Best Forex Brokers in Australia for 2022

logomark Filippo Ucchino calendar Last Updated: January 2022 timer 12 min read
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Trading forex in Australia is becoming increasingly popular, with many international traders also seeking out Australian-based forex brokers. It’s important to make the best choice for you based on key factors such as your trading strategy and market, the minimum deposits you want to put down and the types of accounts you require.

Our team of industry professionals have analysed a selection of the best forex brokers in Australia that are all well-regulated through the Australian Securities & Investment Commission (ASIC). Despite all the brokers in this list being regulated, it’s important to do plenty of research and understand the financial risks involved in trading.

This guide aims to educate you on the various forex brokers available in Australia and worldwide so you can make informed decisions on the best option for you.

Round-up of the best Forex brokers regulated in Australia

Best Brokers Australia Best For Minimum Deposit
Pepperstone Day Trading $200
IC Markets Algo Traders No minimum deposit
AvaTrade Fixed Spreads $100
FP Markets Overall Trading Experience $100
Vantage Scalpers $200
FXCM Transparency and global presence $50
City Index Service quality $50
EasyMarkets Commodities $200
Thinkmarkets VPS service $500
CMC Markets CFD Stock Trading No minimum deposit
Table of contents

Is Forex Trading legal in Australia?

This question is an easy one to answer. Yes, forex trading is completely legal in Australia.

In fact, Australia is home to what is considered one of the most respected regulatory bodies in the industry, ASIC (Australian Securities & Investments Commission). ASIC is responsible for overseeing the market in Australia and any broker wishing to offer their services in Australia must be registered.

ASIC has been around since 1991 and provides some of the most comprehensive, yet fair regulations in forex trading around the world.

How to trade forex in Australia

Typically, trading forex from within Australia is not too different from doing so in other countries. The documents that you will need to sign up remain the same and these include:

  • Proof of identity (A passport is usually the best).
  • Proof or residence (A utility bill or bank statement with your current address is usually best).

Once you have submitted these documents to your chosen broker through a convenient online system, your account should be quickly verified and you will be able to deposit and start trading.

Due to their close relations, if you are a trader in New Zealand, you may be allowed to register with Australian brokers instead of Brokers regulated in New Zealand.

Top 10 Best Forex Brokers in Australia

Here are 10 of what we consider to be your best choices for trading forex in Australia:

Established in 2010, Pepperstone is already a highly-regarded Forex broker. In fact, by 2014, the company, launched by a self-confessed Aussie farm boy with a penchant for tech and a good idea, was already the 11th largest forex trading brokerage in the world. This award-winning company is based in Australia and offers an attractive suite of trading options to its clients. Forex trading is the basis from which these options sprung, and no best forex broker in Australia list should be without Pepperstone.

The minimum deposit here is of good value to all traders at 200 AUD and the broker is of course, ASIC regulated. Pepperstone leverage is available up to 30:1 and spreads are also very attractive, starting from 0 pips. The active trader program from the broker also rewards trading and helps reduce your trading costs.


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74-89% of retail investor accounts lose money when trading CFDs

IC Markets is based in Sydney and is considered to be among the largest forex brokerage companies in the world. It is certainly among the most popular Forex brokers in Australia and the Far East. IC Markets focuses on ECN brokerage and, as with the other brokers on this list, will only serve clients in countries where its services are legal. They are also very well-trusted with ASIC regulation firmly in place.

The fact that IC Markets do not have a minimum deposit requirement is something that very much helps in attracting new traders and has seen their reputation as a top broker for forex trading grow. The very low spread starting at 0.1 pips combined with lightning order execution has also bolstered this reputation. As with every Australian broker, leverage of up to 30:1 is available.


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74-89% of retail CFD accounts lose money

Although AvaTrade’s headquarters are in Dublin, Ireland, it also has offices in Sydney as well as several other major centres around the world. Avatrade supports smaller trades but is also popular with larger traders too to suit all levels of trading experience. The company is compliant with regulations in five continents – an achievement that few brokers can boast. Of these five continents, the one which Australian traders want to see, ASIC, is also in place. This regulation allows some leniency comparable to the likes of CySEC so Avatrade offers leverages as high as 30:1 to Australian traders

The low 100 AUD minimum deposit of Avatrade is also welcomed by many and keeps trading accessible to all. They are also a popular choice for forex traders who want to trade with fixed spreads. These spreads start from 1.3 pips on forex trading.


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79% of retail investor accounts lose money

The next top Australian broker to make the listing is FP Markets. They hold a strong position in a very competitive Australian forex broker market and are well-favored by those who want to select an ECN STP forex broker. This market maker broker is again very comprehensively regulated by ASIC and boasts many points of attraction for traders. Among these is the fact they have been in business since 2005.

Beyond that, the very low spreads that FP Markets offer, starting from as little as 0 pips has also bolstered their position. Traders can also benefit from the major trading platforms MT4, MT5, Webtrader, and IRESS. All of this is available for an excellent value minimum deposit of 100 AUD and leverage extends up to 30:1. This flexibility has been key in keeping FP Markets at the top of the industry for many years.


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74-89% of retail CFD accounts lose money

Vantage is next to feature on our list of top Australian forex brokers. Having been around the industry for more than a decade since founding in 2009, they are now well-versed on everything needed to be a top broker. They have not overlooked the key area of regulation, being regulated by ASIC as well as the FCA and CIMA around the world, they really are a trusted choice.

Trading with Vantage, you will find a broker that you can access for a minimum deposit of 200 AUD and that provides a leverage as high as 30:1 on trading in more than 150 markets. This trading offer really suits everyone, with 40 forex currency pairs available to select and a highly competitive spread that starts from 0 pips. As a Vantage trader you will also benefit from fast ECN trading through both MT4, and MT5.


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74-89% of retail CFD accounts lose money

Despite a relatively rocky history, FXCM has recovered and is now among the service providers compliant with Australian legislation. The company was founded in New York and is now based in London. However, it has a presence in Australia and, as such, operates within the boundaries of legal compliance set out by the ASIC through their base in Sydney. The minimum deposit for this market maker broker is a very appealing point for many, at just 50 AUD it opens trading to all.

This trading and the positive broker reputation that has grown is further bolstered by the availability of up to 30:1 leverage and very tight spreads starting from 0.9 pips making sure trading costs stay competitive all round. MT4, Ninjatrader, and the brokers own trading platform are offered providing a great range of trading choices.


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74% of retail investor accounts lose money

Our next top-regulated forex broker in Australia is City Index. This highly experienced broker has been around for more than 35 years and is very well-regulated by several tier 1 bodies including ASIC under license #345646.

They are part of the NASDAQ listed StoneX Group, and also keep a physical office in Sydney, Australia.

When getting started with City Index you will be able to use an excellent demo account that is valid for up to 12 weeks and be pleased to note that the broker does not require any minimum deposit.

The minimum spread at City Index is also great value starting from 0.5 pips on major forex pairs, and you will have a fantastic range of choice with more than 12,000 assets in total available to trade.


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67% of retail CFD accounts lose money

Like our preceding selections, easyMarkets is a multiple award winner. Its most recent award at the time of writing was in 2018 when it won the “Most Innovative Broker” title. The company’s remarkably high Trustpilot rating tells its own story and is prominently featured on its website. easyMarkets has earned a position of trust in the marketplace, and has achieved a great deal of global recognition for its professionalism. This is all backed by the full regulation of ASIC. The broker also goes the extra step of providing negative balance protection as well.

You can get started with trading with just 200 AUD as a minimum deposit and have your pick of trading in more than 150 markets including a huge 120 forex pairs and a wide range of others where up to 30:1 leverage is available. easyMarkets have something for all traders and a very low spread starting from 0.9 pips.


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75% of retail investor accounts lose money

ThinkMarkets is a home-grown Australian company, but it’s said to be hugely popular with Asian traders too. With an impressive roll of awards to its name, the company has also added its own trading platform, ThinkTrader, to the list of its achievements. Like any reliable broker, the company does not offer its services in jurisdictions where its categories of trading are not accepted by the authorities. This complies with the ASIC regulations they have in place.

You can start trading here with a 250 AUD minimum deposit and take advantage of the very low spreads starting at 0.4 pips through MT4 or their own platform on a host of markets. Spread betting on almost all markets is also available and a leverage of up to 30:1 is catered for at ThinkMarkets.


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72.88% of retail CFD accounts lose money

If you’re a fan of pioneers, CMC Markets will be among the top forex brokers in Australia you’d consider to be a trading intermediary. The firm has been around since 1989, has a consistently good reputation, and claims to be the first company to perform online currency trades. It’s interesting to note that Goldman-Sachs owns shares in this company. However, despite a head start on its competitors and its own trading platform, it is believed not to hold as large a market share as some of its competitors. CMC Markets is based in London but has an Australian presence which means they are well-regulated by ASIC.

Traders are often attracted here with the no minimum deposit on offer. The great spreads starting from just 0.3 pips on forex are also very appealing. Both new and experienced traders can also benefit from extensive free research tools available including webinars. Trading here takes place through MT4 or Ninjatrader.


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80% of retail CFD accounts lose money

What Australian traders should look for in a forex broker

Now that you have had a look at the top forex brokers on offer, here are a few key points when it comes to trading in Australia.

Unlike other countries that allow forex trading, in Australia, a number of other products including binary options, spread betting, cryptocurrency trading and CFDs are all legal, so you don’t have to worry about your trading strategies being legal. In the past, leverage in Australia was very flexible, being up to 500:1. However, since March 29th 2021, ASIC restricted this amount to 30:1 just like many best forex brokers regulated in Europe, UK and other areas are doing. Negative balance protection is also mandatory in Australia, and of course your funds are typically kept in top-tier segregated bank accounts.

With that in mind, here are a few more key tips in helping make sure you choose the best forex broker for you:

1. Look for forex brokers regulated in Australia

Trust is always vital. This comes in no better form in the world of forex trading than from ASIC. They are one of the top regulatory bodies in the world and it is highly recommended to choose an ASIC regulated broker if you are making a move as a forex trader.

2. Try to look for brokers that offer AUD currency

It will usually be the case that your broker will accept AUD deposits or base currency since they must be regulated by ASIC to offer services in the country. Choosing this kind of broker will save you money on possible currency conversion or other banking related fees and charges from your own bank and the broker.

3. First time trading? Look for Negative Balance Protection

Negative balance protection does exactly as it says. It stops your balance from going below zero if the market turns against you. It is still highly recommended that you pursue a broker offering this protection. While it may rarely, if ever, happen, it is positive to know that your balance will be protected in this way.

How to verify if a forex broker is regulated in Australia

Verifying your forex broker regulation in Australia could not be easier. Simply, head over to the ASIC official website. Once you are there, find the ASIC Register and search for the company name of the broker. This company name is often to be found at the bottom of your forex brokers homepage.

Is forex trading taxable in Australia?

The simple answer on forex trading tax in Australia, is yes. You do have to pay tax on any profits. Typically in Australia, the capital gains tax to be paid is 23%. This is calculated on a varying percentage of the income between 15% and 60%. Generally, for day trading, this figure stands at 40%.

We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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