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Best Australian Forex Brokers and how they work

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 The Foreign Exchange market, commonly called the Forex or FX market, is the place where traders exchange different currencies from all over the world. The market is open 24 hours a day, 5 days a week. Apart from being the most active exchange market, with more than 5 trillion dollars traded daily, it is also the one with the largest liquidity.


forex market


The exchange of currencies has a huge impact on international business and commerce, as well as tourism, bringing countries together and erasing borders. 


The Australian government, in particular, offers certain benefits that forex brokers appreciate. No surprise then about Australian forex brokers have been thriving in the last years. 


Forex Trading in Australia


While in other countries Forex trading may not be legal, this is not the case in Australia. The Australian Securities and Investments Commission, which is the governing entity responsible for regulating the Forex trading in the whole country, is quite beneficial towards brokers, making it easy for them to offer their Forex trading services to Australian citizens.


Forex trading in Australia started thriving in 2015. The news of the possibility of making large profits began attracting nonprofessional traders and new people interested in earning money.


The laws regarding Forex trading changed to offer higher security aspects that kept brokers without licenses and all kinds of fraudulent operations, at bay. All this has the objective of protecting the traders since brokers must offer guarantees in case something goes wrong. 

Opposed to what we normally see in the US regarding Forex trading (heavy controls and several restrictions), in Australia the government established a more flexible system to control the Forex trading marketplace, offering safety, while reducing the restrictions. The consequence? More people are able to make safe operations in the exchange market.


In Australia, the only limitation is that deposits for new clients’ accounts cannot be over 1000 dollars. No other restrictions apply, except for taxes, of course. 


Best Australian Forex Brokers


Here we are going to present the most popular and well-known Forex trading platforms in Australia. All of these platforms comply with government regulations and offer a safe environment to make exchange operations in the Forex trading marketplace. 


Pepperstone is regarded as the best Forex broker in the whole country. The platform is loved by beginners and advanced traders and offers a variety of features very much appreciated, And it’s well-known for being safe. 


The most mentioned benefit of Pepperstone is the fact that their fees are low or even non-existent in some cases. The platform operates with different assets including Forex, CFDs, cryptocurrencies, and also commodities.


Another option is eToro. This is one of the biggest names in the world of trading, and that’s thanks to its excellent features to help beginners immerse themselves in the world of trading. 


eToro trades in all sorts of assets and having 11 million users in 140 countries cannot be disregarded. In fact, most users of this trading platform vouch for its security measures, clear educational features, and great services. 


Other well-regarded trading platforms in Australia are IG, IC Markets, and Plus 500. Each of them offers different features that may satisfy the needs of different traders, either beginners or experts, those interested in certain markets, or traders looking for certain benefits. 

The most important step before committing to one of these trading platforms is to understand what are your personal needs as a trader, as well as your expertise in operating in the markets. Then, it’s time to research to find the one that fits your trading style and level best.