In this guide, we have compiled a list of the best forex brokers in Australia based on various factors. We analyzed top Australian forex brokers based on criteria such as fees, safety, regulation, trading platforms, and more.
List of Top Forex Trading Platforms in Australia We have compiled a list of the top forex brokers in Australia and ranked them accordingly. Here is our list of the top forex brokers for Australians:
Pepperstone – Best forex broker in Australia
AvaTrade – Best low-cost forex broker in Australia
UIITN – Best low spread forex broker in Australia
eToro – Best copy trading forex broker in Australia
Plus500 – CFD forex broker in Australia
CMC Markets – Best for high net worth forex traders
Saxo Bank – Best advanced forex broker in Australia
City Index – Best forex broker for research tools in Australia
FXCM – Best educational forex broker in Australia
IG – Best advanced features forex broker in Australia
Forex Trading in Australia
Forex trading in Australia is interesting for both international traders and Australian citizens. Forex brokers in Australia are authorized by the Australian Securities and Investments Commission (ASIC). Brokers regulated by ASIC have passed a set of standards established by the agency. ASIC is a financial market regulatory agency, and they are licensed under the Australian Financial Services License (AFS). The ASIC website is asic.gov.au.
The base currency for Australian forex traders is the Australian dollar (AUD), also known as the “Aussie.” The AUD/USD is one of the most traded currency pairs in the global forex market.
The Reserve Bank of Australia (RBA) is responsible for supervising the financial system’s risks to ensure currency stability and economic prosperity in Australia. The main stock exchange is the ASX, located in Sydney.
What is the Australian Securities and Investments Commission (ASIC)?
As it is widely known, a large percentage of forex accounts result in losses. In countries where forex trading is prevalent, there are many regulatory bodies dedicated to preventing fraud and scams by forex brokers.
In Australia, the regulatory body responsible for overseeing forex brokers and other financial and investment organizations is called the Australian Securities and Investments Commission (ASIC).
Their role is to ensure financial providers, including Australian forex brokers, operate effectively by enforcing a set of rules and guidelines aimed at maintaining the best transparency of financial markets.
In short, their job is to protect investors by preventing illegal actions that may harm their interests.
Brokers regulated by ASIC have passed a set of standards established by the agency. Being authorized to operate in Australia means that ASIC supervises their activities. Investors can trade using their broker’s trading platform and know that there is a government agency supporting them.
More information about ASIC can be found on their website. Forex brokers regulated by ASIC are required to display their license number on their website to inform investors that they are authorized to operate in Australia.
Some forex trading platforms offer services to Australian forex traders, but ASIC may not regulate them. In this case, it is essential to ensure that your forex broker is licensed and regulated by a peer agency in their registered country/region.
What should you look for in a forex broker?
The best forex brokers assist traders in conducting business at affordable costs while providing top-tier trading platforms, excellent customer service, and a wide range of financial products.
The best forex brokers comply with Australian regulations based on the guidelines and rules set by the Australian Securities and Investments Commission (ASIC).
Excellent forex brokers provide educational materials, training programs, tutorials, and a wealth of information to help you with forex trading.
As we have explained, you may incur losses from forex trading, but proper education and research tools can help you improve the learning curve and become a successful forex trader.