Table of contents

Best FOREX Broker in Australia for 2024

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

Before you start your FOREX trading career, it is a good idea to carry out thorough research into who are the best FOREX brokers on the market. This is particularly important for Australia; a hotbed of high-quality FOREX brokers all vying for your attention.
With the number of FOREX brokers on the rise, it's becoming a much more competitive environment. The top FOREX brokers are all trying to improve their services to attract more users. For you, this means more variety of choices, but this also means more complexity.
We're here to help break down that complexity. This ranking of the best FOREX brokers in Australia is the result of a detailed review process carried out by our experts at Arincen. We will share our review methodology so you can understand why we chose the companies we did

Best FOREX Brokers in Australia in 2024

Company name ICM Capital


Minimum deposit 500$
Main branch United Arab Emirates
Company name Tradeview


Minimum deposit 250$
Main branch USA
Company name XTB


Minimum deposit 500$
Main branch UK
Company name IG


Minimum deposit 500$
Main branch UK

Top Tips for Selecting the Best FOREX Brokers in Australia

In Australia, the FOREX market is teeming with top-tier brokers dedicated to providing excellent services. Protecting your investments calls for signing up with a broker with a track record of success, underlined by sound financial management. When identifying the best FOREX broker in Australia, remember the following points:
• Regulatory oversight is crucial; the best FOREX brokers are always regulated by a leading regulatory authority, such as the Australian Securities and Investments Commission (ASIC), or another globally reputable regulator.
• Study the broker's fee regime to make sure it is both competitive and transparent, allowing you to maximize your investment.
• Look for a broker that offers a comprehensive list of tradable financial instruments, which means you can diversify when you need to.
• Customer support is vital; choose a broker with responsive teams that protect your interests.
• Your broker should have a strong educational and research division, giving you all the latest information you need to make the best trading decisions.

The 7 Best FOREX Brokers and Trading Platforms In Australia

With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons

  1. ICM - Capital 91.10: Best Deposit and Withdrawal Broker

  2. Tradeview: 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.

  3. XTB - 85.55: Best Customer Service Broker

  4. IG - 85.45: Best Regulations Broker plus Convenient Platform

  5. Saxo Bank - 80.09: Excellent Private Trading Platform

  6. CMC Markets - 80.07: More than 9,000 Assets

  7. ThinkMarkets - 80.05: Aimed at the Audience of Traders

ICM capital Broker

ICM capital Broker

ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
Broker Evaluation 8.11
Regulatory Bodies


Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform


  • Segregated client funds.
  • Regulated by the UK’s FCA.
  • Established in 2009.
  • More than 10,000 ICM Capital users and traders.
  • Reasonable minimum deposit from $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.


  • Does not allow scalping.
  • Not ASIC-regulated.
  • Relatively limited range of instruments.
  • Slow live-chat service.
  • Relatively high trading fees.
  • Limited range of trading tools and resources
Dukascopy  Broker

Dukascopy Broker

Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market​​​​. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.

Broker Evaluation 7
Regulatory Bodies


Minimum Deposit $450
Islamic Account Yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch USA
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform-MT4 - MT5 -Web Platform


  • Established in 2004.
  • Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
  • Low minimum deposits.
  • beginners and experienced traders looking to refine their strategies.
  • Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
  • Decent leverage levels of 1:200 available in some jurisdictions.
  • Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).


  • While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
  • Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
  • While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.
XTB Broker

XTB Broker

What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
Broker Evaluation 8.55
Regulatory Bodies


Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 -Web Platform


  • Long history of operation.
  • Globally recognized, having won multiple awards.
  • Some of the lowest FOREX spreads in the market.
  • Regulated by the FCA (UK).
  • Offers protection for client accounts.
  • Emphasis on customer service.
  • Excellent support, learning and research tools.


  • Does not accept US clients.
  • Non-FOREX spread costs are relatively high.
  • No GSLO.
  • No back-testing or automated trading capabilities.
  • Conditions vary according to regulation and entity.
ig markets Broker

ig markets Broker

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Broker Evaluation 7.54
Regulatory Bodies


Minimum Deposit 250$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform -MT4 - Web Platform


  • Easy-to-navigate platform that is simple for beginners to master.
  • Margin rates are easy to understand and affordable.
  • Mobile and tablet platforms offer full functionality of the desktop version.
  • Accepts US clients.
  • Access to more than 100 currency pairs
  • Emphasis on education and research.
  • Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
  • Offers protection for UK/EU client accounts.


  • US traders can currently only trade FOREX.
  • No GSLO for US-based traders.
  • No account protection for US clients.
  • Relatively high share-CFD fees.
  • No copy trading or back-testing integration on IG platform.


Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
Broker Evaluation 6.09
Regulatory Bodies


Minimum Deposit 10000$
Islamic Account No
Payment Methods Bank transfer - credit card
Main Branch Copenhagen, Denmark
Customer Service 24/5
Demo account No
Trading Platforms SaxoTrader


  • Extensive range of offerings.
  • Regulated by the FCA (UK) and other top regulators.
  • Great trading platform.
  • Among the industry’s best research.
  • Superior user interface.
  • Offers protection for client accounts.


  • High bond, options and futures fees.
  • Lack of emphasis on customer service.
  • Confusing instrument fee structures.
  • High minimum deposit.
  • Does not accept US clients.
  • No MT4.
  • Lacks live chat.


CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation 7.07
Regulatory Bodies


Minimum Deposit 0$
Islamic Account No
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -MT4 - Web Platform


  • Extensive range of offerings.
  • Regulated by the FCA (UK).
  • Low FOREX fees.
  • Emphasis on education and customer service.
  • Great Web and mobile platforms.
  • Offers protection for client accounts.
  • Research amenities are industry leading.


  • Does not accept US clients.
  • Limited product portfolio.
  • High stock CFD fees.
  • High CFD spreads for certain indices.
  • Differences between Next Generation and MT4.
  • Complicated account verification.
  • No back-testing or automated trading capabilities.
think markets Broker

think markets Broker

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation 8.05
Regulatory Bodies


Minimum Deposit 0$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch Australia
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -Web platform-mt4- mt5


  • Beginner assistance offered through 24/6 channels.
  • Spreads are as low as 0.0 pips.
  • 24/7 expert customer service.
  • CFD shares and indices come at no extra fee.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.


  • Direct share trading is on a separate platform.
  • No binary options offered.
  • Commissions charged for two account types.
  • After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
  • No US, Canada or Japan clients allowed.

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

What is FOREX and Why Do We Need a Broker to Trade?

The global FOREX market is a decentralized marketplace where worldwide currencies are traded. This trade does not take place in a physical place but is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world with some six trillion dollars changing hands daily. FOREX brokers in Australia play a key role in this area by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format. 

How Do I Choose the Best FOREX Broker in Australia?

Australia is one of the most significant economies in the world and is often thought of as the gateway to the Asia-Pacific region. It is a wealthy nation with a highly competitive and advanced economy and a 2020 GDP per capita of $51,812.15, which compares well with North American counterparts like Canada.
The country has a thriving and dynamic financial market. However, as in life, Australia is a country with many rules and regulations. It is no surprise to discover that as a highly regulated country in general, Australia also runs its financial markets with the same level of rigor. Regardless, the country is a breeding ground for excellent FOREX brokers, despite the regulatory hoops they must navigate.
Many significant online brokers have chosen to base themselves in Australia because of its stable and wealthy economy. As such, there are many active FOREX traders in this market ready to make use of the high-end platforms offered by Australian-based brokers. Brokerage firms in this Antipodean nation recognize that before they can offer their services, they must fall in line with the country's regulatory requirements.
Australia’s Council of Financial Regulators (CFR) is the coordinating body for Australia’s main financial regulatory agencies. Its members are the Reserve Bank of Australia (RBA), the ASIC, the Australian Prudential and Regulatory Authority (APRA) and the Australian Treasury. The CFR’s role is to contribute to the efficiency and effectiveness of financial regulation and promote the stability of the Australian financial system. The CFR also provides advice to the Australian Federal Government on the adequacy of Australia’s financial regulatory arrangements. Of these regulatory bodies, it is the ASIC that is responsible for the supervision of real-time trading on Australia’s domestic markets. This includes supervising Australian FOREX brokers. 
Best FOREX brokers in Australia

Regulation and Licensing

The ASIC has a reputation for being one of the safest regulators in the world. It rightly has a tier-1 rating, which means that across a range of important measures, like reporting and operating models, it stacks up well against counterparts in other parts of the world.
The ASIC has been an important part of the Australian financial system since the early 1990s. It is the key FOREX regulator. With the rise of retail trading in the 1990s, the ASIC was the driver behind a shake-up of the regulatory framework in the country, changing the way it requested information from, and gave operating guidance to, businesses in the sector.
Now one of the most active regulators in terms of safeguarding the interests of investors, the ASIC demands that every FOREX broker in the country obtain a valid Australian Financial Services License (AFSL). With this license, brokers can start to trade, but they must abide by strict regulations, such as capital adequacy and reporting standards.
Although ASIC has pre-eminence in Australia, there are other major regulators around the world. If you want to learn more about some of the best-regarded regulators, read our article on regulation here
To ensure that your broker is legit, you can follow these steps:
Remember that it's important to comply with all applicable requirements, including any self-regulatory organizations to which brokers belong, and not just those mentioned here.

Make sure your broker is regulated by a reputable authority. Not all brokers are regulated by tier-one regulators, but you can still rest easy if your broker works with the regulator in your area. To verify if your broker is registered with a regulator, navigate to the regulator’s official website.


Leverage refers to the use of borrowed funds to increase your trading position beyond what would be available from your cash balance alone. It allows traders to amplify potential profits from a trade but also increases the potential for significant losses. Essentially, leverage magnifies both gains and losses relative to the amount of capital invested.
Depending on the regulator under which your broker works, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.
Here is a list of major reasons your broker must be regulated:
Safety of funds: 
A regulated broker must comply with strict regulations to protect client funds, including segregating client funds from the company's own funds.
Fair trading practices: 
A regulated company must adhere to strict guidelines ensuring products and services are offered fairly and without manipulation, helping create a level playing field for all clients.
The law compels regulated brokers to be transparent with clients, which assures you of safe, fair trading. In practice, this looks like brokers admitting openly that FOREX trading is highly risky and you could lose your money.
Protection from fraud: 
Regulatory authorities protect clients from fraudulent activities and scams and ensure that FOREX brokers operate within set guidelines that safeguard their clients' interests.
Here are selected leverage rules according to some key regulators:
ASIC, Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold and major stock market indices
10:1 for commodities other than gold and minor stock market indices
5:1 for equities (stocks) and other underlying assets
2:1 for cryptocurrencies
Financial Conduct Authority (FCA), UK: 
30:1 for major currency pairs
20:1 for non-major currency pairs, gold and major indices
10:1 for commodities (excluding gold) and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies
These limits are in place to reduce the risk of significant losses for retail traders.
Swiss Financial Market Supervisory Authority (FINMA), Switzerland:
FINMA has not set specific leverage limits. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.
Commodity Futures Trading Commission (CFTC), USA:
The CFTC enforces a 50:1 leverage limit on major currency pairs and a 20:1 limit on non-major currency pairs for retail FOREX traders.
The U.S. has a distinct regulatory environment, with retail FOREX trading regulated separately from other forms of derivatives trading.
It's worth noting that these rules generally apply to retail clients. Professional or institutional clients might have access to different levels of leverage, depending on the regulatory environment and the broker's policies. As we can see, responsible regulators closely monitor leverage levels. Leverage is a double-edged sword because you can make a lot of money, but you can just as easily suffer heavy losses.

High leverage can amplify potential profits, but it equally magnifies potential losses. It can put a stop to your trading career if not used carefully. The allure of high returns is tempting, but the risk associated with such strategies is highly dangerous. We strongly urge traders to approach leverage with caution, fully grasping its mechanics and implications.

Stop Out and Margin

Stop outs are bad news. It is one of the worst things that can happen to a retail FOREX trader. If this happens to you, rest assured that you have not planned your trading activities well. Here are selected leverage rules for stop outs according to some brokers:
Stop out of 0%
Your broker won't close any of your positions, even if your margin level reaches rock bottom. This is because some brokers allow you to end up in the red, which means you might owe them money if your trades keep losing.
Stop out of 50%
Once your equity dwindles to half of your used margin, the stop-out alarm goes off. Your broker steps in and starts closing your trades, beginning with those least profitable. This continues until your margin level bounces back above the stop-out level.
Stop out of 100%
When your margin level hits 100%, your broker takes the drastic step of automatically closing all your open positions. In some setups where the broker separates margin-call and stop-out levels, the margin call happens at 100% and the stop out at 50%. If your margin level plunges to 50%, your trading platform springs into action with a stop out, closing your trade at the market price.
It's worth noting that while stop-out procedures are meant to protect traders from negative balances, they can lead to significant losses in volatile markets if positions are closed automatically, especially if the market quickly reverses after the stop out. As such, using protective measures, like stop-loss orders and not over-leveraging, is always a good idea. Additionally, the specific percentage and the order in which positions are closed can vary among brokers, so traders need to be aware of their broker's policy on stop-out levels.

Commissions and Fees

Trading fees can sometimes be hard to understand. Be sure to check how these fees compare with industry standards:
Spreads: There are two main kinds of spread, one is fixed and the other is variable. Generally, the spread refers to the gap between two prices, such as the bid/ask rate in a currency exchange rate. If you are getting a spread of 1.4 pips for the EUR/USD, you can rest easy that you are getting a good deal at present market rates. The narrower the better; this means that a spread of 1.4 pips is better than a spread of 2 pips. This article explains more about this important concept.
Commission: This is nothing more than the service charge that brokers require for carrying out transactions on behalf of their clients.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.
Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.
Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
To keep track of trading fees, you can follow these steps:
Remember that trading fees can have a significant impact on your trading profits, so it's important to choose a platform that offers competitive fees and suits your trading needs. 
Spread Commission Swap Islamic Account
Currencies Starting from 1.3 Pips 0$ No Available
Stocks Starting from 18 Pips 0$ Yes Unavailable
Commodities Starting from 2.3 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.14 Pips $0 No Available
Stocks Starting from 0 Pips $0 No Available
Commodities Starting from 2 cent $0 No Available
Indices Starting from 0.2 Pips $0 No Available
Spread Commission Swap Islamic Account
Currencies Starting from 0.2 Pips 0$ No Available
Stocks Not Mentioned 0$ Yes Unavailable
Commodities Starting from 8 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.6 Pips 0$ Yes Unavailable
Stocks Starting from 2.4 Pips 0$ Yes Unavailable
Commodities Starting from 0.1 Pips 0$ Yes Unavailable
Indices Starting from 0.2 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.9 Pips $0 Yes Unavailable
Stocks Starting from $0.02 $6 Yes Unavailable
Commodities Starting from $0.6 $6 Yes Unavailable
Indices Starting from $0.7 $6 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.5 Pips $0 Yes Unavailable
Stocks Starting from $0.2 $10 Yes Unavailable
Commodities Starting from 0.2 Pips $0 Yes Unavailable
Indices Starting from 0.5 Pips $0 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips $0 Yes Unavailable
Stocks Starting from 0.1% $0 Yes Unavailable
Commodities Starting from $0.19 $0 Yes Unavailable
Indices Starting from 0.4 Pips $0 Yes Unavailable

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments:
With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY and many more.
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
Equities or Stocks
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
These debt securities offer periodic interest to holders and return the principal amount at maturity. Bonds are best for those interested in fixed returns.
Options and Futures
These derivative products allow traders to hedge against potential losses or speculate on price movements without owning the underlying asset.
Brokers Currency pairs Stocks Indices Commodities Crypto ETFs
ICM Capital 67 Pairs 89 Shares 17 Indices 12 Commodity 6 Coins Unavailable
Tradview 80 Pairs 5000 Shares 10 Indices 10 Commodity 30 Coins Unavailable
XTB 57 Pairs 1848 Shares 36 Indices 22 Commodity 22 Coins 135 ETFs
IG 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 Commodity 9 Coins 6700 ETFs
CMC Markets 330 Pairs 8000 Shares 80 Indices 100 Commodity 18 Coins 200 ETFs
Think Markets 46 Pairs 3750 Shares 15 Indices 11 Commodity 21 Coins 350 ETFs

Payments, Deposits and Withdrawals in Australia

Depositing funds into and withdrawing funds out of your Australian FOREX account is straightforward. The Australian banking industry is highly mature and safe. All payment providers are accommodated in the financial ecosystem and are allowed to offer comprehensive services. This means that all major payment methods are accepted by local brokers. These include credit and debit cards, wire transfers, and all major eWallets. 
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1.9% 2.5% Unavailable 3.75%
Withdrawal fee 0$ $15 1% $0 Unavailable 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ 0$ 1.9% 2.5% $0 3.75%
Withdrawal fee 0$ 0$ 1% $0 $0 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1% 1% Unavailable Unavailable
Withdrawal fee 1.5% 30$ 1% 1% Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 0$ 2.5% Not mentioned Unavailable
Withdrawal fee 0$ $0 + Bank commission 5.50$ 0-7.5% Not mentioned Unavailable

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast, and polite, which in turn will spare you from having to worry about problems later. The best FOREX brokers in Australia for beginners will be able to provide you with the following:
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Very Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Quick response Fast Fast Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Moderate Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Very Fast Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Slow Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Moderate Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Moderate Fast Moderate Not Available

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always watch for SSL certification and two-factor authentication (especially when registering with a new site). Remember to create a strong password for your account.

Ask Other Traders on Our Network

Arincen has gone to extensive lengths to create an enabling environment, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivaled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other. 

What Trading Platforms, Tools, and Features Should a Broker Offer?

When picking a trading platform, it's crucial to consider what works for both beginners and experienced traders. Here are some things to think about:
Technical Analysis Tools: Look for a platform that has solid technical indicators. They are useful for making smart trading decisions.
Customization and User-Friendliness: You should be able to tweak the platform to match your style. Within the MetaTrader product family, both MT4 and MT5 are known for their excellent customization features. Here’s a comparison between the two.
Platform Accessibility: Whether it's web-based or downloadable, a good platform should give you options.
Risk-Management Tools: Trading is risky. A top-notch platform should allow you to set stop losses and take-profits to manage those risks.
Performance and Reliability: As a newcomer, you should be looking for a platform that runs smoothly when called upon.
Learning and Help Resources: It's a boost if the platform is not only visually pleasing and customizable, but also comes with guides and support to help you when you're stuck.
To find the perfect platform, here's what you can do:
Figure Out Your Style and Needs: First, decide how you want to trade and what you need from a platform.
Research Different Platforms: Look at what's out there and compare what they offer.
Test with a Demo Account: Try the platforms by using a demo account. This gives you the chance to trade in a risk-free environment with virtual money.
Check Reliability and Reputation: Make sure the platform is known for being dependable and trusted in the trading world.
Remember, the platform you choose can make a big difference in how successful your trading is, so take your time picking the right one.

Tip for those who have no experience
Every successful trader begins with a solid foundation in education and research. We've meticulously curated a suite of resources for you. Dive into our comprehensive articles to grasp the basics, watch our videos to learn from industry experts, and stay updated with our newsfeed. Moreover, our expert signals and sophisticated analytics are at your fingertips to guide your every decision.

Which FOREX Broker Has the Best Platform?

Many FOREX traders across the world have become accustomed to MetaTrader’s strong and dependable MT4 platform, which is highly regarded, and with good cause. Its features are well-liked and trusted by many traders. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we recommend you try Saxo Bank for its advanced trading features and high-performance tools with deep market analysis. 

Which FOREX Broker Charges the Lowest Fees and Spreads?

Our research shows that ICM’s ECN account is unmatched for low fees and spreads for entry-level and experienced traders alike. 

Which FOREX Broker Offers the Most CFDs?

CMC Markets and IG offer extensive CFD selections. We can confirm that these two brokers offer the most CFDs of the ones we have studied.

Which is the Best FOREX Broker for the Most Assets?

According to our findings, the FOREX brokers that offer the widest and most comprehensive range of financial assets are CMC Markets and IG.

Which is the Best FOREX Broker for Professionals?

Professional traders know what they want. They have put in the time to learn the trading world and do not wish to settle for platforms that offer slow execution times or limited functions. Professional traders are also searching for a platform that features in-depth market analysis that comes with advanced indicators that help them make better decisions. In this case, you should look to brokers that use MT4, an industry stalwart that offers all of the above. 

FOREX Trading Scams and How to Avoid Them

The ASIC’s role is to maintain, facilitate and improve the performance of the financial system and entities in it. It also promotes confident and informed participation by investors and consumers in the financial system. Finally, it seeks to administer the law effectively and with minimal procedural requirements. All this being said, FOREX scams are difficult to launch in a country with so many safeguards.
The ASIC will have no hesitation in suspending the license of any broker that has been found guilty of wrongdoing in terms of partaking in a scam to defraud customers. In terms of external threats, the ASIC has a robust ongoing public awareness campaign where it broadcasts important information on its website on all identified scams, along with helpful fixes and contact numbers for traders to reach if they need to make a report or lodge a dispute.

Will Your Money Be Protected If Your Broker Becomes Insolvent?

The ASIC is an agency that has a comprehensive and exacting set of regulatory guidelines intended to dissuade firms from propagating financial scams. The watchdog continually monitors regulated members using detailed scheduled reporting or even unscheduled requests for information.
The ASIC has rolled out a centralized regulatory structure that gives guidance and recommendations on how brokers should conduct their business. Some of the important guidelines include ensuring that brokers keep at least $1 million in operating capital. Brokers should also maintain client funds that are segregated in tier-1 banks. The ASIC also has an investor compensation scheme in place to ensure that client funds are protected in the event of broker insolvency.
Regarding investor compensation, there is a rather complicated compensation mechanism that means discretionary payments can be made by the Finance Minister to affected claimants. This process is run through the Scheme for Compensation for Detriment caused by Defective Administration (CDDA), which allows individuals to apply for compensation in qualifying cases. The ASIC does not get to make decisions on the outcomes of cases.
The ASIC entertains consumer complaints but encourages claimants to resolve issues at the broker level. If there is no resolution, claimants can contact the Financial Ombudsman service instead. 

The choice of a regulated broker isn't merely a matter of preference—it's a protective measure. When a broker is regulated, it undergoes stringent assessments to ensure transparency, fair trading practices, and your financial security. Opting for an unregulated broker brings with it significant risks. For a list of the best regulators, read our article here.

The Dos and Don’ts of FOREX Brokers

One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do. 
There are seven things brokerage firms cannot do:
  1. The FOREX brokerage firm cannot recommend a buy or sell;
  2. The FOREX brokerage firm must not provide price or market expectations (rise/fall);  
  3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
  4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
  5. The FOREX brokerage firm cannot grant a client a bonus unless clear terms are guiding it beforehand.
  6. The brokerage firm must not use bank accounts not under its name; and
  7. FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert website like Arincen, something we will delve into toward the end of this article.   

Who is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.            
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.  


Now is as good a time as there has even been to get involved in FOREX trading. The best FOREX brokers in Australia operate in a well-managed and transparent regulatory environment. Remember, the key message to take away from this article is that the FOREX brokerage firm you pick must be legally licensed and well-regulated. In this article, we give you details of who these regulators are.
Importantly, you must vet the broker's tools, platforms, and reputation. Make sure that you can get customer service whenever you need it. If at any stage you are unsure about what steps to take when choosing the best online brokers in Australia, this handy guide is only a few clicks away.

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:
  1.  Companies’ websites.
  2.  Other websites that have ranked FOREX companies.
  3. A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.     
Afterwards, we validated the data by:
  1.  Registering with FOREX companies as a secret shopper and/or as Arincen.
  2.  Survey number “2,” in which we asked these companies’ customers for important feedback and experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


Is FOREX trading legal in Australia?

Yes, trading FOREX trading is legal in Australia. FOREX trading is considered to be an activity that can lead to gainful profits, as such it is highly regulated, making it easy to keep it legal.

What is FOREX?

The FOREX market is a place where global currencies are bought and sold. It is a large and active marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

What is FOREX trading?

FOREX trading involves buying and selling different worldwide currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.

What costs and commissions are associated with FOREX trading?

FOREX brokers in Australia charge any combination of commissions, spreads, and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread. Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.

How important is good customer service in FOREX trading?

Good customer service is vital to FOREX trading as it is a fast-moving marketplace where traders can lose money if their account is non-functional or deactivated for any length of time. As such, you must select a broker that can offer excellent customer support whenever you need it. Company staff must be accessible and knowledgeable enough to be useful in times of difficulty.

Is FOREX trading taxable in Australia?

Yes, FOREX trading is taxable in Australia. FOREX trading is recognized as a genuine activity that can generate personal income, meaning that the profits you make from these trades are subject to tax. You will only be expected to pay taxes if you have made profits within the tax assessment year. Consult a tax expert to find out how you can comply with tax regulations in Australia.
Written by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that can be found on the site. Arincen’s Head of Content and Chief Economist Marwan A. Kardoosh brings with him over 24 years of experience working in the...
Edited by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20yea...
Fact Checked by
Bahaa Khateeb
 Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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