Intro and winners
- 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.
- IC Markets - Low FX commission and tight spreads. Wide range of currencies. Low withdrawal fee.
- Tickmill - Low FX commission and tight spread. Rich selection of currency pairs. Low withdrawal fee.
- CMC Markets - Immense number of currency pairs. Low withdrawal fee. FX spreads are competitive.
- Axi - Low FX commission. Wide selection of currency pairs. AI-based analytical tool called PsyQuation.
- GO Markets - Low FX commission and tight spreads. Low withdrawal fee. Low minimum deposit.
- ActivTrades - Competitive FX spreads. Low withdrawal fee. No minimum deposit.
- Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
- TMGM - Free withdrawal. Decent currency pair selection. Leverage can be set manually.
- 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 |
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.
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 |
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 |
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.
#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.
| 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 |
#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.
| 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 |
#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.
| 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 |
#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.
| 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 |
#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.
| 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 |
#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.
| 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 |
#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.
| 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 |
#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.
| 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 |
#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.
| 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 |
#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.
| 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:
- Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
- CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- GO Markets - Low forex fees. Fast account opening. Great educational tools.
- ActivTrades - Low trading fees. Excellent account opening. Free deposit and withdrawal.
- Pepperstone - Fast and fully digital account opening. Great customer service. Seamless and free deposit and withdrawal.
- TMGM - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- 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.
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