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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 a viable way to earn a living and diversify your income/investment portfolio. According to Finance Magnates, Australia has the world’s biggest forex/CFD market per capita. Moreover, Its forex market is also set to hit a compounded annual growth rate (CAGR) of 7.60% between 2024 and 2032.
A beginner-friendly forex trading platform is crucial to building a solid foundation for your career, but finding one can be daunting. To spare you the hassle, we’ve compiled a list of our top 5 trading platforms for beginner forex traders in Aussie. Go through it and pick the best one for your needs.
List of the Best Forex Trading Platforms for Newbies
- Pepperstone – Overall Best Forex Trading Platform for Beginners
- Forex.com – Best Demo Account for Australian Forex Trading Beginners
- AvaTrade – Best Mobile Trading Experience for Beginners
- IG Markets – Best Overall Forex Educational Content for Beginners in Australia
- eToro – Best Copy Trading for Beginners
In This Guide
Australian Forex Brokers for Beginners: Comparison Table
The Australian Securities and Investments Commission permits both local and international forex brokers to operate in the country. Traders thus have hundreds to thousands of forex broker options at their disposal.
As leading experts in the financial markets and forex trading scene, we isolated a couple of elements in forex trading platforms that offer the most value to newcomers. These elements include affordability, compatibility with popular trading platforms, and robust security features, to name a few. With these in mind, we compared how the leading forex brokers stack up against each other and whittled down from an expansive selection to five of the very best.
We also rummaged through reviews on Trustpilot, Google Play, and the Apple Store to check user opinions on these brokers. This gave us a complete picture of what these apps offer and doubled down on the brokers’ strengths and weaknesses from the perspective of real-world users. This, combined with our expert analysis, culminated in the table below, which provides a well-rounded evaluation of these platforms.
| Best Forex Broker | License | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| Pepperstone | ASIC,CMA, FCA, DFSA, CySEC, SCB, BaFin | 24/7 | Pepperstone Trading Platform, MetaTrader 4, MetaTrader 5, TradingView,cTrader | Credit/debit cards, PayPal, Skrill, Neteller, Flutterwave, | Yes |
| Forex.com | CIRO, NFA, CFTC, ASIC, FSA, FCA, MAS, CySEC | 24/5 | TradingView, Web Trading Platform, MetaTrader 4, MetaTrader 5, Mobile App, | Credit/debit cards, Skrill, Neteller, wire transfer | Yes |
| AvaTrade | CBI, DFSA, SEC, CySEC, ASIC, BVIFSC, FSA, ADGM, ISA | 24/5 | MT4, MT5, WebTrader, Automated Trading, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, Capitalise.ai | Credit/debit cards, Wire transfer, Paypal, Skrill, WebMoney | Yes |
| IG Markets | FCA, CySEC, SCA, DFSA | 24/5 | MetaTrader 4, IG trading platform, ProRealTime, Web platform, Trading apps, L2 Dealer | Debit card, Bank transfer, PayPal, HK FPS | Yes |
| eToro | ASIC, CySEC, FCA, DFSA, SCA | 24/5 | eToro investing platform, Multi-asset platform, Copy Trader | Debit card, Bank transfer, Neteller, Skrill, Online Banking | Yes |
Broker’s Overview
Most beginners kick off their forex trading ventures with a small budget. As such, it’s only natural for them to gravitate towards forex brokers with affordable fees. Most newbies also use forex trading as a pathbreaker before moving on to other financial instruments. This explains why they prioritise platforms offering an expansive collection of tradable securities besides forex.
With that in mind, we compiled the tables below to give you a brief overview of the brokers’ fees and supported assets.
Fees
| Best Forex Broker | Minimum Deposit Requirement | Commission/Spreads | Deposits/Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| Pepperstone | $50 | From 0.0 | Free | $10 monthly |
| Forex.com | $100 | From 0.0 | Free | $15 monthly |
| AvaTrade | $100 | Spreads from 0.13% | Free | $50 every three months |
| IG Markets | $0 | Spreads from 0.6 points | Free | None |
| eToro | $100 | Spreads from 0.15% | $5 withdrawal | $10 monthly |
Assets
| Best Forex Broker | Stocks | Forex | Cryptocurrencies | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| Pepperstone | Yes | Yes | Yes | Yes | Yes | Yes | No |
| Forex.com | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| IG Markets | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| eToro | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Our Expert Opinion About Forex Trading Platforms for Beginners
Experiences with forex trading platforms vary, depending on the broker and users’ skill levels. Our team of experts tested the above-mentioned platforms comprehensively, looking into their usability, features, security, and overall user experience. Here are our opinions about the best forex brokers for beginners in Australia.
1. Pepperstone – Overall Best Forex Trading Platform for Beginners
Australia’s very own Pepperstone is the best forex trading platform for beginners Australia. Founded in 2010, the broker is relatively new to the forex game but still manages to hold its own among industry veterans.
The platform has a seamless, easy-to-use interface, allowing beginners to navigate the platform effortlessly. Buttons and icons are well laid out, and the font is clear and bold. Moreover, Pepperstone supports some of the most popular trading platforms, including MetaTrader 4 and 5. It also has copy trading, where beginners can directly copy the trades of seasoned traders and make a killing.
Pepperstone lowers the entry barrier for cash-strapped beginner traders by only charging a minimum deposit of $50. Sure, this might be higher compared to brokers with no minimum deposit requirements. However, Pepperstone makes up for it with spreads as low as 0.0 on certain currency pairs.
The broker also boasts a wealth of educational resources that newbies can use to learn the ropes. Some of these educational materials include blog posts, trading guides, webinars, educational videos, and tutorials. Beginners can also access educational videos on the cTrader platform to further their learning.
Pepperstone
✔24/7 support service
✔User-friendly and navigable platform
Pros & Cons
Fees
Trading Assets
Pros
- Simple, easy-to-navigate user interface
- A massive collection of educational resources and materials for beginners
- Low spreads compared to its counterparts, starting from 0.0 pips
- Instant order executions
- Doesn’t charge an inactivity fee
Cons
- Standard demo account expires after 30 days
- Fewer analytical materials compared to its counterparts
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.
2. Forex.com – Best Demo Account for Australian Forex Trading Beginners
Forex trading can be a riddle wrapped in an enigma for forex traders when starting out. That’s why most reputable brokers have demo accounts. These demo accounts allow beginners to trade in a simulated trading environment using virtual currency.
Our analysis conclusively established that Forex.com has the best demo account for forex starters in Australia. Forex.com has demo accounts on the MT4, MT5, and Advanced Trading Platforms. These accounts allow unfettered access to over 80 currency pairs, technical analysis tools, and trading instruments, including Expert Advisors for algorithmic training. Apart from the multitude of trading tools, it has a comprehensive collection of educational content to get newbies up to speed with the fundamentals of forex trading.
However, it’s not all rainbows and sunshine with Forex.com’s demo account. Forex.com has a 30-day limit on the MT4 and MT5 platforms, which may not be enough for rookies to fully understand the intricacies of forex trading. The Advanced Trading Platform, on the other hand, has a 60-day limit, which may also be inadequate for understanding advanced trading analysis and strategies.
Pros & Cons
Pros
- Feature-packed demo account, permitting risk-free trading for beginners
- Provides access to well over 80 currency pairs
- Vast collection of technical and analysis tools for well-informed order executions
- Highly-regulated platform with a solid reputation in the industry
- Extensive research material, which keeps users up to date on the latest FX market news
Cons
- $100 minimum deposit requirements higher than its competitors
- High inactivity fees of $15 per month after 12 months of inactivity
3. Avatrade – Best Mobile Trading Experience for Beginners
Convenience and simplicity are the hallmarks of trading forex with mobile devices. AvaTrade is Australia’s leading forex broker for mobile trading, with its proprietary AvaTrade Mobile App compatible with both Android and iOS devices. In fact, the app was voted the best Forex Trading Mobile App in the 2020 Global Forex Awards. But how good is the app for forex trading newcomers?
Well, as the title suggests, it’s the best. The AvaTrade Mobile App offers an intuitive user interface, allowing beginners a smooth trading experience. The dashboard is well-organized yet contains all the necessary management tools to ensure successful trades. Furthermore, the app gives users direct access to AvaTrade’s vibrant trading community. There, beginners can get insights into the most effective trading strategies and crucial financial information to advance their careers.
The AvaTrade app guarantees users’ security through biometric verification, ensuring both their funds and personal information are protected. The app also has a great search function, allowing access to major, minor, and exotic currency pairs. It also gives price alert notifications and gives users a confirmation message for successful trades. It’s also worth noting that the AvaTrade app also features AvaProtect, which conditionally refunds users’ losses.
AvaTrade
✔Regulated by FCA
✔The platform supports algorithmic trading
Pros & Cons
Fees
Trading Assets
Pros
- Seamless mobile trading app for convenient forex trading
- Holds licenses with prominent regulators, including ASIC, FSA, and ISA
- AvaAcademy offers exceptional educational content ideal for beginners
- Broad choice of trading platforms for beginners to choose from
- Large selection of tradeable assets, allowing beginners to diversify their portfolios
Cons
- Charges a whopping $50 for inactivity
- Trading fees are not the most competitive
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 |
4. IG Markets – Best Overall Forex Educational Content for Beginners in Australia
IG Markets is one of the most popular forex trading platforms in Australia for beginners and experienced traders. However, forex trading rookies can benefit immensely from the platform’s extensive selection of instructional resources. We’re talking about everything from infographics, webinars, video tutorials, and quizzes to live webinars and interactive exercises.
The platform has a dedicated learning section called IG Academy, which contains 10 courses categorised into beginner, intermediate, and professional courses. Each course contains easy-to-digest content in a concise text format supplemented with infographics to improve understanding. All courses conclude with a short quiz to gauge your knowledge of the concepts and reinforce the lessons. The best part is that you don’t have to open an account with IG Markets to join IG Academy. Simply click on IG Academy on the broker’s website, and you’re in. However, the platform offers a free demo account to test your skills.
Education aside, IG Markets is a reputable forex trader but lacking in some areas. For instance, while IG Markets has an incredible learning ecosystem, it falls short in terms of its spreads. The platform charges higher spreads than its peers, which might discourage some beginners from moving to a live account.
IG Markets
✔17,000+ financial markets
✔No minimum deposit requirement
Pros & Cons
Fees
Trading Assets
Pros
- Intricate and comprehensive educational platform for beginners to learn forex trading
- Free demo account for beginners to get a handle on forex trading
- Inactivity fee charged after 2 years (24 months), which is double the time others take to charge inactivity fees
- No minimum deposit requirements
Cons
- Considerably higher spreads than its peers
- While the inactivity fees start after 24 months of inactivity, it charges higher inactivity fees than its counterparts.
Both low-budget and high-budget individuals can trade on IG Markets since this broker has no minimum deposit requirement. You can top up your account with whatever is within your budget limitations after signing up with this terrific service provider. Note that IG Markets charges spreads and commissions that vary from one asset to another. For instance, the spreads for currency pairs like AUD/USD and EUR/USD start at 0.6 points. On the other hand, the charges for shares start at 0.08% commission per side. You can also trade spot gold and other commodities, whose spreads start at 0.3 points.
We’ve highlighted some of the fees and charges that our experts discovered while exploring and evaluating IG Markets.
| Fees and Charges | Details |
|---|---|
| Account opening charge | $0 |
| Spreads and commissions | Starting from 0.1 points/ 0.08% commission per side |
| Overnight funding | Yes |
| Guarantee stop premiums | Yes |
| Direct Market Access | Variable commission |
| Live price data fees | Variable monthly fee |
| Currency conversion fee | 0.8% |
| Account inactivity fee | $0 |
5. eToro – Best Copy Trading for Beginners
Copy trading lets new traders piggyback more experienced traders and make considerable profits. While we wouldn’t recommend copy trading as a long-term strategy for beginners, they can still learn a lot from copying the trades of veteran forex traders.
eToro’s world-class copy trading platform, Copy Trader, is perfect for beginners. Users get access to a host of traders whose trades they can copy. The platform allows users to check the traders’ profiles, performance histories, risk profiles, and ratings. That way, users can compare different traders before copying their trades.
eToro also has a bustling community of traders from across the world. This large but close-knit community is a great way for newbies to learn about forex trading and get support from more experienced traders. It also means that beginners have a plethora of traders from which to copy.
Still, it’s worth noting that new forex traders could lose money from copying bad trades. Remember, an excellent performance history doesn’t guarantee profitable trades. New traders should also be careful not to become overly reliant on copy trading. Solo trading is crucial for refining your trading skills and improving your trading psychology.
eToro
✔ User-friendly trading platform
✔ Over 6000 trading instruments
Pros & Cons
Fees
Trading Assets
Pros
- Top-tier copy trading for forex trading newbies
- A large community of forex traders offering support, guidance, and copy trading options
- Advanced trading features are also available in the eToro mobile app
- No inactivity fee
- Relatively low trading fees
Cons
- Charges a whopping $5 in withdrawal fees
- Limited customisability on the web trading platform
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 |
Forex Trading for Beginners in Australia
Forex trading for beginners Australia might seem convoluted and complex. Thankfully, the Australian Securities and Investments Commission provides a conducive environment for forex traders to excel in their trades. This highly regulated environment protects new traders from unscrupulous brokers with sketchy fee structures and unscrupulous business practices like requoting, price manipulation, and unauthorized account access.
Beginner forex traders in Australia can access major, minor, and exotic currency pairs. The country has a large trading community, and traders can share insights, provide support, and even copy each other’s trades. That said, forex trading isn’t always a profitable venture. Without proper risk management and solid strategies, your profits will likely be in the red. Your choice of forex broker is also crucial to your success as a trader.
How to Choose the Best Beginner-Friendly Forex Broker in Australia
There’s no shortage of forex trading brokers in Australia. However, separating the bad apples from legitimate brokers can be an uphill task, given the many options. Here are a couple of tips to ensure you pick the best forex broker for starting your forex trading venture.
Check Their Regulatory Compliance
Consider Their Trading Fees
Check the Compatible Trading Platforms
Tradable Assets
Read Customer Reviews and Testimonials
Look at the Platform’s Customer Support
Regulatory compliance is arguably the most important consideration when looking for a forex trading platform as a beginner. Shady forex brokers may want to take advantage of unsuspecting new traders by quoting highly attractive spreads and offering ridiculous bonuses. Remember, when the deal is too good, think twice.
That said, ensure the forex broker you settle for complies with notable regulatory bodies like ASIC, FSA, FCA, and others. These regulatory bodies set stringent standards and requirements for license holders. These standards ensure fair and transparent business practices and protect traders from fraudulent activities and financial mismanagement.
Steer clear of brokers without licenses from these regulatory authorities. Unlicensed brokers are usually fraudsters masquerading as legitimate forex trading platforms. Only settle for trading platforms with licenses from ASIC, FCA, and other prominent regulatory bodies.
Forex traders charge a commission or spread to facilitate their services. The spread is usually the difference between the asking and bid price. The higher the spread, the less profit you get after executing a successful trade. This means a forex broker with lower spreads equals higher profits for traders. Look for a forex broker with low spreads to maximise your profits.
The last thing you want as a newbie forex trader is to invest your money in a broker with trading platforms you’re unfamiliar with. Sure, you’ll eventually find your footing, but as a beginner, it’ll likely take ages. You’re better off choosing a forex broker with platforms you understand. That way, you can start trading from the get-go and refine your skills accordingly.
Besides checking the compatible trading platforms, also check what assets the trading platform supports. This not only includes the supported currencies, but also other financial instruments like stocks, indices, commodities, ETFs, options, and the like. That way, you can diversify your portfolio or hedge your investments with other assets.
Customer reviews and testimonials will give you deep insight into what these forex trading platforms offer from a real-world user perspective. You can learn volumes about the platform’s customer support, fees, and ease of use. However, remember to read reviews and testimonials from trusted sites like Trustpilot, Google Play, and Apple’s App Store for honest and current reviews.
Forex trading requires round-the-clock support since the market is open 24 hours on all business days. Test the customer service of the platform you have in mind by contacting them randomly throughout their day. Be keen on the time it takes to get a response and whether the response is actually helpful. Choose a forex trading platform with fast customer support and multiple customer service channels.
Risks to Trade with Forex Trading Platform for Newbies
As mentioned, forex trading is risky, with equal chances of making profits and losses. Beginners should be aware of the inherent risks of forex trading so they can manage their investments wisely and sidestep potential pitfalls. The most notable forex trading risks for beginner Australian forex traders include the following:
- Liquidity Risk
The forex market is extremely liquid. This liquidity means prices can skyrocket or plummet in seconds. These abrupt price swings can result in significant losses. We advise beginner traders to execute stop-loss orders to avoid losing too much money.
- Counterparty Risk
Counterparty risk is the risk that the forex broker you’re using won’t fulfill their end of the bargain. For instance, the broker might delay or fail to execute your order in time. Sometimes, you may invest your money with an illegitimate broker who’ll run off with your deposits.
- Leverage Risk
Most forex brokers offer leveraged trading, meaning they multiply your deposit amount so you can have a larger amount to trade and make bigger profits. However, the opposite is true about leveraged trading. You can lose as much as you make. Leverage risk means the risk of making huge losses from your trading leverage. With high leverage, even minor price changes can result in massive losses.
- Country Risk
Forex trading involves trading currencies. As such, a country’s internal affairs may affect the performance of its currencies. So, political instability, national finance mismanagement, currency crises, and similar events can lead to currency devaluation, compromising your trading efforts.
Final Thoughts
Even the most successful forex traders started as clueless beginners. If you’re new to forex, keep at it, and you’ll soon be raking in the big bucks. Just remember to pick a proper forex trading platform from our list to get you off on the right foot. Also, don’t forget that it takes time to get the hang of forex trading, but with a little patience, consistency, proper risk management, and robust trading strategies, you’re destined for a thriving career in forex trading.
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