Sydney is one of the most active Forex trading markets in the world, so naturally, there are quite a few Forex traders that operate in the country. As a result, the market for Forex brokers is quite active, with retail Forex traders having quite a few options when it comes to which service they want to do business with. All of these have platforms that are quite conveniently found online, making them excellent for all types of traders, whether you are doing it full-time or to supplement your income.
Top 5 Best Forex Brokers in Australia
No matter what you are looking for in a Forex broker, there is definitely one out there for you. Here are five of the best Forex brokers in Australia in no particular order.
AvaTrade is one of the top Forex brokers in the world. Established in 2006, the company’s headquarters is in Dublin, Ireland. In Australia, it is regulated by ASIC. There is only one standard account at Ava Trade, which requires a minimum deposit of only 100 USD. Leverage is available at 1:400, with both fixed and variable spreads. It also has some of the most competitive spreads of any broker in Australia. You can also try them out with a demo account.
When using AvaTrade, you have quite a few tools at your disposal, including eBooks and webinars that can help educate you about Forex trading. While depositing and withdrawing is quite simple, withdrawing your money can be a bit of a long process. AvaTrade also has some of the best rated customer support available in several languages.
FXTM, also known as Forex Time, is a bit younger than the other Forex trading websites, being founded in 2012. However, it quickly gained a reputation for itself, winning several industry awards like “Best Newcomer 2013” and “Fastest Growing Forex Broker.” Its headquarters are located in Cyprus.
There are three main accounts for Forex traders, all of them not requiring a minimum deposit. None of them charge a commission either. The standard account has leverage from 1:1000 to 1:25, while the cent account has the same for Forex, but has 1:500 to 1:25 for spot metals. There is also the Amanah account, which is a swap-free option made specifically to be compliant with Shariah law. You can also practice with a demo account.
FXTM is also quite generous with bonuses and promotions. They also have quite a few educational materials for both the beginning and veteran trader. Its customer support is available in quite a few language, and it has a user-friendly website, ideal for all users.
Forex Capital Markets, better known as FCXM is a bit of a pioneer when it comes to online Forex trading, having been established in 1999 in the USA. The company has an Australian office, where it is also regulated and licensed. It is also one of the largest Forex brokers worldwide, measured by total volume traded and market share.
There are quite a few accounts available. There is the 5K account, meant for experienced traders. You can also choose the Active Trader account with a 25,000 USD deposit for premium services. A mini account is also available for an initial deposit of only 50 USD.
What sets FXCM apart is their overnight financing rates, being one of the most competitive rates out there.
Pepperstone is an Australian-based Forex broker regulated by ASIC. Founded in 2010, the broker is known for accommodating a variety of trading styles.
There are several accounts like the standard account for normal traders, the razor account for advanced traders, the swap-free account for those concerned about Sharia law, and the active traders account for high volume and institutional traders.
They offer 24 hours customer support via email and chat. They also have a local Melbourne phone number.
EToro was founded in 2007 in Cyprus, with over 5 million traders.
There is a standard account with a minimum deposit of 200 USD, but those who deposit at least 20,000 USD get a premium account. There is also a demo account available for those who want to try it out first.
What sets eToro apart is the social trading aspect, wherein you can look for popular traders. You can then track their trades and even automatically copy them. If you start trading well enough, you can become a popular investor, earning extra money along the way. You can also contact other traders in order to learn more from them.