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What are the 10 best Australian forex brokers?
1. Pepperstone is the best forex broker in Australia
EUR/USD spread
EUR/USD 0.12 pips (Raw, measured 5 to 9 October 2026) plus A$7.00 round turn
Platforms
MT4, MT5, cTrader, TradingView, Pepperstone Trading App
ASIC entity
Pepperstone Group Limited (AFSL 414530)
Why We Recommend Pepperstone
I would send most Australian traders to Pepperstone first. It pairs raw Razor pricing with the widest platform choice on the market: MT4, MT5, cTrader, TradingView and its own web platform from a single account, and that platform set is our pick among forex trading platforms in Australia. Razor commission is A$3.50 per side (A$7.00 round turn), EUR/USD averaged 0.12 pips in our 5 to 9 October 2026 capture, and there is no minimum deposit or inactivity fee. You also get ASIC oversight under AFSL 414530 since 2013.
Pros & Cons
Pros
- Razor account spreads on EUR/USD from 0.0 pips
- Five trading platforms including cTrader and TradingView
- No minimum deposit or inactivity fee, ASIC AFSL 414530 since 2013
Cons
- Standard account spreads less competitive than the Razor account
Broker's Detail
Pepperstone was founded in Melbourne in 2010 and has grown into one of Australia's largest forex brokers. It has held ASIC AFSL 414530 since 2013.
Two main account types sit under Pepperstone. The Razor (RAW) account pairs EUR/USD from 0.0 pips with AUD 7 round-turn commission per standard lot, and that is the account I would choose for cost-conscious traders. The Standard account is commission-free with EUR/USD from roughly 1.1 pips. TradingView and MT4 are available on the Razor account only, not on Standard; the Pepperstone Trading Platform, MT5 and cTrader work on both accounts.
Funding is fee-free via PayID, BPAY, card and PayPal. You can also keep an AUD-denominated account. Customer support runs 24/7 by live chat.
Pepperstone spread table (averaged over our 5 to 9 October 2026 test cycle):
| Pair | Razor avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.12 | 0.49 | 0.61 |
| AUD/USD | 0.11 | 0.49 | 0.60 |
| GBP/USD | 0.28 | 0.49 | 0.77 |
| USD/JPY | 0.32 | 0.78 | 1.10 |
| EUR/GBP | 0.32 | 0.37 | 0.69 |
Broker Screenshots
2. IC Markets recorded raw spreads averaging 0.29 pips from 5 to 9 October 2026
EUR/USD spread
EUR/USD 0.11 pips (Raw, measured 5 to 9 October 2026) plus A$9.00 round turn
Platforms
MT4, MT5, cTrader, TradingView
ASIC entity
International Capital Markets Pty. Ltd. (AFSL 335692)
Why We Recommend IC Markets
For raw spreads, IC Markets is my pick. In our 5 to 9 October 2026 capture it averaged 0.11 pips on EUR/USD and 0.29 pips across eight majors on the Raw Spread account, with A$4.50 per side commission (A$9.00 round turn). cTrader is its recommended platform alongside MT4 and MT5. The minimum deposit is US$200 and it has held AFSL 335692 since 2009.
Pros & Cons
Pros
- Raw Spread EUR/USD spreads from 0.0 pips
- cTrader recommended alongside MT4 and MT5, A$4.50 per side commission
Cons
- Published US$200 or equivalent for full access, not a contractual minimum; our A$200 deposit was approved 28 August 2026 and no lower floor is established
- TradingView runs via cTrader rather than as a native platform (platform record checked 27 September 2026)
Broker's Detail
IC Markets was founded in Sydney in 2007 and now sits among Australia's longest-running raw-spread brokers, with AFSL 335692 held since 2009. The Raw Spread account delivers EUR/USD spreads from 0.0 pips, the advertised floor on IC Markets' Australian home page as at 27 September 2026, with AUD 9.00 round-turn commission (A$4.50 per side), while the Standard account is commission-free with spreads from 1.0 pips. Your choice between them comes down to how often you trade.
IC Markets' PDS dated 25 September 2026 sources prices from external liquidity providers, with no other dealer intervention, and the client deals with IC Markets as principal and counterparty. Platforms are MT4, MT5 and cTrader, with TradingView via cTrader, checked 27 September 2026. Over 2,250 broker-published tradeable instruments span forex, indices, commodities, bonds, shares and crypto CFDs, per its AU website on 27 September 2026, with ETF CFDs effective 25 September 2026 under the new PDS.
On its website IC Markets states a US$200 minimum. Its PDS and Account Terms set none, and that places it above the $0 brokers in this list. Funding is free by card, bank wire or PayPal, and the same applies across all eight deposit methods.
IC Markets spread table (averaged over our 5 to 9 October 2026 test cycle):
| Pair | Raw Spread avg (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.11 | 0.63 | 0.74 |
| AUD/USD | 0.10 | 0.63 | 0.73 |
| GBP/USD | 0.29 | 0.63 | 0.92 |
| USD/JPY | 0.16 | 1.00 | 1.16 |
| AUD/JPY | 0.44 | 1.00 | 1.44 |
Broker Screenshots
3. OANDA is the best forex broker for beginners
EUR/USD spread
EUR/USD 0.20 pips (Raw, measured July 2026) plus A$7.00 round turn
Platforms
MT4, MT5, TradingView, OANDA Trade
ASIC entity
OANDA Australia Pty Ltd (AFSL 412981)
Why We Recommend OANDA
Newer traders get a gentler path at OANDA through a clean OANDA Trade platform, native TradingView execution and an unlimited demo with virtual funds. The Standard account has no minimum deposit and no commission, and the Raw account adds A$3.50 per side per standard lot (A$7.00 round turn) for tighter pricing. OANDA holds ASIC AFSL 412981.
Pros & Cons
Pros
- AFSL 412981
- Native TradingView trading integration
Cons
- Raw account's 0.44 pips eight-pair average from the July 2026 capture, which used USD/CAD in place of USD/CHF, trails the tightest raw accounts
- Product range narrower than CMC, IG or IBKR
- Premium pricing tiers require an AUD 10,000 balance or high notional volume
Broker's Detail
Founded in Toronto in 1996, OANDA operates here through OANDA Australia Pty Ltd, which holds ASIC AFSL 412981, current since 26 March 2012 per our register check of 16 July 2026, and belongs to AFCA.
OANDA prices two ways in Australia: spread-only, or raw spreads plus a commission. Four accounts sit across those models, so your choice turns on how often you trade. Standard is spread-only with EUR/USD at 1.04 pips in our 5 to 9 October 2026 capture, while OANDA publishes Standard spreads from 0.6 on major FX CFDs pairs, and there is no minimum. Raw pairs spreads from 0.0 pips with AUD 3.50 per side (AUD 7.00 round-turn), matching Pepperstone Razor on commission. Premium Spreads (from 0.2 pips, no commission) and Premium Commission (from 0.0 pips plus AUD 2.75 per side) both need an AUD 10,000 balance or high notional volume. The OANDA Trade proprietary platform is paired with MT4, MT5 and native TradingView trading.
The minimum deposit is A$0, and OANDA charges no deposit fee on AU funding via PayID, BPAY and card (OANDA AU charges page, 17 September 2026). AUD-denominated accounts are available. Customer support runs 24/5 via live chat, email and phone.
OANDA spread table (averaged over our 5 to 9 October 2026 test cycle):
| Pair | OANDA Standard (measured avg pips) | Avg of 8 measured standard accounts |
|---|---|---|
| EUR/USD | 1.04 | 0.83 |
| AUD/USD | 0.88 | 0.83 |
| GBP/USD | 1.63 | 1.25 |
| USD/JPY | 1.06 | 1.13 |
| EUR/GBP | 1.18 | 1.57 |
| EUR/JPY | 2.67 | 2.10 |
Broker Screenshots
4. Fusion Markets charges A$2.25 per side commission on the Zero account
EUR/USD spread
EUR/USD 0.01 pips (Raw, measured 5 to 9 October 2026) plus A$4.50 round turn
Platforms
MT4, MT5, cTrader, TradingView
ASIC entity
FMGP Trading Group Pty Ltd (AFSL 385620)
Why We Recommend Fusion Markets
Fusion Markets draws commission-focused traders with the joint second-lowest commission in our coverage, level with Axi and behind ACY Securities, at A$2.25 per side (A$4.50 round turn) on the Zero account according to its Australian home page captured 27 September 2026. It pairs that with a measured EUR/USD raw spread of 0.01 pips, which ranked first of the 12 raw accounts we measured in our 5 to 9 October 2026 capture. There is also no formal account minimum, and MT4, MT5, cTrader and TradingView are all supported. Fusion has traded under AFSL 385620 since its 2017 launch; the FMGP Trading Group licence dates to 2011.
Pros & Cons
Pros
- AUD 4.50 round turn (A$2.25 per side) on the Zero account
- MT4, MT5, cTrader and TradingView
Cons
- Smaller broker by volume and brand profile than IC Markets or Pepperstone
Broker's Detail
Fusion Markets was founded in Melbourne in 2017 and operates as a trading name of FMGP Trading Group Pty Ltd under AFSL 385620. Two main accounts are offered. The Zero account pairs EUR/USD spreads from 0.0 pips, an advertised figure taken from Fusion Markets' Australian home page on 27 September 2026, with AUD 4.50 round-turn commission, and the Classic account is commission-free with wider spreads. For most active traders, the Zero account is the one to compare first.
On total cost, our 5 to 9 October 2026 capture put Fusion Zero at 0.33 pips all-in on EUR/USD (0.01 spread plus 0.32 of commission in pips), against 0.74 on IC Markets Raw Spread (0.11 plus 0.63). Pepperstone Razor sat at 0.61 pips all-in on EUR/USD in the same capture. Platforms are MT4, MT5, cTrader and TradingView, and each needs its own trading account, opened from the same client portal, with up to 10 live accounts available.
Minimum deposit is A$0, and no inactivity fee applies. Funding covers PayID, BPAY, PayPal, Skrill, Neteller and crypto deposits. An Islamic (swap-free) account is available.
Broker Screenshots
5. Interactive Brokers is the best multi-market broker for investors
EUR/USD spread
EUR/USD: Not measured; per-trade commission
Platforms
TWS, IBKR Mobile, GlobalTrader, Client Portal, native TradingView
ASIC entity
Interactive Brokers Australia Pty Ltd (AFSL 453554)
Why We Recommend Interactive Brokers
Interactive Brokers is the broker I would pick for investors building a portfolio across stocks, options, futures, bonds and forex. Direct access covers 170 markets in 40 countries and territories with multi-currency accounts, per IBKR's Australian site read 1 October 2026. Forex routes through the IDEAL FX liquidity pool and is priced by per-trade commission rather than spread, and ASX shares start from about A$6 per trade. There is no minimum deposit and it has been ASIC-regulated under AFSL 453554 since 2016.
Pros & Cons
Pros
- ASX share brokerage from A$6.00 per order on the Fixed plan, IBKR site read 1 October 2026
- 170 markets in 40 countries and territories with direct exchange access, IBKR site read 1 October 2026
- True multi-currency account: hold AUD, USD, EUR and 20+ others natively
Cons
- Trader Workstation has a steep learning curve and a dated interface
- No MT4, MT5 or cTrader; unsuitable for existing forex EAs
- No card funding; PayID, EFT bank transfer, Wise Balance transfer, BPAY and wire
Broker's Detail
The Australian arm, Interactive Brokers Australia Pty Ltd, holds AFSL 453554, which commenced in 2016; the group's earlier Australian presence ran under a separate entity. The platform stack is proprietary, led by Trader Workstation (the deepest professional desktop platform available to Australian retail clients), IBKR Desktop, IBKR Mobile, GlobalTrader and the Client Portal, plus a full API.
Interactive Brokers prices forex with a per-trade commission rather than a per-lot fee, and we hold no spread capture for its accounts. The quirk for Australians is that IBKR margins every AUD pair, including AUD/USD, as a minor at 20:1 rather than the major-pair maximum. Its majors list is limited to USD, EUR, JPY, GBP, CAD and CHF combinations.
Minimum deposit is A$0, and the old inactivity fee was removed in 2021. Funding runs through PayID, EFT bank transfer, Wise Balance transfer, BPAY and wire; cards are not accepted. Fractional US shares are supported.
Broker Screenshots
6. MultiBank Group offers ECN and Classic accounts on MT4 under AFSL 416279
EUR/USD spread
EUR/USD 0.10 pips (Raw, captured May to June 2026), A$7 (basis not stated) commission
Platforms
MT4
ASIC entity
MEX Australia Pty Ltd (AFSL 416279)
Why We Recommend MultiBank Group
MEX Australia Pty Ltd holds ASIC AFSL 416279, current since 20 March 2012 on the register captured 16 July 2026, and is an AFCA member. The group's other entities sit outside that licence, so I would judge the Australian account on its own terms. Australian clients trade on MT4 with expert advisor support, choosing either the spread-only Classic account or the commission-based ECN account. Share, crypto and bond CFDs are not offered on the AU entity, so the local platform is narrower than the global group.
Pros & Cons
Pros
- ASIC AFSL 416279
- ECN spread of 0.40 pips across eight pairs in our May to June 2026 capture, which no record ties to MEX Australia
- Wide AU funding menu including PayID and BPAY
Cons
- Less Australian-rooted than Sydney or Melbourne-founded brokers
- Classic account averaged 1.5 pips on EUR/USD and 1.61 pips across eight pairs in our May to June 2026 capture, which is not competitive with RAW-style accounts
- USD 60 annual inactivity fee after the dormancy threshold
Broker Screenshots
7. FP Markets has the best ASX share access via IRESS
EUR/USD spread
EUR/USD 0.08 pips (Raw, measured 5 to 9 October 2026) plus A$7.00 round turn
Platforms
MT4, MT5, cTrader, TradingView, IRESS
ASIC entity
First Prudential Markets Pty Ltd (AFSL 286354)
Why We Recommend FP Markets
For ASX share CFD access, FP Markets is the strongest all-rounder among the raw brokers, and the only one on our list offering direct-market-access pricing on ASX share CFDs through IRESS alongside its other CFD trading. If you trade ASX share CFDs, that access is the reason I would put it on your shortlist. The Raw account averaged 0.08 pips on EUR/USD in our 5 to 9 October 2026 capture, with commission of A$3.50 per side (A$7.00 round turn), and it runs MT4, MT5, cTrader, TradingView and IRESS Trader. FP Markets has held AFSL 286354 since 2005.
Pros & Cons
Pros
- AFSL 286354 since 2005; founded and headquartered in Sydney
- Raw account with EUR/USD spreads from 0.0 pips and AUD 7 commission
- IRESS account: DMA-priced share CFDs (AU-unique among RAW brokers)
Cons
- Standard (no commission) spreads less competitive than the Raw account
- IRESS account requires separate application and higher minimum balance
- Education library lighter than CMC or IG
Broker's Detail
FP Markets was founded in Sydney in 2005 and holds AFSL 286354, making it one of the longest-running Australian-headquartered RAW-style brokers. The group also holds CySEC (Cyprus), FSCA (South Africa), FSA (Seychelles) and CMA (Kenya) licences.
Two accounts sit under FP Markets. The Raw account pairs EUR/USD spreads from 0.0 pips, the advertised floor listed on FP Markets' Australian forex spreads page as at 1 October 2026, with AUD 7 round-turn commission per standard lot, and the Standard account is commission-free with wider spreads. The differentiator on this list is the IRESS account, which provides DMA-priced share CFDs on ASX and international stocks, a route no other RAW broker on the shortlist offers. That is the account I would shortlist if direct ASX CFD pricing matters to you.
FP Markets' Australian FAQ, read 9 October 2026, lists no minimum deposit on the Raw and Standard accounts, and the IRESS account takes a separate application with a minimum of A$1,000. You can fund fee-free via PayID, BPAY, card and PayPal.
FP Markets spread table (averaged over our 5 to 9 October 2026 test cycle):
| Pair | Raw avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.08 | 0.49 | 0.57 |
| AUD/USD | 0.19 | 0.49 | 0.68 |
| GBP/USD | 0.38 | 0.49 | 0.87 |
| USD/JPY | 0.49 | 0.78 | 1.27 |
| EUR/GBP | 0.28 | 0.37 | 0.65 |
| EUR/JPY | 0.81 | 0.78 | 1.59 |
Broker Screenshots
8. Capital.com is the best broker for CFD trading
EUR/USD spread
EUR/USD 0.75 pips (Standard, measured 5 to 9 October 2026)
Platforms
Capital.com WebTrader, MT4, MT5, TradingView
ASIC entity
Capital Com Australia Pty Ltd (AFSL 513393)
Why We Recommend Capital.com
Capital.com is built around a polished WebTrader platform with native TradingView execution and more than 5,500 CFD instruments across forex, indices, shares, commodities and crypto, which is why I would recommend it first for a clean platform. Retail pricing is spread only with no separate commission, EUR/USD averaged 0.75 pips in our 5 to 9 October 2026 capture, and the minimum deposit is A$20. It has been ASIC-regulated under AFSL 513393 since 2021 within a group also regulated by the FCA and CySEC.
Pros & Cons
Pros
- Native TradingView integration with in-chart execution
- A$20 minimum deposit and no inactivity fee
Cons
- No cTrader in the platform stack
- Shorter AU operating history than CMC, IG or Pepperstone
- Markup-priced retail account trails the lowest RAW brokers on total cost
Broker Screenshots
9. Eightcap offers raw pricing for TradingView and crypto traders
EUR/USD spread
EUR/USD 0.12 pips (Raw, measured 5 to 9 October 2026) plus A$7.00 round turn
Platforms
MT4, MT5, TradingView
ASIC entity
Eightcap Pty Ltd (AFSL 391441)
Why We Recommend Eightcap
I recommend Eightcap for crypto CFD traders who want TradingView natively, alongside MT4 and MT5. Our 5 to 9 October 2026 capture, the first on our own logger, put its Raw account at 0.53 pips across eight pairs, wider than most raw accounts we measured in that window. Commission is A$3.50 per side (A$7.00 round turn). It runs under AFSL 391441. The main trade-off for you is that support runs 24/5 while crypto markets trade every day.
Pros & Cons
Pros
- Raw eight-pair average of 0.53 pips, 5 to 9 October 2026
- MT4, MT5 and native TradingView
- 250+ crypto CFDs under AFSL 391441
Cons
- Support is 24/5 with no weekend phone or chat
- Customer service is its lowest sub-score at 5
- Raw account averaged 0.53 pips across eight pairs in our 5 to 9 October 2026 capture, wider than most raw accounts
10. Plus500 for traders who want share CFDs in one place
EUR/USD spread
EUR/USD 1.0 pips (Standard, advertised, recorded 29 July 2026)
Platforms
Plus500 WebTrader
ASIC entity
Plus500AU Pty. Ltd. (AFSL 417727)
Why We Recommend Plus500
I recommend Plus500 for traders who want a large share CFD range on one proprietary platform. Pricing is spread only with no commission, and EUR/USD is advertised at 1.0 pips, which is Plus500's own figure, not a measurement of ours. You trade on Plus500's WebTrader, with no MT4, MT5, cTrader or TradingView. It carries 2,800+ instruments under AFSL 417727, its parent is FTSE 250-listed, and its Trust sub-score of 9 is one of its two highest.
Pros & Cons
Pros
- Spread-only pricing with no commission
- 2,800+ instruments, about 2,000 share CFDs
- Trust sub-score of 9 under AFSL 417727
Cons
- Up to US$10 a month inactivity fee after three months without a login
- No MT4, MT5, cTrader or TradingView
- Spreads are advertised, not measured by us
Other brokers we rated
More of the brokers we rate for 2026 are listed below, each with its score, so you can see how the ranked list above was drawn. The top 10 by Overall 2026 Score all scored 78 or above. Trade Nation also shows 78 yet sits outside, because ranks use the unrounded score, on which Plus500 finishes fractionally ahead. Every broker in this table missed the top 10, so none carries a best label its score does not support.
| Broker | Overall 2026 score | Known for |
|---|---|---|
| Trade Nation | 78 | Fixed, session-stepped spreads published on its TN Trader market information sheet |
| ThinkMarkets | 77 | ThinkZero raw account on MT4, with ThinkTrader and TradingView on the ThinkTrader account |
| GO Markets | 76 | Melbourne broker under a long-standing AFSL, with cTrader and TradingView on raw pricing |
| ACY Securities | 72 | Pro Zero RAW account and bilingual English-Mandarin support |
| IG Markets | 71 | The most recognised retail CFD name in Australia, 11,000+ share CFDs (IG AU site, 27 September 2026) under an LSE-listed parent |
| FXCM | 70 | Trading Station and native TradingView under Jefferies ownership |
| Vantage | 70 | Three-platform line-up (MT4, MT5, TradingView) with a RAW account |
| FOREX.com | 67 | StoneX-owned forex specialist under AFSL 345646 |
| TMGM | 66 | Edge account pricing with IRESS share access |
| Trading 212 | 65 | A$1 minimum and its own app, with share investing alongside CFDs |
| Axi | 63 | 0.24 pip Pro basket, third of 12 raw accounts from 5 to 9 October 2026, on MT4 and MT5 |
| AvaTrade | 62 | AvaOptions vanilla forex options |
| Totality | 61 | Ex-Saxo AU multi-asset broker with direct equities and 5,200+ bonds (1 October 2026) |
| Blueberry Markets | 58 | Direct account pricing and a five-platform stack from A$100 |
| CMC Markets | 57 | 330+ forex pairs and the Next Generation platform |
| Global Prime | 53 | 0.18 pip ECN basket from 5 to 9 October 2026, on MT4 and MT5 |
| eToro | 50 | CopyTrader social trading |
| Trading.com | 48 | Single spread-only account on MT5 and its own WebTrader |
| Mitrade | 47 | Mobile-first proprietary WebTrader for simple CFD trading |
| Focus Markets | 47 | Ceases operations 30 October 2026 per client notice supplied 1 October 2026; historical MT5-only Melbourne broker |
| INGOT Brokers | 42 | MT5-only broker on AFSL 428015; desk review, no account opened |
| Fortrade | 42 | Spread-only pricing across 329 instruments, with no advertised MetaTrader |
| easyMarkets | 36 | Fixed spreads and capped-risk tools |
All 33 brokers with full scores are listed on the forex broker reviews hub.
How to choose an Australian forex broker
1. Check the broker is ASIC regulated
I would always start with ASIC regulation. Choosing one of the best ASIC-regulated brokers is the single most important step for an Australian trader because it directly reduces the risk of scams. Brokers under AFSL conditions are heavily scrutinised and must follow strict client-money, capital-adequacy and disclosure rules to keep your funds safe.
ASIC caps retail leverage on major forex pairs; see our ASIC forex regulation guide for the full tier list and what each protection does. I would check the AFSL on the Professional Registers Search myself before depositing. Check that the broker is also a member of AFCA, the free dispute resolution scheme. ASIC does not insure deposits the way some overseas regulators do, so the regulator’s protections sit upstream of your money rather than around it. Segregated client funds, mandatory negative balance protection, and the AFCA scheme are the three protections that matter most. Once the AFSL checks out, forex trading in Australia is legal for retail clients, and our education page walks through ASIC’s protections, the money you need to start and how the ATO taxes gains.
2. Make sure the broker matches your type of trading
The broker you need depends on how you trade. There are four main styles to consider:
- Day trading. Open and close positions within the same day. Needs fast execution and tight spreads.
- Scalping. High volume, very short holds (seconds to a few minutes). Needs Raw or ECN-style pricing and stable order routing.
- Swing trading. Holds positions for days to weeks. Less sensitive to spread, more sensitive to overnight financing rates.
- Position trading. Long-term, fundamentals-driven. Spreads matter least, swap rates and platform reliability matter most.
A broker that suits a scalper (Pepperstone Razor, IC Markets Raw) may not be the best for a position trader (CMC Standard, IG Standard). I would always match the broker to your style.
3. Check the trading platforms offered
Which platform features you need is personal. The ones I weigh first are ease of use, order execution quality, risk-management tools, advanced charting, automation support, available leverage, and overall versatility are the ones that keep coming up.
The four platforms used by most ASIC-regulated brokers are MetaTrader 4, MetaTrader 5 (compared head-to-head here), cTrader and TradingView. Several brokers (CMC, IG, Plus500, eToro) run their own proprietary platforms in addition to or instead of MetaTrader. You will want to try a demo of each; our trading platforms guide walks you through the breakdown.
4. Ensure the trading costs are low
Trading fees are one of the leading factors impacting your profit and loss. In our experience, Raw accounts on ECN brokers are generally cheaper than the Standard no-commission accounts once you add the spread and commission together. The exception is low-volume traders who hold positions for days at a time, where the convenience of a single all-in spread on a Standard account can outweigh the small saving on Raw. I would use the broker cost calculator to get one all-in figure per standard lot so the comparison stays like-for-like.
Other costs to check are overnight financing (swap rates), inactivity fees, currency conversion fees if your account base is not the same as the asset’s quote currency, and deposit/withdrawal charges. These can eat into your profits quietly. See our lowest spreads and lowest commissions guides for live comparisons. To size a trade before you open one, our trading calculators work out margin, pip value and position size for any pair.
5. Make sure customer service meets your needs
Because we hold no timed support test for any broker, we desk-assess customer service. I cannot overstate how important this is when you get stuck mid-trade or have time-sensitive questions. Slow or poorly informed support can cost you on an open position.
Things to check before depositing:
- Hours of phone and live chat support (24/5 versus 24/7)
- Languages supported
- Quality of in-platform help and self-service knowledge base
What I would want here is a support desk that answers when I am actually trading. Support hours and channels differ between brokers, so I would check a broker’s own Australian contact page before you fund an account. When your weekend includes crypto markets and you want a human on the other end, that check matters more than any chat widget’s daytime performance.
Who is the largest forex broker in Australia?
No public figure ranks Australian forex brokers by client numbers. By branded Google searches, Interactive Brokers led in September 2026 with 41,580 searches, ahead of CMC Markets on 28,540. Search interest measures attention, not client base or quality.
By client tenure, IG Markets and CMC Markets are the long-standing market leaders, both operating in Australia for more than 20 years. I have watched Pepperstone, founded in Melbourne in 2010, grow from a local startup to a global challenger on trading volumes.
Which Australian broker has the lowest spreads?
Fusion Markets’ Zero account had the lowest measured spreads in our 5 to 9 October 2026 capture, averaging 0.11 pips across eight major pairs. Noam Korbl ran our capture across the trading week of 5 to 9 October 2026, and for you that 0.11 pip average is razor-thin. The table shows the five lowest raw accounts with each account’s round-turn commission. The full tables and our capture method are in the lowest spreads guide.
| Broker | Account | Measured 8-pair raw avg (pips) | Commission (round-turn) |
|---|---|---|---|
| Fusion Markets | Zero | 0.11 | AUD 4.50 |
| Global Prime | ECN | 0.18 | AUD 7.00 |
| Axi | Pro | 0.24 | AUD 4.50 |
| IC Markets | Raw Spread | 0.29 | AUD 9.00 |
| Pepperstone | Razor | 0.36 | AUD 7.00 |
Our own logger (CFB-SpreadLogger 1.1.0): full trading week, 7am AEST Monday 5 October to 7am AEST Saturday 10 October 2026, our London VPS servers.
What is the best forex trading platform in Australia?
Pepperstone is the best forex trading platform pick in Australia for 2026. It is the only top-three broker running all four mainstream platforms, MT4, MT5, cTrader and TradingView. I would recommend Pepperstone to anyone who wants every platform under one roof. If you already know which software you want, the table below names our tested broker pick for each platform.
| Platform | Best AU broker |
|---|---|
| MetaTrader 4 | Pepperstone |
| MetaTrader 5 | IC Markets |
| cTrader | Pepperstone |
| TradingView | Pepperstone |
| Proprietary (Next Generation) | CMC Markets |
| Mobile app | Plus500 |
| Social / copy | eToro |
You will find a quick way to filter by platform in the comparison router in the how-to-choose section above.
Which broker is best for high-leverage trading?
No ASIC-regulated broker can exceed the Product Intervention Order caps, so the ceiling on this page is 30:1 on major forex pairs. If you need more than that, the only domestic path is wholesale client classification, and it costs you your retail protections: A$2.5 million in net assets or A$250,000 gross income is the entry ticket. See our guide to wholesale classification. In my view, most traders should exhaust every ASIC-protected option first. For the full breakdown of the cap, the wholesale route and the offshore risk, see our high-leverage forex brokers guide.
Is $500 enough to trade forex?
Yes, A$500 is enough to trade forex. It covers the published minimum deposit at all ten brokers in our top ten, the highest being IC Markets’ US$200, about A$286 at the 7 October 2026 close. At 30:1 on major pairs, a mini lot of AUD/USD needs A$333.33, so micro lots are the realistic position size on A$500.
Your broker must close a retail position once equity falls below half the required margin, A$166.67 for one mini lot. We set out the position sizes, margin and close-out levels for A$100 and A$500 accounts in our forex trading guide. How we built that ranking, from the scorecard to our live accounts, is what comes next.
How we scored the 33 brokers and tested 28 live
Pepperstone took first place in our scoring with a score of 93/100. I oversaw the scoring framework, with Noam Korbl running the live spread and commission capture. Before publication an automated check verifies every figure against its primary source, and David Levy, Head of Content, checks the live page soon after it goes up. Brokers are scored on up to eight weighted criteria: Trading Costs (25%), Trust and regulation (20%), Trading Experience (15%), Trading Platforms (15%), Customer Service (10%), Range of Markets (5%), Education (5%) and Funding (5%); a broker missing a criterion has that weight rescaled over the criteria it carries, and most carry four to six.
We opened live accounts with our own money at 28 of the 33 brokers, and the rest are scored on the same criteria without one. Our spread capture ran during Sydney and London sessions. Trading Experience and Customer Service are desk-assessed for every broker, meaning our research desk scores them as editorial judgements, because we hold no execution log and no timed customer-service test for any broker. Commissions in the compare forex brokers builder come straight from each broker’s published rate card, while spread numbers are the team’s own live measurements, most recently taken 5 to 9 October 2026, so you can place any two of the 33 ASIC-regulated brokers against each other on those figures.
Watch: Best forex brokers in Australia.
See our full methodology for the scoring rubric.
Compare brokers by trader type
| # | Page | Who it’s for | Top picks |
|---|---|---|---|
| 1 | Best Demo Trading Accounts | Traders testing platforms or strategies before going live | Pepperstone, IC Markets, CMC Markets, Plus500 |
| 2 | Best ECN Brokers in Australia | Active traders, scalpers and EA users wanting raw pricing | IC Markets, Global Prime, Pepperstone, FP Markets |
| 3 | Best Forex Brokers for Beginners | First-time traders who want clean platforms and education | OANDA, Plus500, eToro, Capital.com |
| 4 | Best Fixed Spread Forex Brokers | Traders who want predictable costs in volatile sessions | Trade Nation, easyMarkets, AvaTrade |
| 5 | Lowest Commission Forex Brokers | Active traders comparing the commission line on RAW accounts | ACY Securities, Fusion Markets, Vantage, GO Markets |
| 6 | Lowest Spread Forex Brokers | Anyone who optimises for the headline spread number | Fusion Markets, Global Prime, Axi, IC Markets |
These core trader-type guides are the first stop; each gets its own write-up below. Platform-, strategy- and asset-specific broker shortlists are linked from the comparison router in the how-to-choose section above.
1. Best demo trading accounts
Demos vary more than people expect. I have been surprised by how different they are. Some expire after 30 days. Some run on stale prices. A few replicate live spreads and execution accurately enough to be useful. We rank the most usable demos for AU traders, including which ones reset, which support MT4/MT5/cTrader, and which let you keep the demo open after you fund a live account. Compare them in the best demo trading accounts in Australia guide.
2. Best ECN brokers in Australia
True ECN means raw interbank pricing plus a fixed commission. Most ASIC brokers calling themselves “ECN” are actually STP or hybrid models. I find the label gets thrown around loosely. We unpack the difference, list the brokers offering genuine ECN execution, and benchmark spreads and commission on a typical 1.0-lot EUR/USD trade. The full list is in our guide to ECN forex brokers in Australia.
3. Best forex brokers for beginners
The first 30 days are make-or-break. I have seen too many beginners get overwhelmed by a platform that throws 50 indicators at them on day one. Beginners need a platform that does not intimidate, education that is not a sales funnel, and a demo that gives an honest read on live conditions. We rank the brokers that consistently deliver on all three, and call out a couple we would avoid for first-time traders even though they are solid for experienced ones. See our shortlist of the best forex brokers for beginners.
4. Best fixed spread forex brokers
Fixed spreads are wider than variable on average, but they do not widen during news, rollover or thin liquidity. If you trade around news events, a fixed spread can save you from an instant 2-pip widen. I would only recommend fixed spreads for swing, news, or position traders, because on average variable spreads are tighter. We name the ASIC brokers offering meaningful fixed-spread accounts and explain when fixed beats variable. Compare the best fixed spread forex brokers.
5. Lowest commission forex brokers
On RAW/ECN accounts the commission line often matters more than the spread. AUD 7 round-turn vs AUD 6 vs AUD 4.50 adds up fast if you are trading 50 lots a month. We benchmark commission across every RAW account on the AU shortlist and rank by total cost on a typical EUR/USD trade. Our lowest commission forex brokers guide has the full benchmark.
6. Lowest spread forex brokers
This is the question the site gets most often, and I understand why: a fraction of a pip changes the maths on every trade. Our 5 to 9 October 2026 capture, run by Noam Korbl from our London VPS servers, covered eight pairs across the full trading week, spanning the Sydney, Tokyo, London and New York sessions. Fusion Markets led the eight-pair raw average at 0.11 pips, ahead of Global Prime at 0.18 and Axi at 0.24, with IC Markets fourth at 0.29 pips and Pepperstone fifth at 0.36; Pepperstone charges the lower commission of the two, so we set them against each other in a dedicated Pepperstone vs IC Markets comparison where you can see which one tilts your way.
The part I keep coming back to is this: forex and CFD trading carries a high level of risk and can lead to the loss of some or all of your deposit; it is not suitable for everyone. My rule is simple. Only trade with money you can afford to lose, and read each broker’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) before opening an account. If those documents do not make the risks clear enough, walk.
Most searched forex brokers in Australia
In September 2026, Interactive Brokers was the most searched of the 33 ASIC-regulated brokers we review, on 41,580 branded Google searches from Australia. Popular is not the same as best: the ranking above scores each broker on costs, platforms and trust; this table measures how many Australians looked for each brand.
- Brand searches, all 33 brokers
- 151,590September 2026, -16.0% vs August
- Most searched
- Interactive Brokers27.4% of all searches
- Biggest riser (1,000+ searches)
- FP Markets+45.2% vs August
| # | Broker | Brand searches per month | Login searches | vs August | 12 months |
|---|---|---|---|---|---|
| 1 |  Interactive Brokers | 8,150 | -18.2% | ||
| 2 |  CMC Markets | 12,100 | -17.4% | ||
| 3 |  IG Markets | 2,320 | -24.0% | ||
| 4 |  eToro | 2,540 | -17.5% | ||
| 5 |  Pepperstone | 2,400 | -1.5% | ||
| 6 |  Trading 212 | 150 | -46.3% | ||
| 7 |  IC Markets | 590 | -2.0% | ||
| 8 |  Plus500 | 740 | -17.6% | ||
| 9 |  OANDA | 90 | -18.7% | ||
| 10 |  easyMarkets | 180 | -0.5% |
Show all 33 brokers
| # | Broker | Brand searches per month |
|---|---|---|
| 11 | Fusion Markets | 3,650 |
| 12 | TMGM | 3,020 |
| 13 | Totality | 2,500 |
| 14 | Eightcap | 2,060 |
| 15 | FP Markets | 1,960 |
| 16 | GO Markets | 1,670 |
| 17 | Mitrade | 1,470 |
| 18 | ACY Securities | 1,100 |
| 19 | Axi | 980 |
| 20 | AvaTrade | 940 |
| 21 | Capital.com | 850 |
| 22 | Vantage | 730 |
| 23 | Blueberry Markets | 680 |
| 24 | Trade Nation | 540 |
| 25 | FXCM | 490 |
| 26 | ThinkMarkets | 330 |
| 27 | MultiBank Group | 300 |
| 28 | Fortrade | 290 |
| 29 | FOREX.com | 220 |
| 30 | Global Prime | 180 |
| 31 | trading.com | 90 |
| 32 | Focus Markets | 50 |
| 33 | INGOT Brokers | 40 |
Source: Google search volume, Australia, September 2026. How this is measured
Best forex broker in Australia FAQs
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Broker reviews and site guides
- Forex broker reviews
Behind the shortlist, each broker's full assessment and the A-to-Z directory of every reviewed name are in the forex broker reviews.
- Trading platforms in Australia
Which of the ASIC-regulated brokers run MT4, MT5, cTrader or TradingView is set out in the trading platform comparison.
- Forex trading in Australia
Legality, start-up costs and how the ATO taxes gains round out the forex trading guide behind the broker shortlist.
About Justin Grossbard
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he leads the site's research, and has written for Forbes, Kiplinger and Finance Magnates, while the Australian Financial Review has cited CompareForexBrokers research. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the co-founder and CEO of CompareForexBrokers.