Best Forex Brokers in Australia for 2024

Though it’s roughly the size of the U.S., Australia has fewer people than the state of Texas, and this relatively small population benefits from a robust financial regulatory environment and a sturdy banking system. Trading forex (currencies) in Australia is popular among residents as well as international traders seeking an Australian-based broker.

All Australia-based forex brokers must become authorised by the Australian Securities & Investment Commission (ASIC), the Australian financial markets regulator. ASIC’s website is asic.gov.au. We recommend users also follow ASIC on Twitter, @ASIC_Connect.

After the Australian Securities Commission (founded in 1991) was dissolved, ASIC was established in 1998 as a national regulatory authority which reports to the treasurer and administers legislation for the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009. For a historical breakdown, here’s a link to ASIC’s webpage on Wikipedia.

Best Forex Brokers Australia

To find the best forex brokers in Australia, we created a list of all ASIC authorised brokers, then ranked brokers by their Overall ranking. Here is our list of the top Australian forex brokers.

Plus500

General Info

  • Min Deposit: $100
  • Max Leverage: 30:1
  • Platforms: Plus500 app, Webtrader
  • Inactivity Fee: Yes

Average Spread

  • EURUSD: 1.3
  • USDJPY: 1.7
  • GBPUSD: 2.0
  • GOLD: 0.3
IG

General Info

  • Min Deposit: $450
  • Max Leverage: 30:1
  • Platforms: MT4, IG app, Webtrader
  • Inactivity Fee: Yes

Average Spread

  • EURUSD: 0.7
  • USDJPY: 1.1
  • GBPUSD: 1.0
  • GOLD: 0.4
Pepperstone

General Info

  • Min Deposit: $0
  • Max Leverage: 30:1
  • Platforms: MT4/5, TVC, cTrader, Mobile app
  • Inactivity Fee: No

Average Spread

  • EURUSD: 1.0
  • USDJPY: 1.2
  • GBPUSD: 1.3
  • GOLD: 0.2
City Index

General Info

  • Min Deposit: $150
  • Max Leverage: 30:1
  • Platforms: MT4, TVC, Mobile app, Webtrader
  • Inactivity Fee: No

Average Spread

  • EURUSD: 1.0
  • USDJPY: 1.2
  • GBPUSD: 1.5
  • GOLD: 0.5
eToro

General Info

  • Min Deposit: $10
  • Max Leverage: 30:1
  • Platforms: Mobile app, Webtrader
  • Inactivity Fee: Yes

Average Spread

  • EURUSD: 1.0
  • USDJPY: 1.0
  • GBPUSD: 1.5
  • GOLD: 0.45

What protection does ASIC provide forex traders?

In addition to the many protections afforded by a trusted regulatory jurisdiction such as efficient compliance and enforcement of regulations, forex traders in Australia may also benefit from the required Professional Indemnity (PI) insurance policy that ASIC-regulated brokers are required to hold.

A forex broker that holds an Australian Financial Services (AFS) license with ASIC must hold adequate insurance. Adequacy levels are contingent on the size of the broker (i.e. larger brokers must have larger policies, whereas smaller firms will hold coverage sufficient for their client base size).

Important note: Indemnity insurance isn’t designed to protect you directly – it protects your broker in the extraordinary case of an insolvency event. It does not guarantee that you will be paid should your broker become insolvent. Nonetheless, this insurance policy is a requirement under s912B of the Corporations Act of 2001, which mandates that AFS holders have arrangements in place to compensate clients in the event of Chapter 7 of the corporations act (and under Chapter 6 applicable to AFS holders as per the Treasury Department). This can help reduce the damage caused in cases where a broker goes out of business.

In the event of the insolvency of a forex broker: ASIC will step in to ensure that external administrators comply with the law, supervise any registered liquidators that may be assigned from secured creditors, and implement insolvency reforms and publish updates about the case on its website. Because forex traders must rely on the broker’s creditworthiness to reduce counterparty risk, it is essential to only deal with highly-trusted forex brokers.

Is forex trading legal in Australia?

Yes, forex trading is legal in Australia and is regulated by the Australian Securities and Investment Commission (ASIC), which supervises and regulates financial markets and ensures that brokers are complying with the Corporations Act of 2001.

Australia’s financial markets

Forex traders will recognize the Australian dollar (AUD) as Australia’s national currency (known in the forex world as “the Aussie”), with the AUD/USD being one of the more popular currency pairs in the global forex market.

Forex markets and Australian forex brokers are affected by the monetary policy as regulated by the Reserve Bank of Australia (RBA), which issues and manages the Australian dollar.

Aside from ensuring the stability of Australia’s national currency, the RBA oversees risk in the financial system and aims to promote Australia’s overall economic prosperity.

The primary stock market in Australia is the Australian Securities Exchange (ASX), located in Sydney. The ASX’s markets offer a wide range of asset classes that include equities, futures, derivatives, exchange-traded funds (ETFs), exchange-traded products (ETPs), and commodities.

Do I have to pay taxes on forex trading in Australia?

Yes, Australian citizens and residents must report their income from trading in Australia – including any profits earned from forex trading. Likewise, any losses from trading forex can be filed depending on how your tax professional prepares your tax return filings, and whether you are trading as an individual or under a business name.

Can I trade forex with $100?

Yes, you can trade forex with just $100. However, your ability to do so will depend on two factors: minimum deposit requirements and contract size availability. To start trading forex with just $100, you’ll need to find a broker that allows you to open a live account with a $100 minimum deposit, and it’ll also need to let you trade micro lot contracts (just 1,000 units of currency).

How do you get started trading forex in Australia?

If you want to start trading forex in Australia, it’s essential to start your forex journey by choosing a forex broker that is well-regulated and properly licensed in Australia by the Australian Securities and Investment Commission (ASIC). We’ve created this step-by-step guide to help you get started with forex trading in Australia:

  1. Choose a reputable broker that is properly licensed and regulated by ASIC by verifying their credentials on the ASIC website.
  2. Familiarize yourself with your broker’s trading software. Check out all available mobile and web apps and explore all your broker’s trading platforms (I always recommend starting out with your broker’s free demo account).
  3. Fund your trading account using the available deposit methods that are most suitable for you. PayPal has become a popular way to fund forex trading accounts, due to its extensive international presence and wide range of supported currencies.
  4. Put together a trading plan. Even the best traders can lose money, but the key to long-term success lies in sticking to a trading plan that keeps your average losses low (relative to your average profits).
  5. Enter the forex market. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell. You are now a forex trader!