Compare forex brokers in Australia for (2023)

Find the best forex broker for you by comparing commissions, spreads and currency pairs.

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When it comes to forex trading in Australia there are plenty of options to choose from. You can use our table below to compare brokers by fees, available trading platforms and spreads.

Disclaimer: General information only. All forms of investments (and in particular, trading CFDs, commodities and forex) carry significant risk, including the risk of losing more than the invested amounts, market volatility and liquidity risks. Past performance is no guarantee of future results. Such activities are not suitable for most investors.
1 - 8 of 8
Name Product Minimum Opening Deposit Minimum Spreads for Major Currencies Commission Minimum Trade Size Platforms
Pepperstone Forex Trading (Razor Account)
$0
0.0 pips
US$0.04 per 1k traded
0.01 lots
MetaTrader 4
MetaTrader 5
cTrader
TradingView
Disclaimer: CFD Service. Your capital is at risk.
Choose from a range of fee-free funding methods, plus a suite of 10 different apps available as part of Pepperstone's Smarter Trading Tools.
Vantage Forex Trading
$50
0.0 pips - 1.0 pips
$0
0.01 lots
MetaTrader 4
MetaTrader 5
TradingView
Disclaimer: CFD Service. Your capital is at risk.
Spreads start from 0.0 on major currency pairs like AUD/USD, EUR/USD, GBP/USD and more. Plus you can places trades and find global trends through the TradingView charts platform. Trade with our RAW account with just $1 per lot each side
eToro Forex Trading
US$200
1.0 pips
$0
US$200 (to CopyTrade)
eToro Trading Platform
Disclaimer: CFD Service. Your capital is at risk.
Social trading, advanced charting tools, plus receive exclusive benefits through the eToro Club (membership is tiered based on the equity in your trading account).
IG Forex Trading
$0
0.6 - 1.5 pips
$0
1 lots
MetaTrader 4
ProReal Time
IG Trading Platform and Apps
L2
Disclaimer: CFD Service. Your capital is at risk.
Choice of trading platforms. Choose optional extras like advanced charting, reporting and order types. Over 90 currency pairs to choose from.
IC Markets Forex Trading (Raw Spread account)
US$200
From 0.0-0.1 pips
AU$3.50 per 100k traded
0.01 lots
MetaTrader 4
MetaTrader 5
cTrader
Disclaimer: CFD Service. Your capital is at risk.
Trade forex with tight spreads as low as 0.0 pips and fast execution of under 40 milliseconds on average.
Saxo Forex Trading (Classic Account)
$1,000
0.5 pips
$0
$1000
SaxoTraderGO
SaxoTraderPRO
Disclaimer: CFD Service. Your capital is at risk.
Trade majors, minors, exortics, crypto and spot metals on Saxo's award-winning trading platfrom.
Blueberry Markets Forex Trading
US$100
From 0.0 pips
$0
0.01 lots
MetaTrader4, MetaTrader5
Disclaimer: CFD Service. Your capital is at risk.
Bottom of the market fees on forex, CFDs and commodities with 24/7 quality customer service.
ACY Securities Forex Trading
$50
0.0 pip
$0
0.01 Lot
MetaTrader 4
MetaTrader 5
Disclaimer: CFD Service. Your capital is at risk.
Trade over 2,200 instruments across CFDs on forex, shares, indices, commodities, precious metal, ETFs and crypto.
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Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.

Disclaimer: General information only. All forms of investments (and in particular, trading CFDs, commodities and forex) carry significant risk, including the risk of losing more than the invested amounts, market volatility and liquidity risks. Past performance is no guarantee of future results. Such activities are not suitable for most investors.
1 - 9 of 9
Name Product Minimum Opening Deposit Minimum Opening Deposit Commission - ASX 200 Shares Available CFD markets Platforms
Pepperstone CFD
$0
$0
$5 or 0.07%
Share CFDs (AU, US, UK, HK, and German shares), Forex, Indices, Cryptocurrencies, Commodities, and ETFs
MetaTrader 4
MetaTrader 5
cTrader
TradingView
Disclaimer: CFD Service. Your capital is at risk.
Get access to more than 60+ forex and CFD markets when you sign up with this award-winning Australian broker. Plus, access the new advanced TradingView charts platform.
Vantage CFD
$50
$50
$2 per lot ($1 each side)
Forex, CFD shares, Indices, Cryptocurrencies, Commodities, ETFs
MetaTrader 4
MetaTrader 5
TradingView
Disclaimer: CFD Service. Your capital is at risk.
Vantage has some of the lowest CFD trading fees in Australia, plus you can place trades and find global trends through the new TradingView charts platform.
eToro CFD
US$50
US$50
No commission
Forex, Shares, Indices, Cryptocurrencies, Commodities, ETFs
eToro Trading Platform
Disclaimer: CFD Service. Your capital is at risk.
Join the largest social trading network in the world.
Plus500 CFD
$200
$200
No commission
CFD on Forex, Commodities, Cryptocurrency, Indices, Shares, Options and ETF's
Plus500 Trading Platform
Disclaimer: CFD Service. Your capital is at risk.
Trade CFDs on Australian and International shares, indices, cryptocurrencies, commodities and more.
IG CFD broker
$0
$0
0.08% with $7 minimum
Indices, FX, Shares, Commodities, Cryptocurrency, ETPs, Options, Interest Rates, Bonds
MetaTrader 4
ProReal Time
IG Trading Platform and Apps
L2
Disclaimer: CFD Service. Your capital is at risk.
Trade from over 15,000 markets with Australia's leading service for CFD trading and forex.
IC Markets CFD (True ECN Account)
US$200
US$200
0.1% per side
ASX shares, global shares, indices, commodities, forex, cryptocurrencies
MetaTrader 4
MetaTrader 5
cTrader
Disclaimer: CFD Service. Your capital is at risk.
Trade 230+ different products with fast execution under 40 milliseconds on average.
Saxo Capital Markets CFD
1,000
1,000
0.10% with $6 minimum
Indices, FX, Shares & ETFs, Commodities, Cryptocurrencies, Options, Bonds
SaxoTraderGO
SaxoTraderPRO
Disclaimer: CFD Service. Your capital is at risk.
Award-winning trading platfrom with extensive charting tools and reliable execution.
Blueberry Markets CFD Trading
US$100
US$100
$20 per month subscription plus 2% of trade size
Indices, ASX200 Shares, Commodities, Cryptocurrency
MetaTrader 5
Disclaimer: CFD Service. Your capital is at risk.
Bottom of the market fees on forex, CFDs and commodities with 24/7 quality customer service.
ACY Securities CFD
$50
$50
No commission
NYSE, Nasdaq, ASX, FX and CFDs on shares, forex, indices, commodities, precious metal, ETFs and cryptocurrencies.
MetaTrader 4
MetaTrader 5
Disclaimer: CFD Service. Your capital is at risk. Trade over 2,000 products across CFDs, forex, indices, metals, shares, commodities and cryptocurrency, starting from as low as $50 a trade.
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Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.

1 - 6 of 6
Name Product Price per trade Inactivity fee Asset Class International
CMC Markets Invest
$0
$0
ASX shares, Global shares, Options trading, US shares, mFunds, ETFs
Yes
$0 brokerage on global shares including US, UK and Japan markets.
Trade up to 35,000 products, including shares, ETFs and managed funds, plus access up to 15 major global and Australian stock exchanges. Plus, buy Aussie shares for $0 brokerage up to $1,000. (Limited to one buy order per stock per trading day).
eToro
Finder Award
eToro
$0
US$10 per month if there’s been no log-in for 12 months
ASX shares, Global shares, US shares, ETFs
Yes
$0 brokerage share trading on Aussie, US, Hong Kong and European stocks with trades as low as US$10.
CFD service. Capital at risk.
Join the world’s biggest social trading network when you trade stocks, commodities and currencies from the one account.
Tiger Brokers
US$0.99
$0
ASX shares, Global shares, US shares, ETFs
Yes
Finder exclusive: New customers get US$25 of Tesla stock plus 5 additional fractional shares totaling US$50 when they fund their account (T&Cs apply).
Get started with $0 brokerage on ASX and US stocks for the first 3 months upon account opening
Selfwealth (Basic account)
$9.50
$0
ASX shares, Global shares, US shares, ETFs, Bonds
Yes
Trade ASX and US shares for a flat fee of $9.50, regardless of the trade size.
Invest in Australian CHESS-sponsored shares at a low cost. Get live chat support and insights from other investors to benchmark your portfolio's performance.
IG Share Trading
US$0
$0
ASX shares, Global shares, US shares, UK shares, ETFs
Yes
$0 brokerage for US and global shares plus get an active trader discount of $5 commission on Australian shares.
Enjoy some of the lowest brokerage fees on the market when trading Australian and international shares, plus get access to 24-hour customer support.
Syfe
Exclusive
Syfe
US$1.49
$0
ASX shares, US shares, ETFs
Yes
Finder exclusive: All Finder customers get a $60 cash credit when they sign up to Syfe, deposit min. $1,000 and use code FINDER60 (T&Cs apply).
Invest in 12,000+ Aussie and US stocks & ETFs, plus crypto, all in one app.
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Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.

How do you pick the best forex broker?

The best forex broker for you will depend on what your needs are. For instance, which currency pairs do you want to trade? How often do you plan to trade and how experienced are you?

In general you'll want to pick a broker based on some of the following features:

  • Low fees (spreads and commissions)
  • High-quality trading tools
  • A broad range of currency pairs
  • Fast execution speeds
  • A demo account and intuitive platform
  • Other available assets, such as stocks and cryptocurrency
  • Reputable and ASIC regulated

What do you need to open a forex trading account?

Most forex trading platforms will allow you to apply for an account within minutes online. While the application process varies between providers, you'll usually have to fill out an online application and then wait for a response from the provider to learn whether your application has been approved.

You'll usually have to supply the following:

  • Your name
  • Date of birth
  • Your contact details
  • Current address
  • Your country of residence
  • Proof of ID, for example a driver's licence or passport

How does forex trading work?

In a globalised world, international currencies are important because they need to be traded in order for business to be conducted. Every day, foreign currencies go up and down relative to one another and traders can profit from these movements.

But to trade forex directly in Australia, you need a large amount of money and to be classified as a "sophisticated" investor.

Forex traders aim to profit from the change in value of one currency against another. Their trading decisions are based on which way they think forex prices will fluctuate in the future.

A common way to trade forex is through contracts, such as futures contracts or CFDs (contracts for difference). This is because direct forex trading is usually done by wholesalers or institutional investors.

Rather than buying and holding foreign currency, the trader enters into an arrangement with a broker to profit from any change in the exchange rate between 2 currencies. Of course, if the exchange rate between the 2 currencies doesn't move in their favour, the trader stands to lose money as well.

On the global forex market, all currencies are quoted in pairs. For example, AUD/EUR, GBP/EUR and AUD/USD are just a few common pairs.

When a trader initiates a forex trade (or "opens a position"), it's as though they are buying one currency and selling another at the same time. If the value of one of the currencies moves against the other, the trader "closes out" their position, selling the other currency and buying back the original currency they sold.

Of course, it's important to remember that at no stage during the above transaction do you actually own or take delivery of the currencies involved in the trade. That's why forex traded in this way is considered a derivative instrument, because its value is based on an underlying asset, without that asset ever being physically exchanged between the parties.

If the exchange rate moves in your favour, you stand to profit from the full amount that was traded, not just your small stake. Of course, it works in the opposite direction as well, so if the exchange rate moves against you, you are liable for the losses incurred on the full value of the trade.

That's why forex trading is typically considered to suit more experienced and less risk-averse traders. These days, the trading platforms offered by forex brokers are relatively sophisticated and come with a range of features and tools designed to help traders get the most out of their trades.

How leverage works in forex in Australia

Forex trades are typically leveraged, meaning you only contribute a small stake towards the total value of the trade.

That's because currency exchange rates only fluctuate by small amounts, usually by tenths or hundredths of a cent. So, to realise any significant profit or loss, you need to trade at high volumes.

Leveraged trading (or trading on margin) allows you to take out a small stake in a much larger trade, with your broker typically making up the shortfall. If the exchange rate moves in your favour, you stand to profit from the full amount that was traded, not just your small stake.

Of course, it works in the opposite way as well, so if the exchange rate moves against you, you are liable for the losses incurred on the full value of the trade.

That's why forex trading is typically suited to more experienced and less risk-averse traders.

What are the costs of forex trading?

There are a few fees to think about when selecting a forex broker.

For instance, some providers charge a commission fee on every trade you make. These fees will generally be quite low, such as a few cents per thousand dollars traded. Others wont charge any commissions but instead make money on the spread.

The spread is the difference between the buy and sell prices for each currency pair. This is where most brokers will collect their trade fee. Look for a trading platform that offers tight spreads to minimise the costs involved.

While not really a fee, you should also think about the margin you'll be required to meet in order to make a trade. This could be 0.5%, 1% or some other figure, and it will affect the amount of money you'll have to spend to open a forex position. For example, if your account has a margin of 1%, a trade worth $100,000 will require you to spend $1,000.

Other fees may apply to credit and debit card payments.

What are the benefits of forex trading?

Why trade forex? Here are some of the potential benefits:

  • Trading hours. Forex markets are highly accessible, with many open 24 hours a day. Unlike the New Zealand Stock Exchange, for example, which only offers normal trading between 10am and 4:45pm on business days, the global forex market runs around the clock (but not on weekends). This means foreign exchange prices are constantly going up and down and there are plenty of opportunities for traders.
  • Leverage. Because forex is a leveraged product, individuals can trade on the market for a smaller initial outlay. In order to place a trade, you only need to spend a small percentage of the full value of your position, which means there is a much higher potential for profit from a small initial outlay than in some other forms of trading. Unfortunately, this also means there is a greater risk of suffering a loss.
  • Liquidity. As forex is the world's most traded market, there are always plenty of buyers and sellers making trades. This makes currency markets highly liquid, helping to ensure fast transactions and low spreads.

What are some of the risks of forex trading in Australia?

Just like any other type of investing, forex trading comes with a level of risk attached. It's important to be aware that foreign exchange trading is highly risky, so you need to be aware of all the dangers involved with this sort of trading. These include:

  • Leverage. Even though you only have to pay a small percentage of the value of your trade upfront, you are still responsible for the entire amount. So, while profits can be magnified if the market moves in your favour, so too can losses if the market moves against you. Be aware that your losses may be greater than your initial investment.
  • Volatility. Foreign exchange rates are volatile and can quickly move against you, causing you to lose a significant amount of money.
  • 24-hour trading. As markets are open 24 hours a day, you may need to devote plenty of time to tracking any open positions.
  • Currency markets are complex. Predicting currency markets is quite difficult as they can be affected by a wide range of factors. Unexpected events can also cause rapid fluctuations in currency values.
  • Minimal protection. Even stop loss orders which are designed to minimise your losses can only offer limited protection against the risks involved.
  • Scams. The forex sector tends to be a magnet for scams and fraud. If a dodgy trading platform goes broke and disappears, there may be no way to get your money back, so the safest approach is to only ever trade through a trusted broker authorised by the Financial Markets Authority. You should also be extremely wary of special offers that sound suspiciously good, and of forex trading seminars and courses that make outlandish promises.

Forex trading is complicated and features a high level of risk, so consider your options carefully before deciding whether it's the right option for you.

Is forex safe for beginners?

Forex trading is a riskier asset class that tends to favour more experienced investors.

This doesn't mean a regular investor can never learn the ropes, it just means they will need to do their homework prior to entering the market.

Before making your first trade, you'll need to understand that the market is incredibly volatile, that leverage can turn small movements in price into massive gains or losses, and why one currency is moving compared to another.

But, despite the risks and complexities, forex investing amongst retail investors is on the rise, and so too are the educational resources available to new investors.

Before deciding on the right trading platform for you, make sure to compare the fees and benefits of several providers.

What types of currency pairs are there?

A currency pair is always structured in the same way, following a universally accepted ranking order and always showing the value of a base currency (the first) being traded against a quote (the second) currency.

There are 3 types of currency pairs that you need to be aware of: majors, minors and exotics.

Major currency pairs

The major currency pairs are considered any market that features the US dollar. The majors are the most frequently traded currency pairs and are therefore the most liquid forex markets to trade.

As a forex trader, this liquidity means that the majors feature relatively stable prices and the lowest spreads, or brokerage costs, when taking a position in any of these currency pairs.

Major currency pairs
EUR/USDEuro/US dollar
USD/JPYUS dollar/Japanese yen
GBP/USDBritish pound/US dollar
USD/CHFUS dollar/Swiss franc
USD/CADUS dollar/Canadian dollar
AUD/USDAustralian dollar/US dollar
NZD/USDNew Zealand dollar/US dollar

The US dollar is the world’s leading reserve currency and is involved in about 88% of currency trades globally. The EUR/USD currency pair is the most heavily traded and therefore the most liquid currency pair in the world. If you’re going to open a forex trading account, this is the pair to start trading first.

Minor currency pairs

If a currency pair doesn’t feature the US dollar, it's considered to be a minor currency pair. The minors are sometimes called currency crosses because the market means you’re no longer required to first go through US dollars, as was once the case.

The minors aren’t as liquid as the majors, meaning they move more erratically and have wider spreads displayed on your forex trading account.

Minor currency pairs
EUR/GBPEuro/British pound
EUR/AUDEuro/Australian dollar
AUD/NZDAustralian dollar/New Zealand dollar
GBP/JPYBritish pound/Japanese yen
CHF/JPYSwiss franc/Japanese yen
NZD/JPYNew Zealand dollar/Japanese yen
GBP/CADBritish pound/Canadian dollar

The most widely traded minor currency pairs consist of pairs in which the individual currencies are also majors. Some of the more popular minors are EUR/GBP, GBP/JPY and AUD/NZD.

Exotic currency pairs

The final type of currency pair is known as an exotic. The exotics are essentially minors that feature currencies of emerging market economies.

The nature of emerging markets is that they’re less stable and much more illiquid as a result. This means that when it comes to trading exotic currency pairs, you’ll experience wild price swings and much wider spreads.

Exotic currency pairs
EUR/TRYEuro/Turkish lira
USD/HKDUS dollar/Hong Kong dollar
JPY/NOK Japanese yen/Norwegian krone
NZD/SGDNew Zealand dollar/Singapore dollar
GBP/ZARBritish pound/South African rand
AUD/MXNAustralian dollar/Mexican peso

Keep in mind that the wide spreads mean you may not see your trade executed at the price you expect. When you’re trading exotics, you need to make sure you know what you’re doing and manage your risk accordingly.

Which currency pair should I trade?

Picking the right currency pairs to trade on your account depends on your experience as a forex trader. If you’re new to the game, it’s best to stick with the major and minor pairs. This is because these markets are more stable and you’ll get lower spreads.

Exotic pairs are more difficult to work with because they are more erratic and their low liquidity means you’ll see higher spreads.

Whichever currency pairs you decide to trade, make sure you’re managing your risk. It’s imperative to understand that while the opportunity for moves may be larger in the exotics, this also means that your risks are amplified if the market moves against you.

Disclaimer: Trading CFDs and forex on leverage is high risk and losses could exceed your deposits.

Frequently asked questions about forex trading

Important information: Powered by Finder.com.au. This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.

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Forex trading glossary

  • Ask price. This is the lowest price at which a trader can buy a currency.
  • At best. This is an instruction given to a broker to purchase or sell a currency at the best rate currently available in the market.
  • Base currency. This is the first currency listed in a currency pair. It shows the value of one currency when measured against another, for example AUD/USD.
  • Bear market. A bear market situation is when prices sharply decline.
  • Bid price. This is the price at which an investor can sell a currency.
  • Bull market. This is a market where prices are rising.
  • Forex. This is an abbreviation of foreign exchange.
  • Hedging. This involves opening a new position in opposition to an already open position in order to protect against exchange rate fluctuations.
  • Leverage. Leverage refers to a trader’s ability to control a large amount of money in the foreign exchange markets after only having to invest a small percentage of the overall value of a trade.
  • Margin. This is the amount you are required to spend to open a trade.
  • Margin call. This is a warning message when your trading account does not hold sufficient funds to maintain all the positions you have open.
  • Spread. This is the difference between the bid price and the ask price.

Read more on this topic

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4 Responses

    Default Gravatar
    MartinApril 19, 2018

    I’m based in England, but my money is in an Australian bank, can I do forex deals from England (online) through an Australian broker? Any gains or losses would go into and out of my Australian account. I currently have no Australian address, but can provide a friends address if necessary. I’m British but hold Australian residency status.

      Avatarfinder Customer Care
      MayApril 19, 2018Staff

      Hi Martin,

      Thanks for your inquiry.

      When engaging to the international trading in Australia, the general eligibility requirements for personal applicants will include:

      – Be over the age of 18
      – Have an Australian residential address
      – Have a valid contact number

      If you’ve already chosen a platform, I would suggest that you contact the provider directly so they can advise about your eligibility based on your circumstance.

      Cheers,
      May

    Default Gravatar
    amarAugust 28, 2017

    Sir/Madam,
    hello my name is mar and i am from india i’m learning about forex trading for 3 years and thus want to move to australia to do forex trading only. It is possible to migrate to australia to do forex trading only thank you

      Default Gravatar
      MariaAugust 28, 2017

      Hey Mar,

      Thank you for reaching out to us.

      You may find useful information on our page on Australian Immigration Guide.

      As finder is a financial comparison website providing general information, it would be best to seek professional advice on your concern.

      You may opt to seek help from a Migration Agent to advise you on the type of visa you can apply for and guide you through the process of your application.

      I hope this helps.

      Cheers!
      Maria

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