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Best forex brokers in Australia in 2023

Fusion Markets Logo
1st place
Fusion Markets
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74-89% of retail CFD accounts lose money
Capital.com Logo
2nd place
Capital.com
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84% of retail CFD accounts lose money
IC Markets Logo
3rd place
IC Markets
Visit broker
74.32% of retail CFD accounts lose money

Top 5 forex brokers in Australia in 2023:

  1. Fusion Markets is best forex broker in Australia in 2023. - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  2. Capital.com - Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  3. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
  4. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
  5. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.

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
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.

Best forex brokers and trading platforms in Australia in 2023
Broker FX Commissions per lot Minimum deposit Account activated in Credit/debit card deposit
Fusion Markets $2.25 commission per lot per trade $0 1 day Yes
Capital.com No commission is charged $20 1 day Yes
IC Markets $3.50 commission per lot per trade $200 1 day Yes
Tickmill $2.00 commission per lot per trade $100 1 day Yes
CMC Markets No commission is charged $0 1-3 days Yes

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.

Fusion Markets Capital.com IC Markets Tickmill CMC Markets
EURUSD spread 0.0 0.6 0.0 0.2 0.7
GBPUSD spread 0.2 1.3 0.0 0.5 0.9
AUDUSD spread 0.0 0.6 0.0 0.1 0.7
EURCHF spread 0.6 2.3 0.0 0.9 2.5
EURGBP spread 0.3 1.5 0.0 0.4 1.1

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

Fusion Markets Capital.com IC Markets Tickmill CMC Markets
Account fee No No No No No
Inactivity fee No No No No Yes
Withdrawal fee $0 $0 $0 $0 $0

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.

Best forex brokers
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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, founded in 2010, is based in Australia and it is regulated by the Australian Securities and Investments Commission (ASIC) as well as the Vanuatu Financial Services Commission (VFSC).

Australian investors trade with the ASIC-regulated entity of the broker. Australians are not entitled to investor protection but the broker provides negative balance protection.

Fusion Markets snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 85
Deposit methods Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity
Withdrawal fee $0
Read review For a detailed analysis of Fusion Markets services, check out our review for 2023

Visit broker
74-89% of retail CFD accounts lose money

Capital.com Logo

#2 Best forex broker
Capital.com

Capital.com is a global CFD broker founded in 2016. Its legal entities are regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).

Australian residents are served by Capital Com Australia Limited, an ASIC-regulated legal entity of Capital.com. Customers trading with this entity are not entitled to investor protection, however, Capital.com provides negative balance protection to all its customers.

Capital.com snapshot
Minimum deposit $20
Mobile app score 4.9 stars
Inactivity fee No
Currency pairs 138
Deposit methods Bank transfer, Credit/debit cards, Apple Pay, PayPal
Withdrawal fee $0
Read review For a detailed analysis of Capital.com services, check out our review for 2023

Visit broker
84% of retail CFD accounts lose money

IC Markets Logo

#3 Best forex broker
IC Markets

Australia-based IC Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).

Australian residents are served by the ASIC-regulated legal entity of the broker. Australian traders are not eligible for investor protection but have negative balance protection.

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, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet
Withdrawal fee $0
Read review For a detailed analysis of IC Markets services, check out our review for 2023

Visit broker
74.32% of retail CFD accounts lose money

Tickmill Logo

#4 Best forex broker
Tickmill

Visit broker
76% of retail CFD accounts lose money

CMC Markets Logo

#5 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 German regulator Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). The company is also listed on the London Stock Exchange, which adds an additional layer of regulatory scrutiny.

Australian residents are served by CMC Markets Asia Pacific Pty Ltd, an ASIC-regulated legal entity of CMC Markets. Australian traders are not eligible for investor protection or negative balance protection.

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

Visit broker
76% of retail CFD accounts lose 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. Capital.com - Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  3. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
  4. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
  5. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational 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 15+ 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 15+ 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 Capital.com
84% 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

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