5 Best Forex Brokers in Australia For 2024

The forex markets reign supreme as the most active financial hubs globally, witnessing over $6 trillion in daily trading volume. No other sector rivals the sheer liquidity and potential for profitable investments provided by forex markets. To capitalize on these prospects, a dependable forex trading platform is a must.

Yet, navigating the landscape to find the ideal forex broker can prove challenging, particularly for beginners venturing into FX trading without prior experience.

In this article, we are going to examine the best forex brokers for Australian users to help you decide which might be the best for you.

The 5 best forex brokers in Australia: Examining top FX trading platforms for 2024

In the following sections, we are going to examine the best brokers available to Canadian users looking to trade forex pairs. Keep in mind that the ranking doesn’t necessarily mean that one trading platform is better than the other but rather that it reflects this author’s opinion on the subject.

1. CMC Markets – The best forex broker for Australian users overall

CMC Markets offers the largest selection of forex trading pairs for Australian users, with over 300 options available. These include popular currency pairs, such as AUD/USD, EUR/USD, and USD/JPY. The platform offers several advanced features, including an automatic pattern recognition scanner, which is a great resource for forex line trading. Those who want to have the option to trade on the go will be happy to know that most of CMC’s features are available via a mobile app for iOS and Android.

Furthermore, there are also several features aimed at more experienced traders, including advanced order execution, which features trailing and guaranteed stop losses, partial closure orders, and more. Finally, integrated advanced charting capabilities can come in handy when analyzing the foreign exchange markets. It is worth noting that CMC Markets primarily offers contracts for difference-based forex instruments, which is not surprising given the fact that it is one of the best CFD trading platforms in the industry.

Key features: 

• Supports more than 330 forex trading pairs
• Allows users to trade with up to 30x leverage
• Advanced charting and execution orders
• Pro account comes with a personal accounts manager, added funds protections, and priority products
• Industry-leading execution times (0.0075 seconds)

Visit CMC Markets

2. IG Australia – A feature-rich forex platform

IG Australia, the Australian arm of the global trading platform IG, is another great choice for forex traders from Australia. The platform offers spreads starting at just 0.6 points for pairs like AUD/USD and EUR/USD. It allows traders to trade both over-the-counter (OTC) and via direct market access (DMA) – you should note that there are differences in fees and contract sizes between the two options, so you should do research to find out which is best for you.

Like other platforms in the sector, IG offers all the necessary information and tools a forex trader might need to succeed, including advanced order types, charting tools, and fast execution times. The trading is open 24 hours a day, 7 days a week, with customer support being available almost around the clock (except from 7 AM to 1 PM on Saturdays). It is worth noting that IG offers access to other markets beyond forex as well, including stocks and commodities.

Key features:

• Access to in-depth analysis platform, ProRealTime
• High liquidity and a wide range of FX pairs
• 24-hour trading platform
• Licensed in Australia
• Spreads start at 0.6 points

Visit IG Australia

3. AvaTrade – A powerful suite of tools for forex traders

AvaTrade Australia is a robust forex trading platform that offers a bit higher starting spreads than some competitors, but offsets that disadvantage by offering one of the most robust software trading experiences around. It provides a variety of trading venues to suit different preferences, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and AvaOptions. MT4 and MT5 are the most popular platforms among forex traders, while WebTrader is a browser-based platform, and AvaOptions is specifically designed for options trading.

In addition to its impressive repertoire of software capabilities, AvaTrade is also a great repository for various types of educational material for general trading purposes as well as for forex-specific topics. AvaTrade is regulated in 9 jurisdictions, including with the Australian Securities and Investment Commission (ASIC).

Key features: 

• A wide selection of trading tools for every trader type
• Regulated with the ASIC
• Wide selection of forex trading pairs
• Won the “Most Trusted Broker” award by International Investor

Visit AvaTrade

4. eToro – The leading social trading platform for Australian forex traders

eToro has made its mark as a frontrunner in social trading, enabling users to exchange ideas and trading strategies while diving into the strategies of accomplished traders. This proves invaluable, especially when dealing with foreign currencies that often sway in tandem with major global developments. While eToro showcases a selection of just 51 FX pairs, a tad fewer compared to some rivals, it still presents ample options, including trading AUD against USD, AUD, JPY, and GBP – a roster that should prove sufficient for most Australian traders.

The eToro trading platform stands out for its user-friendly design, catering even to novices in the trading space. It boasts a sleek and intuitive interface coupled with an array of charting tools and indicators. Moreover, the option of CopyPortfolios empowers users to invest in a curated collection of assets managed by seasoned traders. These functionalities are particularly beneficial for newcomers, offering an excellent entry point into the world of forex trading.

Key features: 

• Robust social trading features, including copy-trading
• Wide selection of forex-related educational resources
• Test out strategies with a Demo account without risking real money
• Beginner-friendly

Visit eToro

5. Interactive Brokers – The best choice for professional FX traders

Interactive Brokers Australia is widely regarded as one of the best platforms for bonds and stocks trading, and thanks to its automated trading features, it is more than adept at providing a great outlet for forex traders as well. It supports roughly 100 FX pairs, with 9 of them being AUD pairs, including CAD, CHF, CNH, HKD, JPY, NZD, SGD, and USD. The notable exception here is EUR, which is not available as a trading pair with the Australian dollar.

Interactive Brokers stands out notably due to its FXTrader, a purpose-built platform tailored for forex traders. This tool boasts a sleek user interface, real-time quotes, a plethora of indicators, pending trailers, and more. Altogether, it’s an invaluable resource for those inclined towards technical analysis in forex. Notably, Interactive Brokers earned the distinction of being named the best professional trading platform by ForexBrokers, a prominent authority in the forex review realm.

Key features: 

• Supports over 100 foreign currency pairs
• The Interactive Brokers ScaleTrader feature enhances trading
• No hidden fees and commissions
• Offers 4.83% APY on uninvested cash (on balances above $10,000)

Visit Interactive Brokers

FAQs

Is forex trading legal in Australia?

Yes, forex trading is legal in Australia. It’s regulated by the Australian Securities and Investments Commission (ASIC) to ensure that trading platforms and brokers comply with necessary regulations and standards. 

It is worth noting that there are unregulated forex brokers as well. They don’t offer the same user protections as their regulated counterparts, but they do typically offer a lot higher leverage.

What is the best forex broker in Australia?

The best forex broker in Australia is CMC Markets, thanks to its easy-to-use interface, a large selection of FX pairs, advanced charting tools, and industry-leading execution times.

Can I trade forex with $100?

Yes, you can trade forex with a $100 deposit. In fact, there are several forex brokers – including CMC Markets, IG Australia, AvaTrade, eToro, and Interactive Brokers – that offer accounts with a minimum deposit of $100 or even less.

The bottom line

Trading platforms examined in this article should provide you with access to forex markets whether you are just starting out on your trading journey or you’re a veteran trader with years of experience. Overall, CMC Markets takes the crown as the best forex platform for Australian users, primarily thanks to its impressive selection of FX pairs, but every other platform also has a lot going for it, so you can’t choose wrong really.

If you want to expand your forex trading experience by spotting the most common (and some less common) chart patterns, take a look at our Candlestick Patterns Cheatsheet.