Our in-depth online forex broker reviews include rankings, detailed analysis, spreads data, platform breakdowns, trading fees, account features, and broker ratings based on hundreds of data-based variables and thousands of data points. Show
We’ve conducted thousands of hours of research, collected many thousands of data points, crafted tens of thousands of words, and developed powerful algorithms to ensure that our forex broker reviews are some of the most comprehensive in the industry; read more about how we test. ForexBrokers.com Online Forex Broker Reviews:
Check out our in-depth forex guides to learn more about the forex trading industry and about the best forex brokers. Our guide to the Best Forex Brokers for 2024 is a great resource for traders who are looking for a forex broker, and our Beginner's Guide is a great starting point for newer, less experienced forex traders. Questions? Concerns? Want to see if your firm qualifies to be reviewed by our team of experts? Click here to contact us. Our comparison in February 2024 of the 39 ASIC-regulated platforms found Pepperstone to be the best forex broker in Australia. We opened several accounts, ran tests and cross-checked with published data to determine this finding.  Updated: 15/02/2024 What Changed? Each month we update average spreads data published by the brokers the retail brokers lose % Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Our forex comparisons and broker reviews are and we may receive payment when you click on a link to a partner site. The top 10 Australian forex trading platform finalists are:
NZ Regulated Broker
Broker Our Rating Regulation Standard EUR/USD Spread Standard GBP/USD Spread Standard AUD/USD Spread Raw EUR/USD Spread Raw GBP/USD Spread Raw AUD/USD Spread Commissions (USD Base) MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage 1. Pepperstone - Best Forex Broker In Australia OverallAverage Spread EUR/USD = 1.12 GBP/USD = 1.69 AUD/USD = 1.22 Trading Platforms MT4, MT5, cTrader, TradingView Why We Recommend Pepperstone We think Pepperstone is the best forex broker in Australia as they offer the best, all-around trading experience overall. From our analysis, we found that Pepperstone offers low spreads, fast execution speeds, 4 diverse and top-rated trading platforms and superior customer service. In fact, we gave Pepperstone a rating of 98/100, with them winning 3 out of the 8 categories we measure. Lastly, we think what matters for Australian traders is that Pepperstone is Melbourne-based and has a local customer support team. Pros & Cons
Broker Details Pepperstone Was The Winner With A Score Of 98/100 While Pepperstone isn’t one of the ‘big 3’ in the forex broker space, the provider continues to be one of the fastest growing in Australia. Despite only being founded in 2010, in 2023, they boast an average trading volume of USD $9.2 billion with 300,000 clients worldwide. What matters for Australian traders is they are Melbourne-based and have a local customer service team. Why We Named Pepperstone The Winner
Our Review Of PepperstoneVisit Pepperstone Why We Named Pepperstone The Winner Ross Collins created a series of tests using EAs to measure the speed of each broker truly. His testing determined that Pepperstone and Fusion Markets were the fastest of the ASIC-regulated brokers. Below are the results of his Limit Order Speed testingExecution Speed Testing Results, with Pepperstone’s 77ms average speed placing it at the first position. This year, the team opened live accounts with Pepperstone and found the onboarding process one of the best, with a dedicated account manager calling us the next day. There were no issues when it came to depositing and then later withdrawing funds. There was also a good choice of accounts to suit each of our styles (I chose the RAZOR account). We Also Found The Broker Had Superior Forex Trading Platforms Our team believes that options are key when it comes to trading software. Pepperstone offers Australian forex traders the choice of the four most popular trading platforms:
Right now, there is a shift in popularity to TradingView, which I personally use and is only offered by a handful of brokers. We liked that our demo accounts had no fees or expiry associated with them. This was across all of the trading software they offered. Finally, the broker has many enhancements when it comes to their platforms, such as Capitalise.ai, Myfxbook and DupliTrade. This led them to a trading software score of 85/100, which is the highest of any ASIC-regulated broker we tested. Their Fees And Account Types Were Compared to Other Brokers Each month, our team sources and then compares the published average speeds of the most popular Australian forex brokers. The February 2024 data below (updated monthly) shows that Pepperstone has competitive average spreads for its Razor account. RAW Account Spread Comparison 0.10 0.20 0.60 0.40 1.00 0.17 0.30 N/A 0.54 0.68 0.30 0.50 0.60 0.50 0.50 0.30 0.40 N/A 0.50 0.50 0.44 0.42 0.50 0.40 0.30 0.20 0.40 0.60 0.50 0.70 0.10 0.50 1.10 0.60 0.80 n/a 0.50 0.70 0.60 0.40 0.30 0.50 1.50 0.50 1.10 0.20 0.30 0.50 0.60 0.50 0.52 0.80 1.41 0.86 1.11 0.44 1.23 1.17 1.13 1.23 Avg. spreads are taken from each broker's website and updated monthly. Last update on 02/01/2024 The provider also offers a standard that is more suited for traders who are more new to traders and, like most broker fees, incorporated into the spread. David Levy created a guide for traders who are unsure if the Standard or Razor account is right for their trading needs. We also developed a Forex calculator (below) to work out the trading Razor account trading costs and compare them to other traders. Calculate Your Trading Costs Below Total Fees Total Fees Total Fees It should also be noted that high-volume traders can receive a discount through the Active Trader program. Perfect for high-volume traders. If you trade at least 100 standard lots each month (or an average of 300 lots over 3 months), you can apply for an Active Trader account and earn cash rebates, thereby reducing your trader fees. We Loved Their Customer Service Over the past 3 months, Ross and I independently scored customer service levels, and both gave the same high score. This may be biased as we are both Australian-based and the broker is based in Melbourne, but the customer service team is always responsive, knows their product range, and has a good understanding of trading. David Levy has similar thoughts when he requires factual information on the broker and technical elements. It’s not just our team that thinks of Pepperstone highly; they won the Investment awards for:
These were based on 15,000 traders surveyed in Australia. From our perspective, this is the most reputable source for this award type. Pepperstone won 3 of the 8 categories we judged, including trading experience, trading platforms, and customer service, making the broker clearly the best forex broker in Australia in our view. The broker didn’t score maximum points due to their smaller size (vs CMC and IG), lack of secondary products such as share trading, and that they were not the cheapest. We recommend their standard account for those new to forex trading, while their Razor account with TradingView is my personal recommendation for more advanced traders looking for lower brokerage. Visit Pepperstone 2. IC Markets - Great Choice For The Lowest SpreadsAverage Spread EUR/USD = 0.62 GBP/USD = 0.83 AUD/USD = 0.77 Trading Platforms MT4, MT5, cTrader Why We Recommend IC Markets We rated IC Markets highly cause of their low spreads. Low spread matters when it comes to Forex trading and IC Markets has an average spread of 0.02 pips when trading the EUR/USD pair with their RAW spread account and 0.62 pips with their Standard account. Few brokers can much such spreads for both types of trading accounts. Other reasons we like IC Markets is that you can choose from 3 top trading platforms – MT4, MT5 and cTrader, join with a $0 minimum deposit and a good range of markets. With all these factors in mind, we gave IC Markets a score of 85/100 and 2nd overall for the brokers we have reviewed. Sydney-based, IC Markets is also one of the largest globally and has leveraged its $22.68 billion in daily trading volume to source 25 liquidity providers globally. This is why the broker can offer such low spreads which keeps its trading costs low. Pros & Cons
Broker Details IC Markets Scored 85/100 For Trading Fees. IC Markets is three years older than Pepperstone (Founded in 2007) and based in Sydney. The broker is larger globally and has leveraged their trading volume to source 25 liquidity providers globally. This translates into lower trading costs based on our testing discussed further down. Key Strengths
Visit IC Markets IC Markets Has The Lowest Published Average Spreads For the past four years, we have compared the published standard account spreads by visiting each broker’s website and adding and updating their results on our spreadsheet. The summary of this spreadsheet can be seen below. Since last year, we have noticed that IC Markets has consistently had the lowest non-commission spreads. No Commission Spreads: Standard Accounts 0.62 0.77 1.27 1.30 0.85 0.93 0.92 0.98 1.31 0.98 1.00 1.20 1.00 1.20 1.00 1.10 1.20 1.40 2.00 1.50 1.12 1.64 1.30 1.55 1.32 1.13 1.01 1.71 2.27 1.98 0.90 1.30 1.40 1.40 1.80 1.10 1.20 1.40 1.50 1.40 1.10 1.20 1.30 1.40 1.40 1.20 0.90 1.50 2.20 1.70 1.20 1.30 1.20 1.20 1.30 1.70 1.60 1.70 2.50 2.70 1.20 1.30 1.50 1.70 1.20 1.20 1.80 1.90 2.30 2.30 1.30 1.70 2.10 1.70 2.10 1.32 1.95 1.37 1.87 1.73 1.20 1.40 1.50 2.80 2.60 Avg. spreads are taken from each broker's website and updated monthly. Last update on 02/01/2024 Ross Confirmed They Have The Lowest Spreads In early 2023, we challenged Ross Collins to verify the average spreads published by each broker. He set up two independent tests over a 24-hour period using Expert Advisors. His spread testing findings confirmed that IC Markets did indeed have the lowest spreads, as shown below. Their Other Fees Are Also Low We compared their other fees to see if IC Markets compensates for their lowest spreads, but the short answer is they don’t. Here are the main facts when it comes to other trading fees:
If you’re considering IC Markets based on their low fees, you need to decide which account type best suits you. We made an IC Markets standard account vs raw spread guide if you are unsure which option is best for you. If you’re looking for the cheapest forex broker based on its standard account, then it’s clearly IC Markets. The broker’s published spreads are consistent with our test, showing they have the lowest spread and verifying they are the best priced in the market. If you’re looking to open a RAW account, make sure your base currency is the Aussie dollar, as the commission will be $3.50 AUD. Those who select the US dollar have to pay $3.50 USD per side. 3. IG Trading - Most Popular Australian CFD Retail BrokerAverage Spread EUR/USD = 1.13 GBP/USD = 1.66 AUD/USD = 1.01 Trading Platforms MT4, IG Trading Platform, L2 Dealer, ProRealTime Why We Recommend IG Trading IG Trading is the most popular retail broker for CFD trading in Australia, based on our extensive analysis. This global online brokerage juggernaut has had over 30 years to refine every aspect of its offering, from trading tools to asset classes to educational tools to infrastructure. Lastly, we like that IG Trading is extremely trustworthy and offers a huge range of trading products. Pros & Cons
Broker Details IG Trading Offers an Impressive Range of Financial Instruments For Trading. Global online brokerage juggernaut IG Trading has had over 30 years to refine every aspect of its offering, from trading tools to asset classes to educational tools to infrastructure. The broker is particularly well known for being trustworthy. Key Strengths
IG Trading Account Types And Software When it comes to account types, it can feel a bit as IG Trading goes from zero to sixty without much in the middle. Traders can choose from a CFD account with a dealing desk model or upgrade – significantly – to a DMA account with no dealing desk and direct market access. Just note that to use the DMA account, only Forex and shares are available, you need to be a professional trader and to be using the iOS IG trading software or an L2 dealer.
IG Trading also has retail investor accounts that allow share trading. These are separate from the trading accounts we discuss and require a separate application. To start trading with IG Trading, account holders will need to make a minimum deposit of AUD $450 if funding the account with a credit or debit card, as well as PayPal. Further deposits will incur a 1% funding cost if paying by Visa or PayPal and 0.5% if paying by Mastercard Credit. Fortunately, IG Trading also supports account funding via bank transfer and BPay for Australian customers. On a more positive note, IG Trading supports account types in ten base currencies, including the Australian Dollar (AUD), US Dollar (USD), Japanese Yen (JPY), Pound Sterling (GBP), Euros (EUR), Canadian Dollar (CAD), Swiss Franc (CHF), New Zealand Dollar (NZD), Singapore Dollar (SGD), and Hong Kong Dollar (HKD). This top online forex broker distinguishes itself for largely eschewing popular forex platforms like MetaTrader 5 and cTrader in favour of IG Trading’s own painstakingly developed trading tools for desktop, mobile, and web. Australian account holders do have the option to trade via MetaTrader 4 but without many of the integrations and add-ons provided by other brokers. Automated traders might still prefer MT4 for access to the platform’s Expert Advisors (EAs). That said, most users who trade via IG Trading’s proprietary software report a VIP experience, with easily customisable views, watchlists, and a range of order types to limit risk. Of particular note to newer and more cautious traders, IG Trading offers both stop-loss and trailing stop-order types to Australian account holders. Direct Markets Access (DMA) – also known as Level 2 trading – allows users to trade currencies or shares directly through exchange order books. This is an excellent option for professional traders looking for the most favourable execution environment. IC account holders trading via the desktop app or iOS mobile app can trade shares via DMA, while those focused on forex will need to download the L2 Dealer specialist platform. Finally, for traders seeking a web platform with extensive charting options, IG Trading also offers ProRealTime. With over 100 indicators, ProRealTime has all the charts a beginner or experienced trader needs, with the added bonus of automation if desired. IG Trading Trading Products As befits an internationally-known and recognised retail brokerage, IG Trading boasts a truly comprehensive range of financial products suitable for forex trading, CFD trading, and almost every other type of trading. Starting with forex, IG Trading offers over 100 currency pairs at the maximum allowable leverage: 30:1 for major pairs and 20:1 for minor pairs. Professional investors have the option to push further, trading major or minor forex pairs at margins of 100:1 and 250:1. IG Trading also offers an impressive selection of stocks and options: over 13,000 types of each. Its commodities selection tops 130, with 35 hard, soft, and energy-related commodities available. Interests, treasuries, and ETFs round out the broker’s truly comprehensive selection of financial instruments. Our Verdict On IG Trading When we compared brokers, IG Trading came out the most trusted with a score of 95/100, ahead of well-known companies such as CMC, Saxo Bank, and OANDA. While trust is one benefit, we didn’t like the fact that to get decent spreads and features; you have to commit to IG Trading’s propriety platform, locking a trader into the broker. Therefore, we recommend considering this broker if you’re also planning to use their share trading platform as well. Just keep in mind that you will need to use two different platforms for each type of trading. 4. OANDA - Most Trusted Broker And Best For BeginnersAverage Spread EUR/USD = 0.6 GBP/USD = 0.9 AUD/USD = 0.7 Trading Platforms MT4, TradingView, OANDA Trade Why We Recommend OANDA We recommend OANDA as the most trusted broker in the Forex market. With commission-free trading, a guaranteed stop loss on OANDA trade and a huge education suite, IG is also great for beginners. Given OANDA a perfect trust score of 100/100 by the CompareForexBrokers team, the broker has an excellent reputation with multiple tier-1 regulations. We also like OANDA’s proprietary platform, OANDA Trade as well as the broker’s extremely competitive commission-free spreads, which keeps its costs low. Pros & Cons
Broker Details OANDA Is The Most Trusted Broker Established in 1996, OANDA has built up a strong reputation both with the public and with regulators around the globe. OANDA offers a consistent brokerage service across the board, with competitive trading costs, solid trading platforms and excellent customer service. We’ve highlighted OANDA’s key strengths below. Key Strengths
Low Commission-free Spreads: OANDA has the lowest average spreads for Standard accounts, with an average spread of 0.60 pips for EUR/USD making them one of the best as far as spread costs are concerned. Solid Trading Platforms In addition to the popular MT4 and the top-charting platform, TradingView, OANDA offers an excellent proprietary platform, OANDA Trade. We like the OANDA Trade platform for its great balance of features and ease of use on mobile, desktop or webtrader. Further, you can also use Guaranteed Stop Loss Orders (GSLOs) on OANDA Trade, which is an elite risk management tool for beginners. Trust: OANDA is regulated by four tier-1, two tier-2 and three tier-3 regulators, meaning it offers trading services in multiple jurisdictions around the world. Along with its established history and sterling reputation, OANDA scored a perfect 100 for trust from our team. 5. CMC Markets - Great Range Of Currency Pairs For TradingAverage Spread EUR/USD = 1.12 GBP/USD = 1.3 AUD/USD = 1.64 Trading Platforms MT4, CMC NGEN Why We Recommend CMC Markets CMC Markets has the biggest range of currency pairs that we’ve seen, with 330 available to trade. The broker can offer this many by quoting both ways, expanding its list of tradeable forex pairs. A highly trusted broker with multiple tier-1 regulators, we also like CMC Markets’ excellent proprietary platform, Next Generation, as well as its low, commission-free spreads. Pros & Cons
Broker Details CMC Markets Has A Competitive Stockbroker Offering. Founded in 1989, this UK-based forex broker enjoys a loyal customer base in Australia thanks to its unparalleled product offering share trading – CFDs and high-performance proprietary trading tools. Key Strengths
CMC Markets Accounts A top-notch CFD broker with a truly impressive forex offering, CMC Markets follows the lead of Plus 500 (reviewed above) and sticks to a simple pricing structure. The CFD account provides market maker security and charges no commissions. However, variable spreads start at 0.7 pips. While CMC doesn’t require a minimum deposit, the broker does charge funding fees to add money: 1% for credit cards and 0.6% for debit cards. It should be noted that the CMC Markets’ retail investor accounts (e.g. share trading) are separate from CFD trading and require different trading software and a separate application. CMC Markets Software CMC Market account holders have the option to trade CFDs, including forex, using the popular MetaTrader 4 platform, but the real draw is the broker’s own web and mobile applications. Dubbed “Next Generation” or “NGEN” by CMC, this proprietary platform aims to provide a feature-rich alternative to third-party platforms. In addition to an extensive array of charting tools and indicators – 115 technical indicators and 70 chart patterns – CMC Markets’ Next Generation also includes some unique innovations. The pattern recognition scanner automatically reviews over 120 popular instruments at 15-minute intervals and notifies traders of developing chart patterns. The client sentiment tracker continuously monitors and reports on trends across the CMC trading community. The NGEN platform also allows traders to take advantage of several advanced order types, including market orders, boundary orders, partial closures, and guaranteed or trailing stop losses. Algorithmic traders should take note, however: NGEN does not support automation or backtesting. Proponents of EAs will need to trade via MetaTrader 4. Our Verdict On CMC Markets The broker’s proprietary trading platform packs an impressive punch when it comes to technical indicators, advanced charting, and drawing tools, but the lack of support for automated trading may pose challenges for those attached to EAs and other bots. 6. Eightcap - Best Forex And Crypto BrokerAverage Spread EUR/USD = 1 GBP/USD = 1 AUD/USD = 1.2 Trading Platforms MT4, MT5, TradingView, Capitalise.ai Why We Recommend Eightcap We recommend Eightcap as it’s the best crypto broker with a top range of cryptocurrencies to trade. You can trade 95 crypto products, which are all available to trade on the broker’s MetaTrader 5 platform. Eightcap also scores highly in our categories including trading platforms, education and customer service. Lastly, Eightcap has a competitive fee structure and intuitive platforms, making it an appealing option for traders seeking a range of trading tools. Pros & Cons
Broker Details Eightcap Is Top For Crypto and Forex Trading Eightcap stands out as a MetaTrader platform specialist, renowned for its ECN pricing and a diverse selection of 40 forex currency pairs. It has earned accolades for its exceptional customer service and the benefit of free withdrawals. The broker is noted for its competitive fee structure and intuitive interface, making it an appealing option for traders seeking a range of trading tools. Key Strengths
Account Types Eightcap offers two principal account types: the Standard and the Raw account. The Standard account is ideal for novices with its simple cost structure, no commission fees, and marginally wider spreads. Conversely, the Raw account caters to more seasoned traders, offering narrower spreads and a commission of $3.5 per lot traded. Spreads and Brokerage Eightcap boasts competitive spreads, especially with the Raw account, where traders can experience spreads starting from 0.0 pips on major forex pairs under specific conditions. The broker secures these low spreads by aggregating prices from a multitude of top-tier liquidity providers. Leverage and Risk Management In Australia, Eightcap provides leverage up to 30:1 for major currency pairs, adhering to ASIC regulations. Internationally, traders may access higher leverage options up to 500:1. Eightcap also offers negative balance protection, safeguarding traders from losing more than their account balance. Trading Platforms Clients have the option to trade using MetaTrader 4 (MT4) or MetaTrader 5 (MT5), both platforms equipped with advanced trading features and analytical tools. MetaTrader 5 includes additional capabilities and permits access to a broader range of markets beyond forex. CFD Products In addition to forex, Eightcap offers an assortment of CFD products, encompassing indices, commodities, shares, and a comprehensive selection of over 250 cryptocurrencies. Customer Support and Service Eightcap is committed to providing responsive customer support, accessible via live chat, telephone, and email. The broker’s client services team is on hand to offer assistance 24 hours a day throughout the trading week. Educational and Research Tools Although Eightcap offers educational resources and trading strategy guides, it is observed that these materials are relatively basic when compared to those provided by some of its competitors. Regulation Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Securities Commission of The Bahamas (SCB), ensuring a degree of trustworthiness and adherence to financial regulations. Verdict With its emphasis on low spreads, absence of withdrawal fees, and an accessible platform, Eightcap distinguishes itself as a formidable choice for traders, particularly those with an interest in cryptocurrency trading. Despite the potential for enhancing its educational offerings, the broker’s services render it a platform worthy of consideration for both novice and experienced traders alike. 7. AvaTrade - Top Forex Broker For Day-TradingAverage Spread EUR/USD = 0.9 GBP/USD = 1.5 AUD/USD = 1.1 Trading Platforms MT4, MT5, AvaTradeGo, AvaOptions Why We Recommend AvaTrade Our team awarded AvaTrade the best forex broker for day trading due to the broker not placing limits on scalping or automation. Additionally, we scored AvaTrade highly for trading platforms, trust and their range of markets. We particularly like AvaTrade’s unique and diverse range of proprietary platforms, including specialty platforms for AvaOptions for options trading. Pros & Cons
Broker Details AvaTrade Offers A Good Risk Management Platform For Forex Traders. Our team awarded Pepperstone the best Australian currency broker for beginner traders, but AvaTrade offers something different. The broker offers a unique trading platform (AvaTraderGO) and fixed-spread trading, which is ideal for risk-averse novice traders. Key Strengths
Why We Like AvaProtect Only AvaTrade and easyMarkets offer advantage risk management features, and AvaProtect™ is the better of the two. The feature gives a trader between 1 and 2 days of protection. So, if a trade goes south, the individual can cancel the trade. AvaProtect™ must be activated when executing the trade, leading to increased fees, which are not refunded whether the protection is needed or not. In summary, this is great for beginners who receive some protection from losses but at much higher fees. AvaProtect™ is only offered on the AvaTradeGO and AvaOptions platform. While AvaTrade offers MT4 and MT5, we don’t see the point of selecting either, as other forex trading brokers offer superior features and fees on AvaProtect. Risk-averse beginner traders should stick only with the AvaProtect platform. Another reason we like AvaTrade for beginner Australian clients is their fixed spread pricing. This means a trader always knows the fees of a trade with the rates locked in, which, for beginners, can be handy. That said, when we compared these spreads to other FX brokers, the fees were a lot higher. Currency Paid Leverage Fixed Spread AUD/USD 20:1 1.1 EUR/USD 30:1 0.9 GBP/USD 30:1 1.5 AUD/JPY 20:1 2.1 It’s worth noting that these higher fees are also due to AvaTrader using a dealing desk, unlike most other brokers on this page. This means the forex trading broker takes the opposite position of customer trades. Also, the provider wasn’t listed on our high Australian leverage broker page as they don’t always offer 30:1 leverage for Australian clients, and professional leverage is only up to 400:1. Verdict On AvaTrade AvaTrade is only suited for beginner traders with minimal risk appetite. The FX broker does have some unique features, including the ability to cancel losing trades (AvaProtect) and transparent pricing (fixed spreads). That said, they charge a premium for these features, which is why most beginner traders are better off selecting the best Australia forex broker – Pepperstone. 8. FP Markets - Good Choice For Scalp TradingAverage Spread EUR/USD = 1.1 GBP/USD = 1.3 AUD/USD = 1.3 Trading Platforms MT4, MT5 Why We Recommend FP Markets FP Markets is our top choice for scalpers as the broker offers unrestricted trading on MT4 and MT5. Having unrestricted trading allows you to use technical analysis using EAs (expert advisors) to trade over short holding periods. FP Markets was another broker we scored highly across all of our categories, with an emphasis on funding, education and customer service. Australian traders will particularly appreciate FP Markets extensive range of physical shares, as well as FP Markets’ fast execution speeds and low trading costs. Pros & Cons
Broker Details FP Markets Offers Low Trading Costs And A Wide Range Of Trading Tools. Ultra-tight spreads and overall low trading costs make this Australian broker a logical choice for traders looking for a no-frills, streamlined trading experience without some of the bells and whistles. Key Strengths
Visit FP Markets Account Types And Platforms FP Markets offers Australian forex traders two account types from which to choose:
Prospective customers can test out the FP trading experience by opening a free demo account. This is an excellent way to gauge their trading environment, including their . Converting to a live account is a straightforward exercise with a minimum deposit of AUD 100 to begin trading. Where does FP Markets distinguish itself from other top ASIC-regulated brokers? Trading software. Simply put, no other top brokerage provides Australian traders with quite the same range of tools. Share traders located in Australia looking for an alternative to MT5 have access to the IRESS suite of trading software, including IRESS Trader and IRESS Mobile. The platform gives users access to over 10,000 stocks – a more extensive range than what is available with MetaTrader 5. It also offers Direct Market Access (DMA) execution which means you can see the orders in the exchange itself. FP Markets account holders anywhere in the world have the option to trade forex using the MetaTrader 4 or MetaTrader 5 software with integrations like Advanced Trade Assistant and AutoChartist. FP also offers Myfxbook integrations for MetaTrader for traders using a social or copy trading strategy. Moreover, all account holders enjoy access to value-added services designed to maximise FP’s trading experience, such as a multi-account manager, VPS hosting, and API trading. FP Markets’ Trading Products FP Markets’ clients can trade 63 currency pairs, including major pairs like EUR/USD, AUD/USD, USD/GBP, and USD/CHF, and minors. Other financial products available for trade include 19 global indices and 10,000 plus shares. The broker has a somewhat limited selection of commodities, with just five cryptos available. Australian traders also have the option of trading CFDs and other derivatives with FP. While bond CFDs and ETF CFDs aren’t available, this broker has a reputation for its extensive stock CFD offering. Our Verdict On FP Markets FP Markets earns a top spot in our reviews owing to its dedication to Australian account holders, in particular. While it may not have the flash of some of the larger, more globally-oriented retail brokerages in Australia, FP stands out for honing in on Australian traders and their needs, not to mention its impressive forex offering. 9. Saxo Markets - Great Range of CFDs And Forex PairsAverage Spread EUR/USD = 1.2 GBP/USD = 1.8 AUD/USD = 0.9 Trading Platforms MT4, TradingView, SaxoTraderGo, SaxoTrader Pro Why We Recommend Saxo Markets Saxo Markets, the trading arm of Saxo Bank, stands out in the financial services industry with its great range of CFDs and forex pairs. We also scored Saxo Markets highly in trust, range of markets and education categories. Saxo Markets is also a highly trusted and well-established broker, with an excellent proprietary platform and advanced trading tools. Pros & Cons
Broker Details Saxo Markets, the trading arm of Saxo Bank, stands out in the financial services industry with its extensive range of CFDs and forex pairs. Catering to traders globally, including Australia, Saxo Markets offers a sophisticated platform with a rich selection of trading instruments. Extensive Trading Instruments With Saxo Markets, traders have access to a vast array of instruments, ensuring they can diversify their portfolios and find opportunities across various markets:
Award-Winning Share Trading Services Saxo Markets has been recognised for its exceptional share trading services, offering a comprehensive platform for trading Australian, US, UK, Singaporean, and Chinese stocks. With accolades such as “Outstanding Value International Share Trading” in 2017 and 2018, Saxo Markets demonstrates its commitment to providing value and quality in its offerings. Competitive Forex Trading Environment Saxo Markets excels in forex trading services, providing traders with the ability to trade across a broad spectrum of forex spot pairs, forwards, and options. The platform’s strengths in forex trading are underpinned by:
CFD Trading with Leverage Saxo Markets offers leveraged CFD trading on more than 9,000 instruments. The platform provides competitive commissions and leverage options, catering to various trading strategies and risk appetites. Account Types Tailored to Trader Needs Saxo Markets offers three main account types, each designed to cater to different levels of traders:
Verdict Saxo Markets provides a powerful trading environment with a wide range of markets, competitive spreads, and a selection of account types to suit various traders. While the platform is ideal for those seeking a comprehensive trading solution, it may not be the best fit for those looking for high leverage or low minimum deposit requirements. 10. BlackBull - Highest Leverage Forex BrokerAverage Spread EUR/USD = 1.2 GBP/USD = 1.4 AUD/USD = 1.7 Trading Platforms MT4, MT5, TradingView, Blackbull Trade Why We Recommend BlackBull BlackBull Markets offers the highest leverage of any forex broker on this list as it is regulated by the Financial Markets Authority (FMA) in New Zealand, which has different trading conditions to ASIC in Australia. We also scored BlackBull Markets highly in trading experience, trading platform, customer service and funding categories. BlackBull Markets also has the fastest execution speeds of any broker we tested, lowering your chance of slippage. Pros & Cons
Broker Details BlackBull Markets Offers 500:1 Leverage And Is FMA Regulated. One of the newer CFD brokers, BlackBull Markets, was founded in 2014 and is based in Auckland, NZ. It’s critical to state that the provider is not ASIC-regulated but is regulated by the Financial Markets Authority (FMA) in New Zealand, which has different trading conditions.
High Leverage Accounts Offered By BlackBull Markets When we completed our 2024 broker awards, BlackBull was compared well to Pepperstone in terms of trading platforms (MT4, MT5 and TradingView) and the range of markets offered. BlackBull also had the edge over Pepperstone when it came to our . As the broker is only FMA-regulated in NZ (not ASIC-regulated), it can offer all traders up to 500:1 leverage, as shown below on their two main trading accounts. It should be noted that Pepperstone does have the overall edge, though, in terms of broker fees, customer service levels, and research facilities. Additionally, Pepperstone doesn’t have a minimum deposit, while Blackbull Markets requires $2,000 USD to open their ECN account. Verdict On BlackBull Markets Our found that BlackBull is the broker with the fastest execution speed, low spreads, and up to 500:1 leverage. It’s recommended only for experienced traders who require a fast trading environment with higher leverage to execute their trading strategy. We strongly recommend inexperienced and/or traders with a low-risk appetite avoid high leverage. What Is The Best Forex Broker in Australia?With a score of 98, we rate Pepperstone the best Forex Broker in Australia. With 4 trading platforms to choose from, MetaTrader 4, MetaTrader 5, cTrader and TradingView, the broker caters for all types of traders. We also appreciate the availability of 3rd party tools like Myfxbook, DupliTrader and MetaTrader Signals for copy trading along with Capitalise.ai for code-free automation. Other features we like include fast execution speed, we tested this speed ourselves and found Pepperstone speeds are 77 ms for limit orders, and 100 ms for market orders placing them 3rd overall in our tests. You can trade over 60 Forex pairs along with shares, and indices along with hard and soft commodities. Lastly, we should mention they have low spreads with both their standard and Razor accounts and they are regulated not just by ASIC but in 6 other jurisdictions. How To Find The Right Forex Broker For You?To find the right forex broker for you, here are a few questions to ask yourselves:
1. What Type Of Trader Are You?What type of trader are you is best answered by understanding different trading styles and where you might fit based on both your personality and level of experience. There are four main types of trading styles:
2. Features You Need From The PlatformThe features you need from a trading platform are always personal, but some key factors include:
3. ASIC RegulationChoosing a broker with is important to establish trust as an Australian trader. This is because you will avoid scams as the broker is more highly scrutinised and has to adhere to strict regulations to ensure the safety of your funds. 4. Desktop, WebTrader or Mobile AppOffering versatility in a trading platform across desktop, WebTrader or a mobile trading app is an important consideration to make. This is not only based on whether a broker offers each type of platform but how well each platform performs. 5. Customer ServiceA broker that offers good customer service adds extra value if you get stuck while trading, have platform performance issues or have important questions or concerns that need answering in a timely fashion. Which Broker Is Best For Beginners In Australia?We rated the best broker for beginners in Australia as OANDA. OANDA is best for beginners due to the combination of a high level of trust plus offering risk management tools including guaranteed stop-loss orders when using the OANDA Trade Forex platform. We also think commission-free trading is better for beginners and the spreads are just 0.60 pips on average for EUR/USD. The broker also has an excellent education library. Who Is The Most Trusted Broker In AustraliaOANDA is the most, and we scored the broker a perfect 100/100 for this trust category. This is because the broker combines a longstanding history and good reputation with multiple tier-1 regulators. Which Broker Has The Best Spreads?IC Markets has the best spreads across both its Standard and RAW spread accounts, based on our testing. The broker average spreads of 1.03 pips for its Standard account and spreads of 0.32 pips for its RAW account, putting it at number 1 and 3 respectively. Tested Avg Standars Spreads Tested Avg RAW Spreads IC Markets 1.03 IC Markets 0.32 CMC Markets 1.11 Pepperstone 0.36 FXCM 1.47 FP Markets 0.41 Fusion Markets 1.19 GO Markets 0.46 TMGM 1.21 ThinkMarkets 0.46 Admirals 1.31 Tickmill 0.47 Pepperstone 1.46 Eightcap 0.5 OANDA 1.54 Axi 0.73 Industry Average 1.49 Industry Average 0.49 Which Broker Has The Best Trading Platforms In Australia?The broker with the best trading platform in Australia depends on which platform you prefer. We have listed our choices below, per each major platform:
In terms of proprietary platforms, top platforms include OANDA Trade, CMC Markets’ Next Generation and Saxo Markets’ SaxoTraderGo. Choosing a Trading PlatformChoosing a trading platform involves the following key considerations:
Which Broker Has The Top Mobile App?Plus500 has the top mobile app, with a reliable and user-friendly interface while on the go, robust charting and great risk management tools for beginners. Which Broker Is Best For Social Trading?eToro is by far the best broker for social trading, a claim that is universal, not just by us. The platform is built from the ground up with social and copy trading in mind. The broker has a social network of over 30 million users with excellent proprietary platforms that are all specifically designed for copy trading. This includes unique tools like copy portfolios which is an index of the best-performing traders in the community. Which Broker Is Good For High Leverage?BlackBull Markets is a good broker for high leverage, offering up to 500:1 leverage given it is regulated by the FMA in New Zealand, while most ASIC-regulated brokers offer up to 30:1. Which Broker Has The Fastest Execution Speed?From our extensive testing, BlackBull Markets and Pepperstone have the fastest execution speeds in the industry. Tests conducted by our head of research, Ross Collins, which tested 20 top brokers’ limit and market orders using MetaTrader 4, concluded that BlackBull Markets had the fastest limit order speed of 72ms and a market order speed of 90ms. Pepperstone, meanwhile, was a close second, having a 77ms limit order speed and a 100ms market order speed. What Financial Markets Do Australian Brokers Offer?Australian brokers offer a diverse range of financial markets including gold, forex, shares, indices, cryptocurrencies and commodities. Commonly, most Australian brokers offer these financial markets as CFDs, while some also offer spot products (like shares and forex). After that, some brokers may even offer more diverse financial instruments or complex derivatives such as ETFs (exchange-traded funds), options, forwards and swaps. Why Trade with a Broker Regulated By ASIC?It’s important to trade with an ASIC-regulated broker for trust reasons. Any Australian broker trading CFDs needs to hold an Australian Financial Services Licence (AFSL) with the local regulator (ASIC). Ensuring you trade with the ASIC-regulated entity, you will get benefits and protections, such as:
Some brokers may be regulated by other financial bodies such as CySEC (Cyprus), FCA (The UK) and FSA (Seychelles) but these are irrelevant as far as regulation in Australia is concerned. 1. ASIC ProtectionASIC ensures that Australian traders are dealing with firms that are held to high standards of operation. The regulatory body enforces strict compliance with financial guidelines to protect traders from fraudulent activities. Brokers under ASIC are required to have transparent trading practices and provide accurate information to their clients. 2. Leverage ProtectionBrokers regulated by ASIC must adhere to leverage limits that protect traders from excessive risk. These limits are designed to prevent significant losses that could exceed a trader’s initial investments. By imposing these restrictions, ASIC helps to maintain a fair trading environment. 3. Negative Balance ProtectionASIC-regulated brokers offer negative balance protection, ensuring that traders cannot lose more money than they have in their trading accounts. This protection is crucial during volatile market conditions where rapid price shifts can occur. 4. ASIC Authorisation VerificationTraders can verify a broker’s ASIC authorisation, which confirms that the broker is legitimately regulated and operates under the oversight of ASIC. This verification process adds an extra layer of security for traders, giving them peace of mind. Avoiding Forex ScamsTo avoid forex scams that can be associated with unregulated brokers, you should always check that the broker is ASIC-regulated as an Australian trader. You can check the ASIC connect register or see below a comprehensive list of regulated forex brokers in Australia. Risk DisclaimerTrading forex and trading CFDs, whether with your own funding or on margin, is an inherently high-risk activity that may lead to significant losses. Always consider your exposure and take full advantage of the risk management and educational resources provided by your brokerage to ensure that your positions align with your goals and overall risk appetite. Remember: only institutions holding an Australian Financial Services License (AFSL) are qualified to offer investment advice in Australia, such as the trading strategy to use or which assets or trading products to purchase. We strongly advise that you develop your trading strategy independently or under the guidance of an AFSL-approved broker only. What is the best trading software for Australian forex traders?The best forex trading platform by market share is MetaTrader 4 with Pepperstone being the best MT4 broker based on execution speeds and customer service. For CFD trading MetaTrader 5 is the most popular with IC Markets the best MT5 broker based on standard account spreads and their range of tradeable instruments. How To Get Started Trading In Australia?To start trading in Australia, here are a few steps to go through:
Is forex trading legal in Australia?Yes, and is regulated by the Australian Securities and Investments Commission (ASIC). Australian traders are required to trade with a brokerage firm that holds an Australian Financial Services Licence (AFSL) to ensure the legitimacy and security of their investment. Is forex trading Taxable in Australia?Forex trading is taxable in Australia. Profits from forex trading are considered part of a trader’s assessable income and are subject to taxation, as per the guidelines provided by the Australian Taxation Office. Traders are encouraged to maintain accurate records of their transactions and may seek guidance on their tax obligations through resources such as best CFD brokers, which also offer insights into the financial implications of trading. Do Australian Brokers Have Trading With Crypto?Yes, Australian brokers offer crypto trading. Crypto trading is legal in Australia and classified as property by the Australian Taxation Office (ATO). Fprex and crypto trading is regulated by the Australian Securities Investment Commission (ASIC). Our top crypto broker is Eightcap with a huge range of 95 products, but other great choices include Plus500 and eToro. Should I Trade Forex?Deciding whether or not to trade forex is entirely up to you. The forex market is the most liquid and most traded in the world. There are many advantages but it’s also important to be aware of the risks involved with forex trading. For this reason, you should educate yourself on Forex trading. Is Forex And CFDs the same thing?No, investing in forex and trading CFDs are quite different things. Forex is short for foreign exchange, an asset class based on the relative values of fiat currencies. Meanwhile, CFDs are derivative instruments that trade based on how much and in what direction an asset’s price moves over a set period. How Did We Determine The Best Australian Forex Broker?We tested 600 factors that matter for Australian forex traders and found Pepperstone, with a score of 98/100, was the clear winner. Here is a summary of how we graded Pepperstone by section: Criteria Score (Out Of 100) Customer Service 92 Funding 90 Trading Platforms 88 Range Of Markets 86 Spreads & Fees 83 Trading Experience 82 Trust 72 Education 67 We think Pepperstone has one of the best RAW Spread trading accounts and recommend you select TradingView or MetaTrader 5 platforms for the most advanced and low-cost trading solution Pepperstone offers. Beginner traders, on the other hand, are better suited to the Standard account with MetaTrader 4. Visit Pepperstone With over 100,000 active forex traders in AustraliaFinance Magnates Australia CFD Popularity Study, there are a plethora of local forex brokers. These are regulated by the Australian Securities & Investment Commission (ASIC) and you can check the regulation status on any firm through the information broker lookup. ASIC was founded in 1991 and ensures that regulated forex brokers in Australia meet standards, segregate client funds and restrict retail leverage levels. The regulator’s Twitter is @ASIC Media. How to Choose a Forex Broker In Australia?We have created 7000 criteria to compare brokers. If you’re looking to compare them yourself we recommend starting by focusing on brokerage. Costs will differ based on the forex market, forex pair, and account type chosen. Then look at the experience available when trading forex including liquidity and execution speeds. Finally, focus on the range of markets you may wish to trade (which may include share trading). This will also determine the platform you choose. Don’t forget to ensure they are ASIC-regulated with a strong reputation within Australasia. Some firms will also post the percentage of traders that lose money on their retail investor accounts. Newer traders should also take into account whether a foreign exchange broker will grow along with them as they develop new skills and become more comfortable with trading. What happens, for example, once a trader no longer needs the support of a market-making Standard type account and instead wants to focus on tight spreads and execution speeds? Finally, be aware that signing up with a particular broker for the sake of its proprietary platforms – no matter how highly reviewed – may pose challenges if you ever decide to switch brokers. Focusing on brokers partnered with MetaTrader or cTrader, on the other hand, may provide greater flexibility.
Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading. Who is the best forex broker in Australia?List of Top Australian Forex Brokers & Trading Platforms. IC Markets – Best Overall. ... . Plus500 – Best Research Tools. ... . TMGM – Best for Professional Traders. ... . Pepperstone – Best Low Spreads. ... . FP Markets – Best for Tradable Instruments. ... . Eightcap – Best for Cryptocurrency Trading. ... . Multibank – Best ASIC-Regulated.. What is the most legit forex broker?Here are the best online brokers for forex trading in 2024:. Interactive Brokers.. Forex.com.. Ally Invest.. OANDA.. Who regulates forex brokers in Australia?All Australia-based forex brokers must become authorised by the Australian Securities & Investment Commission (ASIC), the Australian financial markets regulator. ASIC's website is asic.gov.au. Is Forex Trading Legal in Australia?Forex trading is 100% legal in Australia. The Australian Securities and Investments Commission (ASIC) regulates FX trading in Australia. |
