In this comprehensive guide, we provide an overview of the best forex brokers in Australia, taking various factors into account. We have conducted a thorough analysis of the top-rated Australian forex brokers, considering aspects such as fees, security, regulation, trading platforms, and more.
List of the Best Forex Trading Platforms in Australia
We have curated a list of the finest forex brokers in Australia and have ranked them accordingly. Here are our top picks for the best forex brokers catering to Australian traders:
- Pepperstone – Best Overall Forex Broker Australia
- AvaTrade – Best Forex Broker Australia for Low Fees
- FP Markets – Best Forex Broker Australia for Competitive Spreads
- eToro – Best Forex Broker Australia for Copy Trading
- Plus500 – Leading CFD Forex Broker in Australia
- CMC Markets – Ideal for High Net-worth Forex Traders in Australia
- Saxo Bank – Top Premium FX Broker Australia
- City Index – Best Forex Broker Australia for Research Tools
- FXCM – Outstanding Forex Broker in Australia for Educational Resources
- IG – Best Forex Broker Australia with Advanced Features
Our Top 3 Picks
Runner up
PFI Rating 4.9
Best Overall
PFI Rating 4.9
Third Place
PFI Rating 4.9
Quick Compare Online Forex Brokers in Australia
Here's a rapid comparison of online forex brokers in Australia, considering their availability to Australians, ASIC approval, average spread for EUR/USD, minimum deposit, and our overall score:
| Broker | Available To Australians | ASIC Approved | Average Spread EUR/USD | Minimum Deposit | Our Score | Official Website |
|---|---|---|---|---|---|---|
| Pepperstone | YES | YES (license #414530) | Minimum from 0.0 and 0.17 average spread (Razor Account), Minimum from 0.6 and 0.77 average spread (Standard Account) |
$200 | 4.9/5 | Visit Website |
| FP Markets | YES | YES (license #286354) |
From 0.0 – 1.3 (average 0.2 pips) | $100 | Visit Website | |
| AvaTrade | YES | YES (license #406684) | 0.700 | $100 | 4.9/5 | Visit Website |
| eToro | YES | YES (license #491139) | 0.750 | $50 | 4.9/5 | Visit
Website AFSL 491139. High risk to capital. |
| Plus500 | YES | YES (license #417727) | Varies | $100 | 4.8/5 | Visit Website 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. |
| CMC Markets | YES | YES (license #238054 ) | 0.810 | $0 | 4.7/5 | Visit Website |
| IG | YES | YES (license #220440) | Varies | $300 | 4.6/5 | Visit Website |
| Saxo Bank | YES | YES (license #280372) | 0.600 | $10,000 | 4.5/5 | Visit Website |
| City Index | YES | YES (license #345646) | 1.500 | £100 | 4.4/5 | Visit Website |
| FXCM | YES | YES (license #309763) | 1.300 | £300 | 4.3/5 | Visit Website |
Please note that the availability, fees, and risks associated with each broker may vary, so it's essential to conduct thorough research and consider your trading needs before choosing a forex broker.
PFI Rating: 4.9/5
Pepperstone – Best Overall Online Forex Broker in Australia
Pepperstone takes the top spot as the best forex broker for Australians. While it offers a limited range of trading products, it excels in competitive spreads, exceptional customer support, and diverse copy trading options. With over a decade of experience in the industry, Pepperstone is a trusted forex broker regulated by both ASIC (Australia) and the Financial Conduct Authority (FCA) in the United Kingdom.
Pepperstone caters to sophisticated traders, providing access to MetaTrader and cTrader platforms, among other premium features. The broker offers 59 currency pairs and 86 different CFDs, including cryptocurrencies traded through CFDs.
76.6% of retail investor accounts lose money when trading CFDs with this provider
PFI Rating: 4.9/5
AvaTrade – Best Forex Trading App in Australia
AvaTrade stands out as our top choice for the best forex trading app in Australia.
Established in 2006, AvaTrade operates under the regulation of several top-tier authorities, including both tier-1 and tier-2 agencies. The broker complies with the regulations of eight financial authorities across six different jurisdictions. This extensive regulatory oversight ensures that AvaTrade provides a secure trading environment for both CFD and foreign exchange trading. Traders can avail themselves of balance protection of up to one million dollars through AvaTrade's Avaprotect feature (subject to applicable fees).
PFI Rating: 4.9/5
eToro –Premier Forex Broker for Copy Trading in Australia
eToro stands at the forefront as the foremost copy trading forex broker in Australia.
eToro has pioneered the concept of social trading, introducing a trading platform reminiscent of social media. This innovative platform facilitates user interaction and portfolio copying, making it particularly appealing to Australian traders seeking to learn from their peers. It provides an opportunity to gain valuable experience before venturing into independent trading.
eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Your capital is at risk. Refer to the Product Disclosure Statement (PDS).
PFI Rating: 4.7/5
Plus500 – Outstanding CFD Forex Broker in Australia
Established in 2008, Plus500 is a publicly traded company and broker listed on the stock exchange. It operates under the oversight of three tier-1 regulatory agencies, including regulators in the UK, Cyprus, and Singapore. For traders in Australia, Plus500 stands as a reliable choice.
Compared to other Australian forex CFD brokers, this trading platform offers competitive spreads, making it our top recommendation for CFD forex traders in Australia. The platform is known for its user-friendly interface, and the company provides comprehensive guides to assist Australian traders in understanding the platform.
86% of retail investor accounts lose money when trading CFDs with this provider.
PFI Rating: 4.7/5
CMC Markets
Well-Known Forex Broker in Australia.
CMC Markets is a highly regarded forex broker in Australia, backed by regulation from ASIC and three other tier-1 authorities. With over 30 years of industry experience, CMC Markets is considered a low-risk option for traders in Australia.
This forex broker offers cost-effective trading options for both novice and experienced traders. CMC Markets boasts an impressive selection of 180 spot forex currency pairs and over 10,000 different CFDs, encompassing a diverse array of financial instruments and assets.
PFI Rating: 4.6/5
IG – Established Forex Trading Platform in Australia
Founded in 1978 and subject to regulation in six tier-1 jurisdictions, IG stands as a trustworthy forex trading platform in Australia, with oversight from ASIC.
IG distinguishes itself by offering access to an extensive range of over 17,000 financial instruments. While excelling in currency trading and CFDs, IG provides traders with access to 93 diverse forex pairs, including the option for forex spot trading. Additionally, the platform extends its offerings to include CFDs for forex pairs and cryptocurrencies.
PFI Rating: 4.6/5
Saxo Markets
Regulated by ASIC along with five other tier-1 jurisdictions, SaxoBank is a highly regarded option for traders in Australia. It benefits from the support of its banking unit, adding to its overall credibility. This Danish bank, founded in 1982, offers investors access to a vast array of over 40,000 different financial instruments, encompassing 182 forex currency pairs and 35,000 CFDs.
SaxoBank, while an excellent choice, may not be tailored for novice traders, as it maintains a minimum initial deposit requirement that exceeds the industry average when compared to other regulated brokers featured in this article. Nevertheless, its trading software is lauded as one of the best in the industry, providing experienced investors with a comprehensive set of tools to facilitate their analyses.
PFI Rating: 4.6/5
City Index – A Strong Contender
City Index, supported by one of the world's largest retail brokers, GAIN Capital, offers a compelling option for investors in Australia. Those seeking competitive spreads and access to premium research tools will find City Index to be a reputable choice and a leading force in the trading industry.
City Index is regulated by three tier-1 financial authorities in the UK, Australia (ASIC), and Singapore, ensuring a safe trading environment. It provides investors with the opportunity to trade 84 currency pairs and access over 4,500 different CFDs, including cryptocurrency CFDs. Among its peers among Australian forex brokers, City Index distinguishes itself with its cost-effective approach, making it an attractive option for traders operating within budget constraints.
PFI Rating: 4.5/5
FXCM – Serving Diverse Traders
FXCM, a subsidiary of Jefferies Financial Group based in New York, brings the credibility of a company founded in 1968 with a substantial market capitalization of $4 billion. FXCM holds licenses from three tier-1 jurisdictions – Australia, Canada, and the United Kingdom. What sets FXCM apart from other brokers is its ability to cater to a broad spectrum of traders, ranging from day traders to algorithmic traders and quantitative funds.
While FXCM may offer a limited number of instruments, featuring 39 currency pairs and 32 CFD contracts, its sophisticated features make it particularly appealing to seasoned and sophisticated traders.
Comparing Forex Brokers in Australia
In the following section, we conduct a comparison of the leading forex brokers in Australia. Our assessment is grounded in extensive research and rigorous testing, considering a multitude of critical factors.
| Forex Broker Australia |
Pepperstone |
AvaTrade |
FP Markets |
eToro |
Plus500 |
CMC Markets |
City Index |
FXCM |
IG |
|---|---|---|---|---|---|---|---|---|---|
| Founded | 2010 | 2006 | 2005 | 2007 | 2008 | 1989 | 1993 | 2011 | 1974 |
| Regulation | ASIC, CySEC, FCA, SCB, DFSA, BaFin, CMA | FCA, ASIC, FSCA, FRSA, Israel Securities Authority, Financial Services Agency, Financial Futures Association of Japan | ASIC, CySEC | FCA, CySEC, ASIC, FSAS | FCA, CySec, MAS, ASIC, FMA,FSCA, FSA | FCA, BaFin, ASIC, IIROC, FMA, MAS | FCA, ASIC, MAS | ASIC, FCA, IIROC, CySEC | ASIC, JFSA,CFTC, MAS, FSCA, DFSA, FINMA, BaFin, FCA |
| Offering Of Investments | Forex, Shares, Indices, Commodities, and Cryptocurrencies | Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, Bonds | Forex, Shares, Metals, Commodities, Indices, Cryptocurrency, Bonds, ETFs | Stocks, ETFs, Forex, Crypto, Indices, Commodities | Shares, Forex, Commodities, Indices, Crypto, Options, ETFs | Forex, Indices, Cryptocurrencies, Commodities, Shares, Share Baskets, Treasuries | CFDs on Forex, Shares, Indices, Commodities, Metals, Spread Betting (UK) | Forex, Stock CFDs, Index CFDs, Commodity CFDs, Crypto CFDs | CFDs on Forex, Indices, Shares, Cryptocurrencies, Bonds, Options, Commodities |
| Minimum Deposit | $0 | $100 | $100 | $50 – $100 | $100 | $0 | $100 | $50 | $0 for Bank Transfer, $300 for Card Payment |
| Demo Account | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Withdrawal Fee | $5 | $0 | $0 | $5 | $0 | $0 | $0 | $0 for Credit/debit cards, $40 for Bank Wire | $0 |
| Inactivity Fee | $0 | $50/month After 3 Months | $0 | $10/month | Yes | $15 monthly after 12 months | $12/month after 1 year | Yes | $18/month after 24 months of inactivity |
| Deposit Methods | Credit/debit cards, Bank/Wire Transfer, PayPal, Neteller, Skrill, UnionPay, BPay, PoLi | Credit and Debit Cards, Wire Transfer, e-payments | Credit Cards. Debit Cards, Bank Transfer, Ngan Luong, FasaPay, Online Pay, Broker to Broker, Neteller, Skrill, PayTrust, PayPal, Bpay, Poli | PayPal, Skrill, Neteller, Credit Card, Debit Card, Rapid Transfer, iDEAL, Klarna / Sofort Banking, Bank Transfer, Online Banking – Trustly, POLi | PayPal, Skrill, Credit Card, Debit Card, Bank Transfer | Bank Transfers, Credit and Debit Cards, PayPal | Debit/Credit Cards, Bank/Wire Transfer, PayPal | Credit Cards, Debit Cards, Bank Wires, Skrill, Neteller | Credit Card, Debit Card, HK FPS, Bank Transfer |
Forex Trading in Australia Overview
Forex trading in Australia is a dynamic and attractive option for both international traders and Australian citizens alike. Australian FX brokers operate under the regulatory oversight of the Australian Securities and Investment Commission (ASIC). These ASIC-regulated brokers must meet stringent standards set by the institution and are granted the Australian Financial Services Licence (AFS). For official updates and information, you can visit ASIC's website at asic.gov.au or follow them on Twitter at @ASIC_Connect.
The base currency for Australian Forex traders is the Australian Dollar (AUD), commonly referred to as "the Aussie." The AUD/USD currency pair ranks among the most actively traded pairs in the global forex market.
Australia's Reserve Bank (RBA) plays a crucial role in overseeing the financial system's stability, with a focus on maintaining currency stability and fostering economic prosperity in the country. The primary stock exchange in Australia is the ASX, headquartered in Sydney.
Understanding the Australian Securities and Investments Commission (ASIC)
Forex trading carries inherent risks, and a significant percentage of forex accounts experience losses. To safeguard traders and investors from fraud and scams perpetrated by forex brokers, regulatory agencies exist worldwide, especially in countries where forex trading is prevalent.
In Australia, the regulatory body responsible for overseeing forex brokers and financial institutions is the Australian Securities and Investments Commission (ASIC). ASIC's mission is to ensure the smooth operation of financial service providers, including forex brokers, by enforcing a comprehensive set of rules and guidelines designed to uphold transparency within financial markets.
In simpler terms, ASIC's role is to protect the interests of investors by preventing illicit practices within the financial sector. ASIC-regulated forex brokers must adhere to a strict set of standards established by the regulatory body. When a forex broker is approved to operate in Australia, it means that ASIC closely monitors its activities, providing a level of confidence for investors using their services.
To put it in plain words, their job is to protect investors by preventing unlawful practices that may harm their interests.
Additional information about ASIC can be found on their official website. To inform potential investors of their legitimacy, ASIC-regulated forex brokers are required to prominently display their license number on their websites.
Selecting the Right Forex Broker
Choosing the right forex broker is essential for successful trading. The best forex brokers offer traders cost-effective trading options, advanced trading platforms, responsive customer support, and access to a wide array of financial products. Furthermore, they must comply with Australian regulations based on the guidelines and rules established by ASIC.
A reputable forex broker goes beyond facilitating trades. They provide comprehensive educational materials, training programs, tutorials, and an abundance of resources to aid traders on their forex journey. While forex trading involves risks, these educational tools can help traders navigate the learning curve and potentially become successful forex traders.
Is Forex Trading Legal in Australia?
Yes, forex trading is entirely legal in Australia. In fact, many of the top-rated forex brokers have their headquarters in Australia. Forex trading has become easily accessible and secure for Australian traders, thanks to the regulatory oversight provided by ASIC. ASIC plays a critical role in supervising and regulating the financial markets, ensuring brokers' compliance with the Corporations ACT of 2001.
Is Forex Taxable in Australia?
Forex trading is subject to capital gains tax in Australia if you engage in trading for more than 12 months and generate a profit. It's essential to stay informed about capital gains tax regulations, as they can be subject to changes over time.
