Best Forex Brokers in Australia 2024

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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Forex trading in Australia offers endless opportunities. However, the wrong platform or trading strategy can quickly turn this dream into a nightmare. In fact, fraudulent investment scams robbed some Australians of a whopping $293.2 million in 2023. 

We are here to help you journey through the promising but risky world of forex trading in Australia and beyond. We did thorough research, testing, and comparison of all Australian forex brokers while keeping you, our valued reader, in mind.

List of the Best Forex Trading Platforms

  • Pepperstone – Overall Best Forex Trading Platform in Australia
  • Plus500* – Best Forex Trading Platform for Simplicity and Diverse Instruments
  • eToro – Best Forex Trading Platform for Social Trading
  • FP Markets – Best Forex Trading Platform for Experienced Traders
  • AvaTrade – Best Forex Trading Platform for Newbies

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

In This Guide

Compare Forex Brokers in Australia

A quick Google search of the phrase “Forex trading platforms in Australia” reveals hundreds of providers screaming for your attention. However, a broker’s word isn’t enough. Furthermore, searching for the right fit for your investment journey is time-consuming, especially if you’re still a greenhorn in forex trading.

Leave the legwork to our experts. We have years of experience vetting and testing forex brokers in Australia, regardless of their size and promises. We check crucial factors such as regulations, fees, user-friendliness, software, and customer support to pick the top five providers.

The scrutiny doesn’t end there. We compare the chosen few against peers to get the overall winner and identify unique strengths.

You can always count on us to provide unbiased and accurate insights. We usually visit reputable online review sites like Trustpilot, Google Play, and the App Store to collect reviews left by actual users. Our primary goal is to ensure you trade safely and profitably.

Let’s start with a brief comparison table of the best Australian forex brokers.

Australian Forex Brokers: Comparison Table

Best Forex Broker AustraliaLicense & RegulationSupport ServiceSoftwarePayment MethodDemo Account
PepperstoneFCA, ASIC, DFSA, CySEC, CMAK, SCB, BaFin24/7TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social tradingPayPal, Visa, MasterCard, Bank TransfersYes
Plus500*

82% of retail investor accounts lose money when trading CFDs with this provider.

FMA, FSCA, CySEC, FCA, ASIC, MAS24/7Plus500 CFDVisa, MasterCard, PayPal, Skrill, Bank TransferYes
eToroFMA, FCA, CySEC, FSCA, ASIC, SFSA ADGM, MFSA, FSAS, GFSC, SEC24/5eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart PortfoliosCredit/debit cards, Bank transfer, Klarna, PayPal, Skrill, NetellerYes
FP MarketsCySEC, FCA, ASIC, FSCA 24/7MT4, MT5, cTrader, TradingView, WebTrader, Mobile Trading AppCredit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay Yes
AvaTradeFMA, FCA, FSCA, CBI, CySEC, PFSA, ASIC, B.V.I FSC, FSA, ADGM, ISA24/5WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated TradingCredit/debit cards, Neteller, Skrill, Wire transfer, WebMoneyYes

Brokers Short Overview

Affordability and diversity are among the priorities to consider when choosing a broker. The last thing you want is to trade in unfamiliar assets or make losses in excessive charges. We have broken down the chosen brokers’ fees and assets we discovered during our rigorous tests:

Fees

Best Forex Broker AustraliaMinimum Deposit RequirementCommission/ SpreadsDeposits/ WithdrawalsInactivity Fee
Pepperstone$0From 0.0 pipsFreeNone
Plus500*$100From 0%Free
$10 monthly

eToro$50From 0%$5 Withdrawal$10 monthly
FP Markets$100From 0.0 pipsFree$0
AvaTrade$100From 0.9 pips
Free$50 after every 3 months of inactivity

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Assets

Best Forex Broker AustraliaStocksForexCryptocurrenciesCommoditiesIndicesETFsOptions
PepperstoneYesYesYesYesYesNoNo
Plus500* (CFDs)YesYesYesYesYesYesNo
eToroYesYesYesYesYesYesNo
FP MarketsYesYesYesYesYesYesNo
AvaTradeYesYesYesYesYesYesYes

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Our Expert Opinion about Forex Brokers in Australia

After narrowing down to the top five forex brokers in Australia, we further evaluated each to identify their uniqueness. We didn’t leave any stone unturned, especially regarding regulations, usability, fees, and customer support. All you need to do is pick the best forex trading platform in Australia and start trading!

1. Pepperstone – Best Overall Forex Trading Platform in Australia

Our expert research revealed that Pepperstone is the overall king in the Australian forex trading market. Its Razor Account offers spreads as low as 0.0 pips and a low commission of AUD $3.50 per lot per side. Want to avoid the commission fee? Hop onto the Standard account. Furthermore, Pepperstone doesn’t shove inactivity fees onto your trading’s road to success.

You’ll love diversifying your trading on popular platforms since the broker offers easy access to MT4, MT5, cTrader, TradingView, and Capitalize.ai. Thanks to their intuitive designs and seamless integrations, newbies and seasoned traders find them user-friendly. While the broker lacks a proprietary platform, the available options regarding technical features, usability, and design will surprise you.

Pepperstone’s range of tradeable assets is outstanding. You can achieve success through CFDs on forex, indices, stocks, and cryptocurrencies. The selection surpasses the industry average, and only a few rivals outperform Pepperstone in this aspect.

Experienced forex traders can explore new boundaries with the help of advanced charting tools and calendars. Furthermore, you can dive into Pepperstone’s rich store of educational resources to inform your next moves. Whether you fancy written or video materials, they’ll cater to your content needs. We learned that the platform has an in-house analyst team conducting in-depth research. It employs a third-party tool called Autochartist to compile these materials.

Customer support is another area where Pepperstone shines. The broker offers 24/7 support via live chat, email, and phone. We loved the crew’s responsiveness in solving a minor withdrawal issue. In fact, they outshone most of the teams we have interacted with in the industry.

Pepperstone

✔24/7 support service
✔User-friendly and navigable platform

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2,817 User Reviews
google
4,480 User Reviews
apple
1 User Reviews
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Our Rating
Total Rating:
7,298 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • No minimum deposit requirement
  • A rich selection of reputable third-party platforms
  • A diverse range of tradeable assets
  • In-depth research resources
  • Advanced features for seasoned traders
  • Low commissions and tight spreads

Cons

  • Some beginners may find it complex
  • No proprietary platform

We find Pepperstone broker to be one of the brokers with transparent fee structures. There are no hidden charges, so what you see displayed on its platform is what you will incur. This makes it easier for you to budget without worrying about overspending.

Let’s discover below some of the trading and non-trading charges at Pepperstone.

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
Minimum Deposit Requirement From $0, depending on your jurisdiction
Commission From $0.02 on US-listed shares
Spreads From 0.0 pips on its Razor Account
Deposits and Withdrawals Free
Inactivity None
Overnight Funding Varies based on global market conditions
Copy Trading Free

Note that Pepperstone charges both spreads and commissions. While spreads are charged on all accounts, commissions are only imposed on the Razor Account.

At Pepperstone, we discovered over 1,200 CFD and spread betting assets. The securities are in different classes, including shares, commodities, forex, indices, ETFs, and cryptocurrencies. Unfortunately, some assets like options are missing.

As we previously mentioned, there are two types of trading accounts, namely Razor and Standard, with which you can explore these securities. We also noticed that Pepperstone supports leverage trading on its featured securities. Retail traders will enjoy limits up to 30:1, while professionals are eligible for limits up to 400:1. This allows you to manage larger trades with a small capital, thus maximizing your chances of earning huge profits.

That being said, let’s break down the number of asset offerings at Pepperstone.

Asset Class Number Offered
Forex 97+ currency pairs
Shares 1000+
Indices 23+
Commodities 40+
Cryptocurrencies 30+
ETFs 48+

Disclaimer: Spread betting and CFD trading have the application of leverage attached to them. Therefore, while the activity can magnify your returns, losses are inevitable. To avoid incurring massive losses with CFD trading, understand how it works plus all the risks involved. Plus, only risk funds you are comfortable losing, considering that over 76% of retail traders lose money in this activity.

2. Plus500 – Best Forex Trading Platform for Simplicity and Diverse Instruments

Plus500 is a magical combination of simplicity and diverse tradeable instruments. Another huge plus is its mostly commission-free model. The platform’s wider reach enables it to earn some revenue and serve you better.

The platform also has a clutter-free interface. You can easily log in, immediately navigate to important features, and start making dollars—no more wasting time trying to second-guess your next move. Order entry is easy to grasp, and its charting tools are among the best in the industry. The seamless experience extends from its desktop to mobile platform, allowing you to continue trading even on the go.

The platform is home to a rich collection of assets and instruments. You can choose from over 2800 leveraged assets, including CFDs on forex, global stocks, indices, and ETFs. We noted that Plus500 also scored big points in terms of regulation. It holds licenses from top-tier bodies like ASIC, FCA, and CySEC. They aim to ensure forex trading goes on securely.

Furthermore, the platform offers customer support that befits a king and his queen. Help is available around the clock via live chat and email.

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Plus500

✔Easy-to-use trading platform
✔No hidden charges

Visit site
82% of retail investor accounts lose money when trading CFDs with this provider.
Read review
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14,120 User Reviews
google
102,000 User Reviews
apple
1,600 User Reviews
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Our Rating
Total Rating:
117,720 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Over 2800 CFDs
  • User-friendly interface
  • Quick 24/7 live chat support
  • Innovative +Insights feature
  • Commission-free trading

Cons

  • Lacks phone support
  • Limited advanced research tools

Many traders prioritize brokers they can afford. Since fees vary with a broker, we decided to go through Plus500’s fee structure. Here are some of the trading and non-trading charges to expect when you commit to this broker.

Trading and Non-Trading Charges Details
Account Opening $0
Minimum Deposit Requirement $100
Commission $0
Spreads From 0.0 pips on major currency pairs
Deposits and Withdrawals $0
Inactivity $10 monthly
Currency Conversion Up to 0.7%
Overnight Funding Varies based on trade size

From our analysis, we discovered that the Plus500 trading platform lists over 2,800 assets. These assets are spread across various classes, including forex, shares, indices, commodities, cryptos, options, and ETFs. For most regions, Plus500 supports CFD trading across the featured assets. Real stock trading is available on the Plus500 Invest platform, while futures trading is only available for US citizens on the Plus500 Futures platform.

Let’s break down the number of Plus500 product selections.

Asset Class Number Offered
Forex 60+ currency pairs
Shares 1900+
Indices 29+ global stock indices
Commodities 24+
Cryptocurrencies 19+
ETFs 96+

Note that options trading at Plus500 is offered on a few stock CFDs and stock index CFDs. Thematic indices like the Cannabis Index are also available for traders.

Disclaimer: CFD trading is complex and highly risky, considering the application of leverage attached. We have witnessed over 76% of retail traders lose their money in CFD trading. It may not be a suitable activity for you. Therefore, ensure you understand how CFD trading works and the risks involved. 

3. eToro – Best Forex Trading Platform for Social Trading

If you’re a newbie, you understand that following the steps of experts thwarts reading or binge-watching videos. eToro allows you to copy successful traders to hone your skills and be the next pro in Australia. You won’t pay a commission on this best forex broker in Australia. The slightly wider spreads, withdrawal, and inactivity fees enable the platform to pay itself and serve you better.

Diversify your portfolio with eToro’s over 6,000 CFD-traded instruments across various markets. If you’re tasting the forex trading world before taking the plunge, they have low-risk assets just for you. Are you an adventurous trader with big dreams of earning more? You can unleash your prowess on high-risk investments.

Intuitiveness is another attractive feature of eToro. The community-focused features will allow you to easily navigate through the platform, copy gurus, and start trading as if you’ve been on the platform for years. Be on top of your portfolios with the intuitive Delta Tool. Also, you can continue trading on the broker’s highly practical mobile app.

eToro hasn’t lagged in terms of in-house and third-party research resources. Dive into market news, analysis, and a social feed to inform your next move. While it lacks more advanced tools found in some of its competitors, the available ones, plus social trading, were more than enough for our trading adventure. We particularly loved their articles, market sentiments, and video-based explanations.

eToro also adheres to the most stringent trading requirements because it cares about your safety and security. It’s ASIC-regulated under license number 491139. It also has licenses from Tier-1 regulatory bodies, such as FCA and CySEC. Their customer support team members are professional and responsive. Help is just a few clicks away via phone or live chat. A ticketing system and a dedicated FAQ section are also available for your query.

eToro

✔ User-friendly trading platform
✔ Over 6000 trading instruments

Visit site
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider.
Read review
trustpilor logo
5 User Reviews
google
142,000 User Reviews
apple
31 User Reviews
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Our Rating
Total Rating:
142,036 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Community-focused features
  • Social trading capabilities to learn from the pros
  • Commission-free forex trading
  • 6,000 + tradeable assets, including ETFs, real stocks, and cryptocurrencies
  • User-friendly and intuitive platform design

Cons

  • Higher roll-over and dormancy charges
  • Higher spreads than some competitors

eToro has a transparent fee structure that is easy to understand and helps you plan accordingly. From our analysis, we discovered the following trading and non-trading eToro fees.

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
From $50, depending on your jurisdiction 0.6
Commission From 0% on stocks and ETF trading
Spreads From 1 pip on major currency pairs
Deposits and Withdrawals $5 withdrawal
Inactivity $10 monthly
Currency Conversion 1.5% or 3.0%, depending on the currency or payment method
Overnight Funding Varies based on global market conditions
Copy Trading Free

We discovered that eToro allows users to trade and invest in global markets. You can go long or short in a single portfolio. Overall, there are more than 6,000 instruments, which are spread across multiple classes. Investment options are stocks, which allow you to buy and take ownership of global stocks across various sectors. Fractional share purchases are also supported at eToro. This will enable you to fill your portfolio with leading stocks from global exchanges. ETFs are also other investment assets at eToro.

When it comes to CFD trading, this broker offers it with flexible leverage limits for both new and professional traders. From our experience, retail traders get up to 1:30 leverage limit and professionals up to 1:400. With CFD assets, you can go long or short and speculate on both rising and falling asset prices.

That being said, here is the number of tradable assets available at eToro.

Asset Class Number Offered
Forex 55+ currency pairs
Shares 5558+
Indices 21+
Commodities 35+
Cryptocurrencies 100+
ETFs 680+

Note that eToro also supports options trading but is limited to US clients only. You can also explore diverse non-fungible tokens (NFTs) via its Delta platform.

Disclaimer: CFD trading is risky and complex, thus not suitable for all types of traders. This is primarily due to the application of leverage attached, which can give you good profits as well as leave you with massive losses. So far, over 76% lose their money in CFD trading. That is why it is important to conduct extensive research and understand CFD trading risks before you invest your money in it.

4. FP Markets – Best Forex Trading Platform for Experienced Traders

FP Markets suits experienced but cost-conscious traders. The Raw account has tight spreads from 0.0 pips and a low commission of AUD 3 per side per lot. While the Standard account has a slightly wider spread, it doesn’t charge commissions on your trade. All withdrawals and deposits are also free.

Expand your trading with the platform’s third-party integration capabilities. You can access MT4, MT5, and IRESS to explore more tools and customize your game. That makes it a powerhouse of assets and instruments. For example, the Meta Trader 5 alone gives you access to 1000 instruments, while the IRESS adds you over 10,000 more.

We realized that learners can try the platform despite its steep learning curves. You’ll get access to extensive research tools like daily market reports, technical analysis, and AutoChartist immediately after registering. The comprehensive FP Markets Academy ensures you start your journey on the right foot.

FP Markets is licensed and regulated by ASIC, CySEC, and several other reputable bodies. It has implemented water-tight protections, such as compensation, segregated funds, and negative balance safeguards. Thus, you can trade with assurance your steps, money, and efforts are safe.

There’s no doubt that FP Markets shines when it comes to customer support. Our research on popular review sites revealed a good number of users praising the team for its professionalism and responsiveness.

FP Markets

✔Low minimum deposit requirement
✔Hosts numerous learning and market analysis tools

trustpilor logo
7,164 User Reviews
google
0 User Reviews
apple
2 User Reviews
financeraters logo
Our Rating
Total Rating:
7,166 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Around-the-clock multilingual support
  • Trading Central, Autochartist features
  • Third-party integration with MT4, MT5, and IRESS
  • A wide range of instruments
  • A rich collection of educational materials

Cons

  • Lacks proprietary app
  • Steep learning curves for beginners

We reviewed the applicable FP Markets fees, and like that the broker has a transparent structure. This allows users to efficiently plan for their activities without worrying about incurring additional costs. There are no hidden charges and no price manipulation with this broker.

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
Minimum Deposit Requirement From $50, depending on your jurisdiction
Commission From 0%
Spreads From 0.0 pips on major currency pairs
Deposits and Withdrawals Free deposits. Withdrawal fees apply based on the payment method used
Inactivity $0
Overnight Funding Varies based on global market conditions
Copy Trading Free

There are more than 10,000 CFD instruments at FP Markets across various asset classes. These include forex, shares, commodities, cryptos, and more. The best element about exploring these securities is that you have access to multiple platforms to choose from. Whether you prefer the MT4, MT5, cTrader, or TradingView, FP Markets has it all for you. You are guaranteed quality resources to maximize your potential.

When it comes to leverage applications, FP Markets has favorable limits for all types of traders. Retail traders can get up to 30:1, while professionals get 500:1. Moreover, we discovered multiple account types to suit every trader’s needs.

Here is a breakdown of the number of assets you will trade at FP Markets Standard, Raw, and Iress accounts.

Asset Class Number Offered
Forex 70+ currency pairs
Shares 10000+
Indices 19+
Commodities 12+
Cryptocurrencies 12+
ETFs 46+
Bonds 2+
Futures 7+

Disclaimer: CFD trading is risky, especially with the application of leverage attached. While many traders earn good profits from it, it can leave you with massive losses should a trade work out against you. Therefore, start by understanding CFD trading and all the risks involved before venturing into such securities. Remember, over 76% of retail traders lose money in CFD trading.

5. AvaTrade – Best Forex Trading Platform for Newbies

We didn’t forget beginners who desire to start trading without being bombarded by high costs. AvaTrade is where commission-free trading, user-friendliness, and competitive spreads merge.

The fixed spreads enhance predictable trading as you master forex trading. Furthermore, the demo account has $10,000 for practicing before the real trading. And the AvaProtect safeguards users’ sweat against losses.

Simplicity was in the designers’ minds, as demonstrated by this platform’s core features like WebTrader and AvaTradeGo. Still stuck somewhere and need assistance? Befriend AvaTrade’s wealth of educational materials, including tutorials and guides.

A retail account welcomes you after your signup. This level opens up a treasure trove of forex pairs, precious metals, commodities, and other instruments. Once you master your trade, you can scale up to Professional Accounts. Muslims who desire to adhere to Sharia law have Islamic Accounts.

Trading Central and Autochartist allow you to explore new heights. The platform also gives you access to reputable third-party platforms, like MT4 and MT5. Our tests on the broker’s customer support team revealed that the crew members are always available to help. You can email, phone, or live-chat them to resolve an issue or seek further information.

AvaTrade boasts of being under broad regulatory oversight. Like the other platforms we’ve recommended above, it holds a license from ASIC and is regulated by global players like the Central Bank of Ireland, Japan’s Financial Services Agency (FSA), and South Africa’s FSCA.

AvaTrade

✔Regulated by FCA
✔The platform supports algorithmic trading

trustpilor logo
8,869 User Reviews
google
10,200 User Reviews
apple
25 User Reviews
financeraters logo
Our Rating
Total Rating:
19,094 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Multiple top-tier licenses
  • Risk management feature
  • User-friendly interface
  • Beginners-friendly with affordable charges
  • A rich collection of educational resources

Cons

  • Limited advanced features for seasoned traders
  • The fixed spreads may be higher than variable spreads on competitors’ platform

Our experts investigated the AvaTrade broker’s fees and charges. We first noticed that the platform has a modest minimum deposit requirement of $100. What’s more, its users pay no additional costs while depositing funds or cashing out. That makes AvaTrade an ideal broker for both cost-conscious and newbie traders who want to test their waters with small capital before going all in.

That said, AvaTrade requires dormant account holders to pay $50 after every 3 consecutive months of inactivity. Moreover, if you let your account remain inactive for over successive months of inactivity, the broker will charge you a $100 administration fee. Not to forget, AvaTrade requires traders who hold positions overnight to cover a premium.

Here’s a breakdown of the fees you should expect to encounter while trading with this service provider:

Fees and Charges Amount
Spreads From 0.9 pips
Administration fee $100
Inactivity fee $50
Overnight premium Yes

The AvaTrade trading platform’s users have access to over 1,250 financial instruments, from forex pairs and indices to commodities, options, ETFs, and more. Below is an overview of some of this service provider’s product offerings:

  • Forex: As an AvaTrade user, you can trade diverse popular currency pairs, like EUR/USD, CAD/JPY, and USD/TRY. You can also boost potential returns with leverage of up to 400:1.
  • Commodities: From crude oil to silver, corn, and platinum, countless commodities are available on the Ava trading platform. They have competitive spreads and juicy leverages for individuals who want to access larger positions with small capital.
  • Cryptocurrencies: With an AvaTrade account, you can trade crypto CFDs like BTC/USD, Ripple, and Bitcoin Gold. These assets have reasonable spreads starting from 0.10% over-market.
  • Stocks: Over 90 stocks are accessible on the AvaTrade platform, including popular products like Groupon, Apple, and Microsoft. You can trade such instruments and enjoy reasonable spreads starting from 0.13%.
  • ETFs: If you want to trade ETFs, AvaTrade has you covered. You’ll find numerous outstanding assets, such as the MSCI EAFE Index Fund, S&P 500 VIX Short-Term Futures ETN-Series B, and Energy Select Sector SPDR.
  • Indices: After opening an AvaTrade account, you’ll get uncapped access to US500, UK100, CHINA A50. The broker also allows index traders to enhance potential returns with up to 100:1.
  • Options: AvaTrade’s AvaOptions trading platform allows users to trade options. It’s also equipped with 13 strategies, including call spread, put spread, and straddle.

Forex Trading in Australia

Forex Trading in Australia

Australia is among the most lucrative forex trading hubs. The country’s stable economy and stringent financial regulations have attracted domestic and international traders.

ASIC is the oversight authority in Australia’s financial markets. It ensures that a non-licensed broker doesn’t operate within the country’s jurisdiction. Serious brokers not only adhere to the watchdog’s stringent measures – they even go the extra step to obtain licenses from global bodies like CySEC.

Anyone from any nation can trade forex within Australia, so long as you’re 18 years old or older. Does your kid desire to be an upcoming forex trader? No problem – the law allows you to open and manage a custodial account for them.

The Australian Taxation Office (ATO) charges capital gains tax (CGT) on earnings from your forex trading. It considers your total taxable income and the period you held the forex asset. Long-term investors have a reason to smile here: if you have had them for at least one year, you get a 50% discount on CGT.

Discover our other article on High Leverage Forex Brokers.

What is Forex Trading?

Foreign Exchange or Forex Trading involves purchasing or selling currencies on the currency market to make profits. This market is decentralized and allows you to trade any time on weekdays. Furthermore, it’s among the most liquid financial behemoths in the world. In Australia alone, the average daily Forex Trading stood at $150.4 billion in April 2022.

How does Forex Trading Work?

Being a forex trader is easier than it sounds. Furthermore, the best forex trading platforms in Australia have made this process a breeze.

Here are sure steps to your future financial freedom:

Step 1: Check your broker’s official site
Step 2: Sign up
Step 3: Submit verification documents
Step 4: Fund your account
Step 5: Start trading!

Visit your broker’s site and research every crucial element, including supported assets, licensing, customer support, and fees. You can also visit reputable review sites to confirm the site’s claims.

Register using the provided form on the broker’s web-based or mobile platform. You must submit your official name, date of birth, contacts, and other relevant details. Remember to set a difficult-to-guess password, as safety starts with you.

The broker will require some documents to verify your account. So, arm yourself you’re your government-issued IDs and proof of address. Only clear and eligible documents should be submitted.

Reputable brokers verify accounts in hours rather than days. Once you get the go-ahead, fund the account using the available payment methods. Remember to include the required minimum deposit, if any.

Pat yourself if you’ve reached this point! You can now select the Forex option and cherry-pick a pair of currencies to trade. Remember this: Emotions are enemies of your profit. So, have a clear goal, research widely, and stick to your strategies to boost your chances of scooping significant ROI.

How to Choose the Best Forex Trading Platform in AU

The forex trading market is lucrative but dangerous since unscrupulous brokers are always looking to catch newbies off-guard. But worry not – we bring you crucial pointers to consider when looking for the best forex trading in Australia:

Regulations and licensing
Assets
Fees
Support
User-friendliness
Research features

Safety is a priority. Ensure that your broker is regulated by AISEC and other reputable bodies, such as CySEC, FCA, and FMA. A lack of a verifiable license is a red flag that signals trouble.

A great platform offers the assets you prefer to trade in. It should also have diverse tradeable instruments to help you spread your risk of losses. Otherwise, trading in just one asset exposes you to huge losses in case it fails.

A platform with hefty fees is like a torn pocket. Therefore, consider the brokers’ trading and non-trading fees to ensure they’re reasonable. Furthermore, ensure you can deposit the required minimum deposit, if any. Did you notice a few hidden charges? Run without looking back.

Even the best platforms may experience technical hitches. You may also need someone to hold your hand. So, consider a platform’s customer support availability, channels, and experience.

Don’t let a clunky or cluttered interface prevent you from succeeding. Ensure you can easily navigate to where you want and start trading without headaches. Also, remember to check the platform’s mobile experience to see if trading on the go is possible.

A top-notch platform offers in-depth research and educational materials to support your forex trading journey. If you prefer videos to textual content, ensure the platform meets your consumption needs.

Forex Trading Risks

While you can make big dollars trading forex, be mindful of its risks. Here are a few risks to watch out:

  1. Leverage risk

Leverage allows you to use small capital to control a large position and boost your profit potential. For instance, a 100:1 leverage ratio will enable you to trade $100 for every $1. But market volatility can cause you a huge loss. 

  1. Market risk

The Forex market is highly volatile. Any slight and unpredictable change in the economy, geopolitics, and market sentiments is enough to cause a shift in exchange rates.

  1. Interest rate

An increase in the interest rate by the Reserve Bank of Australia can boost a currency’s attractiveness. For example, if the Australian dollar appreciates against other currencies and you’re positioned against the AUD, you can suffer a loss. 

  1. Liquidity risk

Despite the forex market’s liquidity, liquidity may still hit some currencies or periods, especially exotic currencies and off-peak seasons. Such cases make it hard to profitably enter and exit positions due to lower trading volumes and wider bid-ask spreads. 

  1. Counterparty risk

Your broker is the transaction’s counterparty when it comes to forex trading. The platform may fail to fulfill its obligation due to financial difficulties, insolvency, and bankruptcy.

Pros & Cons of Forex Trading

Every trading vehicle has its ugly and good sides. The Forex market isn’t an exception. Here are its wins and drawbacks:

Pros:

  • High liquidity: The highly liquid forex market allows you to enter and exit positions easily.
  • Around-the-clock market: Forex is also a 24/7 market. That means you can continue trading even in a different time zone. 
  • Diverse opportunities: You can choose from various strategies and currency pairs to trade.

Cons:

  • Volatility: A significant price swing may hit you and cause a huge loss.
  • Complexity: Numerous factors come into play in the forex market. Beginners may find it challenging to navigate pitfalls and roadblocks.
  • Counterparty risk: The broker may face insolvency or outright scam you.
  • Leverage risk: Leverage amplifies both profits and losses.
  • Regulatory changes: Trading conditions and broker operations may become unfavorable due to a shift in trading regulations.

Conclusion

A broker can make or break your success story. That’s why we brought you our trustworthy compilation of robust platforms, which gives you a great chance of attaining uncapped success. You can pick the overall winner, Pepperstone, to experience the most advantages. Alternatively, go with Plus500, eToro, FP Markets, or AvaTrade for their uniqueness.

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Thadeus Geodfrey

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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