Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who may pay to be displayed in certain positions on certain pages, or may compensate us for referring users to their services. While our reviews and assessments of each product are independent and unbiased, the order in which brands are presented and the placement of offers may be impacted and some of the links on this page may be affiliate links from which we earn a commission. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
Top 6 best forex brokers in Australia for 2025
In page navigation
Trade your favourite markets with our top-rated broker, .
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Our expert panel tested all the best forex brokers in Australia and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall forex trading experience.
The panel set out to answer the question: what’s the best forex trading app in Australia for Australian users?
Read our verdict below to compare the best forex trading platforms in Australia.
What is the best forex broker Australia?
Copy link to sectionOur experts rank eToro as the best forex broker in Australia.
The list below shows the three best Australian forex brokers. These are the top forex trading apps in Australia for their security, service, and support.
AFSL 491139. Capital at risk. See PDS and TMD.
Plus500
This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorized by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe, such as leverage limitations and bonus restrictions.
IG Markets
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Top 6 online forex brokers in Australia, reviewed
Copy link to sectionWe found 13 forex brokers for users based in
1. eToro. Best for beginners, copy-trading & demo-account
Copy link to section
Overview
We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage*.
*CFDs trading is restricted for US users.
As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.
The fees: eToro charges a fee on currency trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.
Highlights
| No. of tradable assets | 3600+ |
| Min. Deposit | $100 |
| ID verification required | Yes |
| Free demo account | Yes |
| Supported assets | Stock CFDs, ETF CFDs, Forex CFDs, Index CFDs, Commodity CFDs, NFTs, Crypto |
| Mobile trading app | Yes |
| Web trading platform | Yes |
| Regulatory bodies | ASIC, FCA, CySEC, FinCEN |
Fees & Costs
| Trading fees | Yes, on certain assets |
| Inactivity fees | Yes |
| Rollover/overnight fees | Yes, on CFDs |
| Withdrawal fees | Yes |
| Spreads | Yes, on certain assets |
| Conversion fees | Yes, for non-USD currencies |
Pros & Cons
AFSL 491139. Capital at risk. See PDS and TMD.
2. Plus500. Best for international trading*
Copy link to section
Overview
We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you trade. Its technology driven platform gives access to forex futures for over 10 symbols.
Plus500 has something for all types of forex traders, no matter what level of experience. Its low margin requirements (starting at $40) and different contracts make it a top choice for day traders. At the same time, its trading academy is packed with educational content, perfect for beginners just starting.
For accurate instrument availability, visit plus500.com.
The fees: Plus500 charges a commission of $0.49 per Micro contract and $0.89 per Standard contract (per side). There is an Auto-Liquidation fee of $10 per contract. Other exchange fees may be applicable and can be found on the CME group website.
*Based on a comparison of 60+ leading brokers and trading platforms.
Highlights
| No. of tradable assets | 2800+ |
| Min. Deposit | $100 |
| ID verification required | Yes |
| Free demo account | Yes |
| Supported assets | Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Index CFDs, Commodity CFDs |
| Mobile trading app | Yes |
| Web trading platform | Yes |
| Regulatory bodies | FSA, ASIC, FMA, FCA, CySEC |
Fees & Costs
| Trading fees | No |
| Inactivity fees | Yes |
| Rollover/overnight fees | Yes |
| Withdrawal fees | No |
| Spreads | Yes |
| Conversion fees | Yes |
Pros & Cons
This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorized by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe, such as leverage limitations and bonus restrictions.
3. IG Markets: Best for trusted and transparent trading
Copy link to section
Overview
We love IG because it’s one of the most established and reputable names in the online trading industry, known for its reliability, comprehensive offerings, and strong regulatory compliance. In the United States, IG recently changed its name to TastyFX and is focused solely on forex trading.
TastyFX is America’s fastest growing forex brokerage and as you’d expect from a subsidiary of IG, it offers excellent service with a wide selection of tools and features. Not only will you have access to over 80 forex pairs like EUR/USD, GBP/USD, and USD/JPY, but you’ll also pay $0 commission and have spreads starting from just 0.8 pips.
What makes TastyFX stand apart from other US brokers is its excellent bonus schedule. After creating an account you can access up to $10,000 in cash bonuses. You cna also earn up to 15% rebate cashback every month.
The fees: TastyFX has a clear and easy to understand fee schedule. It is a commission free brokerage and only charges a spread. Spreads are variable and generally lower for more liquid currency pairs. Spreads are as low as 0.8 pips for EUR/USD. Forex markets offer up to 50:1 leverage, or 2% margin requirements, on forex pairs like EUR/USD and USD/CAD.
Highlights
| No. of tradable assets | 17,000+ |
| Min. Deposit | $0 |
| ID verification required | Yes |
| Free demo account | Yes |
| Supported assets | Stock CFDs, ETFs, Forex CFDs, Crypto CFDs, Index CFDs, Commodities |
| Mobile trading app | Yes |
| Web trading platform | Yes |
| Regulatory bodies | FSCA, MAS, FMA, ASIC, FCA, BaFin, FINMA, DFSA, BMA, CFTC, NFA |
Fees & Costs
| Trading fees | Yes |
| Inactivity fees | Yes |
| Rollover/overnight fees | Yes |
| Withdrawal fees | No |
| Spreads | Yes |
| Conversion fees | Yes |
Pros & Cons
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
4. Eightcap. Best online broker for choice of trading platform
Copy link to section
Overview
We love Eightcap because you have several trading platforms to choose from. You can choose between MetaTrader 4, MetaTrader 5, and TradingView. All of these platforms are favourites among retail traders. With the MetaTrade suite of platforms, you can access lots of technical indicators, custom tools, and expert advisors.
TradingView with Eightcap allows you to trade directly from your charts while accessing the hundreds of tools and features available. Eightcap has over 40 forex pairs available, including the majors, minors, and some exotic crosses.
The fees: Eightcap is a CFD broker and charges spread, commissions, or a combination of both. There are two account types available, RAW, and Standard. The RAW account has ultra-low spreads starting from 0.0 pips but charges $3.5 RT per lot. The standard account is commission-free for most assets and spreads start from 1 pip.
Highlights
| No. of tradable assets | 800+ |
| Min. Deposit | $100 |
| ID verification required | Yes |
| Free demo account | Yes |
| Supported assets | Stocks, Crypto, Commodities, , Indices |
| Mobile trading app | Yes |
| Web trading platform | Yes |
| Regulatory bodies | ASIC, FCA, CySEC |
Fees & Costs
| Trading fees | Yes |
| Inactivity fees | No |
| Rollover/overnight fees | Yes, on certain assets |
| Withdrawal fees | Yes, for certain payment methods |
| Spreads | Yes |
| Conversion fees | Yes, currency dependent |
Pros & Cons
5. AvaTrade. Best regulated broker for secure trading
Copy link to section
Overview
We love AvaTrade because it is a reliable CFD broker, that gives users access to a wide range of markets. As a CFD broker, AvaTrade lets you speculate on the price movements of various currency markets without owning the underlying assets. AvaTrade is a multi asset brokerage firm and includes CFDs for multiple forex pairs including EUR/USD, GBP/USD, USD/JPY, and more.
AvaTrade is also highly regarded for its strong regulatory framework and commitment to security. AvaTrade is regulated in multiple jurisdictions, including Europe, Australia, Japan, South Africa, and the British Virgin Islands, which means it must adhere to stringent regulatory standards across the world.
AvaTrade isn’t just well regulated, it also employs advanced security measures to protect client funds and personal information, including segregated accounts and robust encryption technology.
The fees: There is no commission on any trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start at 0.7 pips. Positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £/€/$50 per month is applicable if you don’t log in to your account for three consecutive months.
Highlights
| No. of tradable assets | 1250+ |
| Min. Deposit | $100 |
| ID verification required | Yes |
| Free demo account | Yes |
| Supported assets | Stocks, Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Commodity CFDs, Index CFDs |
| Mobile trading app | Yes |
| Web trading platform | Yes |
| Regulatory bodies | FSCA, FSA, ASIC, CBI, MiFID, CySEC, BVIFSC, FRSA |
Fees & Costs
| Trading fees | No |
| Inactivity fees | Yes |
| Rollover/overnight fees | Yes |
| Withdrawal fees | No |
| Spreads | Yes |
| Conversion fees | No |
Pros & Cons
More about the best forex trading platforms in Australia
Copy link to sectionTrading forex in Australia has become increasingly popular in recent years. With currency markets open 24 hours a day, 5 days a week, traders can trade when it suits them. Australia also offers an open, regulated environment for forex trading.
Here are answers to some common questions about trading forex in Australia.
Which currency pairs can I trade in Australia?
Copy link to sectionYou can trade all the major, minor and exotic currency pairs with forex brokers in Australia. The most commonly traded pairs include.
- EUR/USD. The Euro and US dollar is the most traded currency pair globally.
- AUD/USD. The Aussie dollar paired against the US dollar is popular among Australian traders.
- GBP/USD. The British pound against the greenback is another major pairing.
- USD/JPY. The US dollar against the Japanese yen is also one of the most liquid pairs.
- Exotic pairs. These include pairings like AUD/SEK, AUD/PLN and AUD/ZAR. They offer greater volatility than majors.
With most brokers in Australia, you’ll have access to over 50 currency pairs. This allows you to diversify and trade exotic pairs alongside the majors.
What forex markets are available in Australia?
Copy link to sectionThe main forex trading sessions open when the major financial centres are operating:
- Sydney Session. The Australian session sees high volume when the ASX and local banks open.
- Tokyo Session. Japanese markets are open from midnight to 8am AEST.
- London Session. Runs from 5pm to 2am AEST when European markets open.
- New York Session. From 10pm Sydney time, currency trading ramps up as America wakes up.
These four sessions provide almost 24 hour currency trading from Monday morning in Asia to closing on Friday evening in the US.
Is MT4 available in Australia?
Copy link to sectionYes, MetaTrader 4 remains the most popular forex trading platform in Australia. Around two-thirds of forex brokers offer MT4, alongside other platforms like cTrader, NinjaTrader, and proprietary options.
MT4 offers fast execution, comprehensive technical analysis tools, and the ability to run Expert Advisors (EAs). You can trade directly from charts and execute trades in the market watch window. MT4 is highly customisable trading platform to suit your trading style.
Most forex brokers in Australia offer MT4 in desktop, web and mobile versions. You can also find MT5 offered by some brokers in Australia. This is slowly gaining adoption over MT4.
What’s the minimum forex trade size in Australia?
Copy link to sectionThe minimum trade size will depend on your forex broker and account type. However, the typical minimum is 0.01 lots or 1,000 currency units.
So for a pair like AUD/USD, where the base currency is the Aussie dollar, the minimum trade size is $1,000 AUD.
Some forex trading platforms in Australia also offer micro lots starting from 0.01 lots. Here the minimum trade size is just $10 AUD. This helps smaller traders access the forex market.
Many forex brokers also offer fractional lots, so you could trade just 0.25 lots or $250 AUD for example.
Is forex trading legal in Australia?
Copy link to sectionYes, forex trading is legal and well regulated in Australia. The Australian Securities and Investments Commission (ASIC) oversees retail forex and CFD brokers operating locally. You must use an ASIC regulated broker to ensure compliance with local laws.
The Corporations Act 2001 and ASIC’s Regulatory Guide 227 govern the industry. There are strict standards on capital requirements, segregated client funds and risk disclosure. ASIC enforces its rules through fines, licensing suspension and even jail time.
Is forex taxed in Australia?
Copy link to sectionYes, forex trading profits are subject to Australia’s capital gains tax (CFT). For Australian retail investor accounts, any profit made on currency trading is treated as assessable income. You’re then taxed based on your income tax bracket.
For non-residents, forex profits are only taxed if trading is considered a business. Any losses can also be claimed against other assessable income. We recommend getting professional tax advice tailored to your situation.
How is forex regulated in Australia?
Copy link to sectionASIC regulates trading CFDs and forex brokers under the Corporations Act 2001. To legally offer services to Australian residents, a forex broker must hold an Australian Financial Services License (AFSL) issued by ASIC.
They must comply with financial standards on capital requirements, client money segregation, risk management, staff training and license fees. ASIC routinely inspects brokers to ensure regulatory compliance.
The regulatory body also sets strict standards on disclosure documents like Financial Services Guides (FSG), Product Disclosure Statements (PDS) and adequate risk warnings. Australian forex trading platforms must also have an Australian financial services licence.
What leverage is available?
Copy link to sectionIn Australia, ASIC caps leverage at 30:1 on major currency pairs. It’s 20:1 leverage for minor pairs and just 10:1 for gold and major indices.
These limits were imposed in 2020 to provide greater protection for retail forex traders. Beforehand, leverage ratios over 500:1 were common with offshore brokers.
Some of the best forex brokers in Australia, like IG, only offer up to 10:1 leverage across all assets. Lower leverage reduces your risk and limits potential profits on small accounts.
Can I trade other assets with a forex broker in Australia?
Copy link to sectionYou can, though it depends on the type of broker you choose. The best CFD trading platforms in Australia usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best Australian share trading platform or the best crypto exchange in Australia.
How do I choose the best forex broker in Australia?
Copy link to sectionHere are key factors to consider when picking the best Australian forex broker.
- Regulation. Only use ASIC regulated brokers like Pepperstone, IC Markets and AxiTrader. Avoid using an offshore forex trading platform.
- Spreads & fees. Compare spreads on majors like EUR/USD and AUD pairs. Check commissions, swaps and other fees when signing up for a forex trading account.
- Trading platforms. Select a broker offering your preferred platform like MT4, MT5 or cTrader.
- Execution speeds. Check broker speed tests to find the fastest execution times. This ensures slippage is minimised.
- Account types. Match your trading style to account types like Standard, ECN, Micro, Islamic and Demo accounts.
- Leverage limits. Understand how leverage caps set by the Australian Securities & Investments Commission (ASIC) affect position sizes and required margins, especially for CFD forex trading
- Customer service. Check reviews and test broker support via Live Chat, email and telephone.
Taking the time to research and compare forex brokers in Australia is worthwhile. Opening a practice trading account first is also recommended. This allows you to test their platform and conditions risk-free.
How to trade forex in Australia
Copy link to sectionIf you’re ready to start trading forex in Australia, follow these steps to begin:
Step 1: Find an ASIC regulated broker
Copy link to sectionThe first step is choosing an authorised broker with an AFSL from ASIC. They must comply with strict standards that protect your funds and provide transparency.
We recommend looking at the top Australian brokers we highlighted at the start of this page.
Compare the best forex brokers in Australia to find one that best suits your trading style and needs.
Step 2: Open a live or demo account
Copy link to sectionOnce you’ve picked your preferred ASIC regulated broker, open a trading account. Consider starting with a free demo account to test their trading platform first.
Opening a live account involves submitting
- Full legal name
- Contact details
- Proof of ID, like a passport
- Proof of address, such as a utility bill
You’ll also need to fund your account. Most forex brokers in Australia accept credit cards, bank transfer and popular e-wallets like Neteller, PayPal and Skrill. The minimum deposit is usually $200 AUD.
Step 3: Download the trading platform
Copy link to sectionLeading brokers offer a choice of downloadable, web and mobile trading platforms. One of the most popular trading platforms is MetaTrader 4 (MT4).
Download your chosen platform and install it on your desktop computer or laptop. You can also use web trading platforms directly in your browser without downloading software.
Log into the platform with your broker account details. Take time to learn the features, how to execute trades, use indicators and customise it.
Step 4: Analyse the markets
Copy link to sectionConduct market analysis to identify foreign exchange trading opportunities. This involves:
- Monitoring economic calendars for data releases, central bank meetings and speeches that may cause volatility.
- Performing technical analysis on charts using indicators and drawings tools to spot trends and patterns.
- Checking daily outlooks published by your broker to understand market sentiment.
- Using news feeds in your platform to react swiftly to breaking headlines.
Relying purely on fundamentals or technicals has limitations. Combining both offers a balanced approach. The best forex trading platforms in Australia often come loaded with many technical tools to help with analysis.
Step 5: Place trades
Copy link to sectionWhen you’ve identified a forex trading opportunity, it’s time to place a trade.
First, set your trade parameters, including:
- The currency pair e.g. AUD/USD
- Trade size e.g. 0.5 lots / $50,000 AUD
- Entry price
- Take profit and stop loss levels
- Order type e.g. market, limit or stop entry
Open your position by clicking the buy or sell button. Your order will be filled once the market price reaches your entry level.
Step 6: Manage your trades & positions
Copy link to sectionOnce your trade is open, managing your position to lock in profits and limit losses is crucial. This involves:
- Actively monitoring open positions
- Moving your stop loss level to lock in profits as the market moves in your favour
- Closing trades manually when your take profit or stop loss is hit
- Avoiding holding positions over the weekend due to weekend gap risk
- Adjusting trade sizes according to your account balance and risk management rules
Actively managing each trade is essential to trade forex successfully in Australia. Don’t just set and forget!
Step 7: Close & review your trades
Copy link to sectionOnce a trade hits your predefined take profit or stop loss level, it will close automatically. You can also manually close trades at your discretion.
After closing a profitable or losing trade, it’s important to review what happened:
- Analyse why your trade reached its profit target or stop loss level. Did news events cause volatility? Did technical levels hold as expected?
- Review the timeframe you traded on – could a longer or shorter duration have worked better?
- Look at your trade size – was it too large or conservative?
Learn from your losing and winning trades. Keep a journal tracking your trades, strategy, emotions and results to improve continually.
How we chose the best Australian forex brokers
Copy link to sectionOur expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.
Here are the 8 key criteria which the panel used to rate each platform.
- Regulation with a trusted financial institution. We only recommend forex brokers for beginners that are regulated in United States and offer top-tier protection to their clients.
- Low minimum deposit requirements. An accessible forex trading platform in United States, with a low minimum deposit, scored higher in our rankings.
- Mobile app availability. Our experts gave preference to the forex brokers in United States with the best forex trading apps.
- Number of currency pairs available to trade. We expect United States forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
- Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local regulators.
- Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
- Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
- Compatibility with trading software. Any forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.
