Forex trading among retail investors and traders in Australia is on the rise as this huge financial market expands in the country and globally. Many currencies trade in the forex market, and the Australian dollar (AUD) — known as the nickname “the Aussie” — is among them. The Reserve Bank of Australia (RBA), the country’s central bank, issued and managed this currency.
Furthermore, the Bank for International Settlements (BIS) ranked the AUD 5th among April 2016’s most actively traded currencies, making up 6.9 percent of forex market turnover. The AUD was also ranked 6th among currencies held as central bank reserves, making up 1.5 percent of Q3 2018 reserves, according to the International Monetary Fund (IMF).
When selecting the best online brokerage firms regulated by ASIC, remember that the forex broker you choose is as important as how you trade. Also, the amount of leverage you can use, the assets you can trade, the available trading software, and the required amount for a minimum margin deposit can vary substantially between brokers, so review each forex broker carefully to ensure they can fulfill your requirements.
Best ASIC-Regulated Forex Brokers
Each of the top ASIC-regulated forex brokers listed below accepts Australian clients. Although forex traders based in Australia will typically select an ASIC-regulated broker to deal through for their own protection, other international brokers may also accept them as clients.
Best for Dedicated Forex Traders: FOREX.com
- Best For:Earning Cashback on TradesVIEW PROS & CONS:securely through Forex.com's website
- Minimum Deposit: $100
- Currency Pairs: 80+
- Trading Platforms: MT4, web trader, mobile app
FOREX.com is a globally recognized forex broker, and the largest in the U.S. by client assets. It operates under multiple top-tier regulatory authorities, including ASIC in Australia, as well as the CFTC and NFA in the U.S. Australian traders can access a wide range of trading instruments, while leverage is capped at 50:1, the platform supports micro-lot trading for those who prefer a more conservative approach. Traders can choose from FOREX.com's proprietary platform or use industry-standard platforms like MetaTrader 4, MetaTrader 5, and NinjaTrader—available on desktop, web, and mobile.
Why We Picked It: We picked FOREX.com for its multi-platform support, advanced charting tools, and regulatory reliability. The broker’s flexibility in platform choice—ranging from its own interface to MT4, MT5, and NinjaTrader—caters to all experience levels. The $100 minimum deposit makes it accessible, while micro-lot trading provides a safer entry point for cautious traders. FOREX.com’s commitment to platform quality, tight regulation, and broad accessibility makes it a solid pick for serious forex traders.
Best for CFD Traders: Vantage Markets
- Best For:Dedicated CFD TradersVIEW PROS & CONS:securely through Vantage Markets's website
- Minimum Deposit: From $50
- Currency Pairs: 40+
- Trading Platforms: Copy Trading, MT4, MT5, Proprietary App, PRO Trader Tool, SmartTrader Tools, TradingView
Vantage Markets is a highly reputable global forex broker founded in 2009. Beyond forex, it offers access to indices, commodities, cryptocurrencies, and over 200 CFD instruments. The platform supports over 40 FX pairs, with additional assets including oil, gas, and gold. Vantage is designed to handle high-volume trading with deep liquidity and competitive pricing. Traders benefit from low fees, negative balance protection, fast deposits and withdrawals, and 24/7 customer support. The broker also supports Islamic accounts, making it inclusive for traders seeking interest-free trading options.
Why We Picked It: Vantage Markets stands out for its low trading fees, and diverse asset selection. The platform’s support for high-volume trading, combined with liquidity from top-tier providers, makes it attractive for both retail and professional traders. Features like a 50% welcome bonus, negative balance protection, and support for Islamic accounts add to its accessibility. Its quick registration process, responsive support, and broad product range position Vantage as a reliable all-around broker for Australian traders.
Best for Leveraged Trading: Plus500
- Minimum Deposit: $100
- Currency Pairs: 60+
- Trading Platforms: Web platform and mobile app
Plus500 is a globally recognized CFD broker regulated by the Australian Securities and Investments Commission (ASIC), operating under AFSL #417727 through its subsidiary Plus500AU Pty Ltd. Established in 2008, the company is publicly traded on the London Stock Exchange and is a constituent of the FTSE 250 index, underscoring its financial stability and transparency. An important note is that Plus500 doesn't offer popular trading platforms like MT4, MT5, or TradingView.
Why We Picked It: We selected Plus500 because its proprietary WebTrader platform stands out for its ease of use. Plus500 provides access to a broad range of CFD products, allowing for portfolio diversification across forex, stocks, indices, and commodities. The fee structure is transparent—trading is commission-free with clearly listed spreads—and risk management tools like negative balance protection and guaranteed stop orders add an extra layer of safety.
Best for Multi-Asset Traders: Interactive Brokers
- Best For:Professional TradersVIEW PROS & CONS:Securely through Interactive Brokers’ website
- Minimum Deposit: $100
- Currency Pairs: 100+
- Trading Platforms: TraderWorkstation (TWS), Introducing Brokers through oneZero Hub Gateway so that MetaTrader 5 can be used.
Interactive Brokers is a long-established U.S.-based broker, founded in 1977, and is widely known for its access to over 120 global markets. It accepts Australian clients through its ASIC-regulated subsidiary, Interactive Brokers Australia Pty Ltd. The platform supports trading in forex, stocks, futures, options, bonds, and funds, making it one of the most comprehensive multi-asset brokers on the market. Its flagship platform, Trader Workstation (TWS), is tailored for professional and high-volume traders and is available on both Windows and Mac. Interactive Brokers also offers a simplified Client Portal and a mobile trading app for iOS and Android.
Why We Picked It: We chose Interactive Brokers for its unmatched market access and professional-grade tools. The broker’s ability to support high-volume and multi-asset trading appeals to advanced traders. The TWS platform is one of the most powerful in the industry, ideal for active and institutional-level traders. Although the commission structure can be complex and there’s an inactivity fee, the overall pricing is very competitive. Its deep research library and robust trading tools further reinforce its position as a top choice for serious traders.
Best for Beginners: AvaTrade
- Best For:Non U.S. Forex & CFD TradersVIEW PROS & CONS:securely through AvaTrade's website
- Minimum Deposit: $100
- Currency Pairs: 60+
- Trading Platforms: MT4, MT5, WebTrader, ZuluTrade Duplitrade and AvaSocial
AvaTrade is a globally regulated forex and CFD trading platform with oversight from seven regulatory bodies across six continents, including ASIC in Australia. Known for its beginner-friendly design, AvaTrade combines ease of use with professional-grade tools. The platform supports a wide range of assets, including forex, commodities, indices, cryptocurrencies, and more, and offers access to popular trading platforms like MT4, MT5, and AvaTrade’s proprietary WebTrader.
Why We Picked It: We chose AvaTrade for its intuitive user experience and broad asset offering. Its platform is easy to navigate for beginners but still offers advanced features suitable for experienced traders. The ability to trade with high leverage, combined with access to trusted platforms like MT4 and MT5, adds flexibility and control.
What is ASIC?
The primary financial sector regulatory agency in Australia is the Australian Securities and Investment Commission (ASIC). This organization supervises all financial markets in Australia and settles and clears securities in the country.
ASIC operates under the authority of Australia’s Corporations Act and Market Integrity Rules. All forex brokers with Australian offices must be authorized to operate by ASIC before accepting clients.
Another relevant regulatory body for Australian traders, especially if they trade stocks and other exchange-traded securities, is ASX Compliance that is a separate division of the Australian Stock Exchange (ASX). ASX Compliance oversees listed entities and market participants to make sure they comply with the ASX listing and operating rules for all of its exchange-traded markets. ASX Compliance works closely with ASIC to alert the government regulator when it observes possible rule violations or other relevant issues.
What to Consider Before Trading Forex
When considering your choices for the best ASIC-regulated forex broker, the one you select is just as important as how you trade, so choose wisely. Open an account with a reputable broker that you feel safe with since you’re entrusting them with your margin deposit.
Before starting to trade forex, think about how you intend to operate in the currency market. Listed below are some of the key considerations to take into account before trading in a live account:
- Devise a trading strategy: Every successful trader needs to know what their strategy will be for making money trading forex. Whether you are a scalper, a day trader, a swing trader or a trend trader will determine the time frame in which you hold positions and how you manage them.
- Choose currencies to trade: Some currency pairs have much tighter dealing spreads and so are more appropriate for certain strategies like scalping. Other currency pairs can show impressive long-term trends and may be more suitable for trend traders, so choose your currency pairs wisely and in a way that suits your chosen strategy.
- Write down a realistic trade plan: For best success trading, you will want to plan out exactly how you intend to trade and write it down. You will then need to have the time, discipline and financial resources to be able to follow your plan accurately in a live trading environment.
- Choose the best forex broker: The broker you choose to trade with can strongly impact your success as a trader, so choose one wisely after first assessing your needs in detail.
- Open a demo account: Just about every online broker will provide you with free access to a demo account funded with virtual money so that you can try out their platform and practice trading. You can also use demo accounts to test your trading plan with to make sure you can operate it profitably.
Next Steps with ASIC Forex Brokers
Virtually all online brokers provide a website and customer service personnel who speak English, so Australians should experience no communication challenges when selecting a forex broker from the list above.
In addition to choosing an ASIC-regulated broker to trade through from Australia, you’ll want to research the broker’s reputation with its customers and make sure it segregates client funds from its own. Once you feel comfortable with a forex broker, you can open up a free demo account with them to test services and start practice trading.
Frequently Asked Questions
Whar does the ASIC do?
The ASIC regulates the financial industry in Australia including banks, Forex, financial institutions, and Austrailian companies.
Do Forex traders in Australia pay tax?
Yes, Austrailia is one of the few countries that tax the profits made from Forex trading.
Who regulates Forex trading in Australia?
In Australia, the Australian Securities and Investments Commission, also known as ASIC regulates trading.
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About Jay and Julie Hawk
Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics. With over 40 years of collective trading expertise and more than 15 years of collaborative writing experience, the Hawks specialize in crafting insightful financial content on trading strategies, market analysis and online trading for a broad audience. While their prolific writing career includes seven books and contributions to numerous financial websites and newswires, much of their recent work was published at Benzinga.
