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Best Forex Brokers And Trading Platforms In Australia 2024

Written By

James Barra

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.

» James Barra Profile Page

Fact Checked By

Jemma Grist

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

Apr 18, 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 5% 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 5 Forex Trading Platforms In Australia

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

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.

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	Visit
	✔	✔	100+	0.1	4.7 / 5	$0	Visit
	✔	✔	50+	0.0	3.6 / 5	$100	Visit
	✔	✔	45+	0.0	3.6 / 5	$0	Visit
	✔	✔	90+	0.05	4.1 / 5	$0	Visit
	✔	✔	55+	0.0	4 / 5	$50	Visit
	✔	✔	75	0.02	4.8 / 5	$200	Visit
	✔	✔	50+	0.9	4.3 / 5	$100	Visit
	✔	✔	55+	1.6	4.7 / 5	$5	Visit
	✔	✔	60+	0.6	5 / 5	$100	Visit
	✔	✔	80+	0.8	4.9 / 5	$0	Visit
	✔	-	67	0.70 pips (var)	3.9 / 5	$100	Visit
	✔	✔	70+	from 0.2 pips (floating)	3.3 / 5	$0	Visit
	✔	-	55	0.9	4.2 / 5	$50	Visit
	✔	✔	40+	1.0	4.3 / 5	$100	Visit
	✔	✔	30+	From 0 pip	-	$10	Visit

#1 - Pepperstone

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.4
• EURUSD Spread: 0.1
• EURGBP Spread: 0.4
• Total Assets: 100+
• Leverage: 1:30 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

• Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
• Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
• 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.

Cons

• Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
• 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.
• 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.

Visit Pepperstone

#2 - Eightcap

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.1
• EURUSD Spread: 0.0
• EURGBP Spread: 0.1
• Total Assets: 50+
• Leverage: 1:30
• Platforms: MT4, MT5, TradingView

About Eightcap

Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 1,000+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.

Pros

• 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.
• 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.
• Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

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.
• The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.

Visit Eightcap

#3 - ThinkMarkets

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.3
• EURUSD Spread: 0.0
• EURGBP Spread: 0.0
• Total Assets: 45+
• Leverage: 1:500
• Platforms: ThinkTrader, MT4, MT5, AutoChartist, TradingCentral

About ThinkMarkets

Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.

Pros

• Unique Traders' Gym simulation tool for testing out strategies on real historical data, with multiple timeframes and custom features
• In-depth educational resources for beginner, intermediate and advanced level traders, plus live webinars
• Three stable and award-winning platforms plus seamless integration with the broker's Signal Centre

Cons

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

Visit ThinkMarkets

#4 - Fusion Markets

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.13
• EURUSD Spread: 0.05
• EURGBP Spread: 0.09
• Total Assets: 90+
• Leverage: 1:500
• Platforms: MT4, MT5, cTrader, TradingView, DupliTrade

About Fusion Markets

Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.

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.
• The market analysis features, Market Buzz and Analyst Views, are great tools for discovering opportunities and conveniently integrated into the client dashboard.
• The range of charting platforms and social trading features is excellent, with MT4, MT5, cTrader and more recently TradingView, catering to a wide range of trader preferences.

Cons

• There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
• While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
• Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.

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#5 - Vantage

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.5
• EURUSD Spread: 0.0
• EURGBP Spread: 0.5
• Total Assets: 55+
• Leverage: 1:500
• Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

• Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
• The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
• There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5

Cons

• The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
• It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
• Unfortunately, cryptos are only available for Australian clients

Visit Vantage

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

• Deposits are segregated from the business’ to ensure they can be returned in the event of liquidation. For example, when ASIC-regulated foreign exchange firm Halifax Investment Services went under in 2018, ASIC provided creditors with regular updates to ensure the segregated funds made their way back to clients.
• Forex traders should not be marketed financial products that are unsuitable for them. For instance, when I signed up with IC Markets I had to fill out a suitability questionnaire that asked about my risk appetite and source and scale of funds before I could trade currencies.
• Potential losses are capped by limiting leverage on forex to 1:30 for major currency pairs like the AUD/USD and 1:20 for minors like the AUD/JPY. These rules will be in place until at least 2027, following a 91% reduction in aggregate net losses by retail client accounts since the rules came into place in 2021.
• Negative balance protection should be in place, preventing Aussies from losing more than their deposit amount when trading currencies online.

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.

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.

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, what doesn’t, and help you refine your forex trading strategy.

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.

Pricing

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

This is an assessment we make 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.

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.

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 sufficiently disclose the risks of trading currencies online.

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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