Best Forex Brokers in Australia 2024
In our official FX Trust Score Toplist, we feature the Best Forex Brokers in Australia for 2024. Our highest ranking brokers not only offer a range of forex and CFD trading options but are also licensed and regulated by the Australian Securities and Investments Commission (ASIC) regulator.
In our evaluation and ranking of the Top Forex Brokers in Australia, we give focus to a number of key factors, including the instruments offered, available trading platforms, safety of funds, analytical tools, and customer service hours. We also look into the local payment methods native to Australia, along with the number of localised features made available specifically to Australia-based traders. These criteria should help traders make a final decision on which broker to open a live account with, whilst giving peace of mind that the broker is ASIC licensed and follows strict security protocols.
Read on below, where we will examine several of the Best Australia Brokers Available in 2024, providing you with the expert insight and information you need in order to choose the best ASIC-regulated broker to suit your particular trading needs.
Best Australian Brokers Leaderboard
Score: 4.8 / 5
1,000+ Instruments Excellent Platform Options Spreads from 0.0 Pips BPAY & PayID Funding Methods 24/7 Customer Support
*Trading carries a risk of loss
Score: 4.5 / 5
800+ Instruments ‘Eightcap Lab’ Resources Unique ‘Eightcap Challenges’ Code-Free Automation Tools ‘Eightcap Trade Zone’ Insights
*Trading carries a risk of loss
Score: 4.35 / 5
71,000+ Instruments Several Proprietary Platforms Low Commissions on All Assets No Platform or Inactivity Fees
*Trading carries a risk of loss
Score: 4.25 / 5
Average Spreads of 0.0 Pips White Glove Support No Minimum Account Size 24/7 Customer Support
*Trading carries a risk of loss
Score: 4.1 / 5
1,000+ Instruments Excellent Platform Options Spreads from 0.0 Pips BPAY & PayID Funding Methods 24/7 Customer Support
*Trading carries a risk of loss
Score Breakdown
See the breakdown showing how the Best Forex Brokers in Australia for 2024, performed across six important criteria in our FX Trust Score Index.
| Regulatory Compliance | Security & Fund Protection | ||
| Eightcap | 5/5 | Eightcap | 5/5 |
| Saxo Bank | 5/5 | GO Markets | 5/5 |
| GO Markets | 4/5 | Saxo Bank | 5/5 |
| Blueberry Markets | 5/5 | Blueberry Markets | 4/5 |
| Fusion Markets | 5/5 | Fusion Markets | 4/5 |
| Customer Support | Localisation | ||
| Blueberry Markets | 5/5 | Blueberry Markets | 5/5 |
| Fusion Markets | 5/5 | Eightcap | 5/5 |
| GO Markets | 5/5 | Fusion Markets | 5/5 |
| Eightcap | 3/5 | GO Markets | 5/5 |
| Saxo Bank | 3/5 | Saxo Bank | 5/5 |
| Local Payment Methods | Online Reputation | ||
| GO Markets | 5/5 | Blueberry Markets | 5/5 |
| Eightcap | 4/5 | Fusion Markets | 5/5 |
| Fusion Markets | 4/5 | GO Markets | 5/5 |
| Blueberry Markets | 3/5 | Eightcap | 4/5 |
| Saxo Bank | 3/5 | Saxo Bank | 4/5 |
The FXTS Verdict
From the brokers assessed above, GO Markets was the stand out choice, emerging as the Best Forex Broker in Australia. It scored very well across all aspects, achieving top marks in crucial areas like regulatory compliance, fund security, and online reputation, while its 24/7 customer service operation is a strong plus for traders looking for round-the-clock support. However, what sets GO Markets apart from the competition is its excellent range of platforms, low spreads, and variety of local payment methods native to Australia, notably BPAY and PayID.
Regarding the other companies featured in our Top Australia Forex Brokers list, Eightcap was a worthy runner up, thanks to a wealth of proprietary features, including the ‘Eightcap Lab’, ‘Eightcap Challenges‘, ‘Eightcap Trade Zone’ sections. Moving on, Saxo Bank presented an unrivalled selection of tradable CFD instruments, while Fusion Markets and Blueberry Markets were both found to offer low spreads and 24/7 client support.
How did we choose the Best Forex Brokers in Australia for 2024?
As part of this insightful guide to the Best Forex Brokers in Australia for 2024, we delved deeper into the facts that really matter to those trading across the country. Whether they are trading from Sydney, Melbourne, Brisbane, Perth, Adelaide, or elsewhere, our detailed review aims to help make the broker selection process quicker and easier.
Key to this analysis is a particular focus on features unique to Australian traders, including whether they provide local deposit and withdrawal methods, along with the usual factors like regulation, fund security, and online reputation. Lastly, we formulated a score for the ‘Localisation’ section by carefully checking each broker to see whether they provide a native language website and customer service (in English), have local offices in Australia, and offer a local telephone contact number.
FAQs
Check that the broker is registered with the Australian Securities and Investments Commission (ASIC) and complies with its regulations. Reliable brokers often display their ASIC licence number on their website. Additionally, check online reviews and feedback from fellow traders to gain an insight into their transparency and fair trading.
The best forex brokers for Australia are regulated and audited by the Australian Securities and Investments Commission (ASIC) which provides a strong layer of security for traders. We have reviewed and ranked a number of Forex Brokers targeting Australia using our FX Trust Score Index and you can see the full score breakdown and leaderboard results on this page.
It’s important to choose a broker in Australia that is regulated by the Australian Securities and Investments Commission (ASIC) as it ensures better fund protection due to ASIC brokers’ adherence to strict financial standards and practices. Also look out for brokers that have good localisation, such as an Australian office, local payment methods, and Australian Dollar (AUD) as an account currency, to name a few. You can explore more about the best brokers in Australia by reading our in-depth overview above.
With brokers regulated by ASIC, your funds should be held in segregated accounts with top-tier banks, separate from the broker’s operating funds. This ensures that your money is protected from misuse and available for withdrawal at any time.
Yes, forex trading is legal in Australia. Trading activities in the country are regulated by the Australian Securities and Investments Commission (ASIC), a top-tier oversight body that is recognised and respected around the world. ASIC ensures that brokers follow a strict set of standards, in order to protect traders and their funds. Also, many leading forex brokers have offices in key cities like Sydney and Melbourne, with the country being a key hub for FX trading in the Oceania region.
To trade forex in Australia, start by selecting a broker that is licensed by the country’s flagship regulatory body, which is called the Australian Securities and Investments Commission (ASIC). The next step is to sign up, register, and deposit funds into a trading account with the broker, before downloading the relevant trading platform to enable access to the desired tradable markets. Aside from the practical steps, you should take time to conduct thorough trader research before formulating your trading strategy, while also making sure that you monitor the latest market trends and developments.
Yes, most Australian Forex brokers offer a wide range of currency pairs, including major, minor and exotic currencies, allowing traders to participate in global Forex markets. In fact, on of the most popular currency pairs in AUD/USD.
Australian Forex brokers typically offer several account types to cater to different trader needs, including standard accounts, ECN accounts, and demo accounts. Each account type has different features regarding leverage, minimum deposits, spreads, and commission structures.
Look for brokers that offer multiple deposit and withdrawal options including local bank transfers, credit and debit cards, crypto and e-wallets like PayPal and Skrill. Ensure there are no excessive fees or long processing times. Brokers should provide clear information on how to fund your account and withdraw your earnings.
The best time to trade forex in Australia is during the overlap between the New York and London trading sessions, from 22:00 AEST and 02:00 AEST. During this time, market activity and liquidity are typically at their peak, potentially leading to greater trading opportunities due to a higher number of significant price movements. The Sydney trading session opens at 10:00 AEST and closes at 19:00 AEST. See full Trading Market Hours.
