In this guide, we go over the best forex brokers in Australia based on various factors. We analyzed the top-rated Australian forex brokers based on fees, security, regulation, trading platforms, etc.
Table of Contents
- 1 List of the Best Forex Trading Platforms in Australia
- 2 Quick Compare Online Forex Brokers in Australia
- 3 Pepperstone – Best Online Forex Broker Australia Overall
- 4 AvaTrade – Best Forex Trading App Australia
- 5 eToro – Best Forex Broker for Copy Trading in Australia
- 6 Plus500 – Great CFD Forex Broker Australia
- 7 CMC Markets
- 8 IG
- 9 Saxo Markets
- 10 City Index
- 11 FXCM
- 12 Compare Forex Brokers in Australia
- 13 Forex Trading in Australia
List of the Best Forex Trading Platforms in Australia
We compiled a list of the best forex brokers in Australia and ranked them. This is our list of the top Forex brokers for Australians:
- Pepperstone – Best Forex Broker Australia Overall
- AvaTrade – Best Forex Broker Australia for Low Fees
- FP Markets – Best Forex Broker Australia for Low Spreads
- eToro – Best Forex Broker Australia for Copy Trading
- Plus500 – CFD Forex Broker Australia
- CMC Markets – Best for High Net-worth Forex Traders
- Saxo Bank – Best Premium FX Broker Australia
- City Index – Best Forex Broker Australia for Research Tools
- FXCM – Best Forex Broker in Australia for Education
- IG – Best Forex Broker Australia for Advanced Features
Our Top 3 Picks
PFI Rating 4.9
PFI Rating 4.9
PFI Rating 4.9
Quick Compare Online Forex Brokers in Australia
|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)
|from 0.0 – 1.3 (average 0.2 pips)||$100||4.9/5||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|
PFI Rating: 4.9/5
Pepperstone – Best Online Forex Broker Australia Overall
Pepperstone is our top pick as the best forex broker for Australians. Pepperstone offers a limited number of products to trade, but it excels in its competitive spreads, customer support, and varied copy trading alternatives. This trusted forex broker has more than ten years in the industry. It is regulated by ASIC (Australia) and the Financial Conduct Authority (FCA) of the United Kingdom.
Pepperstone focuses on serving sophisticated traders by providing MetaTrader and cTrader platforms along with other premium features.
It offers 59 currency pairs and 86 different CFDs. Cryptocurrencies, on the other hand, can be 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 Australia
AvaTrade is our top pick as the best forex trading app in Australia.
AvaTrade was founded in 2006 and is regulated by top tier-1 and tier-2 authorities. AvaTrade adheres to 8 financial regulatory authorities in 6 jurisdictions. AvaTrade is a safe broker for both CFD and foreign exchange trading. Traders can protect themselves for up to one million dollars. Avaprotect is their balance protection (fees apply).
76% of retail investor accounts lose money when trading CFDs with this provider.
PFI Rating: 4.9/5
eToro – Best Forex Broker for Copy Trading in Australia
eToro comes out on top as the best copy trading forex broker in Australia.
eToro has popularized the concept of social trading. They introduced a social media-like trading platform. It allows users to interact with each other and copy their portfolios. This feature is attractive to traders in Australia who want to learn from others. It enables you to gain experience before trading on your own.
PFI Rating: 4.7/5
Plus500 – Great CFD Forex Broker Australia
Founded in 2008, Plus500 is a company and broker traded on the stock exchange. Three tier-1 regulatory agencies regulate Plus500. These include regulators in the UK, Cyprus, and Singapore. Plus500 is a reliable alternative for traders in Australia.
Among other Australian forex CFD brokers, this trading platform offers competitive spreads. It is our top pick for CFD forex traders in Australia. Its trading platform is user-friendly. The company provides traders guide to help traders in Australia understand the platform.
86% of retail investor accounts lose money when trading CFDs with this provider.
PFI Rating: 4.7/5
CMC Markets is a popular forex broker in Australia. Regulated by ASIC and three other tier-1 authorities. CMC Markets is a stock exchange traded company with over 30 years of experience. This makes it a low-risk choice for traders in Australia.
This Forex broker provides low-cost trades for amateur and professional traders. CMC Market offers 180 spot forex currency pairs and 10,000 different CFDs. These cover a wide range of financial instruments and assets.
PFI Rating: 4.6/5
Founded in 1978 and regulated in six tier-1 jurisdictions. IG is a reliable forex trading platform in Australia and is regulated by ASIC.
This broker offers more than 17,000 financial instruments. It specializes in currency trading and CFDs. IG offers traders 93 different forex pairs and the option of forex spot trading. The platform provides CFDs of its forex pairs and cryptocurrencies.
PFI Rating: 4.6/5
Regulated by ASIC and five other tier-1 jurisdictions, SaxoBank is an excellent choice. It has the support of its banking unit to strengthen its credibility. This Danish bank was founded in 1982. SaxoMarkets offers investors the possibility of trading more than 40,000 different instruments. These include 182 forex currency pairs and 35,000 CFDs.
SaxoBank is not a platform designed for entry-level traders, as its minimum initial deposit is above the average compared to other regulated brokers in this article. Its trading software is one of the best in the industry, featuring all the tools experienced investors need to conduct their analyses.
PFI Rating: 4.6/5
Backed by one of the world’s largest retail brokers, GAIN Capital, City Index is a good choice. Investors in Australia seeking competitive spreads and premium research tools can trust City Index. It is a leading force in the trading industry.
Regulated by three tier-1 financial authorities in the UK, Australia (ASIC), and Singapore, City Index is considered safe. It allows investors to trade 84 currency pairs and 4,500 different CFDs, including cryptocurrency CFDs. Among other Australian forex brokers, City Index stands out due to its low-cost approach, which is enticing for traders on a tight budget.
PFI Rating: 4.5/5
FXCM is a New York-based Jefferies Financial Group subsidiary, an American-traded company founded in 1968 with a market capitalization of $4bn. The company possesses a license from three tier-1 jurisdictions – Australia, Canada, and the United Kingdom – and its main advantage compared to other brokers is that it caters to a wide range of traders going from day traders to algorithmic traders and quant funds.
This broker offers 39 currency pairs and 32 CFD contracts, a limited number of instruments, but its advanced features make it attractive to sophisticated players.
Compare Forex Brokers in Australia
Below, we compared the best forex brokers in Australia. We base our comparison on our research and testing based on various factors.
|Forex Broker Australia|| |
|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|
|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
Forex trading in Australia is interesting both for international traders and Australian citizens. Australian FX brokers are authorized by the Australian Securities and Investment Commission (ASIC). ASIC-regulated brokers have passed a set of standards set by the institution. ASIC is the financial markets regulator. They get the Australian Financial Services Licence (AFS). ASIC’s website is asic.gov.au, and their Twitter account is @ASIC_Connect.
The base currency for Australian Forex Traders is the Australian Dollar (AUD) – also known as “the Aussie.” The AUD/USD is one of the most traded currency pair in the global forex market.
The Reserve Bank of Australia (RBA) oversees the risk in the financial system and aims to ensure currency stability and economic prosperity in Australia. The primary stock exchange is the ASX, located in Sydney.
What's the Australian Securities and Investments Commission (ASIC)?
It is a known fact that a high percentage of forex accounts lose money. There are many regulatory agencies around the world in the countries where forex trading is popular that seek to prevent frauds and scams from forex brokers.
In Australia, the institution overseeing forex brokers and other financial and investment organizations is known as the Australian Securities and Investments Commission (ASIC).
The role of this organization is to ensure the adequate functioning of financial providers, including forex brokers in Australia, by enforcing a set of rules and guidelines that seek to maintain an optimal level of transparency within the financial markets.
To put it in plain words, their job is to protect investors by preventing unlawful practices that may harm their interests.
ASIC-regulated brokers have passed a set of standards set by the institution. Approved to operate in Australia means that ASIC monitors its activities. Investors can trade using their brokers’ trading platforms and knowing that there’s a government agency that has their backs.
More information about ASIC can be found on their website. ASIC-regulated forex brokers must display their license number on their websites to inform investors that they have been approved to operate in Australia.
Certain forex trading platforms offer their services to forex traders in Australia, though ASIC may not regulate them. In this case, ensuring that your forex broker is licensed and regulated by a peer agency in the country they have been registered is essential.
What should you look for in a forex broker?
The best forex brokers assist traders in conducting their operations at an affordable cost while providing top-notch trading platforms, outstanding customer service, and a wide range of financial products.
The best forex brokers comply with Australian regulations based on the guidelines and rules established by the Australian Securities and Investments Commission (ASIC).
A great forex broker provides educational materials, training programs, tutorials, and tons of information to help you with forex trading.
As we explained, you may lose money by forex trading, but the proper educational and research tools may help you move up the learning curve to become a successful forex trader.
Is Forex Trading Legal in Australia?
Yes, Forex Trading is legal in Australia. Many of the top-rated forex brokers are headquartered in Australia. Forex trading has become very accessible and secure for Australian traders. ASIC supervises and regulates the financial markets, ensuring brokers comply with the Corporations ACT of 2001.
Is Forex Taxable in Australia?
Forex is subject to capital gains tax in Australia if you trade for more than 12 months and make a profit. You should always take time to fully understand what the capital gains tax is as they are subject to change.