Australian traders should choose a well-regulated broker that offers an excellent trading environment. This includes a well-rounded platform offering, competitive trading spreads and education resources. In addition, the best Forex brokers in Australia will offer an extensive range of tradable assets and third-party software integrations.
Trading Fees – The Top Forex Brokers for Australian Traders will maintain a competitive cost structure. Traders should look for commission-free accounts that keep spreads below 1 pip and commission-based accounts with raw spreads between 0 and 0.1 pips and no more than $7 per round lot.
Top Forex Brokers for Australian Traders: Comparing the Best Options
Customer Support – Traders should choose a broker that provides comprehensive support via phone and email, with dedicated account managers and multiple languages available. Ideally, customer service should be available 24/5, matching the operating hours of the market.
Minimum Deposit – A minimum deposit requirement is an important feature to consider when choosing a Forex broker in Australia. A low deposit amount can help beginners get started with the market.
Leverage – The best Forex brokers in Australia will offer high leverage, up to 1:500. Leverage limits for retail investors are capped by ASIC to protect traders from excessive risk. In addition, ASIC-regulated brokers must offer Negative Balance Protection, ensuring that traders cannot lose more than they have in their trading accounts.
Forex trading is legal in Australia, though it’s uncommon for retail investors to trade the market directly due to the minimum capital requirements and regulatory oversight. Instead, most Australians trade forex through CFDs (contracts for difference).