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Compare the best forex brokers in Australia for 2024

Find the best forex brokers for fees, beginners, advanced traders and more.

Key takeaways

  • There's a few fees to keep an eye on with forex brokers - including spreads, commissions and swap rates.
  • Forex trading is best suited to experienced traders.
  • We named FP Markets the best overall forex broker in 2024.

What are the best forex brokers in Australia?

To find the best forex brokers in Australia, Finder uses a proprietary algorithm that incorporates fees, security, trading features and available products.

The following platforms were awarded top marks in the latest Finder Forex Broker Awards (2024):

  • FP markets: Best overall broker, gold CFDs and AUD/USD
  • Capital.com: Best value and best for casual trading
  • Pepperstone: Best for beginners and commodities
  • GO Markets: Best for MetaTrader4
  • IC Markets: Best for cTrader and best mobile app
  • CMC Markets: Best for advanced

What's our best forex broker methodology?

We compared 31 forex brokers across 61 metrics to find the best in Australia. The metrics we studied fell into 5 categories; Security and trust, Cost and fees, Trading features, Beginner-friendly features and Markets offered. Within these categories we considered the following features:

When comparing each award, we gave each category different weightings to match the needs of the user. For example, the best forex broker for beginners had a stronger weighting for beginner-friendly features compared with more advanced trading tools.

While Finder has commercial arrangements with some forex brokers, this did not impact the final selection of the forex brokers shown below. Our algorithm based the forex brokers on their merits regardless of our partnership deals.

Best forex broker in Australia (overall): FP Markets

The best forex trading platform in Australia is FP Markets according to Finder's latest analysis, thanks to its impressive range of currency pairs, competitive pricing, tight spreads and fast execution.

MT4 and MT5 support
60+ currency pairs
Tight spreads
FP Markets is our choice for best forex broker in 2024. With an impressive range of features including no commissions, low minimum depoists, demo trading, copy trading, extensive platform support and 24/5 trading, it's a great all-round choice.
  • Low spreads
  • Educational tools
  • 24/7 customer support
Commission $0
AU/USD avg. raw spread N/A
Inactivity fee N/A
Minimum deposit 100

Best forex broker for beginners: Pepperstone

Pepperstone Forex Trading (Razor Account) logo Finder rating: 4.5 / 5

★★★★★

Go to site Read review
Capital at risk
1,200 tradeable instruments
Tight spreads
24/5 customer support
Pepperstone brings a combination of cheap fees and user-friendly tools, as well as strong educational resources, making it an excellent choice for beginners.
  • Beginner-friendly features
  • No minimum deposits
  • Variety of educational tools
  • Mainly offers CFDs
Commission US$0.04 per $1k traded (varies by platform)
AU/USD avg. raw spread 0.2
Inactivity fee $0
Minimum deposit $0

Best value forex broker: Capital.com

Free trading tools
Competitive fees
Good customer support
Capital.com is our pick for best value because it offers competitive commissions and spreads, low account fees, free trading and educational tools and demo account.
  • Transparent fee structure
  • Demo account
  • Free educational courses
  • Doesn't have as many currency pairs as some other providers
Commission $0
AU/USD avg. raw spread N/A
Inactivity fee N/A
Minimum deposit $0

Best forex broker for advanced traders: CMC Markets

CMC Markets logo Go to site Read review
Capital at risk
Trade 12,000+ instruments
Advanced order types
Competitive spreads
CMC Markets offers a raft of advanced trading features including sophisticated research and charting tools, huge range of trading instruments, its own next-gen trading platform (and support for MT4), making it a great pick for advanced FX traders.
  • Advanced account for active traders
  • Proprietary trading platform
  • In-depth trading and charting tools
  • Higher stock CFDs fees
Commission $0
AU/USD avg. raw spread N/A
Inactivity fee N/A
Minimum deposit $0

How to pick the best forex broker

It goes without saying, but how experienced you are and your strategy will determine what broker works best for your needs.

When you're looking for forex brokers, there are a few things to look out for, including:

  • Reputable and ASIC regulated. At a minimum, make sure they should hold an AFSL license.
  • Currency pair offerings. Some providers only offer major currency pairs while others offer the minors as well. Choose one that can match your needs.
  • Platform type. Providers will use MetaTrader 4, MetaTrader 5 or in some instances the option of both. You should compare one that works for you.
  • Demo accounts. Do you have a new strategy? Well, a demo account can be a great way to test your theory. Finding a broker that can help with this might be beneficial to your particular needs.
  • Fees. Every broker has fees, but what they charge you can vary depending on the provider. Generally speaking, you should keep an eye out for spreads, commissions, withdrawals and inactivity fees.
  • Minimum deposits. You should check the minimum amount you have to deposit when you sign up to a broker.
  • Available markets and options. This is probably one for more advanced traders, but knowing what you can trade and where you can trade can be advantageous, especially for those looking to trade in a niche area.
  • Charting features. If you're a serious trader, you need to be able to read charts. As such, having advanced features can help you make more informed decisions.
  • Copy trading. Depending on your experience level, copy trading can be a way to learn from those who have been trading for a while now.
  • Educational resources. Whether you're new to trading or have been doing it for years, everyone should aim to improve. Educational resources from the provider can help with this.
  • Stop losses. It is also important to have a stop-loss plan. Having a trading provider that can help you with this can take the hassle out of selling should your trade not work.
  • Automated and copy trading. If you're just looking to follow others' trading or want to set up a plan and let the bots take over, these features can help.
Tony Sycamore's headshot
Expert insight

"The spread is the ‘cut’ your broker will take from your trading. It’s how they make their money. You don’t want to use a broker with very high spreads. At the same time, you get what you pay for, so cut-price spreads will most likely come from brokers that don’t offer as many features or as good a service. It's important to compare spreads and ensure you’re not being taken for a ride. But also include a comparison of features to make sure you aren’t compromising your performance by going after low spreads only."

Tony Sycamore
IG market analyst

Compare forex brokers

Use our table below to compare the forex brokers in Australia by fees, available trading platforms and spreads.

Disclaimer: General information only. All forms of investments (and in particular, trading CFDs, commodities and forex) carry significant risk, including the risk of losing more than the invested amounts, market volatility and liquidity risks. Past performance is no guarantee of future results. Such activities are not suitable for most investors.
Name Product AUFST-FX Minimum Opening Deposit Minimum Spreads for Major Currencies Commission Minimum Trade Size Platforms
Pepperstone Forex Trading (Razor Account)
$0
0.0 pips
US$0.04 per $1k traded (varies by platform)
0.01 lots
MetaTrader 4
MetaTrader 5
cTrader
TradingView
Pepperstone Trading Platform
Disclaimer: CFD Service. Your capital is at risk.
Choose from a range of fee-free funding methods, plus multiple trading tools including Smart Trader Tools for MetaTrader and cTrader platforms.
Vantage Forex Trading
$50
0.0 pips - 1.0 pips
$0
0.01 lots
MetaTrader 4
MetaTrader 5
TradingView
Disclaimer: CFD Service. Your capital is at risk.
Spreads start from 0.0 on major currency pairs like AUD/USD, EUR/USD, GBP/USD and more. Plus you can places trades and find global trends through the TradingView charts platform. Trade with our RAW account with just $1 per lot each side
IC Markets Forex Trading (Raw Spread account)
US$200
From 0.0-0.1 pips
AU$3.50 per 100k traded
0.01 lots
MetaTrader 4
MetaTrader 5
TradingView
cTrader
Disclaimer: CFD Service. Your capital is at risk.
Trade forex with tight spreads as low as 0.0 pips and fast execution of under 40 milliseconds on average.
ACY Securities Forex Trading
$50
0.0 pip
$0
0.01 Lot
MetaTrader 4
MetaTrader 5
Disclaimer: CFD Service. Your capital is at risk.
Trade over 2,200 instruments across CFDs on forex, shares, indices, commodities, precious metal, ETFs and crypto.
CMC Markets
Finder Award
CMC Markets
$0
0.60 - 1.80 pips
$0
0.01 lots
Next Generation,
MetaTrader 4
Disclaimer: CFD Service. Your capital is at risk.
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Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.

Disclaimer: General information only. All forms of investments (and in particular, trading CFDs, commodities and forex) carry significant risk, including the risk of losing more than the invested amounts, market volatility and liquidity risks. Past performance is no guarantee of future results. Such activities are not suitable for most investors.
Name Product AUFSA-CFD Minimum Opening Deposit Minimum Opening Deposit Commission - ASX 200 Shares Available CFD markets Platforms
Pepperstone CFD
Finder Award
Pepperstone CFD
$0
$0
$5 or 0.07%
Australian Stocks, Commodities, Cryptocurrencies, ETFs, Forex, Global Stocks, Indices (CFDs only)
MetaTrader 4
MetaTrader 5
cTrader
TradingView
Pepperstone Trading Platform
Disclaimer: CFD Service. Your capital is at risk.
Get access to more than 90 forex and CFD markets when you sign up with this award-winning Australian broker. Plus, access the new advanced TradingView charts platform.
Vantage CFD
$50
$50
No commission
Commodities, Cryptocurrencies, ETFs, Forex, Global Stocks, Indices (CFDs only)
MetaTrader 4
MetaTrader 5
TradingView
Disclaimer: CFD Service. Your capital is at risk.
Vantage has some of the lowest CFD trading fees in Australia including $0 commissions on all Gold trades. Plus you can find global trends and place trades through the new TradingView charts platform.
Plus500 CFD
$100
$100
No commission
Commodities, Cryptocurrencies, ETFs, Forex, Global Stocks, Indices, Options (CFDs only)
Plus500 Trading Platform
Disclaimer: CFD service. Your capital is at risk.
Trade CFDs on Australian and International shares, indices, cryptocurrencies, commodities and more.
IC Markets CFD (True ECN Account)
US$200
US$200
0.1% per side
Australian Stocks, Global Stocks, Indices, Commodities, Forex, Cryptocurrencies (CFDs only)
MetaTrader 4
MetaTrader 5
cTrader
Disclaimer: CFD Service. Your capital is at risk.
Trade 230+ different products with fast execution under 40 milliseconds on average.
ACY Securities CFD
$50
$50
No commission
Australian Stocks, Bonds, Commodities, Cryptocurrencies, ETFs, Forex, Global Stocks, Indices, Metals (CFDs only)
MetaTrader 4
MetaTrader 5
Disclaimer: CFD Service. Your capital is at risk. Trade over 2,000 products across CFDs, forex, indices, metals, shares, commodities and cryptocurrency, starting from as low as $50 a trade.
CMC Markets
Finder Award
CMC Markets
$0
$0
0.10% with a $7 minimum
Australian Stocks, Bonds, Commodities, Cryptocurrencies, Forex, Global Stocks, Indices (CFDs only)
CMC Next Generation, MetaTrader 4
Disclaimer: CFD Service. Your capital is at risk.
Share CFD and forex ideas with other traders and take your strategy to the next level with over 115 technical indicators and charts on CMC’s mobile-friendly Next Generation platform.
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Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.

What do you need to open a forex trading account?

Most forex trading platforms will allow you to apply for an account within minutes online. While the application process varies between providers, you'll usually have to fill out an online application and then wait for a response from the provider to learn whether your application has been approved.

You'll usually have to supply the following:

  • Your name
  • Date of birth
  • Your contact details
  • Current address
  • Your country of residence
  • Proof of ID, for example a driver's licence or passport

How does forex trading in Australia work?

In a globalised world, international currencies are important because they need to be traded in order for business to be conducted. Every day, foreign currencies go up and down relative to one another and traders can profit from these movements.

Trading decisions are based on which way traders think forex prices will fluctuate in the future.

Unlike your traditional investing assets that run on an exchange, forex trading is done via 2 parties in an over-the-counter market. There's a variety of ways to trade forex, but in essence, they all work the same way – by trading currency pairs.

But to trade forex directly in Australia, you need a large amount of money and to be classified as a "sophisticated" investor. For this reason, direct forex trading is usually carried out by wholesalers or institutional investors.

Retail investors more commonly trade forex through derivatives contracts, such as futures contracts or CFDs (contracts for difference). In fact most forex brokers that you'll come across in Australia are actually CFD brokers.

It's important to know that CFDs are complex and risky derivatives products that are best suited to experienced traders.

Finder survey: How do Australians of different ages primarily trade forex?

Response75+ yrs65-74 yrs55-64 yrs45-54 yrs35-44 yrs25-34 yrs18-24 yrs
Through an ETF or managed fund1.49%0.8%1.84%1.05%
Other0.57%
With a forex broker (non-CFD)0.57%1.23%2.78%2.81%0.46%2.11%
With a money transfer service0.57%0.56%0.8%2.76%3.16%
Through a CFD platform0.62%0.56%3.61%4.61%2.11%
Full-service (advice) broker or portfolio manager0.92%1.05%
Source: Finder survey by Pure Profile of 1145 Australians, December 2023

How do forex CFDs work?

On the global forex market, all currencies are quoted in pairs, and this is how CFD forex trading works as well. For example, AUD/EUR, GBP/EUR and AUD/USD are just a few common pairs.

Rather than buying and selling foreign currency, a trader enters into an arrangement with a broker to profit from any change in the exchange rate between 2 currencies. Of course, if the exchange rate between the 2 currencies doesn't move in their favour, the trader stands to lose money as well.

When a trader initiates a forex trade (or "opens a position"), it's as though they are buying one currency and selling another at the same time. If the value of one of the currencies moves against the other, the trader "closes out" their position, selling the other currency and buying back the original currency they sold.

It's important to remember that at no stage during the above transaction do you actually own or take delivery of the currencies involved in the trade. That's why forex traded in this way is considered a derivative instrument, because its value is based on an underlying asset, without that asset ever being physically exchanged between the parties.

Are forex brokers in Australia safe to use?

You should check to see if the broker is regulated by the Australian Securities and Investment Commission (ASIC). From a compliance standpoint, this means you're protected under Australian law. You can also feel secure knowing they are not peddling a scam platform.

That being said, trading forex itself can be risky. The forex market is incredibly fast-moving, with only a fractional change in position potentially having a large impact on your returns. If you are trading CFDs, they also rely on leverage, which adds to your risks.

As such, they are better suited to more advanced traders.

When you trade any platform though, you'll face a few risks, including:

  • Cybersecurity: Online platforms are vulnerable to hacking and cyberattacks.
  • Market risk: Forex can fluctuate rapidly and unpredictably, leading to potential losses for traders.
  • Small movements have a big impact. With forex trading, only a minor move in the pips can drastically change the value of your position.
  • Incredibly difficult to predict. Forex markets are driven by complex factors that make trading them incredibly difficult for investors.
  • Forex scams. The forex sector tends to be a magnet for scams and fraud. If a dodgy trading platform goes broke and disappears, there may be no way to get your money back, so the safest approach is to only ever trade through a trusted broker that is regulated by ASIC.
  • Platform failure: Technical glitches and system failures can cause temporary disruptions or errors in trade execution. This can be costly for traders given the speed of the forex market.
  • Counterparty risk: When using a platform to trade with other individuals, there is a risk that the counterparty may not fulfil its obligations, leading to losses.
  • Misleading information: Inaccurate or misleading information can lead to poor investment decisions and losses.

How leverage works in forex in Australia

Forex trades are typically leveraged, meaning you only contribute a small stake towards the total value of the trade.

That's because currency exchange rates only fluctuate by small amounts, usually by tenths or hundredths of a cent. So, to realise any significant profit or loss, you need to trade at high volumes.

Leveraged trading (or trading on margin) allows you to take out a small stake in a much larger trade, with your broker typically making up the shortfall. If the exchange rate moves in your favour, you stand to profit from the full amount that was traded, not just your small stake.

Of course, it works in the opposite way as well, so if the exchange rate moves against you, you are liable for the losses incurred on the full value of the trade.

That's why forex trading is typically suited to more experienced and less risk-averse traders.

Working example

Say you're trading the euro vs the Australian dollar, with the hope the euro will strengthen.

You could enter a position at a price of say $1.3147.

You could buy $100,000 for the trade but would face a margin of something like 3%, meaning an initial outlay $3,000. In this example, your leverage would be 30:1, the highest allowed in Australia.

The lower the margin, the greater amount of leverage needed for each trade.

If the 100,000 is being traded at 1.3147 and it goes up to $1.3167 then the price is up 20 pips, meaning the trader has made $200 ($100,000 x 0.020).

The reverse is also true. If the currency fell to $1.3127 from 1.3147 then the trader would lose $200 ($100,000 x 0.020)

These gains and losses would be amplified by leverage.

What are the costs of forex trading?

There are a few fees to think about when selecting a forex broker.

For instance, some providers charge a commission fee on every trade you make. These fees will generally be quite low, such as a few cents per thousand dollars traded. Others wont charge any commissions but instead make money on the spread.

The spread is the difference between the buy and sell prices for each currency pair. This is where most brokers will collect their trade fee. Look for a trading platform that offers tight spreads to minimise the costs involved.

While not really a fee, you should also think about the margin you'll be required to meet in order to make a trade. This could be 0.5%, 1% or some other figure, and it will affect the amount of money you'll have to spend to open a forex position. For example, if your account has a margin of 1%, a trade worth $100,000 will require you to spend $1,000.

Other fees may apply to credit and debit card payments.

What are the benefits of forex trading?

Why trade forex? Here are some of the potential benefits:

  • Trading hours. Forex markets are highly accessible, with many open 24 hours a day. Unlike the New Zealand Stock Exchange, for example, which only offers normal trading between 10am and 4:45pm on business days, the global forex market runs around the clock (but not on weekends). This means foreign exchange prices are constantly going up and down and there are plenty of opportunities for traders.
  • Leverage. Because forex is a leveraged product, individuals can trade on the market for a smaller initial outlay. In order to place a trade, you only need to spend a small percentage of the full value of your position, which means there is a much higher potential for profit from a small initial outlay than in some other forms of trading. Unfortunately, this also means there is a greater risk of suffering a loss.
  • Liquidity. As forex is the world's most traded market, there are always plenty of buyers and sellers making trades. This makes currency markets highly liquid, helping to ensure fast transactions and low spreads.

What are some of the risks of forex trading in Australia?

Just like any other type of investing, forex trading comes with a level of risk attached. It's important to be aware that foreign exchange trading is highly risky, so you need to be aware of all the dangers involved with this sort of trading. These include:

  • Leverage. Even though you only have to pay a small percentage of the value of your trade upfront, you are still responsible for the entire amount. So, while profits can be magnified if the market moves in your favour, so too can losses if the market moves against you. Be aware that your losses may be greater than your initial investment.
  • Volatility. Foreign exchange rates are volatile and can quickly move against you, causing you to lose a significant amount of money.
  • 24-hour trading. As markets are open 24 hours a day, you may need to devote plenty of time to tracking any open positions.
  • Currency markets are complex. Predicting currency markets is quite difficult as they can be affected by a wide range of factors. Unexpected events can also cause rapid fluctuations in currency values.
  • Minimal protection. Even stop loss orders which are designed to minimise your losses can only offer limited protection against the risks involved.
  • Scams. The forex sector tends to be a magnet for scams and fraud. If a dodgy trading platform goes broke and disappears, there may be no way to get your money back, so the safest approach is to only ever trade through a trusted broker authorised by the Financial Markets Authority. You should also be extremely wary of special offers that sound suspiciously good, and of forex trading seminars and courses that make outlandish promises.

Forex trading is complicated and features a high level of risk, so consider your options carefully before deciding whether it's the right option for you.

Is forex safe for beginners?

Forex trading is a riskier asset class that tends to favour more experienced investors.

This doesn't mean a regular investor can never learn the ropes, it just means they will need to do their homework prior to entering the market.

Before making your first trade, you'll need to understand that the market is incredibly volatile, that leverage can turn small movements in price into massive gains or losses, and why one currency is moving compared to another.

But, despite the risks and complexities, forex investing amongst retail investors is on the rise, and so too are the educational resources available to new investors.

Before deciding on the right trading platform for you, make sure to compare the fees and benefits of several providers.

What types of currency pairs are there?

A currency pair is always structured in the same way, following a universally accepted ranking order and always showing the value of a base currency (the first) being traded against a quote (the second) currency.

There are 3 types of currency pairs that you need to be aware of: majors, minors and exotics.

Major currency pairs

The major currency pairs are considered any market that features the US dollar. The majors are the most frequently traded currency pairs and are therefore the most liquid forex markets to trade.

As a forex trader, this liquidity means that the majors feature relatively stable prices and the lowest spreads, or brokerage costs, when taking a position in any of these currency pairs.

Major currency pairs
EUR/USDEuro/US dollar
USD/JPYUS dollar/Japanese yen
GBP/USDBritish pound/US dollar
USD/CHFUS dollar/Swiss franc
USD/CADUS dollar/Canadian dollar
AUD/USDAustralian dollar/US dollar
NZD/USDNew Zealand dollar/US dollar

The US dollar is the world’s leading reserve currency and is involved in about 88% of currency trades globally. The EUR/USD currency pair is the most heavily traded and therefore the most liquid currency pair in the world. If you’re going to open a forex trading account, this is the pair to start trading first.

Minor currency pairs

If a currency pair doesn’t feature the US dollar, it's considered to be a minor currency pair. The minors are sometimes called currency crosses because the market means you’re no longer required to first go through US dollars, as was once the case.

The minors aren’t as liquid as the majors, meaning they move more erratically and have wider spreads displayed on your forex trading account.

Minor currency pairs
EUR/GBPEuro/British pound
EUR/AUDEuro/Australian dollar
AUD/NZDAustralian dollar/New Zealand dollar
GBP/JPYBritish pound/Japanese yen
CHF/JPYSwiss franc/Japanese yen
NZD/JPYNew Zealand dollar/Japanese yen
GBP/CADBritish pound/Canadian dollar

The most widely traded minor currency pairs consist of pairs in which the individual currencies are also majors. Some of the more popular minors are EUR/GBP, GBP/JPY and AUD/NZD.

Exotic currency pairs

The final type of currency pair is known as an exotic. The exotics are essentially minors that feature currencies of emerging market economies.

The nature of emerging markets is that they’re less stable and much more illiquid as a result. This means that when it comes to trading exotic currency pairs, you’ll experience wild price swings and much wider spreads.

Exotic currency pairs
EUR/TRYEuro/Turkish lira
USD/HKDUS dollar/Hong Kong dollar
JPY/NOK Japanese yen/Norwegian krone
NZD/SGDNew Zealand dollar/Singapore dollar
GBP/ZARBritish pound/South African rand
AUD/MXNAustralian dollar/Mexican peso

Keep in mind that the wide spreads mean you may not see your trade executed at the price you expect. When you’re trading exotics, you need to make sure you know what you’re doing and manage your risk accordingly.

Which currency pair should I trade?

Picking the right currency pairs to trade on your account depends on your experience as a forex trader. If you’re new to the game, it’s best to stick with the major and minor pairs. This is because these markets are more stable and you’ll get lower spreads.

Exotic pairs are more difficult to work with because they are more erratic and their low liquidity means you’ll see higher spreads.

Whichever currency pairs you decide to trade, make sure you’re managing your risk. It’s imperative to understand that while the opportunity for moves may be larger in the exotics, this also means that your risks are amplified if the market moves against you.

Disclaimer: Trading CFDs and forex on leverage is high risk and losses could exceed your deposits.

Bottom line

There's no best broker in forex trading, but there are some that are more suited to your individual needs and circumstances. If you're newer to trading, you might prefer a broker that favours education or if you're more experienced you might choose one that has advanced features.

Regardless of who you choose, all forex trading comes with risk. In fact, depending on who you ask, somewhere between 60% and 80% of traders lose money. As such, this should only be taken on by more experienced investors.

Frequently asked questions about forex trading

Important information: Powered by Finder.com.au. This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.
To make sure you get accurate and helpful information, this guide has been edited by Joelle Grubb as part of our fact-checking process.
Kylie Purcell's headshot
Written by

Investments analyst

Kylie Purcell is the senior investments editor and analyst at Finder. She has completed a Certificate of Securities and Managed Investments (RG146) and specialises in investment products including online brokers, robo-advisors, stocks and ETFs. See full bio

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Kylie has written 134 Finder guides across topics including:
  • Investment strategies
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  • Stockbrokers
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  • Exchange traded funds (ETFs)
  • Ethical investing
  • ASX stocks
  • Stock and forex markets
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Writer

Cameron Micallef was a utilities writer for Finder. He previously worked on titles including Smart Property Investment, nestegg and Investor Daily, reporting across superannuation, property and investments. Cameron has a Bachelor of Communication and Media Studies/ Commerce from the University of Wollongong. Outside of work Cameron is passionate about all things sports and travel. See full bio

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6 Responses

    Default Gravatar
    AngusJune 13, 2023

    Is it legal for an Australian to trade forex through an international broker that is not ASIC regulated?

      AvatarFinder
      KylieJuly 5, 2023Finder

      Hi Angus,
      It’s not illegal to trade forex with a broker that is not regulated by ASIC but it’s certainly not advised. ASIC regulations ensure you’re protected under Australian laws and have rights as a trader – including the security of your funds and data. They also ensure brokers are held accountable for their actions.

      While overseas regulators may do the same, the situation becomes much more complex across borders and you may not be afforded the same protections as local residents. Meanwhile, forex trading platforms that are entirely unregulated are a red flag and should be avoided.

    Default Gravatar
    MartinApril 19, 2018

    I’m based in England, but my money is in an Australian bank, can I do forex deals from England (online) through an Australian broker? Any gains or losses would go into and out of my Australian account. I currently have no Australian address, but can provide a friends address if necessary. I’m British but hold Australian residency status.

      AvatarFinder
      MayApril 19, 2018Finder

      Hi Martin,

      Thanks for your inquiry.

      When engaging to the international trading in Australia, the general eligibility requirements for personal applicants will include:

      – Be over the age of 18
      – Have an Australian residential address
      – Have a valid contact number

      If you’ve already chosen a platform, I would suggest that you contact the provider directly so they can advise about your eligibility based on your circumstance.

      Cheers,
      May

    Default Gravatar
    amarAugust 28, 2017

    Sir/Madam,
    hello my name is mar and i am from india i’m learning about forex trading for 3 years and thus want to move to australia to do forex trading only. It is possible to migrate to australia to do forex trading only thank you

      Default Gravatar
      MariaAugust 28, 2017

      Hey Mar,

      Thank you for reaching out to us.

      You may find useful information on our page on Australian Immigration Guide.

      As finder is a financial comparison website providing general information, it would be best to seek professional advice on your concern.

      You may opt to seek help from a Migration Agent to advise you on the type of visa you can apply for and guide you through the process of your application.

      I hope this helps.

      Cheers!
      Maria

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