67% of retail investor accounts lose money when trading CFDs with this provider. 67% of retail investor accounts lose money when trading CFDs with this provider.
If you are a trader in Australia looking to trade the Forex markets, then you are going to need a quality Forex trading platform.
The best Forex trading platforms in Australia will offer you low trading fees, great customer support, and a large range of markets to trade. It is also important that your Forex broker and trading platform are tightly regulated by the regulator in Australia who is ASIC.
Let’s now go through a more detailed review of Australia’s best Forex trading platforms for 2021.
1. eToro – Overall Best Forex Trading Platform Australia
The Forex trading platform that came out on top after our reviews was eToro.
With eToro you can trade on 52 Forex pairs commission-free. These include all the majors, cross, and exotic Forex pairs.
eToro charges you a spread for each trade you make which is how it makes its money instead of charging commissions like many other brokers.
When trading Forex as CFD’s through eToro in Australia you can get access to their leverage. This means that you can leverage your Forex trades by up to 30 x 1 when trading the major Forex pairs.
One of the main features of eToro is its copy and social trading function.
This feature of eToro allows you to follow other profitable traders and make money from their winning trades. You can also follow and copy as many other traders as you like which helps you spread out your risk when you use this social trading platform.
eToro has built its own custom Forex trading platform and it is very easy to use. There is no bulky software to download and you can access it via the web on your desktop or through any of your mobile devices.
Making and managing trades on the eToro platform is very easy. Before you even click enter a trade on the eToro Forex platform it will show you the potential profit or loss to make sure you are not making a mistake.
Whilst eToro offers over 50 Forex pairs, such as EUR/USD, you can trade, they also offer an extensive range of other markets. These markets include ETF’s, cryptocurrencies (like Bitcoin), indices, oil, Gold, Silver, and thousands of different stocks, so eToro is also a great share trading platform. All of these different markets and assets are also commission-free.
eToro is strictly regulated in many jurisdictions around the world. This strict regulation includes being regulated by ASIC in Australia.
eToro is one of the cheapest Australian Forex trading platforms that allow you to trade the Forex market with leverage.
Their trading platform is easy to use on desktop or your mobile devices and has a nice range of deposit and withdrawal options that include e-wallet, bank transfers, and debit/credit cards.
75% of retail investor accounts lose money when trading CFDs with this provider.
2. Capital.com - Best Forex Trading Platform for Beginners
The Forex trading platform that has been created by Capital.com has been created with the beginner trader in mind.
This Forex platform is very intuitive, easy to use, and has very little lag time when making trades.
The Capital.com Forex trading platform is not as advanced as some other platforms on the market, however, what it does offer is the ability to make Forex trades very quickly and smoothly. It also does not take long to learn how to use most of the inbuilt functions.
Capital.com has no minimum deposit level which is a benefit many new traders just starting out are attracted to. This allows you to start making Forex trades for a very small capital outlay.
The educational resources that Capital.com offers for free are one area where they stand out. This Forex broker provides you top-notch free trading videos, guides, and resources to help your trading as an active trader.
When looking to make a deposit with Capital.com you have multiple methods that are quick and easy to use and that will help you get started trading Forex quickly.
When it comes to Forex trading fees, Capital.com is one of the cheapest brokers on the market. This Forex broker charges no commissions for the trades you make and their spreads are some of the smallest of any broker.
You can signup to Capital.com to start Forex trading using the button below.
5. CMC Markets – Best Australian Forex Broker With Many Currency Pairs
CMC Markets is a Forex trading platform that has offices in Australia, Singapore, and the UK.
This Forex broker operates as a market maker and was founded in 1989.
CMC Markets has very strong regulation around the world. This includes being regulated by ASIC in Australia. This Forex broker is also listed on the London Stock Exchange.
The platform offered by CMC Markets is their own trading platform. You can use the CMC Markets Forex trading platform on all of your desktops and also all mobile devices to quickly and easily make your trades. CMC Markets is also compatible with the MT4 trading platform.
When trading Forex pairs as CFD’s with CMC you gain access to leverage. This can help you boost your positions up to 1:500.
If you like to trade Forex along with other popular markets, then CMC has you covered as an online broker. Along with Forex trading CMC Markets also offer; shares, indices, commodities, treasuries, and cryptocurrencies.
CMC Markets have one of the more advanced Forex trading platforms to run technical indicators and the free educational content they offer is first class.
Huge range of financial instruments and markets to trade
Very good educational resources
Supports algorithmic and expert advisor trading
Platforms available include MT4 and proper functionality
75% of retail investor accounts lose money when trading CFDs with this provider.
6. IG Markets – Best Forex Broker Australia for Multiple Platforms
IG Markets has been a major player in the Forex trading space for many years.
This Forex broker was founded in 1974 making it one of the oldest brokers in the market today. Whilst many Forex brokers have tried and failed, IG Markets continue to offer their products to traders right around the world with many different account types.
IG Markets is regulated in many jurisdictions including under tier one regulators. These include the FCA in the UK, the CFTC in the US, and ASIC in Australia, making them one of the strongest regulated brokers.
IG Markets have an extensive range of CFD trading platforms that offer advanced charting. These include Metatrader, IG's own platform, and also ProRealTime.
IG Markets has a huge offering and they allow you to trade on over 90 different Forex pairs, from all the majors like the EUR/USD, AUD/USD, USD/JPY, through to the cross and exotic pairs.
This Forex trading platform also offers trading on over 17,000 other markets. If you like trading Forex and other popular markets, then IG offers trading on shares, indices, Forex, cryptocurrencies, ETF's and commodities.
Because of the strong regulation in Australia and the extensive offering, IG Markets are one of the most popular Forex trading providers for Australian traders.
Accept traders from right around the world.
Extensive range of platforms.
First-class customer support.
An unrivaled number of markets to trade.
Some markets have higher trading costs.
Minimum first deposit higher than some other brokers.
75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Best Forex Trading Platforms Fees Comparison
Wondering how Australia's best Forex brokers compare with their fees? We have you covered. Many Forex trading platforms have costs that fluctuate. In the table below we have shown the average fees for the GBPUSD as well as other popular markets like Amazon to give you an idea of how the fees compare.
Yes. Taken at end of each trading day at 5 pm New York time, which may be positive or negative.
Yes. Based on leverage for stocks, crypto, and thematic assets. Based on the entire value of position for forex, commodities, and indices.
Yes. Applies to all instruments and can either be positive or negative.
For CFD assets an overnight fee is taken at end of each trading day at 9 pm GMT as interest, which may be positive or negative.
Commission for stocks, spread for other assets
2 cents per share for all US stocks, 0.10% for all UK and EU stocks
Yes. Applies to forex, stocks, commodities, and indices.
How to Choose the Best Forex Trading Platform Australia for You
As this detailed Forex broker and platform review shows, there are a lot of different options when it comes to Forex trading in Australia.
However, it is important you factor in some of the important points that will help your Forex trading success when choosing your broker and trading platform.
No matter what Forex trading platform you choose to use some of these points is important to have in your broker. These include making sure that the platform is regulated in Australia by ASIC, you have multiple options for fast deposit and withdrawals, and that the customer support offered is first class.
Some of the other factors that you will want to keep in mind will be dependant on the type of Forex you are suited to and the best broker for your individual needs.
The main benefits you should always look for in your Forex broker and Forex trading platform include:
Regulation is important whether you are an absolute beginner or a professional.
Regulation around the world continues to change, however, there are what are known as tier one regulators.
These include ASIC in Australia, the FCA in the UK, and the CFTC in the US.
These regulations ensure a tightly controlled financial marketplace and that the brokers under their control are following strict guidelines.
If you are an Australian trader it is important your broker is regulated by ASIC in Australia.
The more Forex pairs you have to choose from, the more trading opportunities you can find and the more potential trades you can make.
Not all brokers will have the currency pairs and markets you want to trade.
The best Forex trading platforms and brokers will have an extensive range of major, cross, and exotic Forex pairs for you to trade.
The best brokers will also offer other markets that include:
When trading the Forex market pricing and trading fees can often be hard to understand.
Some brokers can make the fees hard to comprehend and they don't state them clearly.
The best Forex brokers are transparent with their trading fees and when placing your Forex trade you will know exactly what the cost is going to be.
The less you are paying in fees to make your Forex trades, the more profits are yours to keep.
The two common types of fees you will find when Forex trading are commissions and spreads.
Some brokers will charge you a commission when you make your Forex trades. Others brokers like eToro will charge no commissions, but they will charge a spread. NOTE: Some brokers will charge you both commissions and spreads.
Some other common Forex trading fees you need to think about are:
When trading Forex using CFDs and holding your trades overnight, then you will be subject to overnight or what is often called rollover fees.
Deposit or withdrawal fees: Something to keep in mind is that some brokers will charge you a deposit or withdrawal fee. Some will also charge a conversion fee if your account is in a different currency.
Inactivity fees: Some Australian Forex brokers will charge you monthly inactivity fees if your account goes inactive for a certain period of time.
Trading Tools & Features
To increase your chance for trading success you need the best trading tools and analysis tools.
The very best Forex brokers will give you the best tools to use for free.
Some of the best tools and features you should want in your Forex broker include social trading, copy trading, and free demo or virtual trading account.
eToro provides a copy trading feature that is an industry-leading tool that lets you copy other professional trades and make money from the exact same trades they are making.
Virtual or forex demo accounts are also a very important benefit that your broker should provide to you for free.
A virtual or demo account lets you practice on the Forex trading platform without risking any real money. It also lets you practice any new Forex trading strategies before going into a live account.
Education, Research & Analysis
The very best Forex brokers in Australia will give you access to investment education and daily market analysis.
Daily analysis and market research can be a crucial edge over the rest of the market when Forex trading, especially if it is a high standard.
Major economic announcements and news releases have the ability to move shares prices rapidly and being able to stay one step ahead of the curve with high standard market analysis and research is a major benefit to have with your Forex broker.
User Experience: Easy to Use Forex Trading Platform
The Australian Forex trading platform that you choose to use needs to be easy to use and have a quick trade execution time.
You do not want a Forex trading platform that is hard to use or overly complicated.
A complicated trading platform will leave you unable to make and manage your trades quickly when the time comes.
The very best Forex trading platforms like eToro have everything built-in. These platforms can be used on both desktop and mobile platforms.
Before you even place your trade the eToro platform shows you all of your trading information such as the amount you could profit or lose and the exact trade parameters.
You are not always going to be at your desktop to make or exit your Forex trades.
A quality mobile trading app for your Forex trading is crucial.
There will be times when you need to check your Forex trades or when you need to exit a trading position. Having a quality mobile trading app that you can easily exit or manage your trades with should be an important focus when choosing your Forex trading broker.
This is obviously a crucial factor for when you are ready to deposit and start trading with real money.
It is important you are using a Forex broker that accepts the same type of payment method that you are comfortable with and trust.
It is also crucial that the payment method for deposits and withdrawals is fast, efficient and it comes with minimal fees or conversion costs.
Another very important feature of your Forex broker is the quality of customer support.
The best Forex brokers will offer you high-quality customer service. They will have multiple methods that are easy to use for you to get into contacts with them such as phone, live chat, or email and their staff will be knowledgeable.
Some Forex brokers are easy to get in touch with, however, their customer support has very limited knowledge of the markets.
You need customer support that is knowledgeable about the markets and is there ready when you need them.
How to Get Started with the Best Forex Broker Australia
So far through this in-depth guide, we have discussed the very best Forex trading platforms in Australia and the important factors you should take into account.
Now we going to go take you through how you can signup and start making your own Forex trades.
For this walkthrough, we are showing you how to signup and start trading Forex with our number one rated Forex broker in Australia, eToro.
Step 1: Open an Account and Upload ID
The first thing you will need to do whether you are opening either a demo, investor, or copy trading account is to go to eToro here. You can then start the account opening process.
75% of retail investor accounts lose money when trading CFDs with this provider.
What platform do Forex traders use?
Forex traders commonly use cTrader, Metatrader 4, Metatrader MT5, and eToro to carry out their online trading. The eToro Forex trading platform is known for its ease of use and many capabilities.
Which platform is best for Forex trading?
eToro's own Forex and CFD trading platform is one of the easiest and best platforms to use. The eToro Forex trading platform is suited to both beginners and advanced traders alike. It can also handle even the most advanced technical analysis
What is the best Forex trading platform for beginners?
The reason so many traders use the eToro platform for their charting and trading is that there is no bulky software to download. it is very easy to use and you can start trading with it on your desktop or mobile platforms.
What is the best Forex trading platform in Australia?
Being strongly regulated by ASIC in Australia makes the eToro platform a wise choice if you are looking to start currency trading in Australia.
What is the cheapest Forex trading platform?
The eToro Forex trading platform has no commissions which mean you don't get charged extra fees for making your trades in the financial markets. You will only be charged the spread markup for placing your trades.
Johnathon is a Forex and futures trader with over ten years trading experience who has written for some of the biggest finance and trading sites in the world. Jonathan is also the founder of ForexSchoolOnline.