Australia has a trading environment highly conducive to growth. Not only has it its own indigenously developed systems that administrate trade, but it serves as a beacon inviting world performers to play within its sphere. Best forex brokers in Australia are set to blaze a trail!
Is Australia the land of Forex brokers?
Traders in Australia have a wide range when it comes to high-quality Forex brokers. Top Australian Forex brokers are licensed and regulated by ASIC (Australian Securities and Investments Commission), one of the toughest regulators in the financial services industry. You must also have an AFSL (Australian Financial Services License).
Although excellent brokers can also be found in a number of other locations, it is particularly advantageous for local traders to choose a broker based in Australia, as Australian Forex brokers can offer market updates during the Asian trading session and are directly connected to local banks. To help you find the best broker for your individual needs, our review includes a list of Australia’s leading Forex brokers based on regulations, safety, reliability, professionalism, customer support, and course trading conditions.
CFD and Leverage in Australia
A big advantage of Australian brokers is that they can offer their clients maximum leverage of up to 500:1 for some trading products such as CFDs or Forex trading. Brokers in some other regions must comply with stricter leverage restrictions. For example, European brokers, who are often licensed by strong regulators such as the UK Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC), have been limited by the European Securities and Markets Authority (ESMA) to offer a maximum leverage of only 30:1! But professional traders can always aim for that 500.
Of course, traders should always be careful when opting for higher leverage. Still, many Australian and international traders do not fail to make good use of the flexible and (dare we say) less stringent trading rules imposed by ASIC.
Be that as it may, ASIC closely monitors compliance with its market integrity rules and uses activity reports to monitor suspected market malpractice specifically. It is also assumed that brokers regulated by ASIC will benefit from a culture of strict and full compliance with all applicable regulatory frameworks.
Low spreads, high leverage
When trading in the Australian dollar (AUD), an important currency that is often traded against the US dollar (USD) in AUD/USD or the Japanese yen (JPY). Among others in AUD/JPY, it makes sense to look for an Australian broker as they often offer the best market margins for AUD pairs, besides a top execution.
Forex traders looking for a great trading experience and brokers that include trading in STP or ECN models will find a solid number of reputable Aussie-centric brokers such as CMC Markets, IGM FX, Prime Fin, ETFinance and HFTrading.
However, it is not just the local currency that can be traded profitably with Australian Forex brokers. Many of the leading Aussie-centric brokers offer an overall excellent trading environment, highly competitive spreads, fast execution speeds, a wide range of trading products and many other great features, such as the copy or social trading option.
One of the best Forex brokers in Australia is HFTrading. HFTrading is one of the few ECN friendly Forex brokers in the world that offer trading solutions for active day traders, professionals, scalpers and traders who are new to the Forex market. Your real ECN-philic trading accounts run on low commissions and extremely low spreads.
Stellar customer service guaranteed.
Down Under brokers have won a number of industry awards over the years, reinforcing their reputation as leaders in their field. There is hardly a grand prize that an Australian Forex broker has not won. From receiving the No. 1 customer Service and Customer Satisfaction award from Pepperstone (Melbourne) to AxiTrader’s recognition with the Strongest Brand Association and easyMarkets as the best APAC Region Broker, there is almost no award that has not yet gone to the serene country of Australia. Especially in customer service and customer satisfaction, these brokers have set industry standards and enjoy an excellent reputation with customers in Australia and around the world.
Certainly, a top Australian broker is the Auckland-based brokerage firm HFTrading, which ASIC regulates. HFTrading exceeds expectations in terms of customer satisfaction and overall offer. Very low spreads and a low minimum deposit make HFTrading an excellent choice for beginners, experienced and professional traders alike!
Almost all the best Forex brokers in Australia offer their clients the popular trading platform MetaTrader4 (MT4), often with many additional special tools and features. MT5 and cTrader are often available to all customers at no additional cost, and sometimes even unique proprietary platforms are offered. Trading Forex, CFDs or other financial products can be tested at any time with a demo account for free at Australia’s best Forex brokers.
ETFinance is the brand name of Magnum FX Cyprus Ltd. The company is licensed and registered as per CySEC norms. Magnum FX Cyprus Ltd. is located in Limassol, Cyprus.
The objectives driving this superlative forex broker are:
- To give clients access to leading trading tech and platforms;
- To help customers invest their money in the most efficient manner
The mass of the EEA region is served by the broker. Magnum FX Cyprus presents customers with the following opportunities:
- Investment Services – financial instruments orders, including the latter’s reception and transmission;
- Ancillary Services –
- Custodianship and other administrative services affecting financial instruments;
- Loan grants with respect to financial instruments;
- FX services insofar as they impact upon investment services.
ET Finance: Scam or Legit?
ET Finance is regulated by the Cyprus Securities and Exchange Commission (CySEC).
- CySEC supervises and regulates Cypriot investment services firms. It is a member of the ESMA (European Securities & Markets Authority) Committee.
- Importantly, it is a member of the Investor Compensation Fund (ICF) . CySEC has a robust relationship with well-known payment service providers (Trustly, for instance).
- CySEC is also a participant in the Markets in Financial Instruments Directive 2 (MiFID 2), a legislative framework that seeks to bring all EU markets under a single administrative umbrella. As such CySEC is always prepared to aid transparency in European Regulated Markets (RMs), and has the full panoply of instruments at its disposal to ensure compliance.
We Can therefore trust CySEC, and ETFinance, both.
Ease of Account Opening
Opening an account at ET Finance comes free of charge. All you have to do is submit your personal details and trading experience. Also, there are a number of secure deposit methods you can choose from.
ET Finance understands that clients come from diverse backgrounds. Some might feel more confident than others concerning their ability to take on an account. Therefore, you can choose from amongst three account types –
- Silver (recommended for those new to trading);
- gold (for those with experience of trading);
- Platinum (for those considered truly seasoned as far as trading talent goes).
We give attributes of each account type below:
· The Silver Account –
- 750 assets.
- 0.7 minimum spreads.
- 1:30 maximum leverage.
- Ten hours of customer support every trading day;
- Islamic account.
· The Gold Account –
- 0.05 minimum spreads;
- 1:30 maximum leverage (retail account);
- 1:400/1:500 maximum leverage(professional account);
- dedicated account manager;
- videos & webinars;
- swap discount 25%;
- Islamic account.
· The Platinum Account –
- 0.03 minimum spreads;
- 1:30 maximum leverage(retail account);
- 1:400/1:500 maximum leverage(professional account);
- dedicated account manager;
- videos & webinars;
- swap discount 50%;
- news alerts;
- VPS free of charge;
- Islamic account.
Products for Trade: Service
- ET Finance provides you with a very broad range of categories to start trading in:
- Assets index – A number of key information documents show the way, particularly those affecting CFD ETFs, CFD stocks, Cfd Indices, and CFDs FX pairs;
- Forex trading – Both deposit and withdrawal are easy procedures. CFD FX trading with this broker is rewarding, one reason being that their platform is an award-winning one;
- Metals trading – the broker tout CFDs metals with them as low cost;
- Indices trading- indices CFDs intend to help you trade on stock collection grouped in a bunch to represent the general performance of a specific market;
- Stock trading – ET Finance helps you circumvent ay short sale of stocks and make a profit every time, and the direct payment process is also touted as an advantage;
- Commodity trading ;
- CFD trading – high leverages at a low price ;
- cryptocurrency trading;
- ETFs trading;
And you may plan your strategies with the aid of the Future CFDs Calendar.
The Best Trading Platform
MetaTrader4 is touted as the best trading platform in the business which is not way off the mark. It includes in its arsenal a vast array of analytical tools.
- Made For Complex Trade Execution: The platform permits you to place any number of sophisticated strategies. Tools in this regard are:
- Market & pending orders;
- Instant execution & trading from a chart;
- Stop orders & trailing stops;
- A tick chart & trading history.
- Furthermore, trading is more in sync with your goals because of:
- 3 execution modes;
- 4 pending orders;
- 2 market orders;
- 2 stop orders and trailing stop.
Analytical Functions: Online quotes & 9 period -interactive charts. 23 analytical objects and 30 built-in technical indicators make this possible.
Provider of Trading Signals & Copy Trading: MetaTrader4 copies trades of other dealers. Your terminal can copy a dealer’s trader once you have subscribed to the signal. Signals are available on real as well as demo accounts.
Trading Bots on Offer: With more than 1700 trading robots and 2100 technical indicators, the MetaTrader Market boasts the most wide-ranging selection of trading applications available globally.
Algorithmic Trading: Your trading robot takes over your daily trading concerns as your Expert Advisor. Automated trading programs are continuously being tested and optimised in the pursuance of furthering etaTrader4’s algorithmic trading prowess.
Other Vital Features: MetaTrader4 is compatible with Apple and Android devices. You are also entitled to receive regular news updates, alerts included.
ET Finance has become known for a streamlined, a rather comfortable style of trading.
IGM FX came into being in 2016. The regulator is the Cyprus Securities and Exchange Commission or CySEC. The latter has authorised the status of the broker as a CFI or Cyprus Investment Firm. IGM FX can therefore offer various services (the legal document on the broker website). This is made possible by the relevant law – the Investment Services and Activities and the Regulated Market, which has transposed the MiFID 2 into Cypriot law.
The CIF license number is 309/16. IGM FX is registered as per Cypriot Companies Law (registration number HE346738).
IGM FX has four different kinds of accounts. Beginners can avail of the first three, charting their progress as they ascend levels. The fourth account type is somewhat exclusive, preserve of the Pros.
The broker lists no particular requirements as regards the account types. This implies that the same conditions apply to all. The professional accounts are in sync with ESMA and CySEC norms. They feature a reduction in the stop-out level.
Silver, Gold, Platinum, and VIP are the account types on offer. Benefits are on each level. As the trader moves up the tiers, smaller swap fees, tighter spreads, and perksare associated with higher levels. These will include dedicated account managers and trading signals.
1:30 leverage (Pro accounts 1:400 ratio); EUR/USD 2.5 pip spread ; crude oil spread $ 0.10.
1:30 leverage (Pro accounts 1:400 ratio); EUR/USD 2.5 pip spread ; crude oil spread $ 0.10; videos and webinars.
1:30 leverage (Pro accounts 1:400 ratio);EUR/USD 1.8 pip spread ; crude oil spread $0.08 ; dedicated account manager ; SMS trading signals.
VIP accounts for up to 1:400 ratio; EUR/USD 0.9 pip spread; crude oil $0.06 spread; a dedicated senior account manager.
Traders can very well ascend to the ‘Profesional’ account, enabling superior leverage. This has to be in sync with the following conditionalities – trader’s portfolio has to be in excess of Euros 500,000; demonstrable financial niche experience; requisite trading volume achieved, notching up to a minimum of 10 trades each quarter.
Beginners are advised to avail of the demo account, enabling familiarity with IM FX trading platforms and impacting trading conditions.
What assets can I trade at IGM FX?
The broker makes very competitive CFD offerings. IGM FX products are spread across 6 classes. These include – commodities, forex, indices; shares; cryptocurrencies; metals.
With individual assets in excess of 160, there’s no dearth of activities. Notable tradable assets include CFDs on currency pairs in excess of 45, CFDs on 75 plus global equities, CFDs on significant indices worldwide, apart from CFDs on metals and agricultural commodities.
You can open your IGM FX account for just $250. Depositing within the broker comes fee-free.
There’s a web form for new accounts to be opened. The format is as per CySEC specifications. There are five steps, and there’s a questionnaire. This involves compulsory account verification. A deposit consummates the process. It is definitely handy to have your photo ID and a residency proof document at the account opening time.
Commissions & fees
EUR/USD minimum spread starts at 2.5 pips. The lowest spreads begin at 0.9 pips. Equity CFD traders can avail of a 0.21 point minimum markup. Commodity traders have the best cost structure here at IGM FX. There are no financing fees charged to the trader.
IGM FX has built a name for itself in credibility. The 2019 turbulence has provided lessons that the broker has swiftly assimilated into its practices. CFD trading on all manners of tradable assets is easily managed, plus you are afforded the best resources to enrich yourself as a trader. The leverages offered are generous and well-administered.
MahiFX, in its previous avatar, the company was rechristened HFTrading after its acquisition by LGT Solutions (July 2019). The brand name is CTRL Investments Ltd. Under the trading name HFTrading, the company is a burgeoning good name. As a multi-asset online retail CFD broker, HFTrading is New Zealand headquartered and Australia registered. The forex CFD broker is licensed by Australian Financial Services. This permits the company to present its impressive array of dealing and execution services.
HFTrading works under the aegis of the New Zealand Financial Markets Authority (NZFMA). The FSPR number is FSP197465. The CFD broker is regulated in Australia as per the regulations of the Australian Securities and Investments Commission (ASIC). The AFSL number is 414198.
The AFSL license empowers HFTrading to provide CFD, FX, OTC derivative product dealing and execution services to bona fide Australian residents. The exercise of these powers is either directly or through the agency of an authorised person.
As per ASIC regulatory injunctions, all participants are obligated to maintain sufficient funds, respect financial requirements, and comply with sundry AFSL license conditions, besides having standard risk management practices in place. Within Australia, the AFCA (Australian Financial Complaints Authority) is the final arbiter to whom HFTrading clients may submit for their issues with the broker to be resolved.
Entirely in concordance with section 912 B, the Australian Corporation Act 2001, the forex CFD broker has a professional indemnity insurance policy.
Tradable assets & products
We take a peep at the varied range of tradable assets and related products ( and services) available for clients at HFTrading. On your registering with HFTrading, you have the choice of assets in excess of 350. The asset classes include forex, cryptocurrencies, indices, commodities, and shares.
Having listed with HFTrading, you can access 50 forex pairs. These include minor, major, and cross-currencies. There are also 17 commodities from the metals, precious metals, softs, energy categories, and 20 stock indices standing for the UK, Europe, and the US, apart from Asia Pacific markets.
Furthermore, there’s the Volatility Index. You may readily opt to trade on 214 share CFDs. Most of these are US exchange underlying stocks, cryptocurrencies in excess of 50, including mini and regular contracts against multiple currencies. Besides all this, there are 3 ETFs (Exchange Traded Funds) founded upon the industrial, energy, and technology sectors.
ASIC regulations do not permit CFD brokers to lure clients into signing up with them through offers of promotions/bonuses.
Another fact that boggles our mind is that the only base currency whIle trading with HFTrading is the Australian Dollar.
In short, there are the following great incentives to come on board as clients with HFTrading: minimum account opening fees are low; all clients are covered by ‘negative balance protection’ ; ASIC regulations ensure that HFTrading maintains the right collateral and liquidity at all times.
Opening an account with HFTrading involves providing verification documents along with an application form. Your identity will be verified according to the identity documents you submit for verification of your identity.
Commissions & Fees
When HFTrading executes client orders, the process that impacts trading costs ought to be understood. Ctrl Capital (associated with HFTrading) presents clients with the opportunity to avail of two-way streaming quote real-time market data. CTRL Capital provides real-time price data, which HFTrading then directly transmits. This the broker does without spread spiking or burdening clients with commissions.
We ought to be mindful of subsidiary fees: overnight swap/financing fee; if trading activity is low or the withdrawal amount is less than A$100, there’s a A$50 withdrawal fee.
The broker has a superb mix of products to offer, a highly competitive trading platform, useful educational and training resources, and max leverage of 500:1.
PrimeFin is licensed and regulated by the national regulatory body in Malaysia, the Labuan Financial Services Authority. The Malaysia based broker, as per LFSA regulations, keeps clients’ accounts segregated. This ensures protection for clients’ funds, in cases of volatility, even broker insolvency. Negative balance protection afforded by the broker is yet another example of PrimeFin’s commitment to client protection.
Tradable assets over 350 are yours to avail of at the broker’s end. These are spread across all asset categories: Forex, equities; indices; commodities; metals; cryptocurrencies. Low spreads and no commissions make trading, say Forex CFDs with the broker, an enriching experience.
There are three account types – silver, gold, and platinum. Leverage offered to professional clients reaches 400. This is where negative balance protection comes in handy.
Demo accounts are offered and can even be recommended to Pros. using a demo account gives the trader insight into how the broker functions.
Again, regarding deposits, there are no commissions or deposit fees.
Meta quotes, the maker of the MetaTrader, also makes the WebTrader. This is the platform at which PrimeFin trades.
Main Features of MT4 Web Trader
- Real-time courses thanks to “Market Watch”.
- Customisable Price Charts.
- 9 different time-frames.
- Direct access via all modern browsers.
- More than 30 indicators.
- Complete commercial history.
CMC Markets, a UK broker, has evinced a strong interest in serving Australian residents and has the evidence to back up that claim. Not only this, the broker offers dynamic competitive spreads that widen/contract with trade sizes.
CMC Markets is diligent in serving beginner traders, albeit the not entirely unjustifiable claim that it favours professional clients strongly. The latter are offered rebates and a free API interface. Be that as it may, all account holders do get access to guaranteed stop losses and free bank wire withdrawals. Needless to add, negative balance protection is a given.
Competitive trading costs
The majority of CMC Markets trading costs are charged via the spread. It is through customer trades that ‘cross’ the bid/ask spread that the broker earns. If the guaranteed stop losses are not triggered, you get your money back. Trading equities and ETFs does carry commissions. These are charged to either side of the spread or your account upon trade execution.
Next Generation trading platform
We kid you not! The proprietary trading platform is called ‘Next Generation’, vaunted as the successor to MT4. Spread betting and cryptocurrency CFD trading are remarkably seamless. Featured are advanced charting with 115 indicators/overlays, 35 drawing tools, 12 chart types. There are also highly customisation-friendly watchlists, client/market sentiment, a streaming Reuters feed.
You can call up price histories way back on major instruments. The tireless platform offers price projection, pattern recognition tools, and an inbuilt connection to the client-based traders’ forum. Client positioning data holds many potentials in social and copy trading brought to the broker’s platform.
Tradable assets include more than 330 currency pairs, more than 90 indices, more than 9000 shares & ETFs, more than 110 commodities, 50+ treasuries, 12 cryptocurrencies.
Australian traders have a very congenial trading environment due to ASIC. Other regions have brokers who are eager to tap into the energies of the Australian trading space. We have presented some non-native brokers who are yet driven to serve Australians. These brokers’ previous performance speaks for itself. Best forex brokers in Australia are going to give traders the time of their lives yet!