Choosing a Forex trading platform can be overwhelming, especially with the numerous options available in Australia. A good platform should offer more than just a place to trade; it should be a reliable partner that supports your unique trading style and goals. From my experience, the most crucial factors are low spreads and commissions, account types that fit your specific needs, and high-quality trading software. Furthermore, a top-tier platform should provide a wide array of trading instruments, ensure regulatory compliance for trust and security, and offer responsive customer service. Below you’ll find a breakdown of ten outstanding forex trading platforms that excel in these areas.
Eightcap (Best Forex Trading Platform)
Eightcap stands out as the premier forex trading platform due to its combination of competitive pricing, diverse market access, and versatile trading platforms. Eightcap offers low spreads, access to 95 crypto pairs, and 56 forex pairs, catering to a wide variety of trading interests. The integration of TradingView for advanced charting, MT4 and MT5 for traditional trading, and Capitalise.ai for automated strategies sets them apart.
Pros of Eightcap:
- Competitive spreads: Their Raw account provides spreads from 0.0 pips.
- TradingView integration: Access over 15 chart types and 400 built-in indicators.
- Wide Crypto Selection: Eightcap provides the most extensive list of cryptocurrency CFDs in the industry.
- No-code automation: Build trading strategies using natural language with Capitalise.ai.
Detailed Breakdown:
Trading costs are a key consideration, and Eightcap shines in this area with two account types tailored to different trader preferences. The Raw account offers spreads as low as 0.0 pips and a $3.50 commission per lot, making it ideal for high-frequency traders and scalpers. For those who prefer commission-free trading, the Standard account features slightly higher spreads, averaging around 1.0 pip on EUR/USD during my testing, yet remains competitive. If you like trading crypto, then the 95 market selections are highly appealing, along with the 56 forex options.
Eightcap’s integration with TradingView is particularly useful if you enjoy technical analysis, providing an array of features that include over 15 chart types, 400 built-in indicators, and 110 drawing tools. For those who prefer more established trading platforms, MetaTrader 4 offers an array of analytical tools, while MetaTrader 5 provides enhanced functionalities, including 21 timeframes and 44 analytical tools.
The incorporation of Capitalise.ai has streamlined the automation process. The no-code platform lets you create, back-test, and activate trading strategies using simple, natural language, which broadens accessibility for beginner traders who may not know how to code.
In summary, Eightcap’s low spreads, robust market access, and innovative platform integration make it a clear choice as the best overall forex trading platform.
DNA Markets (Lowest Commission Trading Platform)
DNA Markets stands out for its commitment to affordability, offering the lowest trading commissions available at just AUD $2.25 per lot traded. Pair this with spreads from 0 pips on their MT4 and MT5 platforms, and you have a cost-effective option without sacrificing platform quality.
Pros of DNA Markets:
- Lowest Commissions: Industry-leading commission rate of $2.25 per lot traded.
- MetaTrader Support: Supports both MT4 and MT5 platforms.
- Social Trading: Offers SignalStart for copy trading.
- Decent Market Selection: Good range of tradable instruments, including crypto and forex.
Detailed Breakdown:
The most notable feature of DNA Markets is the low $2.25 commission per lot on its Raw account, which is an excellent way to lower trading costs. For traders that don’t want to pay commissions, then DNA Market offers their Standard account with variable spreads starting from 1.0 pips on EUR/USD with no commissions.
DNA Markets provides both MetaTrader 4 and MetaTrader 5, providing easy access for beginners and seasoned traders with their familiar interfaces and advanced features. With the ability to use 35+ technical indicators and 20+ advanced drawing tools, you have the tools to make informed decisions in the markets. MetaTrader 5 further expands on the capabilities allowing market analysis through the Depth of Market tool.
DNA Markets has the social copy trading platform SignalStart for those looking to profit from markets without learning how to trade daily. Copy-trading automatically follows the trades of successful traders, which can be an ideal strategy to learn from experienced traders.
DNA Markets stands out for its commitment to affordable trading with top-tier platforms like MT4 and MT5.
Pepperstone (Zero-pip Spreads Broker)
Pepperstone excels with its excellent platform options (including MT4, MT5, TradingView, and cTrader), fast execution, and consistently provides 0.0 pip spreads on major forex pairs. These features make it highly attractive for scalpers and high-turnover traders looking to cut trading costs with no minimum deposits.
Pros of Pepperstone:
- Zero-pip spreads: Provides 0.0 pip spreads on major currency pairs consistently.
- Platform Variety: Offers MT4, MT5, cTrader, and TradingView.
- Customer Service: Excellent customer support, available 24/7.
- ECN Execution: ECN connectivity means fast, efficient order execution.
Detailed Breakdown:
Pepperstone’s Razor account consistently provides 0.0 pips on major currency pairs, which sets it apart because most brokers rarely allow spreads this tight. This allows you to execute trades at the optimal price, further lowering your trading costs if you’re an active trader looking for tight spreads 100% of the time. Pepperstone’s excellent and consistent spreads are achieved through its ECN model, which means you will have to pay $3.50 per lot.
Further boosting its appeal, Pepperstone’s execution speeds are among the fastest I’ve tested through limit orders being executed in around 77 milliseconds and market orders around 100 milliseconds. This is made possible through the use of Equinix servers located in key financial hubs, allowing for quick trade execution.
Pepperstone’s ability to offer true 0.0 pip spread with fast execution in the form of the ECN model positions it as a highly sought-after broker.
IC Markets (Lowest Spreads Trading Platform)
IC Markets consistently ranks as the broker with the lowest spreads across its trading platforms. The broker services over 200,000 active clients around the globe and trades over 1.64 trillion each month. Combining low spreads, deep liquidity and a range of trading platforms position IC Markets as a strong consideration for any trader.
Pros of IC Markets:
- Lowest spreads: Offers some of the lowest spreads in the industry.
- Enhanced cTrader experience: Lower Commissions when using the cTrader platform.
- Diverse instrument selection: A broad choice of financial instruments.
- Advanced analysis tools: Provides additional features such as Trading Central for in-depth market analysis.
Detailed Breakdown:
My tests have shown that IC Market’s spreads are among the lowest in the financial market, typically providing an average of 0.73 pips on EUR/USD in the Standard account. For the Raw account, the average spread on EUR/USD is around 0.19 pips, highlighting their commitment to competitive rates.
IC Markets provides a range of trading platforms such as MT4, MT5, TradingView and the stand-out cTrader. The cTrader platform blends advanced charts from TradingView with the analytical tools of MT5. The commission rate on this platform is lower ($3.00 per lot), offering further cost reductions.
IC Markets has a strong position as a leader in low-cost trading, with a wide range of platforms.
IG Group (Trading Platform With Widest Range Of Markets)
IG Group stands out through the selection of over 17,000 markets, giving traders a diverse range of options. Combine this with competitive spreads and trading signals, and you get a useful platform to trade from.
Pros of IG Group:
- Extensive Market Coverage: Access to over 17,000 markets.
- Competitive Spreads: Spreads from 1.13 pips with no commissions.
- Platform Options: Extensive selection of platforms for beginner and expert traders.
- Market analysis tools: Access Trading Signals.
Detailed Breakdown:
IG Group provides a large range of markets for day traders, with 17,000 instruments across shares, indices, forex, commodities, and ETFs. IG Group has over 80 currency crosses that allow you to trade on a range of major and exotic currencies. Furthermore, the broker’s extended trading hours and weekend market access provide additional volatility opportunities.
IG Group provides a web-based platform that boasts advanced charting tools with 60+ indicators and signals. The mobile app for iOS and Android devices allows for easy trading on the go, including access to alerts in real-time. Professional traders can use L2 Dealer, which gives market access and tools similar to MT4 and ProRealTime.
With a massive market selection and excellent tools, the broker caters to a range of traders.
CMC Markets (Best Forex Trading Platform For Beginners)
CMC Markets is specifically tailored for beginners, offering an intuitive Next Generation platform, advanced trading tools, and risk management options. Beginners will find this platform easy to use, supporting them when starting their trading journey.
Pros of CMC Markets:
- Beginner-Friendly Platform: The NGEN platform is intuitive and easy to navigate.
- Extensive Currency Pairs: Access to over 300 currency pairs.
- Risk Management: Features like Guaranteed Stop Loss Orders (GLSO).
- Advanced Trading Tools: Offers automated pattern recognition and sentiment tools.
Detailed Breakdown:
The NGEN platform is well-suited for novice traders as it is intuitive without overcrowding it with news feeds or multiple modules. You’ll find access to things like 80+ indicators, customisable watchlists, and Reuters news feeds.
CMC Markets has a GLSO order which protects your trade up to the price you selected even in volatile market environments. The automated pattern recognition software analyses candlestick patterns for real-time assistance to beginners. Additionally, the client sentiment tool gives additional market awareness of long and short positions on trades.
CMC Markets is an outstanding broker for beginners, providing intuitive tools and risk management features.
Frequently Asked Questions — Best Forex Trading Platforms in Australia
Which broker is best for forex trading in Australia?
Eightcap is the leading Australian Forex broker due to its low trading costs and robust selection of markets and platforms. It offers spreads from 0.0 pips with a $3.50 commission per lot on over 600 markets, including 56 forex pairs and 95 crypto pairs. Its compatibility with MT4, MT5, TradingView, and the availability of Capitalise.ai makes it stand out.
Is forex trading legal in Australia?
Yes, forex trading is legal in Australia. Regulated brokers operate under the Australian Securities and Investments Commission (ASIC), ensuring compliance and protections such as segregated funds for clients. Brokers are required to have an Australian Financial Services License (AFSL). These brokers may also be regulated in multiple jurisdictions like the FCA (UK) and CySEC (Europe).
What is CFD Trading?
CFD trading involves speculating on price movements of financial instruments, like forex pairs, without owning the underlying asset. It’s a high-risk product where your profits (or losses) depend on the difference between entry and exit price.
How to trade Forex in Australia?
First, select an ASIC-regulated broker with the right user-friendly platform for your trading style. Next, choose an account type and meet the minimum deposit requirements, setting up any mobile or desktop trading apps. Then develop a trading strategy using tools like stop-loss orders.
Remember that this content is not investment advice and that trading carries risks. Always consult a financial professional before making trading decisions.
Why trust Justin Grossbard?
Justin Grossbard has written extensively on Forex trading for renowned publications such as Forbes, Medium, Finance Magnates, MoneyShow, and Entrepreneur. His broker recommendations focus on the key needs of traders, including competitive costs, platform quality, customer service, and skill development. You can find out more about Justin at JustinGrossbard.com.
References
- Australian Securities and Investments Commission (ASIC) Website
- MetaTrader 4 and MetaTrader 5 Official Websites
- TradingView Official Website
- Capitalise.ai Official Website
- SignalStart Official Website
- cTrader Official Website
- JustinGrossbard.com