What are the best forex brokers in Australia?
In the process of finding the best forex broker in Australia, we’ve prioritized the brokers who are authorized by the Australian Securities and Investments Commission (ASIC) and commits the best trading service for the AU residents. Here is our list of top forex brokers in Australia:
- CMC Markets
- Plus 500
- Saxo Bank
- City Index
- XM Group
Generally, forex brokers offer attractive features like low spreads, welcome bonuses, variety in trading accounts, and platforms for engaging potential clients. The level of trading advantages you get from the broker vastly depends on the country you’re residing in. The people living in an economically developed country are likely to enjoy greater features and support from the brokers.
If you’re currently residing in Australia and looking for a forex broker that suits you best, first, you need to assess the trading conditions in the country. The key facts you can focus on are the forex trading regulations, growth of the financial industry, and investment conditions in Australia.
Forex Trading in Australia
Forex trading is gaining more and more popularity among the global traders and there is no exception in Australia. Currently, forex currencies rank as the top trading assets among Australian residents. The trading diversity and a wide range of tradable assets are the main reason behind the increasing acceptance of forex trading in the country.
According to our research, wide access to financial products, availability of educational materials, profitability, global trading communities, and the latest trading technologies are the main reasons behind the popularity of forex trading in Australia.
How we chose the best forex broker in Australia
Here is the list of factors we take into account in choosing the best forex broker in Australia:
- Reputation – Head office locations, date of establishment, and years of experience in providing online trading service.
- Regulation – Must be authorized by a renowned financial regulatory body like ASIC and FCA.
- Deposit and withdrawal methods – Duration of the transaction process, payment methods, and fees.
- The accessibility of trading assets – We prefer access to a large number of forex trading assets like major, minor, and exotic currency pairs.
- Trading platforms – The trading platform has to be user-friendly and should include features like high-speed execution and chart analysis tools.
- Trading commissions and fees – Lower trading commissions and transactions fees are our top priority. Also, we focused on the brokers who offer competitive market spreads.
- Customer support – 24/5 multilingual customer support with several contact options.
How to choose to start trading with the best broker
We recommend you consider the following facts before deciding to start trading with a forex broker.
Choose a broker that has been established for at least 3 years
This is an easy trick to recognize a reputable broker. A broker with weak infrastructure doesn’t last long in competitive markets.
Generally, the companies serving as financial brokers for a long time receive numerous reviews from their clients. These reviews help you to understand the user experience of the broker without being its client. For this reason, we recommend you choose a broker who has been established at least for 3 years in the financial markets.
Check out the broker regulations
Regulation plays an important role in ensuring the legitimacy of the broker. Top financial regulators and governing bodies set strict rules and standard procedures for the broker s to follow. They ensure the broker takes enough safety measures for protecting the investments and privacy of the client. Generally, legitimate brokers are authorized by several financial regulators.
List of reputable Forex regulations
- ASIC – Australian Securities and Investment Commission
- FCA – Financial Conduct Authority
- CySEC – Cyprus Securities and Exchange Commission
- FSA – Financial Service Agency
- FSC – Financial Service Commission
- FFMS – Federal Financial Markets Service
- CFTC – Commodities and Futures Trading Commission
- IFSC – International Financial Services Commission
- FSB – Financial Services Board
- MFSA – Malta Financial Services Authority
Deposit and withdrawal execution time
The duration of the deposit and withdrawal process varies depending on the broker’s transaction policies and payment methods. Most traders prefer the brokers who offer a fast transaction process that help them to avoid delays and confusion over the transactions.
Ideal brokers process transactions made through electronic payment methods are processed instantly. For bank wire transfers, it should take 1-3 business days to process the payment. Also, for credit card payments like VISA and Mastercards, the transactions are processed within 3-5 business days.
It is wise to choose a broker who offers its service in multi-nations. Top brokers usually don’t limit their service within the boundary of a single country. Instead, they intend to explore and establish their business in multiple countries to ensure an international presence as a competitive broker.
Support in local language
It is important to make sure the broker offers support in your local language if you’re not comfortable communicating in English. Nowadays, many brokers offer multilingual customer support that enables investors to communicate with their brokers in their native language. Generally, the brokers list the languages they support on the “contact” page of their official sites.
How we analyzed and chose the best forex brokers in Australia
We’ve taken the following features into account for choosing the best forex broker in Australia:
Analyzed Brokers Reputation
We’ve checked numerous user experiences of the broker for finding any disputes. Besides, we’ve checked if the broker is well experienced in providing online trading services. Its international presence also played a key role in concluding it as a well-reputed broker.
Since we’re looking for the best forex broker in Australia, we make sure the broker is authorized by the Australian Securities and Investment Commission (ASIC).
Tested Deposit and Withdrawal Experience
We’ve checked the deposit and withdrawal process of the broker with a client account and didn’t find any issue with it. Also, the transactions were processed within the expected time.
Offering Demo Accounts
The demo account offers a great advantage for beginners who wish to experience live trading without risking anything. Besides, you can easily switch to a real live account whenever you feel confident enough with your demo results.
Both beginners and experienced traders may use demo accounts for testing and implementing their trading strategies.
While analyzing the broker’s service, we’ve prioritized the bonus offers, low spreads, competitive fees as the most useful features for trading individuals.
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the best trading platforms for forex traders. The platforms offer first execution, a user-friendly interface, analytical tools, and news terminals as well. We prefer brokers who offer MT4 or MT5 platforms.
Mobile Trading Platforms
The mobile trading platform allows you to access the market from any place you wish. This platform also offers chart analysis tools and enables you to execute orders like its portable versions. Also, it supports both Android and iOS devices.
Effective Customer Support
Effective and efficient customer support is always our top priority. Ideal brokers offer multilingual customer support through multiple contact options like phone calls, e-mail, live chats, and social media.
Forex Brokers in Australia FAQ’s
Is Forex trading legal in Australia?
Yes, forex trading is completely legal in Australia. Currently, a large number of prominent brokers offer forex trading services for the residents of the country. Besides, forex trading in Australia is safe and easy
Do forex traders pay TAX in Australia?
The TAX applies only If you’re a non-resident of the country and have an income source in Australia.
Who regulates forex trading in Australia?
Australian Securities and Investments Commission (ASIC) regulates forex trading exchanges in Australia.
What time does Forex Market open in Australia?
8 AM, Monday morning (according to the local time in Sydney).
Can Australians sign up with a forex broker from abroad?
Since forex trading is completely legal in Australia, the citizens of the country can always sign up with a forex broker from abroad.
Before picking a broker, first, you need to assess your basic needs as a trader. The patterns of the trading requirements directly depend on the nature of the trader.
As a beginner, you might look for educational materials, minimum deposit options, and a user-friendly trading platform. On the other hand, expert professionals look for tight spreads, high leverage, and high-speed order execution facilities for maximizing their trading benefits.
Besides, the reputation of the company as a financial broker is also important. An ideal forex broker builds its reputation with its legitimacy, regulations, and authenticity in financial transactions.