Trading Forex In Australia
Trading currency in Australia is becoming more and more popular among Australian residents, and international traders are also looking for Australian-based brokers. The Australian Securities and Investment Commission (ASIC) is the financial markets regulator in Australia and holds tight control over the industry; meaning that before any broker can accept CFD and Forex traders they must be authorised by this regulating body. You can find more information about ASIC through their website at asic.gov.au, and you can also follow them on social media, specifically Twitter @ASIC_Connect, to keep up to date with the latest news regarding currency trading in Australia.
This article is designed to highlight the top 3 Australian Forex Brokers of 2019 and give you insight into who is considered to be at the top of the Australian Forex Brokers List.
Best Forex Brokers List Australia
In order to create the Best Australian Forex Brokers List, we reviewed all ASIC-regulated brokers and then ranked them based on reliability, professionalism, responsiveness, trading conditions and customer service.
Number 3 – Markets.com
Markets.com is our number three pick for the top Forex brokers regulated by ASIC. It is operated by Safecap Investments Limited and authorised and regulated by the Cyprus Securities and Exchange Commission, as well as the Financial Services Board in South Africa and ASIC.
Markets.com was established in 2008 and has since won several prestigious awards including Best Customer Service in 2012. If you want to start trading with Markets.com there is a minimum deposit of $100 and a maximum leverage of 1:300.
A world leader when it comes to online trading, and one of the largest Forex brokers in Australia, Markets.com allows trading in equities, gold, oil, stock, commodities, CFD’s and currencies. There are more than 2000 CFD’s offered across all classes.
Markets.com offers traders the ability to use the best forex trading platform in Australia – Metatrader 4 and its electronic platform.
- Demo accounts for new users
- Choice of two trading platforms
- Amazing customer service
- You can only open 1 trading account
Number 2 – Pepperstone
Pepperstone was established in 2010 and is our second pick on the best Australian Forex brokers list. Pepperstone is an Australian-based ECN broker that is regulated by ASIC, it is the very best broker for traders who like variety and have different trading styles.
There is a $200 minimum deposit to start trading with Pepperstone and a maximum leverage of 1:200. The website offers an amazing trading experience that goes hand in hand with excellent customer service. Although the company is based in Melbourne Australia, it does have offices in Dallas, USA, Shanghai and China.
Pepperstone was awarded the Fastest Growing Company in Australia in 2014, by BRW Magazine, and was also the winner of the Governor of Victori Export Awards in 2014. When using Pepperstone, traders have the ability to trade with 2 distinct platforms, The Edge Standard account (designed for normal traders), and The Edge Razor account (designed for advanced EA traders).
- Quality education services
- Market updates
- Different account types
- Demo and Islamic accounts
- Promotions are for Australian traders only
Number 1 – AvaTrade
AvaTrade is our number 1 pick on the Best Australian Forex Brokers List. It is among the top Forex brokers of the world with offices in New York, Dublin, Sydney, Milan, Tokyo and other locations around the globe. It is regulated by the Central Bank of Ireland, the European Union and ASIC, as well as several other licensing bodies.
Some of the most notable features of AvaTrade are the choice of platform, a demo account, an Ava debit card for all live account holders, access to charting tools for depositors of over $1000, as well as free withdrawals.
AvaTrade offers several platforms including MetaTrader4, Proprietary Platform and web-based trading. Pair these excellent choices with free webinars, e-books, live trading charts, and fantastic customer service and it is clear why AvaTrade is our number 1 pick for Australian traders.
How To Verify ASIC Authorisation
When it comes to Forex trading, looking for the largest Forex brokers in Australia is not enough to ensure your security. If you choose to stray from the list of our top three picks listed here, being able to identify that a Forex broker is regulated by ASIC is the most important thing for any trader to do.
Taking two easy steps to identify your chosen broker is properly regulated by ASIC is the best way to protect yourself. The first thing you should do is find the registered firm number from the disclosure text at the bottom of the broker’s homepage. Next, look up this firm number on the ASIC website to validate their current status.
And there you have it!