With the most active trading communities globally, Australia boasts a thriving Forex market that demands the best brokers. We bring you a comprehensive guide on the best forex brokers in Australia for 2023 – a curated selection combining regulatory excellence, cutting-edge tools, and tailored recommendations.
Trading in the dynamic world of forex demands precision and expertise. That’s why we have presented you with brokers authorised by the Australian Securities and Investment Commission (ASIC), the gold standard for regulatory oversight in Australia’s financial landscape.
We simplify your quest for the ideal broker, ensuring they meet regulatory standards and align with your unique trading style and preferences. Our expert analysis dissects each broker’s strengths and weaknesses, empowering you to make informed decisions.
Let us start with understanding the Australian regulatory body, ASIC, before discussing the best forex brokers in Australia for 2023.
The Australian Securities and Investment Commission or ASIC, established under the act, Australian Securities and Investment Commission Act 2001, is responsible for maintaining, facilitating and improving the performance of the Australian financial system and entities under it.
ASIC forms rules and executes them to regulate the financial systems in Australia. One can visit the official website of ASIC for a deeper understanding of the regulatory body.
The forex brokers in Australia that are regulated by ASIC are more trustworthy and reliable in comparison to the unregulated ones. Having understood the regulatory body, we can now delve deep and discuss the best forex brokers in Australia.
Australian Forex Brokers List
1. Pepperstone
Founded in 2010 by driven traders who demanded more, Pepperstone has emerged as a leading Australian forex broker and CFD provider. With a commitment to quality, innovation, and empowering traders, Pepperstone delivers a robust ecosystem of trading platforms and competitive offerings.
Pepperstone holds licenses from seven national authorities, including the top-tier UK’s Financial Conduct Authority (FCA), Germany’s BaFin, and Australia’s ASIC.
Forex traders can experience a seamless account opening that is quick and wholly digital, offering near-zero spreads and easy access to cutting-edge tools. It is an ideal forex broker for beginners and also a good choice for seasoned traders.
Here is Pepperstone at a glance:
| Regulation | FCA (UK), ASIC (Australia), DFSA (UAE) |
| Foundation | 2010 |
| Trust Score | 9 |
| Minimum Deposit | $0 |
| Leverage | 30:1 |
| Account Types | Standard and Razor |
| Spreads | 1-1.3 pips |
| Trading Instruments | FX, indices, equities, cryptos, energy and commodities, etc. |
| Demo Account | Available |
2. AvaTrade
AvaTrade is a versatile broker synonymous with diverse trading opportunities. With numerous trading accounts and platforms, AvaTrade presents over 1,250 instruments for traders. Regulated by a global network of eight esteemed financial authorities, the broker caters to both beginners and seasoned traders with a suite of features.
Since its inception in 2006, the broker has fostered a community of around 300,000 clients and has solidified its position as a reputed Australian forex broker. Additional features like AvaSocial, Zulu and Duplotrades set the broker apart from its competitors.
Here is Ava Trade at a glance:
| Regulation | ADGM, FRSA |
| Foundation | 2006 |
| Trust Score | 9 |
| Minimum Deposit | $100 |
| Leverage | 30:1 |
| Account Types | Standard account, Retail account and a Professional Account |
| Spreads | 0.9 Pips |
| Trading Instruments | Forex, Stocks, Commodities, FXOptions., Spread Betting, Indices |
| Demo Account | Available |
3. eToro
eToro is a pioneer in accessible and intuitive forex trading with its user-friendly trading platform. The Australian broker empowers novice traders by providing commission-free stock trading and seamless forex trading.
eToro lets traders mirror the market strategies of experienced traders and access more than 1900 instruments, including forex and CFDs. The broker leads the way by offering unlimited access to a proprietary trading platform using an all-time-available demo account facility.
Here is eToro at a glance:
| Regulation | CySec (Cyprus) and the FCA (UK) |
| Foundation | 2007 |
| Trust Score | 8 |
| Minimum Deposit | US $50 (US $10 in the UK and USA), Bank Transfer must be at least US $500 |
| Leverage | 30:1 |
| Account Types | Personal (retail) account, Default Account Type |
| Spreads | 1 pip |
| Trading Instruments | Stocks, Indices, ETFs, Currencies, Commodities, Cryptoassets |
| Demo Account | Available |
4. IC Markets
IC Markets is a reputed forex broker that has gained worldwide popularity since its inception in 2007. The broker is regulated by multiple authorities, which establishes the broker as a trustworthy and reliable forex broker.
Headquartered in Sydney, the broker is an ideal choice for advanced forex traders providing them with raw spread trading accounts and potent platforms. The IC Markets broker also grants access to commission-free trading, free webinars and video tutorials for beginners.
Here is IC Markets at a glance:
| Regulation | SCB |
| Foundation | 2007 |
| Trust Score | 8 |
| Minimum Deposit | $200 |
| Leverage | 1:500 |
| Account Types | cTraders, Raw Spread, and Standard account |
| Spreads | 0.0-0.6 pips |
| Trading Instruments | Forex CFDs, Commodities CFDs, Stocks CFDs, Bond CFDs, Cryptocurrency CFDS, Future CFDs |
| Demo Account | Available |
5. IG Groups
IG Groups is the trader’s top choice for Australia’s forex brokers in 2023. It offers an exceptional trading environment for both novice and experienced traders with a high trust score and multiple awards like “Most Trusted Broker” and an extensive regulatory framework.
The broker ensures safety with a 99% trust rate and caters diverse trading needs of the traders. The IG Groups broker empowers traders with vast educational resources, advanced apps and regulatory compliance since the broker’s inception in 1974.
Here are IG Groups at a glance:
| Regulation | FINRA, SIPC, NFA |
| Foundation | 1974 |
| Trust Score | 9 |
| Minimum Deposit | $250 |
| Leverage | 1:50 (US), 1:30, 1:20 |
| Account Types | Demo and Live Accounts |
| Spreads | 0.8 pips |
| Trading Instruments | Forex, indices, cryptocurrencies, shares, commodities, |
| Demo Account | Available |
6. Go Markets
GO Markets has been a renowned CFD broker since 2006, offering competitive trading conditions and regulatory excellence. It combines internal expertise and industry partnerships to deliver premium services. Regulated by CySEC, GO Markets prioritises safety and various account types to cater diverse needs of the forex traders.
A limited instrument diversity and subpar customer support pose challenges to the popularity of the broker. However, robust licensing, affordable fees, and comprehensive tools enhance its reliability.
Here is Go Markets at a glance:
| Regulation | FSC Mauritius |
| Foundation | 2006 |
| Trust Score | 7 |
| Minimum Deposit | $200 |
| Leverage | 500:1 |
| Account Types | Plus +, Standard and Demo Account |
| Spreads | 0.0 pips |
| Trading Instruments | Commodity CFDs, Share CFDs, Indices CFDs, Forex CFDs, and Metals CFDs |
| Demo Account | Available |
7. First Prudential Markets (FP Markets)
FP Markets, established in 2005, is a reputable name in online trading. With global offices, it offers 800+ instruments from diverse markets, low fees, and robust execution. The broker’s stringent regulatory licenses and No-Dealing-Desk approach help in ensuring optimum execution.
Although the broker lacks a proprietary platform, it offers excellent tradable instruments and easy deposit and withdrawal for novice and advanced traders.
Here is FP Markets at a glance:
| Regulation | ASIC |
| Foundation | 2005 |
| Trust Score | 8 |
| Minimum Deposit | $100 |
| Leverage | 500:1 |
| Account Types | Standard, Raw, Islamic Swap-Free, and a Risk-Free Demo account |
| Spreads | 0.0 pips |
| Trading Instruments | Shares, Metals, Commodities, Indices, and Digital Currencies |
| Demo Account | Available |
Comparing the Largest Forex Brokers in Australia
| Broker | Minimum Deposit | Leverage | Spreads | Regulation | Trust Score | Official Site |
| Pepperstone | $0 | 30:1 | 1-1.3 pips | FCA (UK), ASIC (Australia), DFSA (UAE) | 9 | https://pepperstone.com/en/ |
| IC Markets | $200 | 1:500 | 0.0-0.6 pips | SCB | 8 | https://www.icmarkets.com/global/en/ |
| AvaTrade | $100 | 30:1 | 0.9 Pips | ADGM, FRSA | 9 | https://www.avatrade.com/ |
| eToro | US $50 (US $10 in the UK and USA), Bank Transfer must be at least US $500 | 30:1 | 1 pip | CySec (Cyprus) and the FCA (UK) | 8 | https://www.etoro.com/ |
| IG Groups | $250 | 1:50 (US), 1:30, 1:20 | 0.8 pips | FINRA, SIPC, NFA | 9 | https://www.iggroup.com/ |
| First Prudential Markets | $100 | 500:1 | 0.0 pips | ASIC | 8 | https://www.fpmarkets.com/ |
| CMC Markets | 0 | 30:1 | 0.7 pips | FCA | 9 | https://www.cmcmarkets.com/en/ |
| FXCM | $50 | 1000:1 | 0.2 pips | AFSL | 95 | https://www.fxcm.com/markets/ |
| Oanda Corporation | $9,000 | 20:1 | 1 pips | CFTC | 93 | https://www.oanda.com/currency-converter/en/?from=EUR&to=USD&amount=1 |
| Interactive Brokers LLC | $100 | 50:1 | 0.2 pips | US SEC and CFTC | 99 | https://www.interactivebrokers.co.in/en/index.php?f=40071&wid=1078256036 |
| GO Markets | $200 | 500:1 | 0.0 pips | FSC Mauritius | 7 | https://www.gomarkets.com/en/ |
| Tickmill | $100 | 1:500 | 0.0 pips | FSA | 83 | https://www.tickmill.com/ |
| AxiCorp | $0 | 1:500 | 0.4 pips | AFSPL & ASIC | 92 | https://www.axi.com/int |
| Saxo Bank | $2,000 | 10:1 | 0.4 pips | FSA | 99 | https://www.home.saxo/ |
| XTB | 0 | 30:1 | 0.1 pips | FRN | 96 | https://www.xtb.com/int |
| ThinkMarkets | $0 | 30:1 | 0 pips | FSA | 67 | https://www.thinkmarkets.com/en/ |
| TMGM | $100 | 1:500 | 1.0 pips | ASIC | 81 | https://www.tmgm.com/au |
| Plus500 | $100 | 1:300 | 0.6 pips | Cyprus Securities and Exchange Commission | 99 | https://www.plus500.com/en-IN/ |
| Easy Markets | $100 | 1:30 | 0.7-1.3 pips | CySIC, ASIC | 8 | https://www.easymarkets.com/int/ |
FAQs
What is the best forex broker in Australia with high leverage?
While researching the top forex brokers in Australia, we found that FXPro and Ava Trade are two top-performing forex brokers with high and competitive leverage.
Does Australia allow forex trading?
With multiple forex brokers, the traders have multiple choices to trade in forex. Some of the best forex brokers in Australia are Pepperstone, Saxo Bank, Ava Trade, FP Markets etc. So, yes, Australia allows forex trading for traders.
Which broker to choose in Australia?
The availability of multiple options can confuse forex traders in Australia. For a detailed comparison of different forex brokers in Australia, refer to the above description.
Some of the trending forex brokers in Australia are Pepperstone, IC Markets, Saxo Bank, eToro etc.
