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Best Forex Brokers Australia for 2023

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

January 11, 2023

ForexBrokersListing.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Trading forex (currencies) in Australia is popular among residents and international traders seeking an Australian-based broker. Before any fx broker in Australia can accept forex and CFDs traders, they must become authorised by the Australian Securities & Investment Commission (ASIC), which is the financial markets regulator in Australia. ASIC's website is asic.gov.au. We recommend users also follow ASIC on Twitter, @ASIC_Connect.

After the Australian Securities Commission (founded in 1991) was dissolved, ASIC was established in 1998 as a national regulatory authority which reports to the treasurer and administers legislation for the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009. For a historical breakdown, here's a link to ASIC's webpage on Wikipedia.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers Australia

To find the best forex brokers in Australia, we created a list of all ASIC authorised brokers, then ranked brokers by their Overall ranking. Here is our list of the top Australian forex brokers.

  • IG - Best overall broker, most trusted
  • Saxo Bank
    - Best web-based trading platform
  • CMC Markets - Excellent overall, best platform technology
  • City Index - Excellent all-round offering
  • eToro - Best for copy and crypto trading
  • AvaTrade
    - Great for beginners and copy trading
  • FXCM - Excellent trading platforms and tools

Australian Forex Brokers Comparison

Compare Australian forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokersListing.com overall ranking.

Company Accepts AU Residents Regulated by ASIC Average Spread EUR/USD - Standard Minimum Deposit Overall Rating Visit Site
IG logoIG check check 0.86 £250.00 5/5 Stars
Saxo Bank logoSaxo Bank check check 0.9 €2,000 5/5 Stars Visit Site
CMC Markets logoCMC Markets check check 0.51 $0 5/5 Stars
City Index logoCity Index check check 1.0 £100.00 5/5 Stars
eToro logoeToro check check 1 $10-$10,000 4.5/5 Stars
AvaTrade logoAvaTrade check check 0.92 $100 4.5/5 Stars Visit Site
FXCM logoFXCM check check 1.38 Starts from $50 4.5/5 Stars
Plus500 logoPlus500 check check 0.8 €100 4.5/5 Stars
XM Group logoXM Group check check 1.6 $5 4.5/5 Stars Visit Site
Pepperstone logoPepperstone check check 0.77 $200 4.5/5 Stars
Admiral Markets logoAdmiral Markets check check 0.8 $100 4.5/5 Stars
FP Markets logoFP Markets check check 1.2 $100 AUD 4.5/5 Stars Visit Site
IC Markets logoIC Markets check check 0.62 $200 4.5/5 Stars Visit Site
Vantage logoVantage check check 1.22 $50 4/5 Stars
Eightcap logoEightcap check check 1.0 $100 4/5 Stars Visit Site
Trade Nation logoTrade Nation check check 0.6 $0 4/5 Stars
MultiBank logoMultiBank check check N/A $50 4/5 Stars
ACY Securities logoACY Securities check check 1.2 $50 4/5 Stars Visit Site
easyMarkets logoeasyMarkets check check 0.9 $100 4/5 Stars
FOREX.com logoFOREX.com check 1.0 $100 5/5 Stars Visit Site
BlackBull Markets logoBlackBull Markets check 0.827 $0 4/5 Stars Visit Site
HFM logoHFM check 1.2 $5 4/5 Stars Visit Site
FlowBank logoFlowBank check N/A $0.00 4/5 Stars Visit Site
HYCM (Henyep) logoHYCM (Henyep) check 0.6 $100 4/5 Stars Visit Site

Interested in stock trading? Read our guide to the best online brokers in Australia.

How to Verify ASIC Authorisation

To identify if a forex broker is regulated by ASIC, the first step is to identify the register number from the disclosure text at the bottom of the broker's Australia homepage. For example, here's the key disclosure text from Pepperstone's website:

Pepperstone Group Limited is registered in Australia at Level 5, 530 Collins Street, Melbourne, VIC 3000, and is licensed and regulated by the Australian Securities and Investments Commission. Pepperstone Group Limited | ACN 147 055 703 | AFSL No.414530.

Next, look up the firm number on the ASIC website to validate their current regulatory status. Here is the official ASIC page for Pepperstone.

Popular Forex Guides

Methodology

At ForexBrokersListing.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokersListing.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokersListing.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokersListing.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.


Reink Media Group is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.

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