Quick verdict: the best beginner forex brokers in Australia right now
I see three answers, depending on what your first month looks like. OANDA suits funding a small amount and learning on a simple platform. Plus500 suits anyone who wants a guaranteed stop-loss on the ticket, priced through a wider spread and set when the position opens. eToro suits copying an experienced trader from the start. Every broker here is ASIC-regulated, so the retail leverage caps and negative balance protection are identical across all ten. Leverage is not a point of difference, and anyone comparing on it is comparing the wrong thing.
Every broker on this list holds an Australian Financial Services Licence with ASIC. For you that means negative balance protection, segregated client funds, AFCA dispute cover, and the same retail leverage cap of 30:1 on major forex pairs that applies across the Australian market. See our ASIC leverage caps 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 with guaranteed stops and easyTrade.
- CMC Markets: most powerful platform to grow into.
- IG Markets: broad market access and trust.
- AvaTrade: deepest beginner education library.
What I prioritised in ranking these ten is 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.
I would also keep IC Markets (AFSL 335692), ThinkMarkets (AFSL 424700) and FP Markets (AFSL 286354) on your shortlist as honourable mentions.
Beginner broker comparison table
| # | Broker | EUR/USD avg spread | Min deposit | Platforms | Demo | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 | #1 Top pick for beginners OANDA | 1.4 pips (Standard) | $0 | OANDA Trade MT4 MT5 TradingView | Unlimited | Visit OANDA | |
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| 2 |  Plus500 | 0.6 to 1.0 pips (advertised band) | $100 | Plus500 WebTrader | Unlimited | Visit Plus500 | |
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| 3 |  eToro | 1.0 pips | $50 USD | eToro Investing | Unlimited | Visit eToro | |
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| 4 |  Capital.com | 0.6 pips | $20 | Capital.com web/appMT4TradingView | Unlimited | Visit Capital.com | |
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| 5 |  Blueberry Markets | 1.0 pips (Standard) | $100 | MT4MT5 cTraderTradingView+1 more platforms, listed in this broker's detailsMT4, MT5, cTrader, TradingView, Blueberry X app | Free | Visit Blueberry Markets | |
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| 6 |  Mitrade | 0.8 pips | $100 | Mitrade web/app | Unlimited | Visit Mitrade | |
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| 7 |  easyMarkets | 0.6 pipsfixed | $200 | easyMarkets web/appMT4MT5TradingView | Unlimited | Visit easyMarkets | |
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| 8 |  CMC Markets | 0.5 pips | $0 | Next GenerationMT4 | Unlimited | Visit CMC Markets | |
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| 9 |  IG Markets | 1.1 pips (Standard) | $100 | IG web/appMT4ProRealTime | Unlimited | Visit IG Markets | |
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| 10 |  AvaTrade | 0.86 pips (measured, September 2026) | $100 | MT4MT5AvaTradeGOAvaOptions | 21 days | Visit AvaTrade | |
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| 11 |  Pepperstone | 1.1 pips Standard / 0.0 + $7 Razor | $0 | MT4MT5cTraderTradingView (Razor only) | 30 daysextendable | Visit Pepperstone | |
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| 12 |  Trade Nation | 0.5 pipsfixed | $0 | TN TraderMT4TradeCopier | Unlimited | Visit Trade Nation | |
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| 13 |  Trading 212 | Not published | $1 | Trading 212 app and web | Not stated | Visit Trading 212 | |
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Spreads pulled from each broker’s published page on 6 June 2026. AFSL numbers verified against ASIC Connect. Trading 212 publishes no spread outside its app and states no demo length anywhere we could find, so both of its cells record what the broker discloses rather than what we measured.
Watch: Best forex brokers for beginners in Australia.
Risk warning: CFDs are leveraged products and carry a high risk of loss. Most retail CFD accounts lose money. Review the broker's PDS and TMD before trading.
1. OANDA: top-rated all-rounder for new traders
What makes OANDA comfortable for a beginner is the room to learn without pressure: an unlimited demo loaded with USD 100,000 in virtual funds and a Standard account with no minimum deposit and no commission. You also get guaranteed stop-loss orders on the OANDA Trade platform, native TradingView execution built in, and MT4 and MT5 waiting for when the basics are outgrown. OANDA has held ASIC AFSL 412981 since around 2010, with dual ASIC and US CFTC oversight in its group.
Average spread
EUR/USD = 1.4 (Standard)
Trading platforms
OANDA Trade, MT4, MT5, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 412981
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 up to A$20 per client each month after 12 months without a trade, not charged while a position is open (OANDA AU help page, 17 September 2026)
Broker's Detail
OANDA holds ASIC AFSL 412981 as OANDA Australia Pty Ltd and also carries CFTC registration in the United States. For an Australian retail trader, I would call that one of the broadest regulatory footprints available. It sits second of the 32 ASIC-regulated brokers we rank.
For the Standard account, I would point you to its no minimum deposit and spread-only pricing, 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.
The platform options are the OANDA Trade web and mobile app plus MT4, MT5 and TradingView. The free demo carries AUD 100,000 in virtual funds with no expiry, and 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
I would start a new trader at Plus500 because it is the easiest starting point: a single clean WebTrader account, no commission and Guaranteed Stop Loss Orders priced through a wider spread set when the position opens. Pricing is spread only, with EUR/USD running roughly 0.6 to 1.0 pips and an A$100 minimum deposit. Plus500AU holds ASIC AFSL 417727 and the parent is listed on the London Stock Exchange.
Average spread
EUR/USD = 0.8
GBP/USD = 1.0
AUD/USD = 0.9
Trading platforms
Plus500 WebTrader, app
Minimum deposit
A$100
Regulation
ASIC AFSL 417727
Why higher here? Beginner Fit weights ease of learning, demo quality and account accessibility, which lifts Plus500 above its #16 sitewide position. See the ranking method ↓
Pros & Cons
- ASIC AFSL 417727 since 2012; 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, priced through a wider spread set when the position opens
- 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
Plus500 is London Stock Exchange-listed (FTSE 250) and has been ASIC-regulated under AFSL 417727 since 2012. You won't find MT4/MT5/cTrader on its proprietary platform, which runs a markup-pricing model.
There is no separate commission because spreads are baked into the price. EUR/USD runs 0.6 to 1.0 pips typical. The platform is deliberately simple: a single account type, a clean trade ticket and 2,800+ CFD instruments. Guaranteed stop-loss orders are available, priced through a wider spread on the protected position.
The minimum deposit is $100 and funding in AUD carries no fee from Plus500 via card, Google Pay, PayPal, BPAY and bank transfer. Retail leverage is capped at ASIC's maximum on major pairs, with AFCA dispute coverage and negative balance protection standard.
Plus500 spread table (Plus500 column: advertised typical ranges, not from our measured capture):
| Pair | Plus500 typical (pips) | Avg of 8 measured standard accounts (September 2026) |
|---|---|---|
| EUR/USD | 0.6 to 1.0 | 0.83 |
| AUD/USD | 0.7 to 1.2 | 0.87 |
| GBP/USD | 1.0 to 1.5 | 1.20 |
| USD/JPY | 0.8 to 1.2 | 1.14 |
| EUR/GBP | 1.2 to 1.8 | 1.44 |
3. eToro: best broker for social and copy trading
For beginners drawn to copy trading, eToro is the strongest pick. CopyTrader lets you mirror another trader from a USD 200 allocation, and Smart Portfolios group themed baskets. Real share investing costs a flat USD 2 per trade alongside CFDs, crypto and ETFs in one app. Account currency defaults to USD, so unless the eligible AUD account is held, every AUD deposit converts; the minimum is USD 50, and eToro holds ASIC AFSL 491139.
Average spread
EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0
Trading platforms
eToro Web, eToro App
Minimum deposit
US$50
Regulation
ASIC AFSL 491139
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 the ranking method ↓
Pros & Cons
- ASIC AFSL 491139 since 2017; 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 across US, AU, UK and EU exchanges at a flat USD 2 per trade, ETFs 0%
- Account defaults to USD; an AUD account is available only to eligible AU clients, otherwise 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
eToro was founded in Tel Aviv in 2007 and has operated in Australia since 2018 under AFSL 491139. It 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, while Smart Portfolios bundle thematic baskets. There is no MT4, MT5, cTrader or TradingView trading.
The account is USD only, so AUD funding converts at deposit and withdrawal. You need a $50 USD minimum deposit, with funding via card, PayPal, bank transfer and select e-wallets. Retail leverage is capped at ASIC's maximum on major pairs, and AFCA dispute coverage is standard.
eToro spread table (eToro column: indicative standard-account pricing, not from our measured capture):
| Pair | eToro typical spread (pips) | Avg of 8 measured standard accounts (September 2026) | Lowest measured RAW account incl. commission (September 2026) |
|---|---|---|---|
| EUR/USD | 1.0 | 0.83 | 0.33 |
| AUD/USD | 1.0 | 0.87 | 0.33 |
| GBP/USD | 2.0 | 1.20 | 0.34 |
| USD/JPY | 1.0 | 1.14 | 0.58 |
| EUR/GBP | 1.5 | 1.44 | 0.33 |
4. Capital.com: best AI-driven beginner insights
Built for beginners who want guidance, Capital.com pairs 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 measured 0.74 pips in our September 2026 capture, and the minimum deposit is A$20. The broker holds ASIC AFSL 513393 within a group also regulated by the FCA and CySEC.
Average spread
EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.7
Trading platforms
Capital.com web/app, MT4, TradingView
Minimum deposit
A$20
Regulation
ASIC AFSL 513393
Why higher here? Beginner Fit weights ease of learning, demo quality and account accessibility, which lifts Capital.com above its #7 sitewide position. See the ranking method ↓
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 cTrader (WebTrader, MT4, MT5 and TradingView make up the platform stack)
- AU operating history is shorter than CMC, IG, Pepperstone or IC Markets
Broker's Detail
Capital.com was founded in 2016 and is ASIC-regulated under AFSL 513393. Its standout is Investmate, an in-house AI assistant that surfaces behavioural biases and recommends learning content based on your trade history.
There is no published fixed rate because pricing is dynamic. EUR/USD measured 0.74 pips on the Standard account with no commission in our September 2026 capture. Platform support covers Capital.com's proprietary web and mobile apps, MT4, MT5 and native TradingView trading.
A $20 minimum deposit gets you started, with fee-free AU funding via PayID, BPAY, card and Apple Pay. Retail leverage is capped at ASIC's maximum on major pairs, and AFCA dispute coverage and negative balance protection are standard.
Capital.com spread table (averaged over our September 2026 test cycle, MT4 CFD account):
| Pair | Capital.com MT4 CFD (measured avg pips) | Avg of 8 measured standard accounts |
|---|---|---|
| EUR/USD | 0.74 | 0.83 |
| AUD/USD | 0.63 | 0.87 |
| GBP/USD | 1.39 | 1.20 |
| USD/JPY | 1.29 | 1.14 |
| EUR/GBP | 1.60 | 1.44 |
| EUR/JPY | 1.90 | 2.07 |
| AUD/JPY | 0.89 | 2.09 |
5. Blueberry Markets: best for responsive support
For responsive support, Blueberry Markets is a beginner-friendly Australian operation. Its 24/7 multilingual live chat answered in under 60 seconds in our testing, and an account manager phone call arrived 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.
Average spread
EUR/USD = 1.0 (Standard)
Trading platforms
MT4, MT5, Blueberry X app, TradingView
Minimum deposit
A$100
Regulation
ASIC AFSL 535887
Why higher here? Beginner Fit weights ease of learning, demo quality and account accessibility, which lifts Blueberry Markets above its #13 sitewide position. See the ranking method ↓
Pros & Cons
- ASIC AFSL 535887 since 27 May 2024 (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
- Newest ASIC licence in our coverage, held only since May 2024
- 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 operated in Australia since 2015, first as an authorised representative, and has held its own AFSL 535887, as Blueberry Australia Pty Ltd (ABN 67 646 513 797), since 27 May 2024. It 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) per standard lot, charged in Australian dollars and measured on our live account. Both carry a A$100 minimum deposit.
Platform options are MT4, MT5, cTrader, native TradingView and the proprietary Blueberry X app, plus the Blueberry Pulse add-on for market context. 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
For a trader who would rather tap through an app than set up MetaTrader, Mitrade is my pick for the simplest mobile-first option. It is a proprietary app-based CFD platform. 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.
Average spread
EUR/USD = 0.6
GBP/USD = 0.8
AUD/USD = 0.7
Trading platforms
Mitrade web/app
Minimum deposit
A$100
Regulation
ASIC AFSL 398528
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 the ranking method ↓
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 standalone TradingView trading, proprietary platform only with TradingView charts in-app
- Single account type (Standard CFD); no RAW or commission account for active traders
- EUR/USD spreads (0.40 pips advertised, 0.8 pips indicative) wider than IC Markets, Pepperstone Razor or Fusion Zero
Broker's Detail
Mitrade was founded in 2011 and is ASIC-regulated under AFSL 398528. It runs a single proprietary web and mobile app aimed at mobile-first beginners, with no MT4, MT5 or cTrader, and while TradingView charting is built into the app, you cannot trade through the standalone TradingView platform, which Mitrade's support desk confirmed to us on 17 September 2026. I would call this a deliberate trade-off rather than a gap.
The standard account is commission-free, and Mitrade advertises 0.40 pips on EUR/USD. Onboarding is simplified to a single flow, with a $100 minimum deposit.
AUD deposits carry no Mitrade fee via PayID, BPAY, card and bank transfer, and Mitrade's AU charges page, read on 17 September 2026, also lists Apple Pay and Google Pay. Retail leverage is capped at ASIC's maximum on major pairs, with AFCA dispute coverage and negative balance protection standard.
Mitrade spread table (Mitrade column: indicative standard-account pricing, not from our measured capture):
| Pair | Mitrade typical (avg pips) | Avg of 8 measured standard accounts (September 2026) |
|---|---|---|
| EUR/USD | 0.4 | 0.83 |
| AUD/USD | 0.9 | 0.87 |
| GBP/USD | 1.2 | 1.20 |
| USD/JPY | 0.9 | 1.14 |
| EUR/JPY | 1.5 | 2.07 |
| AUD/JPY | 1.6 | 2.09 |
| Gold (XAU/USD) | 0.30 (USD) | Not in capture |
7. easyMarkets: fixed spreads with capped-risk tools
For cautious beginners wanting fixed pricing they can plan around, my pick is easyMarkets. EUR/USD is fixed at 0.6 pips and AUD/USD at 1.2 pips on the Web and App platform and on TradingView. Guaranteed stop-loss orders on the Web and App platform hold your exit price through a gap, and easyTrade caps your maximum loss at a premium you set before the trade opens. The minimum deposit is A$200 and easyMarkets holds ASIC AFSL 246566.
Average spread
EUR/USD = 0.7
GBP/USD = 1.0
AUD/USD = 0.9
Trading platforms
easyMarkets web/app, MT4, MT5, TradingView
Minimum deposit
A$200
Regulation
ASIC AFSL 246566
Why higher here? Beginner Fit rewards tools that take beginner mistakes off the table. Fixed spreads mean the cost never surprises a new trader, and the risk tools on the Web and App platform take two kinds of beginner mistake off the table: guaranteed stop-loss orders hold the exit price through a gap, and easyTrade caps the loss at a premium you set before entering. The entry point is A$200. Its overall score is lower because that fixed pricing carries a real premium over variable accounts. See the ranking method ↓
Pros & Cons
- ASIC AFSL 246566 since 26 March 2004
- Fixed spreads on all majors (rare in the AU market, only Trade Nation also offers true fixed pricing)
- Guaranteed stop-loss orders on the Web and App platform hold your exit price through a gap
- 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
easyMarkets was founded in 2001 (originally as easy-forex) and is ASIC-regulated under AFSL 246566. It is one of the few brokers offering genuine fixed spreads to AU clients alongside variable Raw pricing, which I would lead with for a cautious beginner.
The Fixed account quotes EUR/USD at 0.6 pips with no commission, and it never widens through news events. A Variable account follows a more standard Raw model. You can trade on the proprietary easyMarkets web and app, plus MT4, MT5 and native TradingView trading.
A $200 minimum deposit is recommended, with fee-free AU funding via PayID, BPAY, card and crypto. Retail leverage is capped at ASIC's maximum on major pairs, with AFCA dispute coverage and negative balance protection standard.
easyMarkets spread table (the fixed quotes come from easyMarkets’ published schedule on 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 | Avg of 8 measured standard accounts (September 2026) | Pepperstone Razor incl. comm. (May to June 2026) |
|---|---|---|---|
| EUR/USD | 0.6 pips | 0.83 pips | 0.55 pips |
| AUD/USD | 1.2 pips | 0.87 pips | 0.55 pips |
| GBP/USD | 1.0 pips | 1.20 pips | 0.65 pips |
| USD/JPY | 1.0 pips | 1.14 pips | 0.55 pips |
| EUR/GBP | 1.0 pips | 1.44 pips | 0.75 pips |
| EUR/JPY | 1.5 pips | 2.07 pips | 0.85 pips |
| AUD/JPY | 1.5 pips | 2.09 pips | 0.90 pips |
8. CMC Markets: most powerful platform to grow into
Under one login, CMC Markets gives you a polished Next Generation app that spans forex, indices, commodities, share CFDs and treasuries. The no-commission Standard account measured among the tightest in Noam Korbl's live spread capture at about 0.5 pips on EUR/USD, and there is no minimum deposit and an unlimited demo. CMC has operated under AFSL 238054 since 2004 and is listed on the London Stock Exchange.
Average spread
EUR/USD = 0.7
GBP/USD = 0.9
AUD/USD = 0.6
Trading platforms
Next Generation, MT4, CMC Stockbroking, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 238054
Why higher here? Beginner Fit weights ease of learning, demo quality and account accessibility, which lifts CMC Markets above its #21 sitewide position. See the ranking method ↓
Pros & Cons
- ASIC AFSL 238054 since 2004, 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
CMC Markets was founded in London in 1989 and has been operating in Australia since 2002, making it 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. You can also use CMC's separate stockbroking service for direct ASX share investing. The Next Generation platform pairs with MT4, with no MT5 or cTrader on the AU entity.
There is a $0 minimum deposit and fee-free AU funding via bank transfer, PayID and PayPal. Retail leverage is capped at ASIC's maximum on major pairs, with negative balance protection and AFCA dispute coverage standard. Customer support runs 24/5 by live chat, email and phone.
CMC Markets spread table (CMC Markets column: indicative standard-account pricing, not from our measured capture):
| Pair | CMC Standard (typical pips) | Avg of 8 measured standard accounts (September 2026) |
|---|---|---|
| EUR/USD | 0.5 | 0.83 |
| AUD/USD | 0.6 | 0.87 |
| GBP/USD | 0.9 | 1.20 |
| USD/JPY | 0.7 | 1.14 |
| EUR/GBP | 0.7 | 1.44 |
| EUR/JPY | 1.2 | 2.07 |
| AUD/JPY | 1.2 | 2.09 |
9. IG Markets: best for broad market access and trust
A beginner who wants a defined worst case should look at IG Markets. Its Limited Risk account attaches a guaranteed stop to every position, so you know the maximum loss 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$100 by card (A$10 by BPAY), and IG Australia has held ASIC AFSL 515106 since 2 June 2020.
Average spread
EUR/USD = 1.1 (Standard)
Trading platforms
IG web/app, MT4, ProRealTime, TradingView
Minimum deposit
A$100
Regulation
ASIC AFSL 515106
Why higher here? Beginner Fit weights ease of learning, demo quality and account accessibility, which lifts IG Markets above its #14 sitewide position. See the ranking method ↓
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 deposit only if funding by EFT with a proof-of-payment upload (A$100 by card, A$10 by BPAY)
- 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 has operated in Australia since 2002, first under the earlier licence, AFSL 220440, held by IG Markets Limited, and traces the group back to a 1974 London founding. Australian accounts now sit under ASIC AFSL 515106, held by IG Australia Pty Ltd, current since 2 June 2020. The group is an LSE-listed FTSE 250 constituent (LSE:IGG) with FCA, MAS and CIRO oversight. For your first account, that extra layer of regulatory depth matters. It sits 14th of the 32 ASIC-regulated brokers we rank.
The Standard CFD account is spread-only on forex, with EUR/USD advertised from 0.6 pips and our live measurement around 1.1 pips. If you choose the Forex Direct account, you move 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; note there is no MT5, cTrader or native TradingView on the AU entity. The minimum deposit is A$100 by card or A$10 by BPAY, though EFT deposits require A$450 with a proof-of-payment upload. Retail leverage is capped at ASIC's maximum on major pairs, and negative balance protection, AFCA dispute coverage and 24/7 support are standard.
10. AvaTrade: best for education and guided learning
AvaTrade rounds out our list on the strength of its education. I consider the AvaAcademy library among the deepest in the Australian market, and you get support in more than 14 languages. New traders receive the mobile AvaTradeGO app with the AvaProtect trade-insurance feature, a renewable 21-day demo, and spread-only pricing with EUR/USD at 0.86 pips in our September 2026 capture from an A$100 minimum deposit. AvaTrade has held ASIC AFSL 406684 since 2011; keep an eye on the USD 50 inactivity fee that kicks in after three months of dormancy.
Average spread
EUR/USD = 0.8
Trading platforms
MT4, MT5, AvaTradeGO, AvaOptions
Minimum deposit
A$100
Regulation
ASIC AFSL 406684
Why higher here? Beginner Fit weights ease of learning, demo quality and account accessibility, which lifts AvaTrade above its #27 sitewide position. See the ranking method ↓
Pros & Cons
- ASIC AFSL 406684 since 2011, 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
When you open an account with AvaTrade, you are trading with Ava Capital Markets Australia Pty Ltd, which has held ASIC AFSL 406684 continuously since 2011 and is an AFCA member. The wider group also answers to the Central Bank of Ireland, the FSA in Japan, the FSCA and others.
There 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.
Platform choices 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 well, though the inactivity and admin fees are aggressive. Retail leverage is capped at ASIC's maximum on major pairs, and negative balance protection and AFCA cover are standard.
Other brokers worth knowing for beginners
Pepperstone (98/100 overall) gives you the best choice of trading platforms of any ASIC broker, running MT4, MT5, cTrader and TradingView, but I find 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 I think suits a first account built on price certainty. Our fixed spread brokers guide lays out the full case, and the Trade Nation review covers the platform.
Trading 212 is the one broker on this page we have not opened an account with, and it is here because the offer is unusual for a beginner: A$1 opens the account, commission is zero on both the investing and the CFD side, and real shares and ETFs sit in the same app as the CFDs. Uninvested Australian dollars earn 5.2% APY paid daily. Two things hold it back for forex specifically in my view. It publishes no spread for any instrument outside the app, so there is no way to cost a first trade beforehand. The minimum forex trade is A$100, which is a long way from the A$1 that opens the account. If the first month is about buying shares, you will get more from it than if you are learning to trade currency. The Trading 212 review sets out the fee schedule and the licence record.
How to choose a beginner-friendly forex broker
More than 60 forex brokers serve traders in Australia. With that in mind, here is what I suggest you look for when picking a beginner-friendly forex broker.
1. ASIC regulation. I put ASIC regulation first. ASIC-licensed brokers offer protections to Australian traders, including negative balance protection. They are also members of the Australian Financial Complaints Authority (AFCA), which gives you an independent dispute resolution scheme if the broker doesn’t treat you fairly.
2. Low trading costs. You want a Standard account with spreads less than 1 pip on EUR/USD. For a Raw account, aim for spreads under 0.20 pips on the EUR/USD with a $3.50 commission per side or cheaper. Make sure the broker does not charge deposit or withdrawal fees.
3. Low minimum deposit. I look for a broker with a low 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 gives you 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. I recommend finding 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 gives you a useful way to ask questions about the account or platform.
7. Educational material like webinars. Look for a broker that provides educational resources for beginners, whether that’s an online course, a webinar, or in-platform tutorials.
The framework above is the reasoning I use. Below, the same reasoning runs over our dataset: pick what matters to you and the field narrows, with every broker’s underlying values on show so you can see why each one stayed or went.
Trading fees forex brokers charge in Australia
When you trade 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 you choose. 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.
An overnight position is 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. I recommend using our tools: calculate pip value in AUD for any pair, and calculate trade profit and loss on a move before placing an order.
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 are not licensed to give tax advice. Speak to a registered tax agent about your circumstances. Before your first trade, our forex calculators run the margin, pip value and position size on a practice ticket.
How to choose an account type
To choose your forex trading account type as an Australian trader, I’d start by deciding 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. They 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. I find they’re ideal for active traders who need fast execution. Pepperstone (Razor), IC Markets, and FP Markets fall into this category. Whichever account type you pick, the margin calculator shows the deposit a trade ties up at the 30:1 major-pair cap, and the position size calculator sets your lot size from the risk you will accept.
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. It replicates live market conditions, so you can test strategies and learn the platform’s features.
I recommend every beginner use a demo account. It is a risk-free way to understand how the market moves and to experience executing trades as if you were live.
Even if you are not a beginner, I’d say it is 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 is plenty of free education available. Here are the steps I suggest you consider.
1. Trading courses. My advice: find free forex trading courses that cover the fundamentals and technical analysis. You will find them through Google, YouTube, or broker websites.
2. Choose a broker. I look for the best forex broker for you that offers 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 have chosen a broker, I suggest picking 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. I cannot stress this enough: while you are 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 your starting point. I have 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 remain 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).
I urge you: 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
We have re-ranked each shortlist below 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
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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 co-founder and CEO of CompareForexBrokers.