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Best Forex Brokers in Australia

This guide will look at the best forex brokers in Australia in 2024. We will examine factors such as fees, regulations, commissions, and the number of pairs offered to determine the best forex platforms in Australia.

The forex market is the most liquid in the world and can be accessed through several forex brokers. The best forex brokers in global markets offer a number of currency pairs, low trading fees, and tight spreads. Because the currency markets are fast-paced, all top forex brokers provide a plethora of trading and analysis tools, charting tools, and a full-fledged mobile app.

Best Forex Brokers In Australia: Key Points

  • Forex markets are the largest and most liquid asset markets in the world. 
  • Currencies trade against one another as exchange rate pairs. For example, the EUR/USD currency pair is used to trade the Euro against the US Dollar. 
  • Forex markets typically exist as spot or derivatives markets.

Best Forex Brokers In Australia 2024 – List

Now, let’s look at our list of the best forex brokers and platforms in Australia. 

  • eToro – Overall, the best forex trader in Australia
  • Pepperstone – Best forex broker for raw spread accounts 
  • AvaTrade – Highly regulated forex broker with MT4 and MT5 support 
  • Plus500 – Leading forex broker offering over 60 currency pairs 
  • Vantage – Multi-asset broker offering low spreads and high leverage 
  • XM – Multiple forex trading accounts with low minimum deposit 
  • IG Markets – Highly trusted forex broker regulated by ASIC 
  • Trade Nation – Best low-spread forex broker 
  • Interactive Brokers – Offers access to Interbank Currency Quotes 
  • HotForex – High-leverage offshore forex broker 
  • Oanda – Offers over 70 forex pairs with no minimum deposit 
  • Forex.com – Established forex broker offering competitive fees

Best Forex Brokers In Australia Reviewed 

Now, let’s begin our deep dive into the best forex brokers in Australia in 2024. In our review, we have considered several factors. These include Regulation, commission and spreads, supported markets, payment methods, trading tools, and minimum account balance.

1. eToro – Overall best forex broker in Australia

eToro is the first platform on our list, primarily because it is also our choice for the best forex broker in Australia. The platform is heavily regulated and holds licenses with ASIC, CySEC, SEC, and the FCA. eToro began operations in 2007 and has over 30 million registered users.

eToro Forex Broker Au

eToro offers a carefully curated selection of major, minor, and exotic currency pairs. eToro’s forex trading suite operated on a spread-only pricing structure. This starts at 1 pip on major pairs such as EUR/USD and USD/JPY.

Forex trading on eToro is offered through CFDs. Users in Australia can access considerable leverage. The platform is also considered the best forex broker for passive trading. This is thanks to its Copy Trading tool. This tool allows traders on the platform to mirror the trades and positions of other successful forex traders.

Fees And Features 

Let’s understand Copy Trading with the help of an example. A trader decides to invest $1000 into a trader on eToro with a robust trading history on the platform. The trader uses 10% of their balance to go short on the EUR/USD pair. The eToro user will replicate the same trade, staking 10% of their $1000 investment.

eToro Copy Trading

The Copy Trading tool is excellent for beginners and traders who do not have time to research the markets. Apart from forex, eToro also offers CFDs in the form of indices and commodities. However, the platform’s standout feature allows users to purchase shares in Australia at 0% commission. The minimum requirement for a trade on eToro is just $10.

The platform is also an excellent choice for investing in cryptos in Australia. Opening an account on eToro can be completed in minutes, with a minimum deposit requirement of just $50. eToro also supports several payment modes, such as debit/credit cards, bank transfers, and e-wallets.

EUR/USD Spread Starts from 1 pip 
FX Pairs  49
Commission Spread-only 
Top Features  One of the best platforms for social trading 

User-friendly

Competitve fees 

Minimum Deposit  $50 

What We Like About eToro 

  • ✅ Supports Copy Trading and Smart Portfolios
  • ✅ Extremely user-friendly
  • ✅ Regulated by several financial bodies. 
  • ✅ Also offers support for stocks, ETFs, crypto, and commodities 
  • ✅ Spread-only forex trading model 
  • ✅ Mobile app for Android and iOS

CFD Service. Your capital is at risk

2. Pepperstone – Best forex broker for raw spread accounts

Pepperstone is ideal for Australian forex traders looking to open a raw spread account. This type of account allows traders to buy and sell forex pairs with spreads starting from 0 pips. This is done by trading directly with other market participants. To access zero spreads, Pepperstone users must pay a commission of $3.50 for 1 currency lot traded.

Pepperstone Forex Broker Australia

However, Pepperstone also offers standard forex trading accounts with commission-free trading. This account requires the trader to cover a spread that starts at 0.6 pips. Both types of accounts allow traders to access several platforms. These include MT4, MT5, cTrader, and TradingView. It also offers several major, minor, and exotic pairs. The maximum leverage limit is set at 1:30.

Regarding account funding, the platform supports debit and credit cards, bank transfers, POLi, BPay, and e-wallets. Pepperstone also offers users a selection of CFD markets, which include shares, commodities, crypto, and indices.

EUR/USD Spread 0 pips on raw spread accounts 
FX Pairs  Offers several majors, minors, and exotics 
Commission $3.50 for every currency lot traded on a raw spread account 
Top Features  Raw spreads start from 0 pips

Robust reputation in Australia 

Supports multiple trading platforms 

Minimum Deposit  No minimum deposit requirement 

What We Like About Pepperstone 

  • ✅ Pepperstone supports multiple trading platforms. 
  • ✅ Raw spreads start from 0 pips on major currency pairs. 
  • ✅ 0% commission accounts are also offered.

3. AvaTrade – Highly regulated forex broker with MT4 and MT5 support

AvaTrade is the next platform on our list of best forex brokers in Australia. ASIC and a host of other financial regulators regulate the platform. Accounts on AvaTrade can be opened in minutes, with a minimum first-time deposit of just $100. The platform supports several payment methods, including bank wire transfers and debit/credit cards.

Ava Trade Forex Broker AU

AvaTrade is a CFD broker and trading platform and offers Australian users leverage of 1:30 and 1:20 on majors and minors/exotics. When it comes to forex, AvaTrade offers users several currency markets. Every trading pair can be accessed on the platform commission-free, with spreads starting at 0.9 pips.

Experienced traders are drawn to AvaTrade thanks to its support for MT4 and MT5. Both platforms are highly sought after by traders looking for advanced tools and features. Casual traders can use AvaTrade’s web trading platform.

The web trading platform can be accessed through a standard web browser. The platform also offers a dedicated mobile app that is compatible with Android and iOS. It also offers CFDs via indices, stocks, crypto FOREX, and commodities.

EUR/USD Spread Starts from 0.9 pips 
FX Pairs  55
Commission 0% 
Top Features  MetaTrader 4 and 5 support 

8 regulatory licenses 

Advanced trading suite

Minimum Deposit  $100

What We Like About AvaTrade 

  • ✅ Offers compatibility with Duplitrade
  • ✅ One of the best MT5 brokers 
  • ✅ Offers leverage on all markets 
  • ✅ PAMM account for avid forex traders

4. Plus500 – Leading forex broker offering over 60 currency pairs

Plus500 is another top-rated forex broker in Australia. Those looking for an ASIC-regulated broker will find Plus500 one of the best available options. This CFD provider allows users to access over 60 currency pairs, including majors, minors, and exotics. Plus500 offers a dedicated mobile application, or try out their demo account, apart from the web platform.

Plus500 CFD Broker in Australia

The platform allows traders to incorporate advanced indicators and fundamental data in their analysis. It does this by offering traders news and key market insights. Price alerts let traders know when currencies have reached a particular exchange rate. Traders can also use the stop order feature to lock profits and minimize losses.

Plus500 also offers free educational content and FAQ sections. These provide key information to traders. Additionally, the platform’s support center is available 24/7 to assist traders.

Features And Fees 

When it comes to trading, Plus500 allows traders to improve their skills by joining the training academy. Traders must deposit a minimum of AU$200.

PLUS 500 Broker

This can be done through several payment options, such as bank wire transfers, credit and debit cards, PayPal, and Apple Pay. Traders can fund accounts without paying any additional fee. There are also no commission fees when trading, with traders receiving tight spreads for currency pairs.

However, traders must pay a fee for the guaranteed stop order, currency conversion, and overnight fees. The platform also charges a $10 monthly inactivity fee for traders who are inactive for over three months.

EUR/USD Spread Stars from 0.8 pips 
FX Pairs  60
Commission Spread only 
Top Features  Market insights 

Trading academy 

Guaranteed stop loss feature 

Minimum Deposit  $200 

What We Like About Plus500 

  • ✅ A variety of technical and fundamental tools are available. 
  • ✅ Price alerts feature 
  • ✅ Over 60 currency pairs are available 
  • ✅ Leverage of 1:30 
  • ✅ 0% commission

5. Vantage – Multi-asset broker offering low spreads and high leverage

The next forex broker in our list of best forex brokers in Australia is Vantage. Vantage was launched in 2009 and is an Australian-based trading brokerage. The platform offers over 40 forex trading pairs and charges among the lowest spreads and fees.

Users can pay up to 0.2 pips on the EUR/USD pair through the RAW ECN account. All they need to do is pay a low commission on each trade.

Vantage Assets

Vantage’s standard STP account offers commission-free trading to investors. However, the spread on popular pairs, such as the EUR/USD, begins at 1:1. Apart from the EUR/USD pair, traders can also trade on other pairs, such as GBP/USD, USD/JPY, and AUD/USD.

Features And Fees 

Besides forex trading, Vantage allows users to trade commodities, CFDs, and indices. Apart from its proprietary trading platform, Vantage also offers a mobile application. Users can also benefit from features such as charting options, technical indicators, watchlists, and price alerts. Beginners can use the Vantage demo account to practice trading strategies before deploying them in real trades.

Vantage

Vantage also offers users a Copy Trading and Social Trading feature. This allows beginners to copy the trades of more successful traders on the platform. Vantage is regulated by ASIC in Australia. It is also regulated by global regulatory bodies such as the FCA.

Trading forex pairs on Vantage is extremely simple. Setting an account takes just minutes. Traders can make a minimum deposit of $50 using payment methods such as Mastercard and VISA. Alternatively, traders can also select options such as Skrill and Neteller.

EUR/USD Spread 0.2 pips on ECN account. 1.1 pips on STP account. 
FX Pairs  Over 40 
Commission No commissions on STP account. Small commission on RAW ECN account 
Top Features  MT4 and MT5 compatibility

Multi-asset CFD trading 

No commissions on STP account 

Minimum Deposit  $50 

What We Like About Vantage 

  • ✅ Low spreads on EUR/USD with the ECN account. 
  • ✅ No inactivity fee 
  • ✅ Supports multiple payment methods 
  • ✅ No commissions on STP accounts

6. XM – Multiple forex trading accounts with low minimum deposit

The leading forex broker in Australia is XM platform. It offers three primary trading accounts, catering to all budgets and financial goals. For example, the cent account is ideal for beginners. This is because the account lets traders speculate on currency pairs from just 0.01 lots. The account comes with a minimum spread of 1 pip on major pairs.

XM Forex Broker in Australia

The ultra-low account has a minimum trade requirement of 0.01 lots, with spreads starting from 0.6 pips. All forex trading accounts on the platform require a minimum deposit of only $5. All accounts also offer commission-free trading. The platform offers over 1000 financial instruments, which include 55 forex pairs. Other markets on the platform include CFDs on stocks, indices, commodities, metals, and energies.

XM is also popular thanks to its wide selection of supported trading platforms. This includes MT4 and MT5, along with the platform’s native XM platform. The platform also offers analysis and educational tools, inducing market insights and trading ideas.

EUR/USD Spread Starts from 0.6 pips 
FX Pairs  55
Commission 0%
Top Features  Over 16 platforms supported 

1000+ financial instruments 

$5 minimum deposit 

Minimum Deposit  $5 

What We Like About XM 

  • ✅ Spreads starting from just 0.6 pips 
  • ✅ Support for 16 trading platforms across PCs and smartphones. 
  • ✅ Over 55 forex pairs at 0% commission

7. IG Markets – Highly trusted forex broker regulated by ASIC

IG Markets is a highly trusted broker in Australia offering over 80 forex pairs. This includes majors, minors, and exotics. The platform also offers 24/7 customer support and gives users access to multiple trading platforms.

IG Markets Trading Platform

Users opting for a DMA forex account must pay a commission of $10 for every $1 million traded. The minimum spread on the EUR/USD pair is just 0.6 pips. However, this can go above 1 pip outside of trading hours. Margin accounts on the platform come with a maximum leverage limit of 1:30 for users in Australia.

Professional clients are offered significantly higher leverage limits. IG Markets also gives users access to crypto trading platforms. Apart from its native platform, IG Markets supports MetaTrader 4 and ProRealTime. The platform also offers a dedicated mobile app compatible with Android and iOS, with full account functionality.

IG Markets also offers users financial analysis, offering real-time news, trading ideas, and economic insights. It also lets users track financial events through its economic calendar. However, one drawback of the platform is its exceptionally high minimum deposit of $250.

EUR/USD Spread Starts from 0.6 pips 
FX Pairs  Over 80 
Commission $10 for every $1 million traded 
Top Features  Excellent mobile app with full functionality 

24/7 customer support 

Long history 

Minimum Deposit  $250 

What We Like About IG Markets 

  • ✅ Offers competitive commissions 
  • ✅ Excellent mobile app with full functionality 
  • ✅ One of the best forex brokers in Australia

8. Trade Nation – Best low-spread forex broker

Launched in 2014, Trade Nation supports multiple assets and has carved a niche in forex trading. The platform offers over 25 forex pairs, including EUR/USD, AUD/USD, and GBP/USD. Fees for the EUR/USD pair start at 0.6 pips. However, during rollover periods, this can increase to 1.4 pips.

Trade Nation Forex Broker

There are two ways traders can trade on Trade Nation. The first is through MT4, which gives them access to a plethora of trading charts. The second way is through TN Trader, which is ideal for investors who want to avoid paying a commission fee. Trade Nation does not have any hidden charges. Investors get what they pay for and don’t have to worry about surprise charges.

Trade Nation also offers 24-hour support for five days of the week. Additionally, it accepts multiple payment options such as MasterCard, VISA, and Skrill. Traders need to deposit just $1 to begin trading. The platform is also highly regulated, giving traders assurance regarding security.

EUR/USD Spread Starts from 0.6 pips 
FX Pairs  Over 25 
Commission $3.50 for a RAW spread account 
Top Features  Supports multiple assets 

Low fees 

Robust security 

Minimum Deposit  $1 

What We Like About Trade Nation 

  • ✅ Highly intuitive trading system 
  • ✅ Over 25 forex pairs on offer 
  • ✅ Low fees

9. Interactive Brokers – Offers access to Interbank Currency Quotes

The platform is headquartered in the United States but has exposure to multiple countries, including Australia. Interactive brokers is ideal for forex traders, as it offers direct access to interbank currency rates. This means traders can speculate on currency markets with super tight spreads, starting from 1/10 of a pip.

Interactive Brokers

The Interactive Brokers has some of the deepest liquidity among brokers in the market. It offers many professional trading tools, including economic indicators and charts. Overall, Interactive Brokers offers traders over 100 currency pairs.

Commissions on the platform are generally between 0.08 and 0.2 bps, depending on market conditions. The platform is an excellent option for traders looking to diversify their portfolios to include other asset classes. This is because it supports over 10,000 financial instruments, including stocks, ETFs, futures, options, bonds, mutual funds, and more.

EUR/USD Spread Starts from 1/10 of a pip 
FX Pairs  Over 100 
Commission Between 0.08 and 0.2 bps
Top Features  Deep liquidity 

Heavy regulation 

Access to interbank markets 

Minimum Deposit  Not mentioned 

What We Like About Interactive Brokers 

  • ✅ Spreads start from just 1/10th of a pip
  • ✅ Australian traders can access significant liquidity 
  • ✅ Access to interbank markets

10. HotForex – High-leverage offshore forex broker

The next platform on our list of best forex brokers in Australia is HotForex. The platform is an excellent option for traders looking for high-leverage limits. This is because HotForex is located offshore, allowing it to offer limits above the 1:30 threshold. The platform offers leverage as high as 1:1000.

HotForex Broker Australia

This means for $100 staked, trades of up to $100,000 can be entered. However, it would be best to remember that high leverage is extremely risky because you could lose your entire stake. HotForex offers five trading accounts for users to choose from.

The micro account is excellent for beginners who have a limited budget. This account requires a minimum deposit of just $5. Traders can access spreads starting from 1 pip on major pairs. Traders can also deposit $200 and open a zero-spread account. This account has a lower maximum leverage of 1:500. However, no spreads are charged on major pairs like the EUR/USD.

HotForex also offers a demo account that mirrors live market conditions. The platform supports over 50 forex pairs, along with several CFD markets. This includes energies, metals, indices, bonds, shares, etc. It also offers premium trading tools, ideal for more experienced traders.

EUR/USD Spread Starts from 0 pips on Raw accounts 
FX Pairs  50 
Commission 0% 
Top Features  Premium trading tools 

High leverage 

Zero spread accounts 

Minimum Deposit  $5 

What We Like About HotForex 

  • ✅ Minimum deposits start from just $5 
  • ✅ Leverage up to 1:1000 
  • ✅ One of the best forex brokers offering low spreads

11. Oanda – Offers over 70 forex pairs with no minimum deposit

Another top forex broker in Australia is Oanda. The platform offers over 70 major and minor forex pairs. Traders are also not required to deposit a minimum amount to open an account. Retail traders can also avail of leverage up to 50:1 on major currency pairs. Additionally, Oanda charges no commissions for standard accounts, with spreads starting from just 1.2 pips.

Oanda Forex Broker Australia

Oanda gives traders access to multiple trading platforms apart from its proprietary web, desktop, and mobile platforms. Experienced traders can use MetaTrader 4, which enables automated trading strategies. They can also access TradingView, which offers custom technical indicators. Oanda also offers traders a forex news feed, forex webinars, daily technical analysis, and economic calendars.

New traders on the platform can also earn a welcome bonus when they open an account and make a deposit. The bonus is worth $5000 for traders depositing more than $50,000 and $500 for depositing $500 or more. Regarding payment methods, Oanda supports debit/credit cards, bank transfers, and e-wallets.

EUR/USD Spread Starts from 1.2 pips 
FX Pairs  70 
Commission 0%
Top Features  MT4 and TradingView compatible 

Over 70 forex pairs 

Welcome bonus of up to $5000 

Minimum Deposit  None 

What We Like About Oanda 

  • ✅ MT4 and TradingView compatibility 
  • ✅ Market news and daily technical analysis 
  • ✅ User-friendly

12. Forex.com – Established forex broker offering competitive fees

The last platform in our list of best forex brokers in Australia is Forex.com. The platform is the best when it comes to reputation. This is because it began operations in 2001 and is regulated by several financial bodies. The platform offers a significant trading library, including over 80 currency pairs.

forex.com platform

Forex markets on Forex.com are open on a 24/5 basis. Regarding fees, Australian users do not have to pay commissions when speculating on forex. Spreads are highly competitive, with the EUR/USD currency pair spread starting at 0.5 pips.

The platform also offers a comprehensive news and analysis section. This includes forex trading ideas compiled by experienced forex traders. The “week ahead” section helps keep track of upcoming economic developments when trading.

Forex.com’s educational academy also deserves high praise. Beginners can learn the basics of forex trading through interactive courses, tutorials, and self-assessment quizzes. The platform is also known for its customer service, which operates round the clock to assist users.

EUR/USD Spread Starts from 0.5 pips on standard accounts 
FX Pairs  Over 80 
Commission 0% on standard accounts 
Top Features  No commissions on forex 

Excellent educational section 

Specialist forex broker 

Minimum Deposit  $100 

What We Like About Forex.com 

  • ✅ Excellent educational academy for beginners. 
  • ✅ Over 80 currency pairs 
  • ✅ One of the cheapest brokers in Australia

What Is The Forex Market 

Before starting with our list of the best forex brokers in Australia, it is vital to understand the market. The foreign exchange market is where various currencies are traded. The market’s most unique quality is that it lacks a centralized marketplace. Instead, all currency trading is conducted electronically over the counter (OTC).

Forex Market

This means all forex transactions occur via computer traders worldwide rather than through a single centralized exchange. Forex markets are open 24 hours a day, five and a half days a week. Currencies are traded across all major global financial centers. These include Hong Kong, London, Frankfurt, Singapore, Paris, Sydney, Tokyo, and Zurich. As such, the forex market begins in Tokyo when the US trading day comes to a close.

Forex markets are comprised of the interbank market and the over-the-counter (OTC) market. The interbank market allows large banks to trade currencies. These currencies are traded for purposes such as hedging, balance sheet adjustments, and on behalf of clients. The OTC market is where individual traders trade via online platforms and brokers. As mentioned earlier, the forex market is open for 24 hours for five and a half days of the week.

This is markedly different from other markets, such as bonds, commodities, and equities, all of which close for some time. However, there are a few exceptions. For example, some emerging market currencies close for a specific period during the day.

Forex Market History 

Until World War 1, currencies were pegged to precious metals. These include metals such as gold and silver. After the Second World War, this system was replaced by the Bretton Woods Agreement. This agreement created three international organizations to facilitate global economic activity. These organizations were 

  • The International Monetary Fund (IMF)
  • International Bank for Reconstruction and Development 
  • General Agreement on Tariffs and Trade (GATT) 

The Bretton Woods Agreement also saw gold replaced by the US Dollar as the peg for international currencies. The United States government also promised to back up Dollar supplies with equivalent gold reserves. The agreement became void in 1971 when US President Richard Nixon temporarily suspended the Dollar’s convertibility into gold. 

Today, currencies are free to choose their own peg, with their value determined by supply and demand.

Advantages And Disadvantages Of Forex Trading 

Now, let’s look at the advantages and disadvantages of forex trading.

Advantages  Disadvantages 
  • Forex markets offer plenty of trading options 
  • Leverage involved is on the higher side
  • Transaction costs are low 
  • A lack of regulation means increased counterparty risk
  • Significant flexibility when it comes to trading 
  • Operational risks 

Advantages 

The biggest advantage of forex trading is flexibility and the inherent lack of restrictions. The forex market sees a significant trading volume, with markets open 24 hours daily. This means even people who work regular 9-to-5 jobs can participate in these markets at night or on weekends.

There is also considerable optionality when it comes to the available trading options. There are hundreds of currency pairs and several types of agreements, such as future or spot agreements. Transaction costs are also generally low, while leverage is among the highest in all financial markets. This can significantly amplify profits and losses.

Disadvantages 

Forex markets carry considerable leverage risk. Forex trading allows for significant leverage, often up to 20-30 times. These amplify returns significantly but can also amplify losses. The markets are also open nearly 24 hours a day. While this is a positive for some traders, it means traders must also use algorithms and trading programs when they are away. This increases costs and adds to operational risks.

The other significant disadvantage when it comes to the forex market is counterparty risk. Regulating forex markets is considerably difficult, given it is a market that trades constantly. There is also no centralized exchange that guarantees a trade. This means the forex market comes with counterparty risk, where one party could default.

Comparing The Best Forex Brokers In Australia 2024 

Now, let’s directly compare the best forex brokers in Australia with the help of a table. 

Forex Brokers FX Pairs Commission EUR/USD Spread Min Deposit Non-Trading Fees Min Lot Size Top 3 Features
eToro  49 Spread-only  1 pip $50 0.5% on non-USD deposits, $10 inactivity fee  0.01  Copy Trading. 

Competitive fees. 

User friendly. 

Pepperstone Dozens of majors, minors, and exotics  $3.50 for 1 lot traded on a raw spread account  0 pips on raw spread account  No minimum stated  None 0.01  Excellent reputation in Australia. 

Raw accounts offer spreads starting from 0 pips.

Supports multiple trading platforms. 

AvaTrade 55 0% 0.9 pips $100 $50 inactivity fee  $100 minimum  Supports MT4 and MT5. 

Holds 8 regulatory licenses. 

Advanced trading suite. 

Plus500 60 Spread only  0.8 pips  $200  Currency conversion fee, $10 monthly inactivity fee  0.01  Trading academy, 

Market insights, 

Guaranteed stop order. 

Vantage  Over 40  No commission on STP account. Small commission ($3) on Raw ECN account  1.1 pips on STP account. 

0.2 pips on ECN account. 

$50  None  Not mentioned  MT4 and MT5 compatibility. 

Multi-asset CFD trading. 

No commissions on STP account. 

XM  55 0% From 0.6 pips  From $5  $5 inactivity fee  0.01  Supports 16 platforms.

Minimum deposit of $5.

Over 1000 financial instruments  

IG Markets  80 $10 for every $1 million traded  From 0.6 pips  $250  1% on Visa, 0.5% on masterCard, $18 inactivity fee  $1 per point  Mobile app with full functionality. 

Established in 1974.

24/7 customer support. 

Trade Nation Over 25  $3.50 on raw spread accounts   0.6 pips  $1  Not mentioned  Not mentioned  Supports multiple assets. 

Low fees. 

Security features. 

Interactive Brokers  100 Between 0.08 and 0.2 bps From 1/10 of a pip  No minimum stated  1% on physical currency deposits  $25,000 minimum Deep liquidity. 

Heavily regulated.

Interbank FX rates 

Hot Forex 50 0% From 0 pips on the raw account.  $5  None  0.01  Premium trading tools. 

Zero spread account. 

High leverage limits. 

Oanda 70 From 0% From 1.2 pips  None  None  0.01 MT4 and TradingView compatibility. 

Over 70 forex pairs. 

Bonus up to $5000. 

Forex.com 80 0% From 0.1 pips  $100 $40 on bank wire withdrawals. $15 inactivity fee.  0.01 No commissions charged on forex. 

Specialist forex brokers. 

Top educational section. 

How Did We Choose The Best Forex Brokers In Australia? 

Selecting the best forex brokers in Australia was a challenging task, as we had to consider a variety of things. Let’s look at the main factors we considered when making our list.

Fees 

Fees are an important factor to consider when choosing the best forex broker in Australia. All brokers charge fees, or else they would not be able to sustain themselves and their operations. The main types of fees you must consider have been listed below.

Commissions 

Most forex brokers discussed in our list do not charge trading commissions. Instead, they use a spread-only model. The platforms that do charge a commission do so on a per-lot basis. For example, Pepperstone charges $3.50 as commission for 1 lot traded. 1 lot consists of 100,000 units. On the other hand, IG Markets charges $10 for every $1 million traded.

Leverage Fees 

Traders looking for leverage must remember that it attracts a daily funding charge. However, the exact rate varies between brokers and on account type, stake, and the amount of leverage used.

Spreads 

The best forex brokers in Australia, such as eToro and Plus500, do not charge trading commissions. Instead, users must cover the spread when they place a buy or sell order. Spread refers to the gap between the bid and ask price of the respective currency pair. The best forex platforms in Australia offer tight spreads with a commission-free pricing model.

Funding 

Before they can begin trading, users must make a minimum deposit into their respective accounts. For example, Plus500 allows traders to deposit and withdraw funds across all supported payment methods without incurring any fees. However, some forex brokers charge fees on payment methods or to convert AUD into other currencies such as USD or EUR.

Range Of Pairs 

The best forex traders will always offer the largest number of trading pairs. All platforms in our list offer major, minor, and exotic currency pairs. It also helps if the broker offers more sophisticated financial instruments like futures, CFDs, and options.

Regulation 

One of the most important factors when selecting a forex broker is how well the platform is regulated. For example, eToro is regulated by ASIC and several other financial regulatory authorities. This means traders in Australia can safely speculate on the future value of forex pairs. Because ASIC regulates platforms, retail clients in Australia cannot access leverage limits above 1:30.

Minimum Deposit 

Minimum deposit is another factor taken into consideration when selecting the best forex brokers in Australia. Brokers such as IG Markets have a high minimum deposit of $250 when creating an account. On the other hand, platforms such as eToro require a minimum deposit of just $50 when funding using a debit/credit card. Beginners must always select a forex broker with a minimum deposit requirement that fits their budget and trading goals.

Trading And Analysis Tools 

Forex pairs are constantly changing in value, 24/7, and second-by-second. This means traders must have access to specific tools to help make informed decisions. Traders looking for historical price trends want a broker offering technical indicators and customizable charts. Additionally, fundamental tools are critical as well.

Forex Trading Platform Australia

Let’s look at eToro as an example. The platform offers excellent market insights, financial news, and an economic calendar. Another excellent feature offered by the platform is Copy Trading. This allows traders to mirror the trades and positions of highly successful forex traders on the platform. Let’s look at an example to see how this works.

  • Let’s assume a trader invests $ 5,000 into a seasoned trader on eToro. 
  • The trader risks 5% of their capital, going long on the AUD/USD pair. 
  • The eToro user will automatically mirror the trade, putting in a stake of $250 (5% of $5000).
  • The trader then closes the position, making a profit of 10%. 
  • The eToto user’s trade will also be automatically closed, and they will make a profit of $25.

Copy Trading is an excellent feature for beginners who have little experience when it comes to forex trading.

Mobile Application 

Dedicated mobile applications are a core feature offered by the best forex brokers in Australia. These apps are fully optimized and are compatible with Android and iOS. A good mobile app should offer the same features as the primary desktop platform. This includes placing buy and sell orders, performing market research, processing deposit and withdrawal requests, and more.

Customer Service 

A top forex broker must always offer excellent customer service. Most of the best forex brokers in Australia offer 24-hour customer support for at least six days a week to mirror global trading markets.

Demo Account 

Some forex brokers offer demo accounts. Traders, irrespective of their background when it comes to forex trading, must consider opening an account with a broker that offers demo accounts. Demo accounts allow users to test their trading strategy before deploying it in the real market. Beginners can also practice trading in a risk-free environment before beginning trading in the real world. Most demo accounts come with a specific amount of virtual currency. For example, eToro gives users $100,000 in virtual currency for their demo accounts.

Best Forex Signals In Australia 

We have already mentioned that traders looking for the best forex brokers in Australia could consider using eToro’s Copy Trading feature. This would allow them to speculate on currency pairs without prior experience. However, another option they could consider is forex signals. Signals are trading suggestions sent by experienced traders to the trading community.

Social Trading Platforms in Australia

Each forex signal informs members which currency pair should be traded and if they should consider a long or short position. Popular signal providers also suggest a limit, stop loss, and take-profit order price.

Forex signals allow beginners and inexperienced traders to trade without requiring too much research or technical and fundamental analysis.

How To Start Trading Forex In Australia

As we’ve mentioned, the currency market is the largest and most liquid, with a daily trading volume of over $5 trillion. However, new traders may find it overwhelming and require some guidance. This section of our guide covers how you can open an account, make a deposit, and begin trading. For our example, we have used eToro as the platform of choice.

Step 1 – Open A Forex Account On eToro 

Sign up via etoro

The first step is to open an account on the platform. To do this, go to the eToro website and click on “Create Account”. You must furnish some personal information and documentation such as your name, nationality, residential address, date of birth, and contact number.

Step 2 – Upload Identification 

eToro requires users to upload identification documents for KYC verification. This ID could either be a passport, driver’s license, or any other government-issued ID.

Step 3 – Deposit Funds 

Deposit funds on eToro

The next step is to make a deposit in your eToro account. While there are several deposit methods, you should avoid bank wire transfers. This is because the minimum deposit is quite high at $50, and the funds could take days to reflect in your account.

Step 4 – Search For Forex Pairs to Trade

Search For Forex Pairs to Trade

Once you have funded your account, you can begin trading. eToro offers 49 forex pairs. This is why it is best to search for the currency pair using the search bar instead of scrolling through the markets. We are searching for the EUR/AUD trading pair in the example below.

Step 5 – Trade Forex 

Trade Forex Pair

You can place a forex trading order once you have selected your trading pair. If you believe the currency pair’s value will rise, you must select a “buy” order. If you believe the currency pair’s value will fall, a “sell” order must be selected.

Enter the investment stake in the box once you have chosen the relevant order. You can also enter the price you wish the trade to be executed by using a limit order. If you don’t do this, the order will be executed at the next best available price.

CFD Service. Your capital is at risk

Conclusion – Best Forex Brokers In Australia

And with that, we wrap up our guide to the best forex traders in Australia. Our guide has compared and ranked some of the best forex brokers in Australia. For our comparison, we took several metrics under consideration, such as commissions, fees, regulation, supported pairs, and trading tools offered. If you want to start with forex trading, eToro is our platform.

eToro Broker

  • Free Copy Trading of Professional Traders
  • Best Forex Broker Australia
  • Minimum Deposit only $10
9.9

5 Stars

75% of retail investor accounts lose money when trading CFDs with this provider.

FAQs Best Forex Traders In Australia

Do Forex Traders Pay Tax In Australia? 

Yes, realized profits through forex trading are liable to be taxed. Our guide contains more details about how you can trade forex in Australia.

The best time for forex trading in Australia is between 9 PM and 12 AM. During this time, there is a crossover with the Asian markets. This means liquidity and trading volumes are at their highest levels.

Some ASIC-regulated brokers offer support for MT4. This can be accessed via desktop software and standard browsers.

Yes, you can open an account with a forex broker like eToro within minutes. ASIC also permits retail clients to trade forex, offering leverage of up to 1:30.

We found eToro to be the best forex broker in Australia. The platform offers users 49 forex pairs at 0% commissions and tight spreads. The minimum deposit requirement is just $50, and traders can access a plethora of research and analysis tools.