Our Top Picks

The best Forex (Foreign Exchange) brokers in Australia, according to our research, are:

  1. Pepperstone
  2. IC Markets
  3. AvaTrade
  4. FP Markets
  5. eToro
  6. Vantage
  7. FXCM
  8. City Index
  9. EasyMarkets
  10. Thinkmarkets

In order to create this list of the best Forex brokers for Australian traders, here’s what we have taken into consideration:

  • If the broker is ASIC regulated
  • The minimum deposit of the broker for Australian traders
  • The base currencies of the broker for Australian traders
  • The spreads of the broker for Australian traders
  • The leverage of the broker for Australian traders
  • The overall quality of the broker
  • If promotions, account types or rebates were in place for Australian traders
Table of Content

What are the best forex brokers in Australia?

Below is our curated list and review of the best forex brokers for traders living in Australia, with details and information about the country laws, the features, and the characteristics.

Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

  • Pepperstone is an Australian broker ASIC regulated (n.414530), with a registered office in Melbourne.
  • Australian clients won’t be required to make a Pepperstone minimum deposit.
  • Pepperstone base currencies available for Australian traders are AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD.
  • Pepperstone spreads for Australian traders start from 0 pips on 60+ forex currency pairs.
  • The max leverage on forex is up to 30:1 (Pepperstone Australian Retail) and up to 500:1 (Pepperstone Australian Professional).
  • Australian high-volume clients are able to apply for one of the 3 tiers of the Active Trader program. These are, as a member, you can earn discounts based on how many lots you trade per month.
74-89% of retail investor accounts lose money when trading CFDs
  • IC Markets is an Australian broker ASIC regulated (n. 335692), with a registered office in Sydney.
  • Australian clients won’t be required to make an IC Markets minimum deposit.
  • IC Markets provides several base currencies for Australian traders, including AUD, NZD, EUR, USD, GBP, JPY, and CAD.
  • IC Markets spreads for Australian traders start from 0 pips on 60+ currency pairs.
  • The max IC Markets leverage on forex is up to 30:1 for Australian retail traders and up to 500:1 for Australian professional traders.
74-89% of retail CFD accounts lose money
  • AvaTrade in Australia is regulated by ASIC (n. 406684).
  • AvaTrade Australian clients find a minimum deposit of 100 AUD.
  • Australian clients of AvaTrade can use AUD, GBP, USD, and EUR as base currencies.
  • AvaTrade charges fixed spreads from 0.9 pips for their Australian clients on 60+ forex pairs.
  • The AvaTrade maximum leverage on forex for Australian clients is up to 30:1 (retail) and up to 400:1 (professional).
76% of retail investor accounts lose money
  • FP Markets is an Australian broker ASIC regulated (n. 286354), with a registered office in Sydney.
  • Australian FP Markets clients have to make a minimum deposit of 100 AUD.
  • The base currencies available for Australian traders of FP Markets are AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, and JPY.
  • Australian clients of FP Markets also have access to the IRESS accounts and platform, with a minimum deposit of 1,000 AUD, where they can trade 10,000+ shares with a commission of 0.08% per lot and a minimum cost of 0 AUD.
  • FP Markets spreads for Australian traders start from 0 pips on 70+ currency pairs.
  • The max. FP Markets leverage on forex is up to 30:1 for Australian retail traders and up to 500:1 for Australian professional traders.
74-89% of retail CFD accounts lose money
  • eToro is a fully regulated broker in Australia with an ASIC license n° 491139 and a registered office in Sydney.
  • The minimum deposit to open an eToro account in Australia is 50 AUD.
  • Though you can deposit in AUD as an Australian trader, eToro supports only USD as the base currency so you may be charged a conversion fee.
  • eToro spreads for Australian traders start from 1 pip on 45+ forex pairs.
  • The leverage available in Australia with eToro on forex is up to 30:1 for retail traders.
  • With eToro you can also copy other forex traders in Australia.
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
  • Vantage is an Australian broker ASIC regulated (n.428901), with a registered office in Sydney.
  • The Vantage minimum deposit is $200 for Australian clients.
  • Australian clients of Vantage find that AUD and USD are the account base currencies
  • Australian traders find Vantage spreads from 0 pips on 40+ forex pairs.
  • The Vantage leverage available on forex is up to 30:1 (retail) and up to 500:1 (professional).
74-89% of retail CFD accounts lose money
  • FXCM is regulated by ASIC (n. 309763), with a registered office in Sydney.
  • Australian clients of FXCM will have to make a minimum deposit of $50.
  • The FXCM base currency for Australian traders available is USD, but payments via POLi accept AUD base currency.
  • FXCM spreads for Australian clients start from 0.9 pips on 39 currency pairs.
  • Australian retail leverage on forex is up to 30:1 while the Australian professional leverage available is up to 400:1.
  • Australian Professional traders have access to the FXCM Rebate Program, where you’re paid a cash rebate depending on how much you trade on every asset. The minimum notional volume requirement is USD 10 Million per month.
66% of retail investor accounts lose money
  • City Index is regulated by ASIC (n. 345646) with a registered office in Sydney.
  • Australian clients need to make a minimum deposit of 150 AUD.
  • The base currencies available for Australian clients are AUD, USD, EUR, and GBP.
  • Australian traders are charged spreads starting from 0.5 pips on 55+ forex pairs by City Index.
  • The maximum leverage for Australian traders with City Index is up to 30:1 for retail clients and up to 300:1 for professional clients.
  • Australian professional clients have access to monthly cash rebates on forex. There are 3 tiers. The first one requires a minimum traded volume of $50m with a forex rebate of $4.50, and the last one requires a minimum traded volume of $300m with a forex rebate of $14.50.
70% of retail CFD accounts lose money
  • easyMarkets is regulated by ASIC (n. 246566), with a registered office in Sydney.
  • The easyMarkets minimum deposit is 200 AUD for Australian clients.
  • Australian traders can choose among several easyMarkets base currencies, including AUD, USD, GBP, EUR, CAD, and NZD.
  • Australian traders find fixed spreads from 1.8 pips with an easyMarkets Standard account on 60+ currency pairs.
75% of retail investor accounts lose money
  • ThinkMarkets is regulated by ASIC (n. 424700) with a registered office in Melbourne.
  • Australian traders find no minimum deposit to open a Thinkmarkets standard account ($500 for a ThinkZero account).
  • ThinkMarkets Australian traders find these base currencies are: AUD, EUR, CHF, GBP, and USD.
  • Australian clients of ThinkMarkets have access to spreads from 0 pips on 40+ forex pairs.
  • The maximum leverage is up to 30:1 for Australian retail clients and up to 500:1 for Australian professional clients.
72.88% of retail CFD accounts lose money

Comparison of the best Australian Forex brokers

Broker ASIC Regulated Min. Deposit (AUD) Base Currencies Spreads (from) Leverage (Retail/Professional) Promotions/Account Types/Rebates
Pepperstone Yes (n.414530) No minimum AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD 0 pips 30:1 / 500:1 Active Trader program
IC Markets Yes (n.335692) No minimum AUD, NZD, EUR, USD, GBP, JPY, CAD 0 pips 30:1 / 500:1 None
AvaTrade Yes (n.406684) A$100 AUD, GBP, USD, EUR 0.9 pips 30:1 / 400:1 None
FP Markets Yes (n.286354) A$100 AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY 0 pips 30:1 / 500:1 None
eToro Yes (n.491139) A$50 USD (conversion fees apply) 1 pip 30:1 Copy trading
Vantage Yes (n.428901) A$200 AUD, USD 0 pips 30:1 / 500:1 None
FXCM Yes (n.309763) A$50 USD (POLi payments accept AUD) 0.9 pips 30:1 / 400:1 Rebate program
City Index Yes (n.345646) A$150 AUD, USD, EUR, GBP 0.5 pips 30:1 / 300:1 Monthly cash rebates
EasyMarkets Yes (n.246566) A$200 AUD, USD, GBP, EUR, CAD, NZD 1.8 pips 30:1 None
ThinkMarkets Yes (n.424700) None / A$500 AUD, EUR, CHF, GBP, USD 0 pips 30:1 / 500:1 None

What is the best Australian Forex broker for ECN trading?

The best Australian Forex broker for ECN trading is Pepperstone.

Pepperstone facilitates a very fast execution with deep ECN liquidity, paired with competitive commissions and three trading platforms to choose: MT4, MT5 and cTrader. For more options see best ECN Forex brokers.

What is the best Australian Forex broker with the lowest spread?

The best Australian Forex broker with the lowest spread is IC Markets.

IC Markets charges extremely low spreads from 0 pips on its Raw Spreads account, and the commissions per lot are $7 or $6 with cTrader or MT4/MT5 respectively. For more options see lowest spread Forex brokers.

What is the best Australian Forex broker with fixed spread?

The best Australian Forex broker with fixed spreads is AvaTrade.

AvaTrade offers fixed spreads from 0.9 pips to its traders, which can start from 0.6 pips for professional traders. For more options see best fixed spreads Forex brokers.

What is the best Australian Forex broker with high leverage?

The best Australian Forex broker with the highest leverage is FP Markets.

In Australia, the leverage is limited to 1:30 for retail traders, while professional traders can access higher leverage. At FP Markets, professional traders can have leverages up to 1:500. For more options visit high leverage Forex brokers.

What is the best Australian Forex broker for Islamic traders (swap free)?

The best Australian Forex broker for islamic traders is AvaTrade.

AvaTrade offers a swap free islamic account that does not charge additional fees if the positions are kept for several days in a row. However, it comes with slightly higher spreads. For more options visit best swap free islamic Forex brokers.

What is the best Australian Forex broker with MT4 platform?

The best Australian Forex broker with MT4 is Pepperstone.

Pepperstone offers a good MT4 service since it offers low spreads on CFD Forex pairs, competitive commissions, VPS integration and rebates for high-volume traders. For more options see best MT4 Forex brokers.

What is the best Australian Forex broker for beginners?

The best Australian Forex broker for beginners is eToro.

eToro offers a user-friendly trading platform, a low minimum deposit, an unlimited demo account as well as great copy and social trading functionalities. For more options see best Forex brokers for beginners.

What is the best Australian Forex broker with a Cent account?

At the moment, there are no Australian Forex brokers with cent accounts. If you’re looking for an alternative, have a look at Oanda which allows traders to trade with very small currency units. For more options, see best cent account Forex brokers.

What is the best Australian Forex broker with a low minimum deposit?

The best Australian Forex broker with a low minimum deposit is eToro.

eToro, in Australia, requires only $50 to open a trading account. For more options see low minimum deposit Forex brokers

Is forex trading legal in Australia?

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 of 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.

What should Australian traders 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 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?

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 contacting local authorities if you don’t know how to manage this aspect.


filippo ucchino

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.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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