3 Best Online Forex Brokers in Australia – In Depth Review 2023
Want to jump straight to the answer? The best forex broker for traders is Avatrade
The #1 Forex Trading Course is Asia Forex Mentor
Let us tell you what retail forex brokers are! These are the institutions that work between a trader and a forex environment. YES! You heard that right. The Forex brokers have an online presence, and they target the different smaller traders to operate within forex markets on a single or margin basis.
Many brokers also include useful educational and research tools to provide beginners an enhanced knowledge about the trading process. These brokers provide additional excess to experts and the market analysis to aid you in choosing the beneficial trading options.
Therefore, a forex trader can start easily only by opening an account and downloading free trading options such as MetaTrader. Here we have mentioned seven top-quality forex brokers so you can choose the one that suits you completely.
Selecting the most essential broker will help trade forex with initial research to find the most appropriate option to meet the trading needs. Here we have listed the three best Australian forex brokers with the right knowledge and services they provide that are far more effective than a traditional broker. Let’s consider in detail Australian brokers to deliver a high-grade trading experience.
Table of Contents
Best Online Forex Brokers in Australia
3 Best Online Forex Brokers in Australia
#1. Best Advanced for Non-US Traders: Avatrade
Avatrade came into being in 2006; it is an international broker in Australia and CFD broker regulated by different top financial institutes. Moreover, it has heaps of tools and resources that will fascinate all beginners, like paper trading account and 100000 dollars of virtual funds. This Australian forex broker is one of the best-regulated brokers in the International Capital Markets PTY as it’s a very secure trading broker.
Avatrade is one of the safest online brokers and is regulated by the top tier-one jurisdiction. This is the reason which makes it a trustful CFD and Forex broker. The range of marketing is great, and it should also be good for traders. Avatrade is offering its clients worthy selections for trading platforms. It’s a regulated Forex broker that offers online trading with a minimum deposit and negative balance protection.
Avatrade has stopped the trading platforms like mirror trader and Robox. With their dedicated web trading platforms and trading accounts like meta-trader and Avatrade acting as an alternative, it offers a huge variety of platforms for catering to automated and manual traders.
Avatrade features on attracting traders with different skills and levels to offer them an adaptable trade site. There are more than 200000 registered clients with a trading volume of 2 million per month. Want more to know about this CDF and forex broker? Then continue to read about the Avatrade feature.
How does it work?
Webtrader, a default interface, can be accessed via a browser. Concerning its competitors, it lacks a few basic features and is plain, but it is intuitive and user-friendly. Clients who execute traditional fundamental or technical trading strategies can opt for the industry- newer MetaTrader 5 or even the MetaTrader 4.
Following transparency, the AvaTrade account also lists all the pertinent information in the ‘Trading info’ tab on the Avatrade website like “Stocks Earnings Releases,” “Order Execution Policy,” “Economic calendar,” “CFD Rollover” information, and ‘holiday trading hour,’ for aiding the clients in the trading decision.
In addition, the forex calculator link will inform the dealers of the risk of losing money rapidly, how many trading costs, potential profits, and overnight interest calculations. Web trading platforms offer three order types: simple market orders and two pending orders, with an option for attaching stop loss or take profit orders to them.
Pros
- Fast and effortless account opening
- Different withdrawal and deposit issues
- Excellent research tools
- Effective and reliable functioning
Cons
- Incredible inactivity fees
- Average forex fees
Price
In non-trading fees, there is no fees withdrawal or minimum deposit and no account fees. All the brokerage accounts of AvaTrade are subject to the inactivity fees, which is 50 dollars if you do not use it for three months, Followed by 100 dollars of administration fees if you stay inactive for a year. This amount is deducted from the trading accounts.
Typical spreads are suggestive amounts because they are largely powered by macroeconomic events and market conditions that impact markets’ financial futures association. In terms of margin trading, the requirements for margin are the subjects to be changed based on the new release, market volatile and trade size.
#2. Best for Lower Spreads: IG
One of the advanced trading platforms in Australia, IG brokers, includes forex trading Australian securities that are effortless to customize and is user-friendly. The forex market traders also involve educational tools for funding, learning, and other aspects with different trading platforms available. These Australian Forex brokers offer effective investments commission and complex instruments with this mobile trading platform.
You will also find many useful educational tools for learning. Funding and withdrawing money is easy, and there are multiple options, as illustrated by the commodity futures trading commission. Besides this, the Forex broker includes a foreign exchange with currency pairs to provide retail investor accounts.
It offers advanced trading accounts features for stock CFDs. You will find a limited product portfolio as these active trader brokers involve options trading and foreign exchange features. The customer support is second to none with currency market options to get the maximum benefit. This is one of the top forex brokers that offers retail investor accounts for trading CFDS with no investment commission.
Therefore, IG brokers are for users looking for trading anyone who desires to trade foreign exchange markets will find these forex brokers a top choice. IG opts to provide exclusive trading services from low spread costs, actionable research, customer service, interfaces, and more, making it one of the most exclusive online brokers in the market.
How does it work?
IG platform includes multiple choices and currency trading options, API interfaces starting from proprietary web-based options with effortless and customizable features. This broker is an excellent trading platform with easy and stable browser access, and that’s a valuable advantage for forex and CFD traders.
Moreover, the fee options are budget-friendly, but the contract sizes are smaller than regular retail traders. Have you got that? You will find both the vanilla and barrier trade options with no deposit and account fees. The IC markets involves use of complex instruments as illustrated by the Australian Securities and investments.
Besides this, the CFD trading option is a web-based trading platform loaded with broad features to provide innovative functions and copy trading options. Usability is the heart of professional traders that includes trading cost and demo account factors. This professional forex trading includes an effective trading strategy and there is no high risk of losing money.
The broker includes innovative trading options like the streaming news from an economic calendar that regulates forex brokers to help experienced traders to start trading with complex instruments. The advanced traders include a customizable screener for different asset classes such as CMC markets and other currency pairings.
Pros
- Wide range of trading tools and offerings
- It accepts US customers
- Provides a detailed emphasis on research
- Offers protection to clients
Cons
- Lacks account protection
- Incredible share-CFD fees
Price
Let’s see how IG makes money, especially through different customer trades that ultimately cross the bid spread. The global financial markets offer foreign exchange trading with a commission charge that allows users to play when one user is trading CFDs, but it also adds to another side of the market spread. You will also find another commission for share-CFD trade.
Moreover, it also includes an inactivity fee of up to $12/month when there is no trading for 24 months. You will also find wire withdrawals of $15 while providing a detailed explanation of the market on the website. You will also find three rebate tiers starting from 5% for almost $100 of trading volume to up to 15% for $500+ million in each trading volume.
#3. Lowest Cost Overall: Interactive Brokers
Interactive Brokers are the institutional investors that promote commission-free trading in Australia while providing the most accessible brokerage services for decades. This sophisticated publicly-traded company has got the top rankings for the best brokers for stock and ETF.
Interactive brokers offer the customers global as well as US-based trading. The two plans that the company thought about are IBKR Pro and IBKR Lite. It is one of the best Australian Forex trading brokers that offer beginner traders effective investments commission options and low trading fees.
The IBKR lite customers are available to forex trade, options, stocks, bonds, funds, and options on up to 135 markets, not more than one trade accounts. for the convenience of the customers to easily evaluate assets among the socially responsible investing lens. An experienced Forex trader will help start trading forex ensuring Australian securities help trade within forex markets.
The IBKR Lite does not offer any trading fees or commissions. For all the experienced active traders who need a wide variety of investments, these brokers are the best choice making them the best broker. These online forex trading platforms offer York stock exchange features helping the retail investor accounts lose money no money.
How does it work?
Like all the online brokers, IBKR also produces interest earnings with the difference between what it earns on the customer’s cash backs and what it pays on their idle cash. The forex trades include the financial markets authority for trading CFDS that helps these Australian Forex brokers to retail CFD accounts.
The company also offers market research. Like most, the brokers produce income when they accept payment from the market makers to direct orders to the trade venues. That is known as the payment for the order flow.
When the stocks held in the client’s account are lent to other hedge funds or traders, the stock loan program produces revenue for interactive trading brokers.
From all the loan shares, the company provides 50% of the total income that it receives to the client. A mobile app is available for the customers who are approved for cash account or margin account with 50000 dollars. The trading interactive brokers offer exclusive benefits.
Pros
- Low fees and commissions
- Impressive platform stacked with multiple features
- Incredibly decent and effective trade execution
- A broad range of investment features and offerings
Cons
- The platform is a bit intimidating, mainly for beginners
- It utilizes highly daunting tiered pricing plans
Price
You will find the pricing scheme for these brokers a bit complicated. That’s because it includes three different types of commissions named fixed, tiered, and lite programs. Firstly, let’s talk about stocks and ETFs. It costs $0 for IBKR lite accounts and ranges from $0.005 to $0.0035 per share for at least 300,000 shares per month or a minimum of $0.35 per trade.
Moreover, depending on the trade volume, the commissions are $0.15 to $0.65 per contract. When trading 15 contracts, it will cost 32.50. Mutual funds are lessening than 3% of total trade value costing $14.95 for funds. When we talk about the future trades, it costs $0.85 per contract with additional regulatory and exchange fees.
