List of Best Forex Brokers Australia based on our Research for 2024<\/strong><\/p>\n There are various regulated as well as unregulated brokers in Australia that offers trading services on forex and CFDs.<\/p>\n We have analysed several aspects of the brokers to list out the best ones in Australia.<\/p>\n eToro is a well-regulated forex and CFD broker that offers low-cost trading in Australia. It is regulated by ASIC by the name of \u2018ETORO AUS CAPITAL LIMITED\u2019 under license number 491139 and ABN number 66 612 791 803. The license has a \u2018current\u2019 status and was acquired on 4\/9\/2017.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Apart from ASIC, eToro also holds licenses from FCA (583263) & CySEC (109\/10). eToro is considered as a market maker broker which means it can take the other side of the trade to generate revenues.<\/p>\n eToro does not charge commission for deposits but will incur 5$ commission for every withdrawal regardless of the method. The minimum withdrawal amount is 30$. Bank transfer, credit cards, Neteller, Skrill, and PayPal are the available deposit and withdrawal methods for Australian clients.<\/p>\n eToro has USD as the only base currency of the account but accepts AUD for deposits and withdrawals. The minimum deposit amount for Australian clients is 50$. The conversion rate for AUD deposits is 50 pips for bank transfer and 100 pips for the credit card, Neteller, Skrill, and PayPal. The conversion rate on AUD withdrawal is 50 pips for every accepted method.<\/p>\n The spreads are low starting from 1 pip on currency pairs. The average typical spread for EUR\/USD during peak trading hours is 1 pip. No trading commission is charged for any of the instruments. Non-trading commission involves withdrawal commission and a monthly inactivity fee of 10$ that is incurred every month after 12 consecutive months of inactivity.<\/p>\n 49 currency pairs are available to trade with floating spreads. The maximum leverage for currency pairs is 1:30 for major pairs and 1:20 for minor pairs. 32 CFDs on commodities are available with max leverage of 1:20 on gold and 1:10 on others. 13 CFDs on indices with 1:20 leverage, 43 CFDs on Cryptocurrencies with 1:2 leverage, 264 CFDs on ETFs, and stock CFDs of US stock exchange can be traded on eToro in Australia with no commission.<\/p>\n MetaTrader trading platforms are not available at eToro. The trades are executed through its proprietary web and mobile trading platform. The customer support service is average as no phone numbers are available for customer support. The support representatives can be reached out via chat. Queries can also be solved by raising a ticket on the website, app, and trading platform.<\/p>\n eToro is ideal for beginners as there is a user-friendly social trading and copy trading account. Cryptocurrencies can also be bought and staked at eToro. There are various research, education, and analysis tools that are useful for new as well as experienced traders.<\/p>\n <\/i> eToro Pros<\/p>\n <\/i> eToro Cons<\/p>\n <\/p>\n IC Markets is an ASIC-regulated forex broker in Australia. They are issuers of their products but don’t operate a dealing desk. But they offer low spread and commission-only based forex and CFD trading accounts. IC Markets also allow opening the account with AUD and 9 other currencies as the base currency.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n IC Market is regulated by the Australian Securities and Exchange Commission (ASIC) by the name of \u2018International Capital Markets Pty Ltd\u2019 under license number 335692. The license has a current status with the ABN number 12 123 289 109 and was acquired on 2\/7\/2009.<\/p>\n The license number and ABN number can be used to check the current status of the license from the ASIC website. AFSL license allows IC Markets to operate a financial services business in Australia under the regulatory compliance of ASIC.<\/p>\n The spreads at IC Markets are among the lowest in Australia. Spreads with the Standard Account start from 0.6 pips on the standard account and are 0.62 pips for EUR\/USD and 0.77 pips for AUD\/USD on average.<\/p>\n The Commission-based Raw Spread trading account involves a very low spread with a commission of 3$ and 3.5$ for cTrader and MetaTrader platforms respectively for a single side trade of a standard lot. The average spread for EUR\/USD is 0.02 pips and AUD\/USD is 0.17 pips with the Raw Spread Account. This account is ideal for large-volume traders and scalpers.<\/p>\n IC Markets offers MT4, MT5, as well as cTrader trading platforms for trading CFDs. The Standard account is only available with MetaTrader trading platforms while the Raw Spread account can either be opened with MetaTrader or cTrader trading platforms.<\/p>\n The minimum deposit amount is 200$ which is equivalent to 270 AUD for both account types. The maximum leverage at IC Markets in Australia is different for CFDs on each asset class. The maximum leverage is 1:30 for forex, 1:20 for Indices and commodities, 1:5 for Stocks and Bonds, and 1:2 for cryptocurrencies.<\/p>\n IC Markets allows trading on 61 currency pairs, and CFDs on 25 indices, 22 commodities, 1600 stocks, 11 bonds, and 7 crypto assets. The number of trading instruments is higher than average among the regulated CFD brokers in Australia.<\/p>\n More than 15 deposit and withdrawal methods are accepted by IC Markets. The time for processing deposits and withdrawals can be different for each method. AUD deposits from Australia can be made through Credit\/Debit cards, PayPal, Neteller, Skrill, Wire Transfer, Bpay, Broker to Broker, and POLI. Apart from the wire transfer, all the transactions are processed instantly or within a day.<\/p>\n The customer support service at IC Markets is good. Their support executives can be reached out via live chat, email, and local Australian phone numbers to clear any query. We tested their email support & Live Chat, and we found them to be responsive in answering our questions.<\/p>\n <\/i> IC Markets Pros<\/p>\n <\/i> IC Markets Cons<\/p>\n <\/p>\n Pepperstone is another low-cost forex broker that is regulated by ASIC and offers low-spread trading services in Australia. They support AUD-based base currency trading accounts with a minimum initial deposit of 200 AUD. Commission-based as well as spread-only trading accounts are available at Pepperstone.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Pepperstone is regulated by the Australian Securities and Exchange Commission (ASIC) with the name Pepperstone Group Limited. The ASIC license was acquired on 4\/2\/2013 with the ABN number 12 147 055 703. It has a \u2018current\u2019 status at the time of this review.<\/p>\n Apart from ASIC, Pepperstone Group also holds a Regulatory license from FCA in the UK (684312), CySEC in European Union (388\/20), DFSA, BaFin, CMA, and SCB. It is a trustworthy brand among the global financial services providers operating since 2010. It can be considered safe for Australian clients as the third-party risk of choosing Pepperstone is very low.<\/p>\n It allows clients to choose between 2 account types namely Razor and Standard. The Standard account is the spread-only account in which no commission is involved. The spreads start from 0.6 pips with the Standard account and are 0.69 pips on average for EUR\/USD. The Standard account is only available with the MetaTrader trading platform.<\/p>\n The Razor account can be opened with cTrader as well as MetaTrader trading platforms. The commission on the MetaTrader version for AUD-based accounts is AUD 7 for a round trade of a standard lot. The commission with the cTrader version of this account is USD 6 equivalent to a round trade of a standard lot. Spreads start from 0 pips and are 0.17 on average for EUR\/USD with the Razor Account type.<\/p>\n Pepperstone also has a professional account type available with MT4, MT5, and cTrader platforms. It has max leverage of up to 1:500 on forex pairs and a dedicated relationship manager is assigned to every account. Traders need to fulfil certain criteria to unlock the benefits of professional accounts. The criterion includes completing a quiz, minimum assets worth AUD 2.5 million, gross income of AUD 250,000 for the last 2 years, or experience in the FX and CFD profession for more than a year.<\/p>\n For retail clients, the maximum available leverage is 1:30 on currency pairs for Australian clients according to the regulatory compliance of ASIC. A total of 63 forex pairs are available to trade at Pepperstone. Apart from this, 22 CFDs on cryptocurrency, 23 Indices, 32 commodities crosses, 3 currency indices, 100 ETFs, and stocks of Australia, US, the UK, and Germany can be traded via CFDs. The maximum leverage is capped at 1:20 for Indices and Gold, 1:10 for other commodities, and ETFs, 1:5 for stocks, and 1:2 for cryptocurrencies.<\/p>\n Australian clients can deposit and withdraw at Pepperstone through VISA\/Mastercard debit and credit card, POLi, Bank Transfer, BPay, PayPal, Neteller, Skrill, and Union Pay. The minimum amount is 200 AUD.<\/p>\n Each method takes a different time to complete the transaction. Bank transfers and e-Wallet transactions are processed instantly. Withdrawals through Wire Transfer can take up to 5 working days to process. All transactions are free from the broker\u2019s side except international bank transfer that incurs 20 AUD per transaction.<\/p>\n The customer support service is good with the live chat and email as queries can be resolved within 2-5 minutes. There is also a local phone support in Australia to contact the support executives directly.<\/p>\n Pepperstone has good offerings in the research and education section. There are plenty of learning materials available on the website and app that can be useful for beginners. We found Pepperstone to be a safe choice for new as well as experienced forex and CFD traders in Australia.<\/p>\n <\/i> Pepperstone Pros<\/p>\n <\/i> Pepperstone Cons<\/p>\n <\/p>\n FP Markets or First Prudential Markets is an Australian forex and CFD broker that is regulated by ASIC. It offers AUD-based forex and shares trading accounts for different types of traders.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n First Prudential Markets Pty Ltd is among the oldest forex and CFD brokers in Australia as it was founded in 2005. It acquired the Australian Securities and Exchange Commission (ASIC) license to operate as a financial services provider by the name of First Prudential Markets Ltd under license number 286354. The license has a current status with the ABN number 16 112 600 281 and was acquired on 31\/5\/2005.<\/p>\n FP Markets Group also holds the CySEC license (371\/18). It can be considered safe for Australian clients due to strict regulatory compliance from ASIC.<\/p>\n Clients can choose between 2 types of forex trading accounts with MetaTrader 4 and 5 platforms. The forex trading account follows the ECN Pricing execution model, but they are the issuer of their products. They also offer 3 types of IRESS account types with the Direct Market Access (DMA) execution technique.<\/p>\n The two forex trading accounts namely Standard and Raw accounts can be opened with AUD as the base currency and a minimum initial deposit of 100 AUD. The Standard account is commission-free while the Raw account involves a commission of 6 AUD for a round trade of a standard lot. The spreads for EUR\/USD is 1.2 pips and 0.1 pips on average with the Standard and Raw account types. No commission is applicable on commodities, indices, and cryptocurrencies with either account type.<\/p>\n Both account types allow trading on all the available instruments at FP Markets. There are 61 currency pairs, 5 metals, 13 indices, 7 commodities, and 11 cryptocurrencies available to trade. The max leverage in Australia is according to the regulatory compliance of ASIC.<\/p>\n Australian clients can deposit and withdraw in AUD through Credit\/Debit cards, bank transfers, BPay, POLI, PayPal, Neteller, and Broker to Broker. No currency conversion rates will apply if the base account currency and deposit currency are AUD. All the transactions are processed in 1 business day. The withdrawal method needs to be the same as the deposit method.<\/p>\n FP markets have a local office in Sydney, Australia with local phone support to connect with the executives. Queries can also be raised through a live chat window and email.<\/p>\n <\/i> FP Markets Pros<\/p>\n <\/i> FP Markets Cons<\/p>\n <\/p>\n IG Markets is a London based CFD broker that was incorporated in 1974 and is regulated by the ASIC in Australia.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n IG Markets can be considered one of the safest choices for CFD brokers as it is regulated by the 3 top-tier regulatory authorities across the globe. It is also among the oldest FSPs that are currently offering CFD trading services in the Uk.<\/p>\n IG Markets Limited is the legal entity in Australia that is regulated by the Australian Securities and Investment Commission of Australia (099019851). It is also regulated by the FSCA of South Africa (41393), and FCA of the UK (195355). IG Markets is in the business of offering spread betting services since 1974 and has been offering CFD trading since 2003. It is also regulated in the US by the NFA and CFTC.<\/p>\n There are no choices of account types and the only account type is commission-free. The spread at IG Markets is 1 pip per lot for EUR\/USD. The commission is only incurred on trading CFDs of Shares. There is an inactivity fee of $12 monthly but that will only be incurred if no trades are executed for more than 2 years.<\/p>\n AUD is available as the base currency of the account. clients can reach out for support services through live chat and local phone number in Australia. MT4 is the most chosen trading platform at IG Markets but they also support various advanced trading platforms like ProRealTime, L2 Dealer, etc.<\/p>\n There are more than 12,000 CFD instruments available to trade at IG Markets. This includes 90 currency pairs that can be traded with a maximum leverage of 1:30. 25 commodities, 10 cryptocurrencies, 70 indices, and nearly 12,000 shares can be traded via CFD at IG Markets.<\/p>\n Deposits and withdrawals can be done through local bank transfers, credit\/debit cards, and several electronic payment gateways. No additional commission is incurred for deposits and withdrawals.<\/p>\n <\/i> IG Markets Pros<\/p>\n <\/i> IG Markets Cons<\/p>\n <\/p>\n\n
Best Australian Forex Brokers<\/h2>\n
#1 eToro \u2013 Best Forex Broker in Australia with Proprietary Platform<\/a><\/h3>\n
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#2 IC Markets \u2013 Best Australian Forex Broker for Low Costs<\/a><\/h3>\n
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#3 Pepperstone \u2013 Best Low Spread Regulated Forex Broker<\/a><\/h3>\n
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#4 FP Markets \u2013 Best AUD-Based Broker with Low Minimum Deposit<\/h3>\n
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#5 IG Markets – Reputed FCA regulated Broker<\/h3>\n
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#6 Plus500 – Forex Trading Platform with Risk Management tools<\/h3>\n
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