What is HotForex? Top 5 Australian Forex Brokers

A foreign exchange broker is an intermediary who executes a trader’s currency purchases and sales. They provide their customers with round-the-clock, seven-day-a-week access to this international marketplace.

As a result of retail FX traders’ demand, several brokers have entered the market. However, not all of them are created equal. Therefore, when looking for the best forex broker, it is essential to consider operational standards and regulations. Throughout Australia, regulations are enforced by the Australian Securities and Investments Commission (ASIC).

Retail traders and their funds are well protected by ASIC regulation, even though its laws are less strict than those imposed under other jurisdictions such as the UK. Having covered what to look for in a reliable forex broker, this piece will now provide an overview of 14 of Australia’s top brokers.

What exactly is HotForex?

Hot Forex, established in 2010, is a popular Forex and CFD broker in Nigeria. HotForex provides local support in Nigeria via a phone line and a network of regional offices. Over 2.5 million Live Trading accounts have been successfully registered worldwide since its inception, turning many people into instant multimillionaires.

They offer FX trading in addition to Contracts for Difference (CFDs) on commodities, energy, metals, significant equities, and indices and serve both novice and experienced Forex traders.

This HotForex review will continue to delve into the broker’s account options, trading costs, deposit/withdrawal processes, customer service, bonus provisions, and much more.

The Top 5 Australian Forex Brokers

See our top best Australian forex brokers below. These suggestions are based not on personal experience but on research and reputation.

1. eToro

Since its launch in 2006, eToro has earned a solid reputation as the premier copy-trading FX broker. Trading is possible in roughly 50 different currency pairs. Spreads often begin at three pip, higher than the market average.

Opening an account will require a minimum of $200, and leverage is comparable to that supplied by other brokers on our list. While eToro does offer some advanced features on its platform, like a clone trader function, it does not support any other media. Compared to other options, eToro’s educational resources fall slightly short.

2. Plus500

Plus500 provides Australian traders leverage up to 1:30 on more than 60 different currency pairings. There’s only one account you can open, which requires a hundred bucks to do, but you may try it out for free by signing up for the demo.

Plus500 may not have the most competitive spreads among these brokers, but it makes up for it with clear, upfront pricing and no deposit fees. Since it exclusively provides its platform, this broker is better suitable for seasoned traders. However, if this is your first time using a trading platform, you may find all the bells and whistles here a bit much.

If you’re new to forex trading, you should have some experience before using Plus500 as your broker because of the limited quality of its training resources.

3. Pepperstone

Pepperstone has two different account options, each with its own set of costs. The Standard account has no commission, and spreads start at 0.6 pips. Spreads on its Razor account start at zero pip; however, a commission is charged from $3.50.

Retail customers in Australia can get up to 1:30. A maximum leverage of 1:500 is available to those approved for a Pro account. There is a $200 minimum deposit requirement, and the demo account’s trial period is only 30 days.

More than 60 major, minor, and exotic currency pairs are available on various platforms (including TradingView, MT4, MT5, and cTrader). Pepperstone offers instructional resources like webinars, market research, and a trove of manuals and articles for new traders.

4. AvaTrade

AvaTrade is a CFD-regulated broker offering access to over a thousand different types of financial products across a variety of trading venues. It first opened its doors in 2006. It provides a free 21-day demo account with $100,000 and a 20% welcome bonus up to $10,000, per regulations.

The Central Bank of Ireland oversees AVATrade EU Ltd. (No.C53877). The Financial Services Commission of the British Virgin Islands governs Ava Trade Markets Ltd. Australia, South Africa, Japan, the Middle East, Cyprus, and Israel also have strict regulations on the subject.

The United States, North Korea, New Zealand, Iran, and Belgium are all countries where AvaTrade is unavailable. Deposit as little as $100 with no limits or fees.


FXCM is a British zero commission broker that facilitates trading in shares, CFDs, and forex for customers all around the world, and their motto is “Client First, Trader Driven.”

FXCM has strong regulations from the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission of Australia (FSCA).

Although there have been some legal issues with FXCM, the company has been around since 1999, making it an old and trusted broker. If you want to withdraw to a credit or debit card, you won’t be charged any fees, but if you wish to draw to a bank account, you will.

MetaTrader 4, ZuluTrade, and NinjaTrader are just a few of the famous trading platforms that FXCM supports; however, the company also offers an excellent proprietary platform, which can be accessed via the web, a desktop trader, or a mobile app.

The Trading Station website is a breeze to navigate and offers advanced customization and search tools. A variety of orders, including time orders, are supported by this system. There are no price alerts or notifications, and the research tools aren’t built in; you’ll have to navigate away from the page to use them.

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