Forex trading in Australia is a highly regulated industry. This means that any forex broker has to be authorized by the Australian Securities and Investment Commission (ASIC), the country’s regulating financial services industry body, for them to operate legally.
The brokers in this list are all licensed and regulated by the ASIC, and have an established reputation of reliability, good customer support, and fair trading conditions. Some forex brokers in Australia can be more trustworthy than other brokers so make sure that you research your options extensively before you choose one.
Pepperstone is one of the leading forex brokers in Australia and around the world. Traders are able to gain direct access to some of the biggest financial markets across the globe, which include more than 70 CFD and forex markets.
CFD stands for contract for difference, a common form of derivative trading where traders can speculate on the prices of markets or invest in instruments like currencies, without needing to own the same.
Some of the key features of a Pepperstone forex trading account are the following:
- Electronic Communication Network (ECN) – As an ECN broker, Pepperstone uses an ECN, a computerized system where buying and selling orders in the market are automatically matched.
ECN transactions are advantageous not just because they eliminate the need for a third-party facilitator, but also because the order execution is immediate. They also make it possible for traders located in different time zones to trade with each other.
- Minimal entry barriers – The minimum deposit for you to get started with your account is only 200 AUD. Pepperstone also offers various payment options for brokers to choose from.
- Multiple Platforms – Your Pepperstone account can be easily accessed through various devices, including your phone, laptop, or tablet. It is also compatible with multiple browsers. They also allow trading on their app, which be downloaded on your Apple or Android device.
AxiTrader is one of the established and most trusted online brokers in the country. One of its biggest draws for traders is that it was built by other traders like them. Experts rank it as the best broker for low-cost traders because of the low spread, which is the term used for brokerage service costs.
Some of the key features of an AxiTrader forex trading account include the following:
- Commissions and fees – AxiTrader offers competitive pricing for its products. For pro account holders, this broker imposes a 7 USD commission round turn for 100K units, which is competitive pricing for standard lots.
- Trading Platform – AxiTrader features a standard MT4 platform, which is commonly used by online retail forex traders across the world. The platform offers various services, such as analytical tools and technology, mobile and algorithmic trading, trading signals, and copy trading.
- Minimal entry barriers – Although this broker claims that there is no required minimum deposit, you cannot open a standard account without a 200 USD deposit. For pro accounts, however, you do need to invest at least 1,000 USD to initiate a trade. There are also multiple deposit options available.
ThinkMarkets is a broker that takes pride in its organizational values of integrity, trust, and honesty. On top of forex, CFD on several asset classes are also available. This includes cryptocurrencies.
The key features of an AxiTrader forex trading account are the following:
- Trading Platform – ThinkMarkets also features the standard MT4 platform. It supports a mobile application and offers a variety of trading tools, including AutoChartist and Forex VPS, which are designed to simplify technical analysis and facilitate faster trades.
It also allows traders to use its Trade Interceptor platform, one of the technologies that the broker has recently acquired. This platform features a standard setup with three primary modules: instrument list panel, open positions, and charting. It emphasizes on an easy user experience, with a solid balance of simple and complex features.
- Minimal entry barriers – This broker has three account types available for traders. The standard account requires a minimum deposit of 250 USD, while the commission-based pro account has a 2,000 USD minimum deposit requirement.
- Leverage – At 400:1, ThinkMarkets offers the second highest leverage in the country. What this means is that if you deposit the minimum amount required, which is 250 USD, you are able to effectively trade 100,000 USD.
There are plenty of forex brokers available in Australia that are competing for your business. Choosing the right one involves careful research so that you can determine if the broker offers the features that you are looking for.
Always choose the broker that is ranked well by other brokers, offers a high level of security, and provides affordable rates. Remember that there are times when you have to forgo low transaction fees in favor of a more reliable broker.
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