Since 2012 we have reviewed and traded with over 180 brokers in South Africa. Our team of experts are frequently cited in international and local media. Find out more about us here.
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
Over the last decade, Forex trading has become more accessible to the average person in Australia. Nationwide access to the internet and an influx of international “offshore” brokers joining the local scene have increased competition. At the same time, the local regulator (ASIC) has introduced stricter requirements for brokers, raising standards of safety and fairness.
When choosing a Forex broker, it’s important to consider not only the financial aspects but also the personal fit. We have thoroughly evaluated both the ASIC-regulated local brokers and reputable offshore brokers that accept Australian traders. Your feedback is an important part of this evaluation, and we always incorporate the views of real traders when we make a recommendation. Based on our research, we have selected the top options for traders of all budgets and preferences.
These are Best Forex Brokers for Australia in 2023, as recommended by our experts.
Broker | Regulated by ASIC | Min. Deposit | Cost of Trading | No. of Fx Pairs | Overall Rating | Official Site | Compare |
---|---|---|---|---|---|---|---|
Yes | AUD 100 | USD 7 | 70 | Visit Broker > | |||
Yes | AUD 200 | USD 4 | 49 | Visit Broker > | |||
Yes | AUD 100 | USD 6 | 70 | Visit Broker > | |||
Yes | AUD 200 | USD 8 | 64 | Visit Broker > | |||
Yes | AUD 5 | USD 7 | 57 | Visit Broker > | |||
Yes | AUD 100 | USD 9 | 55 | Visit Broker > | |||
Yes | AUD 0 | USD 6 | 80 | Visit Broker > | |||
Yes | AUD 5 | USD 7 | 350 | Visit Broker > | |||
Yes | USD 1 | USD 5.40 | 115 | Visit Broker > | |||
Yes | GBP 500 | USD 8 | 190 | Visit Broker > | |||
Yes | USD 0 | USD 10 | 45 | Visit Broker > | |||
Yes | AUD 50 | USD 7 | 37 | Visit Broker > | |||
Yes | AUD 100 | USD 8 | 50 | Visit Broker > | |||
Yes | AUD 0 | USD 10 | 70 | Visit Broker > | |||
Yes | AUD 100 | USD 7 | 67 | Visit Broker > | |||
Yes | AUD 0 | USD 12 | 46 | Visit Broker > | |||
Yes | AUD 100 | USD 7 | 45 | Visit Broker > | |||
Yes | USD 0 | USD 4.50 | 85 | Visit Broker > | |||
Yes | AUD 50 | USD 10 | 63 | Visit Broker > | |||
Yes | AUD 50 | USD 10 | 49 | Visit Broker > |
At FX Australia, we have an experienced review team dedicated to evaluating Forex brokers. Our team of experts meticulously examines each broker in 7 different areas, amassing an enormous amount of data in the process. With over 200 individual metrics analysed, we invest hundreds of hours annually researching and scrutinising brokers to ensure that we only recommend the best in the Forex industry.
Of these 7 areas, we always prioritise regulation and costs. These are our priorities because traders want to know that their broker is trustworthy and isn’t overcharging them. Brokers are always altering the products they offer, and we keep our reviews updated with the latest data available. You can find out more about our in-depth review process here.
These are the top Forex brokers in Australia for 2023, as determined by our review process.
Fees and Trading Conditions: FP Markets is a good low-cost option for beginners with a required minimum deposit of 100 AUD on both the Standard Account and the Raw Account. FP Markets’ Raw Account is particularly great value with spreads starting at 0.10 pips (EUR/USD) with a 6 AUD (RT) commission. The MT4 and MT5 platforms will be enough for most traders, but specialist share traders should take notice of the IRESS platform which gives access to 10,000+ global shares. Other assets available include commodities, precious metals, indices and cryptocurrencies.
Regulation and Security: FP Markets (AFS License Number 286354) has been regulated by ASIC since 2005 and is also regulated by CySEC in the EU. As an ASIC-regulated broker, FP Markets must provide negative balance protection for all clients and must keep its operational funds segregated from client accounts. ASIC regulation also prevents FP Markets from offering leverage higher than 30:1 on Forex pairs or offering promotions or bonuses. Finance professionals and wealthy clients can waive these safety features by proving their wholesale trader status.
Fees and Trading Conditions: GO Markets offers two market-execution accounts, both with a reasonable minimum deposit requirement of 200 AUD. Trading costs on its commission-free Standard Account start at 1.0 pips (EUR/USD), which is average for the industry. Spreads come down to 0 pips (EUR/USD) on its GO Plus+ Account in exchange for a low 6 USD round turn commission, which is highly competitive.
Security and Regulation: An ASIC-regulated broker (ASFL: 254963), GO Markets was founded in 2006 and has grown steadily since its inception. While ASIC’s new rules that were introduced in 2021 have harmed many of the lower-quality brokers in Australia, GO Markets is well-positioned with its low-cost trading accounts, range of trading platforms, a vast number of financial instruments, and excellent trading tools. GO Markets is also regulated by CySEC in Europe, Seychelles’ FSA, and the FSC of Mauritius.
Fees and Trading Conditions: Pepperstone offers two accounts with market execution and some of the lowest costs in the industry: The Standard Account has spreads as low as 0.77 pips and no commission and the Razor Account has spreads from 0 pips for the EUR/USD and 7 AUD commission. With fast trade execution and support for all three major trading platforms, Pepperstone is ideal for scalpers and clients who run expert advisors on MT4, MT5 and cTrader. The Pepperstone cTrader platform also integrates seamlessly with TradingView, the best third-party analysis tool in the business. The result is an almost entirely different platform, featuring TradingView’s famous analysis, indicators and trading tools.
Security and Regulation: Pepperstone (AFS License Number 414530) is a leading ASIC-regulated Forex broker, and all non-professional clients have negative balance protection and leverage restrictions of 30:1. With additional regulation from BaFin in Germany and the FCA in the UK, Pepperstone is one of the safest brokers to trade with.
The best brokers in Australia are well-regulated and offer a low-cost, user-friendly trading platform suitable for both beginners and experienced traders. Following rigorous testing, we believe that FP Markets is the best broker for Australian traders. FP Markets is regulated by some of the toughest global authorities, including ASIC of Australia, providing security and confidence for its clients. FP Markets’ trading costs are low, with a required minimum deposit of 100 AUD on both the Standard Account and the Raw Account. FP Markets’ Raw Account is particularly great value with spreads starting at 0.10 pips (EUR/USD) with a 6 AUD (RT) commission. Traders can trade on MT4, MT5, or its IRESS trading platform, which offers trading on over 10,000 stock CFDs and a great range of trading tools.
ASIC-regulated since 2010, Pepperstone offers some of the best trading platforms in the industry. All of Pepperstone’s platforms offer automated trading, strategy backtesting, customisable charting, and a range of indicators, and integrate with Autochartist, one of Pepperstone’s free trading tools. TradingView, a relatively new platform, offers even more advanced charting abilities, including custom timeframes, over 100,000 custom-built indicators, and integrated financial analysis.
Forex trading in Australia is legal and regulated by the Australian Securities and Investments Commission (ASIC). ASIC requires all Forex brokers operating in the country to hold a valid license and adhere to strict standards, including:
As well as ASIC, other top-tier global regulators include FCA and CySEC. Whether you decide to use a broker regulated by the FCA or not, it’s important to remember that choosing a regulated broker is the best way to ensure your protection as a Forex trader.
Regulation is essential for protecting your money and ensuring a fair and transparent trading experience.
When trading Forex, you want to be confident that your broker is operating legally and ethically and that your funds are being handled safely. Regulated Forex brokers must adhere to strict standards set by regulatory bodies, which include requirements for capital adequacy, segregation of client funds, and ongoing reporting and compliance. This means that your funds are protected, and your trading experience is fair.
Unregulated brokers are not forced to hold to the same standards. This can lead to a higher risk of fraud or unethical practices, which can result in financial losses for traders. Choosing a regulated Forex broker gives you peace of mind and security, knowing that your investments are protected and your trading experience is fair.
If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid. If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story. You can contact ASIC’s misconduct department here and ask them to investigate. We also have a report a scam broker form which we use to gather information so that we get the word out. Your personal details will not be shared externally.
Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. Most Forex brokers form a bridge between the global Forex market and Forex traders; these are called market makers. Market makers buy up large trading positions from the Forex market, which they sell to traders in smaller trade sizes.
Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market. These are called ECN brokers or DMA brokers. Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms.
Market markers only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades.
ECNs have tight spreads but profit from commissions, which are charged whenever a trade is opened or closed. This type of broker makes money whether a client wins or loses.
The best brokers for beginners are well-regulated and have no minimum deposit requirement, ensuring security and a low cost of entry. Also important are low fees and negative balance protection, as these both help to lower risk. Responsive and knowledgeable customer support is essential. Customer service should be available 24/5 via email, live chat, and telephone, though 24/7 is better. Last but not least, beginners should look for a broker with a high-quality education section; this should feature articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.
For more detail and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners.
The brokers with the best demo accounts understand that beginners should not be forced into trading real money and that experienced traders should be able to test strategies as long as they want to. So the best demo accounts are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will want a broker with good education, so they can learn about Forex trading as they practice.
For more detail and to see which brokers we recommend for demo trading, check out our dedicated page on the best demo accounts.
The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are third-party trading platforms which you can install on your computer. They are fully customisable and have advanced charting tools, research tools, and options for automated trading or copy trading. Some brokers also have their own trading platforms, which are usually accessed via a browser or on your mobile phone. For more details on trading platforms and how they work, check out our guide on trading platforms.
Trading Forex and CFDs is unsuitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
These documents were used in the research and data collection for this page
This form has double opt in enabled. You will need to confirm your email address before being added to the list.
Session expired
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.