The Foreign Exchange (Forex) market is highly competitive, with numerous local and international brokers offering a wide range of trading services. With so many options, it can be a daunting task to select the best Forex broker for your needs.
But don’t worry; we’ve researched and evaluated the features and services of various Forex brokers in Australia to provide you with a list of the best options. So if you’re looking for the best Forex brokers in Australia to trade with in 2024, you’ve come to the right place. Our comprehensive evaluation considered factors such as available currency pairs, fees, spreads, the trading platform, regulations, and more.
Whether you’re a new trader looking to get started or an experienced trader searching for a new platform, our guide will help you compare and find the best Forex broker for your needs. So, let’s dive into our list of the best Forex brokers in Australia for 2024.
Interactive Brokers | Best for a wide range of currency pairs and advanced tools
Interactive Brokers is one of the biggest brokers that lets you trade more than 100 currency pairs. It is regulated by several international financial authorities. Their trading platform, the Trader Workstation (TWS), offers excellent customization, advanced technical indicators and fundamental trading tools, which are ideal for professional traders and easy to use by beginners as well.
eToro | Best for social trading and copy trading features
eToro is the leading social trading broker, operating in more than 140 countries with over 30 million users. You can trade more than 45 currency pairs with the ability to copy the trades of other experienced investors, which makes the platform attractive for beginners.
CMC Markets | Best for tight spreads and a wide range of currency pairs
CMC Markets (CMC) is a global CFD and Forex broker with a massive portfolio of over 12,000 tradable products, including 330 Forex pairs. They offer low fees on Forex and spread betting, but for stock CFDs, fees are somewhat higher than competitors.
Pepperstone | Best for low forex fees and free deposits and withdrawals
Pepperstone is a popular Forex broker that offers some of the tightest spreads in the market, along with free deposits and withdrawals. They give you access to popular trading platforms like TradingView, MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader.
Let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.
Best Forex Brokers in Australia for 2024 compared
| Broker | IBKR | eToro | CMC Markets | Pepperstone |
| Number of currency pairs | 100+ | 45 | 330+ | 60+ |
| Maximum leverage | 1:30
(depends on account type and currency pair) |
1:30 | 1:30 | 1:30 |
| Minimum deposit | $0 | $50 | $0 | $0 |
| Spreads starting at
(pips)* |
0.1 (subject to commission) | 1 | 0.7 | 0.7 |
| Deposit method | Bank transfer | Bank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more. | Bank transfer, credit/debit cards, PayPal | Bank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more. |
| Withdrawal fees | 1 free withdrawal per month | $5 | $0 | $0 |
*The above spreads are mentioned as presented on the broker’s website.
You can check below the spreads of those brokers on the most used currency pairs.
Spread comparison of the best Forex brokers in Australia
| Currency | IBKR | eToro | CMC Markets | Pepperstone |
| EUR/USD | 0.1 | 1.0 | 0.7 | 0.7 |
| GBP/USD | 1.5 | 2.0 | 0.9 | 0.9 |
| AUD/USD | 0.5 | 1.0 | 0.7 | 0.8 |
| USD/JPY | 100 | 1,300 | 70 | 120 |
| USD/CAD | 1.0 | 1.5 | 1.3 | 1.3 |
| CAD/CHF | 0.5 | 4.0 | 1.4 | 1.9 |
| Gold (XAU/USD) | 900 | 4,500 | 3,000 | 1,500 |
| Silver (XAG/USD) | 70 | 500 | 250 | 140 |
Spreads are in pips (equal to 0.0001)
The spread in forex trading is the difference between the ask and bid prices on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers can increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.
Top Forex brokers in Australia Reviewed
1# Interactive Brokers
Interactive Brokers at a glance
Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators. Compared to other Forex brokers, Interactive Brokers offers a wide range of currency pairs, great research tools and advanced trading platforms.
There are several account base currencies at Interactive Brokers without a minimum amount required, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:
Interactive Brokers spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.1 |
| GBP/USD spread | 1.5 |
| AUD/USD spread | 0.5 |
| USD/JPY spread | 100 |
| USD/CAD spread | 1 |
| CAD/CHF spread | 0.5 |
| XAU/USD spread | 900 |
| XAG/USD spread | 70 |
In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.
Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer a web interface, IBKR GlobalTrader, and a mobile app that are also well-designed.
Interactive Brokers trading features
| Trading platforms | IB Trader Workstation (TWS), Client Portal (Web-based platform), IBKR Mobile and IBKR GlobalTrader (another mobile app). |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
We recommend you check out our comprehensive Interactive Brokers review.
2# eToro
eToro at a glance
Since 2007, eToro has been recognized for its social trading platform, which allows users to copy the trades of other successful investors and engage in market discussions with a large community of over 30 million users. eToro is regulated by the Australian Securities and Investments Commission (ASIC) to ensure compliance and safety for Australian users.
eToro trading fees are generally low and built into the spread, which starts at 1 pip on average and depends on trading hours and the currency pairs.
eToro spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 1 |
| GBP/USD spread | 2 |
| AUD/USD spread | 1 |
| USD/JPY spread | 1,300 |
| USD/CAD spread | 1.5 |
| CAD/CHF spread | 4 |
| XAU/USD spread | 4,500 |
| XAG/USD spread | 500 |
The web platform is user-friendly for beginners and has an intuitive layout with many features that enhance your trading experience, such as one-click trading, limit orders, and advanced charting tools.
eToro trading features
| Trading platforms | eToro web-based trading platform
eToro mobile application |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
Although eToro is one of the best brokers for new forex traders, it might not be the best choice for day traders or professional traders. This is because some currency pairs have wider spreads compared to other brokers. Additionally, USD is the only account currency available, and withdrawal fees are a bit high if you plan to withdraw funds frequently ($5 per withdrawal).
Read our in-depth eToro review for a complete evaluation.
eToro AUS Capital Ltd. ACN 612 791 803 AFSL 491139. OTC Derivatives are leveraged financial products. Trading OTC Derivatives does not result in the ownership of the underlying assets. Trading in OTC derivatives carries a high level of risk and can result in the loss of all of your investment. As such, OTC derivatives may not be suitable for all investors. You should not invest money that you cannot afford to lose. You should seek advice from an independent and suitably licensed financial advisor and ensure that you have the risk appetite, relevant experience, and knowledge before you decide to trade. This information is general only and has been prepared without taking your objectives, financial situation, or needs into account. You should obtain independent advice and consider our Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding whether to trade with us.
3# CMC Markets
CMC Markets at a glance
CMC Markets (CMC) is a global CFD and Forex broker that was established in 1989 and is listed on the London stock exchange. It currently serves more than 300,000 clients globally and gives access to over 330 currency pairs.
CMC Markets spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.7 |
| GBP/USD spread | 0.9 |
| AUD/USD spread | 0.7 |
| USD/JPY spread | 70 |
| USD/CAD spread | 1.3 |
| CAD/CHF spread | 1.4 |
| XAU/USD spread | 3,000 |
| XAG/USD spread | 250 |
CMC Markets has its own web platform and mobile app available in many languages, which are highly customisable to fit your needs. Alternatively, you can use the well-known MetaTrader 4 (MT4) as well.
CMC Markets trading features
| Trading platforms | Next Generation web-platform, MetaTrader 4 (MT4), and CMC Markets mobile application |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | Yes |
It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. Additionally, CMC Markets supports up to 10 account currencies, including AUD, and you can fund your account by credit or debit card, bank transfer, or PayPal. However, if your account has had no trading activity for 12 months, you will be charged a monthly inactivity fee of $15 or equivalent.
4# Pepperstone
Pepperstone at a glance
Pepperstone was established in 2010 and currently serves more than 300,000 traders across the globe. It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. They give you access to trade over 60 currency pairs with leverage that can go up to 1:500, but keep in mind that higher leverage means higher risk.
Pepperstone spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.7 |
| GBP/USD spread | 0.9 |
| AUD/USD spread | 0.8 |
| USD/JPY spread | 120 |
| USD/CAD spread | 1.3 |
| CAD/CHF spread | 1.9 |
| XAU/USD spread | 1,500 |
| XAG/USD spread | 140 |
Pepperstone provides three trading platforms that suit all traders: MetaTrader4 (MT4), MetaTrader5 (MT5) and cTrader. Each platform is free and available on the web portal, mobile, and desktop. They have two account types: Standard account, suitable for new traders and Razor account, ideal for scalpers and algorithmic traders.
Pepperstone trading features
| Trading platforms | MetaTrader4 (MT4), MetaTrader5 (MT5) and cTrader |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
What Makes a Good Forex Broker?
Whether you are a beginner or an experienced trader, there are numerous characteristics and features that should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:
- Regulation: This is the most crucial factor because you need to make sure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
- Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
- Deposit and withdrawal methods: A good broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods such as PayPal or Skrill.
The bottom line
It can be difficult to compare different trading conditions and find the best Forex broker in Australia. It takes time to collect all the data and make the best decision for your needs due to the various parameters to be checked. Our analysts completed this work for you and presented their results and their analysis of the “Best Forex Brokers in Australia,” which is summarized below:
Best Forex Brokers in Australia
| #1 | Interactive Brokers | Best for a wide range of currency pairs and advanced tool |
| #2 | eToro | Best for social trading and user-friendly platform |
| #3 | CMC Markets | Best for tight spreads and a wide range of currency pairs |
| #4 | Pepperstone | Best for low Forex fees and free deposits and withdrawals |
If you’re feeling unsure about which broker is the right fit for you, don’t worry! Our “Help Me Choose” tool can give you a personalized recommendation based on your preferences. Additionally, our comparison table breaks down the key features of various brokers, making it easier for you to compare them side by side. Finally, our reviews provide even more details about each broker’s products and services.
We hope this article has been helpful in your search for the best Forex broker in Australia and that it saves you some time in your research. Keep in mind that it’s always best to do your own research and determine which online broker is best for you. Keep in mind that a demo account might always be helpful.
We hope this article saves you some time while researching the best Forex brokers in the UK. We advise you to conduct your own research to determine which online broker is best for you. Keep in mind that a demo account might be helpful to test the features and practice.
Other FAQs
Is Forex trading legal in Australia?
Yes, Forex trading in Australia is legal. ASIC, the Australian Securities and Investments Commission, is the regulatory body overseeing financial markets in Australia. Additionally, there are no restrictions on using offshore brokers for investors based in Australia.
How do I start Forex trading in Australia?
To start Forex trading in Australia, you first need to open an account with a regulated Forex broker to gain access to the Forex market. Next, you will need to analyze the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.
Can I trade Forex in Australia with $10? And $100?
Yes, you can trade Forex with amounts as low as $100 or even $10. We have listed in this article a few brokers that do not require any minimum amount to start trading. But the trade size will be small.
What is the minimum amount required to start Forex trading in Australia?
The minimum amount required to start Forex trading in Australia varies depending on the broker. Some brokers offer accounts with no minimum deposit, while others require a certain minimum balance to start trading. It is important to choose a broker that suits your trading needs and budget.
Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.
