5 Best Australian Forex Brokers List for 2023

By Stefano Treviso, Updated on: Sep 29 2023.

Here’s our selection of the 5 Best Australian Forex brokers for the year 2023:

Broker	Reason
Oanda	Best regulatory framework and safety score
FP Markets	Best overall asset offering with competitive forex commissions
Pepperstone	Best overall choice for Australian forex traders
eToro	Best for simple social and copy trading on currencies
IC Markets	Highly competitive commissions with great platform variety

All the above brokers are required to possess a financial license from ASIC (Australian Securities and Investments Commission). This grants Australian forex traders a great layer of protection in the event of any dispute as complaints can be dealt with locally.

Each one of these brokers was analysed using our proprietary methodology.

1. Oanda - Best regulatory framework and safety score

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78.3% of retail CFD accounts lose money.

Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms.

Key data
Currency Pairs	68
EUR/USD Spread	Dynamic - From 0.8 Pips
Commissions	None
Minimum Deposit	0
Financial Regulators	CFTC, NFA, ASIC, FCA, MAS, IIROC, FFAJ, BVI.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

Oanda’s regulatory framework is amongst the best in the world. All their financial licenses belong to high reputation financial regulators such as: ASIC, FCA, MAS, IIROC, FFAJ and BVI. If safety is a major point of concern for you as a trader, Oanda is the wisest choice out there.

The Good	The Bad
High trustworthiness, regulated by the best regulators in the world Fast, simple and professional trading platforms Competitive spreads in their currency pairs	Extremely limited offering of assets (104) No ability to purchase real stocks or cryptocurrencies, only CFDs

Oanda not only wins in the trust department but also in high quality services as well. Their proprietary platform is fun, friendly and simple. They have no commissions and their spreads are also amongst the best in the industry making them an excellent choice for traders of all levels.

2. FPMarkets - Best overall asset offering with competitive forex commissions

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74.34% of retail CFD accounts lose money.

FP Markets is a leading Australian broker with a 10,000+ asset offering accompanied by a great variety of tech options such as deploying your own VPS and accessing ENC / DMA pricing.

Key data
Currency Pairs	63
EUR/USD Spread	Dynamic - From 0 to 1.2 Pips
Commissions	No commission on their Standard Account $3 per side (lot) commission on their RAW Account
Minimum Deposit	$100
Financial Regulators	ASIC, CySec, FSA.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	No
Proprietary Platform	Yes

FP Markets regulatory framework is consists of 3 licenses from which only 1 is a high-tier one: ASIC. Despite being under regulated when compared to their similar competitors, they count on nearly 2 decades of operating experience with great feedback from their users.

The Good	The Bad
Competitive spreads From 0 pips MT4 and MT5 offered Over 10,000 + shares	No ETFs are offered Stock trading commissions are expensive when compared to similar brokers Website is slow and confusing Fees for the majority of deposit and withdrawal methods

FP Markets is a great choice for Australian currency traders that want access to low spreads, low commissions and a wide variety of assets (over 10,000+) giving them the ability to manoeuvre in the financial markets beyond currencies with an all-in-one solution.

3. Pepperstone - Best overall choice for Australian forex traders

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74-89% of retail CFD accounts lose money.

Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.

Key data
Currency Pairs	60
EUR/USD Spread	Dynamic - From 0 to 0.77 Pips
Commissions	For Standard account : All fees included in the spread For Razor account: From $7 per Lot round turn
Minimum Deposit	$200
Financial Regulators	BaFin, FCA, ASIC, DFSA, CySec, SCB, CMA.
MT4	Yes
MT5	Yes
cTrader	Yes
TradingView	Yes
Proprietary Platform	No

Pepperstone’s regulatory framework is made of 7 financial licenses spread across the world. From those 7 licenses, 4 belong to top-tier regulators such as: BaFin, FCA, ASIC and DFSA making Pepperstone a very safe and reliable choice.

The Good	The Bad
Well regulated on several jurisdictions Low latency, fast execution under 30ms Competitive spreads and low commissions from 0.0 pips on their Razor account	Avaliable asset offering is not that comprehensive No ability to purchase real stocks or cryptocurrencies, only CFDs

From all of Australia’s Forex brokers, Pepperstone definitely has great advantage by having such a global regulatory framework and specialising in tight spreads with RAW accounts. Instead of devoting energy in building their own platform, they clearly decided to invest that time in their pricing, liquidity, execution speed and accounts offering.

4. eToro - Best for simple social and copy trading on currencies

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74% of retail CFD accounts lose money.

AFSL 491139. Capital at risk. See PDS and TMD.

eToro is an international broker specialised in social and copy trading that offers real stocks and cryptocurrencies along with CFDs on several asset classes.

Key data
EUR/USD Spread	Dynamic - From 1 Pip
Commissions	No commissions on real stocks and ETFs
Minimum Deposit	From $50 to $200
Financial Regulators	CySec, FCA, ASIC, FSAS.
MT4	No
MT5	No
cTrader	No
TradingView	No
Proprietary Platform	Yes

eToro is a simple and beginner friendly option for those wishing to enter the financial arena and lack the confidence to do it themselves. Their social and copy trading platform is amongst the most well-known worldwide due to its ease of use.

The Good	The Bad
Social and Copy trading capabilities Trading real shares and cryptocurrencies	Copy Trading statistics are not clear enough Lack of advanced order placement controls

eToro has a modest regulatory framework and a great reputation behind them. For beginners or those interested in copy trading they’re definitely a great choice. On the other hand, for professional traders, a broker like eToro will fall short of any expectations such as advanced trading controls, tight spreads or expert trading platforms.

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.

eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Social trading. eToro does not approve or endorse any of the trading accounts customers may choose to copy or follow. Assets held in your name. Capital at risk. See PDS and TMD.

5. IC Markets - Highly competitive commissions with great platform variety

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76.27% of retail CFD accounts lose money.

IC Markets is an Australian broker with a global presence specialising in Forex trading. One of their greatest advantages is providing RAW spread accounts with interbank pricing.

Key data
Currency Pairs	61
EUR/USD Spread	Dynamic - From 0 to 0.6 Pips
Commissions	No commissions in standard accounts but rather a 1 Pip spread markup on interbank prices received. For Raw spreads accounts, $7 per lot round turn.
Minimum Deposit	$200
Financial Regulators	ASIC, CySec, FSA.
MT4	Yes
MT5	Yes
cTrader	Yes
TradingView	No
Proprietary Platform	No

IC Markets regulatory framework consists of 3 licenses from which only 1 is a high tier license: ASIC. A positive point is they have been operating since 2005 and their reputation definitely precedes them amongst one of the most reliable choices when it comes to Australian Forex brokers.

The Good	The Bad
Customisable leverage per asset before opening trades Interbank rates and low commissions Great platform variety	Avaliable assets are limited (Also No ETFs) No ability to purchase real stocks or cryptocurrencies, only CFDs

IC Markets is definitely an attractive choice for those looking for a Pepperstone alternative or backup as both their offers are very similar.