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AuthorBy Chris Cammack
Updated: March 15, 2023

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.

2023 Best Forex Brokers in Australia Compared

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Regulated by ASIC
Min. Deposit
Cost of Trading
No. of Fx Pairs
Overall Rating
Official Site
FP Markets AUD 100USD 77011110.54.30/ 5 Visit Broker >
Go Markets AUD 200USD 44911110.54.44/ 5 Visit Broker >
Pepperstone AUD 100USD 67011110.54.61/ 5 Visit Broker >
IC Markets AUD 200USD 86411110.54.36/ 5 Visit Broker >
XM AUD 5USD 75711110.54.35/ 5 Visit Broker >
AvaTrade AUD 100USD 95511110.54.49/ 5 Visit Broker >
IG AUD 0USD 68011110.54.69/ 5 Visit Broker >
CMC Markets AUD 5USD 735011110.54.53/ 5 Visit Broker >
Interactive Brokers USD 1USD 5.4011511110.54.31/ 5 Visit Broker >
Saxo Bank GBP 500USD 819011110.54.26/ 5 Visit Broker >
Oanda USD 0USD 104511110.54.25/ 5 Visit Broker >
FBS AUD 50USD 73711110.54.23/ 5 Visit Broker >
Admiral Markets AUD 100USD 85011110.54.18/ 5 Visit Broker >
Axi AUD 0USD 107011110.54.34/ 5 Visit Broker >
Markets.com AUD 100USD 76711110.54.58/ 5 Visit Broker >
ThinkMarkets AUD 0USD 124611110.54.18/ 5 Visit Broker >
Eightcap AUD 100USD 74511110.54.13/ 5 Visit Broker >
Fusion Markets USD 0USD 4.508511110.54.33/ 5 Visit Broker >
ACY Securities AUD 50USD 106311110.54.08/ 5 Visit Broker >
eToro AUD 50USD 10491110.503.58/ 5 Visit Broker >

Best Broker Reviews 2023

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.Review Scores

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.

FP Markets

Best Overall Forex Broker in Australia

  • 24/7 Customer Service: Polite, helpful, knowledgable and available on the weekends
  • Three Trading Platforms: MT4, MT5 and IRESS for global stock trading 
  • Traders Hub: Education for beginners including video tutorials and trading courses
  • Trading Tools: Free Autochartist, VPS services and the Traders Toolbox 

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.

  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Go Markets

Best Trading Tools

  • Trading Tools: Autochartist, Trading Central, VPS Services, MT4 & MT5 Genesis, and MyFXbook.
  • Three Trading Platforms: MT4, MT5, and GO Markets Share Trading Platform
  • Low Fees: No deposit, withdrawal, or inactivity fees
  • Wide Range of Share CFDs and Investment Stocks: 1200+ share CFDs and 2400+ shares listed on the ASX

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. 

  • Fast and free withdrawals
  • Wide range of assets
  • Excellent market analysis
  • Innovative trading tools
  • High minimum deposit
  • No swap-free account option
AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Go Markets is regulated by ASIC, the FSC, the FSA, and CySEC.


Fastest ECN Trade Execution

  • Fast Execution: Most trades executed in less than 30ms
  • Education: Excellent ECN trading education for beginners
  • Free Deposits and Withdrawals: Via most Australian digital payment services
  • Three Trading Platforms: MT4, MT5 and cTrader with TradingView

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.

  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

Which is the Best Broker in Australia?

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. 

Which Forex Broker has the Best Platform?

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.

Is Forex Trading Legal in Australia?

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:

  1. Timely deposits and withdrawals
  2. Segregation of funds
  3. Negative balance protection
  4. Leverage restrictions
  5. Capital adequacy to prevent defaults

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.

Why is Regulation Important?

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.

Scam Brokers and Reporting Regulatory Violations

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.

Do I Need a Broker to Trade Forex?

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. 

How do Forex Brokers Make Money?

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.

Which Forex Brokers are Best for Beginner Traders?

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.

Which Forex Brokers have the Best Demo Accounts?

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.

Which Trading Platforms do the Best Forex Brokers Offer?

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

Forex Risk Disclaimer

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 Rating & Review Methodology

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

Editorial Team


Chris Cammack
Head of Content

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 Heyerdahl
Senior Financial Writer

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

  1. Australian Securities & Investments Commission (ASIC). (2022). Annual Report 2021/2022. Canberra:  https://download.asic.gov.au/media/10dg0aqv/asic-annual-report-2021-22_full.pdf
  2. Moneysmart.gov.au. (n.d.). Forex trading. Retrieved January 2023, from moneysmart.gov.auhttps://moneysmart.gov.au/investment-warnings/forex-trading
  3. Finance Magnates. Analysis: Australia Has the Largest FX/CFD Market Per Capita in the World. Retrieved February 2022, https://www.financemagnates.com/forex/analysis-australia-has-the-largest-fxcfd-market-per-capita-in-the-world/

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