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The best forex trading app in Australia can unlock streams of profits right from the palm of your hand. But how can you pinpoint one among thousands of providers? The research homework isn’t a walk in the park, especially in a scams-invested industry.
The good news? We have done the harrowing work for you. Our unbiased research and tests helped compile the top 5 tightly regulated forex apps in Australia that suit your needs. Furthermore, we will guide you on choosing the best forex trading app in Australia, the risks to avoid, plus the pros and cons.
List of the Best Forex Trading Apps
- eToro – Best Overall Forex Trading App in Australia
- Pepperstone – Best Forex Trading App for Multiple Trading Platforms
- Plus500* – Best Forex Trading App for User-friendly Interface and Low Trading Costs
- FP Markets – Best Forex Trading App for Fast Execution and Tight Spreads
- AvaTrade – Best Forex Trading App for Risk Management Tools
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
In This Guide
Compare Forex Trading Apps in Australia
The internet is flooded with forex trading apps that promise gold but deliver dust. Rather than grabbing an app and running with it, your best move is to consult experts with years of experience in the industry.
We are those experts. Our hunt for the best forex trading app in Australia considered crucial factors, including user-friendliness, regulations, fees, customer support, and available assets. After narrowing down to five providers, we compared them to identify the overall king and the apps’ unique advantages.
We didn’t take an app’s word for it during our analysis. Instead, we visited reputable review sites to inform our decisions, including Trustpilot, App Store, and Google Play. Our primary goal is to give you unbiased and honest reviews to boost your chances of scooping profits.
So, here is a brief comparison table of the best forex trading app in Australia.
Australian Forex Trading Apps: Comparison Table
| Best Forex Trading App Australia | License & Regulation | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| eToro | ASIC, FMA, FCA, CySEC, FSCA, SFSA ADGM, MFSA, FSAS, GFSC, SEC | 24/7 | eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart Portfolios | Credit/debit cards, Bank transfer, Klarna, PayPal, Skrill, Neteller | Yes |
| Pepperstone | ASIC, FCA, DFSA, CySEC, CMAK, SCB, BaFin | 24/7 | TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social trading | PayPal, Visa, MasterCard, Bank Transfers | Yes |
| Plus500* 82% of retail investor accounts lose money when trading CFDs with this provider. | ASIC, FMA, FSCA, CySEC, FCA, MAS | 24/7 | Plus500 CFD | Visa, MasterCard, PayPal, Skrill, Bank Transfer | Yes |
| FP Markets | ASIC, CySEC, FCA, FSCA | 24/7 | MT4, MT5, cTrader, TradingView, WebTrader, Mobile Trading App | Credit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes |
| AvaTrade | ASIC, FMA, FCA, FSCA, CBI, CySEC, PFSA, B.V.I FSC, FSA, ADGM, ISA | 24/5 | WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated Trading | Credit/debit cards, Neteller, Skrill, Wire transfer, WebMoney | Yes |
Apps Short Overview
You cannot afford to overlook an app’s fees and available tradable assets. Unreasonable charges can quickly eat into your profits, and a limited number of assets will dilute your diversification strategy. We assure you our chosen platforms care for you and your pockets:
Fees
| Best Forex Trading App Australia | Minimum Deposit Requirement | Commission/Spreads | Deposits/Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| eToro | $50 | From 0% | $5 Withdrawal | $10 monthly |
| Pepperstone | $0 | From 0.00 pips | Free | None |
| Plus500* | $100 | From 0% | Free | $10 monthly |
| FP Markets | $100 | From 0.0 pips | Free | $0 |
| AvaTrade | $100 | From 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 Trading App Australia | Stocks | Forex | Crypto | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| eToro | Yes | Yes | Yes | Yes | Yes | Yes | No |
| Pepperstone | Yes | Yes | Yes | Yes | Yes | No | No |
| Plus500* (CFDs) | Yes | Yes | Yes | Yes | Yes | Yes | No |
| FP Markets | Yes | Yes | Yes | Yes | Yes | Yes | No |
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Our Expert Opinion about Forex Trading Apps in AU
Let’s dive deeper into each forex trading app Australia to better understand them. By the end of this read, you’ll be confident enough to cherry-pick the most suitable solution for your unique trading needs.
1. eToro – Best Overall Forex Trading App in Australia
eToro forex trading app is a darling for both beginners and seasoned traders. Our experts had the same robust experience on iOS and Android devices when using this app. Apart from supporting most of the broker’s desktop features, the app’s interface is among the best in the forex trading world. You can easily navigate to your portfolio, deposit system, and other crucial elements without wasting time.
What makes it stand out is its social trading tool called CopyTrader. From our tests, we saw that this feature allows newbies to mirror the trades of experienced traders and grasp risk management tactics. In turn, experienced traders can earn 1.5% of Assets Under Copy (AUC) monthly. Yes, it is a win-win game.
The app also gives you access to eToro Academy, a wealth of insightful articles and video guides. If you’re new to forex trading, dive into these resources to hone your skills and master the app’s features. Remember to use the demo account to exercise your knowledge. It comes with $100,000 in virtual funds for mock trading and copy trading.
Are you ready to unleash what you learned? The app provides several funding options, including bank transfers, PayPal, and cards. You can access over 6,000 tradable assets, including 40 forex pairs, stocks, ETFs, commodities, and cryptocurrencies.
eToro forex trading is appealing to cost-conscious traders. The broker works on a commission-free model, and its CopyTrading system doesn’t charge you any extra coins. While there’s a $10 annual inactivity fee, a few logins per year are enough to evade this charge.
eToro outperforms most brokers regarding customer support. You can interact with its AI chatbot or dive into the in-depth articles in the help center. Do you need more tailored help? The live chat or email ticketing system allows you to contact an advisor.
eToro
✔ User-friendly trading platform
✔ Over 6000 trading instruments
Pros & Cons
Fees
Trading Assets
Pros
- Community-focused features
- Social trading for newbies
- Commission-free trading
- Intuitive and user-friendly interface
- Over 6,000 tradable instruments
Cons
- High inactivity fee
- Unavailable live chat support at night
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 |
2. Pepperstone – Best Forex Trading App for Multiple Trading Platforms
Pepperstone is a global giant in the world of forex trading apps. The broker boasts adherence to stringent regulations under licenses from reputable regulatory bodies, including ASIC, BaFin, CySEC, and FCA. Furthermore, it has maintained stability and transparency since its inception in 2010.
The platform’s top-in-class integration with diverse trading platforms will amaze you. Access the MT4 platform to experience unique features like 1-click trading, charts, and alerts. Other third-party platforms include TradingView, cTrader, WebTrader, and Capitalize.ai.
Pepperstone also offers diverse tradable instruments. Its over 90 currency pairs let you unleash your forex trading game. Other assets include commodities, indices, and stocks.
This app doesn’t lag in terms of customer support. During our testing, the support crew was available 24/7 via email, live chat, and phone. The chatbot tried to satisfy our concern before handing us over to a live agent. The wait wasn’t long.
Registration via Pepperstone was a breeze. The platform’s demo account can help you drive-test things before going for the professional accounts. Make free deposits or withdrawals via diverse payment methods, including cards, PayPal, and bank transfers. If you want to avoid the Razor account’s commission fee, opt for the commission-free Standard package.
Skyrocket your game with Pepperstone’s in-depth educational resources. These include economic events, market insights, and education about the app’s features in article and video formats. The third-party Autochartist won our hearts with its more practical strategies and tips.
Pepperstone
✔24/7 support service
✔User-friendly and navigable platform
Pros & Cons
Fees
Trading Assets
Pros
- Wide range of assets
- 24/7 customer support
- MT4, MT5, cTrader, and other reputable platforms
- Rich educational and training resources
- Friendly fee structures
Cons
- Some spreads may be wider than industry standards
- High commissions in Razor account
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.
3. Plus500 – Best Forex Trading App for User-friendly Interface and Low Trading Costs
Our unbiased research and tests revealed that Plus500 wins regarding user- and cost-friendliness. Thanks to the app’s clutter-free interface, your route to forex trading success is clear. The seemingly basic charts offer powerful indicators to supercharge your trading journey. And the host of risk management features helps you stay on track while avoiding pitfalls.
Plus500 is ASIC-regulated, so you can trade with peace of mind that your activities, personal details, and money are safe. It also has licenses from international bodies, including FCA and CySEC. Another boon is the app’s commission-free and spread-only model. Its forex spreads are competitive, starting from 0.6 pips.
Plus500’s customer support is another element that didn’t disappoint us. Live agents are an email or a call away if the comprehensive FAQ section doesn’t answer your unique query. Arm yourself with practical ideas from the app’s educational resources. While we found the resources basic, they were more than enough to set us on the right path.
No matter your preferred asset, the app welcomes you with a wide range of assets. You can cherry-pick from 70 forex pairs or expand your game to options, indices, cryptocurrencies, commodities, and other instruments.
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Plus500
✔Easy-to-use trading platform
✔No hidden charges
Pros & Cons
Fees
Trading Assets
Pros
- User-friendly interface
- Commission-free forex trading
- Competitive spreads
- Diverse tradable assets
- Around-the-clock support
Cons
- Overnight fees for positions held overnight
- High inactivity fee
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 |
4. FP Markets – Best Forex Trading App for Fast Execution and Tight Spreads
We recommend the FP Markets app for quick execution and competitive spreads. The broker boasts of being ASIC-regulated for nearly 20 years now. It also has licenses from international players for maximum security, including CySEC, FSCA, FSA, and FSC.
While our trading experience with its Standard account saw slightly higher spreads, the package has a commission-free model. The Raw account charges only $3 per lot per side commission and offers tight spreads from 0.0 pips. This app didn’t shove inactivity, deposit, and withdrawal fees down our throats.
Any beginner can easily locate crucial features because there are no steep learning curves. We recommend the demo account for traders looking to exercise their forex trading muscles. The app also provides a treasure trove of educational materials to hold your hand through the journey, including videos, guides, webinars, and market analysis.
If you’re an experienced trader, you’ll love the app’s advanced and famous third-party platforms. Access MT4 and MT5 to experience impressive features like alerts, watchlists, charts, and 1-click trading. Other power-packed platforms in the arsenal include cTrader and TradingView.
You’re spoilt for choice regarding tradable assets on this app. You can select a few pairs from over 60 forex pairs to diversify your investment. Other assets include cryptocurrencies, indices, commodities, and CFDs on shares and ETFs.
We cannot forget their friendly customer support. The 24/7 support is reachable via email, phone, and chat. While we had to wait for our calls to get through in one instance, we later realized it was due to a high peak period.
FP Markets
✔Low minimum deposit requirement
✔Hosts numerous learning and market analysis tools
Pros & Cons
Fees
Trading Assets
Pros
- Low spreads and fast execution
- Top-tier customer support
- In-depth and diverse learning resources
- Competitive spreads
- Multiple trading platforms like MT4, MT5, and IRESS
Cons
- High raw account’s commissions
- Fewer proprietary tools than some rivals
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 |
5. AvaTrade – Best Forex Trading App for Risk Management Tools
AvaTrade has a proprietary mobile app with a special name: AvaTradeGo. It’s where multi-layered protection, friendly charges, and diverse tools converge. For example, the app’s innovative AvaProtect minimizes risk by allowing you to insure a trade against a hedging cost.
Are you a day and position trader? The low swap charges plus a robust choice of currency pairs will delight you. Greenhorns, too, have a reason to smile–the app is an arsenal of technical analysis, copy trading, and other educational resources.
AvaTradeGo is among the safest in the industry. We rated it tier-1 here due to its multiple licenses from reputable regulatory bodies, such as ASIC, CBI, FSCA, JFSA, and ISA.
We found out that the broker runs mainly on a spread-based model, with competitive forex spreads beginning from 0.9 pips. While it has a swap fee for positions held overnight, the trades are commission-free and don’t charge deposits or withdrawals.
This app also excels in user-friendliness. Its clean interface offers clutter-free access to tools, features, and learning. Access multiple trading platforms like the popular MT4 and MT5. Want to copy a guru to gain confidence? DupliTrade and AvaSocial are your tools. And if you’re an options trader, you can benefit more from the app’s AvaOptions.
The app has over 840 tradable instruments, including 60+ currency pairs, forex options, indices, and commodities. This diversification topples the industry’s average and allows you to speculate or perform hedging.
AvaTrade’s customer support team earned huge points from our research crew’s tests. It displayed in-depth knowledge of their website, tools, and analysis. The live agents are available 24/7 via email, phone, and live chat. You can also visit the app’s comprehensive FAQ section to quench your thirst.
AvaTrade
✔Regulated by FCA
✔The platform supports algorithmic trading
Pros & Cons
Fees
Trading Assets
Pros
- Risk management features
- Access to famous platforms like MT4 and MT5
- Diverse tradable instruments
- Commission-free trading
- Competitive spreads
Cons
- Higher dormancy fee
- Limited advanced learning resources
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 |
Forex Trading in Australia
Australia’s tight financial regulations and stable economy make her a lucrative forex trading market. ASIC oversees the country’s market to keep scams and fraudulent activities away. As you’ve seen earlier, our chosen platforms have extra layers of licenses on top of ASIC – other international bodies like CySEC also regulate them.
You can be a forex trader anywhere in Australia, regardless of nationality. However, as expected, the minimum age of a trader is 18 years old. Does your child want to start making young money? You can register and run a custodial account for them.
In Australia, earnings from forex trade attract a Capital Gain Tax (CGT). The exact amount depends on your entire taxable income and the period the forex asset was in your possession. Here’s the sweet part: Holding the forex option for 12+ months gets you a 50% cut off the CGT.
Explore our other guide on High Leverage Forex Brokers in Australia.
What is a Forex Trading App?
A forex trading app is a desktop or mobile application where you can trade currency pairs for profit. It’s a gateway to the forex market, the largest and most liquid financial market worldwide. Here are some of the capabilities waiting for you in a reputable forex trading app:
- Access to a 24/5 market where currencies are traded
- Real-time technical analysis features like charts and indicators to stay on top of market trends
- Execution of diverse orders like limit, stop-loss, take-profit, and market orders
- Leveraged trading to control large positions using a smaller capital
There are also tools for those looking to sharpen their skills. Examples include demo accounts, risk management tools, and educational resources. If you run into an issue, professional apps have customer support features and live agents at your service.
How to Choose the Best Forex Trading App in AU
You’re excited to venture into forex trading. But before taking the plunge, there are crucial elements to consider for each platform:
Regulatory Compliance and Security
Fees
User-friendliness
Trading Capabilities
Customer Support
Educational Resources
Asset Selection
The app’s broker should be ASIC-regulated and allowed to trade in Australia. A serious provider even goes the extra mile to acquire licenses from global regulatory bodies like CySEC to cover all insecurity loopholes. An app should also provide robust security measures like multi-factor authentication and encryption.
You aim to make money, not lose it in hefty charges. Consider an app’s available charges, such as spreads, commissions, swaps, and inactivity fees. For instance, beware of apps that entice you with commission-free models but have wider-than-average spreads and high inactivity fees.
Intuitiveness and device responsiveness are among the elements that set apps apart today. Avoid apps with cluttered interfaces where searching for crucial features is hard. Furthermore, ensure your trading journey can continue uninterrupted whenever you switch across your desktop, tablet, and mobile phone.
You want to exercise greater control like a boss. Therefore, the app should support diverse order types, including stop-loss and limit orders. It should also have charting and analysis tools to help you stay on top of your decisions. Furthermore, do the available leverage options suit your strategy and risk tolerance?
Issues happen even on the best platforms. It isn’t a matter of “if” but “when.” So exit and delete an app that doesn’t invest in robust customer support. Ensure you can reach this crucial team via live chat, email, or phone if you need their help. The app should also have an in-depth FAQ section for detailed answers to issues.
The profitable world of forex trading is also a risky one that favors only the learned. A caring app should offer a wealth of learning resources to help you sharpen your brain, like webinars, articles, videos, and tutorials. Ensure it has a demo account where you can practice your moves before risking real money.
A wider selection of currency pairs diversifies your game and spreads the risk. An app worth its salt also throws other instruments into your trading journey, such as indices, stocks, and cryptocurrencies.
Forex Trading Risks for AU Traders
What you’ve heard about forex trading is true – it’s a profitable but risky market. So, it’s important to understand the risk factors that haunt traders to help you trade from an informed position. Let’s see the most common risks that cause losses:
Market Volatility
Leverage Risks
Regulatory Risks
Liquidity Risk
Counterparty Risks
A slight change in the economy, geopolitics, or market sentiments can spark a sudden shift in currency prices. You may lose a lot of money if the market shifts against you.
While leverage boosts the chances of higher profits, an opposing market movement can lead to a margin call. Here, you’ll need to fund the trade to avoid forced liquidation of your position. An increased leverage can even cause a loss that surpasses your initial funding.
Unscrupulous brokers are always hawk-eyed, waiting to grab the next untrained victim. Unethical practices like delayed withdrawals and price manipulation are rampant in the industry. Furthermore, changing regulation laws may prevent you from getting confused or lost.
Low liquidity risk can make it hard to execute trades at the desired level because of the low volume of traders. In such a situation, huge price gaps can happen between opening and closing prices. Slippages are also common here.
The broker may default on its obligations due to insolvency or poor execution. This risk may cause negative outcomes like delays or total loss.
Pros & Cons of Trading with Forex Trading App
It’s crucial to weigh the pros of forex trading against its cons. Here we go:
Pros:
- Access the forex market form anywhere on the go
- Timely execution due to real-time updates
- Easy-to-access features because of most apps’ intuitiveness
- Diverse trading tools like indicators and charts
Cons:
- Overtrading risks due to convenience and easy access
- Technical and connectivity glitches can cause missed opportunities or losses
- Limited screen size may hinder detailed analysis
- Security risks such as hacking
Conclusion
Looking for the best forex trading app in Australia amid scammers can be daunting. But BrokerRaters team of experienced researchers has taken this headache out of the road to your dream. Now, you can go to Google, download your chosen app from the best five trading apps, and start making money. Remember to weigh their pros and cons to reduce risks.
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