Брокеры Форекс В Австралии

Forex is the most liquid market in the Australian financial world, with nearly 70 forex brokers holding Australian Financial Services licences. But which forex trading platform is the best?

The brutal truth is that most forex trading platforms are almost identical.

Their feature sets are very similar, with most forex brokerages building on top of well-known, popular 3^rd party platforms like Meta Trader, cTrader, DupliTrade and Myfxbook.

Acting as middlemen between liquidity providers and you, they make a profit by taking a small point of a percentage (aka pip) of your transaction.

Because I recently decided to dabble in forex trading myself, I spent a week studying these tiny differences to pick the best forex broker for my own needs.

Rather, I’m just a guy with spare cash every month who wants to see it increase in value, rather than get eaten away by Australia’s nasty depreciation.

1. Fusion Markets.

Best overall. Best low-cost forex broker in Australia.

Fusion Markets is an ASIC-regulated Australian forex broker with headquarters in Melbourne. Founded in , it started out as a no-frills, low-cost forex trading platform.

In recent years it made an effort to offer Australian forex traders a larger range of features without losing its focus on low trading costs.

Did it succeed? We&#;re about to find out.

Pros.

Fusion Markets spoils you with powerful trading tools and a healthy range of tradeable assets. Trading platforms include:

This is a very comprehensive offering that will satisfy beginners, intermediates, advanced and professional forex traders.

I was particularly surprised at the inclusion of cTrader. Only Pepperstone and GO Markets offer this platform with advanced analysis tools, algos, advanced market depth and thousands of technical indicators.

MetaTrader&#;s web-based WebTrader is an easy-to-use, friendly and intuitive platform that will offer training wheels until they&#;re ready.

Meanwhile, beginners who want a more hands-off approach to forex trading will appreciate access to DupliTrade. A third-party copy trading provider, it allows you to duplicate expert traders&#; activities through MT4 and MT5.

Social trading features are also available as part of Myfxbook add-on &#; one of the world&#;s largest forex trading communities.

It doesn&#;t have the most modern-looking interface but it gets the job done.

As with most top-tier forex trading platforms, you can choose an account that best fits your experience level and trading style:

Like most of the best Australian forex brokers, Fusion Markets doesn&#;t charge deposit, withdrawal or inactivity fees.

Hedging, scalping and EAs are allowed.

I was impressed by Fusion Markets&#; fast execution speeds, hardly ever noticing any hard slips or requotes.

Last but not least, 24/7 support via email, chat and telephone beats other providers. The industry standard is 24/5. Agents are responsive, helpful and patient.

The fact that you’re dealing with an Australian broker that’s actually based in Australia helps here.

Cons.

I don&#;t have many gripes with Fusion Markets. Really. And it&#;s not for the lack of trying. But there are a few yellow flags.

The first is to would-be copy traders.

DupliTrade has a $5, minimum entry threshold, which will turn off many beginners.

Yes, you get some YouTube videos to get you up and running. They&#;re not terribly exciting, but are clear and logical.

I won&#;t harp on this too much, as education is an Achilles Heel for most forex brokers, but Fusion Markets&#; efforts are particularly &#;meh&#;.

The other thing that would improve Fusion Markets is the ability to trade real stocks.

I know it&#;s a big ask, but this is where Think Markets and Go Markets beat it. If you want to trade underlying shares, you&#;ll need to go with one of those platforms.

Overall.

Fusion Markets is the best forex broker in Australia because it achieves the impossible goal of being both low-cost and fully-featured.

It beats other top forex brokers with the lowest commissions of $ per side and best spreads in the game on its Zero account.

Intermediate and advanced traders will appreciate Fusion Markets&#; focus on top-tier trading platforms in MT4/5 and cTrader. Meanwhile, beginner traders will appreciate the training wheels offered by WebTrader, DupliTrade and Myfxbook.

I like that the company doesn&#;t sponsor sports teams or invest in other expensive, elaborate marketing schemes or gimmicks.

CEO Phil Horner is an Australian, living in Australia &#; and is a veteran of the forex trading industry.

2. Pepperstone.

Best forex trading platform in Australia for active traders.

Like Fusion Markets, Pepperstone is an online forex broker headquartered in Melbourne, Australia.

The company was founded in and is highly regulated, with the green light from the ASIC, FCA, SCB, DFSA, CMA, CySec and BaFin.

Pros.

Let’s kick off with a discussion of Pepperstone’s trading platforms:

It matches Fusion Markets by including cTrader and MT4/5, but swaps out beginner-focused WebTrader for the more advanced TradingView.

The latter is great for speed and responsiveness, as well as more built-in indicators, drawing tools, chart formats and rich historical data (but no automation).

Does this mean that Pepperstone caters to more intermediate and advanced forex traders, while Fusion Markets also tries to please beginners?

I think so, and I’ll shortly discuss a few other features that strongly hint at this.

Pepperstone matches Fusion Markets in the social and copy trading department by giving you access to DupliTrade and Myfxbook.

You can access about the same currency pairs, but more than 1, other instruments – including CFDs on commodities, ETFs, shares, indices and crypto.

(Related: Will Australian Dollar Rise In ?)

The difference in share CFDs is most significant.

While Fusion Markets gives you access to just over US share CFDs, Pepperstone spoils you rotten with from the US, from the UK, from Australia and a few others from Hong Kong and Germany.

If the range of instruments is your deciding factor, Pepperstone is definitely the best choice.

However, if low fees are also a priority, Pepperstone slips back into 2nd place.

Like Fusion Markets, Pepperstone offers three retail investor accounts:

On average, Pepperstone’s spreads are slightly wider than Fusion Markets’. Commissions are also about $1 higher per side, at $

For example, if you trade more than lots over a 3-month period, you’ll qualify for a 20% discount. If you trade more than lots, you’ll receive a 30% discount. Members of the Active Trader program also get free VPS hosting, a dedicated account manager and better reporting.

You don’t pay any deposit, withdrawal or inactivity fees.

Like Fusion Markets, Pepperstone offers excellent support 24/7 via phone, email, live chat and even WhatsApp. Customer service agents are patient and polite.

You get a comprehensive set of “Learn to Trade” webinars, videos and blog posts, as well as access to The Cornelian Academy – a third-party trading education provider (that also partners with Eightcap, below).

Cons.

As I mentioned when discussing the cons of Fusion Markets, you’ll need to watch out for the $5, minimum deposit when using DupliTrade.

Also, keep in mind that even though Pepperstone offers a huge selection of stock CFDs, it doesn’t offer access to underlying stocks.

Overall.

Pepperstone offers some of the best forex trading conditions possible. Think of it as institutional-grade trading made available to Australian retail traders.

If you’re comfortable with Meta Trader and/or cTrader, want to trade large volumes of a large variety of instruments and dabble in copy trading, Pepperstone is your best choice.

Fast trade execution speeds and outstanding customer support seal the deal.

According to the CEO Tamas Szabo, Pepperstone attracts a lot of referral business, which is always a good sign. Incidentally, Tamas has been in the industry for over 25 years, moving from IG Group, where he did a stint as CEO of Asia Pacific.

3. Eightcap.

Great all-rounder forex trading platform.

Another forex trading platform founded by Aussies, Eightcap hails from Melbourne and is regulated by ASIC.

I’ve seen other reviewers promoting Eightcap as the best forex broker for beginners, but I vehemently disagree – for reasons I’ll explain below.

(Related: How To Avoid Forex Trading Scams).

Pros.

Eightcap is a MetaTrader-only forex broker with a few 3rd party bolt-ons to sweeten the deal.

This is where I disagree with reviewers who push it as a “beginner-friendly platform with a user-friendly interface”.

Beginners can certainly wrap their heads around them if they persist, but people who want a very easy introduction to forex trading should look for a brokerage that offers their own proprietary, web-based platforms (e.g., Go Markets) or a WebTrader version of MT4/5 (e.g., Fusion Markets or Vantage).

Yes, I realise that Eightcap also offers the more user-friendly TradingView, but that requires you to place trades via a mobile app or manually via MT4 anyway – not ideal for beginners.

Eightcap’s range of tradeable instruments is large and well-balanced. Predictably, you’re not limited to only forex, and are able to build a balanced portfolio of different asset classes.

Account structure mirrors that of Fusion Markets and Pepperstone:

I like that Eightcap offers a couple of perks that other brokers don’t.

The first is eunic-brussels.eu – a trading bot that allows you to automate much of your trading without using any code. You can communicate with it using a chat interface.

The second and more useful feature is FlashTrade.

This bolt-on allows you to modify your stop losses and take profits when you’re already in the trade. This ability to change parameters as the trade develops allows you to react to the market more dynamically.

Cons.

Research and education are pretty average. It’s nothing more than a public blog called Eightcap Labs. You will learn about trading strategies, indicators and the importance of managing your emotions – but that’s about it.

And let me remind you that you shouldn’t rely on your brokerage for those, because of obvious conflicts of interest.

Unlike Fusion Markets and Pepperstone, Eightcap doesn’t offer any copy trading features (although some social trading functionality is available through TradingView).

Its selection of 42 forex pairs is also lower.

Also, keep in mind that your demo account will expire after 30 days.

Overall.

Eightcap is a well-established forex broker with competitive trading fees and a reasonably large range of tradeable instruments.

Their decision to include FlashTrade is a nice touch, while their focus on MT4, MT5 and TradingView reminds you that it tilts towards intermediate to advanced users.

TradingView is an OK entry point, but those who want the most user-friendly introduction to forex trading should consider Fusion Markets or Vantage (because of WebTrader).

Raw and Standard accounts suit high-frequency and position traders, respectively. Fees on the Raw account are competitive but nowhere near as good as Fusion Markets’.

Fees on the Standard account, with its pip starting spread, are not very competitive at all. If you want to trade commission-free, you’re better off with Pepperstone.

4. Vantage Markets.

Great forex trading platform in Australia for intermediate and advanced traders.

Vantage was founded in as VantageFX but has rebranded as Vantage after post-GFC QE efforts squeezed a lot of volatility out of the forex markets and made it difficult to make money by trading forex alone.

Today, Vantage offers a very robust selection of instruments across a number of markets. It is regulated by ASIC in Australia.

Pros.

Like most forex brokers in this review, Vantage does not have a proprietary desktop trading suite. You will trade via MT4 or MT5.

But Vantage also takes care of beginners by including the more user-friendly WebTrader suite.

In that sense, it allows beginners to start with WebTrader and transition to MT4 and MT5 when ready, while advanced traders can jump into the deep end immediately.

But there’s more.

Combined, these make one of the industry&#;s most comprehensive trading platform offerings.

Structure of Vantage&#;s retail investor accounts is very similar to that of Fusion, Pepperstone and Eightcap:

Overall, the fee structure is very competitive when compared with the best forex brokerages in Australia. Use the Raw account for the lowest overall fees, and stay out of the Pro account – unless you really know what you’re doing.

While some people criticise it for being insufficient, I prefer its tighter focus (which leads to fewer distractions).

Apart from 44 forex pairs, you get CFDs on US shares, 50 Australian shares, UK and Euro shares as well as CFDs on 7 bonds, 40 cryptocurrencies, 35 ETFs and a healthy selection of commodities, indices and precious metals.

SmartTrader tools are included as part of the MetaTrader suite, as well as news and sentiment analysis from FXWire Pro and Fx Street.

Cons.

My criticisms of Vantage are similar to those I’ve already levelled at Eightcap.

Educational resources are on par with other brokerages. Meanwhile, the customer support is good but is only available 24/5.

The absence of ZuluTrade and DupliTrade is also a surprise. I know that Vantage offers these copy-trading 3rd party add-ons in other global markets, so their decision not to offer them in Australia is unusual.

This is about 20 less than you get with Pepperstone and Fusion, but all the usual majors, minors and exotics are there.

It’s just that some of the very exotic pairs aren’t available (but do you need to take out a position on the GBP/CZK (British Pound / Czech Koruna)?

Overall.

I like Vantage because it’s clearly aimed at sensible, serious CFD and forex traders (and people who want to reach that level).

Its ECN-style Raw account gives you access to some of the lowest trading fees on the market, and a healthy – but not overwhelming &#; selection of markets encourages you to step outside of forex.

Meta Trader 4 and 5, WebTrader, TradingView and an easy-to-use mobile trading app put every trading tool at your fingertips.

The lack of copy trading features is somewhat disappointing, but to be entirely honest, most serious traders won’t be planning to automate their trades.

5. IC Markets.

Another good forex trading platform for advanced traders.

Australian-owned IC Markets is an online forex broker headquartered in Kent St, Sydney. The company was founded in and offers trading on a range of assets, including currency pairs, indices, metals, and energies.

They are regulated by ASIC, CySEC, FSA, and SCB.

I don’t recommend IC Markets for a raw beginner.

IC Markets gives you many options, allowing you to optimise for one strategy over another.

For example, you could avail of IC Markets raw spreads – zero pips!

Of course, they must keep the lights on somehow, so their raw spread accounts charge commission. A standard account will have spreads but no commission.

I don’t know why IC Markets chose to make the commission on cTrader accounts 50 cents cheaper than on MetaTrader, but they have.

Currently, commissions on their Metatrader accounts are $, and just $3 on cTrader.

Pros.

Physical presence in Australia. Noice.

IC Markets boast that they have over 25 global liquidity providers, which allows them to consistently offer tight spreads. It’s hard to argue with them when they’re literally offering 0 pip spreads.

If this is your preferred strategy, I recommend IC Markets.

They offer 61 forex pairs, which is more than enough for most people. It might actually be too much, as the sheer number of pairs can be overwhelming.

Fast execution speeds minimise slippage.

If you have very specific needs, they might be the best option for you.

IC Markets offers forex market accessibility through 3 primary types of trading platforms:

IC Markets, like Pepperstone, which I will review shortly, caters to different types of forex traders by offering Raw Spread and Standard accounts.

Cons.

While IC Markets lets you trade in various markets, they’re all CFDs. If you want to purchase the underlying asset, you’ll need to go elsewhere.

The user interface could be simpler and more intuitive. There’s something decidedly “last decade” about its design.

Raw spreads sound great the first time you hear about them. But unless you’re trading big money, it’s probably better to stick with a standard account.

You must think carefully about what kind of trader you are and what account would suit your style.

Overall.

Scalpers and technical forex traders will find IC Markets an excellent choice for its straightforward pricing, global name recognition and fast execution speeds.

But they’re certainly a forex broker to consider when transitioning to more advanced or technical strategies.

6. AvaTrade.

Good for beginner forex traders.

AvaTrade is regulated by three tier-1 and three tier-2 jurisdictions. In Australia, AvaTrade is regulated by the ASIC.

AvaTrade has won heaps of industry awards, too many to list, in fact.

The most relevant to forex traders are their awards for Most Trusted Platform in Europe, Best Mobile Trading Platform, Best Overall Broker, and Best Fixed Spread Broker.

And that’s just !

Pros.

AvaTrade lets you trade CFDs in several different markets, including bonds, stocks, commodities, and crypto. CFDs are great because you can use leverage (deeper analysis of Australian CFD brokers).

And leverage is what makes AvaTrade special…

Is this safe?

Be aware that what you gain in leverage, you lose in consumer protection.

If something goes wrong, you would not have the same legal recourse as if you were using the Australian-regulated branch of AvaTrade.

Users I spoke to complained that you’d need a separate email account to switch from the on-shore to the off-shore branch of AvaTrade, or vice-versa.

AvaTrade’s educational resources will suit some people more than others. Instead of a curriculum that walks you from beginner to expert, AvaTrade’s educational resources are arranged by topic.

Luckily, AvaTrade has the supporting infrastructure for just this type of learner. They offer a demo account with $, virtual money, so you can test out the platform before committing any real funds.

$K in virtual money will teach you a lot more than $ in real money. If you’re serious about trading, spend six months just trading paper and see how you get on.

This is a huge advantage for anyone starting out, as it allows you to copy other successful traders.

(Related: 13 Best Share Trading Platforms In Australia).

AvaTrade, the brokerage, lets you choose which trading platform you want to use.

This is good news for people who are used to their preferred platform and don’t want to change – even if they do want to change their broker.

Their award-winning mobile app, AvaTradeGO, allows you to trade on the go.

Cons.

AvaTrade’s spreads are nothing special; they don’t deviate significantly from the industry average. For major pairs, expect the spread to be just under 1 pip.

I don’t like that AvaTrade only lets you trade CFDs.

While leverage sounds great, it does involve taking on additional risk.

I&#;d be very wary of losing the consumer protections afforded us under Australian law. I&#;d recommend AvaTrade’s on-shore account for most people.

For example, it took quite a bit of digging to discover that they have two separate inactivity fees. The first is after 3 months of inactivity and will cost $ At 12 months of inactivity, they levy a $ ‘Administration Fee.’

It’s not clear from the website if a year of inactivity will cost you $($50*4 + $) or less.

Overall.

I like AvaTrade for its simplicity and ease of use. It’s one of the best forex brokers for beginner forex traders to learn their trade. At the same time, more advanced traders can avail of their high-leverage off-shore accounts.

7. Axi.

Another decent low-cost forex platform.

Axi is a fully online platform based in Australia. As a low-cost brokerage, it’s a good choice for people just dipping their toe in forex trading.

But you get what you pay for in terms of limited trading options, no weekend customer service, and an interface that lags behind some of its competitors.

Pros.

Cons.

Overall.

Axi doesn’t have all the bells and whistles of other forex brokers I&#;ve reviewed here. It’s a low-cost platform with limited options.

No law says you have to do all your trading on one platform, so why not take advantage of Axi’s low rates for forex trading? You can manage the rest of your portfolio somewhere else.

8. eunic-brussels.eu

Another good all-round trading platform

eunic-brussels.eu has a reputation for being expensive, which isn’t entirely fair. At the time of writing, the average spread on major pairs is between .5 and 1 pips.

The spreads are even better if you register for a premium MarketsX account.

Considering that the only requirement to access this membership tier is a $ deposit, I feel the premium fees are a more accurate indicator of the overall experience.

Pros.

Cons.

Overall.

eunic-brussels.eu is an easy platform to use. You can start trading almost immediately, and there are lots of useful research tools to explore.

MetaTrader integration is an obvious plus, and I like that you can trade commission free. On the flip side, there are more competitive spreads out there.

9. ACY Securities.

Good all-round forex platform for beginners.

ACY Securities is only authorised by a single tier-1 regulator, the ASIC. This doesn’t sound as prestigious as some other brokers on our list, but for Australians, it’s the only one you need.

I bring it up because ACY Securities seems to actively discourage users outside of Australia by charging them higher than-average rates.

The platform offers three account types, with better rates for higher deposits. Users can further lower their costs by attaining active trader status.

ACY Securities offers three account types, with better rates for higher deposits.

Enter the winner&#;s circle; one thing that makes ACY stand out is its year-long trading competition. The Trading Cup Contest allows users to win up to half a million dollars! Not bad work if you can get it.

Pros.

Cons.

Overall.

ACY Securities is a good option for experienced traders who are based in Australia.

I wouldn’t recommend them for beginners or small traders, as there are more cost-effective alternatives for people in those categories.

FP Markets.

Yet another Australian forex trading platform.

FP Markets is an Australian CFD and forex broker regulated by the top-tier ASIC.

They give you a choice between raw pips and zero commission. A raw pips account starts with a commission of $3 per side, while the commission-free option starts with a spread of 1 pip.

For Forex traders, the commission is $3 per lot with an average spread of pips. There is no inactivity fee, which is useful if you’re not a full-time trader.

Pros.

Cons.

Overall.

FP Markets is nothing special. They don’t offer the best price, the most options, or the most powerful tools. They’re a good all-rounder, but nothing to write home about.

Should I Trade With A Zero-Commission Forex Broker?

Only if you’re a beginner. You’ll discover a rule of thumb with forex brokers. You either get:

Every time you place a trade, your forex broker will take a cut that’s a set number for each lot size. That’s the commission.

Your recipe for success involves finding a broker that allows you to get your trade through the spread as well as having a commission that’s low enough for you to still be in profit.

Zero-commission brokerages usually stick it to you excessively on the spreads.

Should I Trade Forex Only?

No. The first error every new retail trader makes is limiting themselves to one asset class (and sometimes one time horizon (e.g., day trading).

If one approach stops working, you can shift &#; while avoiding concentrated risks.

Is This Why Most Forex Trading Platforms Offer CFDs?

Yes. Traders live and die on volatility, and it has been crushed in forex markets in the last 10 years.

There are some exceptions, like USD/JPY, but the low volatility on major currency pairs makes forex good to learn on, but difficult to make lots of money on when day trading.

Should I Start With A Demo Account?

Yes. It’s the only reliable way to see what the real spreads are. This is particularly important when the brokerage offers variable spreads.

But keep in mind that you don&#;t learn much about risk management until you open a real position with real money.

How Do I Know If I&#;m A Beginner Forex Trader?

Beginner traders take the directional “day trading” approach to market. They think in short time frames, measuring everything in 1-minute, 5-minute, 4-hour or daily increments.

One of them is usually their “favourite” forex pair, a short on the S&P (because their favourite YouTube economist has predicted an economic doomsday again) and their favourite cheap underdog stock (something to do with AI or blockchain).

In contrast, professional traders think in month blocks.

They take out multiple long-short positions to build portfolios that profit from the upside potential of certain securities while mitigating the downside of risk.

Why Do Forex Trading Platforms Charge Inactivity Fees?

Dormant accounts are a massive problem in the brokerage industry.

Would-be traders go to trading seminars, get convinced to open a trading account, deposit a couple of thousand dollars but never build up the confidence to pull the trigger.

Some trading platforms charge inactivity fees as a disincentive for leaving your trading account dormant.

Quick Comparison Of Leading Australian Forex Trading Platforms.

How does my #1 recommended forex trading platform in Australia, Fusion Markets, compare with runners-up? Let&#;s find out.

Fusion Markets vs Pepperstone.

Fusion Markets vs CommSec.

Commsec comes with the perceived security of being backed by Australia’s biggest bank.

On the flip side, Fusion Markets is one of Australia&#;s leading dedicated forex trading platforms. So, not only does Fusion have a strong reputation in its own right – but they’re also specialists.

Fusion Markets vs AvaTrade.

AvaTrade’s paper trading option and simple pricing structure make it easier for beginners to get into Forex trading. Fusion Markets generally offers lower spreads and commissions, though.

How Does Forex Trading Work?

The goal of forex trading is to profit by trading CFDs of currency pairs.

Forex traders speculate on the future value of one currency against another. They then make trading decisions accordingly.

1. CFDs Can Be Your Friend.

Importantly, forex traders don&#;t purchase the underlying asset. Instead, they engage in CFD trading that predicts the direction of price movement through a contract.

2. Pair Up.

Currencies are always quoted in pairs, such as EUR/AUD or AUD/USD.

The first listed currency of a currency pair is called the base currency and the second currency is called the quote currency.

The code&#;s price explains how many units of the quote currency it would take to buy the base currency. For example, a typical quote pair for is:

AUD/USD =

Here, the AUD is the base currency, and USD is the quote currency. In other words, the Australian Dollar is worth US Dollars.

3. Learn Leverage.

When you trade forex, you only put in a small amount of money compared to the full value of the trade.

This is important, as currencies only fluctuate by minute amounts, and in order to make a substantial profit, you must trade large volumes.

What Do I Need To Know About The AUD/USD Pair?

The AUD/USD is one of the world&#;s top-traded currency pairs.

Australia adopted a free-floating forex currency system in This means the Australian dollar exchange rate is set by the demand and supply of Australian dollars on the foreign exchange market.

Which factors affect this pair?

1. The RBA Official Cash Rate.

The actions of the Reserve Bank of Australia (RBA) directly affect the AUD/USD pair.

In , we have seen the cash rate increase by over %.

Of course, actions of the US Federal Reserve &#; aka The Fed &#; also play a huge part.

As shown above, the price of AUD has slumped during , largely due to interest rate hikes by the Fed.

Generally speaking, the interest rate differential between both banks will directly impact the net position of the AUD/USD pair.

2. Commodity Prices.

Commodity prices strongly influence Australia&#;s currency as the country exports large amounts of coal and iron ore.

3. The Chinese Economy.

As China is Australia&#;s largest trading partner, any changes in the Chinese economy will also affect the AUD.

How To Choose The Best Forex Trading Platform?

The best forex broking platform for you will depend on your needs and the platform&#;s benefits. Start by considering the following:

1. Who Are You?

Be honest about your commitment to forex trading and your level of expertise. Ask yourself:

2. Does The Platform Have Essential Features?

Next, evaluate the forex trading platform through the following 7 lenses:

3. Is It Regulated In Australia?

Ensure that your forex trading platform of choice is regulated by the Australian Securities and Investments Commission (ASIC).

This way, you can have the assurance that the platform is legitimate and your funds are held in a safe ecosystem.

4. Does The Trading Platform Offer A Phone App?

The best forex brokers in Australia also offer fully optimised mobile apps for both iOS and Android devices.

To provide the best user experience, trading apps should include all of the features available on the desktop platform, such as placing buy and sell orders, conducting market research, requesting deposits and withdrawals.

5. Does The Platform Offer Top-Notch Customer Service?

Look for a forex broker that offers five-star customer service.

The best forex brokers that earned top spots in this review offer support on at least a 24/6 basis, which matches activities of the global currency trading market.

Is There The Best Time Of Day To Trade Forex?

The foreign exchange market is open 24 hours a day, five days a week (including most holidays). This means that you can trade forex anytime, anywhere.

However, not all times are created equal.

These are the times when the majority of international banks and businesses are active in the market, and when there is the most liquidity.

The London session runs from 3 AM to 12 PM GMT, while the New York session runs from 8 AM to 5 PM GMT. It means you&#;ll have to stay up pretty late if you live in Australia.

Can I Teach Myself How To Trade Forex?

Yes, but be careful. While there are no shortage of online gurus happy to sell you their forex trading course, it&#;s essential to be wary of scams.

Many beginners get lost in a sea of trading forums, e-books and blog posts.

They end up with a patched approach to their trading, characterised by dozens of indicators on their screen and hundreds of currency pairs in their head.

A better approach for someone just starting out in forex trading is to use a simple and focused approach:

How Do I Start Forex Trading In Australia?

The process is quite simple. I suggest you spend less time agonising over your choice of trading platform and more time learning how to trade.

1. Open A Forex Trading Account.

For beginner traders, the best way to start forex trading in Australia is to set up a micro forex trading account with a low capital requirement.

Such accounts have variable trading limits and allow investors to limit their trades to amounts as low as 1, units of a currency.

Another option for beginner traders is to use a demo account. A demo account simulates live trading conditions and allows you to test your strategies without risking any real capital.

2. Deposit Funds.

Once you have chosen the best forex trading platform for your needs and set up an account, you will need to deposit funds into your account.

Most Australian forex brokers accept deposits via bank transfer, credit/debit card, or e-wallet.

3. Search And Trade Currency Pairs.

Once your account is funded, you can start searching for forex pairs (as well as indices, commodities, shares, and ETFs).

Don&#;t be haphazard in your approach. Use resources on the Internet to find a trading strategy that appeals to you and stick to it. As a general guide:

Questions About Forex Trading You&#;ve Been Too Afraid To Ask.

Don&#;t worry, I won&#;t tell anyone.

Fundamental vs Technical Analysis: Which Is More Important For Forex Traders?

Professional traders focus on fundamental trading 80% of the time and 20% on technical. Unfortunately, most beginner retail traders do the opposite.

They overvalue the importance of looking at candlestick charts and undervalue the need to understand economic data that predicts forex price movements.

What Are GSLOs?

GSLOs are not offered by all forex brokerages. These give you % certainty that you’ll be closed out of a trade at an exact price specified by you, regardless of market volatility.

Is Copy Trading Good For Beginners?

Yes and no. It&#;s a time saver, but it doesn&#;t teach you much about the fundamentals of trading.

What Do I Need To Open A Forex Trading Account?

Applying for a forex trading account is generally a quick and easy process that can be completed entirely online.

Most forex brokers will have an online application form that you&#;ll need to fill out, after which you should hear back from them regarding the status of your application.

Have the following details and documents ready to help prove your identity:

Does ASIC Regulate Forex Trading Platforms In Australia?

All retail forex trading platforms in Australia must hold an Australian financial services (AFS) license. ASIC, the main regulator of forex brokers in Australia, issues the license.

ASIC requires all forex brokers to meet certain standards, including:

In addition, ASIC has a number of rules in place to protect investors, including the following:

Which Forex Trading Platform In Australia Is Best For Beginners?

This is a difficult question to answer in one sentence. I suggest you read the entire review above to understand the pros and cons of each platform.

Which Australian Forex Broker Gives The Highest Leverage?

Gone are the days when you could get leverage in Australia. As of the 29th of March , the ASIC has capped leverage at

Most platforms offer leverage of , the limit to what they’re legally allowed.

Institutional vs Retail Forex Brokers: Which Are Best?

Traditionally, institutional traders would buy and sell currencies on behalf of large hedge funds, pension funds, banks and businesses while retail traders would do the same for individuals.

Institutional investors generally have greater sums of capital at their disposal, which gives them access to the best forex trading platforms with:

That said, online forex trading platforms have blurred the lines between institutional and retail investors in recent years.

For instance, all individual Australian traders have access to derivative products such as Contracts for Difference (CFDs).

Does CommSec Do Forex?

Yes. Commonwealth Securities Limited (CommSec) is a securities trading platform provided by the Commonwealth Bank of Australia.

Despite impressive credentials and popularity, CommSec ranked as 3rd best forex broker in Australia because of the % foreign exchange fee on transfers from the Australian Dollar into other currencies.

Can I Trade Forex With $?

Yes, but you probably shouldn&#;t.

While some forex brokers accept deposits as low as $, the lack of leverage increases your chances of losing as much as 88% of your investment.

Can I Trade Forex In Australia Without A Forex Broker?

No, you cannot trade forex without an ASIC-regulated broker in Australia.

All Australian forex brokers must have an Australian Financial Services licence in order to act as an intermediary that buys and sells currency pairs on your behalf.

What Are The Risks Of Forex Trading?

Without risk, there are no profits. Your ability to price and tolerate risks will determine your success in the forex trading game.

Here are 3 main forex trading risks that you should consider before signing up to a forex trading platform:

My Closing Words On Choosing The Best Forex Brokers In Australia.

To sum up, there&#;s no such thing as the best forex trading platform. Different platforms are best for different types of users:

Remember that forex trading is most effective when you think of it as a long-term strategy. It&#;s not a path to overnight success.

Give yourself concrete goals, avoiding the temptation to think in 1-week and 1-month increments. Ask yourself:

Forex trading is not for you if you cannot work with such long horizons.

Steven

Founded in and headquartered in Israel, there are +1 things to like in Plus&#x;s offering. Above all, I found it extremely safe and trustworthy. The broker is not only ASIC-regulated, which ensures compliance with the strictest safety requirements, but it&#x;s also listed on the London Stock Exchange (LSE).

What also stood out to me in Plus&#x;s offering is its wide range of share CFDs of Australian companies. Local stock traders can choose from a sufficiently large collection of such derivatives and trade comfortably during the Sydney trading session.

Regional Features

• ASIC regulation, Licensing No.
• Located in Sydney, Australia.
• Australian instruments &#x; 7 FX pairs, 1 index, 69 shares.
• Deposits and withdrawals in AUD.

Except for the feature-rich and intuitive Plus&#x;s proprietary platform, the broker offers quality and insightful research resources. The platform keeps traders in the loop with up-to-date market news and insightful weekly analysis, largely focusing on key fundamental drivers like earnings reports and central bank activities.

WebTrader's built-in research +Insights feature offers a peek into community trading trends, displaying data on popular instruments and top-performing positions. I find the sentiment metrics extremely useful; when the buyer-to-seller ratio hits extreme levels, it often flags potential trend reversals. This intel gains added significance due to Plus's extensive client base.

I tested Plus&#x;s trading fees and assessed them to be quite competitive. There is no volume-based commission, and the broker only charges conversion fees (when applicable) and the spread. Overnight charges also apply when executing positions lasting longer than a day. I measured Plus&#x;s EURUSD spread at pips, which meets the industry average.

Forex trading is accessible to everyone and offers the potential for significant returns, but it is important to approach it cautiously to avoid losing money. Forex traders in Australia should choose a reputable and regulated broker to avoid getting scammed, educate themselves on Forex trading, create a trading plan and stick to it, develop a risk management strategy, practice trading on a demo account, stay informed and educated, and follow the global financial market news.

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We are big believers in transparency. To help you make an informed choice, we publish our comprehensive broker comparison process and constantly update our State of the Forex Market report. 

VS

ASIC Regulated

Leverage

PlatformsMT4, MT5MT4, L2 Dealer

Min. Spread pips pips

Min. Deposit

View Full Comparison

VS

ASIC Regulated

Leverage

PlatformsMT4, MT5MT4, MT5

Min. Spread pips pips

Min. Deposit

View Full Comparison

VS

ASIC Regulated

Leverage

PlatformsMT4, MT5MT4, L2 Dealer

Min. Spread pips pips

Min. Deposit

View Full Comparison

What is Forex Trading

Forex trading, derived from Foreign Exchange, is the process of exchanging one currency for another through secure online platforms connected to Forex brokers. Every day, thousands of Australian traders buy and sell currency pairs, like the AUD/USD, hoping to make a profit through the fluctuations in exchange rates. It´s difficult to predict the changes in exchange rates between currencies. They are determined by complex economic, political, and technical factors, making Forex trading both a risky yet potentially profitable career.

Forex trading in Australia is legal and regulated, and Australian Forex traders are protected by the Australian Investment and Securities Commission (ASIC). ASIC imposes restrictions on Forex trading to safeguard inexperienced traders. Restrictions include a leverage limit of and compulsory negative balance protection for non-professional traders so they never end up owing money to their brokers.

Only Australian Securities & Investment Commission (ASIC) approved forex brokers are authorized to offer forex trading in Australia.

Forex Brokers offer currency trading as derivative instruments called CFDs. Almost 80% retail traders in Australia lose money with forex/CFD brokers.

Speculating on currency exchange rates is very risky, regardless of the broker you choose. Even if you do have the financial adequacy for forex trading, you must only do so via ASIC licensed forex brokers.

Licensed forex brokers must abide by rules such as: specifying their target market, segregation of client funds, and leverage restrictions placed by ASIC. We will explain our research below.

These forex brokers abide by ASIC CFD leverage restriction of for retail & for professional traders. Any leverage above is risky so even if is allowed always opt for lower leverage to limit any losses.

• Pepperstone &#; Best Forex Broker Australia
• Fusion Markets &#; Forex Trading Platform for Scalpers
• XM &#; Forex Broker with No Commission & spreads only
• AvaTrade – Forex Trading Platform with Fixed Spreads
• Plus &#; Licensed CFD Trading Platform
• Oanda &#; Low Spread Forex Trading Platform
• EIghtcap &#; Forex Broker with TradingView
• FP markets &#; Good MT4 Forex Broker with ECN & Iress Direct Market Access
• Vantage – ASIC Regulated Forex Broker

Important Note for readers: Only ASIC licensed forex brokers should be used if you are a currency speculator. Also, only professional traders who have experience should trade forex.

The ASIC Product Design & Distribution Rules also require that brokers clearly specify their target market, & make sure users understand the risks.

Some offshore brokers don’t narrow their target market, & present forex/CFD products as free for all activity which is not so as over 80% of CFD traders end up with losses.

1. Pepperstone &#; Best Forex Broker Australia

Pepperstone Group Ltd. has held their ASIC license number since , they have a physical office in Australia, & their accounts are audited by Ernst & Young.

Their activities are closely watched by the ASIC & they comply with all ASIC rules.

Who is Pepperstone’s Target Market for OTC Products?

Pepperstone CFD products are for retail traders who know how leverage works & are aware of the dangers. It is also for those looking to use CFDs to hedge risk.

What is the cost of trading?

Commission, Swaps, & Spread. There are 2 account types: The Standard Account does not take commissions & its spreads don’t fall below 1 pip.

The Razor Account only takes commissions when you trade FX CFDs, & spreads are low as you can trade EUR/USD at pips sometimes.

Pepperstone commission depends on the trading platform you selected. MT4/5, TradingView, & Pepperstone Mobile App; attract $ per side commissions on every standard lot of FX CFDs traded.

If you are trading via cTrader, you pay a lower commission of $3 per side per standard lot of FX CFDs.

Pepperstone spread is not platform based, instead it depends on your trading account type. EUR/USD average spread of pips is to be expected on the Pepperstone Standard Account, and pip on Razor Account.

Gold traders (XAU/USD) can expect spreads to begin as low as pips and go as high as pips on average.

Swaps are also to be expected on Pepperstone, as you earn or pay them when you hold a CFD position till the next day.

What trading platforms can I use on Pepperstone?

Pepperstone provides the MT4, MT5, cTrader, and a Proprietary Mobile App. They also provide The TradingView platform so you can trade from advanced charts, and eunic-brussels.eu platform so you can write trading programs in simple English language.

Tools such as cTrader automate let you build cBots, Auto chartist scans the charts and interprets patterns, API trading lets you import price info from pepperstone to your trading robot, and other tools.

What can I trade on Pepperstone?

Over CFDs from 7 Asset Classes- Forex, Commodities, Indices, Currency Indices, Cryptocurrency, Shares, & ETFs.

Pepperstone has 90+ currency pairings including Non-Deliverable Forwards (NDFs). Currency Indices include US Dollar Index, Euro Index, & Japanese Yen Index.

How is Pepperstone’s customer support?

Support is on 24/5. You save on cost when you dial Pepperstone toll-free Australian phone number for help. A LiveChat is also available & response is swift.

What are the Pros & Cons of Pepperstone?

Visit Pepperstone for more information on pricing and account opening

2. Fusion Markets – Forex Trading Platform for Scalpers

Are Fusion Markets safe?

Fusion Markets is a trademark of FMGP Trading Group Pty Ltd who have been in Australia since They are ASIC regulated (AFSL No ), Audited by LNP Audit, & have a Sydney office location.

Who is the Target Market for Fusion Market Products?

• Retail clients that understand the risks of CFD leveraged trading especially during high volatility.
• Clients who intend to use CFDs to hedge risk.

What does it cost to trade with Fusion Markets?

Commission, Spread, & Swaps. The Zero Account type offers spread from 0 pips plus $ per side commissions.  The Classic Account offers spreads from pips and doesn’t take commissions.

Overnight swaps are not ruled out, as you pay & receive swaps on overnight CFD positions.

What trading platforms does Fusion Markets offer?

MT4, MT5, & cTrader. They have also partnered with 3^rd party platforms: DupliTrade, & Myfxbook AutoTrade.

What can I trade on Fusion Markets?

CFDs on 6 Asset Classes: Forex (90+ Pairs), Metals, Indices, Commodities, Crypto, & US Shares. You trade US Share CFDs with zero commissions, but you don’t own the shares you only speculate on its price movement.

At Fusion Markets you cannot trade Bond & ETF CFDs.

How is Fusion Market customer support?

Telephone help lines are not toll-free, but LiveChat is very responsive. Website is also user-friendly

Visit Fusion Markets for more information on pricing and account opening

3. XM &#; Forex Broker with Zero Commission

Is XM safe?

XM operates through Trading Point of Financial Instruments Pty Ltd AFSL number: They are audited by William Buck and have a physical office in Sydney.

Who is the Target Market for XM products?

For retail clients who can show evidence of prior trading experience, those with suitable knowledge such as a finance degree, those looking for short-term market exposure. 

What is the cost of trading on XM?

Mainly spread, & swaps. Zero commission applies to all XM Accounts offered. The Ultra-low Account spreads are the lowest starting at pip.

On Standard Accounts, EUR/USD spread starts from pips & pip on Ultra-low Accounts.

Gold spreads start from pips on the Standard Account while on the Ultra-Low account it starts from pips

What platforms does XM offer?

XM offers a Proprietary XM Trading App, alongside MT4 and MT5. The XM proprietary platform is only a mobile app, and workability is restricted to Android/iOS Phones or Tablets.

What can I trade on XM?

There are CFDs on 50+ Currency pairs: Major, Minor, and Exotic pairs. Other available CFDs are Stocks, Commodities, Equity Indices, Precious Metals, & Energies.

How is XM customer support?

The phone and email customer support work 24/5. Live chat has a long waiting period and is not very responsive even on weekdays. The Phone lines are not toll –free.

What are XM Pros & Cons?

Visit the XM website for more information & to open account with Trading Point of Financial Instruments Ltd

4. AvaTrade – Forex Trading Platform with Fixed Spreads

Is AvaTrade safe?

Ava Capital Markets Ltd AFSL No. commenced Australian operations in They are audited by Peter Sheldon & have a physical office in Sydney.

Who is the Target Market for AvaTrade Products?

We couldn’t find the Target Market Determination (TMD) Document on AvaTrade AU website.

What is the cost of trading on AvaTrade?

The pricing regime is somewhat rigid. You are restricted to only fixed spreads, for example EUR/USD is pips fixed. However, AvaTrade doesn’t take commission so major fees are Spread + Swaps.

Accounts left dormant for 3 months & above will be charged $50 monthly.

What platforms does AvaTrade offer?

3 proprietary platforms (AvaTradeGo, Webtrader, & AvaOptions), as well as MT4/5 platforms. 3rd party platforms like ZuluTrade & DupliTrade are also available via partnership for copy trading.

What can I trade on AvaTrade?

CFDs on Forex (55 pairs), Bonds, ETFs, Stocks. You can also trade vanilla options on Forex, but it is very complex and could blow your account quickly.

How is AvaTrade customer support?

It&#;s available 24/5, and the LiveChat is very responsive. There’s also whatsapp and email as well as AU phone lines which aren’t toll-free.

What are the pros & cons of AvaTrade?

Visit AvaTrade for more information on pricing and account opening

5. Plus &#; Licensed CFD Trading Platform

Is Plus safe?

PlusAU Pty ltd. has been regulated by ASIC since with AFSL No They are audited by Price WaterHouse Coopers & have a physical office in Sydney.

Who is the Target Market for Plus Products?

• Retail consumers above 18 years, who understand how CFDs work as per Plus Assessment.
• Those who can afford to lose their entire balance
• Those with a high-risk appetite & looking to invest in the short-term.

What is the cost of trading on Plus?

Spreads and overnight Swaps. There’s also an inactivity fee & Guaranteed Stop Loss Order Fee.

What platforms do Plus offer?

Only their proprietary Plus platform. MetaTrader is unavailable.

What can I trade on Plus?

CFDs on Forex (60+ pairs), Commodities, Indices, Crypto (Bitcoin, Ethereum, Cardano, Polygon), Stocks, Options, & ETFs.

How is Plus customer support?

Toll-free lines are open 24/7 but there is no LiveChat. Complaints can also be forwarded via email.

What are Plus pros & cons?

Visit Plus for more information on pricing and account opening

6. Eightcap – Forex Broker with TradingView

Is Eightcap safe?

Eightcap Pty Ltd. is an ASIC regulated CFD Trading Platform with AFSL issued in Audited by Ernst & Young, Eightcap also has a physical office in Melbourne.

Who are Eightcap products targeted at?

• Age 18+ & who have good CFD trading knowledge.
• Those who can afford to lose their entire capital
• those with high-risk appetite & short-term investment horizon

What is the cost of trading on Eightcap?

Commissions, Spreads, & Swaps. The Raw Account takes a $/side commission while allowing you access to spreads as low as 0 pip. Other accounts are without commission, but spreads begin from 1 pip.

Overnight CFD positions will attract a swap which you either pay or receive.

What trading platforms are available?

MT4, MT5, & TradingView.

What can I trade on Eightcap?

CFDs on Forex (40+), Commodities, Indices, Shares, & Crypto.

How is customer support?

LiveChat is very responsive. You can also reach out through email and telephone 24/5.

What are the Eightcap pros & cons?

Visit Eightcap Australia for more information, and account opening

7. FP Markets – Good MT4 Forex Broker with ECN & Iress Direct Market Access Accounts

Are FP markets safe?

FP Markets is registered with the ASIC as First Prudential Markets Pty Ltd with AFSL number

What is the cost of trading on FP Markets?

FP Markets has 2 account types: Standard and Raw Accounts. The Standard Account has zero commission, while the Raw Account comes with a commission of $ per side.

The spread for the Standard Account starts from 1pip, while the Raw Account spread begins from 0 pip. You also pay and receive swaps for overnight positions.

What trading platforms are available?

MT4, MT5, & cTrader (which they newly introduced).

What can I trade?

Range of products features CFDs on over 70 forex pairs, Shares, Commodities, Indices, Metals, ETFs, Bonds, & Cryptocurrencies.  

How is customer support?

Contact support via email, phone number, social media, LiveChat, etc. 24/7. For the LiveChat, the response time is less than one minute.

What are the pros & cons?

Visit FP Markets Australia for more information, and account opening

 8. Oanda &#; Low Spread Forex Trading Platform

Is Oanda safe?

Operating in Australia since , Oanda is an ASIC approved CFD Platform with AFSL No. They are audited by Price Waterhouse Coopers and have a physical office In Sydney.

Who is the Target Market for Oanda Products?

• Retail traders above 18 years who have traded CFDs before or has sufficient knowledge of CFDs
• Those aware of CFD pricing & overnight financing
• Those with a high-risk appetite who can accept losing all their equity yet come up with additional margin when needed.

What does it cost to trade with Oanda?

$/side Commission, Spread, Swaps fees, & $10 AUD inactivity fee.

Oanda has 2 account options: The Core Pricing Account grants you spread as low as 0 pip, but you pay commissions. The Spread-only Account has zero commissions & spreads from pip.

What trading platforms does Oanda offer?

Its own Oanda proprietary platform, as well as MT4, & TradingView platforms.

How do I connect Oanda to TradingView?

• logon to TradingView and search for Oanda’s profile
• Click on ‘Trade’
• It will prompt you to enter your Oanda Login Credentials then you start trading

What can I trade on Oanda?

CFDs on 6 Asset Classes: Forex, Indices, Metals, Crypto, Commodities, & Bonds.

Although Oanda offers over 70 Forex CFDs on their menu, there is an imbalance between the overconcentration on forex, & other asset classes.

For example, you cannot trade Share, & ETF CFDs at Oanda Australia, & Cryptocurrencies are just 3 (Bitcoin, Litecoin, & Ether),

How is Oanda customer support?

Support is 24/5 but there is no LiveChat service. Contact via email, telephone, or filling in a complaint form.

What are the Pros & Cons of Oanda?

How to Choose a Forex Broker in Australia?

We will consider what you should look out for when choosing a forex broker in Australia.

#1. ASIC Regulation: Online retail forex trading is legal in Australia.

The body in-charge of regulating forex trading and other investment activities is the Australian Securities and Investment Commission (ASIC).

As a forex trader, always ensure you trade with a broker that is licensed and regulated by the ASIC, so you are protected by local laws if a dispute ever arises.

Use these steps to confirm if a broker has an active ASIC license:

• Go to your broker’s website and check the bottom of the page for the AFSL license number usually issued to them by the ASIC. See image extract below for Pepperstone with AFSL No.

• Go to the ASIC website eunic-brussels.eu
• Click on ‘Search Our Registers’
• Click on ‘Check ASIC Connect Professional Registers’

• Enter AFSL number you got from broker’s website and in the ‘select register’ drop down menu, click on Australian Financial Service Licensee’ then click search to consummate it.

The outcome of your search will carry details of the forex broker but pay attention to the status of the license which should read: ‘Current’.

#2. Account Opening & Trading fees: You can reduce trading fees by choosing account types with less fee compared to others. This is because a forex broker might offer numerous accounts for traders to choose from.

Spreads are a major fee to watch out for because they can widen or tighten, based on market volatility of the instrument you’re trading.

Depending on your trading strategy, choose low spread trading instruments or accounts.

To avoid conversion fees, choose brokers that provide AUD account base currency; this prevents the back-and-forth conversion fees.

Also watch out for commissions which are flat rate fees paid twice: when you open & when you close a position.

If you don’t intend to trade often, check for monthly inactivity fees as these are levied after a certain period of account inactivity.

#3. General trading conditions:

Trading conditions include Leverage, Trading Platform, Number of Currency Pairs on Offer, Leverage, etc.

The ASIC has restricted leverage brokers can offer in Australia to for Retail Traders and for Professional Traders. Any broker offering above this is clearly not regulated by the ASIC.

A leverage means losses are multiplied by 30 times, so a $10 loss becomes a $ loss. Forex brokers allow up to leverage when you trade forex CFDs because exchange rates change in such small amounts that for you to make a respectable earning, you need to increase leverage.

However, you should not look to make a high profit at once, as it is better to trade using lower leverage like and have a higher win rate (your win rate should exceed your loss rate).

For trading platforms, you must ensure the broker’s platforms are compatible with the device you intend to use for the trading.

Beyond that it should be a platform that is easy for you to navigate. Also ensure that the broker’s currency pairs on offer represent a mix of currencies across major, minor and exotic pairs or the pairs you prefer to trade in.

The broker should also have a healthy mix of tools, educational and research support to guide you in trading, make trading experience seamless and provide knowledge on latest trends shaping the market.

#4. Australian Customer Support: when choosing a forex broker, look out for the ones that have various means of communication respond as fast as possible and available 24/7.

Your forex broker should have a call support with an Australian phone number, email support that replies within few hours, a human Live Chat where you can reach out to customer support etc.

How to Trade forex in Australia?

Although forex trading is legal in Australia, but it is only for traders who have experience. It is not for beginner investors, who don’t understand the risks of leverage.

Moreover, any form of CFD or derivative instruments should not be traded by retail investors who don’t understand the risks.

These steps below are commonly involved in forex trading.

Step 1&#; Choose a broker: ensure the forex broker is ASIC approved and don’t be carried away by reward programs offered by offshore forex brokers.

Step 2&#; Learn the basics of forex trading. You can use a demo account to give you a practical understanding of it. Don’t trade with real money if you are not profitable on paper trading.

Step 3&#; Develop a trading strategy- here you draft a plan on the strategies you wish to deploy in the market.

You should factor in risks, trading style, leverage and funds at your disposal. You should always have a stop-loss order in place.

Don’t risk more than 2% of your capital on any single trade.

Step 4&#; Fund Your account- depending on the payment system available, you can fund your account through any of these means: bank transfer, credit cards, e-wallets etc.

Avoid funding your account through unknown links sent to you by friends or people you meet online

Step 5&#; Place your trade. The best time to trade forex in Australia depends on the currency pairs you are targeting.

• The Asian session is best for pairs containing the Japanese Yen such as USD/JPY and starts as 10PM and closes at 7 AM Australian time (AEST)
• The European session is best for pairs that contain European currencies like GBP/USD, EUR/USD etc. It opens at 4PM and ends at 1AM AEST. This is the busiest and most liquid session!
• The North American session is ideal for pairs like USD/CAD and is open from 9PM to 6AM AEST

Watch out for when North American and European sessions collide, around 1Am to 4AM AEST as liquidity becomes very high, and you get lower spreads on currency pairs.

Is Forex Trading legal in Australia?

Yes, forex trading is legal for retail traders based in Australia. Only the forex brokers who have been licensed under ASIC, and don’t have any restrictions by the regulator are legal in Australia.

You should have financial adequacy & experience to trade this instrument. A very high percentage of the retail forex traders in Australia loses their money.

Your forex broker is required by the ASIC to carry out due diligence before onboarding any new trader.

Information on Forex Trading in Australia

Frequently Asked Questions- Best Forex Brokers Australia

Who is the best forex broker in Australia?

There is no best forex broker, only the ones who are licensed are reputed.

The forex brokers who are approved by the ASIC include: XM, Oanda, Pepperstone & others. These brokers may change overtime if there is any change in their regulatory status.

Who is the swap free broker in Australia?

Swap-free trading in Australia is only for Islamic Accounts. Otherwise, you must pay swap fees for overnight trades.

Which forex broker in Australia offer lowest spreads?

On Standard Accounts, Oanda spreads start from pips, Fusion Market spread starts at pips, & Pepperstone spread starts at 1 pip. These are some of the lowest spread forex brokers Australia has.

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When you become a trader, you probably dream of making good money. However, this can only be done if you make sure to follow the right rules and mindset. When it comes to rules, there are 10 of them to keep in mind. What are they?

Develop and Use Your Trading Plan

It’s important to develop and use a trading plan, which consists of written rules that lay out when your entry and exit strategies are. It also dictates what your money management standards are. It should be noted that developing a trading plan takes time… a lot of it, so don’t rush it!

Thanks to today’s technology, it’s never been easier to test trading ideas before you risk actual money in a venture. Traders can use back-testing, which means using trading ideas against historical information, to help them figure out if they have a viable trading plan. Will it work as they expect it to?

After you’ve created your plan and tested it out with positive results, you can use it in real trading situations. If it’s to work fully, you need to stick by the plan. If you take trades outside the plan, even when they turn out favorably, it’s regarded as bad trading and could damage the plan’s anticipated results (expectancy). Remember every trading plan must show positive expectancy to make a profit.

Look At Trading As If It’s A Business

If you want to be successful, you should consider the notion that it’s a part-time or full-time company – not a hobby, not a job. A hobby means you have no commitment to learning something, and trading can be an expensive thing. With a job, you expect a regular paycheck; that’s not what you get with trading.

View trading as a business that includes expenses, taxes, losses, risk, anxiety and uncertainty. Traders are a small business owner, and the only way to get the most from the business is to do some research and planning ahead of time.

Make Use Of The Broker's Technology

It’s important to remember that trading is highly competitive, and it’s safe to say that a person making a trade is using every technology at their disposal that they can. For example, they may use charting platforms that give them an array of techniques (such as technical analysis) to look at and investigate the markets.

Back-testing ideas using prior information before taking risks can help save your trading account as well as ease stress and aggravation you could have. Use your smartphone to get market updates anywhere you are. A great place to start is with a demo account offered by many online brokers.

It’s interesting how people have grown accustomed to technology but take it for granted (high-speed internet, anyone) without realising its true value. Make technology work for you and stay on top of the latest trends to continue your successful trading behavior.

Protect Yourself and Your Capital

It can take a lot of time and effort on your part to save money to fund your trading account. And, it doesn’t always get easier to do the next time you make trades. Keep in mind that protecting trading capital does not correlate with not losing trades, as that’s going to happen regularly. That’s the way the business goes.

Protecting capital means not taking certain risks you know are bad, trading where the probabilities are in your favour and using risk & money management strategies to protect yourself and your business.

Learn About The Different Foreign Exchange Markets

When it comes to successful trading, it’s a good idea to continue your education and learn as much as you can each day about the markets. Many ideas come with the knowledge you should have some idea about, but really knowing the markets to ensure success is a continuous process.

With more than sufficient research, FX traders learn facts such as what each economic report means. This information, commonly supplied by brokers or the trading platforms they offer provides traders the ability to hone in their instincts, helping them to make better trades based on the reports affecting the markets they are doing business in.

Markets are impacted in all kinds of ways – world politics, economics, events and weather. It’s a dynamic environment, which means for traders to be successful, they need to learn about past and present markets. Utilise the demo trading accounts offered by many Forex brokers.

Risk What You Can Reasonably Lose

Remember, funding trading accounts is tedious can take a plethora of time to build up your capital. Before you start using real money, be sure that the money you have in your account can be used without breaking your bank. If you can’t, keep saving for a time when you no longer "need" the money.

Don’t save money in a trading account for a university education for your kids or paying on your home’s mortgage. Don’t “borrow” money from them. Be prepared that you could lose the money in the account because it could happen.

While losing money is bad enough, losing money you really need can be devastating.

Create A Trading Technique Using Facts

Be sure to create a trading technology that will be worth using. You may come across the "it’s so easy that you’re printing your own money" scams. However, base your techniques on facts rather than your emotions or desire.

Traders not in a hurry tend to have an easier time going through the information. Think of it this way: if you decide to start a new career, you’re going to need to study at least a year or two before you’re remotely qualified for a position in the field. Learning how to effectively make trades is no different, and should be based on research.

Apply A Stop Loss

You may be wondering what a stop loss is. It’s the predetermined risk amount you can accept losing on every trade. The stop loss can be a percentage, dollar amount or based on market structure, but whatever you decide, it stops the exposure in trades. A stop-loss removes some emotions out of the trading process, as it lets you know just how much money will be lost on trades.

It’s never good to ignore a stop loss, even if you ended up getting a good trade out of it. If you exit at the stop loss and lose a trade, it’s still considered a good thing because it falls under your rules. While it’s always good to leave a trade with profits, that’s not always possible. However, a stop loss reduces the risks and can mitigate against account destroying drawdowns.

The vast majority of online broker trading platforms offer the ability to add stop loss orders so there is no excuse not to use them!

Understand The Time To Stop Trading

Ineffective Trading Plan – This leads to much higher losses than what is expected according to historical testing. Markets could have changed, and volatility of a certain trading tool could have decreased, or it’s not performing as anticipated. Traders can benefit by staying businesslike and keeping emotions out of the situation. It’s important to look at reviewing the trading plan, making changes where necessary or developing a new plan altogether. If you are to succeed, you need to develop a trading plan that is successful.

Ineffective Trader – This is a person who cannot follow their trading plan, usually due to stress, bad habits, lack of discipline and more. Traders not in the right frame of mind for trading need to take a step back from the business to deal with their personal issues. Once they’ve been dealt with, a trader can start making trades again.

Have Perspective In The Trading Process

When trading, you need to keep focused on the end goal. You’re going to lose trades – that much is certain. Winning trades that are on average larger than your loosing trades means you’re on the right path for profits. The idea is to focus on the cumulative effect. Once you accept the wins and losses as the nature of doing business, you won’t let emotions have an effect on you and your performance. Yes, you can get excited about a profitable trade, but losing trades is a part of the business too.

Make sure you set realistic goals to keep things in perspective. If you have a small trading account, don’t think you’re going to get big dollar returns – it won’t happen! Be sensible about your goals, look at percentage returns instead and things will work out for you.

What To Remember…

For traders to have a good trading business, they need to understand trading rules and how they work together. It’s difficult but can be rewarding work, if you take the time to learn the rules, practice patience, utilise the tools offered by your online broker, and have some discipline. Do this, and you can be very successful in the highly competitive trading world.