Are you searching for the best online broker in Australia with little or no minimum deposit? Then this article gat you covered.
This article will discuss the best online broker with no minimum deposit in Australia, along with their features, pros, and cons.
An online broker is a person, company, or firm facilitating the selling and buying of a security over an electronic network. Below is a list of the 10 best online brokers with little or no minimum deposit in Australia
List of the 10 Best Online Brokers with no Minimum Deposit in Australia
Below is the list of the 10 best online brokers with no minimum deposit in Australia:
#1. eToro
eToro is an online brokerage firm established in 2007, and it’s one of our top picks for multiple reasons.
This platform is regulated in one tier-2 jurisdiction and two in tier-1, including the Australian Securities and Investment Commission (ASIC). It is an excellent choice for all types of Forex traders in Australia.
Features
- eToro is regulated by ASIC
- This platform offers a social trading experience
- Seamless account opening
- It charges a $10 monthly inactivity after 12 months of login activity
- It offers multiple offices in Australia
- eToro comes with a demo account opening
Pros
- Free ETF and stock trading on this platform
- Easy and seamless account opening
- Social trading
Cons
- Its non-trading fees are relatively high
- It has only one account base currency
- Poor customer service
#2. IC Markets
IC Markets was established back in 2007 in Sydney, Australia. IC Markets is regulated in one tier-2 and one tier-1 jurisdiction.
It’s also regulated and authorized by the Australian Securities and Investment Commission (ASIC), making it a safe platform for Forex trading in Australia.
Features
- ASIC regulates IC Markets
- It has a physical office in Australia
- It comes with an extremely low Forex fee
- Fast and easy account opening
- It supports 22 base currencies
- It charges no inactivity and withdrawal fee
Pros
- Forex fees are low
- Fast account opening
- Free deposit/withdrawal
Cons
- Product selection is limited
- Slow live chat support in this platform
- No user’s protection for non-EU clients
#3. IG.com
IG Markets was established back in 1974. This platform is regulated in 6 different tier-1 jurisdictions, including the ASIC. Not only is it a safe and trusted online brokerage, but it also offers everything you need for your Forex trading.
Features
- ASIC regulates IG.com
- It has multiple physical offices in Australia
- IG.com comes with a first-class and fast web trading platform
- It offers an excellent mobile app
- No withdrawal fees are charged, and no minimum deposit is required
- It offers a demo account
Pros
- First-class trading platform
- Exceptional educational tools
- Great deposit/withdrawal options
Cons
- Relatively high forex and stock CFD fee
- Limited product portfolio
- Poor customer support
#4. CMC Markets
CMC Markets was established back in 1989. This platform is regulated in two tier-2 and four tier-1 jurisdictions. It’s a low-risk trading platform and is one of the biggest supporters of ASIC rules and regulations.
Features
- ASIC regulates CMC Markets
- It has a physical office in Australia
- CMC customer support service is also impressive
- It supports 10 different base currencies
- It offers a demo account
Pros
- Forex fees are relatively low
- Great mobile and web platforms
- Advanced educational and research tools
Cons
- Relatively high stock CFD fees
- Only CFDs are available on this platform
- Customer support is not available 24/7
#5. Plus500
Plus500 was established back in 2008. This firm is regulated in four tier-2 and three tier-1 jurisdictions, including the ASIC.
Not only is it a trusted and safe online brokerage, but it also offers an excellent set of features and tools that all types of Forex brokers can use in Australia.
Features
- The ASIC regulates Plus500
- It has a physical office in Australia
- Comes with easy to use the mobile app, web and desktop applications
- Seamless and fast account opening
- It supports 16 different base currencies
Pros
- Quick account opening
- Helpful customer support
Cons
- Its CFD fees are average
- Difficult to navigate educational tools
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#6. AvaTrade
AvaTrade was established back in 2006. This broker is one of the easiest Forex trading platforms that suit beginners. AvaTrade is regulated by three in tier-2 and three in tier-1 jurisdictions, including the ASIC.
Features
- ASIC regulates AvaTrade
- It has a physical office in Australia
- Free withdrawal/deposit options
- AvaTrade charges no inactivity fee
- It offers a demo account
- Great educational/research options
Pros
- Fast and easy account opening
- Free deposit/withdrawal options
- Superb research tools
Cons
- Only forex, CDFs, and cryptocurrencies offered
- Its inactivity fees are relatively high
- Forex fees are average
#7. Oanda
This brokerage firm is one of the oldest online brokerages, established in 1996. Oanda is regulated by six different tier-1 jurisdictions, including the ASIC. It’s a low-risk platform that offers everything you need for a seamless Forex trading experience.
Features
- ASIC regulates Oanda
- It has a physical office in Australia
- It offers outstanding research tools
- Fast account opening and user-friendly
- It offers a demo account
- No withdrawal/depositing fee charges
Pros
- Excellent trading platforms
- Outstanding educational and research tools
- Fast and user-friendly account opening and platform is easy to navigate
Cons
- Only Forex and CFD are available
- It has no stock exchange listing and banking background
- Customer support is not available 24/7
#8. Interactive Brokers
Interactive Brokers was established back in 1977. ASIC and 5 other authorities regulate this platform in tier-1 jurisdictions.
Not only is it a safe and low-risk online broker for Forex trading in Australia, but it’s also the best that equally serves all types of traders.
Features
- ASIC regulates this platform
- It has a physical office in Australia
- It offers a low trading fee
- It comes with a demo account offering
- It supports 22 different base currencies
- It has an amazing collection of research tools
Pros
- Its trading fees are low
- Wide variety of products
- It has many great research tools
Cons
- Complex account opening process
- Complex trading platform
- Understaffed customer service and poor customer support
#9. Pepperstone
Pepperstone was established back in 2010. This platform is regulated by several tier-1 jurisdictions, including the ASIC. It’s a safe and low-risk online brokerage that can be one of your best options for Forex trading in Australia.
Features
- ASIC regulates Pepperstone
- It offers a physical office in Australia
- It comes with fast and fully digital account opening functionality
- It supports nine different base currencies
- No minimum deposit is required, and it doesn’t charge any inactivity/withdrawal fee
Pros
- Fully digital and fast account opening
- Good customer service
- Seamless and free deposit/withdrawal
Cons
- Pepperstone offers mostly CFDs
- MetaTrader platform is basic
#10. Forex.com
Forex.com was established back in 2006. This platform is regulated by four tier-1 jurisdictions, including the ASIC. It’s also a great online forex trading platform for Forex trading in Australia.
Features
- ASIC regulates Forex.com
- Forex.com offers extremely low Forex fee
- Diverse research/technical tools
- Availability of demo account
- No withdrawal fee is charged
- It offers a great range of currency pairs
Pros
- Forex fees are low
- Wide variety of currency pairs
- Diverse technical and educational research tools
Cons
- The product portfolio is limited to fx and CFDs
- High stock CFD fees on Forex.com
- The platform is difficult to navigate
Online brokers allow for greater control over trades, executing them far faster and enabling traders to manage multiple positions simultaneously.
This reason has opened financial trading up to more traders than ever before via execution-only brokers that offer online trading with lower costs than a discretionary service or an advisory.
Watch the video below to know the best online brokers with no minimum deposit in Australia:
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