Which forex broker is best for beginners in Australia?
OANDA is the best forex broker for beginners in Australia because it 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 bias alerts in WebTrader, plus the Investmate app.
- Blueberry Markets: an A$100 start with five platforms.
- Mitrade: simple mobile-first platform.
- CMC Markets: most powerful platform to grow into.
- IG Markets: broad market access and trust.
- AvaTrade: deepest beginner education library.
- easyMarkets: fixed spreads with guaranteed stops and easyTrade.
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.
Forex brokers for beginners compared
| # | Broker | EUR/USD avg spread | Min deposit | Platforms | Demo | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 | #1 Top pick for beginners OANDAAFSL 412981 | 1.01 pips (Standard, measured October 2026) | $0 | OANDA Trade MT4 MT5 TradingView | Unlimited | Visit OANDA | |
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| 2 |  Plus500AFSL 417727 | 1.0 pips (advertised, recorded 29 July 2026) | $100 | Plus500 WebTrader | Unlimited | Visit Plus500 | |
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| 3 |  eToroAFSL 491139 | 1.0 pips (advertised, recorded 6 June 2026) | $50 USD | eToro web/app | Unlimited | Visit eToro | |
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| 4 |  Capital.comAFSL 513393 | 0.74 pips (October 2026) | $20 | Capital.com web/appMT4MT5TradingView | Unlimited | Visit Capital.com | |
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| 5 |  Blueberry MarketsAFSL 535887 | 1.2 pips (Standard, measured May to June 2026) | $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 |  MitradeAFSL 398528 | 0.40 pips (advertised, recorded 29 July 2026) | $100 | Mitrade web/app | 90 days (no expiry once a live account opens) | Visit Mitrade | |
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| 7 |  easyMarketsAFSL 246566 | 0.6 pips (fixed, 0.8 from 21:00 to 03:00 GMT, AU published table, 14 October 2026) | $200 | easyMarkets web/appMT4MT5TradingView | Unlimited | Visit easyMarkets | |
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| 8 |  CMC MarketsAFSL 238054 | 0.5 pips (Standard, undated) | $0 | Next GenerationMT4 | Unlimited | Visit CMC Markets | |
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| 9 |  IG MarketsAFSL 515106 | 0.76 pips (measured, October 2026) | $100 | IG web/appMT4ProRealTimeTradingView | Unlimited | Visit IG Markets | |
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| 10 |  AvaTradeAFSL 406684 | 0.86 pips (measured, October 2026) | $100 | MT4MT5AvaTradeGOAvaOptions | Unlimited | Visit AvaTrade | |
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| 11 |  PepperstoneAFSL 414530 | 1.1 pips Standard (published) / 0.10 + $7 Razor (October 2026) | $0 | MT4MT5cTraderTradingView (Razor only) | 60 days (MT4, MT5), 90 days inactive (cTrader, TradingView) | Visit Pepperstone | |
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| 12 |  Trade NationAFSL 422661 | 0.5 pips (fixed, main session, published 17 July 2026) | $0 | TN TraderMT4TradingView | Free | Visit Trade Nation | |
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| 13 |  Trading 212AFSL 541122 | 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 for new traders wanting a top-rated all-rounder
What makes OANDA comfortable for a beginner is the room to learn without pressure: an unlimited demo loaded with virtual funds and a Standard account with no minimum deposit and no commission. I'd point a true beginner here for exactly that reason: you can practise on the demo for as long as you like, then go live without deposit pressure. 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. The ASIC register, read on 16 July 2026, shows AFSL 412981 held by OANDA Australia Pty Ltd and current since 26 March 2012.
Average spread
EUR/USD 1.01, GBP/USD 1.61, AUD/USD 0.88 pips (Standard, measured October 2026)
8-pair avg 1.50 pips (Standard, measured October 2026)
Trading platforms
OANDA Trade, MT4, MT5, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 412981
Pros & Cons
Pros
- A$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
Cons
- 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. It sits third of the 33 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 at 1.01 pips in our October 2026 capture while OANDA publishes Standard spreads from 0.6 on major FX CFDs pairs. 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 for one clean account, no commission and guaranteed stops
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 advertised at 1.0 pips, Plus500's own figure recorded 29 July 2026 rather than a capture of ours, 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 1.0 pips (Standard, advertised, recorded 29 July 2026)
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 #10 sitewide position. See the ranking method ↓
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. Plus500 advertises EUR/USD at 1.0 pips, its own figure recorded 29 July 2026, and we have not captured a spread for this broker. In my judgement that advertised number is the one to check against your own fills before you commit. 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 A$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, not from our measured capture):
| Pair | Plus500 advertised (pips) | Avg of 8 measured standard accounts (October 2026) |
|---|---|---|
| EUR/USD | 1.0 (recorded 29 July 2026) | 0.83 |
3. eToro is the 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 pips (Standard, advertised, recorded 6 June 2026)
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 ↓
Broker's Detail
eToro was founded in Tel Aviv in 2007 and has been licensed in Australia under AFSL 491139 since 2017. ASIC sued eToro AUS Capital Limited in the Federal Court in August 2023, its first design and distribution obligations action, alleging the target market for the CFD product was too broad, and ASIC's case was still listed as ongoing with no published outcome as at 15 October 2026. I'd weigh that unresolved case as part of your decision on the broker. It is the world's largest social trading platform, with 30M+ registered users globally, and if copy trading is what draws you in, that community is the appeal.
eToro's own platform handles both forex and CFD trading plus direct share investing across US, AU, UK and EU exchanges, and unleveraged share trades cost US$2 each. CopyTrader lets you automatically replicate other traders' positions, while Smart Portfolios bundle thematic baskets. There is no MT4, MT5, cTrader or TradingView trading.
The default investment account is in USD, but Australian clients can also hold an AUD local-currency account, funded by bank transfer or Easy Bank Transfer only. An AUD deposit converts only when it funds the USD account, and withdrawals from the AUD account are free with no minimum. You need a US$50 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: eToro’s published per-trade charge for each pair, under its ‘From 1 pip’ currency heading, AU CFD spreads page read 14 October 2026; not from our measured capture):
| Pair | eToro published charge per trade | Avg of 8 measured standard accounts (October 2026) | Lowest measured RAW account incl. commission (October 2026) |
|---|---|---|---|
| EUR/USD | 0.005% | 0.83 | 0.32 |
| AUD/USD | 0.005% | 0.85 | 0.33 |
| GBP/USD | 0.005% | 1.25 | 0.35 |
| USD/JPY | 0.002% | 1.11 | 0.58 |
| EUR/GBP | 0.005% | 1.59 | 0.41 |
4. Capital.com offers the best AI-driven beginner insights
Built for beginners who want guidance, Capital.com pairs a modern WebTrader platform, whose AI layer flags behavioural bias patterns over time, with the free Investmate education app. Retail pricing is spread only with no separate commission, EUR/USD measured 0.74 pips in our October 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 0.74, GBP/USD 1.44, AUD/USD 0.65 pips (Standard, measured October 2026)
8-pair avg 1.35 pips (Standard, measured October 2026)
Trading platforms
Capital.com web/app, MT4, MT5, 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 #8 sitewide position. See the ranking method ↓
Broker's Detail
Capital.com was founded in 2016 and is ASIC-regulated under AFSL 513393. Its standout is Investmate, a free education app with courses, quizzes and guides from a Capital.com group company, while the WebTrader platform's AI layer flags behavioural bias patterns over time. I rate that pairing highly for a beginner: you get structured lessons in the app and a platform that nudges you when your own trading habits drift. If learning by doing suits you, this is a sensible place to start.
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 October 2026 capture. Platform support covers Capital.com's proprietary web and mobile apps, MT4, MT5 and native TradingView trading.
A$20 gets you started, with fee-free AU funding via Visa, Mastercard, PayPal, Apple Pay, Google Pay, PayID and bank transfer. 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 October 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 | 0.65 | 0.85 |
| GBP/USD | 1.44 | 1.25 |
| USD/JPY | 1.32 | 1.11 |
| EUR/GBP | 2.08 | 1.59 |
| EUR/JPY | 1.96 | 2.10 |
| AUD/JPY | 0.94 | 2.09 |
5. Blueberry Markets has an A$100 start with five platforms
Blueberry Markets is a beginner-friendly Australian operation, with an electronic ID check at sign-up on our live account and an A$100 minimum deposit on both accounts. I like the low barrier here: your first A$100 opens the door, and you are not paying inactivity or bank-withdrawal fees while you find your feet. Five platforms sit on the ASIC entity, including cTrader alongside MT4, MT5, TradingView and the Blueberry X app. 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 1.20 pips (Standard, measured May to June 2026)
8-pair avg 1.53 pips (Standard, measured May to June 2026)
Trading platforms
MT4, MT5, cTrader, 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 #24 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- ASIC AFSL 535887 since 27 May 2024 (Blueberry Australia Pty Ltd), with client funds segregated at an Approved Australian Bank
- MT4, MT5 and the Blueberry X app, plus the Blueberry Pulse sentiment and news add-on
Cons
- Copy trading (Blueberry Social, DupliTrade, Myfxbook AutoTrade) runs through the offshore entity, not the ASIC account
- Standard EUR/USD spreads (1.2 pips, measured May to June 2026) 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 at Blueberry Markets is spread-only with no commission, and our May to June 2026 capture averaged 1.20 pips on EUR/USD. Pricing on the Direct account moves to RAW-style from 0.0 pips with an 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 an 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 has the 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, Mitrade advertises EUR/USD at 0.40 pips (recorded 29 July 2026, not measured by us), 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 0.4 pips (Standard, advertised, recorded 29 July 2026)
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
Pros
- 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
Cons
- 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 spread of 0.40 pips advertised (29 July 2026), not measured by us, wider than IC Markets, Pepperstone Razor or Fusion Zero, and Mitrade has no raw or commission account
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 an 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: advertised EUR/USD, recorded 29 July 2026, not from our measured capture):
| Pair | Mitrade advertised (pips) | Avg of 8 measured standard accounts (October 2026) |
|---|---|---|
| EUR/USD | 0.40 | 0.83 |
7. CMC Markets has the 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 Standard account charges no commission, and the 0.5 pip EUR/USD figure we hold for it has no declared source; our 5 to 9 October 2026 capture put FX Active at 1.19 pips all-in across eight pairs. You also get 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 0.11 pips (Raw, measured 5 to 9 October 2026)
8-pair avg 0.61 pips (Raw, measured 5 to 9 October 2026)
Trading platforms
Next Generation, MT4, 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 #25 sitewide position. See the ranking method ↓
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.
Pricing splits two ways at CMC: our 5 to 9 October 2026 capture measured the FX Active account at 0.11 pips on EUR/USD and 0.61 pips across eight pairs with commission of 0.0025% of notional per side, and the Standard account is commission-free. 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 an 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 (FX Active account, averaged over our 5 to 9 October 2026 test cycle; spreads only, before FX Active’s commission of 0.0025% of trade value per side):
| Pair | CMC FX Active (measured avg pips) | Avg of 11 other measured RAW accounts, spread only (5 to 9 October 2026) |
|---|---|---|
| EUR/USD | 0.11 | 0.12 |
| AUD/USD | 0.08 | 0.17 |
| GBP/USD | 0.21 | 0.30 |
| USD/JPY | 0.29 | 0.34 |
| EUR/GBP | 0.70 | 0.36 |
| EUR/JPY | 1.19 | 0.74 |
| AUD/JPY | 1.09 | 0.57 |
8. IG Markets Limited Risk account with guaranteed stops
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. That structure is what I would point you towards if a fixed worst case is what you are after, and my view is the Limited Risk account fits that need exactly as the heading promises. IG provides Australian clients with a demo account, and its markets include 11,000+ share CFDs, 90+ currency pairs and 36 indices, as listed on IG's Australian site on 27 September 2026. 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 0.76, GBP/USD 1.26, AUD/USD 0.74 pips (Standard, measured October 2026)
8-pair avg 1.43 pips (Standard, measured October 2026)
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 #15 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- ASIC AFSL 515106 and a parent founded in 1974, IG Group Holdings Plc, a FTSE 100 member (LSE:IGG), one of the strongest trust profiles on this page
- 24/7 customer support and a free unlimited demo to learn on
Cons
- A$450 deposit only if funding by EFT with a proof-of-payment upload (A$100 by card, A$10 by BPAY)
- No MT5 and no cTrader on the Australian entity, but TradingView runs natively
- Standard EUR/USD spreads 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's parent, IG Group Holdings Plc, is a FTSE 100 member listed on the LSE (LSE:IGG), and we have not checked its group entities on other regulators' registers. For your first account, that extra layer of regulatory depth matters. It sits fifteenth of the 33 ASIC-regulated brokers we rank.
The Standard CFD account is spread-only on forex, and our capture on IG's live MT4 CFD account measured the EUR/USD spread at 0.76 pips over 22 trading days in October 2026, from 2pm AEST on Thursday 1 October to 2pm AEST on Saturday 31 October 2026. If you choose the Forex Direct account, you move to raw pricing from about 0.16 pips plus A$3.50 per side. IG's Australian site, read 27 September 2026, lists 11,000+ share CFDs, 90+ currency pairs and 36 global indices. Rates CFDs cover the Australian 10-year bond and US T-Notes.
Platforms are the IG web platform, mobile app, native TradingView, MT4, ProRealTime and the L2 Dealer DMA service; note there is no MT5 and no cTrader 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.
9. AvaTrade is best for education and guided learning
AvaTrade rounds out our list on the strength of its education. I rate AvaAcademy as a solid starting library, though our team has not assessed it live, and support runs in "various languages" with no list published. New traders receive the mobile AvaTradeGO app with the AvaProtect trade-insurance feature, an unlimited demo per AvaTrade AU, read 14 October 2026, and spread-only pricing with EUR/USD at 0.86 pips in our October 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 0.86, GBP/USD 1.31, AUD/USD 0.98 pips (Standard, measured October 2026)
8-pair avg 1.44 pips (Standard, measured October 2026)
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 #22 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- 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
Cons
- Inactivity fee of US$50 per quarter after three months without a trade, plus US$100 at twelve months
- 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 averaged 0.86 pips on Standard in our October 2026 capture, 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 unlimited demo, per AvaTrade AU read 14 October 2026, 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.
10. easyMarkets offers fixed spreads with paid stop-loss protection
In my view, easyMarkets suits a cautious beginner who wants fixed pricing they can plan around. Per its AU published table, 14 October 2026, it fixes EUR/USD at 0.6 pips and AUD/USD at 1.0 pip from 03:00 to 21:00 GMT, stepping to 0.8 and 2.0 from 21:00 to 03:00 GMT, on the Web and App platform and on TradingView. A guaranteed stop-loss order on the Web and App platform is an optional add-on that holds your exit price through a gap and is paid through a wider spread when activated, 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 0.6 pips (Fixed, AU published table, 14 October 2026)
Trading platforms
easyMarkets web/app, MT4, MT5, TradingView
Minimum deposit
A$200
Regulation
ASIC AFSL 246566
Why higher here? Fixed pricing and easyTrade keep it above its #33 sitewide position, because a beginner can plan costs in advance. The guaranteed stop is a paid add-on, and that keeps it tenth here. See the ranking method ↓
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, which I would lead with for a cautious beginner.
EUR/USD is 0.6 pips fixed (0.8 from 21:00 to 03:00 GMT) with no commission on the Standard account's Web/App and TradingView pricing, per the same table. I value that fixed spread if you want your costs known in advance, and the overnight window is the one to watch if you hold positions late. MT4 and MT5 run floating spreads, still commission-free. You can trade on the proprietary easyMarkets web and app, plus MT4, MT5 and native TradingView trading, so your platform choice stays open.
An A$200 minimum deposit is recommended, and our A$200 card deposit was credited in full with no fee (17 August 2026). 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’ AU published table, on the ASIC entity’s own AU page, easy-markets.com/au, set against our variable-account test averages; the 21:00 to 03:00 GMT figure sits in brackets where it differs):
| Pair | easyMarkets fixed spread | Avg of 8 measured standard accounts (October 2026) | Pepperstone Razor incl. comm. (October 2026) |
|---|---|---|---|
| EUR/USD | 0.6 pips (0.8, 21:00 to 03:00 GMT) | 0.83 pips | 0.59 pips |
| AUD/USD | 1.0 pips (2.0, 21:00 to 03:00 GMT) | 0.85 pips | 0.62 pips |
| GBP/USD | 1.0 pips (1.4, 21:00 to 03:00 GMT) | 1.25 pips | 0.79 pips |
| USD/JPY | 1.0 pips | 1.11 pips | 1.08 pips |
| EUR/GBP | 1.0 pips | 1.59 pips | 0.68 pips |
| EUR/JPY | 1.5 pips | 2.10 pips | 1.63 pips |
| AUD/JPY | 2.0 pips | 2.09 pips | 1.54 pips |
Other brokers worth knowing for beginners
Pepperstone (93/100 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 an 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 without a funded live account of ours (account opening and a card funding attempt are documented, but funding, execution and withdrawals are unverified), 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. Once you know which forex trading platform suits you, the broker guide ranks every ASIC-regulated broker it covers on the same methodology, showing which firms run each platform.
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. I’d weigh that commission against the spread saving before you decide: if you would rather not calculate costs per trade, I’d treat the Standard account as your simpler starting point.
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.
Forex account types for beginners
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. Plus500, eToro, easyMarkets, and Mitrade fall into this category. We assign these execution-type labels ourselves, judging each account on its spread structure and how its orders are executed, not on the broker’s own description.
RAW account brokers (raw spread plus commission) provide tighter spreads and always charge commission: Pepperstone Razor at A$3.50 per side, IC Markets Raw Spread at A$4.50, FP Markets Raw at A$3.50. 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.
Should you use a demo account as a beginner?
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.
Forex trading for beginners in Australia
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 an A$0 minimum deposit, an unlimited demo and ASIC oversight through AFSL 412981 held by OANDA Australia Pty Ltd, an AFCA member), 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.
Beginner forex broker 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?
What is the best forex trading platform for beginners in Australia?
Broker comparison and account guides
- Best forex brokers in Australia
Both pages name OANDA for beginners, and the forex broker ranking lets you weigh its ease of use against other ASIC-regulated names.
- Best demo trading accounts in Australia
A practice account is where most beginners start, and the demo account comparison sets out each broker's practice terms.
- ECN forex brokers in Australia
Cost-focused raw accounts suit confident traders, and the ECN comparison ranks ASIC brokers on all-in pricing rather than ease of use.
- Lowest spread forex brokers in Australia
Spread-only pricing like OANDA's can be checked against the raw accounts ranked in the spread comparison.
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.