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Best Australian Forex Brokers 2022

Forex, also known as the foreign exchange market, is the largest financial market in the world, where currencies are available to sell and buy. Every day, the forex market experiences more than $6 trillion in transactions, making it the world's most liquid market. In many countries, forex trading is allowed and widely practiced, but in other regions, it is prohibited or tightly regulated.

ASIC is responsible for regulating and authorizing brokers in Australia. Regulations in Australia differ from those in the United States and Europe primarily because they are more flexible. Regulators such as ASIC, the FCA, the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA), and others are regarded as the most reputable ones in the world. Retail traders trading with Australian brokers can enjoy a safe trading environment, guaranteed client funds security, and a higher maximum leverage ratio. For your convenience, we offer a list of the top 2022 forex brokers with the aim of helping you choose a trustworthy broker.

Top 10 Best Australian Forex Brokers

Both ASIC & CYSEC Regulated Financial Provider offers You Excellent Security.

24/7 Professional and Multilingual Customer Support Easy to Reach.

A Stringently Regulated Broker, Reliable and Safe to Trade With.

Quick & Easy to Start Real Trading by Funding As Low As 5 USD.

A Multi-regulated Broker for you to Start Real Trading with a $1 Initial Deposit.

Incredibly Unlimited Leverage Offering for Asia, Rare Among Brokers.

4

Regulated by Two Tier-1 Regulators: ASIC & FCA, Trustworthy to Trade With.

Low Forex Trading Fees, Spreads From 0 Pips, No Inactivity Fee.

5

Strictly Regulated by ASIC and CYSEC, a Safe Broker to Trade With.

MT4 & MT5 Available, Plus Two Copy Platforms: Social Trading & Myfxbooks.

6

Strictly Regulated by ASIC & FMA, rendering you enough confidence to Invest With.

A Multi-Asset Broker, with Over 12,000 Trading Instruments On Offer.

7

A long-established Broker, Strictly Regulated by Multiple Regulatory Bodies in Various Jurisdictions, Offering Sufficient Reliability.

Over 80 Currency Tradable, Competitive Pricing Structure with Tight Spreads from 0 Pips.

8

A Multi-Regulated Big Player that renders you adequate Safety.

Enjoy the Ease of Withdrawal without any Additional Charges.

9

Licensed & Regulated in Multiple Jurisdictions: ASIC, CYSEC, FCA, DFSA, SCB.

Super-Low 1 USD Initial Deposit Quite Friendly to Active Traders.

10

Globally Licensed and Regulated by FAC & CYSEC, Offering Great Reliability.

Advanced Trading Platforms Offering of Ultra-Low Spreads, Starting from 0 pips.

more

Comparison of the Best Australian Forex Brokers

Forex Broker

Licenses

Minimum spread

Maximum Leverage

Minimum Deposit

Detail
Compare
IC-Markets
9.19

Regulated

/

1:500

$200 USD

XM
8.99

Regulated

/

/

$10,000 USD

Exness
8.99

Regulated

0.1

1:Unlimited

$3,000 USD

Eightcap
8.44

Regulated

0.1

1:400

$500USD

FP-Markets
8.39

Regulated

From 0.0 pips

1:500

$100 AUD or equivalent

TMGM
8.37

Regulated

/

1:400

$1,000 USD

Forex.com
8.36

Regulated

Depends on the trading commodity

1:400

$100 USD

FXTM
7.06

Regulated

/

/

$500USD

Forex Trading Knowledge Questions and Answers

Is forex trading legal in Australia?

In Australia, forex trading is legal, and it is governed by a strict regulatory framework...

In Australia, forex trading is legal, and it is governed by a strict regulatory framework. In contrast, the regulatory environment in Australia favors the market, so more legitimate forex brokers may consider operations in Australia.

The Australian financial market also shows significant growth, making it even more attractive to operate from Australia, allowing more Australian traders to take advantage of forex trading.

In Australia, forex traders have also got a large selection of Australian brokers to choose from, including brokers who can cater both to retail traders and to professional, institutional investors.

In addition to Australian Dollars, traders have access to a wide range of other currencies they can exchange on the forex market, which presents a variety of opportunities to retail traders.

How to trade forex in Australia?

Most forex traders in Australia behave similarly to those in other countries when dealing with foreign currencies. You will need the following documents to sign up:

* Proof of identity

* Proof of residence

Upon submitting these documents via an online system to your chosen broker, your account should be verified immediately, which means that you can make your first deposit to start real trading.

What’s the best time for trading forex in Australia?

Four major trading sessions are conducted on the forex market each day, 24 hours a day, 5 days a week...

Four major trading sessions are conducted on the forex market each day, 24 hours a day, 5 days a week. The Sydney Session is open to Forex traders located in Australia.

AEST is the Australian time zone. Each market opens at the following intervals:

• Sydney: 8:00 am to 5:00 pm (8:00 am to 11:00 am busiest)

• Tokyo (Hong Kong): 10:00 am to 7:00 pm

• London: 6:00 pm to 3:00 am

• New York: 11:00 pm to 8:00 am

It's important to note, however, that the volatility and liquidity of the forex market fluctuate between the different sessions. This is why forex traders need to set up a trading plan. As opposed to the New York and London sessions, where volatility and liquidity are high, the Tokyo session is relatively stable and liquid. Trading forex in Australia at the best time will depend on the trader's strategy and style of trading, as well as which session they would like to use to benefit from currency price movements and its foreign exchange rates.

What are the forex trading strategies in Australia?

Retail forex traders who have developed profitable trading plans have all found success with these strategies...

Retail forex traders who have developed profitable trading plans have all found success with these strategies. The strategies can be applied by forex traders in Australia as well as from other locations.

Scalping: a strategy for taking advantage of small market fluctuations in short-term trades. A scalper enters and exits the market rapidly, aiming to profit a few pips at a time.

Day trading: In day trading, trading activity is limited to one trade each day. While day traders take positions during the trading session, they tend to liquidate their positions before the end of the session to prevent the additional risk of carrying positions overnight.

Swing Trading: Swing trading or momentum trading involves setting up forex positions based on signals provided by momentum indicators. The swing trader is one who uses both low-cost buying and high cost selling strategies, as well as selling at a high level and liquidating at a lower level, to capture the swing moves. Since the trader does not have to stick with a time limit, he can keep holding positions as long as he wants.

Trend trading: In general, trend traders are looking for long-term moves in the currency. To put it very simply, one needs to identify long-term trends in a currency pair, take positions in that direction, and then liquidate those positions once the trend ends.

News trading: Investors who keep up with economic and geopolitical news might want to consider news trading. This involves taking advantage of sharp changes in exchange rates based on the release of economic news or geopolitical events.

How to find the right forex broker in Australia?

Trading begins with choosing the right broker, which is an extremely important step...

Trading begins with choosing the right broker, which is an extremely important step.

Find a forex broker regulated in Australia

Reliability is always essential. The best source of this in forex trading is ASIC. When trading forex, you should choose an ASIC-regulated broker because they are among the world's top regulators.

AUD-based brokers are the best

Since brokers are required to be licensed by ASIC to offer services in Australia, you can expect them to accept AUD deposits and base currencies. Selecting this type of broker will also save you money on exchange rates and other banking-related fees and charges.

Make sure you have Negative Balance Protection

It is true that negative balance protection works as described. By doing so, your account balance does not drop below zero in case of a market decline. Find a broker that offers this protection. Whether it happens rarely or never, it is reassuring to be protected in this way.

How much is the leverage for forex trading in Australia?

As high leverage allows traders to place larger orders on the market, it also increases their risks significantly. So, while higher leverage gives traders more buying power, it also significantly increases their risks. Leverage was very flexible in Australia, reaching 500:1 in the past. Since March 29th 2021, however, ASIC has restricted this amount to 30:1 just like many best forex brokers regulated in Europe, the United Kingdom, and other parts of the world.

How does forex trading pay tax in Australia?

In Australia, forex traders who do not reside in Australia but who have Australia income sources are subject to the forex trading tax.

Foreign traders who use Australian brokers to execute forex trading must pay tax on their earnings. Many forex brokers deal with a huge number of transactions each day, with more than 60% of them including long-term capital gains and/or losses.

Investors are taxed at a rate of 23%, calculated as 60% long-term x 15% maximum rate + 40% short-term x maximum income tax rate.

Risk Warning

The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.