FxPro Australia 2020 – Can Australian Traders Register Here

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Top 10 Best Forex Brokers in Australia for 2020

Are you a forex trader based in Australia and searching for your first, or next top forex broker? if so, then you have arrived at the right place. Here we have collected all of the key information you need to make the best choice as an Australian forex trader.

This means that not only can you choose from the very best top forex brokers on the Australian market, but you can also answer some important questions on how to trade forex in Australia. Let’s get started.

This question is an easy one to answer. Yes, forex trading is completely legal in Australia. In fact, Australia is home to what is considered one of the most respected regulatory bodies in the industry. ASIC (Australian Securities & Investments Commission) are responsible for overseeing the market here and any broker wishing to offer their services in Australia must register. They have been around since 1991 and provide some of the most comprehensive, yet fair regulation in forex trading around the world.

How to trade forex in Australia

Typically, trading forex from within Australia is not too different from doing so in other countries. The documents that you will need to sign up remain the same and these include:

  • Proof of identity (A passport is usually the best).
  • Proof or residence (A utility bill or bank statement with current address is usually best.)

Once you have submitted these documents to your chosen broker through a convenient online system, your account should be quickly verified and you will be able to deposit and start trading.

Due to their close relations, if you are a trader in New Zealand, you may be allowed to register with Australian brokers instead of Brokers regulated in New Zealand.

Top 10 Best Forex Brokers in Australia

Here are 10 of what we consider to be your best choices for trading forex in Australia:

1. Pepperstone

Established in 2020, Pepperstone is already a highly-regarded Forex broker. In fact, by 2020, the company which was launched by a self-confessed Aussie farm boy with a penchant for tech and a good idea was already the 11th biggest forex trading brokerage in the world. This award-winning company is based in Australia and offers an attractive suite of trading options to its clients. Forex trading is the basis from which these options sprung, and no best forex broker in Australia list should be without Pepperstone.

The minimum deposit here is of good value to all traders at 200 AUD and the broker is of course, ASIC regulated. Pepperstone leverage is available up to 500:1 and spreads are also very attractive, starting from 0 pips. The active trader program from the broker also rewards trading and helps reduce your trading costs.

  • Regulations: ASIC, FCA
  • Minimum deposit: $200
  • Platforms: MT4, MT5, cTrader,cAlgo
  • InvestinGoal rank: 4.8/5

76.5% of retail CFD accounts lose money

2. IC Markets

IC Markets is based in Sydney and is considered to be among the largest forex brokerage companies in the world. It is certainly among the most popular Forex brokers in Australia and the Far East. IC Markets focuses on ECN brokerage and, as with the other brokers on this list, will only serve clients in countries where its services are legal. They are also very well-trusted with ASIC regulation firmly in place.

The fact that IC Markets do not have a minimum deposit requirement is something that very much helps in attracting new traders and has seen their reputation as a top broker for forex trading grow. The very low spread starting at 0.1 pips combined with lightning order execution have also bolstered this reputation. As with many Australian brokers, leverage of up to 500:1 is available and opens many trading possibilities.

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  • Regulations: ASIC
  • Minimum deposit: $200
  • Platforms: MT4, MT5, cTrader
  • InvestinGoal rank: 4.8/5

74-89 % of retail CFD accounts lose money

3. Avatrade

Although AvaTrade’s headquarters are in Dublin, Ireland, it also has offices in Sydney as well as several other major centres around the world. Avatrade supports smaller trades but is also popular with larger traders too. The company is proud of the fact that it is compliant with regulations in five continents – an achievement that few brokers can boast. Of these 5 continents, the one which Australian traders want to see, ASIC, is also in place.This regulation allows some leniency comparable to the likes of CySEC so Avatrade offers great leverage of as much as 400:1 to Australian traders.

The low 100 AUD minimum deposit of Avatrade is also welcomed by many and keeps trading accessible to all. They are also a popular choice for forex traders who want to trade with fixed spreads. These spreads start from 1.3 pips on forex trading.

  • Regulations: SCB, FCA, FSB, CySEC, DFSA
  • Minimum deposit: $500
  • Platforms: MT4, MT5, cTrader
  • InvestinGoal rank: 4.5/5

71% of retail CFD accounts lose money

4. FP Markets

The next top Australian broker to make the listing is FP Markets. They hold a strong position in a very competitive Australian forex broker market and are well favored by those who want to select an ECN STP forex broker. This market maker broker is again very comprehensively regulated by ASIC and boasts many points of attraction for traders. Among these is the fact they have been in business since 2005.

Beyond that, the very low spreads that FP Markets offer, starting from as little as 0 pips has also bolstered their position. Traders can also avail of the major trading platforms MT4, MT5, Webtrader, and IRESS. All of this is available for an excellent value minimum deposit of 100 AUD and leverage generously extends up to 500:1. This flexibility has been key in keeping FP Markets at the top of the industry for many years.

  • Regulations: ASIC
  • Minimum deposit: $100
  • Platforms: IRESS, MT4, MT5
  • InvestinGoal rank: 4.5/5

74-89% of retail CFD accounts lose money

5. EasyMarkets

Like our preceding selections, easyMarkets is a multiple award winner. Its most recent award at time of writing was in 2020 when it won the “Most Innovative Broker” title. The company’s remarkably high Trustpilot rating tells its own story and is prominently featured on its website. Easy Markets has earned a position of trust in the marketplace, and has achieved a great deal of global recognition for its professionalism. This is all backed by the full regulation of ASIC. The broker also goes the extra step of providing negative balance protection as well.

On trading, you can get started with just 200 AUD as a minimum deposit and have your pick of trading in more than 150 markets including a huge 120 forex pairs and a wide range of others where up to 400:1 leverage is available. EasyMarkets have something for all traders and a very low spread starting from 0.9 pips.

  • Regulations: ASIC, CySEC
  • Minimum deposit: $100
  • Platforms: Proprietary, Mobile, MT4
  • InvestinGoal rank: 3.6/5

81% of retail CFD accounts lose money

6. VantageFX

VantageFX is next to feature on our list of top Australian forex brokers. Having been around the industry for more than a decade since founding in 2009, they are now well-versed on everything needed to be a top broker. They have not overlooked the key area of regulation, being regulated by ASIC as well as the FCA and CIMA around the world, they really are a trusted choice.

Trading with VantageFX, you will find a broker that you can access for a minimum deposit of 200 AUD and that provides a huge leverage of as much as 500:1 on trading in more than 150 markets. This trading offer really suits everyone, with 40 forex currency pairs available to select and a highly competitive spread that starts from 0 pips. As a VantageFX trader you will also benefit from fast ECN trading through both MT4, and MT5.

  • Regulations: ASIC
  • Minimum deposit: $200
  • Platforms: MT4, MT5
  • InvestinGoal rank: 3.8/5

74-89% of retail CFD accounts lose money

7. CMC Markets

If you’re a fan of pioneers, CMC Markets will be among the top forex brokers Australia you’d be considering as a trading intermediary. The firm has been around since 1989, has a consistently good reputation, and claims to be the first company to perform online currency trades. It’s interesting to note that Goldman-Sachs owns shares in this company. However, despite a head start on its competitors and its own trading platform, it is believed not to hold as large a market share as some of its competitors. CMC Markets is based in London but has an Australian presence which means they are well-regulated by ASIC.

Traders are often attracted here with the no minimum deposit on offer. The great spreads starting from just 0.3 pips on forex are also very appealing. Both new and experienced traders can also benefit from extensive free research tools available including webinars. Trading here takes place through MT4 or Ninjatrader.

  • Regulations: FCA
  • Minimum deposit: $200
  • Platforms: CMC Platform, MT4
  • InvestinGoal rank: 3.8/5

80% of retail CFD accounts lose money

8. ThinkMarkets

ThinkMarkets is a home-grown Australian company, but it’s said to be hugely popular with Asian traders too. With an impressive roll of awards to its name, the company has also added its own trading platform, ThinkTrader, to the list of its achievements. Like any reliable broker, the company does not offer its services in jurisdictions where its categories of trading are not accepted by the authorities. This complies with the ASIC regulations they have in place.

You can start trading here with a 250 AUD minimum deposit and take advantage of the very low spreads starting at 0.4 pips through MT4 or their own platform on a host of markets. Spread betting on almost all markets is also available and a high leverage of up to 500:1 is catered for at ThinkMarkets.

  • Regulations: ASIC, FCA
  • Minimum deposit: $250
  • Platforms: MT4, Trade Interceptor
  • InvestinGoal rank: 3.7/5

72.88% of retail CFD accounts lose money

9. FXCM

Despite a relatively rocky history, FXCM has recovered, and is now among the service providers compliant with Australian legislation that can be featured on a top 10 forex brokers, Australia list. The company was founded in New York and is now based in London. However, it has a presence in Australia and, as such, operates within the boundaries of legal compliance set out by the ASIC through their base in Sydney. The minimum deposit for this market maker broker is a very appealing point for many, at just 50 AUD it opens trading to all.

This trading and the positive broker reputation that has grown is further bolstered by the availability of up to 400:1 leverage and very tight spreads starting from 0.9 pips making sure trading costs stay competitive all round. MT4, Ninjatrader, and the brokers own trading platform are offered providing a great range of trading choices.

  • Regulations: ASIC, FCA, AMF, IIROC
  • Minimum deposit: $50
  • Platforms: MT4, NinjaTrader, WebTrader
  • InvestinGoal rank: 3.0/5

76.88% of retail CFD accounts lose money

10. Hantec Markets

Also making our selection of top Australian forex brokers is Hantec Markets. They have been around for more than a decade, growing steadily in size and reputation since being founded in Sydney in 2008. They have been and are still fully regulated by ASIC inspiring a strong trust from traders. The 50 AUD low minimum deposit is a good point of positivity for traders looking to get started on a budget. Once you are inside and trading you will also not be disappointed by the range of choices. This includes availability in trading more than 100 markets with no less than 50 being forex pairs.

The spread too provides fantastic value starting at only 0.2pip and a leverage of as much as 500:1 provides plenty of scope to go deep into big trades. All of these trades take place through the trusted MT4 or Webtrader.

  • Regulations: FCA, FMA. FSC
  • Minimum deposit: $50
  • Platforms: MT4
  • InvestinGoal rank: 2.5/5

66% of retail CFD accounts lose money

Australian trader? Here’s what to look for in a forex broker

Now that you have had a look at the top brokers on offer, here are a few key points when it comes to trading in Australia.

Unlike some countries where you may trade forex, in Australia, a number of other products including binary options, spread betting, cryptocurrency trading and CFDs are all legal. This means you do not need to have any fear when choosing a broker and you should be able to trade everything you need here. At the moment, leverage in Australia is also very flexible and as much as 500:1 leverage is available depending on your choice. There is talk of changing this to as low as 20:1, less than what CySEC currently offers from forex brokers in Europe, though nothing is official yet. Negative balance protection is also not mandatory in Australia, though funds are typically kept in top-tier, segregated accounts.

With that in mind, here are a few more key tips in helping make sure you choose the best forex broker for you:

1. Look for forex brokers regulated in Australia

Trust is always vital. This comes in no better form in the world of forex trading than from ASIC. They are one of the top regulatory bodies in the world and it is highly recommended to choose an ASIC regulated broker if you are making a move as a forex trader.

2. Try to look for brokers that offer AUD currency

It will usually be the case that your broker will accept AUD deposits or base currency since they must be regulated by ASIC to offer services in the country. Choosing this kind of broker will save you money on possible currency conversion or other banking related fees and charges from your own bank and the broker.

3. First time trading? Look for Negative Balance Protection

Negative balance protection does exactly as it says. It stops your balance from going below zero if the market turns against you. Although it is not mandatory under ASIC regulations, it is still highly recommended that you pursue a broker offering this protection. While it may rarely, if ever, happen, it is positive to know that your balance will be protected in this way.

How to verify if a forex broker is regulated in Australia

Verifying your forex broker regulation in Australia could not be easier. Simply, head over to the ASIC official website. Once you are there, find the ASIC Register and search for the company name of the broker. This company name is often to be found at the bottom of your forex brokers homepage.

Is forex trading taxable in Australia?

The simple answer on forex trading tax in Australia, is yes. You do have to pay tax on any profits. Typically in Australia, the capital gains tax to be paid is 23%. This is calculated on a varying percentage of the income between 15% and 60%. Generally, for day trading, this figure stands at 40%.

  • We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect

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Markets Sell Buy Change, %

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What Are Indices?

World indices are indicators of price changes for a certain group of securities. The stock exchange index can be explained as a “basket” of shares united by a common basis. Trading indices can be compared to opening positions on the courses of several dozen stocks at once.

The most important thing is determining the exact stocks or bonds each index is formed from. The set of shares included in the spot index value calculation determines the information that can be obtained by observing the dynamics of its course.

In general, the main purpose of world indices is to create a powerful indicator for investors to characterise the direction of companies’ quotes in a particular industry. Studying the dynamics of major indices helps to understand the impact of certain events on the value of securities.

During trading indices, keep in mind that the reaction to the economic news published may not correspond with expectations and forecasts.

For example, if there is a rise in oil prices, it is logical to expect an increase in the shares of all the oil companies.

However, different stocks grow at different speeds, while some of them may not respond to such news at all. In this case, the spot index helps traders to understand the overall trend of this market segment without the need to assess the position of lots of different companies.

Observation and trading indices give insights into how the different sectors of the economy trade in comparison with each other. Here at FxPro we are glad to offer the trading of CFD on major indices, which makes it possible to join the price movement not only for a rise, but also a fall.

Trading indices is popular among FxPro traders due to its comprehensive terms, accurate quotes from several suppliers and versatile analytics. After all, in order to understand the logic of the index behaviour, you need to pay attention to the corporate news of each of the companies included, as well as on events affecting the wider industry as a whole.

The Best Forex Brokers in Australia 2020

Finding the best forex brokers in Australia can seem like a difficult task, especially for beginner traders. Luckily, here at TopRatedForexBrokers, we do the hard work for you.

Our team of experts have reviewed hundreds of forex brokers based in Australia, to create a conclusive list of the best sites for traders down under. We’ve also identified the most important things Australian forex brokers must offer to ensure you receive a superior trading experience.

This includes an ASIC license, excellent customer support in local hours and compatibility with Australian banking services. Our top Australian forex brokers also offer competitive spreads on AUD pairs and updates during the Asian trading session, which overlaps with Sydney trading hours.

By meeting our specific list of criteria, you can rest assured that the brokers recommended here are reputable and well-suited to your needs as an Australian forex trader.

You can also use this page to:

  • Discover what bonuses the best forex brokers in Australia offer
  • Learn more about the regulation of forex trading in Australia
  • Identify what exactly makes for a great Australian forex broker

Best and most trusted forex brokers in April 2020

What is the regulation in Australia Forex brokers?

Different countries have their own national regulatory bodies. Called agencies or authorities, these are specialized bodies of government or parts of the independent local regulation system. To protect the brokers and the traders at once, the Australian financial services market has been collaborating with the following regulatory agencies.

The Australian Securities and Investments Commission is the main regulatory body for financial services, markets and platforms in Australia and, in most cases, you will see it by its abbreviation ASIC. This is the agency to which any potential Australian Forex broker must refer to get the necessary license to operate on the market.

The Australian Securities and Investments Commission also regulates personal data protection and manages the generation of smooth financial transactions. Last, but not least, the Reserve Bank of Australia has delegated its control to authorised money market dealers and foreign exchange dealers by putting Australian Securities and Investments Commission in charge to observe how properly they work.

  • Australian Prudential Regulator Authority

Known by the short name APRA, Australian Prudential Regulator Authority has several rights to manipulate and directly perform on license procedures, as well as in the supervision of the Authorised Deposit-taking Institutions (ADIs). Many disputes by ordinary customers of Australian Forex brokers are handled by Australian Prudential Regulator Authority, too!

  • Australian Competition Consumer Commission

The Australian Competition Consumer Commission controls and bans anti-competitive behaviour of an Australian Forex broker, too. This commission is an independent one, but it has many additional rights as to the security in Australian Forex brokers, too. Alongside with the two mentioned above agencies, ACCC does form the triple regulation process in Australian Forex brokers.

How to choose a decent Australia Broker?

If you find numerous Australia Forex brokers with at least one of the mentioned above agencies for regulation, you can be sure that safety factor is provided for your financial trading. But what should be the rest of your criteria, when choosing such a broker? Find out now how to find a decent and reliable Australia Forex brokers now and with us. These should be the features that must present in each trading websites based in Australia you are thrilled about:

  • Good reputation and experience in the field will protect your doubts whether this is a really trustworthy place to invest your money and to invest your trading time in.
  • Perfect customer support, on the other side, is important for all those moments you are simply not able to orient in the website or in some of its trading features and categories.
  • Good bonus system with amazing offers to make your financial trading activity more decent, interactive and entertaining.
  • As a beginner in the field, you will have to gain some additional experience and knowledge form a broker. Make sure that you look for all those best Forex brokers Australia, where there is a learning centre, as well as FAQ category and demo account, which is a free chance for gaining some good practice.
  • An abundance of trading instruments and helping functions on the website will help you become a better trader quite fast. Most Australian Forex brokers do provide these things, so view them, as well.
  • Powerful trading platform with decent instruments included in it. Do not forget that the trading software is the main key element in a broker platform, as well as for your trading experience on the website.

Join an Australian Forex broker, if this kind of brokers do suit your needs and tell us what you think about it later on mandatory!

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