Best forex brokers in Australia in 2024

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.

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.

Spreads and commissions are the most important cost items forex traders should consider. We regularly update the spreads charged by these online brokers for the most popular currency pairs. Check out the following table for the latest spreads charged by the best forex brokers in Australia.

Forex trading is immensely popular in Australia with more than 100,000 Australians trading foreign currencies in a year. The country's main regulator is the Australian Securities and Investments Commission (ASIC), in charge of overseeing forex trading and brokers operating in the country. Under Australian law, only brokers authorized by ASIC are allowed to accept forex and CFD traders.

ASIC has implemented strict leverage limits for retail forex traders to reduce the risk of significant losses. The maximum leverage allowed for major currency pairs is 30:1. Exotic currency pairs as well as other CFD products such as index, gold, commodity, stocks, and cryptocurrency carry lower leverage limits.

Forex brokers in Australia must segregate client funds from their operational funds to protect traders' deposits in case the broker faces financial difficulties. In addition, they are legally required to provide risk warnings to traders about the inherent risks associated with forex trading. Traders must be aware that forex trading involves a high level of risk and may not be suitable for everyone.

Negative balance protection, which ensures that traders cannot lose more than their initial deposit, is not a regulatory requirement in Australia. As such, it's up to individual brokers whether they provide this service to their clients.

For a broker to be allowed to accept forex/CFD traders from Australia as clients, it must be authorized by ASIC, the financial market regulator. ASIC is one of the most reputable regulators in the world, on par with the SEC in the US and the FCA in the UK.

Always check the licensing/regulation info of a broker before committing. Being overseen by a top-tier regulator is a sure sign that the broker meets high standards and adheres to strict regulatory requirements.

In addition to regulation, you should research the following aspects of a broker's services:

• Fees - pay particular attention to spreads, commissions and financing rates.
• Product selection - make sure the currency pairs you want to trade are available.
• Trading platforms - a state-of-the-art and user-friendly trading platform/app will make your trading experience a lot more rewarding.
• Educational tools - as forex is a complex form of investment, the availability of various educational tools that can guide you through the basics of trading are very important. If you are new to forex trading, search for a broker that offers a demo account where you can practice with virtual money.

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

Visit broker
64% of retail CFD accounts lose money

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

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

Visit broker
70.64% of retail CFD accounts lose money

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

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

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

Visit broker
62% of retail CFD accounts lose money

Visit broker
72.5% of retail CFD accounts lose money

Visit broker
71% of retail CFD accounts lose money

Answer a few questions and get a personalized broker list!

Get a personalized broker recommendation

125,500 people have already found a broker using this tool!

Each answer refines your broker toplist.

Where do you live?

Why it matters

United States

Start matching me with the best brokers

• We checked whether the broker is regulated by a trusted regulator,
• Compared fees (including spreads, withdrawal fee, commission),
• Compared the number of currency pairs,
• Checked order routing and research,
• Opened an account and tested the platform (charting, features, usability, customer service).

Save hours of research!

Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.

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. Saxo - Great trading platform. Outstanding research. Broad product portfolio. Interest paid on uninvested cash.
2. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
3. Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
4. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
5. VT Markets - Low trading fees. Easy and fast account opening. Great email and live chat support.
6. Vantage - Low non-trading fees. Super fast account opening. Seamless deposit and withdrawal.
7. Moneta Markets - Low forex fees. Easy and quick account opening. Seamless deposit and withdrawal.
8. GO Markets - Low forex fees. Fast account opening. Great educational tools.
9. FP Markets - Low forex fees. Easy and fast account opening and funding. Great education tools.
10. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.

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.

How do I start forex trading in Australia?

Starting forex trading in Australia involves several steps to ensure you are well-prepared and informed about the process. Here is a step-by-step guide to get you started:

• Educate yourself: before you begin trading currencies, make sure you have a good understanding of how the forex market works. There are numerous online resources, books, courses, and webinars available to help you learn the basics of forex trading, technical and fundamental analysis, and risk management.
• Choose a reliable forex broker: look for a broker that is regulated by the Australian Securities and Investments Commission (ASIC), ensure the broker has competitive prices, it offers a trading platform that suits your needs and provides access to the currency pairs you want to trade.
• Open a trading account: once you decide to join a broker, you'll need to open a trading account with them. This typically involves providing personal information, verifying your identity, and agreeing to the broker's terms and conditions.
• Open a trading account: once you decide to join a broker, you'll need to open a trading account with them. This typically involves providing personal information, verifying your identity, and agreeing to the broker's terms and conditions.
• Deposit funds: transfer the amount of money you are willing to risk to your trading account. Most brokers provide a range of deposit options, including bank transfer, debit/credit cards and electronic wallets. Be sure to consider your financial situation and risk tolerance when deciding how much to deposit.
• Practice with a demo account: a demo account allows you to practice trading with virtual funds. This is an excellent way to get familiar with the trading platform and develop your trading skills without risking real money. Most brokers provide demo accounts free of charge.
• Develop a trading plan: this should include your trading goals, risk management strategy, and trading strategy. Having a plan will help you stay disciplined and focused.
• Start trading: begin with small positions and gradually increase your trading size as you gain experience and confidence.