Quick verdict: the best fixed spread brokers in Australia right now
Trade Nation is the best fixed spread forex broker in Australia in 2026: EUR/USD fixed at 0.5 pips in the main session (published 17 July 2026), a $0 minimum deposit and a 79/100 site score (tested 26 June 2026). easyMarkets (0.6 pips EUR/USD fixed, published schedule) is the longest-running alternative, scoring 32/100 site-wide.
Genuine fixed-spread picks
- Trade Nation: tightest genuine fixed spreads, EUR/USD 0.5 pips.
- easyMarkets: longest-running fixed-spread broker, 0.6 pips.
Spread-certainty alternatives (variable or markup pricing, but predictable day-to-day)
- Plus500: markup pricing that behaves like fixed.
- Mitrade: spread-only pricing, EUR/USD from 0.4 pips.
- IG Markets: no-commission standard account, 17,000+ markets.
- CMC Markets: tightest stable standard spread, from 0.5 pips.
- Forex.com: standard spreads from 0.2 pips, StoneX-backed.
Fixed pricing is a niche product in the ASIC-regulated market. Most large brokers (Pepperstone, IC Markets, CMC, IG, OANDA) run variable-spread RAW or commission accounts only, so two names cover the use case: Trade Nation (AFSL 422661) and easyMarkets (AFSL 246566). AvaTrade (AFSL 406684) is sometimes listed as a fixed-spread broker globally but its AU offering is largely variable. Plus500 (AFSL 417727) isn’t fixed in the strict sense but uses a markup-based model that behaves similarly day-to-day. Beyond genuine fixed pricing, five accounts posted the steadiest day-to-day pricing in our testing and stand as the closest alternatives: Plus500, Mitrade, IG Markets, CMC Markets and Forex.com. For the broader ASIC market beyond fixed pricing, our guide to the best forex brokers in Australia ranks every name we test.
Fixed spread broker comparison table
| Broker | Fixed spread? | EUR/USD typical | AUD/USD typical | AFSL | Min deposit | Platforms |
|---|---|---|---|---|---|---|
 Trade Nation | Yes (full) | 0.5 pips | 0.4 pips | 422661 | $0 | TN Trader, MT4, TradingView |
 easyMarkets | Yes (full) | 0.6 pips | 1.0 pips | 246566 | AUD 200 | easyMarkets web/app, MT4, MT5, TradingView |
 AvaTrade | Mixed (semi-fixed on some accounts) | 0.9 pips (variable) | 1.1 pips | 406684 | $100 | MT4, MT5, AvaTradeGO, WebTrader |
 Plus500 | Markup model, not strictly fixed | Around 1.0 pip | Around 1.4 pips | 417727 | $100 | Plus500 WebTrader, app |
All four hold an Australian Financial Services Licence and are members of the Australian Financial Complaints Authority (AFCA). Each is subject to ASIC’s Product Intervention Order, which caps retail leverage by asset class.
Who fixed spreads suit
- News traders who want pricing certainty around NFP, CPI, RBA cash rate decisions
- Beginners learning position sizing and risk-per-trade who don’t want a moving cost line
- System traders backtesting on a constant cost assumption
- Anyone who values predictability over absolute tightness during normal market hours
Who they don’t suit
- Active scalpers and EA traders chasing the lowest possible cost per trade
- High-frequency traders sensitive to a fraction of a pip during liquid sessions
- Traders running on a RAW or commission model already
Trade Nation: tightest fixed spreads in Australia
Trade Nation quotes the tightest fixed spreads available to Australian retail traders, EUR/USD from 0.6 pips and AUD/USD from 0.9 pips on its TN Trader platform, unchanged during news and session opens, with no commission. Expert advisor users can switch to a separate variable-spread MT4 account, and TradingView runs on the same login. There is no minimum deposit and Trade Nation holds ASIC AFSL 422661. Alongside easyMarkets it is one of only two brokers in our coverage offering true fixed pricing.
Trade Nation: Tightest Fixed Quotes
Average Spread
EUR/USD = 0.5
GBP/USD = 0.8
AUD/USD = 0.4
Trading Platforms
TN Trader, MT4, TradingView
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 422661, plus FCA (UK), FSCA (South Africa) and SCB (Bahamas) regulation
- Fixed spreads from 0.5 pips on EUR/USD and 0.4 pips on AUD/USD in the main session, held through news
- $0 minimum deposit and $0 inactivity fee
- Fixed spreads, while predictable, are wider than top-tier RAW accounts in normal market conditions
- Product range of 1,000+ instruments is narrower than CMC's 12,000+ or IG's 18,000+
- MetaTrader and TradingView availability on the AU entity needs to be verified before account opening
Broker's Detail
Founded in 2014 and ASIC-regulated under AFSL 422661, Trade Nation is one of the few brokers offering genuine fixed spreads across major forex pairs and indices in Australia.
The fixed-spread account quotes EUR/USD at 0.5 pips (main session) with no commission, holding through news events within the session. The proprietary TN Trader platform pairs with MT4 and native TradingView trading.
$0 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.
Trade Nation spread table (published main-session fixed quotes, 17 July 2026, set against our variable-account test averages):
| Pair | Trade Nation (fixed, main session) | AU variable Standard avg | AU variable RAW avg incl. commission |
|---|---|---|---|
| EUR/USD | 0.5 pips | 1.1 pips | 0.6 pips |
| AUD/USD | 0.4 pips | 1.3 pips | 0.7 pips |
| GBP/USD | 0.8 pips | 1.4 pips | 0.8 pips |
| USD/JPY | 0.6 pips | 1.4 pips | 0.7 pips |
| EUR/GBP | 0.5 pips | 1.4 pips | 0.9 pips |
easyMarkets: longest-running fixed-spread name in Australia
easyMarkets is the longest-running fixed-spread name available to Australian traders, quoting EUR/USD fixed at 0.6 pips and AUD/USD at 1.0 pips on its Web and App platform and on TradingView, with no commission. Those rates hold through news and session changes, and its free dealCancellation feature lets you undo a losing trade within 60 minutes for a small premium, which no other broker we cover offers. The minimum deposit is A$200 and easyMarkets holds ASIC AFSL 246566. Note that its MT4 and MT5 accounts run variable spreads rather than fixed.
easyMarkets: Longest-Running Fixed-Spread Name
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
Why higher here? Fixed-spread Fit weights genuine fixed pricing, and easyMarkets is one of only two true fixed-spread brokers on the AU shortlist, with free dealCancellation and guaranteed stops stacking extra certainty on top. That fixed pricing carries a premium over variable accounts, which is why it sits #29 sitewide. 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, holding through news events (published schedule, 17 July 2026). Fixed pricing runs on the easyMarkets web and app, native TradingView and MT4; only MT5 uses variable spreads, per the AU PDS.
AUD 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 | 2.0 pips | 2.1 pips | 0.90 pips |
AvaTrade: primarily variable in Australia
AvaTrade markets fixed spreads in many of its global jurisdictions but the AU entity (Ava Capital Markets Australia, AFSL 406684) runs a primarily variable-spread model on its retail accounts in 2026. EUR/USD typically sits around 0.9 pips on a variable basis. Some account configurations and the AvaProtect feature add a fixed cost layer on top, but the underlying spread isn't fixed in the way it is at easyMarkets or Trade Nation.
AvaTrade: Primarily Variable In Australia
Average Spread
EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.0
Trading Platforms
MT4, MT5, AvaOptions, AvaSocial, AvaTradeGO, WebTrader
Minimum Deposit
$100
Why higher here? Fixed-spread Fit rewards cost predictability. AvaTrade is primarily variable in Australia, but its standard spreads hold steady near 0.8 pips and AvaOptions adds a genuine hedging route, which lifts it above its #23 sitewide position. See how we score
Why We Recommend AvaTrade
If you're considering AvaTrade specifically for fixed pricing, check the current PDS before opening. The product mix has shifted twice in the last three years.
For the full review see the AvaTrade review.
Pros & Cons
- ASIC AFSL 406684 since 2014; Tier-1 regulators on three other continents
- AvaOptions platform offers real vanilla forex options, rare in Australia
- AvaSocial proprietary copy trading plus DupliTrade integration
- USD 50 inactivity fee after only three months, among the most aggressive in our coverage
- USD 100 administration fee after 12 months on top of the inactivity charge
- Standard account spreads (0.9 pips EUR/USD) wider than RAW brokers like Pepperstone and IC Markets
Broker's Detail
Dublin-headquartered AvaTrade has been ASIC-regulated under Ava Capital Markets Australia (AFSL 406684) since 2014. The group also holds licences with the FFAJ (Japan), CySEC (Cyprus), BVIFSC (BVI), FSCA (South Africa) and ADGM (UAE).
AvaTrade runs a Standard-only account model with no Raw/ECN tier. EUR/USD spreads sit around 0.9 pips with no commission. The platform stack is the broadest of any broker in our shortlist: MT4, MT5, AvaOptions, AvaSocial, DupliTrade, AvaTradeGO and WebTrader.
$100 minimum deposit; fee-free AU funding via card, bank transfer and Skrill/Neteller. Note the aggressive fee schedule: USD 50 inactivity fee after three months idle, plus a USD 100 administration fee after twelve months. Retail leverage capped at ASIC's maximum on major pairs.
AvaTrade spread table (indicative standard-account pricing, not from our measured capture):
| Pair | AvaTrade standard (typical pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.8 | 1.1 |
| AUD/USD | 1.0 | 1.3 |
| GBP/USD | 1.5 | 1.4 |
| USD/JPY | 1.1 | 1.4 |
| EUR/GBP | 1.5 | 1.4 |
| EUR/JPY | 1.7 | 1.9 |
| Gold (XAU/USD) | 0.30 | 0.35 |
Plus500: markup model, predictable but not fixed
Plus500 (AFSL 417727) doesn't publish a fixed spread but the broker's pricing model behaves more like a fixed spread than a RAW variable feed. The broker takes a market price and adds a stable markup that doesn't usually move with liquidity conditions. EUR/USD typically prints at around 1.0 pip throughout normal market hours.
Plus500: Markup Model, Predictable But Not Fixed
Average Spread
EUR/USD = 0.8
GBP/USD = 1.0
AUD/USD = 0.9
Trading Platforms
Plus500 WebTrader, app
Minimum Deposit
$100
Why We Recommend Plus500
This isn't technically fixed pricing. Plus500 reserves the right to widen during volatile conditions, and we've observed widening during major news on the platform in our testing. But day-to-day predictability is high. If you want a single broker for casual CFD trading with a stable cost base, Plus500 is in the running.
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
- Best mobile app in our 2026 Best Brokers for Beginners review
- 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 |
Most stable variable spreads: the closest thing to fixed
No other ASIC broker in our 29-broker coverage offers genuine fixed spreads beyond Trade Nation and easyMarkets, so the next-best route to cost predictability is a variable account whose measured spread barely moves. Four names stand out. Our lowest spread forex brokers standard-account table ranks 21 ASIC brokers by measured average, and Axi, CMC Markets and Mitrade take the three most stable positions. Capital.com joins them for a consistently quoted markup model, the lowest deposit on this page and the widest instrument range.
These accounts are not fixed. The quote can drift with liquidity, and it can widen in fast markets. What they offer is pricing that held tight and steady across our May to June 2026 captures, which is the practical outcome most fixed-spread seekers are chasing.
| Broker | Pricing model | EUR/USD (Standard avg) | 8-pair Standard avg | Stability rank | AFSL | Min deposit | Platforms |
|---|---|---|---|---|---|---|---|
 Axi | Variable, most stable measured | 0.60 pips | 0.83 pips | #1 of 21 | 318232 | $0 | MT4 |
 CMC Markets | Variable, market maker | 0.50 pips | 0.89 pips | #2 of 21 | 238054 | $0 | Next Generation, MT4, TradingView |
 Mitrade | Variable, spread-only | 0.40 pips | 0.96 pips | #3 of 21 | 398528 | $100 | Mitrade WebTrader, app |
 Capital.com | Markup, spread-only | 0.70 pips | 1.40 pips | #15 of 21 | 513393 | $20 | Capital.com WebTrader, MT4, TradingView |
Figures come from the standard-account table on our lowest spread brokers guide, captured May to June 2026, where the stability rank is the position among the 21 accounts by overall average. Each of these four also holds an Australian Financial Services Licence and is an AFCA member.
CMC Markets: tightest stable standard spreads
CMC Markets earns a place on this tier for stability rather than fixed pricing. Its Standard account averaged 0.5 pips on EUR/USD and 0.89 pips across our eight-pair basket in the May to June 2026 capture, the second most stable of the 21 standard accounts we measured. The quote is variable, but it stayed tight and consistent with no separate commission.
CMC Markets: Tightest Stable Standard Spreads
Average Spread
EUR/USD = 0.5 (Standard)
8-pair avg = 0.89
Stability #2 of 21
Trading Platforms
Next Generation, MT4, TradingView
Minimum Deposit
$0
Why We Recommend CMC Markets
A market-maker model that aggregates 18 liquidity feeds is what produces that consistency, and it pairs with a $0 minimum deposit, ASIC AFSL 238054 held since 2002 and an LSE-listed parent. Traders who value predictability over the last fraction of a pip get a deep trust stack here. Guaranteed stop-loss orders on the Next Generation platform add the other half of cost certainty.
Pros & Cons
- ASIC AFSL 238054 since 2002, LSE-listed parent, and top marks for trust and market range in our scoring
- Standard account measured at 0.5 pips EUR/USD and 0.89 pips across eight pairs, second most stable of 21, with no commission
- $0 minimum deposit, plus guaranteed stop-loss orders on the Next Generation platform
- Pricing is variable, not fixed, and can widen when liquidity thins
- Overall 68/100 (#19 of 29), with weaker platform and customer-service scores than the market leaders
- Market-maker execution rather than a raw ECN feed
Broker's Detail
London-listed and ASIC-regulated under AFSL 238054 since 2002, CMC Markets runs a market-maker model on its Next Generation platform, with MT4 and native TradingView also supported.
The Standard account carries no commission and posted a 0.5 pip EUR/USD average and a 0.89 pip eight-pair average in our latest capture, ranking second for stability among the 21 standard accounts on our lowest spread brokers table.
$0 minimum deposit with fee-free AU funding. Retail leverage capped at ASIC's maximum on major pairs, with AFCA dispute coverage and negative balance protection standard.
Axi: most consistent standard account we measured
Axi posted the single most stable standard account in our data, averaging 0.60 pips on EUR/USD and 0.83 pips across the eight-pair basket over the May to June 2026 window. No commission applies on that Standard account, and the minimum deposit is $0. For a variable feed, this is the closest thing to a fixed cost we measured.
Axi: Most Consistent Standard Account
Average Spread
EUR/USD = 0.6 (Standard)
8-pair avg = 0.83
Stability #1 of 21
Trading Platforms
MT4
Minimum Deposit
$0
Why We Recommend Axi
ASIC AFSL 318232 has been held since 2007, run from a Sydney head office. Axi trades on MT4 with full expert-advisor support, which the proprietary TN Trader platform on our number-one fixed-spread pick cannot offer. Traders who want fixed-style predictability alongside automated strategies get both here.
Pros & Cons
- Most stable standard account of the 21 we measured: 0.60 pips EUR/USD, 0.83 pips across eight pairs
- Spread-only Standard account with a $0 minimum deposit and no commission arithmetic
- ASIC AFSL 318232 since 2007, Sydney head office, with MT4 and expert-advisor support
- Variable pricing, not fixed, so the quote can move with liquidity
- No native MT5 or cTrader on the AU entity, MT4 only
- Overall 59/100 (#24 of 29), with a weaker platform score than the leaders
Broker's Detail
ASIC-regulated under AFSL 318232 since 2007 and headquartered in Sydney, Axi is an MT4 specialist with no native MT5 or cTrader on its AU entity.
The Standard account is spread-only and topped our standard-account stability table, averaging 0.60 pips on EUR/USD and 0.83 pips across eight pairs in the May to June 2026 capture. A separate Pro account offers commission-based raw pricing for higher-frequency traders.
$0 minimum deposit with fee-free AU funding. Retail leverage capped at ASIC's maximum on major pairs, with AFCA dispute coverage and negative balance protection standard.
Mitrade: spread-only pricing with guaranteed stops
Mitrade rounds out the three most stable standard accounts in our testing, averaging 0.4 pips on EUR/USD and 0.96 pips across the eight-pair basket, with zero commission. Optional guaranteed stop-loss orders and negative balance protection add certainty on the risk side, which fixed-spread seekers tend to value as much as the spread itself.
Mitrade: Spread-Only Pricing With Guaranteed Stops
Average Spread
EUR/USD = 0.4 (Standard)
8-pair avg = 0.96
Stability #3 of 21
Trading Platforms
Mitrade WebTrader, app
Minimum Deposit
$50
Why higher here? Fixed-spread Fit rewards a simple, predictable cost model. Mitrade prices spread-only with no commission and offers guaranteed stops, which lifts it above its #28 sitewide position, though its measured spreads are wider than the brokers above. See how we score
Why We Recommend Mitrade
The catch is scope. Trading costs scored 2 out of 10 in the full review, and the mobile-first proprietary platform is the only option, with no MT4, MT5, cTrader or expert advisors. Low entry pricing helps, at a $50 minimum deposit with fee-free PayID and BPAY funding.
Pros & Cons
- Third most stable standard account of 21 measured: 0.4 pips EUR/USD, 0.96 pips across eight pairs, no commission
- Optional guaranteed stop-loss orders plus negative balance protection for cost certainty on the risk side
- $50 minimum deposit with fee-free PayID and BPAY funding
- Trading costs scored 2 out of 10 in our full review
- No MT4, MT5 or cTrader and no expert advisors, the proprietary web and app platform is the only option
- Overall 42/100 (#28 of 29)
Broker's Detail
ASIC-regulated under AFSL 398528 and headquartered in Melbourne, Mitrade runs a spread-only model on its own mobile-first web and app platform, with no MetaTrader or cTrader support.
The account carries no commission and posted a 0.4 pip EUR/USD average and a 0.96 pip eight-pair average in our May to June 2026 capture, third on our standard-account stability table. Optional guaranteed stop-loss orders and negative balance protection are the standout risk controls.
$50 minimum deposit with fee-free PayID and BPAY funding. Retail leverage capped at ASIC's maximum on major pairs, with AFCA dispute coverage standard.
Capital.com: predictable markup pricing on a modern platform
Capital.com takes a different route to predictability. Rather than a fixed quote, it applies a markup that stayed consistently priced through our testing, averaging 0.7 pips on EUR/USD with no commission. An eight-pair standard average of 1.40 pips ranks 15th for stability, so this is about a steady, transparent markup rather than the tightest measured spread.
Capital.com: Predictable Markup Pricing
Average Spread
EUR/USD = 0.7 (Standard)
8-pair avg = 1.40
Stability #15 of 21
Trading Platforms
Capital.com WebTrader, MT4, TradingView
Minimum Deposit
$20
Why We Recommend Capital.com
What lifts Capital.com is the wider package. A $20 minimum is the lowest on this page, the platform spans 4,500-plus instruments for traders who want predictable costs beyond forex, and an FCA, ASIC and CySEC regulatory stack sits behind AFSL 513393. Its 82/100 is the strongest overall score among the eight brokers on this page, though the pricing is markup rather than genuinely fixed.
Pros & Cons
- Strongest overall score on this page at 82/100 (#7 of 29), with high platform, range and service marks
- Consistently priced markup at 0.7 pips EUR/USD, spread-only with no commission
- $20 minimum deposit, the lowest on this page, and 4,500-plus instruments across asset classes
- Markup pricing, not fixed, and its 1.40 pip eight-pair average is wider than the stability leaders on this tier
- Standard-account stability ranks 15th of 21, so it is chosen for consistency and range rather than raw tightness
- Dynamic model means the quote can still move with market conditions
Broker's Detail
Regulated by the FCA, ASIC and CySEC, Capital.com issues its AU CFDs under AFSL 513393 and runs its own WebTrader alongside MT4 and native TradingView.
The spread-only account applies a markup with no commission and averaged 0.7 pips on EUR/USD in our capture, though a 1.40 pip eight-pair average places it 15th on our standard-account stability table. Range is the draw here, at 4,500-plus instruments.
$20 minimum deposit, the lowest on this page, with fee-free AU funding. Retail leverage capped at ASIC's maximum on major pairs, with AFCA dispute coverage standard.
Why some traders prefer fixed spreads
Four reasons come up consistently when we survey AU traders who choose fixed-spread accounts.
Predictability around news. Variable spreads can blow out from 0.5 pips to 10 pips around major releases. NFP is the classic example. RBA cash rate decisions, US CPI, and ECB rate calls produce similar widening. A fixed-spread account holds the quote. If you trade the news, the cost certainty matters.
No widening during low-liquidity windows. The Sydney/Wellington open (around 7am AEDT) and the period between the New York close and Tokyo open often show wider variable spreads. Fixed quotes stay put.
Easier risk calculations. When the spread is constant, your stop-loss distance and risk-per-trade are easier to plan. You don’t have to add a buffer for spread variance. For traders learning position sizing, this is a real benefit.
Beginner-friendly mental model. Variable + commission accounts add cognitive load. A 0.6 pip fixed spread is easier to reason about than “0.10 pips plus AUD 7 commission per round-turn lot, equivalent to 0.55 pips at AUDUSD 0.65”. Both pricing models have a place. The fixed model is just simpler to start with.
Fixed spread vs variable spread
| Feature | Fixed spread | Variable spread |
|---|---|---|
| Pricing during normal hours | Higher than tight RAW averages | Lower (often 0.0 to 0.3 pips on majors) |
| Pricing during news / volatility | Same as normal | Widens, sometimes dramatically |
| Predictability | High | Low |
| Best for | News traders, beginners, system testers | Active scalpers, EA traders, intraday traders |
| Slippage risk | Lower | Higher during fast markets |
| Cost transparency | Easy | Requires monitoring |
| Typical commission | None (built into spread) | Often charged separately on RAW accounts |
For most active traders, variable wins on raw cost during liquid sessions. For traders who value certainty, fixed wins around news and at session opens. Neither is universally better. It comes down to how you trade.
When fixed spreads can hurt you
Fixed spreads are typically wider than variable averages once you strip out the news windows. If you trade during the London/New York overlap (8pm to 1am AEDT) when liquidity is deepest and variable spreads are tightest, you’re often paying more on a fixed account than on a RAW account, and on some pairs close to twice as much.
Run the numbers. EUR/USD on Pepperstone Razor averages around 0.55 pips equivalent total cost. EUR/USD on easyMarkets fixed averages 0.6 pips. If you place 200 round-turn lots per month, that’s roughly:
- Pepperstone Razor: 200 lots x 0.55 pips x $10 per pip = AUD 1,100
- easyMarkets fixed: 200 lots x 0.6 pips x $10 per pip = AUD 1,200
A $100/month difference at this volume. Scale that up and the fixed-spread premium adds up over a year. The trade-off is real.
The fixed-spread premium at active-trader volume
200 round-turn lots of EUR/USD per month, before execution differences
A$100 per month more on the fixed account at this volume.
The other watch-out is execution. Some fixed-spread brokers reserve the right to reject or requote orders during fast markets rather than fill at the published quote. Read the order execution policy in the broker’s PDS before assuming the quote is binding in all conditions.
ASIC and fixed-spread regulation
ASIC permits both fixed and variable spreads under Australian Financial Services Licence rules. There’s no regulatory preference. What ASIC requires is fair pricing, accurate disclosure, and execution that matches what’s promised in the PDS.
The Product Intervention Order (in force since 29 March 2021, extended to 23 May 2027) applies equally regardless of pricing model. Australian retail traders are capped at 30:1 leverage on major forex pairs, with tighter limits by asset class set out in our ASIC regulation guide. Negative balance protection is mandatory. Margin close-out triggers at 50% of initial margin.
Both fixed-spread and variable-spread brokers are subject to:
- AFSL conditions issued by ASIC
- Margin close-out at 50% of initial margin, and mandatory negative balance protection
- AFCA membership for dispute resolution
- AUSTRAC reporting obligations
- Segregated client money rules under the Corporations Act
If you’re considering a fixed-spread broker, the regulatory protections are identical to any variable-spread broker on our reviews list.
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
Are fixed spreads better than variable spreads in Australia?
Which Australian broker has the lowest fixed spread?
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Can I trade EAs on a fixed-spread account?
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What is the difference between fixed spreads and a market maker?
Which Australian brokers still offer true fixed spreads?
What is the closest alternative to a fixed spread?
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.