Naylyan NazifovaNaylyan Nazifova is a Financial Research and Platform Testing Analyst at BestBrokers.com, where she reviews and tests online brokers across forex, stocks, investing and personal finance. Her experience in online trading content and broker analysis helps readers understand how platforms perform in practice, including their trading tools, fees, ease of use and suitability for different types of investors.
| Updated: Looking for the best forex brokers in Australia? After thoroughly testing several forex brokers authorized by the Australian Securities & Investments Commission (ASIC), we have compiled a list of the top 11 FX brokers for traders in Australia. Have a look at the ranking below.
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% of retail investor accounts lose money
Pepperstone73.7% of retail investor accounts lose money
Eightcap59.57% of retail investor accounts lose money when trading CFDs with this provider.
Global Prime74-89% of retail CFD accounts lose money
IG67% of retail client accounts lose money when trading CFDs with this investment provider.
AvaTrade57% of retail investor accounts lose money
XM Group72.82% of retail investor accounts lose money
easyMarkets71% of retail investor accounts lose money
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro52% of retail investor accounts lose moneyImportant 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.
Australian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 9,422 | 4.9 ⭐ |
| 2. Fusion Markets | 4,873 | 4.8 ⭐ |
| 3. BlackBull Markets | 2,681 | 4.8 ⭐ |
| 4. AvaTrade | 11,076 | 4.7 ⭐ |
| 5. Global Prime | 341 | 4.7 ⭐ |
| 6. Pepperstone | 3,144 | 4.4 ⭐ |
| 7. Plus500 | 17,312 | 4.2 ⭐ |
| 8. easyMarkets | 1,735 | 4.0 ⭐ |
| 9. IG | 8,324 | 3.9 ⭐ |
| 10. Admirals | 2,046 | 3.8 ⭐ |
| 11. XM Group | 2,787 | 2.7 ⭐ |
Australian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.90 avg (Classic) | 1.04 avg. (Classic) | 1.03 avg. (Classic) | 1.04 avg. (Classic) |
| 2. Plus500 | 0.9 | 2.0 | 1.5 | 1.5 |
| 3. FP Markets | 1.17 | 1.64 | 1.40 | 1.43 |
| 4. Admirals | 0.7 | 1.1 | 0.9 | 1.1 |
| 5. Global Prime | 1.00 avg (Standard) | 1.20 avg (Standard) | 1.16 avg (Standard) | 1.18 avg (Standard) |
| 6. easyMarkets | 0.7 | 1.2 | 1.0 | 1.3 |
| 7. BlackBull Markets | 0.8 | 0.8 | 1.4 | 0.8 |
| 8. XM Group | 0.8 (min) | 0.8 (min) | 1.7 (min) | 0.8 (min) |
| 9. AvaTrade | 0.8 | 1.3 | 1.2 | 1.2 |
| 10. Pepperstone | 1.10 (avg.) | 1.20 (avg.) | 1.30 (avg.) | 1.20 (avg.) |
| 11. IG | 0.86 avg. spread | 0.97 avg. spread | 1.83 avg. spread | 1.84 avg. spread |
Australian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. easyMarkets | $0 |
| 2. Plus500 | $0 |
| 3. BlackBull Markets | $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) |
| 4. AvaTrade | $0 |
| 5. IG | $0 |
| 6. Fusion Markets | $0 on Classic accounts; $4.50 per round turn on ZERO accounts |
| 7. FP Markets | Standard account: $0; Raw account: $6 round-turn per lot |
| 8. Admirals | $3 per lot |
| 9. Global Prime | $0 on Standard accounts; $7 round-turn on Raw accounts |
| 10. XM Group | $0 for Ultra Low Micro and Ultra Low Standard accounts; $3.50 per side for the XM Zero Account |
| 11. Pepperstone | $0 (Standard Account), $7 round-turn (Razor Account) |
Top 11 FX Brokers in Australia
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, DupliTrade, Fusion+ Copy Trading, TradingView Trustpilot Rating 4.8 out of 4,873 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30 (1:500 for forex and metals via the VFSC entity)
Index CFDs: 1:5
Cryptocurrency CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.90 avg (Classic)
USDJPY: 1.04 avg. (Classic)
EURGBP: 1.03 avg. (Classic)
GBPUSD: 1.04 avg. (Classic)Forex Commission per Lot per Trade $0 on Classic accounts; $4.50 per round turn on ZERO accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, FasaPay, Jeton Wallet, Perfect Money, OnlineNaira, DOKU, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, Bank Wire, ZotaPay, VNPAY, DuitNow, XPay, Dragonpay, VAPay, AstroPay, PayID, JetonBank, STICPAY, Interac, LuqaPay, MiFinity Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller, Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, Dragonpay Founded by Australian trading experts, Fusion Markets was launched in 2017 and has become a popular choice for traders around the world. Although many brokers advertise low spreads, Fusion Markets has been recognized by BrokerChooser, receiving the “Lowest Spread Forex Broker” award for four consecutive years.
In addition to tight spreads, Fusion Markets offers strong value for traders, charging a low commission of only $2.25 per lot per side ($4.50 per round turn). Cost-effectiveness is one of the broker’s main strengths.
Fusion Markets is regulated by the Australian Securities and Investments Commission (ASIC; AFSL No. 385620), the Financial Services Authority of Seychelles (License No. SD096), and the Vanuatu Financial Services Commission (VFSC). Under ASIC regulation, the broker also offers negative balance protection for eligible clients.
With no minimum deposit requirement and a wide range of popular trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView, Fusion Markets remains an attractive option for traders. The broker has an average rating of 4.8 out of 5 on Trustpilot, based on 4,873 reviews.
Key Pros
- Offers some of the lowest spreads
- ASIC clients have negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment methods
Key Cons
- Does not offer investor protection
- Traders outside Australia do not have negative balance protection.
- Accounts cannot be set up in minor currencies.
- Does not have an FCA license
- 2. FP Markets
Overall Score 4.37/5READ REVIEWTRADE NOW 73.33% of retail investor accounts lose moneyFP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSC (Mauritius) Min Deposit $50 (AU$100) Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, IRESS, cTrader, TradingView Trustpilot Rating 4.9 out of 9,422 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: Up to 1:2 (retail clients); up to 1:5 (professional clients)Spread EURUSD: 1.17
USDJPY: 1.64
EURGBP: 1.40
GBPUSD: 1.43Forex Commission per Lot per Trade Standard account: $0; Raw account: $6 round-turn per lot Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skrill, SticPay, FasaPay, Virtual Pay, Perfect Money, PagSmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker-to-Broker, PayPal, XPay, Rapyd Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, PayTrust88, PayPal FP Markets entered the online trading market in 2005, making it a well-established broker with favorable trading conditions for its clients. Traders across multiple markets can trade a wide range of currency pairs as well as numerous CFDs. Some of FP Markets’ biggest advantages include competitive spreads, popular trading platforms, and a strong selection of tools suitable for beginners.
To deliver a smooth experience for different types of traders, FP Markets supports popular platforms, including MetaTrader 4, MetaTrader 5, IRESS, TradingView, cTrader, and WebTrader. Dedicated mobile apps also give Android and iOS users easy access to trading on the go.
Tight spreads are among the features that attract many traders to FP Markets. Reviewers on Trustpilot give the brand an average score of 4.9 out of 5. The maximum leverage available to retail FP Markets clients is 1:30 for certain products, including popular currency pairs. To help protect traders, the broker follows the rules and guidelines set by major regulators in jurisdictions such as Australia (License No. 286354) and Cyprus (License No. 371/18).
Key Pros
- Offers a good selection of educational tools for traders
- Competitive spreads
- Easy mobile trading
- Regulated by reputable authorities
- Offers a wide range of currency pairs
Key Cons
- Some supported trading platforms feel outdated.
- Could expand its product selection
- No investor compensation protection for clients under ASIC regulation
BlackBull Markets Broker Details Regulators FSA (Seychelles, No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$0 (Prime)$20,000 (Institutional) Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade Trustpilot Rating 4.8 out of 2,681 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:500
Index CFDs: 1:500
Cryptocurrency CFDs: 1:500Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 1.4
GBPUSD: 0.8Forex Commission per Lot per Trade $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, bank transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, FasaPay, China UnionPay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, bank transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China UnionPay, Boleto, FasaPay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets stands out for its tradable asset diversity, offering a selection of more than 26,000 financial instruments. The broker caters to forex traders with more than 70 major, minor, and exotic currency pairs that can be traded via three types of ECN accounts: Standard, Prime, and Institutional. Commodities, shares, indices, and futures can also be traded with BlackBull Markets.
The broker is licensed by the FSA (Seychelles) and the FMA, and it offers relatively reasonable trading conditions, although the exact trading costs largely depend on the type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types charge above-average commissions per lot.
Customers with live accounts can top up their balances with payment cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. Deposits come at no extra cost, but the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses a proprietary copy-trading platform
- Swap-free trading via ECN Standard and ECN Prime accounts
- Multi-platform support
- Provides 24/7 customer support
- Strong education hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 withdrawal fee
- 4. PepperstoneOverall Score 4.19/5READ REVIEWTRADE NOW 73.7% of retail investor accounts lose money
Pepperstone Broker Details Regulators ASIC (No. 414530), UK FCA (No. 684312), CySEC (No. 388/20), BaFin (No. 151148), DFSA (F004356), CMA (128), SCB Bahamas (SIA-F217), FSA (SD108) Min Deposit $0 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, TradingView Trustpilot Rating 4.4 out of 3,144 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.10 (avg.)
USDJPY: 1.20 (avg.)
EURGBP: 1.30 (avg.)
GBPUSD: 1.20 (avg.)Forex Commission per Lot per Trade $0 (Standard Account), $7 round-turn (Razor Account) Deposit Methods Visa, Mastercard, PayPal, Bank Transfer, BPAY, Neteller, Skrill, Apple Pay, Google Pay, UnionPay, POLi, USDT, M-Pesa Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer, BPAY, Neteller, Skrill Pepperstone was launched in 2007 by a group of seasoned traders and has greatly expanded its global presence since then, serving more than 750,000 customers worldwide. The company enjoys a strong 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, with a monthly trading volume of over $400 billion.
Customers of the award-winning company can trade more than 1,200 financial instruments, ranging from indices, cryptocurrencies, and ETFs to commodities and currency pairs. Share CFDs across a range of Australian, US, UK, and German shares are also among the supported instruments. 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 Razor accounts. MT4, MT5, TradingView, and cTrader, as well as the broker’s proprietary platform, are viable options for Pepperstone customers. Combined, these factors have earned Pepperstone an above-average rating of 4.4 stars on Trustpilot from more than 3,000 reviewers.
Customer support agents are available around the clock on weekdays and for 18 hours on weekends. New traders will find the broker’s demo account and educational resources, such as webinars, videos, and guides, useful for improving their trading skills. In addition, expert market analysis and insights help traders make informed decisions.
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 business days
Key Cons
- A somewhat limited range of deposit and withdrawal options
- High swap rates on overnight positions
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4, MT4 WebTrader, MT4 Android, MT4 iOS; for VFSC clients: MT4, MT5 (Desktop, WebTrader, Mobile), and GP Copy Trustpilot Rating 4.7 out of 341 reviews Number of CFD Forex Pairs to Trade 59 Leverage Forex & Metals CFDs: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrency CFDs: Up to 1:2 (ASIC); up to 1:5 (Pro and VFSC)Spread EURUSD: 1.00 avg (Standard)
USDJPY: 1.20 avg (Standard)
EURGBP: 1.16 avg (Standard)
GBPUSD: 1.18 avg (Standard)Forex Commission per Lot per Trade $0 on Standard accounts; $7 round-turn on Raw accounts Deposit Methods Visa, 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 financial authorities in Vanuatu and Australia, the broker provides access to more than 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 executed within 10 milliseconds on average. The broker’s ASIC-regulated entity supports MT4 only, while clients trading under VFSC regulation also have access to MT5. Global Prime also plans to expand its range of supported platforms with TradingView soon.
These excellent trading conditions, coupled with a streamlined registration process, fee-free deposits and withdrawals, and round-the-clock support, have earned the broker a solid 4.7 rating on Trustpilot. Still, there is room for improvement, as the company does not offer cent or Islamic accounts. The broker has no compensation scheme for client funds, either, which is another area where Global Prime could improve.
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 offer more trading platforms
- Limited range of educational resources
- Does not offer Islamic or cent accounts
ActivTrades Broker Details Regulators FCA (UK), CMVM (Portugal), CVM (Brazil), SCB (Bahamas), FSC (Mauritius) Min Deposit $0 Trading Platforms ActivTrader, TradingView, MT4, MT5 Trustpilot Rating 3.9 out of 1,251 reviews Number of CFD Forex Pairs to Trade 56 Leverage Forex & Metals CFDs: 1:30 (1:400 under the Bahamas entity)
Index CFDs: 1:20 (1:200 under the Bahamas entity)
Cryptocurrency CFDs: 1:2 (1:20 under the Bahamas entity)Spread EURUSD: 0.50
USDJPY: 0.50
EURGBP: 0.80
GBPUSD: 0.80Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, PayPal, Apple Pay, Google Pay, Skrill, Neteller, Bank Transfer, Cryptocurrencies Withdrawal Methods Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer, Cryptocurrencies ActivTrades is a well-established broker with more than 23 years of experience and operates under the regulatory oversight of the FCA, FSC, SCB, CVM, and CMVM. The broker maintains strong security standards and price transparency, offering tight spreads on more than 1,100 trading symbols across six asset groups. Besides forex, retail customers can trade CFDs on shares, indices, commodities, ETFs, and bonds.
Traders can open sterling-denominated accounts that support commission-free trading across all available markets. The broker provides maximum retail leverage of 1:30, while clients eligible for professional accounts can access leverage of up to 1:400. ActivTrades supports customer financial protection by providing negative balance protection and enhanced client funds insurance of up to $1 million.
ActivTrades was the first UK-licensed broker to introduce excess FSCS insurance in 2013, offering compensation above the regular limit of $50,000 per retail client. Traders can fund their live accounts with cards, bank transfers, and popular e-wallets such as PayPal. There is no minimum deposit requirement. A 1.5% fee applies to deposits with UK-issued credit and debit cards.
Key Pros
- Has held an FCA license since 2009
- Safeguards all traders with negative balance protection
- Stores client funds at top-tier banks such as Barclays and Lloyd’s
- Supports free PayPal deposits and withdrawals
Key Cons
- Additional fees apply to card deposits
- Charges administrative fees after 50 weeks of inactivity
IG Broker Details Regulators ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) Min Deposit $0 Trading Platforms MetaTrader 4, L2 Dealer, ProRealTime, IG proprietary software, TradingView Trustpilot Rating 3.9 out of 8,324 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.86 avg. spread
USDJPY: 0.97 avg. spread
EURGBP: 1.83 avg. spread
GBPUSD: 1.84 avg. spreadForex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAY Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, the UAE, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can also access options contracts, spread betting, and interest rate markets.
The brokerage charges no commissions on forex trades and derives most of its revenue from spreads. IG offers a broad range of CFDs for customers who want to capitalize on price movements without purchasing underlying assets. Forex traders have access to complex speculative instruments such as turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software provides a smooth trading experience, and clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading.
Funding options include debit/credit cards, bank transfers, and PayPal. The availability of some methods depends on your country of residence, and some withdrawal methods may incur fees. Bank transfers have no minimum deposit threshold.
Key Pros
- Extensive selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on most deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Limited payment options
- Customer support can be slow to respond during busy hours
AvaTrade Broker Details Regulators CBI (No. C53877), ASIC (No. 406684), FFAJ (No. 1574), ADGM/FSRA (No. 190018), BVIFSC (No. SIBA/L/13/1049), FSCA (No. 45984), CySEC (No. 347/17), ISA (No. 514666577), SFC (No. 0261/2024) Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, AvaTrade App, AvaSocial, AvaOptions, DupliTrade Trustpilot Rating 4.7 out of 11,076 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2 for EU residents, 1:25 for non-EU residentsSpread EURUSD: 0.8
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfers Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfers AvaTrade is one of the most experienced brokers and has been offering online trading services since 2006. Licensed and regulated to operate across six continents, the brand focuses on CFD and forex trading and gives traders access to popular platforms, including MetaTrader 4 and MetaTrader 5. Alongside the MetaTrader platforms, AvaTrade also offers its AvaTrade WebTrader and AvaTrade App platforms, which include several innovative features, such as AvaProtect.
New traders can also try copy trading through AvaTrade’s AvaSocial platform. AvaTrade offers a seamless mobile trading experience through its dedicated app, available for both Android and iOS users.
It is no wonder that so many traders have chosen AvaTrade, as the brand offers some of the best trading conditions online. Hedging, short selling, and scalping are allowed, giving traders fewer restrictions to worry about. Fast order execution and competitively low spreads are also among the reasons the broker has earned a score of 4.7 out of 5 on Trustpilot. AvaTrade’s services are regulated in nine jurisdictions, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission among its regulators.
Key Pros
- Regulated in 9 jurisdictions across 6 continents
- Offers various trading platforms suitable for both beginners and experienced traders
- Enables smooth mobile forex trading via a dedicated app
- Offers over 50 forex options and numerous CFDs.
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing lags behind top brokers' offerings
- The desktop platform may seem slightly outdated
- Many payment solutions are country-specific.
Admirals Broker Details Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No. SD073) Min Deposit $100 ($1 for the Invest MT5 account) Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 3.8 out of 2,046 reviews Number of CFD Forex Pairs to Trade 82 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.7
USDJPY: 1.1
EURGBP: 0.9
GBPUSD: 1.1Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Mastercard, Skrill, Klarna, bank transfer, PayPal, Neteller, iDEAL, POLi, Perfect Money, and cryptocurrencies Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, and Perfect Money Formerly known as 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 a reputation as one of the world’s leading and most reliable brokers. Licensed by ASIC and the FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 80+ forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.
Admirals specializes primarily in CFD trading, offering leverage of up to 1:500 to professional forex traders. Fees on forex trades are largely built into the spreads, although clients with Zero/ECN accounts pay a round-turn commission of up to $6 per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is available 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. Withdrawals could be improved, though, as Admirals’ customers can request no more than one free withdrawal per month.
Key Pros
- Over 8,000 markets available
- 80+ forex pairs tradable as 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
- Not publicly traded on a stock exchange
XM Group Broker Details Regulators CySEC (license no. 120/10), FSC Belize (license no. 8557558), FSC of Mauritius (GB23202700), FSA Seychelles (SD190), DFSA (ref. no. F003484), FSCA (49976), SCA (20200000322), CMA (233), EU passporting registrations: BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FI Min Deposit $5 Trading Platforms MetaTrader 4, MetaTrader 5, MT4 WebTrader, MT5 WebTrader, MT4 MultiTerminal, XM App Trustpilot Rating 2.7 out of 2,787 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.8 (min)
USDJPY: 0.8 (min)
EURGBP: 1.7 (min)
GBPUSD: 0.8 (min)Forex Commission per Lot per Trade $0 for Ultra Low Micro and Ultra Low Standard accounts; $3.50 per side for the XM Zero Account Deposit Methods Visa, Mastercard, Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro Withdrawal Methods Visa, Mastercard, China UnionPay, Skrill, Neteller, Bank Transfer Since its inception in 2009, XM has attracted over 15 million customers by offering a competitive trading experience for online traders. There are several reasons why so many people trust XM, with tight spreads and cost-effective pricing being just a few. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities such as CySEC, ASIC, and the FSA. Under its CySEC license, XM holds outward passporting registrations, allowing it to provide investment services across multiple EU countries. These registrations include BaFIN, CNMV, MNB, CONSOB, and KNF, among others.
The brand supports the popular third-party platforms MetaTrader 4 and MetaTrader 5, which are available for web, desktop, and mobile devices. The award-winning XM App, available on the App Store and Google Play, offers seamless access to the financial markets for mobile traders. In terms of supported account types, the broker offers Demo, Standard, Micro, Ultra Low, Zero, Shares, and Islamic accounts, with availability varying by entity. More than 1,400 financial instruments are available for trading across several asset classes, including forex, stock CFDs, cryptocurrencies, commodities, and indices, among others.
For most account types, the minimum amount you are required to deposit into your XM account is $5, with the same minimum also applying to withdrawals. XM’s Invest Account is the sole exception, with a minimum deposit requirement of $10,000. Additionally, the brand supports a variety of banking methods, including bank cards, e-wallets, and bank transfers for deposits and withdrawals.
Key Pros
- Traders can choose from two third-party platforms
- Covers a large 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
- The trading platform's design seems outdated
- Not listed on any stock exchange
- Charges an inactivity fee
easyMarkets Broker Details Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), FSCA (54018), and FSC (license no. SIBA/L/20/1135) Min Deposit $25 Trading Platforms easyMarkets Web/Mobile, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.0 out of 1,735 reviews Number of CFD Forex Pairs to Trade 95+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.7
USDJPY: 1.2
EURGBP: 1.0
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, 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), FSCA (license no. 54018), 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 4.0 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $25, with the broker supporting a wide selection of deposit methods.
Key Pros
- Offers tight spreads and low fees
- Supports trading of over 90 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 a copy trading platform
- Traders from certain countries may have access to fewer payment methods
Is It Legal to Trade Forex Pairs if You Reside in Australia?
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 an Australian Financial Services License (AFSL) issued by ASIC.
For this purpose, they must fulfill certain requirements stipulated in ASIC’s Market Integrity Rules. ASIC additionally mandates monthly and quarterly reporting by brokers on business conduct, financial health, and complaint metrics to ensure ongoing compliance beyond licensing.
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.
FX trading brands 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 therefore recommend that traders always confirm the validity of a given license and do a thorough background check before they entrust a broker with their money. ASIC regularly issues warnings, takes enforcement actions against unlicensed brokers, and publishes reports on market conduct, demonstrating its proactive regulatory approach.
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. The watchdog maintains an up-to-date register of all entities it oversees. We suggest you check your broker in the database before registering to ensure it is indeed regulated in Australia.
ASIC’s MoneySmart website offers detailed information on all operators licensed by the Australian watchdog. Aussie traders can also use the MoneySmart platform to report financial and investment scams.
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. Besides segregation, ASIC requires brokers to undergo regular independent audits verifying client fund treatment and compliance with AFSL conditions.
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 safeguarding investor funds, 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.
Licensed brokers must maintain robust risk management controls and are also required to hold membership with external dispute resolution (EDR) providers like the Australian Financial Complaints Authority (AFCA). This protects retail traders and offers recourse if disputes arise.
Do Aussie Traders Pay Taxes on Their Forex Trading Profits?
Under Australian law, how your profits are taxed depends on whether you are classified as a trader or an investor. If you are classified as a trader, whereby you trade frequently, systematically, and with the intention of generating income, your profits are treated as ordinary income and taxed at your marginal tax rate, regardless of how long you hold your positions. This is the case for the majority of short-term traders and those trading instruments such as CFDs. Losses and trading expenses may be deductible.
If you are classified as an investor and you hold a forex position for more than 12 months, your profits may be subject to capital gains taxes (CGT), and you may be eligible for a 50% CGT discount as an individual. However, this only applies if you are not considered to be carrying on a trading business. If you hold assets for less than 12 months, any gains are taxed at your marginal rate without the discount.
To summarize:
- Most frequently, short-term traders are taxed on their forex profits as income rather than capital gains.
- CFDs and similar derivatives are taxed as income, regardless of the holding period.
- If you trade CFDs regularly and hold positions for less than 12 months, your profits are generally added to your personal income and taxed at your marginal rate, similar to business income.
- Longer-term trades held over 12 months may qualify for capital gains tax treatment and, as established, potentially involve a 50% discount. We must reiterate that this only applies if you are classified as an investor.
We advise Aussie traders to keep records of their trades and fees since they will need this information when filing their annual tax returns. This includes trade confirmations, statements, deposit/withdrawal records, and any platform logs.
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 in the country. These leverage caps were initially temporary, but the regulator eventually decided to make them permanent on March 29, 2021.
As a result, ASIC-licensed brokers must comply with leverage caps ranging from 1:2 to 1:30 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:
| 1:30 for major forex pairs |
| 1:20 for gold, major equity indices, minor and exotic forex pairs |
| 1:10 for all commodities bar gold and minor equity indices |
| 1:5 for stocks and other asset classes |
| 1:2 for cryptocurrency trades |
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 1:10 for highly volatile cryptocurrencies.
Leverage maximums vary across different offshore licensing jurisdictions, ranging from 1:500 to 1:3000 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 utilized 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 Level 1 Account Requirements
- Pass a 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 Level 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 that 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 organizations that monitor the forex market in Australia.
- ASIC (Australian Securities and Investment Commission): Here you can find all companies authorized to provide forex brokerage services in Australia.
- ASIC complaints: If you have been scammed, you can contact ASIC using this form to report the case.
- AFCA (The Australian Financial Complaints Authority): The body provides a free, independent dispute resolution service for consumers and small businesses. If you have a complaint about a licensed forex broker or financial firm and cannot resolve it directly, you can escalate it to AFCA.