Last update 2020.09.23
Are you Australian or a foreigner looking for forex licensed brokers in Australia?
This reading is for you.
As forex trading has become increasingly popular among Australian citizens, a great variety of brokers has emerged in Australia. But, how to know which forex broker is really affordable and reliable?
The regulation of forex in Australia
To accept traders in Australia, brokers need to be authorized and licensed by the financial markets regulator in the country, the Australian Securities & Investment Commission (ASIC).
To list the best possible brokers for the Australian market, we seek to select brokers that are also authorized by other tier-1 regulators.
Find out now which are the best Forex brokers in Australia:
- FXCM: best offering and excellent support
- Oanda: excellent price plan and great support
- XTB: best platform usability
- Pepperstone: various copy trading platforms
- IG: excellent offering and web platform
Founded in 1999, FXCM is regulated by the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). FXCM is part of Leucadia Investments, a publicly-traded company.
FXCM has two types of accounts available: standard and premium, Active Trader, for high volume investors. The Active Trader Rebate Program provides benefits such as rebate pricing (for a minimum of USD 10 million on a monthly basis), dedicated support, API trading, among others.
Even on the standard account, FXCM provides low commission rates and average spreads. We searched average spreads of major Forex pairs for standard accounts, listed below:
- EURUSD: 1.1 pips
- GBPUSD: 1.7 pips
- USDJPY: 1.2 pips
- USDCAD: 1.6 pips
- USDCHF: 1.6 pips
- AUDUSD: 1.2 pips
- NZDUSD: 1.6 pips
The broker’s minimum initial deposit is £300. To deposit funds into your account, FXCM offers several options: debit and credit cards, bank wire, Skrill, Union Pay, and Neteller. You can check these options and the cost of operation here.
Customers depositing a minimum of $25,000 can have an Active Trader account (premium fx trading account). This type of account comes with a lower commission rate of $25 per million and access to premium searches.
It is important to note that an Active Trader accounts are charged a commission per trade, in addition to the reduced spreads, in contrast to standard accounts, which are charged only the spreads.
FXCM has its own platform called Trading Station, which includes various types of orders, advanced charting applications and indicator presets. In addition to this platform, other trading platforms are also available: MT4 and ZuluTrade.
You can trade forex automated with AI in FXCM!
By using the AI trading system, the artificial intelligence will automatically invest in your FXCM account. You can monitor the AI trading performance in real-time directly on our Wiseinvest’s dashboard or on FXCM trading station.
You can also trade manually with the AI forex signals at your own pace. In this case, it is just copy each forex signal and paste into the trading room.
Oanda is an American brokerage firm founded in 1996. Considered a secure broker, it is regulated by Tier-1 authorities such as the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). Oanda is not a publicly-traded company and does not operate a bank.
Oanda keeps clients’ funds in top-tier bank accounts and has a policy that resides in withdrawing client funds solely as a direct result of its activities related to trading or through withdrawal requests.
There are two types of accounts offered by Oanda: core account and premium account. Both accounts allow trading of 70 forex pairs. Core Account is charged in commissions and spread, while Premium Account is charged only on the spread. The minimum spread on the Core account is 0.1 pips and against 0.6 pips on the Premium account. OANDA has an average of 1.2 pips for pairs such as EUR/USD.
A particularity of OANDA is related to the contract size. Generally, a micro-lot is the smallest contract size for forex trading. However, OANDA offers the option to negotiate contracts of size 0.001 micro-lote. It means that you can trade forex from just $1.
The main platform offered by Oanda’s fxTrade. It is a web-based platform that provides technical analysis tools, trade performance analytics, and enables the customization of layouts. Oanda also offers the MT4 platform to its customers.
If you prefer, you can automatically trade with the AI trading system through Oanda from $1! Just like FXCM, you just need to link your Oanda account and the AI will automatically trade for you. That way, you don’t have to worry if you don’t have time to monitor the forex market! It is efficient, safe and time-saving.
You can also trade manually with the AI forex signals at your own pace. In this case, it is just copy each forex signal and paste into the trading room.
A publicly-traded broker, XTB is a brokerage founded in 2002. It is regulated by a tier-1 regulator: the Financial Conduct Authority (FCA). Thus, it treats the protection of Client Money in strict accordance with the FCA’s rules and regulations. All retail Client Money is held in segregated client bank accounts. All client funds are protected by the Financial Services Compensation Scheme (FSCS), up to £ 85,000 per person in the unlikely event of its insolvency.
There are three types of accounts available from XTB. The standard account has a minimum spread of 0.5 pips, minimum order 0.01, maximum leverage of 1: 500 and has no commission for forex. The Pro account has a minimum spread of 0.1 pips, a minimum order of 0.1 lot, maximum leverage of 1: 500, and a commission starting at $ 3.50 per lot.
The Islamic forex trading account has a minimum spread of 0.7 pips, a minimum order of 0.01, maximum leverage of 1: 500, and a commission starting at $ 10 per lot. The average spread of XTB for the EUR / USD pair is 0.7 pips for the standard account and 0.3 pips for the Pro account.
There is no minimum initial deposit amount when opening an XTB account. Funds can be deposited into your account by bank transfer, credit cards (MasterCard, Maestro, and Visa), and e-Wallets (PayPal and Skrill).
XTB’s own trading platform is xStation 5, which has heat maps, sentiment analysis, and trader statistics.
It is available on the web, mobile, and tablet. XTB also offers the MetaTrader 4 platform.
The Australian one of the list, Pepperstone was founded in 2010 and quickly became one of the largest forex brokers in the world. It is licensed by the Australian Securities and Investment Commission (ASIC) and authorized and regulated by the UK Financial Conduct Authority (FCA). Pepperstone is not a publicly-traded company. Pepperstone holds all client funds in segregated accounts held with a tier-one Australian bank.
With two types of account, Razor and Standard, Pepperstone offers variety in its pricing plan. The Razor account is commission-based and offers a minimum spread of 0. The average spreads of this type of account for the EUR / USD pair is 0.16pips. The standard account is based on commission incorporated into the prevailing spreads. This type of account has average spreads for EUR / USD of 1.13 pips.
The minimum initial deposit when opening a Pepperstone account is $200.00. The deposit methods are Visa and MasterCard, POLi, bank transfer, BPAY, PayPal, Neteller, Skrill, and Union Pay.
Despite not having its own platform, Pepperstone offers the MetaTrader 4, MetaTrader 5, and cTrader platforms. In addition, they also offer platforms for copy trading, such as MirrorTrader, RoboX, ZuluTrade, and MyFxbook. You can access the comparison of these platforms here.
You can use Wiseinvest AI forex signals on Pepperstone. The forex signals are sent by e-mail and Telegram, requiring only copy and paste into the brokerage account.
IG was founded in 1974 and has more than 239,000 customers worldwide. It is one of the safest forex brokers, being regulated by the Australian Securities & Investment Commission (ASIC) and five other Tier-1 regulators. Thus, traders’ investments are kept in segregated bank accounts, in regulated banks, and cannot be mixed with IG’s own money.
In a possible liquidation situation of the broker, all deposits are legally protected under the conditions of fiduciary money, since clients funds are held in regulated trust accounts.
IG offers two types of accounts, the standard and the other for professionals with a higher volume of trades. Both accounts have different fees and commissions.
To open a standard account, you will need to deposit at least £250. To deposit funds into your account, you can use, at no additional cost, debit card of Visa and MasterCard flags; credit card (1%charge for Visa and 0.5% charge for MasterCard); PayPal (1% charge), and BPAY.
The main IG trading platform is web-based. It is customizable, the graphics contain advanced features and allow the insertion of alerts for indicators. In addition, MetaTrader4 platforms, a platform of their own, L2 Dealer, ProRealTime, and APIs are offered. IG also has a mobile app for you to invest anywhere.
You can use the AI signals in the IG accounts. The signals are sent by email and Telegram, being necessary only to copy and paste into the broker’s account.
The best way to trade forex
There are two ways to invest with our AI in forex:
1. Automated with AI-Trading. Check out the 3 steps to trade automated with our AI.
By trading forex automated with AI, you will save time and improve your performance without monitoring the market and managing trading platforms.
With Automated AI trading you do not need MT4 / MT5 and other trading platforms to invest in forex. All forex trades are automatically placed into your broker account every time that our AI system identifies a new worthy trading opportunity. You can monitor the AI trading performance in real-time directly on our dashboard.
Automated AI trading benefits
- Setup in 3 minutes.
- Totally hands-off, from anywhere.
- Invest from just $1.
- Integrated with the forex best brokers.
- APY of 40% over the past 13 years*.
- Lightning-fast execution & no slippage.
- No commissions, no management fees.
- Portfolio with 40 different automatic strategies.
- No MT4/MT5 or other platforms required.
- Test with a risk-free practice account.
- Trading results directly on our dashboard.
- Trading alerts in the broker account by email and Telegram.
Don’t you have a broker account yet? Our AI is integrated to trade automated with the broker Oanda and FXCM. Click here to open an account with FXCM or here to open with Oanda. Those are some of the best forex brokers in the world.
2. Manually with AI forex signals.
Wiseinvest also provides AI forex signals that perfectly fit into MT4, MT5, and any trading platform. To trade with our AI forex signals, you must simply copy the data you receive from each real-time signal into any forex brokerage account of your choice.
There are five unique variables for each AI signal, and each must be copied exactly, in order to match the performance of the signal as close as possible.
Each AI forex signal alert consists of the following five data points:
- Symbol (forex pair)
- Direction (long or short)
- Position size (number of units or lots)
- Take profit (price level to exit with maximum gain)
- Stop loss (price level to exit with maximum loss)
Check out how to trade with our AI forex signals.
- Subscribe to a Wise-Plan.
- Open a Brokerage account. Check this article about the best forex Brokers.
- Set an amount and a position size on our Wiseinvest dashboard.
- Our AI will send you real-time trading alerts by email and Telegram.
- Copy the signals and paste into your Brokerage account.
All forex signals are sent every time that our AI trading system identifies a new trading opportunity. Our trading strategies are developed on a variety of time frames such as 4 and 8 hours.
Wiseinvest AI forex signals are Market Orders and you do not need the entry price. You can copy each signal while it is available on our dashboard. We do this way to assure that traders will just place signals while they are good to be traded.
You can trade forex with our free forex signals clicking here, or with our Premium subscription that provides you unlimited AI signals and automated AI trading in partner brokers. Whether you are a beginner or a professional forex trader, our AI trading system can help you save time and improve your trading performance. Get started with free AI.
When investing through Wiseinvest automated AI trading or AI forex signals, you do not need to calculate pips and change the leverage in your forex broker account. Learn more about leverage in forex trading clicking here.
What is the performance of the AI in forex trading?
The Win Rate of our AI varies and can reach up to 95%. Our performance is based on an efficient frontier, which means that our model is profitable whenever the Win Rate is greater than 60%. Our strategies seek stable returns and sufficient results to achieve an average return of 40% per year (APY), without the application of high leverage.
We know that what matters in forex trading is the final result. Therefore, the investor needs to note that Win Rate is not always the best metric, as other signal providers disclose. For example, out of 100 trades, only 1 trade may be enough loss to make the 99 trades not profitable. In this case, the Win Rate would be 99%, but the final result would be unfeasible (negative). Therefore, we focus on the return of 40% of APY and not just on Win Rate.
It is essential to observe that forex brokers may charge spreads, commissions, and overnight fees. These factors can affect the AI performance. You can check our forex trading track record clicking here.
How much do I need to trade forex with AI?
You can start in forex trading with free AI forex signals or AI trading account and deposit just $1 in the broker. You can also test using a risk-free practice account with our AI trading system. However, in order to do efficient risk management in real accounts, we suggest you start from at least $100. Notice that some forex brokers require different initial deposits to trade forex.
What is the trading strategy of our AI?
Our AI analyzes those fundamental, technical, and sentiment factors that affect forex trading, and all criteria are evaluated in real-time using different weights. After completing the analysis, the choice of the signal emission strategy is made considering the increased likelihood of short-term profit and the amount available for investment.
Using technical analysis, our algorithm considers not only the patterns of various trends, including support and resistance levels and cross-indicators, but our AI is also able to create its own real-time index for each currency pair, that is used to identify what is the best direction and target.
In relation to fundamental analysis in forex, the AI makes a correlation within the economic calendar to find news data that can affect specific currency pairs.
Understanding Finance Is Critical to succeed
No matter how you decide to learn about finance, having these skills can bring success in your professional and personal life. We always recommend learning more about finance and trading.
Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.
The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. The forex broker Fxcm warns that 69.66% of retail forex traders lose money trading CFDs.
The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.