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eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.

Forex Brokers in Australia: The Best 13

Forex Brokers in Australia: The Best 13

Updated July 1, 2022

Written by the WikiJob Team

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eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.

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 that of the UK, 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 13 of the best brokers operating in Australia.

The Best 13 Forex Brokers in Australia

Below is our list of the best 13 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.

1. eToro


  • Regulated by FCA, MiFID, ASIC
  • 0% commission on stocks
  • Social and copy trading


  • More expensive than most of its competitors
  • No MetaTrader platforms

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. Its average spreads are a little higher than the competition, starting around 3.0 pips.

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

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD

2. Plus500


  • Regulated by the Financial Conduct Authority
  • Over 2,500 significant financial instruments
  • Negative balance protection
  • 24/7 customer support


  • No API integrations
  • CFDs only
  • No social copy trading

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

77% 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.

3. Pepperstone


  • Extensively regulated
  • No minimum deposit
  • Low fees and mostly free withdrawals
  • Good customer service


  • No investor protection for clients outside UK, EU and EEA
  • Withdrawal fee for clients outside EU and Australia
  • CFDs only

Pepperstone offers two account types with varying associated fees. If you opt for its Standard account, you will pay zero commission with spreads from 0.6 pips.

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

For Australian retail clients, leverage is available of up to 1:30. If you are eligible to apply for a Pro account you can get access to a leverage 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

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% 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.



  • Low minimum deposits
  • Wide range of trading platforms
  • Volume discounts


  • Limited products
  • Higher than average spreads

With the mantra of 'Client First. Trader Driven', FXCM is a British zero commission broker that offers trading in shares, CFDs and forex for clients around the globe.

Although it does not offer services to traders in Hong Kong, New Zealand and a few other countries, FXCM is well regulated by FCA, ASIC, CySEC and FSCA.

FXCM has a long history, founded in 1999 – and although there have been some legal problems in the past, it is considered to be a reliable broker.

With FXCM you can trade the following instruments:

  • 45 currency pairs
  • 15 stock index CFDs
  • 7 cryptocurrency CFDs
  • 12 commodity CFDs
  • 219 Stock CFDs
  • 1 bond CFD

There are two types of account – a Standard account with a minimum deposit of $50, or an Active Trader account that must maintain at least $25,000.

The only real difference between these account types is that the cost of the spread is slightly better for the trader with an Active Trader account.

FXCM does not charge a commission, and the cost of trading is built into the spread.

There are also no fees to open an account, deposits are free from bank accounts as well as credit and debit cards, and although there is an inactivity fee, it doesn’t kick in until the account has been untouched for more than 12 months.

Withdrawals are free to a credit or debit card, but you can expect withdrawal fees if you are moving funds to your bank account.

FXCM works with some of the most popular trading platforms, like MetaTrader 4, ZuluTrade and NinjaTrader, but it has a decent proprietary platform that is available as a web and desktop trader as well as a mobile app.

The Trading Station web platform is simple and user-friendly, with great customisation and search facilities.

You can make several different order types on this platform, including time orders. However, you cannot receive any price alerts or notifications, and the research tools are not integrated – you need to open another web page to use them.

The desktop platform is just as easy to use, but there are a lot more order types available and you can set price alerts and notifications.

The mobile version of Trading Station is available for both iOS and Android. It too is simple to use, but the search function is a bit clunky and doesn’t have the most intuitive interface – and surprisingly, it does not support any notifications or price alerts.

One of the best parts of the FXCM platform is the wealth of educational materials. Alongside the useful demo account, there is an extensive library of video, webinar and downloadable PDF content that has all the information a beginner needs to feel confident in trading.

The research provided includes charts, technical analysis and a news feed. There is also a market screener and great trading ideas.

FXCM might have limited instruments, but with low fees and no commission with good education and research, it is a great broker for beginner traders.

Visit FXCM

5. Switch Markets


  • Regulated by ASIC
  • Low minimum deposits
  • No deposit fee
  • No inactivity fee
  • Free VPS
  • Social trading
  • Tight spreads
  • Useful trading tools and research


  • No customer support during weekends
  • Not FCA regulated

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 Japan but offers several options for international traders without hidden costs.

Visit Switch Markets

Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.

6. XM


  • Regulated by ASIC, CySEC and IFSC
  • Low stock CFD fees and deposit
  • No or small withdrawal fee
  • Good customer service and customizability


  • Limited products
  • No investor protection for non-EU users
  • PayPal transactions not supported
  • Inactivity fee

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

7. AvaTrade


  • Highly regulated
  • Free deposit and withdrawal
  • No commission
  • Low minimum deposit
  • Social and copy trading


  • Inactivity fees

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.

8. Saxo Bank


  • Heavily regulated
  • Good product portfolio
  • Low forex fees
  • No withdrawal fee


  • High fees for options, futures and bonds
  • High minimum deposit

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

There are three account options with this broker; Classic, Platinum and VIP. Entry requirements are high, with minimum deposits at A$3,000, A$300,000 and A$1,500,000 respectively.

However, Saxo Bank 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.

Saxo Bank 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 Saxo Bank

9. IG Forex


  • Highly regulated
  • MetaTrader 4 (MT4)
  • Over 10,000 instruments
  • Available in the UK
  • 24/7 customer support


  • High fees
  • No copy trading
  • Inactivity fees

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

Best 10 Forex Brokers in Australia
Best Forex Brokers in Australia

10. FP Markets


  • Low minimum deposit
  • No deposit fees
  • Available on mobile, web and desktop
  • Copy trading
  • Demo account
  • Good range of investment products
  • 24/7 customer support


  • Average educational and research resources
  • Some withdrawal methods include a fee

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

11. IC Markets


  • Regulated by ASIC, FSA and CySEC
  • Low fees
  • Free deposit and withdrawal
  • 24 hours customer support


  • Not FCA regulated
  • Not available to clients in Canada
  • Limited product selection

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



  • Regulated by FCA, CySEC and ASIC
  • Tight spreads
  • No deposit or withdrawal fees
  • Useful educational resources
  • Negative balance protection
  • 24/7 customer support
  • Low minimum deposit for standard account


  • No social trading is Europe’s award-winning forex broker that has just launched its brokerage services in Australia.

The broker is regulated (in Australia it is licensed by the Australian Securities and Investments Commission). has positive ratings in popular consumer review websites like TrustPilot, GooglePlay and App Store.

In 2021 it received awards in the UK for Overall Client Satisfaction, Education Materials/Programmes and Best Online Platform/App (Investment Trends 2021).

It offers forex CFDs trading in major currency pairs such as GBP/USD, and EUR/USD, minor currency pairs such as EUR/AUD, NZD/JPY and GBP/CAD, as well as exotic forex pairs such as EUR/TRY and AUD/MXN. There are over 130 FX pairs on offer in total.

Its trading platform is easy-to-use. New traders are encouraged to familiarise themselves with the products and develop confidence in their abilities with the help of free trading education and the use of a demo account. doesn’t charge commission and covers all fees related to deposits and withdrawals. It also doesn’t charge an inactivity fee, like other brokers, but it makes its money through the Buy/Sell spread.


75.26% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

13. Go Markets


  • Demo account
  • Good educational resources
  • MT4 and MT5
  • Social trading
  • Low minimum deposit
  • No deposit or withdrawal fees


  • Limited product offering
  • Customer support is not 24/7
  • Not FCA regulated

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

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 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.

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.

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.

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