Best Forex Brokers Australia 2023
Kangaroos, koalas, wombats, and even the notorious cane toad; the continent-slash-country of Australia might be famous for its iconic (and often dangerous) wildlife, but it’s also home to a thriving financial industry and an engaged population of forex traders.
Though it’s roughly the size of the United States, 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.
To dig into Australia’s financial systems, the team at BrokerNotes conducted extensive research and data collection on forex brokers, local regulatory agencies, stock exchanges, and Australian monetary policy. Then, we created this guide to explain how they all fit together, and to help you pick the best forex broker for trading in Australia.
Choosing a regulated forex broker in Australia
Our Trust Score, a proprietary algorithm, ranks regulatory agencies and their respective countries into three groups, with Tier 1 indicating the most stringent (which is good) and Tier 3 the least. We collect comprehensive data on each broker, which results in a ranking from 1 to 99 of the broker’s overall trust (the higher a broker’s Trust Score, the better). Learn more about Trust Score at our sister site, ForexBrokers.com.
Australia’s financial markets regulator is the Australian Securities and Investment Commission (ASIC). ASIC’s high degree of trust as a regulator has us ranking Australia as a Tier 1 jurisdiction.
ASIC is an independent Australian government institution that supervises and regulates all Australian financial markets and services, forex and CFD brokers, as well as the clearing and settlement of securities. ASIC’s stated role is to maintain, facilitate, and improve the Australian financial system, and to enforce financial sector misconduct.
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 for trading in Australia
To help you find the best forex brokers, we curated a list of every broker that accepts new clients from Australia. We conducted meticulous research on those brokers, using over 100 data-driven variables (including our proprietary Trust Score), resulting in this list of the overall best forex brokers in Australia:
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IG
- 9.9/10 Overall
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City Index
- 9.2/10 Overall
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eToro
- 8.8/10 Overall
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AvaTrade
- 8.6/10 Overall
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Plus500
- 8.5/10 Overall
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XM Group
- 8.4/10 Overall
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Pepperstone
- 8.4/10 Overall
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Admiral Markets
- 8.3/10 Overall
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IC Markets
- 8.2/10 Overall
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Eightcap
- 7.6/10 Overall
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ThinkMarkets
- 7.4/10 Overall
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easyMarkets
- 7.3/10 Overall
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AxiTrader
- 7.1/10 Overall
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.86 |
| All-in Cost EUR/USD - Active | 0.5957 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.0 |
| All-in Cost EUR/USD - Active | 1.0 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Deposit
$10-$10,000 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1 |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.92 |
| All-in Cost EUR/USD - Active | 0.61 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.8 |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.6 |
| All-in Cost EUR/USD - Active | 0.8 |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.77 |
| All-in Cost EUR/USD - Active | 0.87 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.8 |
| All-in Cost EUR/USD - Active | 0.7 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.62 |
| All-in Cost EUR/USD - Active | 0.62 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.0 |
| All-in Cost EUR/USD - Active | 0.76 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.9 |
| All-in Cost EUR/USD - Active | 0.9 |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.0 |
| All-in Cost EUR/USD - Active | 1.0 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Average Risk |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.827 |
| All-in Cost EUR/USD - Active | 0.827 |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
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.
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.
How do I start trading forex in Australia?
After choosing the best broker to suit your needs, you will need to open a live account, choose from the available deposit methods, and once your account is funded and activated you can log in and begin trading. A free demo account is a great way to learn how to use the trading software without the added risk of losing your money.
Which broker is the best for forex trading?
IG is the best broker for forex trading in Australia. Out of all ASIC-regulated brokers that accept Australian residents, IG stands out from the competition in almost every category and is consistently top-ranked in the areas that matter most. An excellent all-around choice, IG offers a wide range of currency pairs (including forex options) and complex order types for advanced trading strategies, while still catering to beginners with its rich forex educational courses.
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.
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 2022. 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.
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.
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.
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
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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. Learn more about foreign exchange risk.
About the Editorial Team
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for BrokerNotes.co and 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 is the Senior Editor of BrokerNotes.co and 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 is the Content Strategist and Research Analyst for BrokerNotes.co and 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.
IG
Saxo Bank
Interactive Brokers
CMC Markets
TD Ameritrade
FOREX.com
XTB
Swissquote
FXCM
Capital.com
OANDA
FP Markets
Markets.com
FxPro
Fineco Bank
Tickmill
DooPrime
BDSwiss
TMGM
HFM
FlowBank
HYCM (Henyep)
Vantage
Trading 212
Trade Nation
Moneta Markets
VT Markets
ACY Securities
RoboForex (RoboMarkets)
IronFX
Exness
Spreadex
Trade360
GKFX
Vestle
OctaFX
FXOpen
TeleTrade
FXPrimus
Forex4you
LegacyFX
GBE brokers
Alpari
TopFX
Libertex (Forex Club)
ATFX
UFX
Xtrade
Tradeo
