Quick verdict: the best beginner forex brokers in Australia right now
OANDA is the best forex broker for beginners in Australia in 2026, pairing the strongest beginner mobile app we tested with a $0 minimum deposit and simple spread-only pricing. Plus500 follows for the cleanest beginner platform and eToro for social and copy trading. All ten picks are ASIC-regulated and were tested with live AUD accounts.
Every broker on this list holds an Australian Financial Services Licence with ASIC. That means negative balance protection, segregated client funds, AFCA dispute cover, and the same retail leverage caps (30:1 on major forex pairs) that apply across the Australian market. See our ASIC regulation guide for the full leverage ladder.
My short list of the best forex brokers in Australia for new traders is:
- OANDA: best overall broker for beginners.
- Plus500: cleanest beginner trading platform.
- eToro: social and copy trading for beginners.
- Capital.com: AI-driven beginner insights with Investmate.
- Blueberry Markets: fastest, most personal support.
- Mitrade: simple mobile-first platform.
- easyMarkets: fixed spreads and dealCancellation.
- CMC Markets: most powerful platform to grow into.
- IG Markets: broad market access and trust.
- AvaTrade: deepest beginner education library.
I prioritised what actually matters to a new trader: platform user-friendliness, education, low costs and responsive support. The comparison table shows how the ten stack up.
Honourable mentions worth a look: IC Markets (AFSL 335692), ThinkMarkets (AFSL 424700) and FP Markets (AFSL 286354).
Beginner broker comparison table
| Broker | AFSL | EUR/USD avg spread | Min deposit | Platforms | Demo |
|---|---|---|---|---|---|
| OANDA | 412981 | 1.4 pips (Standard) | $0 | OANDA Trade, MT4, MT5, TradingView | Unlimited |
| Plus500 | 417727 | 0.8 pips | $100 | Plus500 WebTrader | Unlimited |
| eToro | 491139 | 1.0 pips | $50 USD | eToro Investing | Unlimited |
| Capital.com | 513393 | 0.6 pips | $20 | Capital.com web/app, MT4, TradingView | Unlimited |
| Blueberry Markets | 535887 | 1.0 pips (Standard) | $100 | MT4, MT5, Blueberry X app | Free |
| Mitrade | 398528 | 0.8 pips | $100 | Mitrade web/app | Unlimited |
| easyMarkets | 246566 | 0.6 pips (fixed) | $200 | easyMarkets web/app, MT4, MT5, TradingView | Unlimited |
| CMC Markets | 238054 | 0.5 pips | $0 | Next Generation, MT4 | Unlimited |
| IG Markets | 515106 | 1.1 pips (Standard) | $450 | IG web/app, MT4, ProRealTime | Unlimited |
| AvaTrade | 406684 | 0.8 pips | $100 | MT4, MT5, AvaTradeGO, AvaOptions | 21 days |
| Pepperstone | 414530 | 1.1 pips Standard / 0.0 + $7 Razor | $0 | MT4, MT5, cTrader, TradingView | 30 days (extendable) |
| Trade Nation | 422661 | 0.5 pips (fixed) | $0 | TN Trader, MT4, TradeCopier | Unlimited |
Spreads pulled from each broker’s published page on 6 June 2026. AFSL numbers verified against ASIC Connect.
Watch: Best forex brokers for beginners in Australia.
1. OANDA: top-rated all-rounder for new traders
OANDA gives a beginner room to learn without pressure, pairing an unlimited demo loaded with USD 100,000 in virtual funds with a Standard account that has no minimum deposit and no commission. The OANDA Trade platform supports guaranteed stop-loss orders, native TradingView execution is built in, and MT4 and MT5 are there when you outgrow the basics. OANDA has held ASIC AFSL 412981 since around 2010, with dual ASIC and US CFTC oversight in its group.
Best overall forex broker for beginners
Average Spread
EUR/USD = 1.4 (Standard)
Trading Platforms
OANDA Trade, MT4, MT5, TradingView
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 412981 alongside CFTC registration in the United States, the strongest multi-jurisdiction stack on this page
- $0 minimum deposit on the Standard account with spread-only pricing and no commission
- Free unlimited demo with AUD 100,000 in virtual funds, plus native TradingView and guaranteed stop-loss orders
- Standard spreads sit behind the RAW leaders such as Pepperstone Razor and IC Markets
- Product range under 150 instruments, narrower than multi-asset names like CMC and Capital.com
- Inactivity fee of USD 10 per month applies after 12 months without a trade
Broker's Detail
OANDA holds ASIC AFSL 412981 as OANDA Australia Pty Ltd and also carries CFTC registration in the United States, giving it one of the broadest regulatory footprints available to Australian retail traders. It sits second of the 29 ASIC-regulated brokers we rank.
The Standard account has no minimum deposit and prices everything into the spread, with EUR/USD around 1.0 to 1.4 pips published and no separate commission. Traders who later outgrow spread-only pricing can move to the Raw account, quoted from 0.0 pips with a separate per-lot commission, without leaving the broker.
Platforms include the OANDA Trade web and mobile app plus MT4, MT5 and TradingView. A free demo comes with AUD 100,000 in virtual funds and no expiry, while retail leverage is capped at ASIC's maximum on major pairs, with negative balance protection and AFCA dispute coverage standard.
Broker Screenshots
2. Plus500: best trading platform for beginner forex traders
Plus500 is the easiest starting point for a new trader, with a single clean WebTrader account, no commission and Guaranteed Stop Loss Orders where the premium is only charged if the stop is triggered. Pricing is spread only, EUR/USD runs roughly 0.6 to 1.0 pips, and the minimum deposit is A$100. Plus500AU holds ASIC AFSL 417727 and the parent is listed on the London Stock Exchange.
Best trading platform for beginners
Average Spread
EUR/USD = 0.8
GBP/USD = 1.0
AUD/USD = 0.9
Trading Platforms
Plus500 WebTrader, app
Minimum Deposit
$100
Pros & Cons
- ASIC AFSL 417727 since 2014; FTSE 250-listed parent (LSE:PLUS) for a strong trust profile
- WebTrader platform is the cleanest beginner CFD interface in our coverage
- Guaranteed Stop Loss Orders, with the premium charged only if the stop triggers
- No MT4, MT5, cTrader or TradingView, proprietary platform only
- Forex pair count narrower than Pepperstone, IC Markets, OANDA
- Inactivity fee of USD 10/month kicks in after just 3 months (most AU brokers wait 6 to 12 months)
Broker's Detail
London Stock Exchange-listed (FTSE 250) and ASIC-regulated under AFSL 417727 since 2008, Plus500 operates a markup-pricing model on a proprietary platform with no MT4/MT5/cTrader.
Spreads are baked into the price (no commission). EUR/USD averages around 0.8 pips. The platform is deliberately simple: a single account type, a clean trade ticket and 2,800+ CFD instruments. Guaranteed stop-loss orders are available for a small premium.
$100 minimum deposit with fee-free AU funding via PayID, BPAY, card and PayPal. Retail leverage capped at ASIC's maximum on major pairs. AFCA dispute coverage and negative balance protection standard.
Plus500 spread table (averaged over our most recent test cycle):
| Pair | Plus500 typical (pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.6 to 1.0 | 1.1 |
| AUD/USD | 0.7 to 1.2 | 1.3 |
| GBP/USD | 1.0 to 1.5 | 1.4 |
| USD/JPY | 0.8 to 1.2 | 1.4 |
| EUR/GBP | 1.2 to 1.8 | 1.4 |
3. eToro: best broker for social and copy trading
eToro is the strongest pick for beginners drawn to copy trading, with CopyTrader letting you mirror another trader from a USD 200 allocation and Smart Portfolios grouping themed baskets. It also offers real share investing at a flat USD 2 per trade alongside CFDs, crypto and ETFs in one app. The account is USD-denominated, so every AUD deposit converts, the minimum is USD 50, and eToro holds ASIC AFSL 491139.
Best broker for social and copy trading
Average Spread
EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0
Trading Platforms
eToro Web, eToro App
Minimum Deposit
$50 USD
Why higher here? Beginner Fit favours a gentle on-ramp, and CopyTrader lets a first-timer mirror experienced traders while they learn. Its overall score is held down by USD account conversion fees and running costs above the cost leaders here. See how we score
Pros & Cons
- ASIC AFSL 491139 since 2018; Tier-1 regulation also via FCA (UK) and CySEC (Cyprus)
- CopyTrader and Smart Portfolios, the most developed social trading product in the industry
- Real share investing with zero commission across US, AU, UK and EU exchanges
- Account currency is USD, not AUD: every deposit and withdrawal converts, with conversion fees on AUD funding
- No MT4, no MT5, no cTrader, no TradingView trading
- Forex spreads (EUR/USD from 1.0 pip) wider than RAW brokers like Pepperstone or IC Markets
Broker's Detail
Founded in Tel Aviv in 2007 and operating in Australia since 2018 under AFSL 491139, eToro is the world's largest social trading platform with 30M+ registered users globally. The group also holds FCA (UK), CySEC (Cyprus) and FinCEN (US) regulation.
eToro's proprietary platform supports both forex/CFD trading and direct share investing with zero commission across US, AU, UK and EU exchanges. CopyTrader lets you automatically replicate other traders' positions; Smart Portfolios bundle thematic baskets. No MT4, MT5, cTrader or TradingView trading.
Account currency is USD only, so AUD funding converts at deposit and withdrawal. $50 USD minimum deposit; funding via card, PayPal, bank transfer and select e-wallets. Retail leverage capped at ASIC's maximum on major pairs. AFCA dispute coverage standard.
eToro spread table (indicative standard-account pricing, not from our measured capture):
| Pair | eToro typical spread (pips) | AU industry avg (Standard) | Lowest-cost AU RAW account |
|---|---|---|---|
| EUR/USD | 1.0 | 1.1 | 0.5 (incl. commission) |
| AUD/USD | 1.0 | 1.3 | 0.6 |
| GBP/USD | 2.0 | 1.4 | 0.7 |
| USD/JPY | 1.0 | 1.4 | 0.6 |
| EUR/GBP | 1.5 | 1.4 | 0.8 |
4. Capital.com: best AI-driven beginner insights
Capital.com is built for beginners who want guidance, pairing a modern WebTrader platform and native TradingView execution with the Investmate education app that flags behavioural bias patterns. Retail pricing is spread only with no separate commission, EUR/USD is typically around 0.7 pips, and the minimum deposit is A$20. It holds ASIC AFSL 513393 within a group also regulated by the FCA and CySEC.
Best AI-driven beginner insights
Average Spread
EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.7
Trading Platforms
Capital.com web/app, MT4, TradingView
Minimum Deposit
$20
Pros & Cons
- ASIC AFSL 513393 plus FCA (UK), CySEC (Cyprus) and SCB (Bahamas), Tier-1 regulatory stack
- 4,500+ instruments across forex, indices, commodities, shares and crypto
- Capital.com WebTrader is one of the better proprietary platforms in the AU market
- No phone support for retail clients
- No MT5, no cTrader (MT4 is the only third-party desktop platform)
- AU operating history is shorter than CMC, IG, Pepperstone or IC Markets
Broker's Detail
Founded in 2016 and ASIC-regulated under AFSL 513393, Capital.com is best known for Investmate, its in-house AI assistant that surfaces behavioural biases and recommends learning content based on your trade history.
Spreads start from 0.6 pips on EUR/USD with no commission on the Standard account. Platforms supported are Capital.com's proprietary web and mobile apps, MT4 and native TradingView trading.
$20 minimum deposit with fee-free AU funding via PayID, BPAY, card and Apple Pay. Retail leverage capped at ASIC's maximum on major pairs. AFCA dispute coverage and negative balance protection standard.
Capital.com spread table (indicative standard-account pricing, not from our measured capture):
| Pair | Capital.com Standard (typical pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.7 | 1.1 |
| AUD/USD | 0.7 | 1.3 |
| GBP/USD | 0.8 | 1.4 |
| USD/JPY | 0.7 | 1.4 |
| EUR/GBP | 0.9 | 1.4 |
| EUR/JPY | 1.2 | 1.9 |
| AUD/JPY | 1.3 | 2.1 |
5. Blueberry Markets: best for responsive support
Blueberry Markets is a beginner-friendly Australian operation known for hand-holding support, with 24/7 multilingual live chat that answered in under 60 seconds in our testing and an account manager phone call within four hours of opening. The spread-only Standard account needs just A$100 to start, there are no inactivity or bank-withdrawal fees, and MT4 and MT5 come with the Blueberry Pulse market-context add-on. Blueberry holds ASIC AFSL 535887.
Best for responsive support
Average Spread
EUR/USD = 1.0 (Standard)
Trading Platforms
MT4, MT5, Blueberry X app
Minimum Deposit
$100
Pros & Cons
- ASIC AFSL 535887 since 2015 (Blueberry Australia Pty Ltd), with client funds segregated at an Approved Australian Bank
- Fastest support in our testing: 24/7 multilingual live chat answered in under 60 seconds
- MT4, MT5 and the Blueberry X app, plus the Blueberry Pulse sentiment and news add-on
- No cTrader and no TradingView
- Copy trading (Blueberry Social, DupliTrade, Myfxbook AutoTrade) runs through the offshore entity, not the ASIC account
- Standard EUR/USD spreads (1.0 to 1.4 pips) sit behind RAW leaders like IC Markets and Pepperstone Razor
Broker's Detail
Blueberry Markets has been ASIC-regulated since 2015 under AFSL 535887 as Blueberry Australia Pty Ltd (ABN 67 646 513 797), is an AFCA member and holds client money in segregated accounts at an Approved Australian Bank.
The Standard account is spread-only with EUR/USD around 1.0 pip and no commission; the Direct account moves to RAW-style pricing from 0.0 pips with a A$7.00 round-turn commission (A$3.50 per side). Both carry a A$100 minimum deposit.
Platforms are MT4, MT5 and the proprietary Blueberry X app, with the Blueberry Pulse add-on for market context; there is no cTrader or TradingView. Retail leverage is capped at ASIC's maximum on major pairs, with negative balance protection and AFCA dispute coverage standard.
6. Mitrade: best simple mobile-first platform
Mitrade is the simplest mobile-first option, a proprietary app-based CFD platform for traders who would rather tap through an app than set up MetaTrader. Pricing is spread only with no commission, EUR/USD runs around 0.8 pips typical, and the minimum deposit is A$100. Mitrade holds ASIC AFSL 398528, though it does not support expert advisors or automated trading.
Best simple mobile-first platform
Average Spread
EUR/USD = 0.6
GBP/USD = 0.8
AUD/USD = 0.7
Trading Platforms
Mitrade web/app
Minimum Deposit
$100
Why higher here? Beginner Fit rewards a clean, phones-first platform and a single account type that keeps early choices simple. Its overall score is lower because pricing trails the leaders and there is no route into MetaTrader later. See how we score
Pros & Cons
- ASIC AFSL 398528 with Australian-regulated entity (Mitrade Global Pty Ltd)
- Modern proprietary WebTrader, clean UX on web, iOS and Android
- Low A$100 minimum deposit, accessible for first-time traders
- No MT4, MT5, cTrader or TradingView, proprietary platform only
- Single account type (Standard CFD); no RAW or commission account for active traders
- EUR/USD spreads (0.6 to 1.0 pips typical) wider than IC Markets, Pepperstone Razor or Fusion Zero
Broker's Detail
Founded in 2011 and ASIC-regulated under AFSL 398528, Mitrade runs a single-platform proprietary web and mobile app aimed at mobile-first beginners. No MT4, MT5, cTrader or TradingView.
The standard account is commission-free with EUR/USD spreads from 0.6 pips. Account onboarding is simplified to a single flow, with $100 minimum deposit.
Fee-free AU funding via PayID, BPAY, card and select e-wallets. Retail leverage capped at ASIC's maximum on major pairs. AFCA dispute coverage and negative balance protection standard.
Mitrade spread table (indicative standard-account pricing, not from our measured capture):
| Pair | Mitrade typical (avg pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.4 | 1.1 |
| AUD/USD | 0.9 | 1.3 |
| GBP/USD | 1.2 | 1.4 |
| USD/JPY | 0.9 | 1.4 |
| EUR/JPY | 1.5 | 1.9 |
| AUD/JPY | 1.6 | 2.1 |
| Gold (XAU/USD) | 0.30 (USD) | 0.40 |
7. easyMarkets: fixed spreads with dealCancellation protection
easyMarkets suits cautious beginners who want fixed pricing they can plan around, with EUR/USD fixed at 0.6 pips and AUD/USD at 1.0 pips on the Web and App platform and on TradingView. Its free dealCancellation feature, which lets you undo a losing trade within 60 minutes for a small premium, is not offered by any other broker we cover. The minimum deposit is A$200 and easyMarkets holds ASIC AFSL 246566.
Fixed spreads with dealCancellation protection
Average Spread
EUR/USD = 0.7
GBP/USD = 1.0
AUD/USD = 0.9
Trading Platforms
easyMarkets web/app, MT4, MT5, TradingView
Minimum Deposit
$200
Why higher here? Beginner Fit rewards tools that take beginner mistakes off the table. Free dealCancellation lets a new trader undo a losing trade within 60 minutes, and fixed spreads mean the cost never surprises. Its overall score is lower because that fixed pricing carries a real premium over variable accounts. See how we score
Pros & Cons
- ASIC AFSL 246566 since 2010, plus CySEC, BVI FSC and FSA Seychelles regulation globally
- Fixed spreads on all majors (rare in the AU market, only Trade Nation also offers true fixed pricing)
- Free dealCancellation lets you undo a losing trade within 60 minutes (genuinely unique)
- Base spreads wider than RAW accounts at IC Markets, Pepperstone, Fusion Markets
- USD 25 per quarter inactivity fee after three months, aggressive by AU standards
- Standard account is the only retail option; no commission-based RAW tier for active traders
Broker's Detail
Founded in 2001 (originally as easy-forex), easyMarkets is ASIC-regulated under AFSL 246566 and one of the few brokers offering genuine fixed spreads to AU clients alongside variable Raw pricing.
The Fixed account quotes EUR/USD at 0.6 pips with no commission, never widening through news events. The Variable account follows a more standard Raw model. Platforms supported are the proprietary easyMarkets web and app, plus MT4, MT5 and native TradingView trading.
$200 minimum deposit with fee-free AU funding via PayID, BPAY, card and Skrill/Neteller. Retail leverage capped at ASIC's maximum on major pairs. AFCA dispute coverage and negative balance protection standard.
easyMarkets spread table (fixed quotes from easyMarkets’ published schedule, 17 July 2026, set against our variable-account test averages; the ASIC entity publishes no per-pair table of its own):
| Pair | easyMarkets fixed spread | AU variable Standard avg | Pepperstone Razor (incl. comm.) |
|---|---|---|---|
| EUR/USD | 0.6 pips | 1.1 pips | 0.55 pips |
| AUD/USD | 1.0 pips | 1.3 pips | 0.55 pips |
| GBP/USD | 1.0 pips | 1.4 pips | 0.65 pips |
| USD/JPY | 1.0 pips | 1.4 pips | 0.55 pips |
| EUR/GBP | 1.0 pips | 1.4 pips | 0.75 pips |
| EUR/JPY | 1.5 pips | 1.9 pips | 0.85 pips |
| AUD/JPY | 1.5 pips | 2.1 pips | 0.90 pips |
8. CMC Markets: most powerful platform to grow into
CMC Markets pairs a polished Next Generation app with room to grow, spanning forex, indices, commodities, share CFDs and treasuries under one login. The no-commission Standard account measured among the tightest in our testing at about 0.5 pips on EUR/USD, there is no minimum deposit, and the demo is unlimited. CMC has operated under AFSL 238054 since 2002 and is listed on the London Stock Exchange.
Most powerful platform to grow into
Average Spread
EUR/USD = 0.7
GBP/USD = 0.9
AUD/USD = 0.6
Trading Platforms
Next Generation, MT4, CMC Stockbroking
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 238054 since 2002, plus FCA, BaFin, MAS, CIRO regulation globally, top-tier trust profile
- Next Generation platform is the strongest proprietary CFD platform in Australia
- 12,000+ CFD instruments plus integrated CMC Stockbroking for ASX equities
- Standard account spreads on EUR/USD and AUD/USD wider than top-tier RAW brokers
- Share CFD overnight financing rates above average for the AU market
- Customer support hours 24/5 only (closed weekends)
Broker's Detail
Founded in London in 1989 and operating in Australia since 2002, CMC Markets is one of the longest-tenured CFD brokers in the AU market. The AU entity holds AFSL 238054. The group is LSE-listed and also holds FCA (UK), BaFin (Germany), MAS (Singapore) and CIRO (Canada) licences.
Standard account spreads start from 0.5 pips on EUR/USD with no commission; FX Active pairs tighter spreads with a commission. CMC also runs a separate stockbroking service for direct ASX share investing. The Next Generation platform pairs with MT4 (no MT5 or cTrader on the AU entity).
$0 minimum deposit and fee-free AU funding via PayID, BPAY and card. Retail leverage capped at ASIC's maximum on major pairs. Negative balance protection and AFCA dispute coverage standard. Customer support runs 24/5 by live chat, email and phone.
CMC Markets spread table (indicative standard-account pricing, not from our measured capture):
| Pair | CMC Standard (typical pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.5 | 1.1 |
| AUD/USD | 0.6 | 1.3 |
| GBP/USD | 0.9 | 1.4 |
| USD/JPY | 0.7 | 1.4 |
| EUR/GBP | 0.7 | 1.4 |
| EUR/JPY | 1.2 | 1.9 |
| AUD/JPY | 1.2 | 2.1 |
9. IG Markets: best for broad market access and trust
IG Markets suits a beginner who wants a defined worst case, because its Limited Risk account attaches a guaranteed stop to every position so the maximum loss is known before the trade is placed. The free unlimited demo and 24/7 support ease the learning curve, and 17,000+ markets leave plenty of room to grow. The minimum deposit is A$450 and IG Australia has held ASIC AFSL 515106 while operating here since 2002.
Best for broad market access and trust
Average Spread
EUR/USD = 1.1 (Standard)
Trading Platforms
IG web/app, MT4, ProRealTime
Minimum Deposit
$450
Pros & Cons
- ASIC AFSL 515106 and a 1974-founded, FTSE 250-listed parent (LSE:IGG), one of the strongest trust profiles on this page
- 17,000+ markets including 13,000+ share CFDs, the broadest range of any ASIC broker we review
- 24/7 customer support and a free unlimited demo to learn on
- A$450 minimum deposit, the highest on this shortlist
- No MT5, no cTrader and no native TradingView on the Australian entity
- Standard EUR/USD spreads (around 1.1 pips measured) sit behind RAW leaders like Pepperstone Razor
Broker's Detail
IG Markets holds ASIC AFSL 515106 as IG Australia Pty Ltd, has operated in Australia since 2002 and traces its parent back to a 1974 London founding; the group is an LSE-listed FTSE 250 constituent (LSE:IGG) and also carries FCA, MAS and CIRO oversight. It sits 13th of the 29 ASIC-regulated brokers we rank.
The Standard CFD account is spread-only on forex, with EUR/USD advertised from 0.6 pips and measured around 1.1 pips; the Forex Direct account moves to raw pricing from about 0.16 pips plus A$3.50 per side. The catalogue runs past 17,000 markets, including 13,000+ share CFDs, 30+ indices and treasuries such as the Australian 10-year bond and US T-Notes.
Platforms are the IG web platform, MT4, ProRealTime and the L2 Dealer DMA service; there is no MT5, cTrader or native TradingView on the AU entity. The A$450 minimum deposit is the highest here, while retail leverage is capped at ASIC's maximum on major pairs, with negative balance protection, AFCA dispute coverage and 24/7 support standard.
10. AvaTrade: best for education and guided learning
AvaTrade rounds out the list on the strength of its education, with the AvaAcademy library described as among the deepest in the Australian market and support in more than 14 languages. New traders get the mobile AvaTradeGO app with the AvaProtect trade-insurance feature, a renewable 21-day demo, and spread-only pricing with EUR/USD around 0.8 pips from an A$100 minimum deposit. AvaTrade has held ASIC AFSL 406684 since 2014; watch the USD 50 inactivity fee that starts after three months of dormancy.
Best for education and guided learning
Average Spread
EUR/USD = 0.8
Trading Platforms
MT4, MT5, AvaTradeGO, AvaOptions
Minimum Deposit
$100
Pros & Cons
- ASIC AFSL 406684 since 2014, with one of the deepest education libraries on this shortlist and 14+ language support
- AvaTradeGO app plus MT4 and MT5, and AvaProtect risk tools for newer traders
- AvaSocial and DupliTrade copy trading, plus a renewable demo to practise on
- Demo expires after 21 days (renewable) rather than running unlimited
- Aggressive dormancy fees: USD 50 inactivity after three months plus a USD 100 admin fee at twelve months
- Single spread-only Standard account, with no commission-based RAW tier for active traders
Broker's Detail
AvaTrade trades in Australia as Ava Capital Markets Australia Pty Ltd under ASIC AFSL 406684, held continuously since 2014, and is an AFCA member; the wider group also answers to the Central Bank of Ireland, the FSA in Japan, the FSCA and others.
The retail offer is a single spread-only Standard account with no commission and EUR/USD from 0.8 pips, spanning 1,250+ instruments and 60+ forex pairs. There is no RAW or commission tier for active traders.
Platforms are MT4, MT5, the AvaTradeGO app and AvaOptions, the last offering real vanilla forex options on 40+ pairs, with AvaSocial and DupliTrade for copy trading. The A$100 minimum deposit and 21-day renewable demo suit newer traders, though inactivity and admin fees are aggressive; retail leverage is capped at ASIC's maximum on major pairs, with negative balance protection and AFCA cover standard.
Other brokers we tested for beginners
Pepperstone (98/100 overall) offers the best choice of trading platforms of any ASIC broker, running MT4, MT5, cTrader and TradingView, but its Razor pricing model takes more understanding than a first account needs. Read the full Pepperstone review.
Trade Nation pairs fixed spreads with a $0 minimum deposit, which suits a first account built on price certainty. The full case for it sits in our fixed spread brokers guide, and the Trade Nation review covers the platform.
How to choose a beginner-friendly forex broker
There are over 60 forex brokers serving traders in Australia. With that in mind, here are the things to look for when you choose a beginner-friendly forex broker.
1. ASIC regulation. ASIC-licensed brokers offer protections to Australian traders, including negative balance protection. They’re also members of the Australian Financial Complaints Authority (AFCA), which is an independent dispute resolution scheme if the broker doesn’t treat you fairly.
2. Low trading costs. Choose a Standard account with spreads less than 1 pip on EUR/USD. For a Raw account, target spreads under 0.20 pips on the EUR/USD with a $3.50 commission per side or cheaper. Make sure the broker doesn’t charge deposit or withdrawal fees.
3. Low minimum deposit. Beginner-friendly brokers shouldn’t have a high minimum deposit, so you can start with as much or as little as you want.
4. Access to multiple trading platforms. Make sure the broker supports your preferred platform. TradingView is one of the most beginner-friendly. MT4 has the deepest free education on the web. The proprietary platforms (Next Generation, eToro, Plus500) tend to be the cleanest visually.
5. Provides risk management tools. Find a broker that offers guaranteed stop-loss orders. They protect you from negative price slippage during news events and gaps.
6. Offers 24/7 customer support. Round-the-clock live chat support is a useful way for new traders to ask questions about the account or platform.
7. Educational material like webinars. You want a broker that provides educational resources for beginners, whether that’s an online course, a webinar, or in-platform tutorials.
Trading fees forex brokers charge in Australia
Forex brokers typically charge fees through spreads, which is the difference between the buying (bid) and selling (ask) prices. Some also charge commissions on each trade.
Forex fees depend on the account type. Raw accounts (ECN-style, with direct market access and lower spreads) come with commissions. Standard accounts are commission-free but have wider, more expensive spreads.
If you hold a position overnight, you’ll be charged a swap or rollover fee based on the interest rate differential between the two currencies in the pair. Some brokers offer swap-free accounts, but in Australia these are usually only offered to Islamic traders.
For Australian tax treatment of CFD profits and losses, the ATO generally treats CFD trading as an ordinary income activity rather than a capital event under TR 2005/15. We aren’t licensed to give tax advice. Speak to a registered tax agent about your circumstances.
How to choose an account type
To choose your forex trading account type as an Australian trader, first decide between a dealing desk broker or a no-dealing-desk (NDD) broker.
Dealing desk brokers (market makers) offer commission-free trading with wider spreads, which is generally suitable for beginners. Market makers take the opposite side of your trades, which is how they produce fast execution speeds. Plus500, eToro, easyMarkets, and Mitrade fall into this category.
NDD brokers (ECN/STP) provide tighter spreads but often charge commission. They’re ideal for active traders who need fast execution. Pepperstone (Razor), IC Markets, and FP Markets fall into this category.
What is a demo account, and should I use one?
A demo account is a simulated trading environment provided by brokers, letting you practise without risking real money. The account replicates live market conditions, so you can test strategies and learn the platform’s features.
I recommend every beginner use a demo account. It’s a risk-free way to understand how the market moves and to experience executing trades as if you were live.
Even if you’re not a beginner, it’s worth using a demo whenever you try a new platform, broker, or strategy.
How to get started with forex trading as a beginner
Getting started with forex is straightforward because there’s plenty of free education available. Here are the steps to consider.
1. Trading courses. Find free forex trading courses that cover the fundamentals and technical analysis. You’ll find them through Google, YouTube, or broker websites.
2. Choose a broker. The best forex broker for you will offer tight spreads on major pairs (under 1 pip on EUR/USD), and at least 24/5 (preferably 24/7) customer service. Use a demo to test the broker, and check our reviews to gauge reputation and reliability.
3. Choose a trading platform. Once you’ve chosen a broker, pick a trading platform that fits how you trade. Look for an intuitive interface, a good range of indicators, mobile access, and easy-to-implement risk management tools. Optional: social or copy trading features.
4. Risk management. While you’re starting out, the most important skill is risk management. Find a broker and platform that supports guaranteed stop-loss orders to protect you from slippage. Position-size every trade to a fixed percentage of your account, typically 1 to 2 per cent.
Bottom line: getting started with trading
Whether you want to build confidence on demo accounts, copy other traders, or learn to use Expert Advisors, this Best Forex Broker for Beginners page is a starting point. I’ve also written a guide to the Best CFD Brokers in Australia, which focuses on brokers with low spreads, reliable trading tools, and easy-to-use platforms.
For most Australian beginners, my top three picks are OANDA (best overall, with a $0 minimum deposit, an unlimited demo and dual ASIC and CFTC oversight), Plus500 (cleanest proprietary platform with guaranteed stops), and CMC Markets (best for serious learners who want a single platform across forex, indices, and ASX share CFDs).
Beware of broker scams in foreign exchange trading. I recommend you only sign up for a retail investor account with an ASIC-regulated broker. Every broker on this page qualifies.
Compare brokers by the factor that decides it
Each shortlist below re-ranks the market for one decision factor, tested the same way as this page.
The platform decides it
Rankings change once the trading software is fixed. Pick yours first, then compare.
Your strategy decides it
Execution speed, copy functionality and EA support separate these shortlists.
What you trade decides it
CFD shortlists re-ranked for the asset class you trade most.
FAQs
Can I start forex trading with $100 in Australia?
Which forex pair is best for beginners?
Is forex trading legal in Australia for beginners?
How do I check if my forex broker is regulated in Australia?
What is leverage in forex trading?
What account types do Australian forex brokers offer?
Related pages
About the author
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he has tested every ASIC-regulated broker on this site personally and has written for Forbes, Kiplinger, Finance Magnates, the Australian Financial Review and The Age. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the Strategic Head of Research for the site.