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Best Forex Brokers Australia 2023

Steven Hatzakis

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

December 27, 2022

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:

  • IG
    - 9.9/10 Overall
  • City Index - 9.2/10 Overall
  • eToro - 8.8/10 Overall
  • AvaTrade - 8.6/10 Overall
  • Plus500 - 8.5/10 Overall
  • XM Group - 8.4/10 Overall
  • Pepperstone - 8.4/10 Overall
  • Admiral Markets - 8.3/10 Overall
  • Eightcap - 7.6/10 Overall
  • ThinkMarkets - 7.4/10 Overall
  • easyMarkets - 7.3/10 Overall
  • AxiTrader - 7.1/10 Overall
Overall Rating
9.9 / 10
Minimum Initial Deposit
£250.00
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 - Standard0.86 (September 2022)
All-in Cost EUR/USD - Active0.5957 (September 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)33
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.2 / 10
Minimum Initial Deposit
£100.00
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 - Standard1.0 (July 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1983
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)13500
Forex Pairs (Total)84
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)88
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.8 / 10
Minimum Initial 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 - Standard1 (August 2021)
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)3458
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes
Overall Rating
8.6 / 10
Minimum Initial Deposit
$100
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 - Standard0.91 (Aug 2020)
All-in Cost EUR/USD - Active0.61 (Aug 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2006
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1260
Forex Pairs (Total)55
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)90
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.5 / 10
Minimum Initial Deposit
€100
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 - Standard0.6 (as of Aug 2018)
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2008
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)2800
Forex Pairs (Total)71
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)110
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes
Overall Rating
8.4 / 10
Minimum Initial Deposit
$5
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 - Standard1.6 (Aug 2020)
All-in Cost EUR/USD - Active0.8 (Aug 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2009
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1372
Forex Pairs (Total)57
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.4 / 10
Minimum Initial Deposit
$200
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 - Standard0.77 (September 2022)
All-in Cost EUR/USD - Active0.87 (September 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2010
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1200
Forex Pairs (Total)62
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)15
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
8.3 / 10
Minimum Initial Deposit
$100
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 - Standard0.8 (July 2021)
All-in Cost EUR/USD - Active0.7 (July 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2001
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)8425
Forex Pairs (Total)50
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
7.6 / 10
Minimum Initial Deposit
$100
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 - Standard1.0 (Aug 2022)
All-in Cost EUR/USD - Active0.76
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2009
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)326
Forex Pairs (Total)45
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarNo
Overall Rating
7.4 / 10
Minimum Initial Deposit
$250.00
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 - StandardN/A
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2010
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)1674
Forex Pairs (Total)46
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
7.3 / 10
Minimum Initial Deposit
$100
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 - Standard0.9 (as of Mar 2020)
All-in Cost EUR/USD - Active0.9 (as of Mar 2020)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2001
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)199
Forex Pairs (Total)62
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)(default MT4)
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
7.1 / 10
Minimum Initial Deposit
0
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 - StandardN/A
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)175
Forex Pairs (Total)65
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryNo
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
9.3 / 10
Minimum Initial Deposit
$100
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 - Standard1.0 (July 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)5500
Forex Pairs (Total)91
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)203
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes
Overall Rating
7.9 / 10
Minimum Initial Deposit
$0
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 - Standard0.827 (August 2022)
All-in Cost EUR/USD - Active0.827 (August 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2014
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)26000
Forex Pairs (Total)72
BitcoinNo
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsNo
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes
Overall Rating
7.7 / 10
Minimum Initial Deposit
$5
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 - Standard1.2 (August 2021)
All-in Cost EUR/USD - Active0.9 (August 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2010
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)3500
Forex Pairs (Total)47
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)15
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

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.

Company Accepts AU Residents Overall Rating Minimum Initial Deposit Average Spread EUR/USD - Standard Trust Score Trust Score Tradeable Symbols (Total) Visit Site
IG logoIG check 9.9 £250.00 0.86 (September 2022) 99 Highly Trusted 19537 Visit Site
Saxo Bank logoSaxo Bank check 9.7 €2,000 0.9 (September 2022) 99 Highly Trusted 60000
Interactive Brokers logoInteractive Brokers check 9.7 $0 0.6 (Aug 2022) 99 Highly Trusted 8500
CMC Markets logoCMC Markets check 9.6 $0 0.51 (August 2022) 99 Highly Trusted 12377
TD Ameritrade logoTD Ameritrade check 9.5 $0 1.25 pips (September 2022) 99 Highly Trusted 0
FOREX.com logoFOREX.com check 9.3 $100 1.0 (July 2022) 99 Highly Trusted 5500 Visit Site
City Index logoCity Index check 9.2 £100.00 1.0 (July 2022) 99 Highly Trusted 13500
XTB logoXTB check 9 $0 1.07 (Q3 2022) 95 Highly Trusted 12000
eToro logoeToro check 8.8 $10-$10,000 1 (August 2021) 93 Highly Trusted 3458
Swissquote logoSwissquote check 8.7 $1000 N/A 99 Highly Trusted 466
AvaTrade logoAvaTrade check 8.6 $100 0.91 (Aug 2020) 93 Highly Trusted 1260
FXCM logoFXCM check 8.5 Starts from $50 1.38 (Q2 2022) 96 Highly Trusted 441
Plus500 logoPlus500 check 8.5 €100 0.6 (as of Aug 2018) 98 Highly Trusted 2800
Capital.com logoCapital.com check 8.4 $20 0.6 (July 2021) 77 Average Risk 6000
XM Group logoXM Group check 8.4 $5 1.6 (Aug 2020) 90 Trusted 1372
Pepperstone logoPepperstone check 8.4 $200 0.77 (September 2022) 93 Highly Trusted 1200
OANDA logoOANDA check 8.4 $0 1.26 (5/22-5/27/22) 92 Highly Trusted 124
Admiral Markets logoAdmiral Markets check 8.3 $100 0.8 (July 2021) 87 Trusted 8425
FP Markets logoFP Markets check 8.3 $100 AUD 1.2 (August 2022) 86 Trusted 10000
IC Markets logoIC Markets check 8.2 $200 0.62 (August 2022) 86 Trusted 3583
Markets.com logoMarkets.com check 8.2 $100 1.9 (as of Oct 2019) 98 Highly Trusted 2179
FxPro logoFxPro check 8.1 $100 1.51 (August 2020) 90 Highly Trusted 2249
Fineco Bank logoFineco Bank check 7.9 $0 N/A 92 Highly Trusted 126
Tickmill logoTickmill check 7.9 $100 0.51 (August 2022) 82 Trusted 295
BlackBull Markets logoBlackBull Markets check 7.9 $0 0.827 (August 2022) 74 Average Risk 26000
DooPrime logoDooPrime check 7.8 $100 -1 84 Trusted 10000
BDSwiss logoBDSwiss check 7.8 $100-$5000 (depending on account type) 1.6 (08/10/22) 83 Trusted 1081
TMGM logoTMGM check 7.8 $100 0.96 (July 2021) 79 Average Risk 12000
HFM logoHFM check 7.7 $5 1.2 (August 2021) 85 Trusted 3500
FlowBank logoFlowBank check 7.7 $0.00 N/A 77 Average Risk 408600
HYCM (Henyep) logoHYCM (Henyep) check 7.7 $100 0.6 (Sept 2021) 86 Trusted 245
Vantage logoVantage check 7.7 $50 1.22 (August 2021) 83 Trusted 1000
Trading 212 logoTrading 212 check 7.6 EUR 10 N/A 77 Average Risk 1785
Eightcap logoEightcap check 7.6 $100 1.0 (Aug 2022) 87 Trusted 326
Trade Nation logoTrade Nation check 7.5 $0 0.6 83 Trusted 601
Moneta Markets logoMoneta Markets check 7.5 $50 1.27 (September 2022) 71 Average Risk 965
ThinkMarkets logoThinkMarkets check 7.4 $250.00 N/A 86 Trusted 1674
VT Markets logoVT Markets check 7.4 $200 1.2 (September 2021) 71 Average Risk 168
ACY Securities logoACY Securities check 7.4 $50 1.2 (Sept 2021) 75 Average Risk 1600
easyMarkets logoeasyMarkets check 7.3 $100 0.9 (as of Mar 2020) 84 Trusted 199
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) check 7.3 $100 1.4 (Jan 2022) 69 High Risk 12000
IronFX logoIronFX check 7.2 $50 1.2 84 Trusted 340
Exness logoExness check 7.2 $1 0.9 (as of May 19) 74 Average Risk 112
Spreadex logoSpreadex check 7.2 $0 -1 70 Average Risk 2000
Trade360 logoTrade360 check 7.1 $250 N/A 75 Average Risk 1062
AxiTrader logoAxiTrader check 7.1 0 N/A 83 Trusted 175
GKFX logoGKFX check 7.1 $0 N/A 66 High Risk 354
Vestle logoVestle check 7.1 -1 -1 79 Average Risk 750
OctaFX logoOctaFX check 7 $25 0.6 (August 2021) 67 High Risk 80
FXOpen logoFXOpen check 7 $100 N/A 80 Trusted 87
TeleTrade logoTeleTrade check 7 $100 -1 67 High Risk 500
FXPrimus logoFXPrimus check 6.9 $100 N/A 69 High Risk 140
Forex4you logoForex4you check 6.9 $0 -1 62 High Risk 150
LegacyFX logoLegacyFX check 6.9 $500 0 75 Average Risk 425
GBE brokers logoGBE brokers check 6.8 $500 -1 69 High Risk 500
Alpari logoAlpari check 6.8 $20 N/A 67 High Risk 105
TopFX logoTopFX check 6.7 Depends on payment method N/A 67 High Risk 655
Libertex (Forex Club) logoLibertex (Forex Club) check 6.7 $10 -1 72 Average Risk 300
ATFX logoATFX check 6.6 $500 -1 70 Average Risk 150
UFX logoUFX check 6.6 $100 3 (Jan 2021) 67 High Risk 619
Xtrade logoXtrade check 6.5 $250 -1 80 Trusted 142
Tradeo logoTradeo check 6.4 $200 -1 67 High Risk 256

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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

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

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

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.



Reink Media Group is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.
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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