Best Australian Forex Brokers in 2023
Australian forex trading platforms are stirring the foreign exchange market with their impressive market performance over the past few years, with the average daily turnover in all OTC foreign exchange instruments in the Australian market being US$150.4 billion in April 2022. Even the AUD is the second most popular currency, accounting for 52% of trades. These forex trading platforms bring together some very versatile, trustworthy, intuitive, and advanced trading platforms into the market. Best Australian forex brokers are also getting some handy and exceptional trading tools with cutting-edge pricing that gives the rest of the world stiff competition!
The information in the below content has been provided with various online research conducted by us to guide you and help you choose the right broker. Before starting, remember trading CFDs carries risk, and you may lose money, so always be careful.
10 Best Forex Brokers in Australia of 2023
- Blueberry Markets: 24/7 Excellent Customer Support
- XM: Best for EA Trading
- Eightcap: Best for Low Spreads
- Markets.com: Best for Online Trading Tools
- Pepperstone: Best Advanced Features
- FP Markets: Best for Scalping
- GO Markets: Best for Higher Level of Security
- IG Forex: Best Overall Broker
- IC Markets: Best for Low Broker Spreads
- City Index: Best for CFDs
Comparison of Best Brokers in Australia
| Forex Brokers | Minimum Deposit | Maximum Leverage | ASIC Regulated Forex Broker | Accepts Australian Residents |
|---|---|---|---|---|
| Blueberry Markets | $100 | 1:500 |  |
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| XM | $5 | 1:1 to 1000:1 | |
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| Eightcap | $100 | 30:1 for ASIC | |
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| Markets.com | $100 | 300:1 | |
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| Pepperstone | $200 (AUD) | 30:1 | |
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| FP Markets | $100 | 500:1 | |
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| GO Markets | $200 | 1:500 | |
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| IG Forex | $300 | 50:1 | |
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| IC Markets | $200 | 1:500 | |
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| City Index | $100 | 1:30 | |
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| CMC Markets | $0 | 30:1 | |
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| AxiTrader | $0 | 400:1 | |
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| Oanda | $0 | 50:1 | |
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| NinjaTrader | $50 | 50:1 |  |
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| Plus500 | $100 | 1:20 (Crypto) | |
|
| eToro | Varies as per country | x30 for Major Pairs | |
|
Top Forex Trading Platforms in Australia
Below we will look at the enviable list of top-rated ASIC-regulated forex brokers in Australia for beginners and expert traders. Now let’s get started!
Blueberry Markets: 24/7 Excellent Customer Support
Blueberry Markets is one of the promising best forex brokers that offer excellent MT4 and MT5 forex trading services. This award-winning platform has a wide range of 45+ exotic currencies from 0.0 pips, it allows trading major pairs and minor pairs, such as GBP, EUR, USD, and a large range of other financial instruments like indices, stocks, oil, commodities, Forex CFD, gold, & silver.
Blueberry Markets – Leading Brokerage Service Provider
Blueberry Markets allows Australian traders to trade 300+ instruments along with that, it offers free VPS, social trading tools, a free demo account with $50,000 virtual funds, and zero commission on standard accounts. Learn more about the best platform in our Blueberry Markets review, the list of features and base currencies suitable for you & the Australian traders & begin trading.
Features
Regulated by: VFSC, ASIC, SCB
Year Founded: 2016
Minimum Deposit: $100
Max Leverage: 1:500 for both accounts (Standard Account) & (Direct Account)
XM: Best for EA Trading
XM is yet another popular Australian forex broker. It is regulated by Australian regulators and others like ASIC, CySEC, and the FSC. It offers an attractive and wide range of account types, such as Micro accounts, Ultra-Low Accounts, Zero accounts, Standard accounts, demo accounts, etc., to suit the needs of beginner forex traders or experienced forex traders. Further, its “XM Global Webtrade” is suitable for beginners and experienced foreign exchange traders alike.
XM – Popular Australian broker
The demo account offered by XM has no specific time limit on how long a user can use a demo account, with a $100,000 virtual balance also including a range of 1000+ financial instruments.
XM – the best online broker in Australia is available on Android devices like tablets and phones and Apple devices like iPhones and iPad and also offers bonuses of up to $5000. Learn more about the best platform in our XM review and the list of features, the inactivity fee & more.
Features
Regulated by: CySEC, ASIC, FSC
Year Founded: 2009
Minimum Deposit: $5 or more depending on account type
Max Leverage: Flexible Leverage from 1:1 up to 1000:1
Eightcap – Best for Low Spreads
Eightcap is one of the most popular forex brokers because of the lowest fees. Eightcap is an Australian organization founded in 2009
Eightcap gives a pleasant experience they give in account opening and customer support has set higher benchmarks every time. They don’t charge anything for deposits and the deposit range is wide enough to satisfy every customer’s needs.
Start trading on low spreads with Eightcap
Along with 800 financial instruments, they stand perfect for CFDs on FX, Cryptos, Indices, etc. One can directly trade from the TradingView charts and use Eightcap to trade at the leading market platforms such as MT4 and MT5. Since their servers are located in Equinix Data Center, it is easy to execute faster, and this data center deals with the world’s largest and maximum financial concerns. Besides, their pricing makes them stand out as they offer trade spreads from a low pip of 0.0.
Their easy payment methods and customer support make them great forex brokers. They focus on providing customer safety and great service, meeting the customer needs. The process is transparent, leaving no room for illegal activity. Since they are servicing in Multiple jurisdictions, it is easy for traders to trade in comfort.
You get to choose between two account types, RAW and STANDARD. The Raw account spreads from 0.0 PIPS, asking for a commission of $3.5; on the other hand, the Standard account spreads from 1.0 PIPS, where no commission is required.
Features
Regulated by: ASIC, SCB
Year Founded: 2009
Minimum Deposit: $100
Max Leverage: 30:1 for ASIC and 500:1 for SCB
Markets.com: Best for Online Trading Tools
Markets.com is another good forex broker to trade that is popular for its excellent services. This proprietary platform is multi-regulated, so the safety concern is well taken care of.
Markets.com – Offer Excellent Trading Service!
It offers traders a commission-free Forex CFD trading platform with more than 3,000 financial instruments. Not only this, Markets.com offers real stocks, shares, and two proprietary trading platforms that provide a complete product range.
The only downside is that Markets.com trading platforms offer limited trader education support compared to its peers, and the spreads are comparatively higher. However, the first step you can take is to check our Markets.com review to find more information about its inactivity fees, the base currencies support & more unique features on this trading platform.
Features
Regulated by: FCA, CySEC, ASIC, FSCA, FSC
Year Founded: 2009
Minimum Deposit: $100
Max Leverage: 300:1 but Europe clients limit leverage to 30:1 on FX
Pepperstone: Best Advanced Features
Pepperstone is another of the prominent online brokers in Australia, held in high regard for its good features. It has 1200+ forex instruments. In Pepperstone you get perks like low non-trading fees and low foreign exchange fees in Australian dollars. But when it comes to CFD financing, forex prices are high. The account opening process at Pepperstone is fascinating. It is a quick, fully digital, and user-friendly trading platform with base currency support.
Pepperstone – Prominent FX Brokers in Australia
The Pepperstone group limited has Razor Account for Australian forex traders which provides the best trading experience, low spreads almost zero spreads, and platforms like ctrader.
Pepperstone offers many things to its Australian traders like 24/7 customer support & is backed by things like price alerts, user-friendly search functions, decision assistance, deals in the Aussie dollar, and a broadcast feature providing information on the currency markets. The only downside of Pepperstone group limited is that there is no 2-step login and no face ID login.
Features
Regulated by: ASIC, DFSA, FCA, SCB, FCA
Year Founded: 2010
Minimum Deposit: Australian Dollar $200 or equivalent
Max Leverage: 30:1 for forex in the ASIC, 30:1 in our DFSA jurisdiction, 200:1 in our SCB jurisdiction, and 30:1 in our FCA jurisdiction.
FP Markets: Best for Scalping
FP Markets is another Australian forex broker known for its low forex fees and raw account. The account opening process and the deposit process are relatively straightforward and quick. The FP markets support its successful traders with well-researched and high-tech educational tools, an iress trading platform, and many other options. It has many pairs with spreads from 0.0 pips (raw spread accounts).
FP Markets – Global Broker
Regarding its cons, FP Markets offers high stock markets CFD fees. The portfolio of trading products is not very versatile. In terms of the web and desktop trading platforms, one of the best overall platforms needs some upgradation.
The FP Markets brokers offer a low deposit for foreign exchanges, but brokers charge the minimum deposit of at least 1K U.S. Dollars for other account types but overall have low fees. Explore more about this Australia platform in our FP Markets review and get every detail you need.
Features
Regulated by: ASIC, Cyprus
Year Founded: 2005
Minimum Deposit: $100
Max Leverage: 500:1
GO Markets: Best for Higher Level of Security
GO Markets broker is a regulated broker that offers to trade CFDs, forex, indices, metals, and Forex commodities on MT4 and MT5 platforms.
GO Markets – ASIC Regulated Broker
It is a safe and transparent platform that provides ultra-quick trade executions; most forex brokers are not that transparent. This broker comes with tools for trading like Autochartist and Trading central to offer hi-tech services and has many other advantages to all its traders. GO Markets is unique from most fx brokers in Australia because it is strict on who can trade CFDs and other underlying asset classes on its platform.
So, the downside becomes that it does not allow clients from jurisdictions with high risks or under other restrictions (35 in number!) Further, the account type availability is restricted to only two. The website of GO Markets has information about the swap-free service, which is offered only in the MENA region. If you want, you can also browse our detailed Go Markets review and check out its more interesting features.
Features
Regulated by: ASIC, FSC, CySEC
Year Founded: 2006
Minimum Deposit: 200 AUD
Max Leverage: Standard leverage of 1:500
IG Forex: Best Overall Broker
IG Forex is a low-risk forex broker in Australia. It has a trust rate of 99%. Here you can get a great range of tradable products, suitable trading and research tools, technical analysis, and competitive rates (applicable for interest rates as well). IG markets offer Direct Market Access trading accounts (DMA) with no market maker or dealing desk intervention.
Moreover, this broker in Australia supports its users around the world with well-researched educational materials and forex trading guides that help beginner traders develop different forex trading strategies (forex direct). Also, for the following huge range of features mentioned above, you can read more about the IG broker review for more information about these forex trading accounts.
IG – No.1 CFD provider
IG’s forex trading apps are backed by excellent tools, advanced charting tools, and research with a wide range of features that gives stiff competition to all the leading brokers of the industry, and transactions can be done in American dollars, Japanese yen as per region & moreover its presence is around the world.
Features
Regulated by: FCA (U.K.), MAS, & CFTC, NFA (U.S.)
Year Founded: 1974
Minimum Deposit: $300
Max Leverage: 50:1
IC Markets: Best for Low Broker Spreads
IC Markets (International Capital Markets Pty Ltd) is an international foreign exchange and CFD broker. Like other countries’ eminent brokers, it is a multi-regulated broker. This Pty Ltd online trading offers the lowest fees for trading and is considered one of the best brokers.
IC Markets follow an easy, quick, and simple process of opening an account with fast execution, which is a point of important consideration, among other things. When it comes to minimum deposits and withdrawal fees, it is free of trading costs, but some financial institutions (eg any banks or personal bank account) may charge their own fees, and the trade costs can fluctuate.
IC Markets – Automated Tradings System
While looking at the cons, we found out that IC Markets does not offer any retail investors protection and neither is negative account balance protection provided to the traders.
As for the supported trading platforms, IC markets offer the web trader MetaTrader 4, MetaTrader 5, and cTrader platforms. It also has some very customizable online trading options that come in many languages to choose from.
The fee structure is also straightforward for this online trading broker in Australia; the smooth process of deposits and withdrawals & of course, IC Markets spreads are among the lowest. But it lacks on the design front, two-step login, and price alert domains, as trading costs do fluctuate over time.
Features
Regulated by: ASIC, FSA, CYSEC
Year Founded: 2007
Minimum Deposit: $200
Max Leverage: 1:500
City Index: Best for CFDs
This low-risk, 99 out of 99 trust-scoring Australian forex broker is known for its investment offering. It is publicly traded and is under ASIC regulation. City Index’s parent company, GAIN Capital, is a public company listed on the New York Stock Exchange (NYSE).
City Index, the best currency trading platform offers forex spot trading, 84 most popular currency pairs (such as GBP, EUR, USD, etc., including exotic currency pairs, major fx pairs, and minor fx pairs.), 4500 CFDs, offers copy trading tools, and crypto pairs currency trading as trading CFDs. It also offers fixed spreads for traders.
City Index – Trade on over 12,000 markets
It also provides Metatrader4 (MT4) trading across two brokers: AT Pro (desktop-based) and Web Trader (web-based). It does not offer MetaTrader 5. (Maybe soon we can see this platform introducing MetaTrader 5.) The City Index mobile trading app is not as sophisticated as other Australian brokers but is competitive enough to be noticed for trading minor currency pairs and get you gain access to trade major currency pairs as well. Check out the City Index review to know more about the platform broker in Australia and its overall rating.
Features
Regulated by: ASIC, MAS, and FCA
Year Founded: 1983
Minimum Deposit: $/£/€100
Max Leverage: 30:1
CMC Markets: Best for Range of Offerings
CMC Markets is a very secure trading broker with a long-standing history for day traders. It is listed on the London Stock Exchange and is under ASIC regulation.
CMC Markets – Most Secure broker
CMC Markets’ Next Generation trading platform, which is available on Web and mobile trading platforms offers outstanding performance and also offers low fees and exotic currency pairs. The forex market also supports its customers with highly advanced research and educational tools. Further, this is one of the best day trading platforms in Australia that offers its traders negative balance protection and exceptional customer support.
Some of the downsides of this online forex trading platform include high stock CFD fees, or overall high fees, a limited product portfolio, and no banking license, and the account verification is quite complicated for forex and CFD trading. You can find more information about the best CFD trading platform in Australia in our CMC markets review.
Features
Regulated by: FCA (U.K.)
Year Founded: 1989
Minimum Deposit: $0
Max Leverage: 500:1 (professional clients) & 30:1 (retail clients)
AxiTrader: Best MT4 Broker
AxiTrader is another fx broker that has made its name in our top forex brokers in Australia list. This broker holds an Australian Financial Services Licence (AFSL) number. This ENC broker has low trading fees for its traders and charges no additional inactivity fee, free withdrawals, or deposit fee either. The process of opening a forex trading account is relatively easy and fully digital, and even withdrawal requests can be made when required.
AxiTrader – Broker Australia
Unlike other brokers, the forex market broker offers a limited variety of trading products limited to foreign exchanges and CFDs; the research tools are also limited. And finally, customer support is also prolonged. It is a limited to 5 days a week service, and email communication is the only service available and slow. But, it is available 24 hours a day and has educational resources.
However, check the AxiTrader review to know more details about its currency pairs, support for retail traders, inactivity fees, and other features and start trading.
Features
Regulated by: ASIC, FCA, DFSA
Year Founded: 2007
Minimum Deposit: There is no minimum deposit requirement
Max Leverage: Flexible leverage up to 400:1
Oanda: Best for Overall Trading Experience
Oanda is a low-fee forex broker in Australia that offers its traders an easy-to-use web trading platform. Oanda occupies a prominent place among all brokers; in terms of forex trading strategies, it is relatively fast and easy with no minimum deposit. The regulated brokers offer helpful research tools, plenty of useful technical indicators, and a great API.
Oanda – Best Broker for Forex
Oanda broker’s forex market working product portfolio is also minimal and comprises only forex and trading CFDs. Other down points include high bank withdrawal fees and a slow customer support system that is open six days a week. The account opening process takes anywhere from 1 to 3 days. On the brighter side, no high minimum deposit is required to start trading by Oanda. (low fees in terms of trading, high but high withdrawal fees & charge commissions)
The mobile trading app from Oanda is a user-friendly platform that offers a two-step login process that ensures customer security and global exchanges as needed and gets customer feedback to improve further. The website’s search functions are lovely and come with all the information searched for. The only downer is that there is no face ID login. Oanda is a forex firm that offers investors direct access to CFDs & forex. You can also read our Oanda reviews to learn about this forex market platform.
Features
Regulated by: CFTC, NFA (U.S.), FDM, and FCA (U.K.)
Year Founded: 1996
Minimum Deposit: No Minimum Deposit Amount
Maximum Leverage: 50:1
NinjaTrader: Best Futures Broker
NinjaTrader is best known for its impressive future trades, 24/7 activity, and some great analysis tools. It is an open-source trading application that helps improve the trade experience 24 hours a day. The forex market platform download is free and packed with active valuable tools for the active trader.
NinjaTrader – Automated Trading Solutions
The micro contract (forex contract) at this platform offers a low investment commission that goes as low as 0.09 US dollars. The minimum account requirement is low, i.e., 400 US dollars. The only downside to NinjaTrader is that one can only trade futures and options. Ninja Trader is NFA registered and not ASIC. However, we have it covered if you want to explore more detail about the Ninja Trader reviews platform and its features, which can be handy for Australian traders.
Features
Regulated by: CFTC, NFA
Year Founded: 2003
Minimum Deposit: $50
Maximum Leverage: 50:1
Which Are the Best Australian Forex Brokers for Beginners?
Forex brokers provide trading conditions that can be pretty daunting, especially for beginners. That is why it is imperative to choose the best ones for beginners.
Therefore, to start the best forex broker trading, it becomes the most important factor to consider which are most regulated brokers by the Australian and other bodies and to know first the forex platforms (about forex markets condition, supported currency pairs) and open an account and then invest in trading. In this section of our review, we will walk you through some top brokers rated high and beginner-friendly best fx brokers Australia list that you can try as these best forex trading platforms in Australia attract new traders. Below we have mentioned two platforms that you can check out:
Plus500: Best Broker for Beginners
Plus500 is considered among Australia’s best forex trading brokers, specially designed for beginners, and the broker provides excellent trading conditions. It is so because of its incredible web-based trading. This forex trading broker offers user-friendly trading software to trade competitive spreads, better spreads for forex trades, and many good options for various forex pairs.
Plus500 – Best Trading Platform
It is an ASIC-regulated and licensed trading platform that is safe to trade forex and trading CFDs. With its low-risk and overall trust percentage of 98, we can give you a confident nod to try this platform. Plus500 broker for beginners provides great trading conditions and only the most essential tools for trading, but it does not offer MetaTrader platforms, either it’s MetaTrader 4 or the MetaTrader 5 Trading Platform.
However, it comes with powerful charting features, which include 100+ technical indicators and 21 drawing tools for Australian traders. These key features are beneficial in technical analysis and fundamental analysis with detailed insights into forex markets to trade forex pairs, though it charges an inactivity fee.
You can also read more about the best forex broker in Australia Plus500 reviews & you can also find all the general information about this best forex broker and more you need to open an account and start forex trading (forex and CFDs) keep in mind your financial situation before letting in to avoid losing your money.
Features
Regulated by: FCA, CySEC, ASIC, Israel Securities and Investments Commission
Year Founded: 2008
Minimum Deposit: 100 units of the linked currency
Max Leverage: 1:20 (Crypto)
eToro: Best Copy Trading Platform
eToro was awarded as the winner of 2020 due to its user-friendly copy trading or social trading platform. It also offers commission-free stock trading. With the help of the CopyTrader feature, users can glimpse other traders in real time with the help of the eToro platform.
This copy trading feature allows traders who have just begun their foreign exchange trading journey to copy other users’ trades trading strategy to apply forex trade across 1,900+ instruments. eToro, also called the market maker platform, offers free access to an unlimited demo account on its proprietary trading platform and professional traders who want to start with a live account based in Australia.
eToro – Social trading platform
CopyPortfolios is another unique copy trading tool that all eToro clients recommend. This Australia forex platform acts as a natural boost to their trading portfolio and profit-making.
Like most of its other best forex brokers in the market who enjoy the governance of ASIC, the eToro proprietary platform is also authorized by ASIC. You can also read about the forex broker Australia eToro broker review for more general information and details on forex trading, its copy trading feature, inactivity fee, and how to open an account if you are an Australian trader.
Features
Regulated by: CySEC, MiFID, ASIC FCA, FinCEN & AFSL (Australian Financial Services Licence)
Year Founded: 2007
Minimum Deposit: $50 in most countries, but it varies per country.
Max Leverage: x5 (CFD stocks & ETFs), x30 (major trading currency pair such as EUR/USD), x20 (non-major trading currency pairs like EUR/NZD)
Is Forex Trading Legal in Australia?
Trading Forex in Australia has been going on for quite some time. The forex brokers’ industry saw significant trading volume spikes in 2015. As we mentioned on the top Australian forex brokers list earlier, they have been for a long time.
The country’s government (local law) has a liberal yet cautious take regarding Australian-based broker and forex trading platforms. This mixed stance is based on giving freedom to the forex industry while maintaining the customers’ safety. Besides, additional regulations or legal complications may only allow people to trade forex positions with Australian brokers. Brokers operating in particular areas also need segregated accounts for clients.
The doors of the Australian forex trading platforms are open for both Australian traders and international customers. But yes, they must abide by the norms set by the ASIC, a national regulatory authority- ASIC license, an Australian-based broker requirement for brokers to segregate client funds.
Is FX trading legal in Australia?
Looking deeper into restrictions, the only ones that we could get our hands on are rules laid by Australia’s Forex regulatory body ASIC for trading platforms. ASIC dictates that before any unregulated broker in Australia starts to deal with Forex CFD products for traders and foreign exchange market for traders, they need to get regulated by ASIC. This way, the ASIC can protect both the leading forex traders in Australia and international traders through acts such as the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009.
The ASIC website or the body states that upon opening an account in any trading platform, the customers can’t initially deposit more than 1K U.S. Dollars through the credit card deposits route/bank wire. This rule of the ASIC website is imposed on the trading platforms in the country. Further, there are some tax obligations that the ASIC warrants every trader to abide by, which are applicable everywhere else in the world. Hence, Australian traders or not have to pay taxes.
So must have regulatory oversight before going into forex trading and choosing the right trading platforms to trade.
How Do I Trade Forex in Australia?
Australians frequently invest in the foreign exchange market through trading forex. The procedures to start are as follows:
- Find a Forex broker: Locate an Australian Securities and Investments Commission-licensed forex broker who is reputed in order to start trading (ASIC). IC Markets, Pepperstone, and AxiTrader are a few examples of well-known forex brokers in Australia.
How do I trade Forex in Australia?
- Create a Trading Account: After deciding on a forex broker, you must create a trading account. Typically, to achieve this, you would need to fund your account and provide personal information online.
- Learn Forex Trading: Before you begin trading, it’s crucial to become familiar with the fundamentals of the market. This involves becoming familiar with trading methods, risk management, and market analysis in the currency market.
Best Forex Brokers Australia – CryptoNewsZ
- Create a Trade Plan: Create a trading plan including your objectives, trading strategy, and risk management strategy before you begin trading.
- Start Trading: You can begin trading once you have established a trading account, been familiar with the fundamentals of forex trading, and created a trading strategy. This entails keeping an eye on the forex market and placing transactions in accordance with your trading strategy.
- Keep Track of Your Trades: Keep track of your trades & modify your trading strategy as appropriate. This entails taking profits as well as controlling your risk and placing stop-loss orders.
Conclusion of the Best Forex Brokers in Australia
It is crucial to take into account a number of aspects, such as regulation, trading platforms, fees, and reputation while selecting the best forex broker in Australia. The forex brokers covered in the above discussion, have become well-known because of their adherence to regulations, an extensive selection of trading platforms, affordable fees and spreads, and educational materials. Before choosing a forex broker that fits their unique trading needs and objectives, traders must do extensive research and analysis. The final step towards effective forex trading is selecting a reliable forex broker, and it is necessary to be informed and current on market trends and movements.