Best Forex Brokers for Beginners

Published on 30/09/2023

Compare the best Forex brokers for beginners in Australia. We'll also touch on 5 things to look for in a Forex trading account.

Brokers we recommend


4.8 / 5 FP Markets

Trade over 1,000 instruments on flexible leverage up to 1:500 on the MT4/5 and cTrader platforms. FPMarkets.com is a true ECN broker and accepts all trading styles without restrictions.


4.7 / 5 AvaTrade
77.82% of retail CFD accounts lose money

AvaTrade.com is an award-winning online broker, in business since 2006. Trade CFDs on one of the widest possible range of instruments and asset classes, from Forex to ETFs and government bonds.


Comparison table

We rate brokers across 5 categories and 18 criteria, following a standardised methodology. Here are our overall and category-specific ratings:

OverallMarketsTrading environmentDeposits and withdrawalsInvestor protectionCustomer service
FP Markets 4.8 5.0 4.9 5.0 4.0 5.0
AvaTrade 4.7 5.0 4.2 4.7 4.8 5.0
Forex (CFD)Cryptos (CFD)*Stocks (CFD)Indices (CFD)ETFs (CFD)Metals (CFD)Energy (CFD)Commodities (CFD)Bonds (CFD)
FP Markets 72121000164617452
AvaTrade 5514612233191072
MT4MT5TradingViewcTraderCopy trading
FP Markets
AvaTrade
Bank transferDebit cardCredit cardNETELLER *Skrill *Broker to broker transferBTC (Bitcoin)USDT (Tether)
FP Markets
AvaTrade
AustraliaCyprus (EU)South AfricaSt. Vincent & the GrenadinesUAE
FP Markets
AvaTrade

* Availability is subject to local laws and regulations.

Note: for brevity, this table only shows the most popular payment methods and regulators. Open a free account with any of these brokers to view funding options available in your country.



4.8 / 5 FP Markets

Trade over 1,000 instruments on flexible leverage up to 1:500 on the MT4/5 and cTrader platforms. FPMarkets.com is a true ECN broker and accepts all trading styles without restrictions.

  • Likes
  • Flexible leverage up to 1:500.
  • Trade over 1,000 financial instruments.
  • Trade on MT4/5 or cTrader without restrictions.
  • Copy trading service is available.
  • Customer support is available 24/7.
  • Dislikes
  • No TradingView integration is available for now.
  • No investor compensation fund in the event of bankruptcy.
Our take on FP Markets

We've traded through this broker's MT5 Raw account and can vouch for its low spreads and reliable trading environment. Its Raw account is designed for day traders and scalpers, and its Standard account will suit all others.

We also like the breadth of instruments available through its platform. You'll find over 70 currency pairs, as well as gold and silver priced in US dollars, euros and Aussie dollars. You can also go long or short on stocks and government bonds through over 40 ETFs.

Its free educational content also sets it apart from the competition. Fund your account to get access to trading signals from Trading Signal and Autochartist. You'll also get access to free trading courses for beginners and experienced traders, weekly webinars and e-books.


4.7 / 5 AvaTrade
77.82% of retail CFD accounts lose money

AvaTrade.com is an award-winning online broker, in business since 2006. Trade CFDs on one of the widest possible range of instruments and asset classes, from Forex to ETFs and government bonds.

  • Likes
  • Over 750 financial instruments on MT4/5.
  • Get free daily trading signals.
  • Easily copy professional traders.
  • No fees on deposits or withdrawals.
  • Get one-on-one assistance when you deposit US$1,000.
  • Dislikes
  • You cannot trade on raw spreads.
  • Quarterly and annual inactivity fees.
Our take on AvaTrade

The breadth of assets available to trade through its platform sets AvaTrade apart from the competition. You'll find over 750 instruments, including currencies, stocks, indices, ETFs (and leveraged ETFs), precious metals, commodities, cryptocurrencies, and government bonds.

AvaTrade supports the MT4 and MT5 platforms, available for Windows and iOS devices. Its web trading platform is sleek, with advanced charting tools. AvaTrade's spreads are competitive and fixed, which can provide a more predictable trading environment, well-suited for beginners.

Its customer service is excellent too. Every time a question has arisen, we've been able to speak to a customer support agent easily through a local telephone number. Our queries were resolved within minutes. AvaTrade support is available five days a week through various channels, including WhatsApp.

How to choose a broker for beginners

If you're new to Forex trading, choosing the right broker may seem daunting. Here are 5 things to look for in a Forex trading account for beginners.

1. Award-winning customer service

If you're new to Forex trading, you’ll need a broker that provides excellent customer service. This means having someone to answer your questions promptly and helpfully, in your mother tongue. To assess the quality and timeliness of your broker's customer service, we suggest contacting their support team prior to opening or funding your account. We like 4xc.com, winner of multiple awards in 2023 and 2022 commending the quality of its customer service(1).

2. User-friendly trading platform

Choose a user-friendly platform with advanced features. This is why all the brokers reviewed in this article support the popular MetaTrader 4 or 5 platforms. This will avoid any form of lock-in, and also make it easier for you to learn from their large communities of users. Both platforms support a rich ecosystem of apps. You'll also find more trading robots and indicators available for purchase from the MetaTrader Marketplace(2).

3. Low fixed spreads

Spreads are the difference between the buy price and the sell price of a currency pair. Low spreads mean that you will pay less in commissions when you trade. Spreads can either be fixed at all times, or float based on market conditions. We suggest trading through a broker that offers low fixed spreads, as this will make it easier for you to estimate each trade's profitability.

4. Learning material

As a beginner, you'll be keen to understand the basics of Forex trading and develop your trading skills. Take a look at the range of educational content available through FP Markets, that includes free online trading courses, ebooks and even weekly webinars. It's perhaps no surprise that FP Markets won the award for Best Education Material twice from Investment Trends Report(3). Some brokers will even give you the opportunity to ask professional traders questions in Q&A sessions.

5. Track record of success

Last but not least, choose a broker with a track record of success. Your chosen broker should have been in business for many years, and built a reputation among traders. This is why TrustedBrokers only partners with licensed brokers who've stood the test of time. However, we’d always encourage you to always do your own research before funding your trading account.

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Author

About the author

I'm Stéphane, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.

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