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10 Best Forex Brokers in Australia

Read our latest article to increase your trading knowledge: 10 Best Forex Brokers in Australia     The Top 10 Best Forex Brokers in Australia revealed. We have rated and reviewed the best Forex Brokers accepting Australian Traders.   This is a complete listing of The 10 Best Forex Brokers in Australia. In this in-depth write-up you will learn:   Who is the Best Suited Broker for Beginner Australian Traders? Pros and Cons of Forex in Australia. Australian Dollar Accounts and how they work. AUD (A$) Costs of Trading Forex     and much, much more!     The Australian Securities and Investment Commission (ASIC) – A Definition   The Australian Securities and Investments Commission (ASIC) is the regulatory authority tasked with the overview and regulation of Australia’s markets and financial services. The Australian Securities and Investments Commission (ASIC) is an independent government body that consists of a chairperson and commission members.     10 Best Forex Brokers in Australia in 2023 – A Comparison   Broker Accepts Australian Traders Minimum Deposit (USD) Minimum Deposit (AUD) Minimum Deposit (ZAR) Open an Account XM Yes$5 USDA$ 7,20 AUDR80,98 ZAR Click Here AvaTrade Yes$100 USDA$ 144 AUDR1619,53 ZAR Click Here Etoro Yes$50 USDA$ 72 AUDR809,76 ZAR Click Here XTB Yes$100 USDA$ 144 AUDR1619,53 ZAR Click Here IG Yes$140 USDA$ 196.50 AUDR2264 ZAR Click Here CMC Markets Yes$10 USDA$ 14,40 AUDR161,95 ZAR Click Here Plus 500 Yes$100 USDA$ 144 AUDR1619,53 ZAR Click Here FXTM Yes$10 USDA$ 14,40 AUDR161,95 ZAR Click Here HFM Yes$5 USDA$ 7,20 AUDR80,98 ZAR Click Here OctaFX Yes$5 USDA$ 7,20 AUDR80,98 ZAR Click Here     10 Best Forex Brokers in South Africa for 2023 Rank Broker Review Regulators Min Deposit Official Site #1 Read Review $100 Visit Broker #2 Read Review $5 Visit Broker #3 Read Review $1 Visit Broker #4 Read Review $100 Visit Broker #5 Read Review $10 Visit Broker #6 Read Review $100 Visit Broker #7 Read Review $200 Visit Broker #8 Read Review $100 Visit Broker #9 Read Review $100 Visit Broker #10 Read Review $10 Visit Broker #1 4.8/5 User Score Sign Up #2 4.7/5 User Score Sign Up #3 4.5/5 User Score Sign Up #4 4.4/5 User Score Sign Up #5 4.7/5 User Score Sign Up #6 4.6/5 User Score Sign Up #7 4.7/5 User Score Sign Up #8 4.8/5 User Score Sign Up #9 4.4/5 User Score Sign Up #10 4.7/5 User Score Sign Up     10 Best Forex Brokers in Australia (2023)   XM – Overall, Best Broker in Australia AvaTrade – Highly-Regulated Forex Broker eToro – High Australian Trust Score XTB – Best Overall Trading Experience IG – Low A$ Minimum Deposit CMC Markets – Excellent Trading Platform Plus500 – Lowest Overall Costs in AUD FXTM – Award-Winning Broker in Australia HFM – Competitive Fees and Spreads OctaFX – Best Globally Regulated Broker       XM   Overall, XM is considered a trustworthy broker with average risk with spreads as low as 0.6 pips and an above-average trust score of 84 out of 99. XM Group is not a publicly traded company but is authorized by two tier-1 regulators (high trust)   XM Overview   Broker XM.com RegulationFCA Countries not accepted for tradeUnited States Bonus Yes Demo Account Yes Feesfrom $ 3.5 Spreads from0.6 to 1.7 pips CommissionNo Institutional AccountsNo Managed AccountsNo Maximum Leverage1:888 Minimum Deposit$5 USD Open an Account Click Here     XM Pros and Cons   Pros Cons Licensed and Regulated (ASIC, Cyprus Securities and Exchange Commission & IFSC)No banking licenseNo banking licence Tight spreads availableIncreased spreads on the Micro and Standard accounts 55+ Currency pairs to trade withNo 24/7 Customer support   Overall Rating 4.8/5 Rated #68 ofRecommended FX Brokers Minimum Deposit USD 5 Regulators IFSC, CySec, ASIC Trading Desk Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform ₿ Crypto Yes Total Pairs 57 Islamic Account Yes Trading Fees No (Just spread) Account Activation Time 24 Hours Visit Broker XM Open a Real Account     AvaTrade   Overall, AvaTrade is considered a low-risk and can be summarized as a trustworthy forex broker. Regarding spread and security, AvaTrade guarantees fast trading speeds and secure trading conditions. In terms of users, AvaTrade has more than 500 000 registered clients globally.   AvaTrade Overview   Broker AvaTrade FSCA regulated Yes Bonus Yes Trust Score94% Live support24/5 MetaTrader 4 (MT4) Yes MetaTrader 5 (MT5) Yes Trading Islamic Account Yes CFDs – Total Offered681 Spreads0,9 pips Withdrawal fee amountZero Trading fees classVery Low Scalping Allowed Yes Open a account Click Here     AvaTrade Pros and Cons   Pros Cons Wide range of CFDs assets to trade – 1000+You can’t buy stock or cryptocurrency Worldwide regulatedCryptocurrency deposit is not accepted Award winnerQuarterly and annual inactivity fees Multiple platform – MT4, MT5, etcCostumer support is not available 24/7 Negative balance protectionNo bonus for EU based clients   Overall Rating 4.8/5 Rated #1 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA Trading Desk MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central ₿ Crypto Yes Total Pairs 55+ Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Avatrade Open a Real Account Open an Affiliate Account     eToro   Overall, eToro can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. Etoro has an overall trust score of 91 out of 99. eToro offers a world-class social trading platform with immediate order execution.   eToro Overview   Broker eToro RegulationFCA, ASIC, CySEC Islamic account Yes Demo Account Yes Institutional AccountsNo Managed Accounts Yes Maximum Leverage20:1 Minimum Deposit$50 USD Open an AccountClick Here     eToro Pros and Cons   Pros Cons Well-regulated by top market regulatorsUS clients not accepted Client funds kept in segregated accountsMetaTrader not provided Commission-free tradingScalping and hedging are not allowed Traders can buy fractional sharesInactivity fee charged after a year   Overall Rating 4.8/5 Rated #20 ofRecommended FX Brokers Minimum Deposit $50 in *certain countries Regulators CySec, FCA Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs 47 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker eToro * Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland. Open a Real Account     XTB   Overall, XTB can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.   XTB Overview   Broker XTB Min. Deposit RequiredNone Min. Deposit Recommended$100 USD / R1600 ZAR Inactivity Fee$10 USD / R160 ZAR Demo Account Yes Spreads from0.1 CommissionsPro Account Sign Up Bonus Yes Open an Account Click Here     XTB Pros and Cons   Pros Cons Award winning platformPoor email support Negative balance protectionLimited product portfolio, mostly CFD and FX Easy and fast account openingDoes not hold a banking license Regulated by top-tier FCA Broad range of educational materials   Overall Rating 4.6/5 Rated #69 ofRecommended FX Brokers Minimum Deposit USD 250 Regulators FCA, CySEC, IFSC, KNF Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs 48 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker XTB Open a Real Account   IG   Overall, IG Group can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders.   IG Overview   Broker IG Group Trading Fee ClassHigh Inactivity Fee Yes Minimum Deposit$140 USD / R2000 ZAR Base currencies 6 Demo Accounts Yes Products OfferedETF, Forex, Options Open an Account Click Here     IG Pros and Cons   Pros Cons Excellent Web-Trading PlatformHigh Forex and Stock CFD Fees Excellent Educational ToolsLimited Product Portfolio Great Deposit and Withdrawal optionsSlow Customer Support Open an Account Click Here   Overall Rating 4.8/5 Rated #38 of Recommended FX Brokers Minimum Deposit R4000 ZAR / $250 Regulators IGRs Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 80 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker IG Open a Real Account     CMC Markets   Overall, CMC Markets can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.   CMC Markets Overview   Broker CMC Markets Min. Deposit (Rec.)$10 USD / R160 ZAR Inactivity Fee Yes Demo Account Yes Base Currency10 Open an Account Click Here     CMC Markets Pros and Cons   Pros Cons Low forex feesHigh stock CFD fees Great web platformOnly CFDs Advanced researchLacking customer support   Overall Rating 4.1/5 Rated #292 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker CMC Markets Open a Trading Account     Plus500   Overall, Plus500 is a trusted tier 1 regulated forex and CFD broker that offers low trading and commission fees. It has an overall high trust score of 97% out of 100 and can be considered a low-risk and can be summarised as trustworthy and reliable.   Plus500 Overview   Broker Plus500 Minimum Deposit$100 USD / R1600 ZAR Demo AccountYes EUR/USD SpreadVariable Leverage 1:30 Base Currencies14 Withdrawal fee No Deposit FeeNo Open an Account Click Here     Plus500 Pros and Cons   Pros Cons User-friendly platformLack of in-depth research tools Listed on the London Stock ExchangeOnly an average educational section Low trading feesLimited product range. Only CFD   Overall Rating 4.9/5 Rated #55 ofRecommended CFD Provider Minimum Deposit USD 100 Regulators CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA Trading Desk WebTrader ₿ Crypto Yes ( Availability subject to regulations ) Total Pairs 70 Trading Fees Low Account Activation Time Varies Visit Broker Plus500 General Risk Warning:CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money Open a Real Account Open an Affiliate Account *CFD Service. Your capital is at risk*     FXTM   Overall, FXTM can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 250+ trading instruments. FXTM is regulated by one tier-1 regulator (highest trust), two tier-2 regulators (medium trust), and one tier-3 regulator. FXTM has a trust score of 92 out of 100.   FXTM Overview   Broker FXTM RegulationCySEC, FCA, FSC, FSCA Islamic Account Yes Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:2000 Minimum Deposit$10 USD Open an Account Click Here     FXTM Pros and Cons   Pros Cons FXTM is a popular and multi-regulated trading providerThere are inactivity fees that will be applied if the trading account goes dormant FXTM offers its clients quick deposit and withdrawal methods with short processing times There are no deposit fees charged There are several educational materials offered FXTM offers dedicated, local support in multiple languages   Overall Rating 4.6/5 Rated #32 ofRecommended FX Brokers Minimum Deposit USD 10 Regulators CySec, FSCA Trading Desk MetaTrader4, Metatrader 5 ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker FXTM Open a Real Account     HFM   Overall, HFM formerly known as HotForex can be summarised as a trustworthy and safe broker with 24/5 educational support. HFM is regulated by Tier 1 and Tier 2 Trading Bodies. HFM has a high trust score of 90 out of 100.   HFM Overview   Broker HFM Min. Deposit$5 USD / R75 ZAR RegulatorsCySEC, FSC, CFTC ₿ CryptoNo Total Pairs47 Islamic AccountYes Trading FeesLow Open an Account Click Here     HFM Pros and Cons   Pros Cons Great range of marketsOnly Forex and CFDs products Enabled negative balance protectionThree entities in offshore zones   Overall Rating 4.8/5 Rated #6 ofRecommended FX Brokers Minimum Deposit USD 5 Regulators CySEC, FSC, FSCA Trading Desk MT4, MT5, HFM Platform (Android & IOS) ₿ Crypto Yes Total Pairs 50+ Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker HFM Open a Real Account Open an Affiliate Account     OctaFX   Overall, OctaFX can be summarised as a trustworthy and worthwhile broker with a trust score of 90 out of 100. OctaFX is very competitive in terms of its trading fees, with low spreads rounding off its offerings.   OctaFX Overview   Broker OctaFX RegulationSVGFSA Islamic account (swap-free) Yes Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:500 Minimum Deposit$5 USD Open an Account Click Here     OctaFX Pros and Cons   Pros Cons Regulated by SVGFSALimited assets Unlimited demo accountLow Crypto coverage Advanced technologyNo VPS Forex and CFDs offeredNo education tools on Forex More than 80 pairs to tradeNo clients from USA, Canada, Belgium, or others outside EU   Overall Rating 4.6/5 Rated #51 ofRecommended FX Brokers Minimum Deposit ZAR 80 / $5 Regulators SVGFSA Trading Desk Metatrader 4 and 5 ₿ Crypto Yes Total Pairs 80 Islamic Account Yes Trading Fees Very Low Account Activation Time 24 Hours Visit Broker OctaFX Open a Real Account     Conclusion   Now it is your turn to participate:   Which Australian broker from this list do you intend to test out? What was the determining factor in your decision to engage with a certain broker? Was it because of the A$ minimum deposit or the ASIC Regulation?   Regardless, please share your thoughts in the comments below.     You might also like: XM Review You might also like: AvaTrade Review You might also like: HFM Review You might also like: Etoro Review     Disclaimer   Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader. Traders need to ensure that they understand their risk exposure and determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.     Frequently Asked Questions   Is forex trading legal in Australia? Yes. Forex Trading is 100% legal in Australia.   Which is the most used forex broker in Australia? According to research, AvaTrade is the most popular broker choice in Australia.   How many forex traders are currently active in Australia? The rough estimate of Active Australian traders is approximately 100 000 per month.   Can you make money with forex trading in Australia? Yes. However, according to research, approximately 75% of all traders lose money due to a wide number of factors.   Who regulates Forex Trading in Australia? Forex trading in Australia falls under the regulatory authority of the Australian Securities and Investment Commission (ASIC).   4.5/5 – (17 votes)

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Creator :Louis Schoeman

Published on : 2023-01-11 08:00:59

Source :thenewage

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