The Best 3 Australian Brokers for 2020

Finding the best broker is essential to any trader, whether it is to get the best bid and ask price, or to trade in exotic currency pairs which are not found with many competing brokers. 

Brokers often offer different services and fees to clients depending on the geographic location of the client. Therefore, it is vital to choose the broker which provides you with the best services to succeed, regardless of the instruments you trade. This is why we have decided to help you out by testing over 30 brokers and handpicking the best 3 for Australian clients in 2020. 

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We rated these brokers in the same way we do in our usual tests, but applied all results to Australian clients only. We then compared our top 3 rated brokers against one another. Click here to see how we test.

All brokers which contended for the top 3 rankings are ASIC regulated (the regulatory body for financial institutes in Australia). Any broker with a verified ASIC number is deemed safe by the Australian Securities and Investments Commission. Anyone who is an Australian resident over 18 can apply to trade with these brokers. Below is a list of the best rated ASIC regulated brokers which competed for our bronze, silver and gold awards.

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Broker

ASIC?

Average Spread (EUR/USD)

Minimum Deposit

Copy Trading?

Available Instruments

Overall

Visit Site

$250

1400+

5/5

0.7 

$100

300+

4.5/5

0.8 

$50

12,000+

4/5

eToro

ASIC?

Average Spread (EUR/USD)

3

Minimum Deposit

$250

Copy Trading?

Available Instruments

1400+

Overall

5/5

Fortrade

ASIC?

Average Spread (EUR/USD)

0.7

Minimum Deposit

$100

Copy Trading?

Available Instruments

1400+

Overall

4.5/5

City Index

ASIC?

Average Spread (EUR/USD)

0.7

Minimum Deposit

$50

Copy Trading?

Available Instruments

12,000+

Overall

4.5/5
Podium of the 3 top brokers; eToro first, Fortrade second, and City Index third.

eToro takes first place for Australian clients in 2020, here is why:

eToro is a great broker for Australian clients in 2020 as it offers so many more possibilities to trade in markets which you cannot access anywhere else, such as a wide array of Cryptocurrencies and cannabis stocks. eToro is always on the forefront in gaining the newest IPO’s (Initial Public Offerings), such as Beyond Meat and Uber. 

Additionally, we concluded that eToro had the best copy trading platform, allowing those who are new to trading to stand a much greater chance of success as they can follow experienced traders who have found their edge in the markets. Whilst its spreads are higher than the other brokers, it provides an amazing service which is unparalleled to its competitors. 

Silver for Fortrade

Fortrade has been rated silver this year, with a 4.5 star rating! Please note, that this 5 star is in comparison to the other brokers who competed in our top UK spot, not as a broker overall. If you would like to see our full Fortrade review, please click here.

Fortrade has been awarded the gold spot for many reasons. Our tests concluded that they have the lowest average spread (0.7), making this one of the lowest-costing brokers for Australian traders. 

Although eToro and City Index provide much more variety for traders, they cannot compete with the low costs incurred when trading with Fortrade. We believe this to be crucial to the success of traders, both active professionals and those just making a start. The lower the costs of trading, the more profitable one can be. 

City Index firmly holds 3rd place for 2020

City Index is a great broker for Australian clients in 2020, providing access to trade over 12,000 different instruments at a very competitive average spread across the markets. This is among the most amount of securities provided by a single broker. There is truly something for everyone to trade on this platform. 

City Index will remain a top broker for Australian clients throughout the year as it is far ahead of many competitors; allowing access to multiple accounts which many brokers do not provide, for example spread betting. In addition, City Index offers highly competitive average spreads, improving your chances of profitability.

We thoroughly tested every aspect of City Index, click here to see our full review. 

Checking for ASIC Regulation

To operate in Australia, financial institutes such as brokers must be regulated by the ASIC (Also known as the Australian Securities and Investments Commission).

To find out whether your broker of choice is ASIC regulated, scroll to the bottom of any page on their website, and identify their ASIC registration number from their disclosure information (noted in the footer of the website). This is often alongside other regulatory information, such as how many clients lose money when trading with this specific provider, as well as other regulatory bodies such as FCA (Financial Conduct Authority) in the UK and CySEC (Cyprus Securities and Exchange Commission) for Cypriot and European areas.

Here is an example of what to look for:

This website and the information provided does not constitute investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results. The information given is a reflection of opinion. Trading CFDs on leverage involves significant risk of loss to your capital.