Forex Brokers in Australia
In Australia, forex brokers are regulated by ASIC, Australian Securities and Investments Commission. Slightly different from US and European partners, the Australian forex broker has more flexible regulations. Traders must take note that ASIC-regulated forex broker doesn't accept clients from outside Australia.
ASIC is considered as one of the most respectable regulators worldwide. While trading in Australian brokers, traders can gain advantages of having exceptionally safe trading activities, higher leverage than EU and USA, plus bonafide regulation.
| Broker | Regulation | Max Leverage | Min Deposit | General Rating | |
|---|---|---|---|---|---|
| FXCM Australia 1999 | ASIC 309763 CONSOB (Italy), 76 CySEC, 392/20 DMCC (Dubai), 31171 FCA (UK), 217689 ISA (Israel), 2 SFC (Hong Kong), AIM232 ESMA | 1:400 | $1 | Review | |
| Pepperstone Australia 2010 | ASIC, 414530 BaFin 151148 Capital Markets Authority of Kenya, 128 CySEC, 388/20 DFSA (Dubai), F004356 | 1:500 | $200 | Review | |
| Plus500 Australia 2008 | ASIC, 417727 CySEC 250/14 FCA (UK), 509909 FSCA (South Africa), 47546 ISA (Israel), 5 Monetary Authority of Singapore, 2017-12-11 | 1:300 | $100 | Review | |
| easyMarkets Australia 2001 | ASIC, 246566 CySEC, 079/07 FSA (Seychelles) 19.09.2020 | 1:400 | $100 | Review | |
| Forex.com Australia 1999 | CFTC/NFA 0339826 FCA (UK), 190864 FSA (Japan), 1539 IIROC, May 10, 2012 | 1:200 | $250 | Review | |
| Hantec Markets Australia 2009 | FCA (UK) 502635 FSC (Mauritius), C114013940 Jordan Securities Commission, 51905 | 1:30 | $1000 | Review | |
| ThinkMarkets Australia 2010 | ASIC, 424700 FCA (UK), 629628 FSA (Japan), 19/02/2021 FSCA (South Africa) FSP No 49835 | 1:30 | $1 | Review | |
| IC Markets Australia 2007 | ASIC, ACN 123 289 109 CySEC, 362/18 Securities Commission of The Bahamas SIA-F214 | 1:500 | $200 | Review | |
| XM Australia 2009 | ASIC, 443670 BaFin, 124161 CNMV (Spain) 2010157773 CONSOB (Italy), 3046 CySEC, 120/10 FCA (UK), 538324 FSP (New Zealand), FSP235905 ESMA | 1:888 | $5 | Review | |
| Interactive Brokers Australia 1977 | ASIC, 453554 Central Bank of Ireland 23.12.2020 CFTC/NFA, 0258600 FCA (UK), 208159 Hungarian National Bank, H-EN-III-623/2020 Monetary Authority of Singapore, CMS100917 SEC (US), 8-47257 | 1:100 | $10000 | Review | |
| CMC Markets Australia 1989 | BaFin, 154814 FCA (UK), 173730 | 1:500 | $1 | Review | |
| FXOpen Australia 2003 | ASIC, 412871 FCA (UK), 579202 | 1:500 | $1 | Review | |
| ForexCT Australia 2006 | None | 1:400 | $500 | Review | |
| Eightcap Australia 2009 | ASIC, 391441 Vanuatu Financial Services Commission 40377 | 1:500 | $100 | Review | |
| Capital Index Australia 2014 | FCA (UK), 709693 Securities Commission of The Bahamas, SIA-F199 | 1:200 | $100 | Review | |
| FP Markets Australia 2005 | ASIC, 286354 CySEC, 371/18 | 1:500 | $100 | Review | |
| AAFX Trading Australia 2004 | FSA (St. Vincent & the Grenadines), 22916 IBC | 1:2000 | $100 | Review | |
| IG Australia 1974 | CFTC/NFA, 0509630 FCA (UK), 195355 | 1:50 | $1 | Review | |
| Ingot Brokers Australia 2004 | ASIC, 428015 FSA (St. Vincent & the Grenadines), 24172 FSP (New Zealand) FSP157304 | 1:400 | $100 | Review | |
| Royal Australia 2008 | ASIC, 420268 CySEC, 312/16 | 1:30 | $50 | Review | |
| Synergy Markets Australia 2011 | ASIC, AFSL 403863 | 1:500 | $100 | Review | |
| Core Liquidity Markets Australia 2013 | ASIC, 164994049 | 1:500 | $100 | Review | |
| Invast Financial Services Australia 1960 | ASIC, 438283 | 1:400 | $100 | Review | |
| PhillipCapital Australia 1975 | ASIC, AFSL 246827 FCA (UK), 169760 | 1:200 | $200 | Review | |
| CMS Trader Australia 2013 | None | 1:400 | $500 | Review | |
| Global Prime Australia 2010 | ASIC, 385620 FSA (Seychelles), SD057 Vanuatu Financial Services Commission, 40256 | 1:200 | $200 | Review | |
| TriumphFX Australia 2009 | Ministry of Finance and Economic Management (Vanuatu) 17901 | 1:500 | $100 | Review | |
| ETO Markets Australia 2013 | ASIC, 420224 | 1:400 | $200 | Review | |
| Boston Merchant Financial Australia 1988 | ASIC, 379035 FCA (UK), 563348 FFMS 1220 FSC (Bulgaria), RG-03-220 FSP (New Zealand), FSP328066 ESMA | 1:400 | $50 | Review | |
| GOMarkets Australia 2008 | ASIC, ACN081864039 CySEC, 322/17 DMCC (Dubai) 18.07.2020 | 1:500 | $200 | Review | |
| IronFX Australia 2010 | ASIC, 417482 CySEC, 125/10 FCA (UK), 585561 FSCA (South Africa), 45276 | 1:30 | $100 | Review | |
| ACY Securities Australia 2013 | ASIC, 403863 | 1:500 | $100 | Review | |
| Blueberry Markets Australia 2016 | ASIC, 391441 | 1:500 | $100 | Review | |
| Anzo Capital Australia 2015 | ASIC, AFSL 514425 FSA (St. Vincent & the Grenadines), 308 LLC 2020 IFSC (Belize) 000331/48 | 1:1000 | $100 | Review | |
| CLMarkets Australia 2013 | ASIC, 164994049 | 1:500 | $100 | Review | |
| AvaTrade Australia 2006 | ASIC, 406668 Central Bank of Ireland, C53877 Financial Futures Association (Japan) 1574 Financial Services Regulatory Authority (Abu Dhabi), 190018 FSA (Japan), 1662 FSC (BVI), 2013-07-30 FSCA (South Africa), 45984 IS | 1:400 | $100 | Review | |
| Axi Australia 2007 | ASIC, 318232 DFSA (Dubai) 2758 FCA (UK), 509746 FSCL (New Zealand), FSP518226 | 1:400 | $1 | Review | |
| USGFX Australia 2006 | FCA (UK), 798776 FSCA (South Africa), 49854 | 1:500 | $100 | Review | |
| Vantage FX Australia 2006 | ASIC, #ACN 140 903 886 Cayman Islands Monetary Authority 1383491 FCA (UK), 501057 Vanuatu Financial Services Commission, 700271 | 1:500 | $200 | Review | |
| MultiBank Australia 2005 | ASIC, 416279 BaFin, 73406 DFSA (Dubai), CL3989 FCA (UK), 481068 FSC (BVI) SIBA/L/14/1068 Ras Al Khaimah Free Trade Zone, IC/2993/10 | 1:500 | $50 | Review | |
| Blaze Markets Australia 2020 | FSA (St. Vincent & the Grenadines), 26027 BC 2020 | 1:200 | $100 | Review | |
| Admirals Australia 2001 | ASIC, 28381 CySEC, 201/13 FCA (UK), 595450 FSA (Estonia), 10932555 FSA (Seychelles), 8426894-1 | 1:500 | $100 | Review | |
| Moneta Markets Australia 2020 | Vanuatu Financial Services Commission, 700271 | 1:500 | $50 | Review | |
| BMFN Australia 1988 | Vanuatu Financial Services Commission, 40202 | 1:400 | $50 | Review | |
| Fusion Markets Australia 2018 | ASIC, 226199 Vanuatu Financial Services Commission, 40256 | 1:500 | $1 | Review | |
| TOP1Markets Australia 2018 | ASIC, 488340/001276870 Vanuatu Financial Services Commission, 40436 | 1:100 | $100 | Review |
What You Need to Know about Forex Trading in Australia
The Commonwealth of Australia, the largest country in Oceania, has a thriving economy. Their average wealth was only second to Switzerland from 2013 to 2018. That was when Australia overtook Switzerland's position to become the country with the highest median wealth. They have a high GDP per capita and a pretty low rate of poverty. By 2020, Australia was the 13th on the list of countries with the highest economy by nominal GDP.
62.7% of that high GDP comes from the service sector, manned by 78.8% of the labor force in 2017. Followed by construction at 7.4% and mining at 5.8%. Part of that service sector specifically comes from brokerage service, for many traders in Australia and abroad.
Forex trading in Australia is claimed to be a huge business now, which is stimulated by the investors' attention toward currency trading after the global financial crisis in 2008-2009. Their currency, the Australian Dollar, has growing global importance which is correlated to the Chinese economy and oil prices.
In more than a decade, Australian forex brokers have grown into well-known brokers to millions of traders around the globe. This industry is now worth $380 billion, twice the value since 2007.
Australian government used to regulate this industry in a less restrictive manner when compared to the US which forbids the brokers from offering more than 50:1 leverage to retail traders. Australian Securities and Investments Commission (ASIC) initially allowed the brokers under their regulation to give 400:1 leverage to their traders, but current changes have restricted the leverage offering to only 30:1 on major currency pairs. Still, this doesn't deter Australian forex trading from rising higher in popularity.
Many traders put their trust in Australian brokerage because ASIC keeps a high standard before issuing their license. All brokers who wish to obtain Australian Financial Services License or AFSL must meet several strict specifications such as the demonstration of technical capabilities, sufficient financial resource, provision for staffs training, compliance to a certain set of rules, a clear and efficient procedure for dispute resolution, and adequate protection to their client's funds.
Many forex brokers in Australia offering great features such as Straight Through Processing and True Electronic Communication Network. They have piqued the interest of some of the largest institutional traders and money managers.
How to set the right foot into forex trading in Australia?
Find the Right Broker
First, you will need to find the right broker for you. We say the right broker because even a good broker might not have a specifically suitable service or products for you. If there is one certain criterion, that would be a broker that is regulated by ASIC.
Another thing you need to pay attention to is the broker's policy regarding customer service. Sometimes, you might have a question to pose or problems to solve. A broker with good customer service should be able to answer your question or solve a problem that might occur.
Set Your Initial Deposit
Next up is the amount of the deposit that they will ask before you open a live account. There are a few brokers that allow you to open an account with just $1 while some other brokers require a minimum deposit of $10,000. Which one is the best?
Think of opening a forex account like opening a business, how much room for error if $1 is all you have in your business? Nevertheless, it cannot justify you to put a million dollars on your first forex account. Only use a fraction of what you can afford to lose as your first deposit, keep in mind that this is a pretty risky business.
Watch the Leverage
Another thing to pay attention to is leverage. This is basically the amount you will borrow from your broker. You may need this if you only place a small deposit. This leverage can help your account moves faster in both directions. If you have a good plan to execute, this leverage can help your account grow. On the other hand, if you poorly executed the trades, the same leverage will blow your account.
Once you have a good broker to work with and a reasonable amount to deposit, you should find a good strategy before executing any kind of trade. It is fine if you can only execute a single trade in a week or even a month; waiting for a good opportunity is part of trading as well.
All in all, Australia is a good country to work with when it comes to forex trading. In-depth explanations regarding analysis and technique would be a topic to discuss in this article list.
FAQ
What is the best forex broker in Australia?
Finding the best forex broker in Australia is not much different from choosing the right broker in general. Aside from making sure that the forex broker is available for client registration from Australia, you need to check its regulation, minimum deposit, spread, leverage, payment methods, and other trading-related aspects that may affect your strategy. Furthermore, make sure that the broker has a good credibility and reliable customer support.
Where can I trade forex in Australia?
The list in this page can be a good reference if you look to trade with in Australia. We have sorted specific forex brokers that accept clients from Australia, so you can choose one of the brokers by comparing their minimum deposit, regulation, leverage, and rating. If you are interested to learn further about a certain broker, feel free to click the review button.
What is the best forex broker for beginners?
If you are a beginner and looking for the right broker to trade with in Australia, some aspects that you need to pay attention to are the low minimum deposit, demo account , and educational features. Apart from that, it's also better to make sure that the broker has good customer service because as a beginner, you may need to consult about broker services that still seem incomprehensible to you.
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