7 Best Forex Brokers Australia 2024 – Compare ASIC Regulated Forex Brokers

Trading forex in Australia has never been simpler – all you need is an account with an ASIC-regulated broker that supports your preferred currency pairs. But which forex broker is best in 2024?

In this guide, we compare the 7 best forex brokers in Australia for supported pairs, low fees, tight spreads, trading tools, speedy payments, and much more.

The Best Forex Brokers for Beginners Ranked

We will now review the best forex brokers in Australia for 2024. Read on to find the most suitable broker for your forex trading needs.

1. Libertex – Tight Spreads Starting From 0.2 Pips on Major Forex Pairs  

If trading fees are your main priority, Libertex could be the best forex broker for you. Like many forex brokers, Libertex offers a commission-free pricing system. However, its spreads are very competitive – especially on major forex pairs. For example, the average spread on EUR/USD and GBP/USD is just 0.2 pips. If you’re looking to trade AUD/USD, spreads average 0.6 pips.

Crucially, these are the ‘average’ spreads over the prior 24 hours – not the ‘minimum’. Libertex is also one of the few forex brokers in Australia to waive swap fees. These are fees charged when you hold a forex position open past market hours. As such, Libertex is also suitable for longer-term forex strategies – such as swing trading.

The commission-free offering at Libertex is also available on other CFD assets. This includes cryptocurrencies, stocks, ETFs, indices, and commodities. We found that spreads are competitive across these markets too. In terms of leverage, you’ll get 1:30 on major forex pairs, as per ASIC limits. There is a small minimum deposit requirement of $10 at Libertex.

However, you’ll need to deposit at least $33.33 to cover the minimum forex margin requirement. Or, if you’re trading minors/exotics, $50 will be required. When it comes to trading platforms, Libertex supports MT4 and MT5. These platforms will suit advanced forex traders seeking drawing tools, custom order types, and technical indicators.

If you’re an entry-level forex trader, you might prefer the Libertex web trading dashboard. This comes with fewer analysis features but the layout is more suitable for newbies. Either way, all platforms support 50 forex pairs and offer the same pricing structure. Libertex also has its own trading app for iOS and Android.

Reviews in the public domain are mixed. For example, the Libertex app on Google Play is rated 4.2/5. On iOS, Libertex is rated just 3/5. However, this is across just two ratings. In terms of safety, Libertex has been operational for over 25 years and has three million clients. That said, Libertex isn’t regulated by ASIC. It does, however, hold a brokerage license with CySEC.

Trading in financial instruments is a risky activity and can bring not only profits but also losses.

2. Pepperstone – Get Institutional-Grade Forex Spreads Without Meeting a Minimum Deposit       

Voted broker of the year in 2022 by TradingView, Pepperstone is a popular forex trading platform that’s also worth considering. By opening a Pepperstone razor account you will have access to institutional-grade forex spreads. This starts from 0.0 pips on many pairs, including AUD/USD. There is a small commission of $3.50 per traded lot on this account type. That said, unlike many zero-spread forex accounts, there are no minimum deposit requirements at Pepperstone.

If you prefer trading without commissions, Pepperstone also offers a standard account. This comes with a standard spread of 1 pip on AUD/USD. Both account types offer leverage of up to 1:30 to Australian retail clients. In addition to TradingView, Pepperstone also supports MT4, MT5, and cTrader. Moreover, Pepperstone also supports other asset classes, backed by CFDs. This includes commodities, indices, stocks, ETFs, and cryptocurrencies. Pepperstone is considered a safe broker and is regulated by ASIC.

Trading CFDs and FX carries significant risk and is not suitable for everyone. You have no interest in the underlying asset.

3. CMC Markets – ASIC-Regulated Forex Broker Supporting Over 330 Currency Pairs 

CMC Markets is a licensed forex broker that’s authorized and regulated by ASIC. It also holds licenses with other tier-one bodies, including the UK’s FCA and CIRO in Canada. One of the main features of CMC Markets is its support for over 330 forex pairs. This covers all majors and minors, plus dozens of exotics. The latter includes MXN, TRY, CZK, CNH, and NOK.

Therefore, CMC Markets is suitable if you want exposure to more volatile currencies. In addition to forex, CMC Markets supports thousands of other CFD instruments. This includes bonds, cryptocurrencies, commodities, and stocks. CMC Markets also supports forex indices. These enable you to trade individual currencies, rather than pairs.

The indices will contain a basket of different pairs for your chosen index. For example, suppose you want to trade the Australian dollar. In this instance, the indices contain multiple AUD pairs – such as AUD/USD, AUD/SGD, AUD/NZD, and AUD/GBP. The index is weighted based on the amount of liquidity each pair attracts.

In terms of trading fees, CMC Markets is a commission-free forex broker. So it’s only the spread that needs to be covered. The minimum spread on AUD/USD is 0.6 pips. While EUR/USD can be traded from just 0.5 pips. However, these are the ‘minimum’ spreads and not the average. As such, you might find that the spreads are actually much higher.

Investing in CMC Markets derivative products carries significant risks and is not suitable for all investors.

4. Go Markets – Two Forex Trading Accounts to Choose From – Including Spreads From 0.0 Pips  

GO Markets is a user-friendly forex broker that supports dozens of currency pairs. There are two accounts to choose from at this popular broker. First, there is the standard account. This offers 0% commission forex trading and spreads start from 0.8 pips. This account is aimed at casual traders who want to trade with smaller amounts.

Alternatively, active traders might consider the Go Plus account. While this comes with a commission of $3 per traded lot, spreads start from 0.0 pips. Both account types at Go Markets have a minimum trade size of 0.01 lots. That’s $1,000 or $33.33 when applying leverage of 1:30. Go Markets is a licensed forex broker, authorized and regulated by ASIC. It supports AUD payments with multiple deposit methods, including BPAY, debit/credit cards, and e-wallets.

The latter includes Skrill and Neteller. All supported payment methods are fee-free. That said, the minimum deposit at Go Markets is $200, which is higher than most other forex brokers. Moreover, Go Markets doesn’t have its own native trading suite. Instead, it supports third-party platforms, including MT4, MT5 and cTrader.

Trading in CFDs carries significant risks and is not suitable for everyone.

5. AvaTrade – 0% Commission Forex Broker With Currency Options         

Founded in 2006, AvaTrade is a reputable forex broker that is licensed in nine different countries. This includes authorization and regulation from ASIC, meaning that Australia can trade forex safely. There is just one account type to choose from on AvaTrade and this offers 0% commissions on all supported markets. You’ll have access to 53 pairs here, split across the majors, minors, and exotics.

Spreads start from 0.9 pips on EUR/USD and 1.1 pips on AUD/USD. Leverage of up to 1:30 is available on majors, and 1:20 on minors/exotics. In addition, AvaTrade is also one of the best forex brokers in Australia for trading currency options. It has a dedicated platform for options and multiple strategies are supported. This includes risk reversals and straddles. You’ll need to deposit at least $100 to get started at AvaTrade, although demo accounts are also supported.

Trading CFDs and FX Options entails risk and could result in the loss of your capital.

6. Blueberry Markets – Sydney-Based Forex Broker With Zero-Spread Accounts [$100 Minimum Deposit]        

Blueberry Markets is a domestic forex broker headquartered in Sydney. Authorized and regulated by ASIC, Blueberry Markets has a 4.9/5 score on Google across 1,650 individual reviews. Many existing clients praise Blueberry Markets for its top-notch customer support and transparent trading fees. There are two forex account types to choose from at Blueberry Markets. The direct account offers zero spreads on major pairs, alongside a commission of $7 per round lot.

There’s also a commission-free account but this comes with a minimum spread of 1 pip. Both accounts have a minimum deposit of $100. Blueberry Markets also supports other assets – including stocks, commodities, and indices. However, it lists just 300 markets in total, which is a lot less than other online brokers. Moreover, Blueberry Markets doesn’t have its own native trading suite. Instead, you’ll need to choose from MT4 or MT5.

Trading FX and CFDs on margin involves a high level of risk and may not be suitable for all investors.

7. IG – Established Forex Broker With Competitive Spreads and Commissions          

IG is a popular trading platform that supports over 17,000 financial instruments. Authorized and regulated by ASIC, IG offers two primary account types. First, casual traders might prefer the standard account, which offers 0% commission trading. This offers a minimum spread of 0.6 pips on AUD/USD and EUR/USD. That said, the average spread is much higher at 1.01 pips and 1 pip respectively.

Second, IG also offers direct market access (DMA) accounts. These are aimed at experienced forex traders and provide access to other market participants. In other words, banks and financial institutions. As such, DMA accounts offer the lowest forex spreads in the market – often at 0.0 pips. This account type comes with a commission of $10 per $1 million traded. This is competitive, as it converts to about $1 per traded lot, per slide.

Forex Brokers Explained

In a nutshell, forex brokers allow you to trade currency pairs. More specifically, you’ll be speculating on the exchange rate between two currencies. For example, if you believe the exchange rate between the Australian and US dollar will increase, you’ll go long on AUD/USD. Or, if you believe it will decrease, you’ll be going short.

Either way, forex brokers sit between traders and the interbank currency markets. According to the Bank for International Settlements, trillions of dollars worth of currencies are exchanged between banks and financial institutions every day. As a retail client, you’ll have access to this marketplace from the comfort of your home.

That being said, some of the best forex brokers in Australia specialize in CFDs (contracts-for-differences). This means that you won’t own the underlying currencies that you’re trading. CFDs simply track interbank currency prices. These prices are based on the liquidity providers that the respective forex broker has access to. This is why market spreads vary from one broker to the next.

In addition to providing market access, forex brokers offer plenty of other tools and services. This often includes proprietary trading software that comes with technical indicators, charting tools, and market insights. Forex brokers also offer leverage, allowing Australian retail clients to trade with up to 1:30 on major pairs. What’s more, forex brokers also take care of deposits and withdrawals, account sign-ups, and client onboarding.

Types of Forex Brokers

There are several types of forex brokers in the Australian market. It’s important to understand how each broker works before opening an account.

Here’s what you need to know:

• Market Makers: This type of broker creates their own forex markets internally – usually through CFDs. As noted above, the CFD instrument will track interbank currency quotes in real-time. As such, market makers allow you to trade forex without purchasing the underlying currencies. In most cases, market makers are aimed at beginners and come with commission-free accounts. The broker will make money through the spread.
• ECN Brokers: Electronic communication network (ECN) brokers are aimed at experienced forex traders. They provide access to the interbank market, meaning you’ll be trading directly with other market participants – like banks and financial institutions. ECN forex brokers offer the best spreads in the market, but you’ll pay a commission. This averages $3 per traded lot.
• STP Brokers: Straight-through processing (STP) brokers offer access to liquidity providers without going through third parties. This usually offers competitive spreads, although with a slight markup on ECN rates. Crucially, STP brokers forward orders straight to liquidity providers, so cannot trade against their clients.

Some of the best forex brokers in Australia offer multiple account types. This often means you can choose from 0% commission trading or ECN/STP spreads.

How to Pick the Best Forex Broker for You

You’ll need to do some solid research when choosing the best forex trading platform in Australia. For example, the types of pairs supported, what spreads and commissions are charged, and whether there’s a minimum deposit requirement in place. Customer service, user-friendliness, trading tools, and other metrics should also be considered.

Read on to discover the most important factors when selecting a forex broker in 2024.

Regulation and Safety

The best forex brokers in Australia are authorized and regulated by ASIC. This is very important, as ASIC is responsible for regulating and overseeing the Australian financial markets. Forex brokers fall within ASIC’s remit, ensuring that Australian retail clients can trade safely.

For example, ASIC-regulated brokers must comply with client money reporting rules. This means keeping client funds in segregated bank accounts and periodically reporting balances to ASIC. Put otherwise, ASIC brokers cannot use your trading capital to fund their operations.

In addition, ASIC brokers must also comply with the regulator’s rules on leverage. According to ASIC licensing guidelines, Australian retail clients are capped at leverage of 1:30 on majors, and 1:20 on minors/exotics. Higher limits are only available to professional clients. This ensures that retail clients avoid trading more than they can afford to lose.

Ultimately, when researching the best forex brokers in Australia, your first port of call should be ASIC regulation. You’ll find its ASIC licensing number on the broker’s website. You can verify this on the ASIC register.

Types of Forex Pairs

The best forex brokers in Australia support a wide range of pairs. But you’ll need to assess what’s available before proceeding. For example, one of the most traded pairs in Australia is AUD/USD. This is classed as a major pair, so it’s supported by most forex brokers.

However, if you’re looking to trade AUD against other currencies, this will fall in the ‘minor’ or ‘exotic’ class. Examples of minor pairs include AUD/NZD, AUD/CAD, and AUD/CHF. Exotics include AUD/TRY and AUD/MNX.

If you’re a beginner, it’s best to focus on major pairs like AUD/USD. They attract the most liquidity, so you’ll usually get competitive spreads. Majors are also less volatile than minors and exotics, so you’ll witness more stable price movements.

Fees

Fees will have a direct impact on your forex trading profits. So it’s important to understand what your chosen broker charges.

Spreads and Commissions

Forex brokers will either charge a spread, commission, or a combination of both. This will vary depending on your chosen forex broker and the type of account you open.

For example:

• Beginners are best suited for standard forex accounts. These are offered by user-friendly platforms like Libertex, and CMC Markets. While you won’t be charged any trading commissions, you’ll pay a market spread. This will be higher when compared to accounts that charge a commission. In most cases, you’ll pay around 1 pip to trade AUD/USD.
• Experienced traders are best suited for commission-based accounts that offer access to institutional-grade spreads. These are often called a ‘raw’, ‘razor’, or ‘premium’ account. Either way, you can open trade majors like AUD/USD at 0.0 pips. The commission on these account types varies, but averages $3 for every lot traded, per slide. Some forex brokers charge for every $1 million traded, and others per round lot.

In addition, overnight funding (also called ‘swap fees’) should be assessed. This is the interest you pay to keep leveraged forex positions open overnight or over the weekend. Most forex brokers display their funding rates for each pair. In some cases, you might get a rebate from the broker, depending on whether you’re long or short.

Non-Trading Fees

Once you’ve covered spreads, commissions, and overnight funding, it’s important to assess non-trading fees. This includes fees on deposits and withdrawals. That said, the best forex brokers in Australia offer fee-free payments, but you should check nonetheless.

Another charge to look for is inactivity fees. This is charged when your forex account is marked as dormant because you haven’t placed a trade for a certain number of days. This can be anywhere from three months to a year. Once the inactivity fee is triggered, your account will be debited each month.

This will continue until you place a trade or your account balance goes to zero. To avoid paying inactivity fees, withdraw your balance in full if you’re not planning on using the forex account.

Trading Tools & Market Analysis

Trading tools help you analyze the forex markets and make informed decisions. Therefore, the top forex brokers in Australia offer a range of tools. This should include a charting platform that aligns with your skill set.

For example, if you’re looking to perform high-level technical analysis, MT4 or MT5 will be more suitable. There are many forex brokers in Australia that support these platforms, including Libertex, CMC Markets, and Pepperstone. MT4/5 also supports advanced order types and support for algorithmic trading.

We also rate forex brokers that offer market insights. This often includes sentiment bars, showing you whether the markets are long or short on a specific currency pair. Financial news and economic calendars are also useful when analyzing the markets.

Leverage and Margin 

All of the Australia forex brokers discussed on this page support leverage. As per ASIC regulations, your margin requirements are capped depending on the pair:

Minimum margin requirement:

• Major Forex Pairs: 3.33% (1:30)
• Minor/Exotic Forex Pairs: 5% (1:20)

Importantly, if you’re searching for forex brokers with high leverage, you’ll only get higher limits if you qualify as a professional client. You can read more about ASIC’s client status requirements here.

Minimum Deposit 

Check the minimum deposit requirements when choosing a forex broker. This will vary depending on the provider and the account type.

Some forex brokers have very low account minimums. There is no minimum requirement at Pepperstone and Liberex has a minimum deposit of just €10.

At IG, the minimum deposit requirement is $450 when using a debit/credit card or PayPal. This might be too high for beginners, as it’s a lot of money to risk.

Demo Account

We only consider forex brokers that offer a risk-free demo account. They usually track the live forex markets, so you can assess how the platform performs. For instance, how quickly orders are executed and filled by the broker.

If there’s often a prolonged delay, this could mean the broker has limited liquidity. Additionally, demo accounts allow you to view the average spreads on your preferred forex pairs. You might find that they’re a lot higher than what the broker advertises on its website.

And of course, demo accounts allow you to practice trade. This includes creating orders, performing technical analysis, and applying leverage.

Mobile App

We also rank forex brokers highly when they offer a mobile app for iOS and Android. This will connect to your main forex account and enables you to trade currencies on the move.

For example, you might need to enter a new position on AUD/USD while you’re away from your desktop device. Or, you might want to close an existing position to lock in your profits. Either way, the best forex brokers in Australia offer a seamless and fully-optimized mobile experience.

Payment Methods

You should also assess what deposit and withdrawal methods the forex broker supports. Many brokers accept debit/credit cards, e-wallets, BPAY, and POLi. Minimum deposits can vary depending on the selected payment method – so check this before proceeding.

For example, we mentioned earlier that IG has a minimum deposit of $450 on debit/credit cards and PayPal. However, the minimum deposit requirement is scrapped if you deposit funds via a local bank transfer.

Customer Service 

If you need assistance on your forex account, you’ll want instant access to a support agent. This means you should choose a forex broker that offers live chat support with acceptable waiting times. Moreover, make sure the support team operates during Australian business hours.

In most cases, support is available 24/5, between Sunday and Friday. This aligns with forex trading sessions across Asia-Pacific, North America, and Europe. Some forex brokers offer live support 24/7, meaning you can obtain assistance over the weekend.

Conclusion

We’ve ranked the top 7 forex brokers in Australia and found that Libertex is the best option for beginners. This popular broker allows users to access 250+ assets, has brokerage fees from 0.003%, and even offers a 50,000-euro demo account for users to improve their investing experience.

74.91% of retail investor accounts lose money when trading CFDs with this provider.

References

1. https://asic.gov.au/
2. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-082mr-asic-s-cfd-product-intervention-order-extended-for-five-years/
3. https://www.fca.org.uk/
4. https://www.cysec.gov.cy/en-GB/home/
5. https://www.fscs.org.uk/media/press/2019/apr/higher-protection-limits/
6. https://www.fscs.org.uk/industry-resources/deposit-protection-banks
7. https://www.tradingview.com/broker-awards/
8. https://asic.gov.au/online-services/search-asic-s-registers/information-brokers/
9. https://treasury.gov.au/sites/default/files/2019-03/c2017-t247556-IG-Markets-Limited.pdf
10. https://www.bis.org/statistics/rpfx22_fx.htm
11. https://www.rba.gov.au/statistics/frequency/exchange-rates.html
12. https://asic.gov.au/about-asic/what-we-do/our-role/other-regulators-and-organisations/the-asic-apra-relationship/
13. https://asic.gov.au/regulatory-resources/financial-services/complying-with-the-asic-client-money-reporting-rules-2017/
14. https://asic.gov.au/online-services/search-asic-s-registers/information-brokers/
15. https://asic.gov.au/regulatory-resources/regulatory-index/financial-services/client-status/

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