Best Forex Brokers in Australia

Following our in-depth review and ranking process, here are the best forex brokers in Australia;

Best Forex Brokers in Australia

  1. IC Markets
  2. IG
  3. CMC Markets
  4. Pepperstone
  5. FPMarkets

1. IC Markets

IC Markets

IC Markets is a global leading online broker, as well as one of the largest forex & CFD providers (by trade volume) in the world. It offers CFDs on a wide variety of global markets including forex, stocks, commodities, indices, cryptocurrencies, bonds and futures, with over 1780+ instruments to trade.

IC Markets offers an excellent trading solution suitable for beginner and professional traders, along with adequate support for all trading styles and strategies (such as scalping, hedging, algorithmic trading etc). In addition, all clients can enjoy a plethora of top-notch trading services, some of which includes; consistent ultra-low spreads from 0.0 pips, fast trade executions, deep liquidity, advanced trading platforms & tools, transparent pricing and low trading fees, and an experienced customer support team available 24/7.

IC Markets Overview

BrokerIC Markets
Regulation ASIC, FSA, CYSEC
Forex Pairs61
Trading PlatformsMetaTrader 4, MetaTrader 5, cTrader
Minimum Deposit$200 (or currency equivalent.)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesAUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF.
Payment MethodsBank Wire Transfer, Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking.

Pros

  • Hassle-free account registration process.
  • Strong regulatory framework.
  • Over 180,000+ clients across 190 countries worldwide
  • Deep liquidity.
  • Negative balance protection.
  • Clients funds are segregated.
  • Industry-standard trading platforms available for mobile and desktop devices.
  • Provides support for algorithmic Expert Advisors.
  • Over 61 currency pairs to trade including major, minor and exotic currency pairs.
  • Flexible leverage from 1:1 to 1:500.
  • Low latency and ultra-fast trade execution.
  • Supports all trading styles and strategies.
  • Low spreads (starting from 0.6 pips) with zero commissions on the standard account.
  • Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
  • Multiple fast and secure payment methods, with fast deposit and withdrawal processing times.
  • Demo account with unlimited usage duration.
  • No inactivity fee.
  • Dedicated and friendly multi-lingual customer support service available 24 hours a day, 7 days a week.

Cons

  • Product offering limited to CFDs.
  • No proprietary trading platform.

2. IG

IG

IG is a highly reputable global online broker established by IG Group plc; a publicly-traded company listed on the London Stock Exchange. IG offers CFD trading across a wide variety of asset classes including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rate, sectors and ETFs with over 17,000+ instruments available to trade.

IG offers an exceptional brokerage service, with trading solutions suitable for retail and institutional clients (such as hedge funds, family offices, private investment vehicles, asset managers, brokers, banks and introducing brokers). Also, traders can get access to an extensive list of great brokerage services including deep liquidity, superior trade execution, volume-based rebates, industry-standard trading platforms (proprietary & third-party), competitive spreads, expert customer support service, and much more.

IG Overview

BrokerIG
Regulation CFTC (U.S.), FCA (U.K.), ASIC (Australia), FCA (United Kingdom), FINMA (Switzerland), FMA (New Zealand), MAS (Singapore), FSA (Japan), FSCA (South Africa), DFSA (UAE), BMA (International)
Forex Pairs81
Trading PlatformsProRealTime, L2 Dealer, MetaTrader 4
Minimum Deposit$300 (or currency equivalent)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:222
Account CurrenciesUSD, GBP, AUD, EUR, SGD, HKD.
Payment MethodsBank Wire Transfer, Credit/Debit Cards, Paypal

Pros

  • Strong regulatory framework.
  • Listed on the stock exchange.
  • 45+ years of industry experience.
  • 313,000+ clients worldwide.
  • Deep liquidity.
  • Negative balance protection.
  • Volume-based rebates.
  • Industry standard trading platforms available in web, mobile and desktop versions.
  • Competitive spreads from 0.6 pips on major currency pairs.
  • Fast and secure payment methods.
  • No minimum deposit for bank transfer.
  • Excellent eductional offering for beginner, intermediate and advanced traders.
  • Outstanding research offering.
  • Great customer support service.

Cons

  • Inactivity fee charged (after 2 years of inactivity).
  • No support for copy trading and social trading.
  • High financing rate.
  • Limited product portfolio in some countries.
  • No Support for social trading and copy trading.

3. CMC Markets

CMC Markets

CMC Markets is a global Forex and CFDs provider established by CMC Group; a publicly-traded company listed on the London Stock Exchange and a constituent of the FTSE 250 Index. It offers CFDs across a wide variety of markets including forex, indices, commodities, shares, ETFs, cryptocurrencies and treasuries with over 11,000+ instruments to trade.

CMC Markets offers excellent trading solutions for both retail and institutional clients (such as banks, brokers, money managers, family offices, fintech and private banks). It also provides support for all trading styles and strategies including scalping, hedging, algorithmic trading etc. Furthermore, traders can enjoy competitive spreads, deep liquidity, superior order execution, industry-standard trading platforms, fast & secure payment methods, quality market research offering, quality education offering and a great customer support team, among others.

CMC Markets Overview

BrokerCMC Markets
Regulation ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), and the FCA (U.K), FMA (New Zealand), DFSA (UAE)
Forex Pairs300+
Trading PlatformsNext Generation platform, MetaTrader 4 (MT4)
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
Payment MethodsWire Transfer, Credit / Debit Cards, Electronic Payments.

Pros

  • Strong regulatory framework.
  • Over 30 years’ industry experience
  • Beginner friendly.
  • Trusted by over 300,000+ global clients.
  • Clients funds are segregated.
  • Deep liquidity and no requotes.
  • 330+ currency pairs.
  • No minimum deposit.
  • Industry-standard trading platforms (proprietary and third-party) available for mobile and desktop devices.
  • Support for expert advisors.
  • Ultra-fast order execution with umatched liquidity.
  • Flexible and high leverage, from 1:1 to 1:500.
  • Ultra low spreads from 0.0 pips on major currency pairs.
  • Secure payment methods, with fast deposit and withdrawal processing times.
  • Great customer support with fast response time.

Cons

  • Limited product offering.
  • Withdrawal fee charged for international bank transfer.

4. Pepperstone

Pepperstone

Pepperstone is a global award-winning online broker established and operated by the Pepperstone Group. It offers Forex trading, spread betting and CFDs across a variety of global markets including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments to trade.

Pepperstone offers top-notch trading solutions which accommodate both beginner and professional retail traders, and also supports all trading styles and strategies (such as scalping, algorithmic trading and others). In addition, all Pepperstone clients can enjoy deep liquidity, low-cost trading, competitive spreads, superior trade execution, multiple industry-standard trading platforms, volume-based rebates, fast & secure payment methods, great research & educational offering and a dedicated customer support team available 24/7 etc.

Pepperstone Overview

BrokerPepperstone
Regulation ASIC (Australia), FCA (United Kingdom), DFSA (Dubai)
Forex Pairs61
Trading PlatformsMetaTrader4, Metatrader5 and cTrader
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesAUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, GBP
Payment MethodsBank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal and Poli.

Pros

  • Strong regulatory framework.
  • Beginner friendly.
  • Easy account registration process.
  • Deep liquidity and no requotes.
  • Low latency and fast order execution.
  • Supports all trading styles and strategies.
  • Multiple account base currencies.
  • Negative balance protection.
  • Over 61 currency pairs, including major, minor and exotic pairs.
  • Tailored account types with great trading conditions, competitive pricing and advanced tools.
  • Secure payment methods, with fast deposit and withdrawal processing times.
  • Industry-standard trading platforms (proprietary and third-party) available for mobile and desktop devices.
  • Support for expert advisors.
  • Zero commissions and consistently low spreads (from 0.6 pips ) on the standard account.
  • Ultra-low spreads on major currency pairs from 0.0 pips on the Razor account.
  • Active Trader Program to reward high volume trading with cash rebates which is paid daily.
  • No inactivity fee charged.

Cons

  • Demo account duration limited to only 30 days.
  • Limited product offering.

5. FPMarkets

FPMarkets

FP Markets is a global Forex and CFDs provider established and operated by the FP Markets Group, an Australian owned private limited group of companies. It offers forex trading and CFDs across a wide variety of global markets including shares, metals, commodities and indices, with over 10,000+ instruments to trade.

FP Markets offers a well-rounded trading service suitable for both beginner and professional traders, and also provides support for all trading styles and strategies such as scalping, hedging, algorithmic trading etc. It also offers an extensive list of great trading services including top-tier liquidity, superior order execution, multiple industry-standard trading platforms, fast & secure payment methods, and a multi-lingual customer support team, available 24/7 etc.

FP Markets Overview

BrokerFP Markets
Regulation ASIC (Australia), CySEC (Europe)
Forex Pairs63
Trading PlatformsMetatrader 4 (MT4), Metatrader 5 (MT5), IRESS,
Webtrader, Mobile Apps (for iPhone and Android devices)
Minimum Deposit$100 (or currency equivalent)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesAUD, USD, EUR, GBP, SGD, HKD, NZD, CHF, JPY and CAD.
Payment MethodsBank Transfer, Credit/ Debit Cards, Neteller, Skrill, PayTrust, NgangLuong.vn, FasaPay, Broker to Broker, South American Payment Method, DragonPay, Perfect Money, ZotaPay, Indian Payment Method, Cryptocurrency Solution (Let Know Pay), FairPay eWallet, PayLivre, Finrax Payments, SticPay

Pros

  • Strong regulatory framework.
  • Beginner friendly.
  • Over 15+ years of industry experience.
  • Great for all types of trading styles and strategies.
  • Tight spreads from 0.0 pips.
  • Superior order execution.
  • Top-tier liquidity.
  • Access to multiple industry-standard trading platforms.
  • Tailored account tpes with great trading conditions and tools.
  • An extensive list of fast & secure deposit & withdrawal methods.
  • Superior VPS solutions for EAs, scalpers and auto-trading.
  • Access to a wide variety of asset classes, with over 10,000+ instruments to trade.
  • Segregated clients funds.
  • Negative balance protection.
  • Flexible and high leverage from 1:1 to 1:500.
  • Offers social trading and copy trading.
  • Award-winning multi-lingual customer support team, available 24/7.
  • Offers Isamic swap-free account.
  • Offers PAMM account trading.

Cons

  • Offers no proprietary trading platform.