The Best Forex Brokers in Australia

The surge in the number of forex brokers in Australia is unsurprising, given the growing interest in the global and local forex trading market, yet that comes with the added challenge of picking through them to uncover which are the top trading accounts worth spending time on.

We set out to make that process easier, taking a look through those that are regulated locally, to find out who the best forex broker Australia has to offer really is. The answer is not as straight forward as you might want, with some nuance under the hood depending on how you trade, but for most use cases, we have a clear editor choice that wins out.

Who is the best forex broker in Australia?

Pepperstone is our pick as the best overall forex broker for Australian traders. It combines ASIC regulation, highly competitive Raw and Standard pricing, strong execution, and a choice of MetaTrader 4, MetaTrader 5, cTrader, TradingView and Pepperstone’s own platform. IC Markets is an alternative for scalpers and traders primarily focused on Raw pricing, but for us, Pepperstone offers the strongest all-round proposition.

Rank Broker Best for Quick facts Action

1

Pepperstone

Best All Around Forex Broker

★★★★★ 4.8/5

Best for: Choice to trade on MT4, MT5, cTrader, or TradingView, with top class execution and cost.

• Minimum Deposit $0
• Spreads From 0.0
• Founded 2010

Visit broker Read review

Capital at risk. Terms apply.

2

IC Markets

Best For Scalping

★★★★★ 4.6/5

Best for: Lightning execution at low cost.

• Minimum Deposit A$200
• Founded 2007
• Spreads 0.1

Visit broker Read review

Capital at risk. Terms apply.

How we picked these brokers

Methodology

We rated the top Australian forex brokers and trading accounts using a combination of cost, barrier to entry (both financial, and usability), trust rating, and user reviews. Then we broke down the top rated broker for each major forex trading platform with it’s own set of criteria to what matters most.

With the number of ASIC regulated forex brokers growing, we first narrowed down the list to the more established brokers in the local market. Whilst this may eliminate some newer entrants for now, those that have been in the market for a considerable period have shown a commitment to ASIC rules, and to the local market that helps provide some trust.

That took us down to 12 regulated forex brokers that were then evaluated by trading costs (30%), regulation and trust (20%), execution and liquidity (20%), platform quality (15%), market range (10%) and account/support experience (5%).

In the end, different users may prefer one trading account over another, yet the security of funds, and the ASIC regulation of the broker can never be in doubt.

Best Forex Broker By Trading Platform

Forex trading, or foreign exchange trading, revolves around the buying and selling of currencies to make gains, usually over the short term. That makes trading costs, and execution quality right up there with trust as the most important factors in our own evaluation.

The vast majority of forex trades from retail traders are carried out using CFDs on what are effectively online forex trading platforms. Most forex traders will use technical analysis tools to plot out chart patterns, and use historical levels, alongside pre-identified patterns to identify positions of support and weakness amongst other things. Fundamental analysis also plays a part in making informed trading decisions, with macro data and geopolitics sometimes having an outsized impact on currency moves. That means that a forex trading platform needs to offer more than if you are solely investing or trading shares.

Once the priorities are dealt with, it is then on to the range of instruments supported, which needs to be sufficient enough to cover the major forex pairs, alongside some that are more traded over here in Australia than in other parts of the world, such as the NZD. Once all the conditions are met in order to trade what you want, with a regulated broker, on the platform you prefer; we then want to make sure that there is support in place when you need it in case something goes wrong.

With all that, let’s take a look at the best forex brokers in Australia for each platform.

Forex Trading on MT4/MT5

MT4, of MetaTrader more generally remains the obvious starting point if you want a leading forex platform with a huge pre-existing ecosystem. With a selection of Expert Advisors and third-party trading tools. MT4 is still widely used by forex traders around the world, despite having been ‘replaced’ by MT5 back in 2010. It’s like the Betamax, VHS saga replaying, albeit with MT5 picking up a larger share of the market than Betamax did.

While MT5 is the more advanced option if you are starting fresh or want better strategy testing, more timeframes and broader functionality, there remains a large number of MT4 loyalists who do not want to let go.

If you have decided the MetaTrader platform suite is for you, that is only half of the equation. To plug into MT4/MT5, you need a broker, and it will be that choice that determines the pricing, execution conditions, available markets and additional tools sitting behind you trading screen.

What matters when choosing an MT4/MT5 broker?

We have grouped the MT4/MT5 broker selection together here, not because there aren’t any tangible differences, but because many of the criteria you would use to differentiate between the top names overlap between the two. Quite frankly, we decided it would be better not to replicate the whole section again for MT5, but to break down any major differences in our selection process here for you instead. These are the main things that separate the best from the rest when it comes to MetaTrader brokers.

• Execution and trading costs: If you’re scalping or running an EA frequently, spreads, commission and execution quality will matter more for you than almost any MetaTrader feature.
• EA and VPS support: MetaTrader is especially attractive for automated trading, so look at whether the broker actively supports EAs, APIs, and VPS hosting rather than simply offering an MT4 download.
• MetaTrader-specific tools: Many brokers add indicators, trade-management tools and other extensions to the vanilla platform. The quality of these tools is not the same across the board.
• MT4 vs MT5 availability: Whilst this particular page is for forex brokers, many of you may also be interested in trading other assets besides without having to change brokers. If that is the case, the access to MT5 for wider asset support could prove telling. The vast majority of brokers who do offer MT4 will also support MT5, so this is slightly less of a differentiator, the important point is whether it is just offered vanilla, or whether both platforms are fleshed out fully.

Top Forex Broker For MT4/MT5: Pepperstone

Pepperstone stands out for MetaTrader because it builds on the platform, and offers a lot more besides the basics. Alongside MT4 and MT5, you can use Expert Advisors, API-based systems and Pepperstone’s Smart Trader Tools, which add 28 apps, EAs and indicators to the MetaTrader platform.

The broker offers Standard and Razor pricing, which competes with the best in the market, and the reliability of execution has been proven over time, with the average of 30 milliseconds significantly faster than most. Add to that the free VPS hosting options (depending on your trading volume), and API access, and you have a strong broker backend to go alongside MetaTrader.

Forex Trading on TradingView

TradingView is mostly chosen by forex traders who are already used to the more modern charting platform, and want to trade directly within, without shifting from one tab to another.

Instead of moving between your broker platform and a separate charting package, certain brokers can be directly synced up through TradingView’s trading panel. So this way you combine your broker’s backend, with TradingView’s front end, and can place orders using the charts, indicators, and alerts you are already familiar with.

When selecting the right forex broker for TradingView, it is now much less about the charting package and frills, with the onus shifted to finding the best execution to sit underneath.

What matters when choosing a TradingView broker?

Most traders aren’t selecting TradingView for the automated trading functionality, or bots, but for the visual setup, and for the polish. So we are more concerned about the pricing, ease of integration, available instruments, and quality of the broker support that add value to what the platform already does well.

• Native TradingView integration: You want to see a direct supported connection.
• Available Markets: Even if the broker offers all types of trading instruments, there is often a limit on what is supported in the integration.
• Account Support: Some brokers may only offer TradingView to a particular account type, so you will need to make sure the conditions of the supported account match up to what you want.
• Broker Price Feed Quality: The quote used in the order panel can come from the broker directly rather than from a separate TradingView data subscription. This can create differences between the chart and broker price in some cases.

Top Forex Broker for TradingView: Pepperstone

Our choice of forex broker for TradingView is Pepperstone, with a straight forward connection, 93 fx pairs to trade, Razor account spreads (with a caveat), and cross-platform support. You can execute trades directly inside the platform by selecting the Pepperstone tagged pairs, which will also provide the broker offered price directly.

The Razor account spreads are slightly higher on TradingView, with a $7/lot round-trip vs $6 with the broker on cTrader, so you may want to use the integration selectively. You also cannot use the Standard account with the platform. If you have an automated setup with cTrader, and you execute manually on TradingView, you can get the better part of both worlds. Positions that are opened in either platform can also be closed or altered in the other, giving Pepperstone an advantage, with the cross platform support.

Then there is the offer of free TradingView subscriptions, with the Essentials plan starting with a 5 lot trading minimum per month with the broker. Plenty to like, and although Pepperstone remains competitively priced on spreads with TradingView, the broker does offer cheaper raw prices using some of the other trading platforms supported.

Forex Trading on cTrader

cTrader makes the most sense for forex traders who want a more modern trading interface, greater visibility into market depth or a development environment built around programming languages you already know.

Put simply, cTrader looks nicer than MT4, but it is not ‘less able’ because of it. If you are already comfortable with Python or C#, and you intend to automate some of your trading, cTrader could be the right choice for you. Rather than learning the MetaTrader-specific MQL ecosystem, you can use the skills you already have to your advantage, on what is a growing platform.

The cTrader Algo environment allows you to build cBots, indicators and plugins using either Python or C#, with integrated development, testing and backtesting tools. And if you aren’t a coder, there is also the option to buy cBots from the store. If this sounds like the right fit, then it’s on to the broker selection criteria.

What matters when choosing a cTrader broker?

At least historically, most traders who are drawn to cTrader have been active traders. Those who can make use of the mainstream programming language to code out a trading strategy will usually be more concerned about pricing and the technical aspects of how the trades are executed. Here’s what we are focusing on.

• Raw pricing and commission: standing out to active traders means total round-trip cost is right up there.
• Depth of liquidity: DOM and Level II pricing.
• Execution infrastructure: Where the broker’s servers sit and how they’re connected to liquidity providers becomes worth a look.
• Order restrictions: Minimum stop distances, trading restrictions and execution policies can matter to automated and short-term strategies.

Top Forex Broker for cTrader: IC Markets

IC Markets is our top pick for cTrader, because its offering is built around most of what attracts forex traders to the platform in the first place. The broker supports cTrader Algo for custom trading systems and indicators, and is a trusted local broker with almost two decades in the market

Its Australian cTrader offering includes Raw pricing, Level II market depth and one-click execution, while its cTrader server is located in the LD5 Equinix data centre in London and is cross-connected to liquidity providers.

Volume-based rebates and active-trader programs

If you are looking for an Australian broker with rebates or active-trader programs, Pepperstone are one of those worth considering. The broker offers Pro clients forex rebates of 10% to 30%, with the first published tier beginning at 200 lots per month.

IC Markets also offers daily commission rebates through its Pro Trader Plus program for qualifying high-volume clients. These programs are generally linked to professional or wholesale status, which can mean giving up important retail-client protections.

Choosing a Forex Broker

Choosing a good forex broker is a really important part of the whole process. A reputable broker will provide access to reliable trading platforms, competitive spreads and fast execution speeds, ensuring that you can make informed decisions quickly.

Without a good trading account to work with, even the best strategies would struggle to function, even moreso than with shares, where things typically move a little slower, and leverage is more modest.

Some of the important criteria we look for in the best forex trading accounts are the costs to actually trade forex there, ASIC regulation and supervision, and experiences and reviews of users who have tried and tested them over the years. These will give us a foundation of how trustworthy the broker is, and what the costs are first and foremost. If those criteria fit the bill, then we can include them in the list and move on to some of the more supplementary tools that can separate the best from the also rans.

Outside of the essentials, some other services usually provided by the better forex brokers include educational resources, high quality charting, market analysis and customer support, which are particularly important for beginners to learn and grow in the forex market.

We want to be avoiding things that lead to unreliable trading conditions, such as slippage, failed orders, hidden fees or any signs of fraudulent practices. You can rest assured that the names that made it onto our list are providers that have built reputations not just at home here in Australia, but also in serving traders around the globe.

A Closer Look At The Best Forex Brokers In Australia

If you are interested in the best forex brokers in Australia, and are platform agnostic, here is a more detailed look at why each of our top picks is deserving of a second glance.

Pepperstone: Best Overall Forex Broker

Pepperstone is our pick as the best overall forex broker for Australian traders. It may not be the cheapest broker on every currency pair at every moment, but it provides the strongest overall balance of pricing, platform choice, execution, regulation and support.

One of the key benefits of trading with Pepperstone Australia is its low spreads, which average from as low as 0.6 pips on the Standard accounts. This allows you to trade with minimal transaction costs and maximise any potential profits. You can look to the Razor account for even tighter spreads, which help bring the quoted levels in line with the best.

Its Razor account currently has average spreads of 0.1 pips on EUR/USD and AUD/USD, with commissions from $3.50 per standard lot, per side. Pepperstone also reports a 99.32% order fill rate based on recent data, with no dealer intervention. For costs to trade 1 standard lot, the average spread would cost $1, whilst the commission each side to open and close the trade would be $3.50. That means a total cost of $8 for a 1 lot trade in this example.

When trading forex with Pepperstone, you will also have access to various other instruments under one roof, with multiple trading platforms, including the popular MetaTrader 4 and 5 platforms, as well as cTrader, and TradingView. Whilst this is a more common theme across the top names in the industry in recent years, Pepperstone were one of the first to put in place such a comprehensive offering locally. As we have covered above, the broker also offers strong integration with each, earning our own top rank across most categories.

IC Markets: Best For Scalping

IC Markets Australia is a highly respected forex broker that has built a reputation for providing traders with a secure and reliable platform for executing trades. The company offers a wide range of financial instruments for trading, including forex, indices and commodities, making it an excellent choice for traders of all experience levels.

One of the key benefits of using IC Markets is the company’s low spreads, which are among the lowest in the industry. The average spread per lot here is also 0.1, with a $3.50 each side commission on MT4/MT5, putting the broker in line with Pepperstone. The standout is the cTrader commissions of $3 per side, which would reduce the cost for 1 lot traded from $8, to $7.

IC Markets offers leverage from 1:1 to 30:1, which can be useful for traders looking to maximise position sizing. The company also provides a range of educational resources, including webinars and trading guides, to help traders improve.

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), which is widely considered to be one of the most reputable financial regulatory bodies in the world. The company also has a strong reputation for fast and reliable trade execution. The IC Markets MetaTrader 4 and 5 servers have a latency of less than 1 millisecond.

Choosing IC Markets over the competition may be beneficial for those seeking a high-quality trading experience with a broker that has a proven track record of success in the industry.

Key Statistics

• Average execution speed of 35 milliseconds
• IC Markets is one of the world’s leading forex CFD providers
• IC Markets holds client money in segregated client trust accounts in Tier-1 banks
• More than 3,500 tradable symbols
• Trade with the best forex trading platforms in Australia
• Founded in 2007

AvaTrade

AvaTrade is a popular choice among forex traders due to its user-friendly trading platform, competitive spreads and range of educational resources.

With over 15 years of experience in the financial markets, AvaTrade has established itself as a reliable and reputable broker for traders and one of the best forex brokers in Australia.

One of the key benefits of trading with AvaTrade is its user-friendly trading platform, which is available on desktop and mobile devices. The platform offers a range of tools and features to help traders make informed decisions, including technical analysis tools and a customisable interface.

AvaTrade also offers competitive spreads, with major forex pairs having an average spread of 0.92 and an all-in cost for active traders of 0.61 pips. The difference is that AvaTrade does not offer a commission based structure, which can lead to the headline spread rates looking out of sync with others featured here. That being said, the calculation of all in costs is slightly simpler, coming out at a flat $9 per lot in spreads. More expensive than the other names on the list, yet the simplified structure may be easier for beginners to understand. It should be noted that the other brokers also offer Standard accounts without commissions if that is an important factor for you.

AvaTrade Australia provides a range of educational resources, including webinars and trading guides, to help traders improve skills and knowledge.

Key Statistics

• Founded in 2006
• 44 forex options and 1,200 CFDs
• Ranks best in class for professional traders
• Trading Central research modules
• AvaSocial, ZuluTrade and DupliTrade for social trading

Vantage

Vantage stands out as a strong contender for forex traders in Australia, combining a user-friendly platform with professional-grade trading tools and competitive pricing. Offering access to over 40 currency pairs, it’s a versatile choice for those trading major, minor, and exotic forex markets. But that is all the usual stuff you would expect from any of the top names on a forex broker list.

Where Vantage stands out locally is with their copy trading setup, where the broker quotes more than 800,000 copiers across the platform. With close to 110,000 ‘signal providers’ listed as of late August, that gives you plenty of opportunities to copy the strategy of existing traders, or take trade ideas to evaluate yourself.

The platform range of MT4, MT5, and TradingView, alongside Vantage’s own Web Trader or App is also pretty comprehensive. Beginners will appreciate the easy to use proprietary platforms, whilst the MetaTrader suite offers advanced traders the benefit of automated trading options. You can also rent a VPS, or gain access to a free VPS currently up to $25 per month if depositing more than $1,000 and you trade $500,000 in notional volume.

With costs up there with the most weighted rating criteria for us, this needs a closer look. Whilst Vantage quotes spreads from 0.0 on the Raw ECN account, the average spread appears to be closer to 0.3 pips, which remains very competitive. Taking the $3 commission per lot either side of the trade, and you would be facing a total round trip cost of $9 for a 1 lot trade ($3 in spread, $3 to open, $3 to close). Whilst the spread may change during periods of heightened volatility, or reduced liquidity, the round trip commission cost per lot would remain the same.

Vantage offers a good range of educational resources, including webinars, ebooks, market insights, and trading guides. These resources make it easier for you to build skills and stay informed about market trends.

The broker is regulated by ASIC, ensuring it operates under strict guidelines to protect clients’ funds and provide transparency. ASIC’s oversight adds a layer of trust, making Vantage a reliable platform for trading in a well-regulated environment.

Other Notable ASIC Regulated Brokers

Alongside our top four forex brokers above, we could also make a strong case for the other names we tested, including Interactive Brokers, Eightcap, Fusion Markets, IG Australia, CMC Markets, Capitalcom, FP Markets, and Go Markets.

There is plenty to like about how the market is continuing to develop locally, with ASIC’s regulation changes on leverage providing better protection for traders than ever before. Those who have continued to focus on Australia first are now amongst the most highly scrutinised in the world, and for local traders, that is only a good thing. That being so, use this to your advantage, stick with an ASIC regulated entity when you trade, and do not be persuaded to move over to an offshore arm for ‘better conditions’.

Final Word on Forex Brokers in Australia

Pepperstone are one of the best forex brokers in Australia, and our favoured choice for trading currencies in recent years. They have a strong reputation for providing traders with a range of benefits, including tight spreads, fast trade execution and access to multiple trading platforms. There are the bells and whistles from a modern broker, but quite simply, forex trading here just works with a minimum of fuss. With over a decade of experience in the industry, and having been formed in Melbourne, Pepperstone has built a reputation as a trusted broker for traders of all levels.

Looking to more specific use cases, IC Markets is a strong choice for cTrader and scalping strategies, while traders prioritising a user friendly trading app will find AvaTrade a worthy additional option. If you already know which trading platform you want to use, start with our platform comparison above.

Forex Brokers Australia FAQs

Is Forex Trading Legal in Australia?

Yes, forex trading is legal and regulated in Australia. The Australian Securities and Investments Commission (ASIC) oversees the forex trading industry and ensures that brokers and traders comply with the necessary regulations and licensing requirements.

Which ASIC-regulated forex broker has the lowest spreads?

Pepperstone and IC Markets are effectively tied on their currently published average Raw EUR/USD spreads, with both quoting approximately 0.1 pips and commissions of $3.50 per standard lot, per side. Actual spreads vary by currency pair, market conditions and observation period, so neither broker will be cheapest on every trade.

Can you Trade Forex with $1000 Dollars?

Yes, it is possible to trade forex with $1000 dollars. Forex trading allows for flexible position sizing, which means you can adjust your trade sizes based on your account balance. However, it’s important to manage your risk effectively and consider proper money management techniques to protect your capital.

What are The Best Times to Trade Forex in Australia?

The best times to trade forex in Australia are during the overlaps of major trading sessions. For example, the overlap between the Asian and European sessions (around 2:00 AM to 6:00 AM UTC) can provide increased liquidity and volatility. Another significant overlap occurs between the European and American sessions (around 12:00 PM to 4:00 PM UTC). These overlapping times often offer more trading opportunities.

Do Forex Traders Get Taxed In Australia?

Yes, forex traders in Australia have to pay tax on their profits. The Australian Tax Office (ATO) treats income from trading forex differently, depending on how frequently you trade. If you make regular trades then your profits will be classed as part of your income and will be subject to your standard rate of tax. It is always best to consult with a tax professional for advice to determine your personal position.

Is Forex Trading Profitable?

Trading forex can be very profitable, however there are no guarantees in the financial markets and many traders will not make a profit and even lose money. Risk management is the key to becoming a profitable forex trader – it vital that you protect your capital and not risk more than you can afford to lose. It is also wise to build experience trading in a demo account before thinking about trading for real.

What is the best forex trading platform for Australian traders?

The best forex trading platform as far as software will be based on preference, but Pepperstone offers the best overall platform choice. Australian traders can use MT4 or MT5 for Expert Advisors, cTrader for advanced order management, TradingView for chart-based trading, or Pepperstone’s proprietary web and mobile platforms.

Are ECN forex brokers better than standard accounts for traders?

Raw or ECN-style accounts can be considered better for some types of traders, but not necessarily all. ECN will suit scalpers, high-volume traders and automated strategies because spreads are generally tighter, but a separate commission applies. Standard accounts incorporate the broker’s charge into a wider spread and may be simpler for occasional traders.

Which brokers offer free VPS hosting for automated and algorithmic forex traders?

Pepperstone provides conditional free VPS access to qualifying Pro clients and includes VPS hosting within its active-trader benefits. These offers are not unconditional, so traders should check current account, volume and professional-client requirements. Vantage also free VPS starting from a $1,000 deposit and trading volume upwards of $500,000 per month.