Home » Best Forex Trading Brokers in July 2024 » Best Forex Brokers in Australia for 2024

Best Forex Brokers in Australia for 2024

Written by Naylyan Nazifova
Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 
, | Updated: July 4, 2024

Looking for the best forex brokers in Australia? After thoroughly testing several forex brokers authorized by The Australian Securities & Investments Commission (ASIC), we have complied a list of the top 10 FX brokers for traders in Australia. Have a look at the below ranking.

1Fusion Markets
Rating: 4.9 ⭐
74-89% of retail CFD accounts lose money
Top Rated
2FP Markets
Rating: 4.8 ⭐
73.85% of retail investor accounts lose money
3AvaTrade
Rating: 4.5 ⭐
76% of retail investor accounts lose money
4easyMarkets
Rating: 4.5 ⭐
71% of retail investor accounts lose money
5Pepperstone
Rating: 4.5 ⭐
75.5% of retail investor accounts lose money
6eToro
Rating: 4.2 ⭐
51% of retail investor accounts lose money
7Global Prime
Rating: 4.1 ⭐
74-89% of retail CFD accounts lose money
8Admirals
Rating: 4.1 ⭐
73% of retail investor accounts lose money
9FBS
Rating: 3.6 ⭐
72.12% of retail investor accounts lose money
10XM Group
Rating: 2.7 ⭐
72.82% of retail investor accounts lose money

Important Note: To be able to provide forex trading and other financial instruments, forex brokers must obtain authorization from Australian regulatory authorities. The Australian Securities & Investments Commission (ASIC) is the body responsible for the regulation and licensing of forex brokers operating in the Australian market. Each entity authorized to operate in Australia should provide detailed information about its AFS license, providing the number of the respective legal document. You can find more details about ASIC on its official website or by following its social media accounts on X, Facebook, and LinkedIn.

Forex Brokers Catering to Traders in Australia

With more forex brokers emerging on the scene every day, Australian traders might be having a difficult time selecting the right option that will allow them to fully enjoy their forex trading online. That is why our team of dedicated trading experts has compiled a list of 10 top-tier forex brokers that cater to every need of Australian traders. You can be certain that all brokers on our list have been thoroughly tested, with our experts opening real money accounts with each brand and trying their respective trading platforms.

Australian Forex Brokers Ranked by Trustpilot Score

Australian Forex Brokers Ranked by Spread Commission

Forex BrokerEURUSDUSDJPYEURGBPGBPUSD
1. Fusion Markets0.110.130.150.11
2. FP Markets0.100.300.300.30
3. Admirals0.1100.70.5
4. Global Prime0.130.280.280.22
5. easyMarkets0.71.01.00.9
6. FBS0.71.32.71.2
7. XM Group0.80.91.50.9
8. AvaTrade0.91.31.21.3
9. Pepperstone1.01.01.21.0
10. eToro1.01.01.52.0

Australian Forex Brokers Ranked by Commission per Lot

Forex BrokerCommission per lot
1. easyMarkets$0
2. FBS$0
3. AvaTrade$0
4. eToro$0
5. Fusion Markets$0 Classic Account, $4.50 round turn on Zero Account
6. FP Markets$0 Standard Account; $6 round turn on Pro Account
7. Admirals$3 per lot
8. Global Prime$0 Standard Accounts; $7 round turn on Raw Accounts
9. XM Group$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account
10. Pepperstone$0 (Standard Account), $7 round-turn (Razor Account)

Top 10 FX Brokers in Australia

  1. TRADE NOW 74-89% of retail CFD accounts lose money
    Fusion Markets Broker Details
    RegulatorsASIC, FSA (Seychelles), VFSC (Vanuatu)
    Min Deposit$0
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade
    Trustpilot Rating4.9 out of 1569 reviews
    Number of Forex Pairs to TradeOver 200
    LeverageForex & Metals: 30:1
    Index CFDs: 5:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.11
    USDJPY: 0.13
    EURGBP: 0.15
    GBPUSD: 0.11
    Forex Commission per Lot per Trade$0 Classic Account, $4.50 round turn on Zero Account
    Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

    Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.

    In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.

    Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.

    With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.

    Key Pros

    • Offers some of the lowest spreads
    • ASIC clients enjoy a negative balance protection
    • Supports popular trading platforms
    • Offers two copy trading platforms
    • Supports fiat and crypto payment solutions

    Key Cons

    • Does not offer investor protection
    • Traders outside Australia have no negative balance protection
    • Cannot set up an account in a minor currency
  2. TRADE NOW 73.85% of retail investor accounts lose money
    FP Markets Broker Details
    RegulatorsASIC, CySEC, FSA (Seychelles), FSCA
    Min Deposit$50 (AU$100)
    Trading PlatformsMetaTrader4, MetaTrader5, WebTrader, IRESS
    Trustpilot Rating4.8 out of 6143 reviews
    Number of Forex Pairs to Trade70+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 50:1
    SpreadEURUSD: 0.10
    USDJPY: 0.30
    EURGBP: 0.30
    GBPUSD: 0.30
    Forex Commission per Lot per Trade$0 Standard Account; $6 round turn on Pro Account
    Deposit MethodsVisa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal

    FP Markets is a broker that joined the online trading scene in 2005, making it a well-experienced brand, offering great trading conditions for all of its clients. Traders from multiple markets will have the chance to trade a decent number of currency pairs as well as numerous CFDs. Some of the biggest perks FP Markets offers to traders include competitively low spreads, popular trading platforms, and a great selection of tools suitable for beginners.

    To offer an equally smooth trading to different traders, FP Markets supports popular platforms like MetaTrader 4 and 5 as well as IRESS and WebTrader. A dedicated mobile app will also offer Android and iOS users easy access to mobile trading platforms, enabling seamless trading on the go.

    Tight spreads are also among the features that attract numerous traders to FP Markets, with pleased reviewers on Trustpilot giving the brand an average score of 4.8 out of 5. The average leverage ratio that FP Markets members can enjoy can reach up to 30:1 on certain products, including popular currency pairs. To ensure the safety of traders, the broker abides by the rules and guidelines imposed by major regulators in jurisdictions like Australia (License No. 286354) and Cyprus (License No. 371/18).

    Key Pros

    • Offers plenty of educational trading tools
    • Broker with competitive spreads
    • Allows easy trading on the go
    • Regulated by reputable authorities
    • Offers a decent number of currency pairs

    Key Cons

    • Supported trading platforms are a tad outdated
    • Could expand selection of products
    • No negative balance and investor protection for clients under ASIC
  3. TRADE NOW 74-89% of retail CFD accounts lose money
    Global Prime Broker Details
    RegulatorsASIC (No. 385620), VFSC (No. 40256)
    Min Deposit$0
    Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 Android
    Trustpilot Rating4.1 out of 100 reviews
    Number of Forex Pairs to Trade56
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.13
    USDJPY: 0.28
    EURGBP: 0.28
    GBPUSD: 0.22
    Forex Commission per Lot per Trade$0 Standard Accounts; $7 round turn on Raw Accounts
    Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto
    Withdrawal Methods

    Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

    Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.

    These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.

    Key Pros

    • Overseen by a top-tier financial regulator (ASIC)
    • No fees on deposits and withdrawals
    • Low fees for FX trading
    • Streamlined sign-up process
    • A broad range of currency pairs

    Key Cons

    • Could use more trading platforms
    • A limited range of educational resources
    • Does not offer Islamic or cent accounts
  4. TRADE NOW 76% of retail investor accounts lose money
    AvaTrade Broker Details
    RegulatorsFFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684)
    Min Deposit$100
    Trading PlatformsMetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial
    Trustpilot Rating4.5 out of 8469 reviews
    Number of Forex Pairs to Trade250+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.9
    USDJPY: 1.3
    EURGBP: 1.2
    GBPUSD: 1.3
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wire
    Withdrawal MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wire

    AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.

    Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.

    It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.6 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.

    Key Pros

    • Regulated by 9 jurisdictions in 6 continents
    • Offers various trading platforms suitable for beginners and expert traders
    • Enables smooth mobile forex trading via dedicated app
    • Offers 55 forex options and numerous CFDs
    • Easy copy trading via the AvaSocial platform

    Key Cons

    • Retail account pricing trails behind top brokers’ offerings
    • Desktop platform may seem a tad outdated
    • Many payment solutions are country-specific
  5. TRADE NOW 72.82% of retail investor accounts lose money
    XM Group Broker Details
    RegulatorsFCA (ref. no. 705428), (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), MiFID, CFTC
    Min Deposit$5
    Trading PlatformsMetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT$ Multiterminal
    Trustpilot Rating2.7 out of 561 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.8
    USDJPY: 0.9
    EURGBP: 1.5
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account
    Deposit MethodsVisa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro
    Withdrawal MethodsVisa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer

    Since its inception in 2009, XM managed to attract over 10,000,000 customers, providing the best trading experience for traders online. There are quite a few reasons for so many people trusting XM, with tight spreads and cost-effective pricing being just a few of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities like the FCA, CySEC, IFSC, ASIC, and many more reputable regulators.

    The brand offers more than 10 full-feature trading platforms that include the MetaTrader 4 and MetaTrader 5 platforms adapted for mobile trading on Android and iOS devices. Mt4 WebTrader, M5 WebTrader, and MT4 Multiterminal are also among the platforms available to XM traders, making trading equally easy and intuitive for any type of trader.

    No matter the account type you opt for, the least amount you are required to deposit to your XM account is $5, with the same limit also imposed on your withdrawals from XM. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.

    Key Pros

    • Traders can choose from over 10 platforms
    • Covers a great number of currency pairs
    • Regulated by major authorities
    • Offers smooth trading on the go
    • Supports different account types with tight spreads and low fees

    Key Cons

    • Trading platform’s design seems outdated
    • Not listed on stock exchange
    • Charges an inactivity fee
  6. TRADE NOW 71% of retail investor accounts lose money
    easyMarkets Broker Details
    RegulatorsCySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
    Min Deposit$100
    Trading PlatformseasyMarkets, MetaTrader 4, MetaTrader 5, TradingView
    Trustpilot Rating4.5 out of 1618 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 1.0
    EURGBP: 1.0
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer

    Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).

    Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.

    Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.

    Key Pros

    • Offers tight spreads and low fees
    • Supports trading of over 60 currency pairs
    • Regulated by several reputable authorities
    • Supports a wide range of payment methods
    • Offers a proprietary platform

    Key Cons

    • Number of supported products is somewhat limited
    • Does not offer copy trading platform
    • Traders from certain countries may have access to fewer payment methods
  7. 7. FBS
    TRADE NOW 72.12% of retail investor accounts lose money
    FBS Broker Details
    RegulatorsCySEC (No. 331/17), FSC (No. 000102/6), ASIC (No. 426359)
    Min DepositStandard accounts: $100
    Cent accounts: $10
    Trading PlatformsMT5 Desktop, MT5 WebTrader
    Trustpilot Rating3.6 out of 546 reviews
    Number of Forex Pairs to Trade28
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 1.3
    EURGBP: 2.7
    GBPUSD: 1.2
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Maestro, Skrill, Bank Transfer, Neteller, EFT, Sticpay, Perfect Money, Fasapay, AstroPay, Pix
    Withdrawal MethodsVisa, Mastercard, Maestro, Perfect Money, Neteller, Sticpay, EFT, Bank Transfer, Skrill, AstroPay, Pix, Fasapay

    FBS is a global forex broker with over a decade of experience in providing low-cost trading services. Regulated by CySEC, ASIC, and Belize’s FSC, the company has a whopping 23 million customers across more than 150 countries. FBS clients have access to over 40 currency pairs, indices, hard commodities, and major US stocks, available for trading with floating spreads that start from zero pips in some cases.

    The brokerage has many upsides going for it, including 24/7 client support, reasonable pricing, and a great collection of learning materials for customers looking to hone their skills. Its detailed Guidebook for FX trading features chapters for beginner, elementary, intermediate, and experienced traders. Two main account types are on offer, Standard and Cent, with minimum initial deposits starting at $100 and $10, respectively. The broker offers demo versions of both account types.

    FBS is ideal for customers with a high risk tolerance and large appetites for rewards, allowing them to leverage their positions at ratios of up to 3000:1. As generous as it is, this leverage cap applies only to clients registering through the Belize-licensed version of the website. Various funding methods are supported, although availability largely depends on region.

    Key Pros

    • Leverage of up to 3000:1 on FX majors (non-EU)
    • Excellent learning content
    • Novice FX traders can set up cent accounts
    • Market execution speed averages 0.3 seconds
    • Great Guidebook for FX trading

    Key Cons

    • Facilitates trading via MT5 only
    • Below-average range of tradable products
    • Lacks FCA authorization
  8. TRADE NOW 75.5% of retail investor accounts lose money
    Pepperstone Broker Details
    RegulatorsUK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA
    Min Deposit$0
    Trading PlatformsTradingView, MT5, MT4, cTrader
    Trustpilot Rating4.5 out of 2398 reviews
    Number of Forex Pairs to Trade100
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.0
    USDJPY: 1.0
    EURGBP: 1.2
    GBPUSD: 1.0
    Forex Commission per Lot per Trade$0 (Standard Account), $7 round-turn (Razor Account)
    Deposit MethodsVisa, Mastercard, PayPal, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, PayPal, Bank Transfer

    Pepperstone was launched in 2010 by a group of seasoned traders but has greatly expanded its global presence since then, currently reaching over 400,000 traders worldwide. The company enjoys an immaculate reputation and operates with licenses from several top-tier regulators, including the FCA, ASIC, and CySEC. Pepperstone also ranks among the world’s largest brokerages, boasting an average daily trading volume of $12.6 billion.

    Customers of the award-winning company can trade with more than 1,200 financial instruments, ranging from stocks, indices, and ETFs to commodities and currency pairs. FX traders, in particular, can go long or short on over 90 major, minor, and exotic currency pairs. Spreads are highly competitive at Pepperstone, starting at zero pips for majors like EUR/USD traded via Raw accounts. MT4, MT5, TradingView, and cTrader all pose as viable platform options for Pepperstone customers. All these factors combined have earned Pepperstone an above-average rating of 4.5 stars at Trustpilot.

    Key Pros

    • Winner of multiple industry awards
    • Commission-free FX trades via standard accounts
    • Over 1,200 instruments across all major asset classes
    • Competitive spreads on FX trades via Razor accounts
    • Seamless withdrawals within 1 to 3 workdays

    Key Cons

    • A somewhat limited range of deposit and withdrawal options
    • High swap rates on overnight positions
  9. TRADE NOW 51% of retail investor accounts lose money
    eToro Broker Details
    RegulatorsFCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN
    Min Deposit$10
    Trading PlatformseToro Investing, eToro App, TradingView, eToro CopyTrader
    Trustpilot Rating4.2 out of 22902 reviews
    Number of Forex Pairs to Trade55
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.0
    USDJPY: 1.0
    EURGBP: 1.5
    GBPUSD: 2.0
    Forex Commission per Lot per Trade$0
    Deposit MethodseToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24
    Withdrawal MethodsPayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

    Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.

    Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.

    Key Pros

    • Offers trading with over 5,000 instruments
    • Ideal for social and copy trading
    • No commissions on forex trades
    • Effortless registration process
    • Offers negative balance protection

    Key Cons

    • Withdrawals are subject to additional processing fees ($5)
    • USD is the only base account currency
    • Charges inactivity fees on dormant accounts
  10. TRADE NOW 73% of retail investor accounts lose money
    Admirals Broker Details
    RegulatorsCySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311)
    Min Deposit$100 ($1 for Invest MT5 Account)
    Trading PlatformsMT4, MT5, WebTrader, MT Supreme Edition, StereoTrader
    Trustpilot Rating4.1 out of 1706 reviews
    Number of Forex Pairs to Trade82
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.1
    USDJPY: 10
    EURGBP: 0.7
    GBPUSD: 0.5
    Forex Commission per Lot per Trade$3 per lot
    Deposit MethodsVisa, Mastercard, Skrill, Klarna, Bank Transfer, PayPal, Neteller, iDeal, POLi, Perfect Money, Cryptocurrencies
    Withdrawal MethodsBank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, Perfect Money

    Formerly Admiral Markets, Admirals is a multi-asset online broker that commenced operations in 2001. The company’s commitment to excellence, innovation, and low-cost trading has earned it the reputation of one of the world’s leading and most reliable brokers. Licensed by ASIC and FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 82 forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.

    Admirals mainly specializes in CFD trading, offering leverage of up to 500:1 to professional forex traders. Fees on forex trades are largely built in the spreads, although clients with Zero/ECN accounts pay a $6 round-turn commission per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is possible via familiar platforms like MT4, MT5, and MT WebTrader.

    The broker offers negative balance protection to retail clients and fills 90% of all orders within 150 milliseconds. Customers can fund their live accounts for free via bank transfers, cards, digital wallets, and online banking. There is room for enhancement where withdrawals are concerned, though. Admirals customers can request no more than one free withdrawal per month.

    Key Pros

    • Over 8,000 markets available
    • 80 forex pairs tradable through CFDs
    • Swap-free forex accounts for Islamic customers
    • Offers forex trading in micro lots
    • No fees on deposits

    Key Cons

    • Only one free withdrawal per calendar month
    • Does not trade publicly on a stock exchange

Forex trading is legal in Australia, so you have nothing to worry about if you want to engage in this type of trading online. The legal status of this form of trading applies to all territories and states in Australia. There is, however, one key element we would like to highlight and that is the regulation of this sector. To engage in legal forex trading, you must register with a broker authorized by ASIC.

Australian laws consider forex trading a form of derivatives trading, which means it is regulated in a similar fashion as CFDs, futures, and options. As mentioned, to be eligible to legally offer forex trading services to Aussies, brokers must procure a license from ASIC. For this purpose, they must fulfill certain requirements stipulated in ASIC’s Market Integrity Rules.

How Does ASIC Regulate Forex Trading in Australia?

ASIC’s main goal is to ensure Australian traders have access to a wide selection of financial instruments and markets tradable in a safe and fair environment. Some of ASIC’s responsibilities include:

  • Licensing forex brokers and making sure they follow the stipulated regulatory guidelines
  • Assessing the operations of exchanges and clearing houses
  • Investigating any alerts and complaints about misconduct and taking proper regulatory action
  • Providing sufficient sources of education to investors, teaching them about the risks of trading
  • Reviewing any new potential amendments to regulatory standards and laws

Forex brokers regulated and licensed by the Australian watchdog are required to follow several guidelines to ensure safe and fair derivatives trading. One of the safety measures imposed by ASIC is keeping the funds of traders segregated, ensuring the safety of investors’ money. To this end, ASIC-regulated brokers must work with tier-1 banks.

Forex brokers operating in Australia must maintain a minimum operating capital of $1 million, a standard threshold most regulated global brokerages must meet. Meanwhile, the regulatory body has adopted an investor compensation scheme that protects retail clients against broker insolvency.

Ways to Verify a Forex Broker’s ASIC License?

As more operators join the forex trading sector in Australia, traders must beware of unlicensed brokers. To avoid fake regulated entities, Aussie traders must be extra careful when choosing a brand to trade with. Some unregulated firms claim to be authorized by the local financial watchdog, ASIC. We advise traders to always confirm the validity of said license and do a thorough background check before they entrust a broker with their money.

ASIC-regulated forex brokerages provide detailed regulatory information and publish the numbers of their Australian Financial Services (AFS) licenses. Investors can additionally check the official website of the regulator. ASIC’s MoneySmart website offers detailed information on all operators licensed by the Australian watchdog.

Will Your Funds be Safe When Trading with Australian Forex Brokers?

As already mentioned, ASIC-regulated brokers must keep their clients’ funds segregated, which adds an extra layer of protection to your forex investments. Another condition licensed Aussie brokers should meet is ensuring the best possible order execution practices. This means offering fair, up-to-date pricing and granting access to various markets. While executing their customers’ orders, brokers must take all necessary steps to ensure the best possible results for their clients.

Australian brokers rank among the most reliable entities for online forex trading as they follow the strict guidelines outlined by ASIC, one of the most reputable regulatory bodies in the financial sector. To receive operational authorization for the Australian market, brokers should be fully transparent with their customers, ensuring fair pricing and top-level investment protection.

Do Australian Brokers Provide Negative Balance Protection?

While we are on the topic of investor funds protection, we should also mention that ASIC-licensed brokers must provide negative balance protection to all retail customers. This measure ensures that traders’ losses cannot exceed the overall amount they have deposited into their live accounts. You can easily recognize any reputable Aussie broker as negative balance protection is among the key features such brands offer to retail account holders.

Another feature that provides additional investment protection is the margin closeout. Licensed Australian brokers must automatically close out all leveraged positions in accounts whose equity declines to 50% of the required margin. That way, positions are automatically exited, preventing the accumulation of crippling losses that may result in financial difficulties for investors.

Do Aussie Traders Pay Taxes on Their Forex Trading Profits?

With Australia legalizing and regulating forex trading, earnings accumulated through this form of trading are considered taxable income. Under Australian law, profits from trading are subject to a capital gains tax (CGT). However, this applies only to individuals who have engaged in trading for over 12 months and have profited from their positions during this period.

On the other hand, traders who gain from short-term speculation and hold assets for less than 12 months must pay personal tax rates. In either case, we advise Aussie traders to keep records of their trades and fees since they will need this information when filing their annual tax returns.

Leverage Comparison at ASIC-Regulated and Offshore Brokers

After conducting a series of extensive reviews between 2017 and 2020, ASIC established that most Aussie retail investors lose money when trading with leveraged derivatives like contracts for difference (CFDs). Concerned by its findings, the regulatory body decided to step in by issuing an intervention order that placed restrictions on the maximum leverage available to retail traders from the country.

As a result, ASIC-licensed brokers must comply with leverage caps ranging from 2:1 to 30:1 based on the volatility inherent to different classes of underlying assets. The riskier a given asset is to trade, the lower the leverage Aussies can use. Here are the leverage caps currently enforced on locally regulated brokerages.

30:1 for major forex pairs
20:1 for gold, major equity indices, minor and exotic forex pairs
10:1 for all commodities bar gold and minor equity indices
5:1 for stocks and other asset classes
2:1 for cryptocurrency trades

The ASIC leverage restrictions largely coincide with those imposed on EU-regulated brokers. Offshore brokerages outside the regulatory reach of ASIC commonly provide retail traders with significantly higher leverage ratios, starting at 10:1 for highly volatile cryptocurrencies.

Leverage maximums vary across different offshore licensing jurisdictions, ranging from 500:1 to 3000:1 for forex majors. Aussie traders should remember that leverage has the potential to greatly amplify both their profits and losses. While undoubtedly useful, this tool should be implemented with due caution.

How to Qualify for Professional Account at Australian Forex Brokers

Aussie traders are eligible for two types of professional accounts, Pro Level 1 and Pro Level 2, but must meet certain criteria to qualify for opening them at ASIC-regulated brokers. Eligible applicants for Level 1 accounts must have sufficient net assets and gross income that meet the minimum thresholds set out by ASIC.

Additionally, traders interested in upgrading to Pro Level 1 should pass a client suitability test with flying colors. A single incorrect answer results in failing the test. Sufficient experience in trading with leveraged derivatives or employment in the financial services sector is also required for Level 1. The table below offers a concise breakdown of the requirements for each type of professional account.

Pro 1 Account Requirements

  • Pass client suitability test with 100% correct answers
  • Sufficient income (AU$100,000) OR large enough investment portfolio (AU$500,000)
  • Employment in the financial sector for at least one year OR sufficient experience in derivative trading (4 quarters or more with AU$5 million in trades for forex)

Pro 2 Account Requirements

  • Experience of 4 or more quarters in leveraged trading over the past 5 years
  • Net assets amounting to at least AU$2.5 million
  • OR income of AU$250,000 per annum over the last two years before application

Professional accounts offer the benefit of higher leverage caps but come at the expense of waiving many of the protections retail traders are entitled to. For instance, professional traders in Australia are not eligible for negative balance protection and are often excluded from using external dispute resolution services.

Trading Platforms Offered by Australian Forex Brokers

ASIC-compliant forex brokers typically work with some of the best third-party trading platforms in the world, although it is worth mentioning some firms also develop proprietary trading software. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two most commonly implemented third-party platforms Aussie traders will come across.

  • MetaTrader 4 (MT4)

    MT4 is more suitable for inexperienced traders as it comes with a simpler interface and fewer features. It was specifically developed for FX trading, although other asset classes like shares, commodities, and equity indices are also supported.

  • MetaTrader 5 (MT5)

    MT4’s successor, MT5, gives you access to more tradable instruments, including cryptocurrencies, and is richer in features. It has improved charting capabilities and offers more technical indicators, timeframes, and order types. MT5 generally appeals to seasoned Aussie traders as these additional features come at the expense of reduced user-friendliness.

  • TradingView

    Aussies looking to dip their toes in copy and social trading can commonly do so via cTrader or TradingView, two robust platforms incorporated into many trading sites accepting customers from Down Under. TradingView supports over 15 chart types, customizable spreads, and hundreds of indicators for comprehensive technical analysis. It is home to a vast community of investors, allowing them to exchange strategies and ideas through its platform.

  • cTrader

    Many brokers catering to customers from the country also work with cTrader, a third-party platform that delivers a superior copy trading experience to Aussies looking to replicate the strategies of top-performing investors from around the world. Previously known as cMirror, the platform is ideal for novice and well-versed traders alike as it offers advanced order types and great charting tools, among other useful features.

Below you can find some useful references with links to organisations that monitor the forex market in Australia.

  1. ASIC ( Australian Securities and Investment Commission): Here you can find all companies authorised to provide forex brokerage services in Australia.
  2. ASIC or AFCA: If you have been scammed or threaded unfairly by a broker, you can contact ASIC using this form or start a complaint process here through AFCA.org.au.