The best Forex / CFD brokers in Australia are the ones that deliver an honest and well-regulated service, which lets you trade what you want to trade under good execution conditions, and which offer competitive fees. Of these brokers, the ones that will be best for you will depend upon what you want to trade, and your trading style and frequency.
Australia is both a home to offshore brokerages for traders outside Australia looking to use ASIC regulation, and the home for many traders who might use either an ASIC-regulated broker or a broker outside Australia. We focus here mostly on ASIC-regulated brokerages, but we also include at least one broker that is not regulated by ASIC, but which accepts Australian residents as clients.
Our team of researchers looks at the brokers in the retail Forex / CFD industry offering services to Australian-resident traders and selects the very best ones. We choose these Forex brokers in Australia by researching and judging all aspects of their offerings, giving greater weight to the most important factors, such as fees and regulatory status. We only feature the Forex brokers in Australia that top the list, highlighting the areas where they are especially strong.
- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
- BlackBull Markets, 1:500 maximum leverage with ultra-low trading fees and deep liquidity.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
- MultiBank Group, Deep liquidity with no trading restrictions.
- FP Markets, ECN trading with leverage up to 1:500.
All Round Best Forex Broker in Australia
At DailyForex, we rate the overall best Forex broker in Australia as Eightcap, because it offers:
- Tier 1 regulation by the Australian regulator ASIC.
- Competitive trading fees – usually, the lowest raw spreads in Australia.
- Wide choice of assets, especially cryptocurrencies.
- The three most popular trading platforms.
For over a decade, DailyForex has been the trusted Forex broker authority, helping traders identify the best platforms to meet their specific needs. Our broker ratings are compiled using a rigorous comparison process that examines regulation, trading conditions, and unique features. Whether you're looking for brokers in your region or those offering cutting-edge tools like copy trading or algorithmic strategies, our curated lists are designed to simplify your broker search.
Best Australian Brokers Comparison
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Regulators | ASIC, CySEC, FCA, SCB | FMA, FSA | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | ASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSC | ASIC, CMA, CySEC, FSCA |
Year Established | 2009 | 2014 | 2010 | 2005 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP, No Dealing Desk | No Dealing Desk, NDD | ECN/STP | ECN/STP |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.0 pips | 1.1 pips | 1.1 pips | 0.1 pips | 1.2 pips |
Average Trading Cost GBP/USD | 1.2 pips | 1.55 pips | 1.4 pips | 0.5 pips | 1.4 pips |
Average Trading Cost Gold | $0.12 | 0.12 pips | $0.15 | $0.02 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Trading View | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Get Started Visit Website75-95% of traders on margin lose | Visit Website | Visit Website |
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsEightcap services its Australian resident clients through its Australian branch, which is regulated by the Australian Securities and Investment Commission (ASIC). Australian residents are offered a selection of over 800 CFD instruments to trade across several asset classes (Forex, commodities, indices, stocks, and cryptocurrencies). A minimum deposit of A$100 USD is required to open an account at Eightcap. Concerning trading fees, Eightcap offers a commission-based account with raw spreads starting at 0 pips on Forex currency pairs. Eightcap provides a choice between three advanced trading platforms—MT4, MT5, and TradingView—and offers trading tools including code-free algorithmic trading and an AI-powered economic calendar. These factors make Eightcap one of the best Forex brokers in Australia. Traders looking for a broker with competitive pricing, sophisticated trading tools, and access to a wide range of instruments across the major asset classes will have reason to closely consider opening an account with this broker.
Pros & Cons
- Regulated by tier 1 regulators.
- Tight raw spreads from 0 pips + competitive commissions.
- Over 800 CFDs offered across a range of asset classes.
- Offers the three most popular trading platforms.
- Leverage restrictions as tight as 1:2 for cryptocurrencies.
BlackBull Markets
In Summary 1:500 maximum leverage with ultra-low trading fees and deep liquidityBlackBull Markets offers Australian resident clients onboarding through their ASIC-regulated entity in Australia, although the Seychelles branch might also be available. Effectively, there is no minimum deposit, so the broker is very affordable in that sense. A very wide selection of over 26,000 CFDs is offered for trading, across asset classes including Forex, shares, indices, commodities and cryptocurrencies, making BlackBull Markets one of the best Forex brokers in Australia.
Maximum leverage offered by BlackBull Markets to clients resident outside Australia rises as high as 1:500 for some Forex currency pairs, making it probably the highest leverage brokerage in Australia. All the most popular trading platforms are offered, too: MetaTrader 4, MetaTrader 5, TradingView, and cTrader. Promotions are offered linked to TradingView Premium. BlackBull Markets is an ECN execution broker.
Pros & Cons
- Offers over 26,000 tradable instruments.
- No minimum deposit.
- High leverage available.
- Choice of the top trading platforms.
- No guaranteed stop loss orders.
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformPepperstone is a low-cost broker offering a choice of two core accounts: Raw (spreads plus commission) and Standard (spreads only). The most popular trading platforms are all offered: MetaTrader 4, MetaTrader 5, TradingView, and cTrader. Pepperstone’s app is considered by many to be the best mobile app in Australia, offering access to four platforms and a range of useful tools.
A choice of more than 1,400 CFDs are offered for trading, encompassing every major asset class, including cryptocurrencies, making Pepperstone one of the best Forex brokers in Australia.
Pepperstone is a very well-regulated broker, holding licenses from several tier 1 regulators including ASIC, the Australian Forex regulator.
Pepperstone is a flexible, affordable ECN execution broker. Its fast execution, 24/5 support, and strong research and education make it accessible to newer traders.
Pros & Cons
- Competitive pricing, especially in the Razor account.
- Choice of the most popular trading platforms.
- No minimum deposit requirement.
- Over 1,600 CFDs offered across all major asset classes.
- ASIC imposes leverage caps.
MultiBank Group
In Summary Deep liquidity with no trading restrictionsMultiBank Group is a truly global broker, regulated in many countries worldwide including several tier 1 regulators, which of course includes the Australian ASIC. MultiBank Group has a well-earned, solid, global reputation.
MultiBank Group offers one of the widest range of assets of any retail broker – over 20,000 across asset classes such as Forex, indices, commodities, stocks, and cryptocurrencies.
One special feature of MultiBank Group’s ASIC-regulated offering is the mix of tiered account types, which include raw spread ECN options. Another element of note is MultiBank Group’s link to MEX Digital, and authorised representative of MEX Australia, which offers the bank’s wider crypto ecosystem.
MultiBank Group’s long-term global reputation and top-tier regulation help to make this one of the best Forex brokers in Australia.
Pros & Cons
- Onshore regulation by tier 1 regulator ASIC.
- Full negative balance protection.
- Both MetaTrader 4 & MetaTrader 5 platforms supported.
- Offers access to MEX Digital for spot cryptocurrency trading.
- ASIC-imposed leverage caps.
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets is one of the primary contenders for Best Forex Broker Australia as it offers an excellent selection of over 10,000 assets across three trading platforms plus an outstanding technology infrastructure. Regulation by the Australian Securities and Investments Commission (ASIC) ensures domestic and international traders have a secure trading environment to manage their portfolios. Besides the market leading MT4 trading platform, the MT5 platform is also available. FP Markets is also home to the best online trading platform in Australia with its Iress proprietary solution.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Australia: An Offshore Venue or Onshore Market?
Australia has a relatively unique place in the world of retail Forex trading. It is both a country that hosts many Forex brokers who attract clients from all over the world, and a place where trading financial markets is extremely popular domestically. So, this page is for both Australian residents looking for the best local Forex broker, and for traders outside Australia looking for a Forex broker located and regulated in Australia.
Why are Australian Forex Brokers Popular with Traders Outside Australia? H3
Until a few years ago, Australia offered top-tier regulation, but with a lighter touch than many other tier 1 jurisdictions. ASIC also allowed considerably higher leverage than most other tier 1 regulators. These factors made Australia a popular offshore Forex centre.
A few years ago, ASIC (the Australian regulator) changed their rules on leverage, and leverage limits are now very similar to those in the UK, EU, and the USA. This has made Australia less attractive as an offshore venue, but Australia still has a good infrastructure and ecosystem for Forex brokers, and excellent client money safeguards, so is still attracting offshore clients.
There has been some speculation recently that ASIC will tighten their regulations, making Australian brokers less competitive globally, but it seems that this is not going to happen.
How Do I Choose the Right Forex Broker in Australia?
Many Australian Forex brokers have simplified their account types. The most notable difference is between competitively priced commission-based account types and more expensive commission-free alternatives, with few exceptions. Traders should ensure their broker meets the important requirements numbered below.
- Trading Fees – Spreads and commissions directly impact the profitability of each strategy. A competitive cost structure features Raw spread accounts with near-zero spreads and a commission under $7 per lot, plus a volume-based rebate program. Alternatively, commission-free alternatives should have minimum spreads of 0.7 pips or less. Traders who keep leveraged overnight positions should ensure reasonable swap rates. If all rates are always negative, that is not a positive sign about that broker.
- Regulation - Australian Forex traders are not legally required to trade with a broker regulated by the Australian Securities & Investments Commission (ASIC). Many offshore Forex brokers are prepared to accept Australian-resident Forex traders, although it is worth closely investigating these brokers to ensure they are legitimate and have adequate reputations. There also may be difficulties in tax reporting. Using an Australian-regulated broker can be helpful for Australian residents, who will know they get strong tier 1 regulation, negative balance protection, and strong segregation of client monies.
- Trust - Traders should trade with a well-regulated broker that has a spotless track-record spanning several years to ensure a time-tested trustworthy trading environment.
- Account Types - Many Australian Forex brokers have simplified their account types. The most notable difference is between competitively priced commission-based account types and more expensive commission-free alternatives, with few exceptions.
- Australian Dollar Denominated Accounts – This may not be necessary for all traders, but if you plan on making periodic withdrawals and deposits, it could make life easier and save on currency conversion fees to open an Australian Dollar account.
- Security - Secure Forex brokers encrypt communications between traders and themselves, including the back office for deposits and withdrawals and the trading platform, where traders manage portfolios. 2FA will increase the security features, especially for mobile traders, and the best Forex brokers in Australia have cyber security teams monitoring traffic 24/7.
- Instruments - A well-balanced asset selection offers trading and diversification opportunities, but the requirements for each trader differ. So, I recommend checking the broker’s asset selection to ensure the required trading instruments are available.
- Customer Support - Most brokers offer 24/5 customer support, but traders should check with their broker about office operating hours, contact methods, and response times. Phone support is often overlooked as a support method, but it is the best option should an emergency arise.
- Non-Trading Fees - Besides trading fees noted above, quality brokers will have no additional or hidden costs. Traders should avoid brokers with non-trading fees, like deposit and withdrawal fees. Other fees to avoid are platform and data fees, administrative fees, and inactivity fees applicable after three months of dormancy.
- Deposits & Withdrawals - Australian Forex traders should ensure their broker has no internal transaction fees and low minimum requirements with a choice of e-wallets and preferably cryptocurrency deposits and withdrawals.
- Demo - Beginners and seasoned traders require demo accounts without expiration. Beginners can test a broker’s trading environment and incorporate educational lessons with a demo. More seasoned traders will use it to test and tweak strategies, algorithmic traders will bug-fix and test solutions and copy traders can use it to evaluate signal providers.
How Do I Start Trading Forex in Australia?
Forex traders resident in Australia should start with in-depth education, which provides the foundation for successful trading. Education should cover the basic functions of trading. Examine what works and why. Ignore frauds promising easy millions.
Understanding the impact of trading psychology on market decision-making and deploying strategies to overcome this hurdle is one of the most notable challenges faced by many, at the start of their trading journey. You need a good mental approach to trading to become a good trader, but you need more than psychology – you need to learn what kind of setups tend to work best in your preferred style of trading. Learning is important but practise and experience are even more important.
Beginners can use demo accounts to test strategies and evaluate brokers, signal providers and algorithmic trading solutions. However, it is important to remember that risking real money in a live account feels different to paper trading.
Here are tips for when you feel comfortable beginning trading with real money:
- An ideal Forex brokerage solution for an Australian resident is an ASIC-regulated broker.
- Respect Forex trading as a highly skilled profession.
- Have realistic profit expectations concerning your account size.
- Diversify your trading across asset classes to maximise the chance of trading profitably.
- For the safest trading, strongly consider using an Australian-regulated broker.
- Beginner traders should start exploring a trading strategy that has stood the test of time, like a momentum or trend following strategy, or the MACD Crossover Strategy or a Fibonacci Retracement Strategy, before developing their own strategies.
- Understand leverage and use appropriate risk management. Do not use too much leverage.
- Make sure you have a professional, quiet space for your trading desk, free from unnecessary distractions.
- Take a deep breath - avoid emotional decision-making.
- Explore the importance of algorithmic trading.
- Accept you will have losing trades.
Forex Regulation in Australia
The Australian Securities & Investments Commission (ASIC) regulates Forex trading in Australia. It is Australia’s conduct regulator for financial services.
About ASIC
If a firm offers margin FX or any CFDs to Australian residents, it is usually legally required to hold an AFS licence (AFSL) and to follow ASIC rules and guidance.
ASIC is responsible for creating and enforcing rules to protect investors and ensure fair and transparent markets. Forex brokers regulated by ASIC are required to:
- Adhere to detailed client money provisions, including account segregation requirements.
- Comply with over the counter (OTC) derivative transaction reporting requirements.
- Provide clients with negative balance protection.
- Refrain from offering inducements, like trading bonuses.
- Comply with standardised margin close-out rules, which are designed to protect clients from catastrophic losses as much as possible.
- Apply caps on maximum leverage by asset class which have been broadly equivalent to ESMA standards since 2021.
Only ASIC regulated brokers are legally authorised to solicit Australian residents as clients.
ASIC is widely considered to be a tier 1 regulator offering broker clients a high level of protection. ASIC is also an active litigator that will sue brokers it considers to be breaking the law.
Some traders and industry analysts feel that ASIC has become an overly restrictive litigator since 2021 when it lowered maximum leverage caps and started behaving more like a European regulator. Some feel that before this time, ASIC was extremely successful in striking a balanced regulatory touch, which managed to provide reasonable protection for trader clients while also creating a pro-business environment for Forex / CFD brokers, which had succeeded in turning Australia into an offshore CFD / Forex brokerage hub, like New Zealand.
How to Verify ASIC Regulation
Here are the steps you can take to determine whether a particular broker is regulated by ASIC in Australia:
- Check the broker’s legal details on the ASIC website. On the broker’s website, find its legal entity name, AFSL (Australian Financial Services Licence) number, and ACN/ABN in the footer, FSG/PDS, or Terms. You can then use any of these to search the official ASIC register.
- Check ASIC’s Professional Registers. You can search by company name, AFSL number, or ACN/ABN. What you should see there:
- Status = Current (active licence)
- Entity is an AFS licensee or authorised representative
- Authorisations include CFDs / other offered derivative products.
- Make sure the name of the broker on its website and its details such as address matches the licensed entity listed within the ASIC register.
- Verify Australian Financial Complaints Authority (AFCA) membership to ensure there is an enforced dispute resolution process.
- Check ASIC Investor Alert list to make sure the entity is not named in any regulatory warning.
What Do You Need to Qualify to be Designated as a “Wholesale Client” in Australia?
Many regulated countries allow brokers to waive certain client protection provisions, notably caps on maximum leverage, for clients who are deemed to be “professional” and not “retail”. In Australia, the terminology is different – “professional traders” are instead called “wholesale clients”, who do not require the full range of retail client regulatory protection. There is one way to be considered a “professional investor” which can get you similar advantages, which is proven by showing you control over A$10 million in capital.
If you want to be considered a wholesale client by a CFD broker, here are the ways you can qualify:
- Individual wealth test (proven by accountant’s certificate): you own net assets ≥ A$2.5m OR had gross income ≥ A$250k in each of the past two financial years.
- Making a transaction ≥ A$500,000 in price or value.
- Sophisticated investor test: AFS licensed broker has reasonable grounds to believe you have sufficient investing experience to assess risk and acknowledges this in writing.
What you get if you qualify as a wholesale client:
- Exemption from ASIC-imposed maximum leverage caps.
- Exemption from inducement bans (e.g. bonuses).
- No negative balance protection.
Are My Funds Safe with Forex Brokers in Australia?
If you use an ASIC-regulated Australian Forex broker, yes, your funds are relatively safe, for these reasons:
- ASIC enforces strict rules on client money and account segregation.
- Provisions on negative balance protection, standardised margin close-out, maximum leverage caps, and bans on bonuses or other inducements make it less likely client accounts will get wiped out.
- Compulsory dispute resolution rules ensure complaints against broker will be properly considered.
- Leverage limits imposed by ASIC can help prevent catastrophic losses.
- ASIC has a Compensation Scheme of Last Resort (CSLR) which can provide protection of up to A$150k in very limited circumstances.
What is the CSLR?
The CSLR was created in April 2024 and can authorise the payment of compensation for:
- Personal advice
- Credit intermediation
- Securities dealing (this is the one that will be most relevant to clients of CFD brokers)
- Credit provision
It is important to keep in mind that the CSLR is not an insolvency fund.
How Does the Available Leverage of Australian ASIC-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore? H2
Like other major regulators, ASIC enforces strict leverage limits by asset class.
Comparison to “offshore” brokers is difficult, as this category can include brokers regulated in a range of other tier 1 jurisdictions such as the European Union, the USA, or the UK, all of which impose very similar leverage limits to ASIC in Australia.
So, I will use the typical leverage offered by true “offshore” brokers, meaning brokers regulated in traditional offshore financial centres such as the Seychelles, Mauritius, the BVI, Vanuatu etc.
The below table compares the Australian leverage caps by asset class with the typical rates offered by a “true” offshore Forex broker.
Forex Majors | Forex Minors | Commodities / Indices | Cryptocurrencies | |
ASIC Australian Regulated Broker | 1:30 | 1:20 | 1:10 / 1:20 | 1:2 |
Typical Offshore Broker | 1:200 / 1:1000 | 1:100 | 1:20 / 1:100 | |
Is Forex Legal in Australia?
Forex trading is 100% legal in Australia. The Australian Securities and Investments Commission (ASIC) regulates FX trading in Australia. All domestic brokers must obtain an Australian Financial Services License (AFSL) license, while Aussie Forex traders may also trade with international brokers. The Corporations Act 2001 outlines rules and regulations for Australian financial firms, including Forex brokers in Australia, to remain compliant with the law.
It is also paramount for Australian-resident Forex traders to report profits to the Australian Taxation Office (ATO), regardless of whether their portfolios are in Australia or offshore.
Do you Pay Tax on Forex Trading in Australia?
Yes, Australian residents are subject to tax on their Forex trading profits in Australia. The Australian Tax Office taxes traders differently depending upon whether one is classified as a “trader” or an “investor”. If you are deemed to be an “investor”, your profit will be subject to capital gains tax (CGT), while if you are a “trader” your profits will be subject to income tax. As general rules:
- The more you trade, the more likely you are to be deemed a “trader” rather than as an “investor”.
- You will pay less tax under the CGT regime than under the income tax regime, so it is usually advantageous to be classified as an investor.
