CompareForexBrokers on LinkedIn: The 9 Best Forex Brokers in Australia for 2024 (2024)

FAQs

What is the best broker for forex in Australia? ›

The USA has very strict regulations in forex trading, so brokers here cannot offer as flexible trading services as they do around the world. For example, a US-based broker cannot offer CFD trading and Non-FIFO trading facilities to retail traders.

eToro is the best online broker in Australia because it doesn't charge brokerage fees on stocks and ETFs, has seamless account opening process and best-in-class social trading features. eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down.

1. MetaTrader 4 (MT4) MetaTrader 4, also known as MT4, is one of the most popular forex trading platforms. It is user-friendly, customizable, and packed with a wide range of tools and features, making it a great choice for beginners.

George Soros is undoubtedly one of the most successful forex traders in the world. His bold and aggressive trading style has earned him a place in history, and his philanthropic efforts have made a positive impact on many lives. However, his controversial reputation may not sit well with some investors.

Which Country Trades Forex the Most? According to the Bank for International Settlements (BIS), the United Kingdom, the United States, and Japan are the top three countries that trade forex the most. These countries account for over 50% of the daily forex trading volume.

Which forex broker has the lowest spread? ›

Australia is one of the countries which recognize Forex trading as a legitimate income-generating activity. As such, the profits you will make from this trade are subject to tax.

The capital required to start day trading in Australia depends on the broker you use and your chosen day trading platform. Some brokers require a minimum account balance of $500 or less, while others may require a higher minimum balance of $10,000 or more.

The best trading platforms for Australian traders and scalpers are MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. MT4 is highly favoured for its user-friendly interface, customisability, and a wide range of technical indicators and charting tools, making it ideal for quick, analytical trading decisions.

The Forex and CFD (Contract for Difference) market in Australia is a vibrant and well-regulated sector, overseen by the Australian Securities and Investments Commission (ASIC). This regulatory body ensures high standards of operation, transparency, and trader protection.

CommSec is Australia's largest online trading platform, offering users no monthly account-keeping nor subscription fee. It has the industry standard minimum initial trade of $500, and access to both the ASX and 25 international markets.

Under Australian law, only brokers authorized by ASIC are allowed to accept forex and CFD traders. ASIC has implemented strict leverage limits for retail forex traders to reduce the risk of significant losses. The maximum leverage allowed for major currency pairs is 30:1.