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Best forex brokers in Australia in 2022

Saxo Bank Logo
1st place
Saxo Bank
Fusion Markets Logo
2nd place
Fusion Markets
Visit broker
74-89% of retail CFD accounts lose money
CMC Markets Logo
3rd place
CMC Markets
Visit broker
76% of retail CFD accounts lose money
Looking for the best forex brokers in Australia in 2022? To help you find these trading platforms, we looked at more than 100 online brokers, checked and compared their fees, currency pair selection, charting tools and educational materials. We weighed the overall level of their services and assessed their safety profile. Now let's jump straight to the results.

Our top 5 picks for the best forex brokers in Australia in 2022:

  1. Saxo Bank is the winner, the best forex broker in Australia in 2022. Low forex fees. Great trading platform. Broad product portfolio.
  2. Fusion Markets takes second place. Low forex and CFD fees. Fast and easy account opening. Great customer service.
  3. CMC Markets comes third. Low forex fees. Great web and mobile platform. Advanced research and educational tools.
  4. Interactive Brokers is ranked fourth. Low trading fees. A wide range of products and many great research tools.
  5. Capital.com just made it to the list, taking the number five spot. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.

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 2022
Broker Info Currency pairs Minimum deposit
#1 Saxo Bank Danish investment bank 190 $2,000 Visit broker
#2 Fusion Markets Australian forex broker 89 $0 Visit broker
74-89% of retail CFD accounts lose money
#3 CMC Markets Global CFD broker 338 $0 Visit broker
76% of retail CFD accounts lose money
#4 Interactive Brokers International broker providing all asset classes 105 $0 Visit broker
#5 Capital.com Global CFD broker 138 $20 Visit broker
81.40% of retail CFD accounts lose money

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 in 2022 for Australian residents one by one, starting with the winner, Saxo Bank.

Saxo Bank Logo

#1 Best forex broker
Saxo Bank

Saxo Bank, a Danish investment bank founded in 1992, is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA). Being regulated by top-tier financial authorities, having a long track record and a banking background are all good signs for Saxo Bank's safety.

Australian investors trade with Saxo Capital Markets (AU) Pty. Ltd, an ASIC-regulated entity of the broker. Australians are not entitled to investor protection but the broker provides negative balance protection for forex spot and CFD trading for retail clients from the European Union and some other countries from the MENA region.

Saxo Bank is recommended for investors and traders looking for a great trading platform and solid research tools.

Saxo Bank snapshot
Minimum deposit $2,000
Trading platforms WebTrader, Mobile App, Desktop platform
Mobile app score 5.0 stars
Inactivity fee $150 per month after six months (180 days) of inactivity
Currency pairs 190
EUR/USD minimum spread from 0.6
EUR/USD margin rate from 5%
Deposit methods Bank transfer, credit/debit card
Withdrawal fee $0
Read review For a detailed analysis of Saxo Bank services, check out our review for 2022

Saxo Bank fees

Saxo Bank has low fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
EURUSD benchmark fee $7.1 $5.2 $8.8 $10.4 $8.7
GBPUSD benchmark fee $5.5 $3.2 $5.8 $8.3 $6.6
AUDUSD benchmark fee $5.7 $2.5 $8.2 $7.9 $6.1
EURCHF spread 1.4 0.6 2.5 0.4 2.2
EURGBP benchmark fee $8.7 $5.7 $10.2 $10.7 $10.9

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker

Fusion Markets Logo

#2 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).

Fusion Markets snapshot
Minimum deposit $0
Trading platforms WebTrader, Mobile App, MetaTrader4 desktop platform
Mobile app score 3.8 stars
Inactivity fee Not charged
Currency pairs 89
EUR/USD minimum spread from 0
EUR/USD margin rate from 1.1%
Deposit methods Bank transfer, credit/debit card, electronic wallets
Withdrawal fee $0
Read review For a detailed analysis of Fusion Markets services, check out our review for 2022

Fusion Markets fees

Fusion Markets has low fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
EURUSD benchmark fee $7.1 $5.2 $8.8 $10.4 $8.7
GBPUSD benchmark fee $5.5 $3.2 $5.8 $8.3 $6.6
AUDUSD benchmark fee $5.7 $2.5 $8.2 $7.9 $6.1
EURCHF spread 1.4 0.6 2.5 0.4 2.2
EURGBP benchmark fee $8.7 $5.7 $10.2 $10.7 $10.9

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

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

CMC Markets Logo

#3 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.

CMC Markets snapshot
Minimum deposit $0
Trading platforms WebTrader, Mobile App, MetaTrader4 for desktop
Mobile app score 5.0 stars
Inactivity fee $10 per month after one year of inactivity
Currency pairs 338
INR/USD minimum spread from 6.0
INR/USD margin rate from 5%
Deposit methods Bank transfer, credit/debit card, Paypal
Withdrawal fee $0
Read review For a detailed analysis of CMC Markets services, check out our review for 2022

CMC Markets fees

CMC Markets has low fees when it comes to trading forex. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
EURUSD benchmark fee $7.1 $5.2 $8.8 $10.4 $8.7
GBPUSD benchmark fee $5.5 $3.2 $5.8 $8.3 $6.6
AUDUSD benchmark fee $5.7 $2.5 $8.2 $7.9 $6.1
EURCHF spread 1.4 0.6 2.5 0.4 2.2
EURGBP benchmark fee $8.7 $5.7 $10.2 $10.7 $10.9

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker
76% of retail CFD accounts lose money

Interactive Brokers Logo

#4 Best forex broker
Interactive Brokers

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC), and is considered safe.

Australian investors trade with Interactive Brokers Australia Pty Ltd, a legal entity of IB regulated by ASIC. Australian residents are not entitled to investor protection or negative balance protection.

Interactive Brokers snapshot
Minimum deposit $0
Trading platforms WebTrader, Mobile App, Desktop platform
Mobile app score 3.5 stars
Inactivity fee Not charged
Currency pairs 105
EUR/USD average spread 0.2
EUR/USD margin rate 1.6%
Deposit methods Bank transfer
Withdrawal fee $0
Read review For a detailed analysis of Interactive Brokers services, check out our review for 2022

Interactive Brokers fees

Interactive Brokers has average fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
EURUSD benchmark fee $7.1 $5.2 $8.8 $10.4 $8.7
GBPUSD benchmark fee $5.5 $3.2 $5.8 $8.3 $6.6
AUDUSD benchmark fee $5.7 $2.5 $8.2 $7.9 $6.1
EURCHF spread 1.4 0.6 2.5 0.4 2.2
EURGBP benchmark fee $8.7 $5.7 $10.2 $10.7 $10.9

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker

Capital.com Logo

#5 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
Trading platforms WebTrader, Mobile App, Desktop platform
Mobile app score 4.9 stars
Inactivity fee $15 per month after one year of inactivity
Currency pairs 138
EUR/USD minimum spread from 1.0
EUR/USD margin rate from 2%
Deposit methods Bank transfer, credit/debit card, Paypal
Withdrawal fee $0
Read review For a detailed analysis of Capital.com services, check out our review for 2022

Capital.com fees

Capital.com has low fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
EURUSD benchmark fee $7.1 $5.2 $8.8 $10.4 $8.7
GBPUSD benchmark fee $5.5 $3.2 $5.8 $8.3 $6.6
AUDUSD benchmark fee $5.7 $2.5 $8.2 $7.9 $6.1
EURCHF spread 1.4 0.6 2.5 0.4 2.2
EURGBP benchmark fee $8.7 $5.7 $10.2 $10.7 $10.9

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker
81.40% 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:

  • Saxo Bank - low forex fees and great trading platforms.
  • Fusion Markets - low forex fees and a superb selection of currency pairs.
  • CMC Markets - low forex CFD fees and an excellent account opening experience.
  • Interactive Brokers - low forex fees and diverse research tools.
  • Capital.com - no inactivity fee and rock-solid background.

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 CMC Markets
76% of retail CFD accounts lose money
Visit Capital.com
81.40% of retail CFD accounts lose money

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