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Best Forex Brokers Australia for 2022

Steven Hatzakis

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

October 05, 2022

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

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

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

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

Best Forex Brokers Australia

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

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

Australian Forex Brokers Comparison

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

Company Accepts AU Residents Regulated by ASIC Average Spread EUR/USD - Standard Minimum Initial Deposit Overall Rating Visit Site
IG logoIG check check 0.86 (September 2022) £250.00 5 Stars Visit Site
Saxo Bank logoSaxo Bank check check 0.9 (September 2022) €2,000 5 Stars
CMC Markets logoCMC Markets check check 0.51 (August 2022) $0 5 Stars
Interactive Brokers logoInteractive Brokers check check 0.6 (Aug 2022) $0 5 Stars Visit Site
City Index logoCity Index check check 1.0 (July 2022) £100.00 5 Stars
eToro logoeToro check check 1 (August 2021) $10-$10,000 4.5 Stars
AvaTrade logoAvaTrade check check 0.91 (Aug 2020) $100 4.5 Stars
Plus500 logoPlus500 check check 0.6 (as of Aug 2018) €100 4.5 Stars
FXCM logoFXCM check check 1.38 (Q2 2022) Starts from $50 4.5 Stars
FP Markets logoFP Markets check check 1.2 (August 2022) $100 AUD 4.5 Stars
Admiral Markets logoAdmiral Markets check check 0.8 (July 2021) $100 4.5 Stars
IC Markets logoIC Markets check check 0.62 (August 2021) $200 4.5 Stars
XM Group logoXM Group check check 1.6 (Aug 2020) $5 4.5 Stars
Pepperstone logoPepperstone check check 0.77 (September 2022) $200 4.5 Stars
Vantage logoVantage check check 1.22 (August 2021) $50 4 Stars
Trade Nation logoTrade Nation check check 0.6 $0 4 Stars
ACY Securities logoACY Securities check check 1.2 (Sept 2021) $50 4 Stars
Eightcap logoEightcap check check N/A $100 4 Stars
easyMarkets logoeasyMarkets check check 0.9 (as of Mar 2020) $100 4 Stars
FOREX.com logoFOREX.com check 1.0 (July 2022) $100 5 Stars Visit Site
HYCM (Henyep) logoHYCM (Henyep) check 0.6 (Sept 2021) $100 4 Stars
HFM logoHFM check 1.2 (August 2021) $5 4 Stars
FlowBank logoFlowBank check N/A $0.00 4 Stars
BlackBull Markets logoBlackBull Markets check 0.827 (August 2022) $0 4 Stars

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

How to Verify ASIC Authorisation

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

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

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

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Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

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

About the Author

Steven Hatzakis
Steven Hatzakis

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


John Bringans
John Bringans

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


Joey Shadeck
Joey Shadeck

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



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