If you are looking for an Australian Forex broker review for 2017 from people who have worked in the industry for more than 15 years, then you are in the right spot.
We like to take our Australian Forex broker reviews seriously. The reason for this is simple.
It is your money which will be on the line, so you want to make sure you have the right leverage, standard or ECN account, best customer support and trading platform features.
Click the quick follow links below to go directly to the appropriate section of your choosing.
- Best Forex Broker in Australia
- Top 5 Largest Forex Brokers in Australia
- Top 4 Forex Trading Platforms
- Australian Forex Broker List
Best Forex Broker in Australia
Everyone is looking for the best Forex broker in Australia for their foreign exchange trading.
If you are trading Forex and you live in Australia, it makes sense that you want to put your money with the best Forex broker there is.
But the reality is quite different from that as there isn’t one Forex broker in Australia who has all the features you need.
The truth is you often need to have multiple Forex brokers to look after your trading in Australia.
Forex trading in Australia has continued to grow from strength to strength. The number of regulated brokers now available to Australian traders is impressive.
Your choice of Australian forex brokers includes ECN forex brokers, those with fixed spreads, STP brokers and of course, MT4 broker.
Also, in 2017, you have a handful of the top forex brokers who offer a negative balance protection. This means your negative balances are protected if your FX trading hits a rough patch.
Australian Forex brokers going bust
Sonray Capital Markets is one such example, where the sole director was sentenced to six and half years jail following the $46 Million collapse.
Truth is, this was due to a corrupt director more so than anything to do with the strict Forex regulations now in place.
Therefore, you must have your wits about you when placing your trading capital with any Forex broker in Australia.
The reason I bring the collapse up is that following the collapse of Sonray Capital Markets and MF Global, many Forex traders in Australia started having multiple retail Forex accounts.
They never wanted to be at the mercy of a company going into liquidation, so placing funds with multiple brokers was a way to reduce those risks.
Over 280 in the seminar room with less than 10 Forex account sign ups
Imagine running a Forex trading event in Sydney with 280 people in attendance.
You’ve got laptops running your Forex platforms, you’ve got a team of sales people ready to go. You also have two of the biggest trading educators in Australia running the show.
You would think you’d sign up plenty of Forex trading accounts, wouldn’t you?
Would you believe less than two people signed up on the night and less than ten in total?
The best Forex broker in Australia is different for each person
The reason I bring up the above story is to illustrate that the best Forex broker is truly a personal choice.
At the time we had an amazing Forex account opening bonus. It was an outstanding deal.
But the attendees traded a specific way and required a very specific solution from their broker.
So despite having one of the best Forex bonus offers in Australia at the time, our offer just didn’t fit with their specific needs.
What a failure.
Hopefully, you can appreciate when I say the best Forex broker in Australia is a personal choice.
So in this review, we’ll cover quite a lot of ground so you can understand what each broker offers and make your own decision.
If you are unsure about anything, jump on to each brokers’ support phone, email or live chat. You will find each Forex broker is very focused on getting you on board and do everything they can to assist you.
Top 5 Largest Forex Brokers in Australia
Are you looking to trade with one of the largest Forex brokers in Australia? Thought so 😉
Which is why I decided to put a short list of the top 5 largest Forex brokers in Australia as of July 2017.
Every year, Investment Trends runs a nationwide survey of Forex traders in Australia.
According to the 2016 Investment Trends Forex survey, here are the largest Forex brokers in Australia by market share.
In Australia, there are around 50,000 Forex traders with IG owning around 14% of the market.
Over the last few years, Pepperstone has been the fastest growing forex broker and all of them are award winning, ASIC regulated forex brokers.
FXCM and their recent challenges in the US and past Swiss National Bank concerns
But FXCM has had a lot going on over the last few years following the Swiss National Bank debacle in January 2015. At the time, FXCM needed a $300 million lifeline to stay afloat, such was the extent of their losses.
Now, FXCM is 50.1% owned by a company called ‘Global Brokerage’ with the other 49.9% owned by Leucadia National Corporation. Both of these companies are publicly listed on the US stock markets.
If would be fair to say FXCM will retain their activity and position in the Australia market as they are so consistent with their online marketing.
What is the future for the largest Forex brokers in Australia
The Australian foreign exchange market is very active, but still quite small relative to the European markets.
Most of the Forex brokers in Australia are now heavily invested in China, Singapore, Japan, Malaysia and South America.
It would be fair to say the boom times for new Forex accounts has grown much smaller in recent times.
When you compare the massive growth in live Forex trading accounts from 2007 onwards, today pale’s in comparison.
So you will continue to see outrageous Forex bonus offers available from the smaller operators. Be careful with these as the deposit bonus is often tied to certain trading volume.
You will also see a continued domination by the big Australian regulated players.
In the near future, you will also likely see some consolidation. The smaller players will get bought out and the bigger players will continue to own the market.
Top 4 Forex Trading Platforms in Australia
You already know you want speed, efficiency and a rock-solid Forex trading platform.
And you likely already know the Forex space is dominated by two major Forex trading platforms.
But in this brokers comparison review, I wanted to throw in two other Forex trading platforms. All together, they represent the top four Forex trading platforms in Australia.
Here they are in no particular order:
- MetaTrader 4 or MT4
- CMC Markets Next Generation Trading Platform
- IG Markets Core Trading Platform (web based)
If you are getting started in foreign currency trading, choose one of the popular forex platforms below and open a demo account. Once you are comfortable, you can step up your online trading with a live account.
What you need to know about the MT4 Forex Trading Platform.
MT4 is the world’s premier Forex trading platform.
It has everything.
But most of all, it has the lion’s share of Forex traders both in Australia and around the world.
MT4 is very user-friendly
One of the standout features of MT4 is how easy it is to get started. Even better when you have all your MT4 shortcuts worked out.
The platform is very intuitive. So much so that you can work out how to place an order almost instantly. It is that easy.
But above all others, you will find MT4 is extremely easy to configure.
You can configure:
- your charting templates to have dozens of pre-saved templates you can pull up at any time
- the opening screen of charts. You can pre-save a profile of the Forex majors or exotic FX pairs or commodities or even the global indices if you wanted to
- how you automate your orders into and exiting the market.
- your whole Forex trading system. You can build your own Expert Advisors (EAs) to execute your entire trading system into the market on autopilot
- many other things.
As you can appreciate, you can customise and configure so much of your MT4 trading platform.
MT4 has a huge trading community of loyal and experienced traders
The biggest selling point of all (at least for free software) is the massive trading community of active Forex traders who use MT4.
If you have any issues, any coding challenges, any ideas you’d like to test, then MT4 has the community to back you up.
There are literally millions of users.
Not only that, but all the biggest Forex services have built apps to tap into your MT4 platform.
This means the best Forex analysis services, the best automated EA builders are all available and at a click of a button can be added to your Forex software.
Now you can see why MT4 continues to get the ‘Best Forex Trading Platform’ moniker. Flexibility and the sheer volume of users to make your life easy.
What you need to know about the cTrader Forex Trading Platform
cTrader was built by a specialist Forex company called Spotware. Their motto is ‘Traders First’.
You may not already be aware but when cTrader first hit the market, it impressed a lot of hardcore and devoted MT4 Forex traders.
Finally, a Forex trading platform that was truly dedicated to the serious Forex trader.
In fact, when they first launched, CFDs were not available on the platform. It was solely focused on the currency market.
But within a short space of time, they added commodities and then CFDs, including indices.
Purpose built STP Forex broker platform instead of the market marker model
cTrader were focused on building a platform which can tap into the deepest liquidity pools in the world.
Spotware were not interested in supporting the fading market maker style broker models. Instead, they
Instead, they built a platform which made dealing desk intervention impossible. Their sole focus was to level the playing field for Forex traders the world over.
cTrader has a beautiful charting layout
In addition to the 26 different time frames, you can chart your Forex, Index or Commodity markets across, the cTrader Forex platform is jam packed with features.
You can also add a virtually limitless number of indicators pre-built into the software. Not sure why you would want to, but you can. 😉
But if you like to keep things simple, the cTrader charting layout is very easy on the eye and quick to configure the way you want.
cTrader is renowned for their speedy execution
If you are an intraday Forex trader, then speed of execution is likely your highest priority. That and access to good liquidity feeds with Forex brokers who have solid Prime of Prime feeds or Prime broker feeds.
What most traders love about cTrader is how fast orders are routed into the market.
Not only that but they allow you to process multiple orders at the same time without going into the queue.
They fill orders via the VWAP or volume weighted average price, so you can be assured of excellent fills.
Stop and reverse and double up order options with cTrader
Two features you will absolutely love are the stop and reverse and double up one-click order options.
But I warn you, try this on the demo platform first as the button is so easy to hit and positions can be changed at lightning speed.
Let’s say you are wrong on your position. But not only are your wrong, but the market starts moving against you fast.
Fast moving Forex markets are usually fuelled by some news items like nonfarm payrolls or similar.
As a result, they can often stay in the direct and continue moving super fast.
So one of your Forex trading strategies may be to take advantage of the volatility in that direction. But normally you’d have to close your current position then enter an order to go the other way.
With cTrader, you can press one button and it will close your existing position and add a new position in the other direction for the same quantity.
Fast moving market in your favour – why not double up on the success?
Another stand out feature is the ability to double your position with the click of a button.
From time to time, you may find yourself on a winning trade which is moving quickly in your favour.
Instead of having to open a new position by placing a new order, cTrader allows you to click one button and double your position.
This is known as pyramiding or scaling into your winning trades.
The opposite of this is known as averaging down. Averaging down is one of the fastest ways to blow up your Forex account. Don’t do it.
But adding to winning positions has been tested to be a smart trading Forex trading strategy.
What you need to know about CMC Markets Next Generation Forex Trading Platform
CMC Markets reportedly spent $100 million developing and building their latest Forex trading platform.
But it is more than just a Forex trading platform, as you can trade over 10,000 products from the one account.
The biggest difference with MT4 and cTrader compared to the CMC Tracker platform is the sheer number of products you get access to.
You can literally trade any market you like.
Whereas when it comes to MT4, most Forex brokers have less than 90 instruments you can trade.
In addition, CMC’s Next Generation Tracker platform is web based and it works brilliantly.
Unlike most FX brokers’ web-based version of MT4 and cTrader, which often leave a lot to be desired.
The best Mobile Forex trading platform
You will likely fall in love with the features and ease of use of CMC Next Generation mobile trading platform. It is brilliant.
CMC has been building platforms for traders since the placed their first online Forex trade back in 1996.
Their new platform has truly taken every advantage of the unbelievably fast rise of mobile phone technology.
The writing has been on the wall for years. Mobile everything is taking over desktops and even tablets.
So CMC may just have the world’s best Mobile Forex trading platform.
CMC’s Custom built Forex platform has many powerful features
Here are some of the most powerful features of the CMC trading platform
- Their client sentiment tool is very powerful due to such a massive client base to draw from
- They have inbuilt chart pattern recognition scanning ability. If you trade chart patterns to enter Forex trades, you will know how fantastic this feature is
- You can see the open and closing times, spreads and margins better on this platform than any other Forex platform
- Multiple layouts can be created at the click of a button
- They have a price projection tool built in which can be applied to any chart
- You can trade from the chart
- Did I mention you get access to an incredible number of trading instruments?
- There are over 300 Forex pairs alone
What you need to know about the IG Markets Core Trading Forex Platform
IG has been helping traders of all levels, including Forex traders for over 40 years.
Their reputation is second to none. They have the strength, power and willingness to continue to be the best Forex broker they can be.
Again, like CMC, they have spent millions of dollars on their own proprietary trading platform.
And the big standout feature is getting access to more than 10,000 trading instruments from the one trading account.
You likely won’t need to access that many trading options, but if you wanted, you likely don’t have to go anywhere else.
IG Markets web-based Forex trading platform
IG’s core platform is web-based, allowing you to access all your trades and from any computer at any time. Trade anywhere at any time.
Whilst IG does have some bells and whistles, their standout feature is reliability.
IG’s Forex platform allows you to get on with the job of trading. It is fast, flexible and customisable.
Will it look as amazing as cTrader? No.
Does it have all the impressive features of CMC’s Next Generation software? Not yet. But you can be assured that IG is likely developing some amazing new tool in the background right now.
IG’s Forex Trading platform has the following features:
- You can automate your order execution
- Their charting package is excellent
- They are constantly updating their mobile trading applications
- You to trade some instruments out of hours
- They have DMA access across many trading instruments
- You can access a number of built-in news services
Australian Forex Broker List
One of the common emails we get here at LearnCFDs is ‘Can you send me the Australian Forex Broker List as I want to see which one is best for me.’
In Australia, you have around 50 Forex and CFD brokers.
Each company on the Australian Forex broker list is extremely keen to earn your business.
You will see all sorts of enticements and offers to bring you across to their platform. To be honest, this is a good thing because it slants the conditions for opening an account in the traders’ favour.
Not only that, but after the Swiss National Bank debacle where they unpegged their currency, the Prime Brokers servicing the big brokers changed their business model.
Prime of Prime brokers
This led the way to a robust and growing Prime of Prime Broker situation.
To put it simply, you had to have a lot of cash to deal directly with the Prime Brokers (PBs).
But after the Swiss National Bank challenge, the PBs raised their limits.As an example, let’s say previously you needed $5 million to deal directly with a PB, but now they were asking $25 – $30 million.
As an example, let’s say previously you needed $5 million to deal directly with a PB, but now they were asking $25 – $30 million.
This meant it was impossible for most Australian brokers to front up the cash and continue their relationship.
So, those with the cash became Prime of Prime brokers. These are the companies who have the cash backing and long-standing relationship to continue dealing with a PB.
They then pass their feed on to the small brokers and all is good in the Australian Forex broker world.
The point is, not only do the smaller players on the Australian Forex Broker list have enticing offers in your favour, but the price feeds are getting stronger every single day.
So Australian Forex traders are in one of the best positions they have been in since trading Forex was first popular here in Australia.
Here is the Australian Forex broker list:
|Admiral Markets||500 to 1||MetaTrader 4, MT4 Supreme, MT4 Web||$200||0.01||10/17 Castlereagh St, Sydney||Cristian Moreno|
|AETOS||400 to 1||MetaTrader 4||$200||0.01||Level 15, 122 Arthur Street, North Sydney||Draco Ng|
|Alpha Broking||400 to 1||MetaTrader 4||$200||0.01||61 Spring St, Melbourne||Michael Phelan|
|AvaTrade||400 to 1||MetaTrader 4||$200||0.01||Level 13, 2 Park Street, Sydney||David Dryzin|
|AXI Trader||400 to 1||MetaTrader 4||$200||0.01||Level 10, 90 Arthur St,|
|Blueberry Markets||500 to 1||MetaTrader 4||$100||0.01||Gateway Tower, Level 36, 1 Macquarie Place, Sydney||Dean Hyde|
|City Index||400 to 1||MetaTrader 4, AT Pro, Advantage Web||$200||0.01||62 Pitt St, Sydney||David Grant|
|CMC Markets||400 to 1||Next Generation Platform||$200||0.01||Level 16, 130 Pitt Street, Sydney||Matthew Lewis|
|Core Liquidity Markets||400 to 1||MetaTrader 4||$200||0.01||Level 11, Suite 2 10 Bridge Street|
|Direct FX||400 to 1||MetaTrader 4||$200||0.01||Level 11, Suite 2 10 Bridge Street, Sydney||Steve Chester|
|Easy Markets||400 to 1||easyMarkets, MetaTrader 4||$200||0.01||Suite 703, 65 York Street, Sydney.||Robert Francis|
|Eight Cap||400 to 1||MetaTrader 4||$200||0.01||Level 11, 356 Collins Street, Melbourne||Joel Murphy|
|Forex FS||500 to 1||MetaTrader 4||$200||0.01||Currency House, Suite 201, Level 2, 23 Hunter Street SYDNEY|
|FP Markets||200 to 1||MetaTrader 4||$200||0.01||Level 5, Exchange House|
10 Bridge St
|FXCM||200 to 1||MetaTrader 4||$200||0.01||Suite 1402, Level 14, 383 Kent Street|
|FXOpen||200 to 1||MetaTrader 4||$200||0.01||Level 26|
1 Bligh Street
|Global Prime||200 to 1||MetaTrader 4||$200||0.01||Level 27, 25 Blight Street, Sydney||Jeremy Kinstlinger|
|GO Markets||300 to 1||MetaTrader 4||$200||0.01||Level 22, 600 Bourke Street Melbourne||Christopher Gore|
|Halifax||400 to 1||MetaTrader 4||$200||0.01||Governor Phillip Tower - Level 49, 1 Farrer Place, Sydney|
|Hantec Markets||400 to 1||MetaTrader 4||$200||0.01||Level 25, Citigroup Centre, 2 Park St, Sydney|
|IC Markets||500 to 1||MetaTrader 4, MT5, cTrader||$200||0.01||Level 6 309 Kent Street, Sydney||Andrew Budzinski|
|IG||200 to 1||MetaTrader 4||$200||0.1||Level 15, 55 Collins Street, Melbourne||Tamas Szabo|
|Invast||100 to 1||MetaTrader 4||$200||0.01||Level 27, Aurora Place, 88 Phillip Street, Sydney||Gavin White|
|MEX Exchange||500 to 1||MetaTrader 4||$25||0.01||Level 22, 227 Elizabeth Street, Sydney||Jacob Nel|
|OANDA||100 to 1||MetaTrader 4, Web App||$200||0.01||225 George Street |
|Pepperstone||500 to 1||MetaTrader 4, cTrader||$200||0.01||Level 5, 530 Collins Street|
|Phillip Capital||400 to 1||MetaTrader 4||$200||0.1||Level 9, 56 Pitt Street|
|Royal Financial Trading||400 to 1||MetaTrader 4||$200||0.01||Level 31, Grosvenor Place |
225 George Street,
|Rubix FX||100 to 1||MetaTrader 4||$200||0.01||Level 27, 25 Bligh Street, Sydney||Spencer Davey|
|Saxo Capital Markets||100 to 1||$200||0.01||Level 25, 2 Park Street, Sydney||Ben Smoker|
|Synergy FX||500 to 1||MetaTrader 4||$500||0.01||Level 27, 25 Bligh Street, Sydney||Christian Dove|
|ThinkMarkets||400 to 1||MetaTrader 4||$200||0.01||Level 12, 636 St. Kilda Road|
|TradeDirect 365||400 to 1||MetaTrader 4, CloudTrade||$200||0.01||Innovation Centre|
90 Sippy Downs Drive Sippy Downs, Queensland
|Vantage FX||500 to 1||MetaTrader 4||$100||0.01||Level 29, 31 Market Street|
- NOTE: The table above was correct as of 12th June 2017. Some details may have changed since then. If you notice something needs to be updated, send an email to info – at – learn – cfds – dot – com