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3 Best Online Forex Brokers in Australia – In Depth Review 2024

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.

Best Online Forex Brokers in Australia

BrokerBest ForMore Details

Advanced Non-US Traders
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securely through Avatrade website

Lowest Spreads
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securely through IG website

Lowest Cost Overall
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securely through Interactive Broker website

3 Best Online Forex Brokers in Australia

#1. Best Advanced for Non-US Traders: Avatrade

Photo: 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.




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.

BrokerBest ForMore Details

Best Overall Broker
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securely through Avatrade website

#2. Best for Lower Spreads: IG

Photo: 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.




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.

BrokerBest ForMore Details

Lowest Spreads
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securely through IG website

#3. Lowest Cost Overall: Interactive Brokers

Photo: IBKR

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.




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.

BrokerBest ForMore Details

Lowest Cost Online Stock Platform
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securely through Interactive Brokers website

How we rank the Best Forex Brokers in Australia?

Photo: Pixabay

Here’s how we ranked the most exclusive Australian trader!

Range of instruments

We ranked the Forex brokers Australia regarding the range of products it offers. The Forex brokers varied and mentioned a broker that includes a broad range of offerings, currency, shares, commodities, and other cryptocurrencies to get the beneficial advantage.

Ease of use

Another thing we considered is the ease of use features. The ease of use is something forex platforms lack the most; therefore, the best Australian forex brokers will help you keep things simple and accessible to get the practical experience. Have you got things in detail? It is essential to consider these options to make things better and accessible.

How to choose the Best Forex Broker in Australia?

Photo: Pixabay

Let’s see how we can choose the best Australian Forex brokers!

Evaluate Trading Conditions 

An effective broker should include consistent and smooth execution with high-grade support to provide good trading conditions. Do you know trading is the most reliable and most accessible to offer exclusive options and reliability?

The number of assets includes

Another crucial factor to consider is the number of assets features. What does that mean? Basically, it is about things you want to trade. Whether the broker includes all the essential assets, you need or not? If you desire to get Foreign currency pair, it will be an effortless process, but if you desire to trade shares and stocks, many brokers can provide you with exclusive benefits and features.

Choose Asia Forex Mentor for Your Forex and Stocks Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.





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Conclusion: Best Forex Broker in Australia

Have you heard about Forex trade accounts in Australia before? It is undoubtedly one of the easiest and reliable financial markets for trading. When we talk about trading a foreign currency, the process utilizes a forex broker also called a currency trading broker.

You have to buy and sell currency pairs to complete the trading process. You can now choose the best forex trading brokers in Australia as they provide different financial services and Australian securities and investments. It makes the foreign exchange trading journey more reliable.

Do you know about the options? Aren’t they accessible? Most forex brokers will aid people to open their standard accounts when starting the investment process. You only need to open and fund the account with a regular and secured online broker. Once you will open the account it allows users to use the trading platforms to sell and buy different currency pairs. The plus point is that the markets are available 24 hours a day.

Avatrade gives average-to-competitive spreads, depending upon your type of account, along with adequate educational resources. The low account minimum deposits make it best for the undercapitalized and new traders who seek to make limited skill sets.

Best Forex Brokers in Australia FAQs

Is Forex trading legal in Australia?

YES! This kind of trading is legal in Australia as the ASIC regulated broker is strictly controlled to offer a framework that will govern trading. It provides the retail investor accounts for trading CFDs and other options. Do you know why? That’s because the regulatory environment is market-friendly within Australia and allows more legitimate brokers to explore. You can choose the Forex in Australia and get the maximum.

Australia’s financial market shows constant growth and sustained increase in operating the Australian brokers allowing more Australian traders to emerge. It also helps traders take advantage of the situation and trading forex with ease.

Do Forex traders make good money?

If you are a skilled currency trader or a hedge fund with impressive deep pockets, forex trading can make you rich. But if we talk about an average retail trader, then trading can be a rocky highway for him rather than a convenient road to riches. He can also face enormous losses and potential penury while losing money rapidly.

If you are still interested in trading, you should strictly follow these few safeguards: keep tight stop-losses, use a reputable broker and limit your leverage. However, there are still many odds piled up against you, but at least these measures may save you from losing money rapidly and help you play the field to some extent.

Can Forex brokers lose money?

The market or foreign exchange is quite risky and sees a tremendous amount of trades daily. Generally, the traders have to look for an intermediary like the forex brokers to execute trades. The profit or loss that the trader face due to individual trades does not matter. The broker makes money on fees and commissions, while some hide it.

The worldwide trading looks appealing to numerous traders because of its round-the-clock trading, access to high leverages, and low account requirements. When you approach trading as a business, it can be highly profitable and rewarding, but reaching a high level of success can be highly challenging and can take years.




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