Intro
We compared the 30 ASIC-regulated trading accounts using May 2026 spreads to determine the best forex broker in Australia. The process included opening accounts, running execution-speed tests on AUD/USD, EUR/USD and GBP/USD, and comparing trading fees on the most-traded forex pairs.
Australian retail traders are capped at 30:1 leverage on major forex pairs under ASIC’s Product Intervention Order. Every broker on the ranked list below holds an Australian Financial Services Licence and is a member of the Australian Financial Complaints Authority (AFCA).
The best forex trading platforms in Australia
The headline comparison. Live pricing refreshed monthly. Test window: 5 to 6 May 2026.
| Broker | AFSL | Rating /100 | Raw EUR/USD | Standard EUR/USD | Commission (AUD round-turn) | Min deposit | MT4 | MT5 | cTrader | TradingView | Retail leverage |
|---|---|---|---|---|---|---|---|---|---|---|---|
 Pepperstone | 414530 | 89 | 0.10 | 1.10 | $7.00 | $0 | Yes | Yes | Yes | Yes | 30:1 |
 IC Markets | 335692 | 87 | 0.02 | 1.00 | $7.00 | $200 | Yes | Yes | Yes | Yes | 30:1 |
 Eightcap | 391441 | 81 | 0.10 | 1.00 | $7.00 | $100 | Yes | Yes | No | Yes | 30:1 |
 OANDA | 412981 | 80 | n/a | 0.99 | n/a | $0 | Yes | Yes | No | Yes | 30:1 |
 IG Markets | 220440 | 84 | 0.16 | 1.13 | $12.00 | $0 | Yes | No | No | No | 30:1 |
 CMC Markets | 238054 | 85 | 0.70 | 0.50 | $7.34 | $0 | Yes | No | No | No | 30:1 |
 AvaTrade | 406684 | 78 | n/a | 0.80 | n/a | $100 | Yes | Yes | No | No | 30:1 |
 FP Markets | 286354 | 87 | 0.10 | 1.20 | $6.00 | $100 | Yes | Yes | Yes | Yes | 30:1 |
 Totality | 391247 | 60 | 0.20 | 1.20 | $10.00 | $1,000 | No | No | No | No | 30:1 |
 eToro | 491139 | 76 | n/a | 1.00 | n/a | $50 USD | No | No | No | No | 30:1 |
 TMGM | 436416 | 75 | 0.20 | 1.10 | $7.00 | $100 | Yes | Yes | No | No | 30:1 |
Spread averages drawn from each broker’s published spreads page on 6 May 2026. Commission shown round-turn per standard lot, converted to AUD where applicable.
1. The best forex broker in Australia: Pepperstone
With an overall score of 89/100, Pepperstone is our top-rated broker. The Razor account hits zero-pip spreads on EUR/USD more often than any other broker we tested, with commissions of AUD 3.50 per side per lot, making it one of the best choices for low trading costs.
Melbourne-headquartered and ASIC-regulated under AFSL 414530, Pepperstone gives Australian traders access to MT4, MT5, cTrader and TradingView. Execution averaged 77ms in our last round of testing. Read the full Pepperstone review.
2. Lowest spread no-commission account: IC Markets
We picked IC Markets as the best broker for low spreads after testing showed an average of 1.0 pip for EUR/USD on the Standard account, which is among the best in the industry. Other notable features include MetaTrader 4 and 5, cTrader and TradingView, 2,250+ trading instruments, and 24/7 customer service.
IC Markets holds AFSL 335692 and is a member of AFCA. See the IC Markets review for full pricing detail.
3. Widest range of cryptocurrencies: Eightcap
Eightcap offers a strong range of markets, including 56 forex pairs and 130+ cryptocurrency CFDs (the largest on this list). Other key trading features include a choice of Standard and Raw accounts with spreads from 0 pips and TradingView, MT4 and MT5 platforms.
Eightcap is ASIC-regulated under AFSL 391441. Note ASIC’s 2:1 leverage cap on crypto CFDs for retail clients. Full detail in the Eightcap review.
4. Most popular retail CFD broker: IG Markets
Established in 1973, IG is one of the oldest brokers in the industry and one of the most trusted, regulated in 11 jurisdictions. The main appeal is access to 17,000+ CFD markets, more than any other broker in our 30-broker AU shortlist.
IG holds AFSL 220440. Full breakdown in the IG Markets review.
5. Best forex broker for beginners: OANDA
OANDA scored 80/100 in our review, with the broker being a strong choice for beginners. Operating since 1996 and holding 10 regulatory licences with major financial regulators across the globe, OANDA’s Australian entity sits under AFSL 412981. The mobile app is the strongest of any broker we tested for traders who are new to forex.
See the OANDA review.
6. Great range of currency pairs: CMC Markets
CMC Markets scored 85/100 on this comparison, based on its broad range of 12,000 markets, including 283 forex pairs (the most currency pairs on any platform sold to Australian retail clients). The Next Generation platform offers advanced charting tools, pattern recognition and a client sentiment feed.
CMC is ASX-listed (ASX:CMC) and ASIC-regulated under AFSL 238054. Full review on the CMC Markets page.
7. Top forex broker for day trading: AvaTrade
We rate AvaTrade a strong choice for day trading based on its range of markets and the AvaTradeGO platform. AvaTradeGO is designed for mobile devices, with apps that make it simple to take a position quickly and monitor it through the day.
AvaTrade is ASIC-regulated via Ava Capital Markets Australia (AFSL 406684). See the AvaTrade review.
8. Good choice for scalp trading: FP Markets
FP Markets was selected as a good choice for scalping due to its fast market-order execution speeds and tight spreads from 0.10 pips on the Raw account.
FP Markets holds AFSL 286354. Read the FP Markets review.
9. Great range of CFDs and forex pairs: Totality
Totality is set up for experienced and professional traders, providing in-house analysis with professional market commentary. The product range covers forex, indices, commodities, share CFDs, treasuries and ETFs. Minimum deposit is $1,000, which puts the broker in the institutional / experienced-trader bracket rather than the retail entry tier.
Read the Totality review for the full breakdown of platforms and pricing.
10. Best social and copy trading broker: eToro
We picked eToro as the best social and copy trading broker. No other copy trading service comes close to eToro’s CopyTrader platform in our view. The platform is beginner-friendly, lets you replicate the trades of selected investors automatically, and is integrated into eToro’s main app rather than being a third-party add-on.
eToro is ASIC-regulated under AFSL 491139 (eToro AUS Capital Pty Ltd). See the eToro review.
11. Highest leverage forex broker: TMGM
TMGM is included for traders looking for higher leverage than ASIC’s retail caps allow. Through TMGM’s New Zealand-licensed entity, eligible Australian wholesale clients can access higher leverage than the 30:1 retail cap on majors. The Australian-licensed entity (AFSL 436416) follows the standard ASIC retail caps.
Important caveat. Higher leverage offered through an offshore entity is not covered by ASIC’s retail protections. AFCA membership applies only to the Australian-licensed entity. Read the TMGM review before considering wholesale-tier or offshore-licensed accounts.
How to choose an Australian forex broker
1. Check the broker is ASIC regulated
Choosing one of the best ASIC-regulated brokers is the most important step for an Australian trader. ASIC regulation reduces the risk of scams. Brokers under AFSL conditions are heavily scrutinised and must follow strict client-money, capital-adequacy and disclosure rules to keep your funds safe.
Always verify the AFSL on ASIC Connect before depositing. Check that the broker is also a member of AFCA, the free dispute resolution scheme. ASIC does not insure deposits the way some overseas regulators do, so the regulator’s protections sit upstream of your money rather than around it. Segregated client funds, mandatory negative balance protection, and the AFCA scheme are the three protections that matter most.
2. Make sure the broker matches your type of trading
What type of trader you are is best answered by understanding different trading styles. There are four main styles to consider:
- Day trading. Open and close positions within the same day. Needs fast execution and tight spreads.
- Scalping. High volume, very short holds (seconds to a few minutes). Needs Raw or ECN-style pricing and stable order routing.
- Swing trading. Holds positions for days to weeks. Less sensitive to spread, more sensitive to overnight financing rates.
- Position trading. Long-term, fundamentals-driven. Spreads matter least, swap rates and platform reliability matter most.
A broker that suits a scalper (Pepperstone Razor, IC Markets Raw) may not be the best for a position trader (CMC Standard, IG Standard). Match the broker to your style.
3. Check the trading platforms offered
The features you need from a trading platform are personal, but key factors include ease of use, order execution quality, risk-management tools, advanced charting, automation support, available leverage, and overall versatility.
The four platforms used by most ASIC-regulated brokers are MetaTrader 4, MetaTrader 5, cTrader and TradingView. Several brokers (CMC, IG, Plus500, eToro) run their own proprietary platforms in addition to or instead of MetaTrader. See our trading platforms guide for a full breakdown.
4. Ensure the trading costs are low
Trading fees are one of the leading factors impacting your profit and loss. Compare spreads from different forex brokers using a like-for-like measure. In our experience, Raw accounts on ECN brokers are generally cheaper than the Standard no-commission accounts once you add the spread and commission together. The exception is low-volume traders who hold positions for days at a time, where the convenience of a single all-in spread on a Standard account can outweigh the small saving on Raw.
Other costs to check are overnight financing (swap rates), inactivity fees, currency conversion fees if your account base is not the same as the asset’s quote currency, and deposit/withdrawal charges. See our lowest spreads and lowest commissions guides for live comparisons.
5. Make sure customer service meets your needs
We always test customer service. It adds value when you get stuck mid-trade or have time-sensitive questions. Slow or poorly informed support can cost you on an open position.
Things to check before depositing:
- Hours of phone and live chat support (24/5 versus 24/7)
- Languages supported
- Quality of in-platform help and self-service knowledge base
- Speed and quality of response in our test (we open a real chat with a generic question and time the reply)
Pepperstone, IC Markets, IG and Plus500 all run 24/5 chat with strong response times. eToro, CMC and OANDA close support over the weekend. If you trade weekend crypto markets and want live human support, factor that in.
Who is the largest forex broker in Australia?
CMC Markets, eToro and Interactive Brokers are the three largest brokers operating in Australia. CMC Markets has the highest brand-search volume in Google (around 49,500 searches per month for the broker name) and globally serves approximately 346,200 active traders.
By Australian client base, IG Markets and CMC Markets are the long-standing market leaders, both with more than 20 years of continuous AFSL operation. Pepperstone, founded in Melbourne in 2010, has grown rapidly to challenge both on global volumes.
Which Australian broker has the lowest spreads?
In May 2026, IC Markets and Pepperstone led the Raw account testing for EUR/USD. The table below shows the average Raw account spreads published by each ASIC-regulated forex broker on the day of test.
| Broker | Raw EUR/USD (pips) | Commission (AUD round-turn) | All-in cost (AUD per standard lot) |
|---|---|---|---|
| IC Markets Raw | 0.02 | $7.00 | ~$8.00 |
| Pepperstone Razor | 0.10 | $7.00 | ~$8.50 |
| FP Markets Raw | 0.10 | $6.00 | ~$7.50 |
| Fusion Markets Zero | 0.00 | $4.50 | ~$5.00 |
| Eightcap Raw | 0.10 | $7.00 | ~$8.50 |
Live values pulled from each broker’s published spread page. Date stamp: 6 May 2026.
Which broker has the best trading software?
The broker with the best trading software depends on which platform you prefer. Below is our recommended broker for each platform.
| Platform | Best AU broker |
|---|---|
| MetaTrader 4 | Pepperstone |
| MetaTrader 5 | IC Markets |
| cTrader | Pepperstone |
| TradingView | Eightcap |
| Proprietary | CMC Markets (Next Generation) |
| Mobile-first | OANDA |
| Social / copy | eToro |
For a deeper breakdown of each platform’s features, see the platforms hub.
How we determined the best forex broker
Our team tested 600+ data points that matter for Australian forex traders, and Pepperstone, with a score of 89/100, was the clear winner. Each broker was scored across regulation, spreads, commission, execution speed, platform availability, instrument range, mobile app quality, customer service and account opening experience.
Live AUD accounts were opened with each broker. Spreads were captured during Sydney and London sessions. Execution speeds were measured on EUR/USD market orders. Customer service was tested by lodging a generic question via live chat and timing the response.
See our full methodology for the scoring rubric.
Relevant Australian pages
FAQs
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Related pages
About the author
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he has tested every ASIC-regulated broker on this site personally and has written for Forbes, Kiplinger, Finance Magnates, the Australian Financial Review and The Age. He holds a Bachelor of Commerce (Honours) and a Master's in Marketing from Monash University. Justin is the Strategic Head of Research for the site.