FSCA, MiFID, ADMG, FFAJ, FSA, ASIC, FRSA, BVI
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms AvaOptions, AvaTradeGo, MT5, MT4

 

FP Markets

FP Markets

 

FP Markets offers more than 10,000 instruments with low spreads, high liquidity and fast network latency.

This broker accommodates all types of traders, including beginners and social traders, and provides educational resources for new traders.

Clients also have the option of using MAM/PAMM accounts and have access to risk management tools and demo accounts.

 

Pros and Cons of FP Markets:

✔️Pros ❌Cons
10 Base currencies Withdrawal fees
Great products No fixed spreads
Commission-free trading

 

Minimum Account Features of FP Markets:

Minimum deposit $100
Maximum leverage 1:500
Account base currencies CHF, CAD, SGD, EUR, AUD, HKD, NZD, USD, GBP, JPY
Instruments Commodities, Metals, Forex, Shares, Indices
Regulations ASIC, CySEC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, MT5, FP Markets app

 

HotForex

HotForex

 

HotForex offers 5 account types and is an ECN and STP broker with more than 1,200 instruments and flexible leverage.

HotForex accounts have variable spreads and they are compatible with the MetaTrader platforms.

Clients can use account managers and have access to educational resources and 18 unique trading tools.

HotForex customer support is available 24 hours during the week and can be reached telephonically, via live chat and through email.

 

Pros and Cons of HotForex:

✔️Pros Cons
5 account types High trading fees
Highly regulated Penalty fees
18 trading tools
Negative Balance Protection

 

Minimum Account Features of HotForex:

Minimum deposit $5
Maximum leverage 1:1000
Account base currencies USD, NGN, USD, ZAR
Instruments Bonds, Indices, Energies, ETFs, Forex, Metals, Stocks, Shares, Commodities
Regulations FSCA, DFSA, FCA, FSA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, MT5

 

IC Markets

IC Markets

IC Markets offers tight spreads, starting at 0.0 pips and more than 1,780 trading instruments.

This is a popular, multi-regulated ECN broker that caters to all kinds of trading, including Scalping, Day trading and retail trading.

IC Markets allows the use of Expert Advisors and provides many different trading tools, such as trading terminals and maps, session matrices, alarm managers and more.

IC Markets also offers podcasts, trading guides, webinars and instructional videos for beginners.

 

Pros and Cons of IC Markets:

✔️Pros ❌Cons
Multiple accounts Not available in USA
Secure VPS
10 base currencies

 

Minimum Account Features of IC Markets:

Minimum deposit $200
Maximum leverage 1:500
Account base currencies NZD, GBP, JPY, USD, AUD, CAD, HKD, CHF, EUR, SGD
Instruments Commodities, Stocks, Indices, Futures, Forex, Bonds, Crypto
Regulations ASIC FSA, CySEC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, MT5, cTrader

 

Vantage FX

Vantage-FX

 

Vantage FX is suitable for social traders, active traders, beginners and all other types of traders. 

Vantage FX offers a welcome bonus of 50% and clients benefit from a referral program and an active trader rewards program.

Clients have access to smart indicators, VPS services and a variety of innovative trading tools.

 

Pros and Cons of Vantage FX:

✔️Pros ❌Cons
Highly regulated Commission fees
Flexible accounts
Exceptional learning material

 

Minimum Account Features of Vantage FX:

Minimum deposit $200
Maximum leverage 1:500
Account base currencies AUD, USD, CAD, EUR, NZD, HKD, GBP, JPY, SGD
Instruments Forex, Energy, Soft commodities, CFDs, Metals, Indices
Regulations ASIC, FCA, CIMA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5, Vantage app, Protrader, Metaquotes apps, ZuluTrade, DupliTrade, MyFxBook

 

HYCM

HYCM

 

HYCM is trusted by more than 30 million traders and has over 2 decades of experience in the trading industry.

HYCM offers more than 300 trading instruments and 3 account types.

The spreads offered by HYCM start at 0.1 pips and clients can swap to Islamic accounts on all account types.

HYCM offers variable, fixed and raw spreads respectively and clients have the option to trade with no commission fees.

 

Pros and Cons of HYCM:

✔️Pros Cons
More than 300 products Not available in USA
Suitable for beginners Monthly penalty for inactivity
Regulated
Negative Balance Protection

 

Minimum Account Features of HYCM:

Minimum deposit $100
Maximum leverage 1:500
Account base currencies AED, GBP, USD, EUR
Instruments ETFs, Forex, Indices, Cryptocurrencies, Commodities, Stocks
Regulations CySEC, DIFC, FCA, CIMA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, MT5

 

OANDA

OANDA

 

OANDA guarantees transparent pricing and offers a variety of advanced charting and research and analysis tools.

OANDA requires no minimum deposits and no minimum trade size and offers support 24 hours a day, 6 days of the week.

OANDA offers desktop and mobile trading platforms, as well as MetaTrader 4, and the tools offered include advanced charting, technical analysis, Algo Lab and updated economic and market news.

OANDA is trusted and partnered with BeeksFX, MotiveWave, Multicharts and more.

 

Pros and Cons of OANDA:

✔️Pros Cons
Highly regulated Regulation differs based jurisdiction
Active Trader account  Trading conditions based on jurisdiction
No minimum deposit
Negative Balance protection

 

Minimum Account Features of OANDA:

Minimum deposit $0
Maximum leverage 1:50
Account base currencies JPY, AUD, HKD, GBP, EUR, USD, SGD, CHF, CAD
Instruments Metals, Bonds, Commodities, Indices, Forex
Regulations ASIC, FCA, IIROC, MFS, FIBO, BVIFSC, NFA and MAS.
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms OANDA trade, OANDA API, MT4

 

Interactive Brokers

Interactive Brokers

 

Interactive Brokers offers transparent pricing and low commission trading accounts.

The most attractive feature of Interactive Brokers is that it can be used to access a variety of free trading tools, such as strategy builders, account and portfolio management tools, analytics and much more.

This broker is available in 33 countries and supports many base currencies.

Other products and services offered by Interactive Brokers includes a GlobalAnalyst for stock valuation, a PortfolioAnalust, advisory services and a comprehensive library of educational resources.

 

Pros and Cons of Interactive Brokers:

✔️Pros Cons
Well regulated Limited payment methods 
Great variety of products Commission fees
Supports API
24 base currencies

 

Minimum Account Features of Interactive Brokers:

Minimum deposit $0
Maximum leverage 1:40
Account base currencies ZAR, NOK, SEK, DKK, ILS, EUR, KRW, CHF, GBP, PLN, NZD, USD, HUF, RUB, SGB, CZK, YEN, HKD, TRY, CAD, MXN, AUD, CNH
Instruments Forex, CFDs, Commodities, Metals, Bonds, Options, Stocks, Mutual Funds
Regulations USSEC, CFTC, FCA, ASIC
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms Trader Workstation IBKR mobile app, IBKR APIs

 

Saxo Bank

Saxo Bank

 

Saxo Bank is a fully-licensed, highly regulated platform for trading and investments, and is trusted by more than 800,000 people.

What sets this broker ahead of all others is its incredible product offering of more than 40,000 instruments, which can be traded in many different ways.

Saxo bank facilitates different styles of trading, including self-directed trading, managed portfolios, institutional trading, retail trading and more.

Saxo trader offers an innovative proprietary platform that can be used with third-party tools and offers 3 account types, VIP benefits and a rewards system.

 

Pros and Cons of Saxo Bank:

✔️Pros ❌Cons
Innovative point system High minimum deposit
Advanceds tools Not compatible with MetaTrader
Withdrawals are free Penalty fees
Forex fees are low

 

Minimum Account Features of Saxo Bank:

Minimum deposit $2000
Maximum leverage 1:100
Account base currencies RON, CNH, MXN, USD, DKK, NOK, PLN, GBP, SGD, HKD, CAD, AED, EUR, TRY, MYR, JPY, NZD, CHF, AUD, SEK, CZK, ZAR, LTL, HUF, RUB, ILS
Instruments Bonds, Stocks, Crypto, Options, CFDs, Forex, ETFs, Futures
Regulations MAS, FCA, JFSA, FSA, FSC, ASIC
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms SaxoTraderGO, SaxoTraderPRO

 

Blackbull Markets

BlackBull-Markets

 

Blackbull Markets offers tight spreads, starting at 0.0 spreads, and more than 300 tradable products.

Customer support is offered 24/6 and more than 64 currency pairs can be traded with Blackbull Markets.

Blackbull Markets is an ECN broker with deep pool liquidity and uses an Equinix NY4 server.

Blackbull Markets offers 3 account types and is also suitable for clients of the Muslim faith and institutional traders.

 

Pros and Cons of Blackbull Markets:

✔️Pros Cons
Zero-commission accounts No access in USA
Low spreads  No fixed spread accounts
Over 300 instruments
Excellent partnership programs

 

Minimum Account Features of Blackbull Markets:

Minimum deposit $200
Maximum leverage 1:500
Account base currencies NZD, USD, CAD, SGD, JPY, EUR, ZAR, AUD, GBP
Instruments Metals, Energies, Forex, Indices, Commodities
Regulations FSA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5

 

Forex.com

Forex.com

 

Forex.com facilitates the trading of more than 4,000 shares and provides 3 types of accounts that can be used with SMART signals, analytics, charting tools and more.

Forex.com can be used for reliable market and news updates and offers instructional tutorials on using the platforms provided.

There is also an abundance of educational resources provided for beginners and courses tailored to different levels of experience. 

 

Pros and Cons of Forex.com:

✔️Pros ❌Cons
Cash rebates Not CySEC-regulated
Great research tools Inactivity fees
Withdrawals and deposits are free

 

Minimum Account Features of Forex.com:

Minimum deposit $50
Maximum leverage 1:40
Account base currencies JPY, EUR, CHF, USD, AUD, GBP
Instruments Metals, Crypto, Commodities, Stocks, Indices, Forex
Regulations CFTC, ASIC, IIROC, FCA
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5, Forex.com apps

 

ACY Securities

ACY Securities

 

ACY Securities was founded in 2013 as an award-winning Australian Forex broker and offers 3 types of accounts.

ACY Securities customer support is available 24 hours a day and the FAQ section of the website covers many topics and common questions.

Although the educational content on the website seems limited, this broker is suitable for beginners and premium training courses are offered to clients.

ACY Securities offers more than 1,600 tradable products and flexible payment methods, with several different base currencies supported.

 

Pros and Cons of ACY Securities:

✔️Pros ❌Cons
Beginner-friendly Not available to US clients
Good product offering

 

Minimum Account Features of ACY Securities:

Minimum deposit $50
Maximum leverage 1:500
Account base currencies USD, AUD, EUR, GBP, NZD, CAD, JPY
Instruments Forex, Indicesm Shares, ETFs, Metals, Commodities, Crypto
Regulations ASIC, VFSC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, MT5

 

eToro

eToro

 

eToro offers a user-friendly trading platform and is a low-risk broker, with regulations in two tier-1 jurisdictions and one tier-2 jurisdiction.

This broker is suitable for beginners and professional traders alike, as well as social traders and crypto traders.

eToro has an overall TrustScore of 92/99 and has been around since 2007.

eToro can be used to trade more than 2,300 instruments and over 359 million trades have already been opened through eToro.

eToro also offers patented Copy Trading technology, which has proven to be very popular and successful amongst its clients, with an average yearly profit of more than 80% for copy traders.

 

Pros and Cons of eToro:

✔️Pros Cons
Supports CopyTrading Difficult to find account info
Supports Social trading High Forex fees
Flexible leverage Withdrawal fees
Free stock and ETF trading in EU

 

Minimum Account Features of eToro:

Minimum deposit $50
Maximum leverage 1:30
Account base currencies RUB, CAD, EUR, CNY, GBP, USD, AUD, JPY
Instruments Indices, Stocks, Commodities, Forex, Cryptocurrencies, ETFs
Regulations FCA, CySEC, ASIC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms eToro app, OpenBook

 

Swissquote

Swissquote

 

Swissquote is a multi-regulated international Forex and CFD broker that offers more than 400 Forex and CFD instruments, 26 cryptocurrencies and more.

Clients can choose from 4 types of accounts that can all be used with Expert Advisors and can be funded with 15 different base currencies.

Swissquote is compatible with 4 popular trading platforms and also offers its own proprietary platform, known as Advanced Trader.

For beginners, Swissquote provides educational webinars, training courses, tutorials and more.

 

Pros and Cons of Swissquote:

✔️Pros ❌Cons
Allows Day trading and Swing trading Expensive trading fees
Multi-regulated broker Not regulated by CySEC or ASIC
Great selection of educational resources Inactivity fee

 

Minimum Account Features of Swissquote:

Minimum deposit $1000
Maximum leverage 1:00
Account base currencies CZK, TRY, AUD, JPY, USD, SEK, HUF, SGD, XGD, NOK, EUR, CAD, GBP, PLN, CHF
Instruments Indices, Forex, Stocks, Crypto, Bonds, Commodities
Regulations DFSA, SFC, MAS, FCA, MFSA, FINMA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms Advanced Trader, MT4, MT5

 

Admirals (Admiral Markets)

Admiral-Markets

 

Admirals offers more than 4,000 CFDs, over 380 ETFs and 47 currency pairs – with a total of more than 8,000 tradable instruments.

The Admirals support team is multilingual and can be reached telephonically, via email and through live chat.

To celebrate its 20th anniversary and pave the way forward, Admiral Markets was rebranded to Admirals and plans to provide personal finance, money management services and more.

Admirals offers the MetaTrader Supreme Edition, Stereo Trader and VPS services.

 

Pros and Cons of Admiral Markets:

✔️Pros ❌Cons
Great research tools Cash rebates based on region
Variety of accounts Penalty fees
Negative balance protection
Suitable for beginners

 

Minimum Account Features of Admiral Markets:

Minimum deposit $1-$100
Maximum leverage 1:500
Account base currencies USD, BGN, HUF, CHF, CZK, PLN, EUR, GBP, RON, HRK
Instruments Bonds, Commodities, ETFs, Stocks, Indices, Forex
Regulations CySEC, ASIC, FCA, EFSA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5, Admirals app

 

GO Markets

GO Markets

GO Markets is a regulated Forex broker that is suitable for all types of traders and provides free educational material for beginners. 

GO Markets has more than 600 tradable instruments and tight spreads, starting at 0.0 pips, with flexible leverage and 24/5 customer support.

GO Markets provides educational tutorials and guides with training courses and access to a variety of smart trading tools, such as AutoChartists, MetaTrader Genesis and more.

 

Pros and Cons of GO Markets:

✔️Pros ❌Cons
Great educational content No Islamic account
Beginner-friendly  Penalty feess
Free VPS

 

Minimum Account Features of GO Markets:

Minimum deposit $200
Maximum leverage 1:500
Account base currencies CAD, HKD, USD, NZD, GBP, AUD, CHF, SGD, EUR
Instruments Metals, Forex, Shares, Commodities, Indices
Regulations FSC, AFSL, ASIC
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5

 

FXTM

FXTM

 

FXTM, otherwise known as ForexTime, is a globally regulated and licensed Forex broker with more than 2 million active users.

FXTM offers 3 account types with guaranteed tight spreads and no commissions, and also offers a demo account that can be used with the educational resources provided on the website.

FXTM provides a variety of trading tools, including indicators, advanced calculators, strategy tools and more.

 

Pros and Cons of FXTM:

✔️Pros ❌Cons
Tight spreads No US clients allowed
Fast trade execution  Penalty fees
Low minimum deposit

 

Minimum Account Features of FXTM:

Minimum deposit $10-$500
Maximum leverage 1:2000
Account base currencies GBP, EUR, NGN, USD
Instruments Stocks, Commodities, Indices, Metals, CFDs, Forex
Regulations FSC, FCA, CySEC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5, FXTM Trader

 

XM

XM

 

XM has been around for over a decade and is a multi-award winning broker with more than 5 million international clients.

XM is available in 196 countries and customer support is available in many languages, 24 hours of the business day.

XM offers over 1,000 tradable instruments and more than 600 stocks from leading companies.

XM provides beginners with a variety of educational resources and research material and is suitable for traders with all levels of experience.

 

Pros and Cons of XM:

✔️Pros ❌Cons
User-friendly website No fixed spreads
Low minimum deposit Not available in US
Negative Balance Protection Inactivity fees
Promotions and bonuses

 

Minimum Account Features of XM:

Minimum deposit $5
Maximum leverage 1:888
Account base currencies JPY, PLN, GBP, RUB, CHF, EUR, AUD, HUF, USD
Instruments Stocks, Shares, Energies, Forex, Crypto, Metals, Commodities
Regulations CySEC, ESMA, ASIC, FCA, DFSA, IFSC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, MT5

 

Alpari

Alpari

 

Over 2 million people have chosen Alpari as their Forex broker and many clients have benefited from the friend-referral program.

Alpari has over 2 decades of experience in the trading industry and offers more than 250 trading instruments.

Alpari facilitates copy trading and accommodates all kinds of traders, from beginners to professionals.

 

Pros and Cons of Alpari:

✔️Pros ❌Cons
Referral program Only 4 base currencies
Supports Copy Trading Limited instruments
Flexible accounts Not available in Japan, Russia and USA
Massive client base

 

Minimum Account Features of Alpari:

Minimum deposit $100
Maximum leverage 1:1000
Account base currencies USD, EUR, GBP, NGN
Instruments Metals, CFDs, Forex
Regulations FSC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5

 

Pepperstone

Pepperstone

 

Pepperstone is suitable for social traders and beginners and offers 3 popular trading platforms and 2 types of accounts.

Pepperstone is trusted by more than 300,000 international clients and provides educational material for untrained traders.

Pepperstone also provides a variety of trading tools, such as SMART signals, Figaro and more, and allows algorithmic and API trading.

 

Pros and Cons of Pepperstone:

✔️Pros ❌Cons
Many regulations Only one account
Good customer service Lacking educational content
Great product portfolio
No inactivity fee

 

Minimum Account Features of Pepperstone:

Minimum deposit $200
Maximum leverage 1:30
Account base currencies HKD, JPY, NZD, EUR, AUD, USD, GBP, SGD, CHF
Instruments Shares, ETFs, Indices, Forex, Commodities, Crypto
Regulations ASIC, BaFIN, DFSA, CySEC, CMA, FCA, SCB
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5, cTrader

 

easyMarkets

easyMarkets

 

easyMarkets guarantees no slippage and tight spreads, with live trading sessions offered for free and updated news and market insights.

easyMarkets offers VIP packages that come with real-time technical analyses, a personal VIP market analyst, and more.

Regular clients also have access to a variety of advanced trading tools that can be used with MetaTrader 4, TradingView and the easyMarkets proprietary platform.

easyMarkets also offers a set of unique trading tools, such as dealCancellation, where losing trades can be cancelled within 6 hours for a small fee.

Other features unique to easyMarkets are Freeze Rates and easyTrade.

 

 Pros and Cons of easyMarkets:

✔️Pros ❌Cons
19 base currencies Not available in US
Fixed spreads
Negative Balance Protection

 

Minimum Account Features of easyMarkets:

Minimum deposit $25
Maximum leverage 1:400
Account base currencies GBP, NOK, CHF, CNY, AUD, ZAR, CZK, JPY, EUR, MXN, HKD, CAD, SGD, TRY, BTC, USD, SEK, PLN, NZD
Instruments Crypto, Shares, Commodities, Forex, Indices, Metals
Regulations CySEC, FSA, ASIC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, TradingView, easyMarkets app

 

IG

IG

 

More than 300,000 people are currently IG clients and IG has been around for more than 3 decades.

IG offers premium services and personalized trading support to clients, and the referral program is very rewarding.

IG has developed its own educational app to help beginners and the content provided is suitable for all levels of experience.

 

Pros and Cons of IG:

✔️Pros ❌Cons
Exceptional web platform Limited product portfolio
Great educational tools Lacking phone support
Low trading fees

 

Minimum Account Features of IG:

Minimum deposit $250
Maximum leverage 1:30
Account base currencies USD, EUR, AUD, SGD, HKD, GBP
Instruments Indices, Crypto, Commodities, Shares, Forex
Regulations ASIC, JFSA, FCA, CFTC, MAS, DIFC, FINMA
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, ProRealTime, L2 Dealer

 

Plus500

Plus500

 

Plus500 has more than 400,00 clients and guarantees tight spreads with fast execution speeds and commission-free trading.

Plus500 is regulated under multiple jurisdictions and sponsors several international sports teams.

More than $1700 billion has been traded using Plus500 and over 82 million positions have been opened.

Although educational resources seem limited, Plus500 does provide a demo account, trading eBooks and a trader’s guide to get new traders started for the first time.

 

Pros and Cons of Plus500:

✔️Pros Cons
Educational material provided No copy trading
Negative Balance Protection Inactivity fees
16 Account currencies
Highly regulated

 

Minimum Account Features of Plus500:

Minimum deposit $100
Maximum leverage 1:300
Account base currencies NOK, USD, SGD, GBP, JPY, AUD, EUR, CZK, PLN, CAD, HUF, CHF, SEK, TRY
Instruments Indices, Shares, ETFs, Cryptocurrency, Forex, Commodities, Options
Regulations ASIC, FMA CySEC, FCA,
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms Plus500 app

 

CMC Markets

CMC Markets

 

CMC Markets is a globally regulated Forex broker with more than 300,000 clients and 13 international offices.

CMC Markets offers free education and cash rebates on all accounts, with access to over 11,000 tradable instruments.

CMC Markets has a great product portfolio with an award-winning proprietary trading platform, known as Next Generation.

CMC Markets offers advanced risk management, innovative trading tools, and reliable market and news updates.

 

Pros and Cons of CMC Markets:

✔️Pros ❌Cons
More than 300 Forex pairs No spread betting account for US clients
Tight spreads Penalty fees
Comprehensive variety of resources

 

Minimum Account Features of CMC Markets:

Minimum deposit $0
Maximum leverage 1:30
Account base currencies GBP, SEK, NOK, EUR, PLN, USD, NZD, AUS, SGD, CAD
Instruments Shares, Treasuries, Crypto, Commodities, Forex, Indices, ETFs
Regulations FCA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, CMC Markets Next Generation app

 

FXCM

FXCM

 

FXCM offers a rebate program and a referral rewards program for clients, and also gives users the option to update their accounts for more trading benefits.

FXCM provides many different features and clients have access to advanced charting, algorithmic and API trading tools, and more.

This is a beginner-friendly broker that offers a great selection of educational content that can be used along with a demo account.

FXCM accommodates institutional clients, as well as copy traders, active traders and CFD traders.

 

Pros and Cons of FXCM:

✔️Pros Cons
Great selection of research tools High bank withdrawal fees
Variety of educational resources Limited products
Referral Program Penalty fees
Allows Copy Trading

 

Minimum Account Features of FXCM:

Minimum deposit $50
Maximum leverage 1:200
Account base currencies CHF, GBP, USD, EUR
Instruments Shares, Indices, Forex, Crypto, Commodities
Regulations FSCA ASIC, FCA,
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, CapitaliseAI, TradingView, Trading Station, NinjaTrader, ZuluTrade

 

City Index

City Index

 

City Index facilitates trading on more than 12,000 international markets, offering more than 4,500 shares, 84 Forex pairs and more.

City Index has designed its own platform and has been awarded for delivering an exceptional alternative to MetaTrader, cTrader and most major platforms.

The City Index app offers more than 65 technical indicators, multiple chart types, drawing tools and much more.

City Index is listed on NASDAQ and has been around for more than 3 decades.

This is a beginner-friendly broker and platform that offers a demo account and a variety of tutorials and videos to help new traders.

 

Pros and Cons of City Index:

✔️Pros Cons
Listed on NASDAQ Penalty fees
Great portfolio High stock CFD fees
Deposits and withdrawals at no cost Only one account type
Part of StoneX

 

Minimum Account Features of City Index:

Minimum deposit £50
Maximum leverage 1:30
Account base currencies AUD, PLN, EUR, USD, HUF, CHF, GBP, JPY
Instruments Metals Indices, Commodities, Shares, Bonds, Options, Forex
Regulations ASIC, IIROC, JFSA, FCA, CFTC
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, City Index app

 

Capital.com

capital.com

 

Capital.com guarantees zero-commission trading with tight spreads and low latency, ensuring fast execution speeds and transparent costs. 

Capital.com is a multi-regulated Forex broker with its own educational app and updated market news.

Capital.com can be used to trade in more than 6,000 global markets, and is suitable for professional and institutional traders, as well as beginners.

 

Pros and Cons of Capital.com:

✔️Pros ❌Cons
Low Forex and Stock CFD fees Limited product offering
Account creation is easy No platform tutorials 
Great customer support
Free withdrawals

 

Minimum Account Features of Capital.com:

Minimum deposit $20
Maximum leverage 1:30
Account base currencies PLN, USD, AUD, GBP, EUR
Instruments Shares Crypto, Indices, Commodities, Forex
Regulations CySEC ASIC, FCA,
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, TradingView, Capital.com CFD app

 

Eightcap

Eightcap

 

Eightcap is a leading MetaTrader Forex and CFD broker and offers more than 500 tradable instruments.

Eightcap guarantees deep liquidity, tight spreads (starting at 0.0 pips) and complete transparency with pricing.

Eightcap offers personalised accounts with reliable customer support and secure payment methods.

Eightcap also provides trading tutorials and guides and a variety of other educational resources for beginners.

Eightcap was launched in 2009 and has received several awards since then, having been rated the best Forex MT4 broker in 2020.

 

Pros and Cons of Eightcap:

✔️Pros Cons
Compatible with MetaTrader Limited portfolio
Low spreads High commission fees one some accounts
7 base currencies
Supports trading with EAs

 

Minimum Account Features of Eightcap:

Minimum deposit $100
Maximum leverage 1:500 
Account base currencies CAD, USD, AUD, SGD, NZD, EUR, GBP
Instruments Crypto, Forex, Commodities, Indices, Shares
Regulations ASIC, SCB
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, MT5

 

Tickmill

Tickmill

Tickmill is a highly regulated Forex broker that offers 3 account types and flexible payment methods.

Tickmill guarantees low-cost trading and tight spreads, starting at 0.0 pips, and all accounts qualify for swaps to Islamic accounts.

Tickmill is currently running several promotions, offering a $30 welcome bonus, trader of the month awards and the option to get paid for trading.

Beginners have access to a variety of educational materials and more experienced traders can use many different trading tools, including Myfxbook, AutoChartist and more, and an advanced trading toolkit is also provided.

 

Pros and Cons of Tickmill:

✔️Pros Cons
Negative Balance Protection Not available in US 
Autochartist and FIX API provided No fixed spread accounts
Commission-free trading No crypto
Highly regulated
Flexible accounts

 

Minimum Account Features of Tickmill:

Minimum deposit $100
Maximum leverage 1:500
Account base currencies GBP, EUR, USD
Instruments Indices, Stocks, Energies, Bonds, Commodities, Shares, CFDs, Forex, Metals
Regulations FSA, MiFID, FSCS, CYSEC, ESMA FCA
Swap-free accounts Yes
Demo accounts Yes
VIP, Referral Program or Active Trader  Yes
Platforms MT4, MT5

 

TradeNation

TradeNation

 

TradeNation is a regulated CFD and Forex broker that offers its own unique trading platform with a wide range of trading tools for charting, research and analysis.

TradeNation offers several useful guides that can be used as a reference with its trading simulator, which is essentially like a demo account.

TradeNation offers fixed spreads and 2 account types that can be used with either CoreTrader2 or MetaTrader 4.

 

Pros and Cons of TradeNation:

✔️Pros Cons
No penalty fees Not available in US
Free withdrawals and deposits Limited information on accounts and products
8 base currencies
No minimum deposit
Fixed spreads

 

Minimum Account Features of TradeNation:

Minimum deposit $0
Maximum leverage 1:200
Account base currencies GDP, ZAR, USD, NOK, EUR, AUD, SEK, DKK
Instruments Bonds, Futures, CFDs, Shares, Forex, Commodities, Indices
Regulations SCB, FCA, FSCA, ASIC
Swap-free accounts No
Demo accounts Yes
VIP, Referral Program or Active Trader  No
Platforms MT4, TradeNation platform

 

Conclusion

Regardless of your level of trading experience, it’s always a good idea to choose a broker that can be trusted and offers a variety of educational materials so that you can refine your trading skills and brush up on trading terms – you might just learn something new in the process, if you’ve been in the game for a while!

Whether you are an Australian citizen or you prefer funding your account with AUD, choosing one of the 30 Best Australian Forex Brokers will ensure that you have an enjoyable, safe trading experience.