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Forex Brokers in Australia: The Best 11

Forex Brokers in Australia: The Best 11

Updated 22 October 2021

Written by the WikiJob Team

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A forex broker is the party responsible for buying and selling currency on a trader’s behalf. They offer clients access to this global market 24-hours a day, five days a week.

The popularity of forex among retail traders has encouraged many brokers to operate in this market; however, some are more reputable than others.

Therefore, operating standards and regulation are key factors to be considered when choosing the best forex broker.

In Australia, regulation is governed by the Australian Securities and Investments Commission (ASIC).

Though its rules are less stringent than those enforced under other jurisdictions, such as the UK and the US, ASIC regulation still provides good protection for retail traders and their funds.

This article will discuss what to look for in a good forex broker before offering an overview of 11 of the best brokers operating in Australia.

Why Use a Forex Broker?

One of the main benefits of forex trading is that it is accessible to traders of all levels and financial standing. This is primarily down to the role of forex brokers.

Instead of investing large amounts of capital to purchase currency through a bank, you can now begin trading with limited funds depending on the minimum deposit required by your broker of choice.

Alongside accessibility, there are many other reasons to opt to use a forex broker.

These include:

  • Competitive pricing – Forex brokers make their money primarily through spreads. The difference between the sell and buy rate on a currency pair. These spreads are often relatively low, keeping the cost of each transaction to a minimum.

  • Education – The best forex broker will provide you with a range of educational resources that allow you to develop your trading strategies and mitigate risk.

  • Leverage – Most brokers will allow you to trade on leverage; therefore, you can open a position more than the value of the funds in your account. There is an increased risk, however. But when used wisely, it can significantly impact your profit margin.

  • Platforms and tools – Forex brokers give you access to the best trading platforms and advanced tools, usually with round the clock technical support should you need it.

What to Look for in the Best Forex Broker

Choosing a forex broker requires due diligence as your funds are at risk, and making the wrong choice can have financially devastating consequences.

Along with regulation, which is a primary concern, here are a few key factors to take into account when comparing brokers:


Always read the full terms and conditions to understand all costs associated with any given broker.

Commissions and/or spreads will give you a good indication of how competitive they are.

However, you must consider any fees regarding deposits and withdrawals, overnight positions and inactivity on your account, to name just a few.

You will also need to assess whether minimum deposit requirements are within your reach.

Instruments Available

In our best forex brokers list, the range of forex currency pairs available varies from around 50 up to over 180. These include the majors like EUR/USD, minors, and sometimes, emerging and exotic currency pairs.

Consider how diverse you want your portfolio to be and which pairs you are interested in trading before looking to see if these are offered by your broker of choice.


As have been mentioned, one of the benefits of using a forex broker is that you can trade on leverage. This means you can open a higher position than your balance would otherwise allow.

In Australia, rules around leverage are more relaxed than in the US and UK, with most brokers offering up to 1:500 on certain forex pairs.


Some brokers will support established platforms like MetaTrader and cTrader, while others will operate through proprietary platforms. Some will offer a combination of the two.

Check what is available for use and the features and functionality of each. This is where you will conduct all trading activity; therefore, you must be comfortable with the user interface and tools at your disposal.

Educational Content

Choosing a good broker is one of the best ways to learn more about forex trading, as the best ones will often provide access to educational resources and training programs free of charge.

Investigate each broker's library of resources as well as the tools it offers in terms of analysis and market news.

Demo Account

Finally, check to see if a free demo account is available. This is your chance to test run the broker and its platform, undertaking dummy trades without risk.

Also, consider how well the broker fits with your trading style. For example, if you are interested in hedging strategies, ensure these are permitted.

The Best 11 Forex Brokers in Australia

Below is our list of the best 11 forex brokers in Australia. It should be noted that these recommendations are based on research and reputation and do not relate to any personal experience.

All brokers on this list are regulated by ASIC.

Best 10 Forex Brokers in Australia
Best 10 Forex Brokers in Australia

1. eToro

eToro has been operating since 2006 and is widely regarded as the best forex broker for copy trading.

It has approximately 50 currency pairs to trade in. While its average spreads are a little higher than the competition, starting around 3.0 pips, it does operate on a zero commission basis.

You will need a minimum deposit of $200 to open an account, with leverage akin to that offered by other brokers on this list.

Advanced functionality is to be found with its proprietary platform, including its copy trader feature; however, eToro does not support any other platform; therefore, be sure to try it out with the free demo account on offer.

eToro’s education is fair, though not quite as comprehensive as can be found elsewhere.

Visit eToro

67% 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.

2. Pepperstone

Pepperstone offers two account types with varying associated fees. If you opt for its Standard account, you will pay zero commission with spreads from 1.0 pips.

Its Razor account comes with highly competitive spreads, starting at 0.0 pips; however, the commission is applied from $3.50.

For Australian clients, leverage is available of up to 1:500.

You will need a minimum deposit of $200, and the demo account is limited to 30 days of use.

Platform options include MT4, MT5 and cTrader, and you will find over 60 currency pairs across majors, minors and exotics.

Pepperstone hosts a library of guides and educational articles on its website, along with webinars and a dedicated market analysis section.

This broker is well renowned for its offering in terms of social trading; therefore, it is a good fit if you desire to implement a copy trading strategy.

Visit Pepperstone

Risk warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

3. Plus500

For its Australian clients, Plus500 offers leverage of up to 1:30 on over 60 currency pairs.

There is only one account type here, for which you will need a minimum deposit of $100 to open; however, there is a demo version available for free.

Its spreads are not as competitive as other brokers on this list; however, Plus500 does have transparent pricing, including zero fees for deposits.

This broker is better suited to experienced traders, as it only offers its proprietary platform.

Whilst this comes with advanced tools and features, it can be a little overwhelming if you have no experience with other trading platforms.

Plus500 also lacks somewhat in its educational services, so if you are new to forex trading, you might want to gain prior experience before opting to use this broker.

Visit Plus500

72% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.

4. Switch Markets

Founded in 2019, styles itself as 'the place traders come to trade', and with an enormous range of trading instruments available through MetaTrader 4 and a proprietary platform, has a lot to offer.

The parent company of (Royal ETP) is regulated by ASIC and CySEC as well as some other lower-tier jurisdictions, while client funds are segregated in Tier 1 banks – which makes it more secure.

With you can trade:

  • 62 Forex pairs
  • 8 metals
  • 21 indices
  • 86 share CFDs
  • 4 cryptocurrencies

There are just two account types available, which makes getting started a breeze – you can decide to go for a Standard account that offers zero commission and spreads as low as 0.6 pips, or a Pro account which has spreads from 0.0 pips and a $7 per lot round turn commission instead. Each account has a minimum deposit of just $50.

For international traders, and those that want flexibility in both deposits and withdrawals, there are multiple options – from the usual credit and debit card to PayPal and eWallets like Neteller and Skrill, for example. Deposits and withdrawals are simple, fast and free.

The education available on the platform is also simple – several ‘cheat sheets’ covering all you need to know about trading, from terms to strategy, all in downloadable PDF formats and all for free.

There are several tools available on the platform to improve your trading strategy, including a Market Heat Map, lot size and Forex profit calculators, and even EA tools.

As a relatively new broker, traders will find many offers to entice them to sign up – from a free VPS to a credit bonus.

This broker is not available in the US or Japan but offers several options for international traders without hidden costs.

Visit Switch Markets

5. XM

Trading forex with XM gives you access to around 55 currency pairs with competitive spreads as low as 0.0 pips, depending on account type.

The Micro and Standard accounts are commission-free with average spreads on major pairs starting at 1.0 pips. The XM Zero account is where you will find the more competitive spreads, but the commission does apply.

For Micro and Standard, a minimum deposit of just $5 is required. This rises to $100 for the XM Zero account.

Leverage of up to 1:500 is offered to Australian clients.

XM is a MetaTrader broker supporting both MT4 and MT5 across desktop, web and mobile applications. There is also XM WebTrader, its proprietary platform available without download.

You will find plenty of tips and advice through its research and education centre, including videos, webinars, podcasts and market analysis.

Visit XM

6. AvaTrade

The next best forex broker on our list is AvaTrade, which offers around 60 currency pairs for those trading in forex.

AvaTrade has just one standard account, with which you can expect average market spreads on major pairs, with the EUR/USD, for example, at 0.9 pips.

Be wary of spreads on exotic pairs, however, as these can reach up to 80 pips.

A leverage of up to 1:400 is offered to Australian clients, and its minimum deposit requirement to open an account currently sits at $100.

MT4 and MT5 are both available, as well as proprietary offerings with AvaOptions, AvaSocial for copy trading, and its mobile app, AvaTradeGO.

A free demo account can be opened, and you will find plenty of free educational and analysis tools on the AvaTrade website.

See our full AvaTrade review

Visit AvaTrade

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

7. SaxoBank

Another option for experienced traders on our best forex broker list is SaxoBank.

There are three account options with this broker; Classic, Platinum and VIP. Entry requirements are high, with minimum deposits at A$3000, A$300,000 and A$1,500,000 respectively.

However, SaxoBank does give traders access to 182 currency pairs, with competitive spreads as low as 0.4 pips and zero commission.

A leverage of up to 1:100 is also available.

Its award-winning proprietary platform, SaxoTraderPro, comes with a valuable set of advanced features, and SaxoTraderGo offers excellent functionality for mobile trading.

SaxoBank is not for beginner traders but is a good option for those with the funds and experience to make use of the market access and competitive pricing this broker provides.

Visit SaxoBank

8. IG Forex

Founded in 1974, IG is a well-established forex broker with a strong reputation for security.

It offers clients access to over 90 major, minor, exotic and emerging currency pairs.

IG works on a commission-free basis, with average spreads on major pairs between 1.0 and 2.0 pips, though these can go as low as 0.6 pips depending on market conditions.

Leverage is fairly low when compared to other brokers on this list, at just 1:30.

There are many platforms available to choose from, including MetaTrader 4 and ProRealTime, as well as IG’s proprietary platform and progressive web app.

IG’s strength is its comprehensive range of educational resources, including webinars, seminars and articles.

There are also several free online courses available through the IG Academy covering topics from beginner to advanced level.

To open an account, you will need a minimum deposit of $300. A free demo account is available should you wish to trial IG without risk.

Visit IG Forex

9. FP Markets

FP Markets is a suitable broker for beginner and experienced traders alike, with over 60 currency pairs and two account types available.

Both require a minimum deposit of $100, and both come with leverage of up to 1:500 for Australian clients.

The primary difference is in the fees: FP Markets’ Standard account is commission-free, with spreads from 1.0 pips, whereas its Raw account charges a $3 commission per side but spreads as low as 0.0 pips.

Clients can choose between MT4 and MT5, and there is also Myfxbook and FP Markets’ own copy trading platform.

This broker has an extensive library of educational content, with eBooks, videos and webinars alongside its Trader Hub featuring technical and fundamental analysis.

Visit FP Markets

10. IC Markets

With its headquarters in Sydney, IC Markets is a popular choice for forex traders in Australia.

It is well known for its fast execution and offers a diverse choice of trading options with over 65 currency pairs available.

IC Markets is highly competitive in terms of pricing, with raw spreads starting at 0.0 pips. It also offers leverage of up to 1:500.

It does not have a proprietary platform; however, clients can choose from MT4, MT5 and cTrader, all available on desktop, web and mobile, and all with free demo versions.

There is also ZuluTrade for social trading and Myfxbook for copy trading.

The minimum deposit for IC Markets is $200.

Visit IC Markets

11. Go Markets

Another forex broker headquartered in Australia, Go Markets, has been in operation since 2006 and has a good reputation.

You can try a free unlimited demo before choosing between its Standard commission-free account or the Go Plus account with spreads from 0.0 pips, but with commission starting at $3.

Both accounts operate on MT4 and MT5 in all their variations. Go Markets also supports Myfxbook for social trading,

A minimum deposit of A$200 is required and provided your balance remains above this amount, you can benefit from the leverage of up to 1:500.

There is a particular focus on forex training for beginners with an introduction to the market and ongoing forex education.

Visit Go Markets

Final Thoughts

With so many forex brokers operating in the market, choosing the right one can seem like a daunting task. That said, provided you know what you are looking for a little research can go a long way.

First and foremost, ensure your chosen broker is regulated by the correct authority, in the case of Australia, ASIC.

From there, it is a question of finding the best broker for your trading style and requirements.

Use this resource as a starting point to conduct your due diligence to find the best forex broker for you.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

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