2023 Top 10 Forex Trading Platforms

ASIC stands for Australian Securities and Investments Commission, which is a financial services regulator. All brokers that have an ASIC license are considered to be a lot safer, than unregulated ones. Go Markets is an Australian based broken that began welcoming traders in 2006. The broker has a valid license from the Australian Financial Services, having a ASIC regulation.
Beyond the standard Visa and Mastercard, popular options include PayPal, Neteller, and UnionPay. We compared the spreads of different brokers using data published on their websites australian tight spread forex broker and compiled them in the table below, which is updated once a month. As  you  can see, Eightcap’s average spreads are very competitive across most major currency pairs.
All other asset classes can be traded commission-free, albeit, your fees are built into the spread. In terms of fees, the pricing structure at Interactive Brokers can be a bit confusing at first glance. Not only will your commission depend on the asset you wish to trade, but also the account type you are on. With that said, Interactive Brokers does allow you to buy US-listed stocks and ETFs on a commission-free basis. If you like the sound of this top-rated Australian share trading platform, you can open an account in minutes.

Finally, Plus500 is authorized by several authorities, including ASIC, the FCA, and MAS. One of the best things about trading stocks on Eightcap is the incredibly low spreads, which start from 0 pips if you choose a RAW account. This account has a very low £3.5 commission, or you can go for a zero commission standard account in which spreads start from just 1 pip. Or, if you’ve got a bit of trading experience, the provider also offers support for MT4 and cTrader. Either way, Skilling gives you access to more than 800 financial markets in a super cost-effective environment.
To help you compare prices, the average spreads shown below are taken directly from the brokers’ websites and are updated monthly. From the spread module below, you can see that Pepperstone’s commission-free prices are extremely competitive compared to other top brokers. Should you wish to practice trading in a risk-free environment before opening a live account, Pepperstone also gives you the choice of a free demo account. The easiest way to check a broker’s legitimacy is to check it is licenced by a reputable regulatory body, such as ASIC. Not having a licence doesn’t necessarily mean you are dealing with a shady broker.

We're proud to be recognised by a number of key awards bodies around the world for our work in delivering the best customer service, value, pricing, products and support for our clients. Navigating the Forex trading landscape can be a daunting task, especially when it comes to choosing the right broker. The brokers we have highlighted stand out for their reliability, platform functionality, and diversity in trading options. However, it's crucial to select one that resonates with your specific trading style and financial goals.
The key thing we look at is how well the accounts serve different types of forex traders, considering different budgets, experience levels, and strategies. When we evaluate forex brokers, we also check for any withdrawal issues, such as delays and user complaints. Only currency brokers with fast, low-cost and secure withdrawals feature in our recommendations. Autotrading is an excellent way for beginners or more experienced traders to capitalize on market opportunities in real time.

MT5 comes with Depth of Market so one can see the trades on the exchange and an economic calendar which MT4 is only possible with the addition of a plugin. It should be noted that MetaQuotes released MetaTrader 5 specifically to accommodate algorithmic trading for markets beyond currencies. Its growth in market share over the past two years highlights how traders are choosing the platform over the older MT4 software. The platform has a trading app, desktop, and web version that doesn’t require a download. Traders can easily find a large number of Australian forex robots on the internet, but we recommend traders be cautious when selecting a bot and depositing funds.
These factors can help to determine  if the broker is reliable or not. This way, you can easily practice as much as you want before you go into live trading. The demo account will give you the same experience as the live accent.
Just because you live in Australia, doesn’t mean you must trade Australian currency. One of the largest global brokers operating in Australia with a vast selection of markets to trade with great liquidity. You will also need to put in a deposit to start trading, which lets you begin to make money. Brokers will often lend you money as well in order to magnify your profits – although this does also make it possible to lose more money than you have in your deposit. Forex is essentially a global market where people can trade different currencies with other people and companies from all over the world. This is done by most people when they travel overseas, as you can’t use Australian dollars outside of Australia, or any other currency here!

This information can often be obtained via the brokers web site or phoning them, and must be available in the brokers Product Disclosure Statement . Otherwise, most Australian brokerages, including FXCM AU and FP Markets allow deposits in AUD. Deposits with AvaTrade are straightforward and can be executed using several methods. There is the ability to pay using e-wallets like Neteller, Skrill and PayPal. Also, since 2020, the broker has started accepting deposits via POLI, as a nod to its Australian clients. In an attempt to bring more confidence to the financial sector, the Australian authorities are planning to introduce such a scheme in the near future.
Foreign exchange trading involves trading one currency pair against another, predicting that one currency will rise or fall against another. Currencies are traded in pairs, like the Euro versus the US Dollar (EUR/USD). Leverage expands trading base and multiplies the initial trading account balance in a certain number of times depending on the leverage level. The popularity of CFD trading and more brokers offering MT5 is why 11.5% of MetaTrader usage was MT5 in 2020 (up from 5.4% in 2019).

Leverage can amplify your profits, but it can also increase your losses. We've evaluated each broker's policies on leverage and margin requirements, ensuring they strike a healthy balance between risk and reward. First and foremost, it's essential to check the regulatory compliance of each Forex broker. We've analysed whether these brokers are fully licensed and regulated by the Australian Securities and Investments Commission , which ensures your trading activities are protected by Australian law. You are interested in algorithmic trading and value a range of robust platforms and tools.
FP Markets is a true ECN broker with razor-thin spreads and deep liquidity. Trade CFDs on over 1,000 stocks, indices, commodities and currency pairs through MetaTrader  4 or 5. Opt for Australian Brokers that set themselves apart as an industry leader by actively embracing innovation.