Best Forex Brokers in Australia for 2024
Though it’s roughly the size of the U.S., Australia has fewer people than the state of Texas, and this relatively small population benefits from a robust financial regulatory environment and a sturdy banking system. Trading forex (currencies) in Australia is popular among residents as well as international traders seeking an Australian-based broker.
All Australia-based forex brokers must become authorised by the Australian Securities & Investment Commission (ASIC), the Australian financial markets regulator. 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.
Best Forex Brokers Australia
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.
- Saxo Bank - Best web-based trading platform
- CMC Markets - Excellent overall, best platform technology
- 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 ForexBrokers.com's Overall rankings of the top forex brokers.
|Accepts AU Residents
|Regulated by ASIC
|Average Spread EUR/USD - Standard
|0.8 (August 2021)
|Starts from $50
|HYCM (Henyep Capital Markets)
Which forex broker is best in Australia?
Some of the best forex brokers around the world hold regulatory licenses with ASIC. After going through our independent database and identifying brokers that are regulated by ASIC (and accept clients from Australia), I put together this list of my top three picks for the best forex brokers in Australia:
99 Trust Score - Most trusted broker in 2024, Best Overall Broker in 2024
IG is my pick for the best forex broker in Australia in 2024. Year after year, I’ve found that IG is a fantastic forex broker and a great choice for all forex traders; beginners, experienced investors, and algorithmic traders will all find something to like at IG. IG’s top ranking in Australia is a reflection of its continued dominance across many of our most important categories, such as Mobile Trading Apps, Research, and Offering of Investments. IG holds the highest Trust Score rating in our independent database due to the broker’s substantial number of licenses across its global brands (IG won our Annual Award for the Most Trusted Broker in 2024). Learn more about why I’ve ranked IG at the top of so many categories by reading my review of IG.
Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.
2. Saxo Bank
99 Trust Score - Operates three banks, earned our top 2024 Annual Award for Platforms & Tools
Coming in second place for the best forex brokers in Australia is Saxo Bank, one of the most trusted brokers in our database thanks to its numerous regulatory and banking licenses. Saxo Bank doesn’t stop there – I’ve found its forex trading platform suite (which includes the SaxoTraderGo app for web and mobile, and the SaxoTraderPro desktop software) to be consistently excellent, leading me to award Saxo Bank with our top 2024 Annual Award for Platforms and Tools. Saxo Bank also delivers high-quality research content in numerous formats, such as articles, videos, and podcasts, alongside actionable intelligence and forex trading signals across a vast number of markets. Learn more about why I think Saxo Bank is a great choice by checking out our Saxo Bank review.
Browse a gallery of screenshots from Saxo Bank's mobile platforms, taken by our research team during our product testing.
3. CMC Markets
99 Trust Score - Publicly traded, won our 2024 Annual Award for #1 Most Currency Pairs
CMC Markets stands on the podium for the best forex brokers in Australia thanks to its ultra-competitive pricing and low average spreads available across a wide variety of global markets. CMC Markets is one of the most trusted brokers in our independent database thanks to its numerous regulatory licenses and the broker’s status as a publicly-traded company (LSE:CMCX). Whenever I use CMC Markets’ responsive NextGeneration platform, I find it packed with powerful features and intuitive trading tools. CMC Markets has also revamped its MetaTrader 5 (MT5) offering to deliver a wider range of tradeable symbols. Over the years, I’ve consistently ranked CMC Markets highly across many of our review categories – learn more by checking out my review of CMC Markets.
Check out some screenshots from CMC Market's trading platforms, taken by our research team during our product testing.
How to Verify ASIC Authorisation
Check out my walkthrough video, where I show you how to verify that your broker is properly regulated by ASIC. Verifying that your broker is regulated is a great way to protect yourself against forex scams. I've also created an educational series packed with helpful tips for identifying common forex scams.
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 (if you want to learn more about Pepperstone, check out my Pepperstone review).
What protection does ASIC provide forex traders?
In addition to the many protections afforded by a trusted regulatory jurisdiction such as efficient compliance and enforcement of regulations, forex traders in Australia may also benefit from the required Professional Indemnity (PI) insurance policy that ASIC-regulated brokers are required to hold.
A forex broker that holds an Australian Financial Services (AFS) license with ASIC must hold adequate insurance. Adequacy levels are contingent on the size of the broker (i.e. larger brokers must have larger policies, whereas smaller firms will hold coverage sufficient for their client base size).
Important note: Indemnity insurance isn’t designed to protect you directly – it protects your broker in the extraordinary case of an insolvency event. It does not guarantee that you will be paid should your broker become insolvent. Nonetheless, this insurance policy is a requirement under s912B of the Corporations Act of 2001, which mandates that AFS holders have arrangements in place to compensate clients in the event of Chapter 7 of the corporations act (and under Chapter 6 applicable to AFS holders as per the Treasury Department). This can help reduce the damage caused in cases where a broker goes out of business.
In the event of the insolvency of a forex broker: ASIC will step in to ensure that external administrators comply with the law, supervise any registered liquidators that may be assigned from secured creditors, and implement insolvency reforms and publish updates about the case on its website. Because forex traders must rely on the broker's creditworthiness to reduce counterparty risk, it is essential to only deal with highly-trusted forex brokers.
Is forex trading legal in Australia?
Yes, forex trading is legal in Australia and is regulated by the Australian Securities and Investment Commission (ASIC), which supervises and regulates financial markets and ensures that brokers are complying with the Corporations Act of 2001.
Australia’s financial markets
Forex traders will recognize the Australian dollar (AUD) as Australia’s national currency (known in the forex world as “the Aussie”), with the AUD/USD being one of the more popular currency pairs in the global forex market.
Forex markets and Australian forex brokers are affected by the monetary policy as regulated by the Reserve Bank of Australia (RBA), which issues and manages the Australian dollar.
Aside from ensuring the stability of Australia’s national currency, the RBA oversees risk in the financial system and aims to promote Australia’s overall economic prosperity.
The primary stock market in Australia is the Australian Securities Exchange (ASX), located in Sydney. The ASX’s markets offer a wide range of asset classes that include equities, futures, derivatives, exchange-traded funds (ETFs), exchange-traded products (ETPs), and commodities.
Do I have to pay taxes on forex trading in Australia?
Yes, Australian citizens and residents must report their income from trading in Australia – including any profits earned from forex trading. Likewise, any losses from trading forex can be filed depending on how your tax professional prepares your tax return filings, and whether you are trading as an individual or under a business name.
Can I trade forex with $100?
Yes, you can trade forex with just $100. However, your ability to do so will depend on two factors: minimum deposit requirements and contract size availability. To start trading forex with just $100, you’ll need to find a broker that allows you to open a live account with a $100 minimum deposit, and it’ll also need to let you trade micro lot contracts (just 1,000 units of currency). The good news: Many forex brokers accommodate minimum deposits of $100, and will offer micro contracts once you’ve opened a live account to trade forex.
$100 might seem like a small amount of money for trading and investing, but it is actually quite common for forex traders to start out with minor sums in order to test the live trading qualities of a platform. If you want to see some low-cost options for trading forex, check out our guide to the best zero spread brokers.
Open a demo account to learn how to use your broker’s trading platform. You can test out your forex strategy using virtual money before placing any real (live) trades. Then, you can move on to live trading with the $100 balance in your live account.
How do you get started trading forex in Australia?
If you want to start trading forex in Australia, it’s essential to start your forex journey by choosing a forex broker that is well-regulated and properly licensed in Australia by the Australian Securities and Investment Commission (ASIC). We’ve created this step-by-step guide to help you get started with forex trading in Australia:
- Choose a reputable broker that is properly licensed and regulated by ASIC by verifying their credentials on the ASIC website. Check out this video where I show you how to verify if your broker is regulated by ASIC.
- Familiarize yourself with your broker’s trading software. Check out all available mobile and web apps and explore all your broker’s trading platforms (I always recommend starting out with your broker’s free demo account).
- Fund your trading account using the available deposit methods that are most suitable for you. PayPal has become a popular way to fund forex trading accounts, due to its extensive international presence and wide range of supported currencies. Head on over to our guide to the best PayPal forex brokers if you’d like to learn more.
- Put together a trading plan. Even the best traders can lose money, but the key to long-term success lies in sticking to a trading plan that keeps your average losses low (relative to your average profits).
- Enter the forex market. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell. You are now a forex trader!
How to start forex trading
Learn more about getting started as a forex trader by checking out my in-depth Forex 101 educational series. I go over everything you need to know to start out as a forex trader; you'll learn about forex and currency trading, leveragein the forex market, how to calculate pips, and more.
What is the best forex trading platform in Australia?
Saxo Bank takes the crown for best forex trading platform in Australia, thanks to its SaxoTraderGO web and mobile platforms, which provide a robust set of trading tools and a highly unified experience across devices. Saxo Bank’s SaxoTraderPRO desktop platform packs an equally powerful arsenal of trading tools, backed by an even larger selection of professional trading features and state-of-the-art research – all wrapped in a streamlined, easy-to-use design. Saxo Bank is an excellent choice even for the most demanding forex traders in Australia. Read our Saxo Bank review.
Browse a gallery of screenshots from Saxo Bank's trading platforms, taken by our research team during our product testing.
Which broker has the highest leverage in Australia?
All forex and CFD brokers in Australia that are regulated by ASIC are limited to offering you the same maximum leverage of 30:1 (on major currency pairs). Asset classes with more volatility (like cryptocurrency CFDs, for example) are limited to 2:1 leverage (50% margin). These leverage restrictions came into effect in 2021, bringing Australia closer to a state of regulatory harmony with the European Union.
Which broker has the best mobile app?
IG offers the best mobile app for forex trading in 2024. With the IG Trading app, forex traders gain access to a well-designed platform that comes packed with features like alerts, sentiment readings, and sophisticated charting capabilities. Read our IG review
Browse a gallery of screenshots from IG's mobile app, taken by our research team during our product testing.
Saxo Bank is the best forex broker in the overall mobile trading category. Saxo Bank’s SaxoTraderGO web and mobile platforms provide a powerful selection of tools combined with top-notch research in a highly unified cross-platform experience. Like IG, Saxo Bank is regulated by ASIC. Read our Saxo Bank review.
Browse a gallery of screenshots from Saxo Bank's mobile app, taken by our research team during our product testing.
Which broker is best for beginners?
For beginners who are looking to start trading forex in Australia, IG’s well-designed, easy-to-use trading platforms and comprehensive educational courses make it our top choice. DailyFx – IG’s in-house content producer – creates a wide range of informative articles and videos, and IG has even developed a standalone mobile app (in addition to their award-winning IG Trading app) dedicated to helping beginners learn about the financial markets. Read our IG review.
Browse a gallery of screenshots from IG's educational content, taken by our research team during our product testing.
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At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team, led by Steven Hatazkis, conducts thorough testing on a wide range of features, products, and services. We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Our research team collects and validates thousands of data points each year.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s regulatory status and number of held regulatory licenses.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.
We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.
Read our full explanation and accounting of our research and testing process to 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.