Best Australian Forex Brokers

Discover the best Australian forex brokers ranked by fees, regulation, platform and usability.

Based in Australia and looking for a forex broker that meets your needs? With heaps of platforms to choose from, you need to focus on key metrics like fees, commissions, spreads, payments, and tradable pairs. You also need to ensure that your chosen broker is regulated by the Australian Securities and Investments Commission (ASIC).

In this article, we explore the five best Australian forex brokers of 2020. We also give you some handy tips on what you need to look out for prior to signing up with a new broker and provide a step-by-step guide on how to get started.

Our Recommended Australian Forex Platform

Looking to start trading forex right now? If so, we would suggest signing up to finmaxfx, our pick for the best Australian forex broker.

Best Australian Forex Brokers for 2024

There’s plenty of forex brokers in Australia, so finding the best one for you isn’t always easy. To help you out, we’ve reviewed many platforms and created the following list of the five best Australian forex brokers for 2020. 

1. FinmaxFX - Forex Broker with $250 Minimum Deposit

Founded in 2015 and operated by Gatelinas UAB, FinmaxFX is a forex broker that allows its Australian forex traders to trade a wide range of assets and instruments. It is regulated by the International Financial Market Relations Regulation Center (IFMRRC) as well as the Financial Dealers licensing (FSC) and is authorized to sell financial products and services to clients.

The account opening process takes less than five minutes. New Australian traders only need to provide their names, email addresses and phone numbers. After that, they get access to the account portal where they can begin trading. FinmaxFX offers its users a MetaTrader 5 trading platform and five different live accounts: Micro, Mini, Standard, Premium and VIP. It requires a mere deposit of 378 AUD ($250) and also includes a free and unlimited demo account. At FinmaxFX, the minimum position size is 0.01 and the maximum leverage is 1:1200.

FinmaxFX`s financial assets are huge. You can trade more than 500 assets from different assets such as indices, stocks, metals, cryptocurrencies, energy carriers and over 50 currency pairs in major, cross and exotic groups. It makes profits from traditional spreads and swaps.

One great feature of FinmaxFX is that it supports 3 languages: Arabic, English and Russian. It supports funding in RUB, EUR and USD. It also offers numerous educational materials, including e-books, webinars, trading advice, market analyses and video tutorials to help traders fluidly follow market changes.

Assets: Cryptocurrencies, Stocks, Metals, Energy carriers, Indices

Demo Account: Yes

Educational Materials: Informative educational materials for both new and experienced traders

Fees: Up to 302 AUD ($200) Inactivity Fee, No Deposit Fee, No Account Fee

Minimum Deposit: 378 AUD ($250)

MT4/MT5: MT5 only

Special Features: Highly intuitive mobile trading platform

Payment Methods: Credit Card, Webmoney, Neteller, Skrill, ePayments, Bank Transfer, QiWi Wallet, Yandex Money

Regulation: IFMRRC, VFSC

  • Tight spreads from 3 pips
  • 24/7 support
  • No commissions
  • High fixed spreads
  • No support for ECN Trading

2. AVATrade - Spreads From 0.9 Pips on Major Forex Pairs

AVATrade is an international CFD and forex broker that accepts Australian traders. You will have access to thousands of financial instruments, including lots of forex pairs.

What we really like about the platform is that spreads start from just 0.9 pips on major pairs like EUR/USD. This goes down to a super-competitive 0.5 pips when trading major index funds like the S&P 500, making this one of the most competitive forex brokers in Australia in terms of fees.

Unlike the other two providers we have discussed thus far, AVATrade gives you access to both MT4 and MT5, on top of its own proprietary platform. This means that you will have access to lots of advanced chart reading tools and technical indicators.

On the flip side, the broker doesn't offer any fundamental news or trading tips, so you will need to obtain this information externally. Minimum deposits start at approximately AUD $150 and supported payment methods include a debit/credit card or Australian bank account.

Assets: Forex, thousands of CFDs, cryptocurrencies

Demo Account: Yes

Educational Material: No fundamental news or trading ideas, but trading calculator provided

Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

Minimum deposit: $100 (AUD $150)

MT4/MT5: Both

Special Features: Pricing alerts and notifications Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

Payment methods: Credit/debit card, Bank wire

  • Spreads from just 0.9 pips
  • Multiple licenses
  • Both MT4 and MT5 supported
  • No research features
  • No research features
  • Only 56 forex pairs supported
There is no guarantee you will make money when trading with this provider.

3. FXCM - Offers Extensive Research and Technical Tools

FXCM was launched in the USA in 1991, but later left the US market and shifted its operations to other regions. It is regulated by the Australian Securities &Investment Commission (ASIC) and the Financial Conduct Authority (FCA). While FXCM's tradable market is narrow, it caters to multiple trader types such as algorithmic traders and high-volume traders.

Opening an FXCM account is relatively easy and the trading platform is available for mobile devices, desktops, Macs and laptops. It offers two main Australian share trading platforms on its sites: FXCM Trading Station and its MT4 offering. New Australian users can try out trading on FXCM using its free demo account service.

The asset selection at FXCM boasts over 30 currency pairs, making forex the most important asset class the broker offers. It also offers CFDs, global stock indices, commodities like gold and oil as well as cryptocurrencies.

The broker does not charge fees for any type of fund deposits. The minimum initial deposit on FXCM is 454 AUD ($300) and the maximum leverage is set at 1:30 for retail traders and 1:400 for professional traders. Standard account users are only charged the prevailing spreads, while Active Trader accounts are subject to a commission (as little as 6 AUD) for every trade they execute. All-in spreads for standard accounts on FXCM are 1.3 pips on pairs like USD/JPY.

Assets: Forex pairs, Cryptocurrencies, Global Stock Indices, oil, gold, FCDs

Demo Account: Yes

Educational Materials: Extensive educational materials for both beginner and experienced traders

Fees: Up to 302 AUD ($200) Inactivity Fee, No Deposit Fee, No Account Fee

Minimum Deposit: 454 AUD ($300)

MT4/MT5: MT4 only

Special Features: Expert Advisors, Weekend Data Options

Payment Methods: Credit Card, Neteller, Skrill, Bank Transfer

Regulation: FCA, ASIC

  • Competitive pricing structure
  • Low trading fees
  • Numerous algorithmic tools
  • No managed accounts

4. IG - Offers More than 17,000 Tradable Assets

Launched in 1974, IG is regulated by several organizations globally, including the Federal Financial Supervisory Authority and the Financial Conduct Authority (FCA). It gets most of its income from spreads and commissions on more than 17, 000 assets. While it offers MetaTrader along with premium MT4 add-ons, only 80 currency pairs are available.

Australian forex traders can have access to 27 commodities, cryptocurrency pairs, equity CFDs and index CFDs across 26 markets.

IG also includes more markets such as ETFs, options, bonds, indices, commodities and shares. The maximum leverage on IG is 1:50. Users may incur some fees for direct market access, ProRealTime charts which cost 45 AUD ($30) per month and a 75 AUD ($50) account documentation fee.

Assets: Cryptocurrencies, Stocks, Options, Indices, Commodities, Shares

Demo Account: Yes

Educational Materials: Informative educational materials for both new and experienced traders

Fees: 75 AUD ($50) Documentation Fee, Inactivity Fee, 45 AUD ($30) per month for ProRealTime charts

Minimum Deposit: 378 AUD ($250)

MT4/MT5: MT4 only

Special Features: Mobile Trading Platform

Payment Methods: Credit Card, Neteller, Skrill, Bank Transfer, ACH


  • Excellent educational tools
  • Superb deposit and withdrawal options
  • User-friendly web trading platform
  • Poor phone support
  • High stock CFD fees

5. City Index - Trusted Broker with Advanced Forex Trading Tools

If you're seasoned UK forex brokers that is looking to be able to place more sophisticated orders, it might be worth checking out City Index. The platform, which was launched in 1983 and is based in the UK, it offers some of the best trading platforms that are highly advanced and was all built in-house. We like that City Index also supports MT4.

Across more than 80 forex pairs, you'll have access to most majors and minors, as well as a number of exotics. In terms of getting started, City Index requires a minimum deposit of AUD $150. Supported payment methods include Australian debit/credit cards or a bank transfer.

When it comes to regulation, City Index is licensed by ASIC, MAS, and the FCA, so your money is safe at all times. Finally, City Index is known for offering one the best customer service departments in the online forex space. If you're ever unsure about the specifics of a trade, you can speak with an experienced advisor over the phone.

Assets: Forex, CFDs, Spread Betting

Demo Account: Yes

Educational Material: Excellent education material via third-party platform Recognia, trading ideas, real-time news

Fees: 0.5 pip on major pairs, $10 monthly inactivity fee, 3.33% margin rate for retail clients, free deposits

Minimum deposit: AUD $150

MT4/MT5: MT4

Special Features: Advanced charting tools, top-notch research and analysis, pricing alerts, mobile trading

Regulation: FCA, ASIC, MAS

Payment Methods: Credit/debit card, Bank wire

Our Rating

  • Well established brokerage
  • Excellent research tools
  • Advanced trading features
  • Cheaper spreads available elsewhere
  • No e-wallet support
  • Not suitable for newbies
There is no guarantee you will make money when trading with this provider.

7. - Forex Broker with a User-Friendly Trading Interface is an online broker that offers both CFDs and forex. You'll have access to dozens of currency pairs, all of which can be traded with leverage.

What we like about the broker is that it is tailored to both newbie and seasoned investors. For example, those with little to no experience of forex trading will be more suited for the web trading platform. Alternatively, MT4 and MT5 are available for those of you looking for a more advanced trading arena.

Either way, minimum deposits start at AUD $250, and supported payment methods include Visa, MasterCard, Neteller, Skrill, or a bank transfer. In terms of fees, offers forex spreads from just 0.6 pips on EUR/USD, and there are no fees to deposit. Finally, the broker is regulated by ASIC and the UK's FCA, so it's certainly secure.

Assets: Forex, stocks and shares, CFDs, commodities, indices

Demo Account: Yes

Educational Material: Live webinars and regular analysis

Fees: 0.6 pips on most major pairs, no deposit fee, $10 monthly inactivity fee

Minimum deposit: AUD $250

MT4/MT5: Both

Special Features: Heaps of technical indicator tools

Regulation: FCA, ASIC Payment methods: Credit/debit card, Paypal, Skrill, Neteller, Bank wire

  • EUR/USD spread of 1.9 pips
  • Native mobile app
  • User-friendly trading interface
  • Spreads on minors/exotics are expensive
  • Only 57 currency pairs
  • $10 monthly inactivity fee
There is no guarantee you will make money when trading with this provider.

How to Choose an Australian Forex Broker

Finding an Australian forex broker that meets your needs is crucial and no-two platforms are the same. Although we have already reviewed the best forex brokers in Australia, we still recommend that you still conduct some independent research prior to signing up. With that in mind, below are some considerations that you need when you compare forex brokers.

  • ASIC Regulation

Before you get to the likes of tradable assets, fees, and payments, you must ensure that your chosen forex broker is regulated. At the forefront of this is the Australian Securities and Investments Commission (ASIC). All of the top forex brokers that we have recommended on this page are regulated by several licensing bodies in addition to ASIC, such as the FCA (UK), MAS (Singapore) and CySEC (Cyprus). Ultimately, if the forex platform you are looking at isn’t regulated, avoid it.

  • Forex Pairs

You then need to assess what forex pairs the Australian broker supported as some platforms have more currencies than others. For example, if you’re looking to trade the Australian dollar, this is typically paired against the USD, GBP, EUR, and JPY. With that said, if you’re more interested in currencies from the emerging nations, you’ll need to check what the broker supports prior to signing up.    

  • Payment Methods

You then need to think about the payment methods you want to use at your chosen Australian forex broker. Most traders will opt for a debit or credit card as deposits are processed instantly. This is also the case with e-wallets like Paypal and Skrill, albeit, fewer brokers support this. You can also deposit funds with your Australian bank account, although this can delay the process by a few days.

  • Spreads and Commissions

Your next port of call is to assess the fee structure employed by the broker. Some of the best online forex brokers like Webull allow you to trade forex on a commission-free basis, which is one less fee to worry about. If you are charged a commission, this is normally a percentage of your total stake, which you’ll need to pay at both ends of the trade.

Then you have the spread. This is in an indirect fee that is based on the difference between the buy and sell price of your chosen forex pair. You’ll want to avoid brokers that offer spreads of more than 1 pip on major pairs, as the costs will east away at your potential profits

  • Trading Tools and Research

It is also worth exploring what trading and research tools the forex broker offers. After all, seasoned traders will utilize a range of technical indicators when assessing which way a particular currency pair is likely to go. Similarly, fundamental research is also important. As such, check to see whether your chosen forex broker gives you access to real-time news updates and trading tips.

  • Leverage

If you have a slightly higher appetite for risk, then it’s likely that you are considering using leverage at your chosen broker. ASIC does not impose leverage limits on Australian brokers, so you can effectively apply as much as the broker is willing to offer you. With that said, as a retail trader you will likely be capped at around 30:1 on major currency pairs, and 20:1 on minors and exotics.  

  • Account Minimums

The vast majority of Australia forex brokers will state a minimum deposit amount, but this does vary depending on the platform you choose. The minimum deposit usually starts at around AUD $150, though it is higher on some platforms.

  • Customer Support

You also need to check what the customer service department is like at your chosen broker. The easiest way to get assistance on your account is via a live chat facility, as there is no need to speak with an advisor over the phone. In terms of contact times, forex brokers in Australia typically offer support on a 24/5 basis, meaning they are closed over the weekend. 

Leverage at Australian Forex Brokers

As we briefly noted in the section above, there are no specific leverage limits in place for Australian traders. This means that you can apply as much leverage as the broker is willing to offer you. In most cases, this will be capped at 30:1 on major currency pairs if you are deemed to be a retail client. As such, a $500 balance would permit a maximum trade size $15,000.

We typically find that online forex brokers will reduce leverage limits to 20:1 if you are trading minors or exotics. This will cover all AUD-denominated pairs apart from AUD/USD. If you need higher limits than this, you will need to open a professional trading account, which requires a number of documents from you and approval from your chosen broker.


With hundreds of online forex brokers now serving Australian traders, knowing which platform to choose can be difficult. The most important thing is that your chosen broker is regulated by ASIC, and that it supported your preferred tradable pairs and payment method. After that, you then need to look at metrics like fees, commissions, spreads, and customer support.

All in all, we’re confident that our pick for the best forex broker in Australia, Finxmax, ticks all of the right boxes. Whether you’re a seasoned trader or just starting out, the broker provides a way to seamlessly buy and sell currencies at the click of a button. With innovative social trading tools, a number of licenses and a great range of payment methods.


Are forex brokers safe?

As long as you choose a provider that is regulated by bodies like ASIC and the FCA, then online brokers are extremely safe. This licenses ensure that your account is kept secure and your funds are held in segregated accounts

What currencies can I trade with a forex broker?

The best forex brokers in Australia give you access to a wide of currency pairs - over 80 in some cases. This includes everything from major pairs like AUD/USD to minor pairs like AUD/NZD. You'll also have access to less liquid currencies from emerging markets.

What are the fees at Australian forex brokers?

You will always need to pay an indirect fee via the spread, which is the difference between the buy and sell price of your chosen pair. After that, you might need to pay a trading commission, which is charged every time you buy and sell a pair. Some of the platforms on our Australian forex brokers list, such as Webull, charge no trading commissions at all, so it's only the spread that you need to look out for.

How much money do I need to trade forex?

You will need to meet a minimum deposit amount, which varies from broker-to-broker. This typically starts from just AUD $150, although some platforms require more.

What payment methods do Australian forex brokers accept?

You can normally deposit funds with an Australian debit or credit card, as well as a local bank account. Some of the best Australian forex brokers also support e-wallets like Paypal, Skrill, and Neteller.

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