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Best Forex Brokers And Trading Platforms In Australia 2024

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Written By
James Barra
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Written By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Edited By
William Berg
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Edited By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
» William Berg Profile Page
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Fact Checked By
Jemma Grist
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Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
Updated
Jun 24, 2024

The Australian Dollar (AUD) is one of the 10 most traded currencies globally and plays a significant role in the Asia Pacific. It represents around 6% of the entire foreign exchange market by volume, despite Australia only comprising approximately 1% of global gross domestic product (GDP).

With rising interest in forex trading, alongside strong regulatory oversight by the Australian Securities and Investments Commission (ASIC), Aussies now have hundreds of online brokers to choose from.

Discover our selection of the best forex trading platforms in Australia. Our recommended brokers cater specifically to Aussie traders with currency pairs containing the AUD and ASIC authorization.

Top 10 Forex Trading Platforms In Australia

Our latest tests show these brokers are the best for forex traders in Australia:

Click a broker for details
  1. 1
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  2. 2
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:30
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  3. 3
    ThinkMarkets
    71.89% of retail investor accounts lose money when trading CFDs with this provider.
    Ratings
    4.3 / 5
    4 / 5
    4.2 / 5
    4 / 5
    4.3 / 5
    4.3 / 5
    4.2 / 5
    4.1 / 5
    4.8 / 5
    4 / 5
    $0
    0.01 Lots
    1:500
    FCA, ASIC, CySEC, FSCA, JFSA, FSA, DFSA, FMA
    CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only)
    ThinkTrader, MT4, MT5, TradingView, AutoChartist, TradingCentral
    Mastercard, POLi, BPAY, Credit Card, Visa, Skrill, Neteller, Wire Transfer, Google Wallet, Apple Pay
    USD, EUR, GBP, AUD, JPY, CHF
    Go To ThinkMarkets
  4. 4
    Fusion Markets
    Ratings
    3.5 / 5
    4 / 5
    3.3 / 5
    4.4 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    1.3 / 5
    4.8 / 5
    4.4 / 5
    $0
    0.01 Lots
    1:500
    ASIC, VFSC, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, cTrader, TradingView, DupliTrade
    Visa, Skrill, Neteller, Mastercard, PayPal, Bitcoin Payments, FasaPay, Perfect Money, Doku Wallet, Wire Transfer, Credit Card, Debit Card, Dragonpay, Sticpay, Ethereum Payments, TransferWise, AstroPay, PayID, JetonCash
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Fusion Markets
  5. 5
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  6. 6
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  7. 7
    AvaTrade
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  8. 8
    FOREX.com
    20% Welcome Bonus Up To $5000
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  9. 9
    XM
    Ratings
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.5 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:30
    ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
    Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
    MT4, MT5
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF
    Go To XM
  10. 10
    IG
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG

Here is a summary of why we recommend these brokers:

  1. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  2. Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
  3. ThinkMarkets - ThinkMarkets offers 46 currency pairs, which is around the industry average. Forex traders can benefit from tight 0.0-pip spreads for EUR/USD during peak market hours. Additionally, the ThinkTrader proprietary platform offers an impressive 125+ technical indicators - ideal for complex forex strategies.
  4. Fusion Markets - Fusion Markets offers an excellent selection of 90+ currency pairs, providing a range of short-term trading opportunities. It continues to excel for its ultra-tight spreads from 0.0 pips and exceptionally low commissions of $2.25 per side. You also get access to leading forex software in MetaTrader 4.
  5. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  6. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  7. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  8. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  9. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
  10. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.

Best Forex Brokers And Trading Platforms In Australia 2024 Comparison

Best Forex Brokers And Trading Platforms In Australia 2024 Comparison
Broker ASIC Regulated AUD Account Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit
Pepperstone logo
✔ ✔ 100+ 0.1 4.7 / 5 $0
Eightcap logo
✔ ✔ 50+ 0.0 3.6 / 5 $100
ThinkMarkets logo
✔ ✔ 45+ 0.0 3.6 / 5 $0
Fusion Markets logo
✔ ✔ 90+ 0.05 4.1 / 5 $0
Vantage logo
✔ ✔ 55+ 0.0 4 / 5 $50
IC Markets logo
✔ ✔ 75 0.02 4.8 / 5 $200
AvaTrade logo
✔ ✔ 50+ 0.9 4.3 / 5 $100
FOREX.com logo
✔ ✔ 80+ 1.2 4.9 / 5 $100
XM logo
✔ ✔ 55+ 1.6 4.7 / 5 $5
IG logo
✔ ✔ 80+ 0.8 4.9 / 5 $0

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.

Cons

  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
Visit Pepperstone
Pepperstone Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
Leverage1:30
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.

Cons

  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
  • Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
Visit Eightcap
Eightcap Review

ThinkMarkets

"With its diverse asset list, competitive fees and superb charting software, ThinkMarkets maintains its position as a top choice for most CFD traders. That said, experienced traders will particularly appreciate the range of advanced tools, including forex signals and VPS solutions."

Tobias Robinson, Reviewer

ThinkMarkets Quick Facts

GBPUSD Spread0.3
EURUSD Spread0.0
EURGBP Spread0.0
Total Assets45+
Leverage1:500
PlatformsThinkTrader, MT4, MT5, TradingView, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, AUD, JPY, CHF

Pros

  • Top-tier regulation from the FCA, ASIC and CySEC plus offshore branches with high leverage
  • Reliable 24/7 multilingual support via telephone, email or live chat
  • Low fees with competitive spreads on the commission-free account and very tight spreads and a low $3.5 commission on ThinkZero

Cons

  • Limited bonus offers, refer-a-friend schemes or trading competitions
  • Not many payment methods available for UK traders
  • $500 minimum deposit for ThinkZero account
Visit ThinkMarkets
ThinkMarkets Review

Fusion Markets

"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."

Jemma Grist, Reviewer

Fusion Markets Quick Facts

GBPUSD Spread0.13
EURUSD Spread0.05
EURGBP Spread0.09
Total Assets90+
Leverage1:500
PlatformsMT4, MT5, cTrader, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Average execution speeds of around 37 milliseconds are noticeably faster than many rivals and can help day traders secure optimal prices in fast-moving markets.
  • Fusion Markets offers best-in-class support with very fast, friendly and helpful responses during tests and no frustrating automated chatbot to navigate.
  • Fusion Markets continues to impress with its pricing that provides tight spreads with below-average commissions that will appeal to active day traders.

Cons

  • While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
  • The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
  • Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
Visit Fusion Markets
Fusion Markets Review

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
  • The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
  • There are no short-term strategy restrictions with hedging and scalping permitted

Cons

  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
Visit Vantage
Vantage Review

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.

Cons

  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
Visit IC Markets
IC Markets Review

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Jemma Grist, Reviewer

AvaTrade Quick Facts

GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Day traders can access stable spreads and zero commissions with no hidden fees
  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more

Cons

  • There is no ECN account with raw spreads
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
Visit AvaTrade
AvaTrade Review

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:400
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.

Cons

  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
Visit FOREX.com
FOREX.com Review

XM

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

William Berg, Reviewer

XM Quick Facts

GBPUSD Spread1.9
EURUSD Spread1.6
EURGBP Spread1.8
Total Assets55+
Leverage1:30
PlatformsMT4, MT5
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

  • Accessible trading accounts with a $5 minimum deposit and fast account opening
  • Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools

Cons

  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
  • PayPal deposits are not supported
  • There is weak regulatory oversight through the global entity
Visit XM
XM Review

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:250 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities

Cons

  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
Visit IG
IG Review

Choosing A Forex Trading Platform In Australia

Years of hands-on tests and a research team comprised of active traders and industry experts give us a genuine voice on what makes a good forex broker. These are the key things we look for:

Trust

After observing various forex scams in recent years with increasing levels of sophistication, we prioritize choosing trustworthy brokers.

TradeFed, for example, was sued after using high-pressure sales tactics to entice Aussie forex traders to its platform before reportedly taking the opposing side of 95%+ of its clients’ positions, making money when investors’ trades went the wrong way, with some Aussies losing upwards of A$140,000.

That’s why all our recommended forex brokers are authorized by the Australian Securities and Investments Commission (ASIC), a ‘green-tier’ regulator in line with our Trust Rating, providing the highest level of investor protection.

We also balance firms’ regulatory credentials with their standing in the forex industry, though no brokerage can ever be totally ‘safe’.

ASIC register showing IG forex broker is regulated in Australia
IG Markets Ltd – ASIC License

ASIC-regulated forex trading platforms are required to provide several safeguards to retail investors, notably:

  • Although all our recommended forex trading platforms are ASIC-regulated, IG earns our vote as the most trusted. Authorization from 13 regulators, over 50 years of industry experience, a listing on the London Stock Exchange, and excellent reports from our active traders who’ve used the IG platform for real-money trading, help it stand out from the crowd.

Currency Pairs

All our top-rated forex platforms provide access to a range of currency pairs (at least 30), ensuring diverse trading opportunities.

Critically, they also provide trading on currency pairs containing the AUD, catering specifically to Aussie traders.

Table showing exotic AUD currency pairs on Pepperstone platform
Pepperstone – Exotic AUD Currency Pairs

The Australian Dollar (AUD) is the national currency that replaced the Australian Pound in the 1960s. Because Australia is a major exporter of iron ore and coal, the price of these commodities can heavily influence AUD’s value, warranting the attention of active traders.

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Having a trading plan with clearly defined entry and exit points, alongside sensible risk management parameters, is critical for successful forex day trading, regardless of the currency pair.
  • Pepperstone’s selection of 100+ currency pairs remains almost unrivalled, with majors like the AUD/USD, six minors/crosses including AUD/SGD, AUD/JPY and AUD/GBP, plus exotics and commodity crosses not commonly found elsewhere, notably AUD/NOK and XAU/AUD. Its ultra-fast execution speeds of 30ms also help day traders lock in optimal prices in volatile FX markets.

Tools

Our hands-on tests show the best Australian forex brokers offer excellent tools for analyzing foreign exchange markets with insights into events that could influence the value of the AUD, amongst other currency pairs.

MetaTrader 4 (MT4) remains the most popular forex software, catering to experienced traders looking for strong charting features, with 30 indicators, 24 analytical objects and 9 time intervals from 1 minute (suitable for short-term trading). That said, I don’t like the dry workspace.

Fortunately, Aussie forex brokers are increasingly developing their own platforms to rival the MetaTrader suite, often with more intuitive interfaces for newer investors.

I recommend starting with a demo account, available from every one of our recommended Australian forex brokers. They provide a terrific way to learn platform features before risking funds.

Equally, maintaining a trading journal can help you identify what works and what doesn’t and help you refine your forex trading strategy.

author image
James Barra
Author

Forex day trading apps are also becoming ever-popular. The Vantage App is one of my favorites. The charting is detailed – you’re able to layer indicators, such as the RSI and MACD, and apply specific parameters. Charting switches from horizontal to vertical, viewing swiftly, with a pinch-to-zoom that I love. A wonderfully well-thought-through forex app in my book.

Using Vantage broker to trade Australian forex pairs
Vantage App
  • Eightcap’s forex tools are also a cut above the rest. Alongside MT4 (built specifically for forex trading) and MT5 (more features for advanced traders), TradingView was made available in 2022 (superior interface for newer traders with a forex screener covering 13 AUD currency pairs). Eightcap also has an AI-powered calendar that I filtered by ‘Australia’ to get insights into inflation data and balance of trade statistics, which can influence the value of the AUD.

Pricing

Our top-rated Australian forex trading platforms offer competitive pricing, especially for day traders.

We make This assessment by analyzing spreads on popular currency pairs and factoring in any additional fees, such as commission (a fixed charge often applied in raw/low-spread accounts that are popular with active traders).

Importantly, as one of the most liquid currencies in the world, AUD currency pairs often have relatively tight spreads, especially when paired with other liquid currencies, such as USD and EUR.

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Tight spreads generally provide a good time to execute day trades, as the cost of the trade is lower and there is less chance of slippage (difference between requested and actual price).
Fusion Markets pricing tool showing spread data on the AUD/USD
Fusion Markets – Historical AUD/USD Spreads
  • Fusion Markets, according to both the firm’s marketing claims and our own assessment, is one of the cheapest forex brokers in Australia. It charges low spreads with a $2.25 per side commission. We particularly appreciate the transparency around spreads. They host a ‘Live and Historical Spread’ tool that displays the average, minimum and maximum spreads over three timeframes. For example, I found that over the past month (at the time of writing), the AUD/USD had an average spread of 0.11 pips, while the lowest was 0.04 pips.

Account Funding

We know from first-hand experience that convenient account funding can make for a smooth forex trading experience. That’s why we evaluate the selection of payment methods available, paying attention to popular local solutions, such as those in Australia.

Whilst credit cards, debit cards and wire transfers are still king in Australia, PayID is increasingly popular as it allows Aussie traders to easily check who they’re transferring to before hitting send, helping to prevent scams.

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Brokers with AUD accounts allow you to deposit, withdraw and trade currencies in the Australian Dollar.
  • City Index impresses with a growing list of deposit and withdrawal solutions, notably PayID, bank cards and wire transfers, plus no minimum deposit, making it a stand-out option for beginner forex traders in Australia.

FAQ

Which Is The Best Forex Trading Platform In Australia?

Use our list of the best forex trading platforms in Australia to find the broker that best meets your needs.

They all cater to Australian forex traders, but the choice is ultimately personal, depending on individual needs and preferences.

Who Regulates Australian Forex Brokers And Trading Platforms In Australia?

The Australian Securities and Investments Commission (ASIC) regulates forex brokers and trading platforms serving Australian traders.

The ASIC is a first-rate, highly active regulator that’s cracked down on the industry in recent years, shutting down unregistered firms and taking action against platforms that fail to disclose the risks of trading currencies online sufficiently.

Ultimately, Aussies will be best protected by signing up with an ASIC-regulated forex broker, though trading remains inherently risky, so only invest what you can afford to lose.

What Is The Minimum Amount I Need To Start Trading Forex In Australia?

This varies depending on the broker, but our findings show you’ll normally need between 0 and 400 AUD.

That said, we’re seeing a growing trend towards forex platforms having no minimum deposit alongside excellent educational tools, catering to beginner traders. The highest-rated following our assessment are Pepperstone and ThinkMarkets.

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