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Best forex brokers in Australia in 2023

TOP
1
74-89% of retail CFD accounts lose money
TOP
2
74.32% of retail CFD accounts lose money
TOP
3
76% of retail CFD accounts lose money
TOP
4
76% of retail CFD accounts lose money
TOP
5
73.9% of retail CFD accounts lose money
TOP
6
62% of retail CFD accounts lose money
TOP
7
74-85% of retail CFD accounts lose money
TOP
8
74-89% of retail CFD accounts lose money
TOP
9
68% of retail CFD accounts lose money
TOP
10
75.31% of retail CFD accounts lose money
  1. Fusion Markets is the best forex broker in Australia in 2023 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
  2. IC Markets - Low FX commission and tight spreads. Wide range of currencies. Low withdrawal fee.
  3. Tickmill - Low FX commission and tight spread. Rich selection of currency pairs. Low withdrawal fee.
  4. CMC Markets - Immense number of currency pairs. Low withdrawal fee. FX spreads are competitive.
  5. Axi - Low FX commission. Wide selection of currency pairs. AI-based analytical tool called PsyQuation.
  6. GO Markets - Low FX commission and tight spreads. Low withdrawal fee. Low minimum deposit.
  7. ActivTrades - Competitive FX spreads. Low withdrawal fee. No minimum deposit.
  8. Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
  9. TMGM - Free withdrawal. Decent currency pair selection. Leverage can be set manually.
  10. FP Markets - Decent currency pair selection. Great mobile trading platform. Outstanding education tools.

Best forex brokers
Comparison of top forex brokers and trading platforms in Australia in 2022

While many forex brokers catering to clients in Australia offer an excellent service, the ones in our toplist go the extra mile. These international brokers and trading platforms are suitable for beginners and experienced traders alike.

Broker
FX commission per lot
Minimum deposit
Fusion Markets
$2.25 commission per lot per trade
$0
No minimum account balance
IC Markets
$3.50 commission per lot per trade
$200
$200 minimum deposit is required for MT4/MT5/CTrader accounts
Tickmill
$2.00 commission per lot per trade
$100
$100 minimum deposit
CMC Markets
No commission is charged
$0
No minimum deposit
Axi
$3.50 commission per lot per trade
$0
No minimum account balance for Standard and Pro accounts
GO Markets
$3.00 commission per lot per trade
$107
There is no minimum deposit
ActivTrades
No commission is charged
$0
There is no minimum deposit
Pepperstone
$3.50 commission per lot per trade
$0
No minimum account balance required
TMGM
$3.50 commission per lot per trade
$100
$100 minimum deposit
FP Markets
$3.00 commission per lot per trade
$100
$100 minimum deposit for MetaTrader platforms; $1,000 minimum for the IRESS platform
Best forex brokers and trading platforms in Australia in 2023

Popularity of the best forex brokers in Australia

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Popularity
14,249
20,874
5,043

Best forex brokers
Fee comparison of the best forex brokers in Australia

See the spreads charged by these online brokers for the most popular currency pairs.

Broker
EURUSD spread
GBPUSD spread
Fusion Markets
0.0
Spreads were captured on May 24, 2023
0.1
Spreads were captured on May 24, 2023
IC Markets
0.0
Spreads were captured on May 24, 2023
0.1
Spreads were captured on May 24, 2023
Tickmill
0.1
Spreads were captured on May 24, 2023
0.3
Spreads were captured on May 24, 2023
CMC Markets
0.7
Spreads were captured on May 24, 2023
0.9
Spreads were captured on May 24, 2023
Axi
0.2
Spreads were captured on May 24, 2023
0.4
Spreads were captured on May 24, 2023
GO Markets
0.2
Spreads were captured on May 24, 2023
0.4
Spreads were captured on May 24, 2023
ActivTrades
0.8
Spreads were captured on May 24, 2023
1.0
Spreads were captured on May 24, 2023
Pepperstone
0.1
Spreads were captured on May 24, 2023
0.2
Spreads were captured on May 24, 2023
TMGM
0.1
Spreads were captured on May 24, 2023
0.3
Spreads were captured on May 24, 2023
FP Markets
0.1
Spreads were captured on May 24, 2023
0.2
Spreads were captured on May 24, 2023
Fee comparison at forex brokers in Australia in 2023

Best forex brokers
Non-trading fees at the best forex brokers in Australia

Broker
Account fee
Inactivity fee
Fusion Markets
No account fee
No inactivity fee
IC Markets
No account fee
No inactivity fee
Tickmill
No account fee
No inactivity fee
CMC Markets
No account fee
£10 monthly fee after 12 months of inactivity
Axi
No account fee
$10 per month after one year of inactivity
GO Markets
No account fee.
No inactivity fee
ActivTrades
No account fee
If the account is not used for over 1 year and there is a remaining balance, a fee of £10 per month will be charged
Pepperstone
No account fee
No inactivity fee
TMGM
No account fee
$30 inactivity fee per month if your account balance falls below $500 or if it remains inactive for over six months
FP Markets
No account fee for MetaTrader 4/5 and IRESS investor account, but AUD 55 per month fee for IRESS trader account unless AUD 200 in commission per month or maintains AUD 50,000
No inactivity fee
Non-trading fees at forex brokers in Australia in 2023

Best forex brokers
Forex trading in Australia

Foreign-currency (forex) trading in Australia is overseen by the Australian Securities and Investments Commission (ASIC). In addition to rooting out fraudulent behavior in the forex market, the financial market regulator is also in charge of issuing licenses to brokers. Under Australian law, only brokers authorized by ASIC are allowed to accept forex and CFD traders.

The Australian dollar (AUD), which became a free-floating currency in 1983, ranks among the top five most traded currencies globally. The AUD exchange rate is highly volatile as the currency's value is closely linked to commodity prices (Australia is rich in natural resources), which also fluctuate quite widely. Naturally, forex traders in Australia have a wide variety of currency pairs to choose from, they are not limited to trading the AUD only.

The global currency market is huge and highly liquid, meaning that there is a high number of buyers and sellers at all times. If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.

Not sure which broker to choose? Check out our broker finder tool for a personalized broker recommendation.

Best forex brokers
How to choose the best forex brokers and trading platforms in Australia

An excellent overall service level is required to make it to the BrokerChooser list of best brokers in any category. In addition, all service providers included in our list are reliable brokers. When it comes to forex trading and forex brokers, some criteria weigh more heavily in our methodology.

The most important selection criteria for best forex broker in Australia are:

  • First of all, fair forex fees.
  • A wide selection of currency pairs.
  • A great trading platform with advanced charting.
  • Educational tools to guide you through the basics of trading.

And now, let's see the top forex brokers for Australian residents one by one, starting with the winner, Fusion Markets.

Fusion Markets Logo

#1 Best forex broker
Fusion Markets

Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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.

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74-89% of retail CFD accounts lose money

Fusion Markets snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 90
Deposit methods Bank transfer, Credit/debit cards, PayPal, Skrill, AstroPay, Neteller, dragonpay, Jeton, eZeeWallet, Sticpay, Perfect Money, fasapay, Binancepay,Interac, Pay Retailers, X-Pay, LuqaPay, PayOp, Zotapay, Payid, Mifinity
Withdrawal fee $0
Read review For a detailed analysis of Fusion Markets services, check out our review for 2023
IC Markets Logo

#2 Best forex broker
IC Markets

IC Markets is an Australia-based global forex broker founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).

IC Markets is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.32% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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74.32% of retail CFD accounts lose money

IC Markets snapshot
Minimum deposit $200
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 61
Deposit methods Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna
Withdrawal fee $0
Read review For a detailed analysis of IC Markets services, check out our review for 2023
Tickmill Logo

#3 Best forex broker
Tickmill

Tickmill is a global forex and CFD broker, established in 2014. The company is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA) in the UK; and as such is considered a safe broker.

Disclaimer: 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 CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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76% of retail CFD accounts lose money

Tickmill snapshot
Minimum deposit $100
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 62
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal
Withdrawal fee $0
Read review For a detailed analysis of Tickmill services, check out our review for 2023
CMC Markets Logo

#4 Best forex broker
CMC Markets

CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority (FCA). The company is also listed on the London Stock Exchange.

Having a long track record, being listed on a stock exchange and being regulated by top-tier authorities are great signs for CMC Markets' reliability.

Disclaimer: 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 CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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76% of retail CFD accounts lose money

CMC Markets snapshot
Minimum deposit $0
Mobile app score 5.0 stars
Inactivity fee Yes
Currency pairs 338
Deposit methods Bank transfer, Credit/debit cards, PayPal
Withdrawal fee $0
Read review For a detailed analysis of CMC Markets services, check out our review for 2023
Axi Logo

#5 Best forex broker
Axi

Axi (previously known as AxiTrader) is an Australian forex broker founded in 2007. The "Axi" brand was launched in 2020.

Axi is regulated by multiple financial authorities worldwide, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA). Being regulated by several top-tier authorities is a good sign for Axi's safety.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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73.9% of retail CFD accounts lose money

Axi snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Inactivity fee Yes
Currency pairs 76
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay
Withdrawal fee $0
Read review For a detailed analysis of Axi services, check out our review for 2023
GO Markets Logo

#6 Best forex broker
GO Markets

GO Markets, founded in 2006 in Australia, is a global forex and CFD broker. GO Markets is regulated by the Australian ASIC, the Cypriot CySEC, and the financial regulators in Mauritius and in Seychelles. ASIC is a top-tier regulator, but the other three are not in the top-tier category. The broker's services are slightly different depending on the legal entity you belong to. In this review, we tested the CySEC-regulated entity, but we highlighted the relevant information for the other units as well. 

GO Markets doesn't have a banking background and doesn't disclose its financial reports. It is not listed on any stock exchange, either.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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62% of retail CFD accounts lose money

GO Markets snapshot
Minimum deposit $107
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 49
Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller, DotPay, Nuvei, fasapay
Withdrawal fee $0
Read review For a detailed analysis of GO Markets services, check out our review for 2023
ActivTrades Logo

#7 Best forex broker
ActivTrades

ActivTrades is a global forex broker founded in 2001. It is regulated among others by the UK's Financial Conduct Authority (FCA) and the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg.

ActivTrades having a long track record and being regulated by the FCA, a top-tier financial authority, are all good signs for its safety.

ActivTrades operates both UK and EU websites (under the co.uk and .eu domains), as well as an international one (.com). Some products, fees and conditions may differ depending on the entity concerned.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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74-85% of retail CFD accounts lose money

ActivTrades snapshot
Minimum deposit $0
Mobile app score 3.9 stars
Inactivity fee Yes
Currency pairs 49
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, AstroPay, Sofort
Withdrawal fee $0
Read review For a detailed analysis of ActivTrades services, check out our review for 2023
Pepperstone Logo

#8 Best forex broker
Pepperstone

Pepperstone is an Australian forex broker that also offers CFDs. It was established in 2010 and opened a London office in 2015 to better serve its European clients. After Brexit, new clients registering from the EU are served by Pepperstone's German and Cyprus entities.

Pepperstone is considered safe because it's regulated by 7 national regulators, including three top-tier financial authorities: the UK's Financial Conduct Authority (FCA), Germany's BaFin and the Australian Securities and Investments Commission (ASIC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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.

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74-89% of retail CFD accounts lose money

Pepperstone snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 62
Deposit methods Bank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay
Withdrawal fee $0
Read review For a detailed analysis of Pepperstone services, check out our review for 2023
TMGM Logo

#9 Best forex broker
TMGM

TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC), the New Zealand Financial Markets Authority (FMA) and the Vanuatu Financial Services Commission (VFSC).

TMGM is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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68% of retail CFD accounts lose money

TMGM snapshot
Minimum deposit $100
Mobile app score 3.8 stars
Inactivity fee Yes
Currency pairs 50
Deposit methods Bank transfer, Credit/debit cards, Paytrust, Neteller, Sticpay, Skrill, Fasapay, UnionPay, RMB Instantm Broker to Broker
Withdrawal fee $0
Read review For a detailed analysis of TMGM services, check out our review for 2023
FP Markets Logo

#10 Best forex broker
FP Markets

FP Markets is an Australian CFD and forex broker founded in 2005. It is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority of St. Vincent and the Grenadines.

FP Markets is considered safe because it has a long track record and is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.31% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Visit broker
75.31% of retail CFD accounts lose money

FP Markets snapshot
Minimum deposit $100
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 63
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, China Union Pay, BPay, PoliPay, Fasapay, Ngang Luong, PayTrust, PayPal, Interac, Dragonpay
Withdrawal fee $0
Read review For a detailed analysis of FP Markets services, check out our review for 2023

Best forex brokers
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Best forex brokers
How did BrokerChooser select the best FX brokers in Australia?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fee, commission),
  • Checked the number of currency pairs,
  • Opened an account and tested the platforms with real money,

Best forex brokers
FAQ

Which forex broker is best in Australia?

In Australia, only brokers authorized by ASIC, the country's national financial market regulator, are allowed to accept forex and CFD traders.

The best forex brokers in Australia are:

  1. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  2. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
  3. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
  4. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
  5. Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
  6. GO Markets - Low forex fees. Fast account opening. Great educational tools.
  7. ActivTrades - Low trading fees. Excellent account opening. Free deposit and withdrawal.
  8. Pepperstone - Fast and fully digital account opening. Great customer service. Seamless and free deposit and withdrawal.
  9. TMGM - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  10. FP Markets - Low forex fees. Easy/fast account opening and funding. Great education tools.

Save hours of research and check out our broker recommendation tool that will give you a tailor-made list of the best forex brokers available to you based on your residency and trading preferences.

Is forex trading legal in Australia?

Foreign currency (forex) trading is fully legit in Australia and the market is overseen by the Australian Securities and Investments Commission (ASIC). The regulator is responsible for rooting out fraudulent behavior in the forex market, bolstering competition among service providers and issuing licenses to brokers. Australian law requires all brokers that accept forex and CFD traders to be authorized by ASIC by obtaining an Australian Financial Services License (AFSL). Make sure your broker has an AFSL, check their website for the license number.

Use our in-depth broker comparison table to see how your broker compares to similar service providers.

Do forex traders pay tax in Australia?

Currency trading in Australia is recognized as an income generating activity and profits resulting from forex trading will be taxed. You will need to pay taxes after profits you made within the tax assessment year. Forex gains and losses are generally brought to account as assessable income or allowable deductions, when realised.

Author of this article

Edith Balázs

Author of this article

Edith is an experienced financial journalist having worked for 20+ years as a correspondent for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed-income markets. She holds a Master's degree in American Studies and Journalism.

Edith Balázs

Senior Editor

Edith is an experienced financial journalist having worked for 20+ years as a correspondent for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed-income markets. She holds a Master's degree in American Studies and Journalism.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit Fusion Markets
74-89% of retail CFD accounts lose money
Visit IC Markets
74.32% of retail CFD accounts lose money
Visit Tickmill
76% of retail CFD accounts lose money
Visit CMC Markets
76% of retail CFD accounts lose money
Visit Axi
73.9% of retail CFD accounts lose money
Visit GO Markets
62% of retail CFD accounts lose money
Visit ActivTrades
74-85% of retail CFD accounts lose money
Visit Pepperstone
74-89% of retail CFD accounts lose money
Visit TMGM
68% of retail CFD accounts lose money
Visit FP Markets
75.31% of retail CFD accounts lose money

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