In this article, we will talk about 5 best Forex Brokers for traders in Australia.
To be a top broker in Australia, the broker must be regulated by the Australian Securities and Investment Commission (ASIC). The Australian Securities and Investment Commission is the primary regulator of financial markets in Australia. Its role is to promote and facilitate fair, efficient, and transparent financial markets.
In addition to regulations, we also considered other factors as well when choosing the best forex brokers in Australia. These factors are, customer support, fees, trading platforms and speed of trade execution.
Below are 5 Best forex brokers in Australia.
1. Fusion Markets
The Fusion Markets is one of the best forex brokers in Australia that is regulated by the Australian Securities and Investment Commission (ASIC). The Fusion markets broker was founded in 2017, and is headquartered in Melbourne, Australia.
Fusion Markets is a great broker known for offering low spreads and commissions.
This broker provides traders with 4 different account types. These are the zero account, classic account, demo account and the fusion pro account. For the zero account, the spreads starts from 0.0 pips and the commission charged is $2.25 per side. For the classic account, the spreads starts from 0.9 pips and no commission is charged.
The Fusion Markets broker offers traders 4 main trading platforms. These are TradingView, MetaTrader 4, MetaTrader 5, and cTrader trading platform.
When it comes to customer support, the Fusion markets broker provides
traders with 24/7 customer support. Traders can contact the Fusion markets customer support through email, phone and live chat.
This broker provides a leverage of up to 1:500 depending on the country and the financial instrument you are trading.
To get started trading with the Fusion Markets broker, you don’t require a minimum deposit. If you are interested in trading with the Fusion Markets broker, click the button below.
2. AvaTrade
AvaTrade is a highly regulated broker that is also regulated by the Australian Securities and Investment commission. AvaTrade broker was founded in Dublin, Ireland in 2006. AvaTrade boasts a massive global customer base of 400,000, who generate over two million trades every month.
The AvaTrade broker offers traders with 8 different trading platforms. Including the popular MetaTrader 4 and MetaTrader 5 trading platforms. AvaTrade also offers a mobile trading platform call the AvaTrade Go for traders who prefer mobile trading.
The AvaTrade broker provides traders with 24/5 customer support. Traders can contact the AvaTrade customer support through email, phone and WhatsApp.
The AvaTrade broker provides traders with 2 main account types. These are the retail trader account and professional trader accounts. They also provide an Islamic account for Islamic traders as well.
For the retail account, the AvaTrade broker does not charge a commission and the spreads are around 0.9 pips for the Major currency pairs.
The maximum leverage provided by the AvaTrade broker is up to 1:400. This is only applicable for international retail clients and professional clients. For Australian retail clients, the max leverage is 1:30.
To start trading with the AvaTrade broker, you require a minimum deposit of $100. If you are interested in trading with the AvaTrade broker, click the button down below.
3. Pepperstone
The Pepperstone broker is also a great broker that is regulated by the Australian Securities and Investment Commission. This broker was founded in 2010 in Melbourne, Australia.
The Pepperstone broker offers traders with a range of account types. The main two account types are the standard account and the razor account. In addition to these accounts, this broker offers an islamic account, professional account and premium account.
The Pepperstone broker offers traders 5 main trading platforms. These are MetaTrader 4, MetaTrader 5, TradingView, cTrader and the Pepperstone trading platform.
This broker provides traders with 24/7 customer support. Traders can contact the Pepperstone broker through email, phone, WhatsApp and live chat.
For retail clients the maximum leverage provided by this broker is up to 1:30. For professional clients, the maximum leverage provided is up to 1:500.
To start trading with the Pepperstone broker, traders do not require a minimum deposit but the Pepperstone broker recommends a deposit of $200.
4. IC Markets
The IC Markets broker is also another great broker that is regulated by the Australian Securities and Investment Commission. The IC Markets broker was founded in Sydney Australia in 2007.
The IC Markets broker provides traders with 3 main account types. These are the raw spread cTrader/TradingView, raw spread MetaTrader and standard account. For the Raw spread accounts the spreads starts from 0.0 pips but for the standard account the spreads starts from 0.8 pips.
For the standard account, there is no commissions charged. For the raw spread cTrader/TradingView account, the commission charged is $3 per lot per side and for the raw spread MetaTrader account, the commission charged is $3.5 per lot per side.
This broker offers traders with a range of trading platforms. These are, MetaTrader 4, MetaTrader 5, cTrader and TradingView trading platform.
The IC markets broker provides traders with 24/7 customer support. Similar to the previous brokers, you can contact the IC markets support through phone, email and live chat.
This broker provides a maximum leverage of up to 1:500 depending on the country you are trading from. To start trading with the IC Markets broker, traders require a minimum deposit of $200.
5. CMC Markets
CMC markets is another good broker that is regulated by the Australian Securities and Investment Commission. The CMC markets was found in 1989 in the United Kingdom.
CMC Markets offers a variety of account types. For forex and CFD trading, the primary options are the CFD trading account and Corporate Account. Additionally, they provide a spread betting account specifically for UK clients.
The spreads for the CMC markets broker starts from 0.7 pips for major forex pairs and commission from 0.1 % for shares.
This broker provides traders with several trading platforms. These include the popular MetaTrader 4 platform and NGEN which is CMC’s flagship trading platform.
CMC Markets offers customer support through live chat, phone, email, and a contact form for non-critical inquiries. Their customer support hours might be limited compared to other brokers, operating typically between 7:30 AM and 7:00 PM Sydney time.
For retail clients, the CMC markets broker provides a leverage of up to 1:30. To start trading with the CMC markets broker you do not require a minimum deposit.
Conclusion
In this article, we looked at 5 great forex brokers that are good for traders living in Australia. All of these brokers are regulated by the Australian Securities and Investment Commission (ASIC) in Australia. In addition to its regulations, these brokers provides great trading platforms and customer support for traders.
