Australian Forex Broker Reviews

A successful forex trader needs to have effective forex trading strategies, an appropriate risk appetite and a suitable Australian forex broker. Our forex broker reviews focus on the customer service, currency pair spreads ,forex trading platform and other broker offers.

Best Forex Brokers For Currency Trading

Pepperstone Review Logo1) Pepperstone – 10/10 Rating – Recommended For High Volume Traders

Pepperstone is the fastest growing Australian forex broker due to their enhanced MetaTrader 4 (MT4) and cTrader forex trading platforms, Edge trading environment and award winning customer service and customer satisfaction. Their active trader program offers the minimal spreads and commissions for high volume trades. Read more…


EasyMarkets Logo2) Easy Markets – 10/10 Rating – Recommended For New To Forex Traders

Easy Markets is designed for beginner forex traders with fixed spreads and no commissions making it easy to calculate brokerage costs. The broker also offers risk management tools including guaranteed stops, minimum balance protection and Deal Cancellation allowing a trader to exit trade within 60 minutes of placing the order. Read more…


IC Markets Review

3) IC Markets – 9.5/10 Rating – Recommended For High Leverage Traders

IC Markets offers the highest leverage of 500:1 and allows scalping and Expert Advisors automated trading. The forex trading platform options are MT4 of MT5 with an additional twelve MetaTrader advanced trading tools to enhance market insights and executions. The forex broker has a True ECN account allow for institutional thin spreads. Read more…


CMC Markets Logo4) CMC Markets – 8/10 Rating

CMC Markets are an all-in-one broker. This means that the rather than just focus on currency markets, CMC offers stockbroking, CFDs, Indices, Commodities and Treasury trading. CMC has their own propriety tools allowing for enhanced features unique to the broker. They also hold learn to trade seminars and other training. Read more…


AxiTrader Logo5) AxiTrader – 7.5/10 Rating

AxiTrader is a MetaTrader 4 based forex broker that focuses on low spreads from their Pro account that has low spreads and low commissions from $3.50 per side. Investment trends also found the fx broker had the highest overall client satisfaction of the retail foreign exchange brokerage category. Read more…


Plus500 Logo6) Plus 500 – 6/10 Rating

Plus500 allows traders to trade the most popular S&P/ASX 200, forex markets, Bitcoin, and commodities. The broker also offers leverage of up to 1:300 and doesn’t charge commissions on trades. The fx broker in 2017 had 37+ million positions opened, 317 + thousand active customers and $1,270+ Billion Traded value. Read more…


GO Markets Logo7) GO Markets – 5/10 Rating

GO Markets are one of the few forex broker who also offer binary options and commodities. The newer GO Markets+ account is similar to the Pepperstone active trader program and offers a $3.00 per side commission and raw spreads for high volume trades. This account also offers a dedicated account manager. Read more…


FXCM Logo8) FXCM – 4/10 Rating

FXCM is a global forex broker offering currency trading, indices, commodities and algo trading. All accounts offer 400:1 leverage with FXCM large size providing direct access to liquidity pools around the world. There is the choice between trading station, MetaTrader 4 and NinjaTrader forex trading platforms. Read more…


IG Review9) IG Markets – 3.5/10 Rating

IG is the largest Australian retail foreign exchange broker which like CMC offers Forex, CFDs and share trading. They offer a plethora of forex trading platform options and a range of accounts including ECN forex trading with low spreads and modest commissions. Leverage is now as high as other brokers such as Pepperstone. Read more…


City Index Logo10) City Index – 3/10 Rating

City Index is part of GAIN Capital which was formed in 1999. They offer share trading and many other trading options outside of currency trading. They also have offices in Singapore, UAE and the UK. Leverage is a modest 200:1 while the trading platform options are either MT4 or the AT forex trading platform. Read more…

How To Select The Right Forex Brokerage Firm

There are a number of factors that should be considered when selecting the best forex broker to suit your currency trading needs.

  • Brokerage fees: Forex brokers fees are higher than many other financial services due to the complexity of forex trading and requirements such as leverage. The two forex brokerage fees. The first are spreads (the difference between the buy and ask price) which the broker may widen to make a profit. The second are commissions which us a charge based on turnover.  View the section below where the lowest brokerage firms are reviewed.
  • Trading platform: Every foreign exchange broker uses a forex trading platform which can be propriety or shared one. Propriety tools often have unique features specific to the forex broker from DealCancellation to cryptocurrency trading. Shared forex trading platforms make it easy to change forex brokers over time as the multiple brokers offer this software. The two most popular fx platforms are MetaTrader 4 and cTrader.
  • Leverage: All forex brokerage firms offer leverage as traditionally currency pairings movements are modest each day. Leverage allows individuals to trade a multiple of their deposit from 50:1 to 500:1. Higher leverage means profits or losses on trades so it’s important to understand the risks and pick a leverage lever that matches your risk appetite. It’s important to note that most high leverage forex brokers allow you to select a lower leverage level.
  • Risk Management: As leverage leads to amplified risk when currency trading its worth considering the risk management tools available. A standard tool most brokers offer are stop-loss orders which exits a trade after a pre-set profit or loss is reached. This amount can be set-in-stone through a guaranteed stop loss order (only available from some fx brokers) while negative balance protection ensures a trader doesn’t lose more than their deposit.
  • Regulation: Another way to avoid risk is to choose a broker that is regulated in Australia. The Australian Securities and Investment Regulation (ASIC) are the regulating body that all of the forex brokers on Compare Forex Brokers have certification with through an Australian Financial Services Licence (AFSL). Past Forex scams and fraud from non-regulated fx brokers have highlighted the need to check certification prior to joining.
  • Customer Service: Due to the complexities associated with foreign exchange trading there is regularly the need for customer service. It’s important to find a forex broker that offers the communication channels to suit you from live chat, e-mail to the call centre. Then there is a quality of customer service and hours available. There is the Investment Trends fx report which based on real brokers rates each brokers customer service.
  • Range Of Markets: While all foreign exchange firms offer the trading of major pairings such as the AUD/USD only a handful offer exotic currencies. Then there are other markets that are offered from indices, commodities, cryptocurrency to EFTs trading. Some of the largest brokers also offer stockbroker service from trading on the Australian Stock Exchange to overseas markets such as the NYSE.
  • Execution Speeds: With currency markets moving quickly (especially after announcements such as interest rates of job data) having an environment where trades can be quickly executed is essential. This requires tools that make it easy to make trades and servers that minimise latency allows trading directly to global liquidity tools. Understanding the technical configuration of the broker can help understand their speed capacity.
  • Funding Options: Selecting a forex broker that allows you to fund the account with a method that suits you is a high priority for individuals. This can range from direct debit, credit card to Paypal. These funding methods can also impact the amount of time that a trader needs to wait for the funds to be clear. Finally, it’s important to understand the funding and withdrawal costs of method by each broker as these costs can be significant.
  • Education: All forex brokers have an online education section but the quality varies significantly. Then there is the education offered by the customer service team which can include a dedicated account manager. Some brokers also offer seminars to educate those new to currency trading which may be a key draw-card to selecting that provider. Overall, its recommend to view the website to see if the education meets your requirements.

What Makes A Great Forex Broker Review?

Traders won’t have much success trading if their Broker of choice doesn’t stack up in all the right areas. The lack of clear rules and regulation surrounding Forex trading creates not only great opportunities for broker and trader but also huge risks, especially for those who engage with shoddy brokers.To help traders, our team at Compare Forex Brokers have developed comprehensive forex broker comparison tables and detailed reviews. There are many things we have considered in our online resource from candid descriptions and features to the advantages and disadvantages of each forex broker. Comparison Table Of Australian Forex Currency Brokers

We want traders to avoid the dark and sinister side of derivatives trading so we carefully choose and publish the most accurate information available regarding Forex providers. All brokers that feature on our website are highly reputable and are regulated nationally. We also try to differentiate between Forex brokers geared towards beginners, intermediate and experienced traders. In the table below you will notice a star rating based on the forex broker reviews we put together. For example, IC Markets received 3.5 stars based on 40 reviews while CMC Markets got a low 1.5 star review from 103 people. Pepperstone, our broker of choice, got 3.5 stars based on 92 reviews and GO Markets 2.5 stars based on the highest number of reviewers at 223. ThinkForex also achieved a 3.5 star score.

Reviews Comparison

Our reviews are based on data obtained from within trading accounts and also from Forex broker websites. However, what determines a good or bad forex broker review and what affects that broker’s star rating?

How traders choose the best forex broker – important facts

Finding the best forex broker that suits one’s needs is not easy as it takes lots of research. Hundreds of online brokerage firms are now competing for customers and there are many companies, some reliable and others less so, that traders need to differentiate between. One of the ways to find out if the Forex company meets their needs is to find and read our online Forex broker reviews. It is one of the easiest ways to get all the useful information about a particular broker and whether it is recommended by experienced professionals or not.

What affects our reviews and how to get great forex broker reviews

Basically, traders want forex brokers who they can trust when it comes to their money. In any case, to make the process of finding a broker simpler, a review of a certain brokerage company covers most of the key points of comparison between forex brokers. Read on as we go through some of the criteria and opportunities that dictates the good or bad review a company gets.
Reviewer's Choice


Most reputable online forex brokers will submit to the regulation to one of the main financial regulatory agencies around the world. Some forex brokers are regulated in more than one country. It is this regulation that provides users the security of knowing that the forex broker is being monitored by the independent regulatory authority in order to protect users. All legitimate forex brokers in Australia must be registered within Australia which regulates forex trading in Australia.

Data Security

When users submit and store their personal information on the Internet, the data may be illegally used against their will. Therefore, one of the priorities and why forex brokers receive a positive review is their user’s data security protection which is done by encrypting all data entered into online forms. Many forex companies use the standard SSL encryption, or better protection. The second key factor involves the secure storage of data, so that the data will not be lost in case of a server crash or other disaster. Many online forex brokers use the options of data duplication with a high level of security.
Data Security

Low Spreads

One of the factors that affects Forex broker reviews are spreads. Simply explained, the spread is the difference between the offer price for a particular currency pair and the bid price. The lower the spread or cut a Forex broker takes when providing currency pairs for buying or selling the better and the higher the review that broker will usually score.

Fees and Commissions

Many brokers are not satisfied only with dealing on their spreads. In this case, many charge a commission or a fee for each transaction. Additional fees may also be included in the withdrawal or deposit. The lower the commissions and fees for transactions are, the better the review is.

Fees And Commissions

Deposit Required

Many brokers require a deposit to open a demo account in order to start with forex trading. In many cases, the more money you invest, the more trading platforms are available to you. In most cases high minimum deposit are off putting to the beginners, therefore the minimum deposit greatly contributes to each review.

Account Types

Having a variety of account types, from demo accounts for beginners and practice trading, to standard accounts and VIP accounts for moderate to larger deposits greatly affects great Forex broker reviews.VIP account


It refers to how many positions you can control with a certain amount of money for it. Forex brokers now offer a leverage rate as high as 500:1. This means that with a $ 100 investment you can control $50,000. Of course, this can result in larger gains, as well as larger losses, so every user needs to be familiar with this fact and to use leverage wisely.

Trading Platforms

It is important to have different trading platforms to suit the needs of different trading styles. Whether it’s a broker’s proprietary trading platform or an independent trading platform like MetaTrader 4 platform it’s necessary that the platform is easy to use and have all options user might need.

MetaTrader 4 Platform Logo

Customer Support

Having a strong customer support team greatly contributes to the positive grade in the review. It’s essential to have a highly professional and competent team that can be contacted over the phone, live-chat or an e-mail 24 hours a day, during weekdays when the markets are open.

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