If you’re based in Australia and wish to buy and sell forex pairs online, there are now heaps of brokers to choose from. In the vast majority of cases, brokers are regulated by the Australian Securities and Investments Commission (ASIC), so your money is safe at all times. However, knowing which platform to sign up with is no easy feat. As such, we would suggest reading our guide on Australia forex brokers. Not only do we discuss the best five platforms currently in the market, but we also explore the many factors that you need to look out for prior to opening an account. On this Page:Contents [show] Our Recommended Australia Forex Platform If you’re looking to start trading forex at an Australia forex broker right now, we would suggest the platform listed below. Our top pick covers all bases – such as low spreads and commissions, lots of supported AUD forex pairs, top-notch customer support, and heaps of everyday payment methods. Simply click on the below link to go straight to the broker’s website! eToro - Our Recommended Forex Platform Our Rating CySEC, FCA & ASIC regulated 30 Million Users Trading Forex, Crypto, Commodities, Stocks, ETFs Free Demo Account Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller Copytrade Winning Forex Traders Trade Forex 81% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. Top Australian Forex Brokers In order to narrow our top five forex brokers down to just five, we installed a strict set of conditions. This required countless hours of research and in-house testing. The key requirements that we sought were super-low fees, a seamless account opening process, dozens of supported pairs, and a strong regulatory standing. Note: Although we give you an overview of the pros and cons of each of the following five brokers, we would suggest that you perform your own research, too. This will ensure that the broker is right for your personal needs before signing up. 1. eToro - Forex Broker with $200 Minimum Deposit eToro is an online broker that offers a range of financial instruments. On top of dozens of currency pairs, you can also invest in traditional stocks, cryptocurrencies, and thousand of CFDs. Crucially, eToro is our top pick for those of you with little experience in online trading. You can open an account in less than five minutes, and it takes just seconds to deposit funds. Options include debit/credit cards, a bank transfer, or an e-wallet like Paypal. If you've never traded forex before, it might be worth exploring the Copy Trading feature at the broker. This is where you copy the trades of other users of the site, so no prior experience is needed. What we also like about eToro is that its fees are super-competitive. On top of low spreads, there the platform does not charge any trading commissions. eToro also has an excellent reputation in the regulatory scene. The broker is licensed by ASIC, as well as the UK's FCA and CySEC in Cyprus. You can get started with a minimum deposit of $200, although do bear in mind that you'll need to verify your identity. You can do this automatically by uploading a copy of your Australian passport or driver's license. Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities Demo Account: Yes Educational Material: Great educational material for both beginners and advanced traders Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee Minimum deposit: $200 MT4/MT5: No Special Features: Copy trading and social trading site Regulation: CySEC, FCA, ASIC, MiFID Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay Our Rating Social trading leader Best mobile trading site Paypal accepted Limited technical analysis tools Not well-suited for the more advanced investor Visit eToro 75% of retail investors lose money when trading CFDs with this provider How to Choose a Forex Broker in Australia It’s always advised to perform your own research when choosing a new forex broker. This will ensure that the broker is right for your personal trading requirements, not least because no-two platforms are the same. For example, while some excel by offering heaps of payment methods, others are super-competitive in fee department. As such, we would suggest making the following considerations when research a new broker. Licensing The most important factor that you need to consider is whether or not the platform is regulated by ASIC – the body responsible for regulating Australian brokers. All of the brokers listed on this page hold that feat. With that said, it’s also notable if the broker holds licenses with other tier-one bodies like the FCA or CySEC. Forex Pairs Whether you’re looking to trade Australian dollars or the British pound – it’s important to explore whether or not your preferred currency pairs are supported by the broker. You can do this heading over the broker’s platform and searching through its forex department. You don’t need to open an account to do this. Payment Methods You also need to think about the payment method that you wish to use to deposit and withdraw funds. Popular payment methods supported by Australian forex brokers include debit/credit cards, BPAY, Poli payments, and e-wallets like Paypal and Skrill. Be sure to check what deposit/withdrawal fees apply. Spreads The spread will dictate the difference between the buy and sell price of an asset. The ‘wider’ the spread, the more you are indirectly paying in fees. As such, try to stick with brokers that offer super-low spreads. Commissions Some Australian brokers will charge you a commission every time you place an order. For example, if the broker charges 0.5% and you trade $400, you’ll pay a fee of $2. Check what commissions apply before opening an account, as this can make all the difference. Trading Tools and Research You should also explore what the platform’s research and education department is like. Regarding the former, this should include heaps of technical indicators and advanced charting tools, as well as ongoing fundamental news analysis throughout the day. If you’re a newbie, check to see whether any education guides are provided. Customer Support Check to see what the customer support department is like. Although we prefer platforms that offer support on a 24/7 basis, 24/5 is more common to fall in-line with standard trading hours. Moreover, you should also explore what support channels are offered. Live chat is always the prefered option, although others prefer telephone or email support. Leverage at Australia Forex Brokers Although ASIC is one of the most stringent licensing bodies in the regulatory space, it does not apply any limits on retail traders when it comes to leverage. This is why you will often see Australian forex brokers advertise leverage up to 500:1. To put that into perspective, a $100 account balance would allow you to place a trade worth $50,000 – meaning the margin requirement is set at just 2%. Although this means that you can trade with significantly more than you have in your account, you should tread with caution. For example, if you were to apply leverage of 500:1 and your trade went against you by 2% or more, you’d lose your entire stake. Taking these risks into account, some forex brokers will offer you much less if you’re a retail trade. Conclusion If you’ve read our guide from start to finish, you should now have a firm idea of how to find an Australian forex broker that best meets your trading requirements. We’ve explained the key metrics that you need to look out for when performing your own research – such as ASIC regulation, low commissions and spreads, in-depth research tools, and heaps of supported payment methods. If you don’t have the required time to research your own broker, we’ve also listed our top five picks of 2020. Not only does each broker hold a license with ASIC, but they all meet our strict set of criteria. Crucially, just make sure that you take care when applying leverage, as some brokers will offer up to 500:1 on major pairs like AUD/USD. eToro - Our Recommended Forex Platform Our Rating CySEC, FCA & ASIC regulated 30 Million Users Trading Forex, Crypto, Commodities, Stocks, ETFs Free Demo Account Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller Copytrade Winning Forex Traders Trade Forex 81% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. FAQs Are Australia forex brokers safe? Australian forex brokers are safe as long as they hold a license from ASIC. On top of other safeguards, this ensures that client fund are held in segregated bank accounts with tier-one financial institutions. What leverage limits do Australia forex brokers offer? Unlike other licensing bodies, ASIC does not place any caps on leverage for Australian traders. As such, some brokers allow you to apply up to 500:1 on major pairs. Are commission-free brokers really free? By using a commission-free forex broker you will not be charged to trade. However, you still need to assess what spreads the broker charges, as this is an indrect fee. What is the minimum deposit amount at Australia forex brokers? Minimum deposits typically start at $50 when using an Australian forex broker, although others ask for much more. What payment methods do Australia forex brokers support? Australia forex brokers offer heaps of everyday payment methods, such as BPAY, Poli Payments, debit/credit cards, and e-wallets like Paypal. 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