Best Australian Forex Brokers

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Contributor, Benzinga
Updated: February 13, 2023

Are you resident in Australia and looking to start trading forex? The first step is to sign up with a forex broker. The best Australian forex broker are regulated by Australian Securities and Investments Commission (ASIC), have a low initial deposit requirement and fees, feature valuable analysis and trading tools and provide excellent customer support.

However, finding the right forex broker in Australia can be daunting. A simple search will yield scores of online brokers claiming to offer you the best services possible.

To make the selection process as painless as possible, Benzinga provides a quick overview of the top seven that made the list. 

Quick Look: Best Forex Brokers for Australian Clients

8 Best Australian Forex Brokers

Here are reviews of seven top Australian forex brokers.

1. Eightcap

Eightcap forex broker is a top-rated Australian-based forex and contract for difference (CFD) broker that offers 45 forex pairs and about a dozen CFDs. The broker supports the MetaTrader 4 and 5 trading platforms alongside integration with third-party plugins such as for algorithmic trading and TradingView for advanced charting.

Overall, Eightcap offers low-cost trading suitable for forex traders at various levels of expertise. 

Best for: MetaTrader 4 and 5 traders


  • Low forex spread 
  • Enhanced MetaTrader 4 and 5 trading platform  
  • Free deposit and withdrawals 


  • Only 45 forex pairs are available

Read Benzinga’s Full Eightcap Review

2. Avatrade

AvaTrade is an internationally acclaimed broker notable for its variety of trading platform options. It supports the popular MetaTrader 4 and 5 trading platforms as well as its proprietary WebTrader and AvaTradeGo platforms.

The broker offers 44 forex pairs and over 1,200 CFDs. AvaTrade’s rich educational resources are on par with the best in the industry, which makes it a great fit for beginners.

Best for: Educational Content 


  • Variety of trading platform options 
  • Excellent social copy trading feature  
  • Powerful mobile app 
  • In-depth and comprehensive educational resources


  • Forex fees trail industry standards
  • High inactivity fees

Read Benzinga’s Full AvaTrade Review

3. eToro

eToro pioneered innovative and popular social copy trading, allowing users to mimic trades of successful traders step-by-step. The Israeli-based broker, though initially focused on forex and crypto trading, also offer a vast range of other investment products, such as stocks and ETFs. 

eToro provides an online community where investors can connect and share strategies through a social media-like interface. 

Best for: Beginners


  • Innovative CopyTrader 
  • Easy-to-use interface for both web and mobile app  
  • Practice demo account for trade simulation 


  • Basic trading tools
  • Limited customer support
  • U.S. dollar denominated, which means additional conversion fees

Read Benzinga’s Full eToro Review

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    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

4. Interactive Brokers

Interactive Brokers is a trading platform that offers forex trading in addition to a vast selection of tradeable securities. It features a professional-grade trading platform, a competitive forex spread and extensive research and education. 

While the advanced trading tools and advanced order type configurations will delight professionals, beginners may struggle with these features.

Best for: Professional traders


  • Solid research and trading tools 
  • Access to a vast selection of global markets   
  • Advanced order-type setups


  • No MetaTrader support
  • Desktop platform complicated for beginners

Read Benzinga’s Full Interactive Brokers Review

5. IG

IG forex brokers ticks all the boxes that create an excellent forex trading experience. IG features advanced trading and research tools, top-notch education and access to virtually all the markets. 

The broker meets the needs of traders at all levels of experience, providing a multi-trading platform that includes the popular MetaTrader 4 platform, ProRealTime and IG’s proprietary web-based platform.

Best for: Forex traders at various competence levels


  • Extensive range of marketable securities
  • Low forex spread  
  • Solid customer educational resources 
  • Highly-functional trading platform with advanced trading tools


  • Limited customer support 

Read Benzinga’s Full IG Review

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    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

6. Pepperstone

Pepperstone is an Australian-based broker with an established global presence. It supports several trading platforms such as MetaTrader (4 and 5) and cTrader that are enhanced by multiple third-party plugins. Pepperstone also offers social copy trading to fast-track beginners' trading journey.

Best for: Algorithmic traders


  • Powerful research and trading tools
  • Algorithmic trading 
  • Competitive spread 
  • Multiple trading platform options


  • Lack of 24/7 customer support 
  • Demo account for only 30 days 

Read Benzinga’s Full Pepperstone Review

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7. Vantage

Vantage is another international forex and CFD broker based in Australia. The broker supports MetaTrader trading platforms with one of the best TradingView integrations in the industry. It also features copy trading through multiple service providers such as DupliTrade, MyFXBook Autotrade and ZuluTrade.

Best for: ECN traders


  • Full integrated TradingView platform  
  • Low forex spread for Raw and Pro Accounts 
  • Zero deposit, inactivity or account fees 


  • Pro ECN account requires a minimum deposit of $20,000
  • High forex spread for the standard account

Read Benzinga’s Full Vantage Review

8. ZuluTrade

ZuluTrade is a social program that allows users to watch more experienced traders and copy their trading strategies. The platform is great for beginner traders because of the social and copying features, but experienced traders will appreciate the platform’s various tools and access to calculators and social platforms. 

Some of the features you will find on the platform are:

  • More than $800 billion in trades have been completed.
  • ZuluGuard is a system that alerts traders if a trader they follow is making erratic trades.
  • Users have access to social platforms and forums where they can leave trader reviews and discuss strategies.
  • Users can manually trade or set up auto trading.
  • More than 90,000 traders from over 150 countries use the platform.
  • Users can trade many instruments such as crypto, contracts for differences (CFDs), commodities, indices, forex and stocks.

Best for: Social Trading


  •  Established platform
  •  $1 minimum trade
  •  $100 minimum deposit recommended
  •  Users can copy trade successful traders


  •  User must use due diligence because traders are not vetted
  •  Multiple fees
  •  Traders can be inconsistent, so traders must do research before copying them
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Understanding Forex in AU

Forex traders gain or lose money depending on the difference in price movements within a currency pair. A currency pair in forex trading is made up of two currencies that are exchanged in a trade. The pair includes the base currency, which is always listed first, and the quote currency.

The exchange rate is the cost of one currency relative to another, which might go up or down in value. These price changes are influenced by supply and demand, fiscal policies and politics. Forex trading goes on around the clock globally. 

How to Trade Forex in Australia

If you are a resident of Australia and considering forex trading, here is how to get started:

Find a Broker

Most of the forex trading is carried out by institutional investors such as banks. However, as an individual, you can get into the market through a broker.

Several brokers are available to Australian investors. To research the right broker to sign up with in Australia you must note the following:

  • ASIC Regulation: The broker must be registered with ASIC. ASIC requires a minimum capital of AUD $1 million from brokers and ensures that they separate investors' funds from broker funds. These compliance measures establish the reputation of your broker and ensure the safety of your funds.
  • Trading platform: The broker you finally choose connects you to the markets through a trading platform. Choose a broker that supports a platform with solid technical and fundamental analysis tools, an intuitive interface and comprehensive educational content.
  • Platform features: The best broker for you should offer a great trading experience through features such as low commissions and spreads, high maximum leverage and margin, low initial deposits and ease of usage.
  • Customer support: You should be able to get 24/7 support since the forex markets never sleep.
  • Currency pairs: Your broker of choice should have a vast variety of currency pairs on offer. But most importantly, they should have the particular pairs you are interested in trading. 

Setup a Trading Account

After selecting the ideal broker, you must open an account and deposit funds with them to start your trading journey. You can fund your account via debit cards, wire transfers, PayPal and several other available options. 

Learn and Practice

The forex trading space can be intimidating for a beginner. Take the time to learn the market’s intricacies using resources offered by most brokers. You can combine the learning stage with practice using a demo account which most brokers offer. With virtual accounts, you can get your hands dirty without risking any real money. 

Research the Market

Only proceed to trade with real money when you understand the market and currency pairs. Each currency pair may be impacted by ongoing news events and other factors you’ll need to research. You can try starting with less volatile currency pairs between developed market currencies before you move on to emerging or frontier market currencies.

Trade Forex Confidently in Australia

Forex trading can be risky, but you’ll have better tools to trade and hopefully fewer fees when you sign up with a suitable broker. To get the list of the top Australia forex brokers featured above, Benzinga analyzed brokers along the parameters of trading platforms, currency pair availability, educational resources and trading tools.

Frequently Asked Questions 


Which broker gives the highest leverage in Australia?


Eightcap offers the highest leverage for forex trading in Australia.


Which broker is good for beginners in Australia?


eToro is the best trading platform for beginners in Australia. Its copy-trading feature allows newbies to catch up fast by imitating more experienced investors.


Is forex tax-free in Australia?


No. Forex profits are taxable under Australian laws.

Methodology for AU Forex Brokers

There are a lot of great Australian forex brokers for foreign currency traders in Australia. We had to choose a handful to highlight and each has its unique advantages. We looked at some key areas.

Spreads: In most cases, forex brokers earn their money by using a spread between the bid price and ask price. A broker with tighter spreads generally takes less profit from the trader, although other fees or expenses may apply to some trades.

ASIC regulation: Brokers that apply for ASIC regulation must have minimum capital holdings of $1 million AUD and keep investor funds segregated from broker funds to provide an extra layer of safety for investors.

Cash management: Brokers that provide multiple ways to fund your account make trading easier and allow traders more options to capitalize on new trading opportunities. Moving money out should also be hassle-free.

Trader tools: From charts to news feeds to historical data to demo accounts that allow traders to test strategies without risking real capital, the quality of trading tools available from a broker can be the differentiating factor if all other factors are relatively equal.

Customer support: With many forex brokers offering 24-hour support, customers have come to expect that brokers will have one or more ways to reach out if they have questions or to report problems with their account or the platform.

Get a Forex Pro on Your Side, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with’s Active Trader Program

Learn more about’s low pricing and how you can get started trading with