The top 10 Australian forex trading platform finalists are:

  • Pepperstone - Best Forex Broker In Australia Overall
  • IC Markets - Top Choice For The Lowest Spreads
  • IG Trading - Most Popular Australian CFD Retail Broker
  • OANDA - Most Trusted Broker And Best For Beginners
  • CMC Markets - Great Range Of Currency Pairs For Trade
  • Eightcap - Best Forex And Crypto Trading Range
  • AvaTrade - Top Forex Broker For Day Trading
  • FP Markets - Good Choice For Scalp Trading
  • Saxo Markets - Great Range of CFDs And Forex Pairs
NZ Regulated Broker
Broker Our Rating Regulation Standard
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage Read Full Review
1.12 1.69 1.22 0.10 0.60 0.30 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
71 ASIC, FCA, BaFin
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 Visit Site
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
1.12 1.30 1.64 0.5 0.9 0.6 $2.50 138ms $0 338+ 19+ 30:1 500:1 Visit Site
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $250 (Raw)
$500 (Standard)
40+ 250+ 500:1 500:1 Visit Site
- - - - - - - 160ms $100 55+ 15+ 30:1 400:1 Visit Site
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
1.20 1.8 0.9 - - - - 135ms $2000 209+ 9+ 50:1 50:1 Visit Site
72 FMA, FSA 1.20 1.4 1.7 0.23 0.72 0.65 $3.00 72ms $0 64+ 11+ 500:1 500:1 Visit Site

1. Pepperstone Best Forex Broker In Australia Overall


Forex Panel Score


Average Spread

EUR/USD = 1.12
GBP/USD = 1.69
AUD/USD = 1.22

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit


Why We Recommend Pepperstone

We think Pepperstone is the best forex broker in Australia as they offer the best, all-around trading experience overall. From our analysis, we found that Pepperstone offers low spreads, fast execution speeds, 4 diverse and top-rated trading platforms and superior customer service. In fact, we gave Pepperstone a rating of 98/100, with them winning 3 out of the 8 categories we measure.

Lastly, we think what matters for Australian traders is that Pepperstone is Melbourne-based and has a local customer support team.

Pros & Cons

  • Fast forex execution speeds
  • Competitive no-commission spreads
  • Excellent range of trading platforms
  • No Stockbroking Services
  • Modest In Size Vs IG/CMC

Broker Details

Pepperstone Was The Winner With A Score Of 98/100

While Pepperstone isn’t one of the ‘big 3’ in the forex broker space, the provider continues to be one of the fastest growing in Australia. Despite only being founded in 2010, in 2023, they boast an average trading volume of USD $9.2 billion with 300,000 clients worldwide. What matters for Australian traders is they are Melbourne-based and have a local customer service team.

Why We Named Pepperstone The Winner

  • The best trading Experience
  • The best range of trading platforms
  • Competitive spreads and fees
  • Range of markets (forex to crypto)
  • Australian-based 24/5 customer support
  • Investment Trends client satisfaction winner

Our Review Of PepperstoneVisit Pepperstone

& Speed
& Trust
& Training
Ease Of
95/100 7.2/10 7.6/10 7.7/10 8.5/10 8.0/10 8.5/10 8.0/10 9.0/10

Why We Named Pepperstone The Winner

Ross Collins created a series of tests using EAs to measure the speed of each broker truly. His testing determined that Pepperstone and Fusion Markets were the fastest of the ASIC-regulated brokers. Below are the results of his Limit Order Speed testing[2]Execution Speed Testing Results, with Pepperstone’s 77ms average speed placing it at the first position.

This year, the team opened live accounts with Pepperstone and found the onboarding process one of the best, with a dedicated account manager calling us the next day. There were no issues when it came to depositing and then later withdrawing funds. There was also a good choice of accounts to suit each of our styles (I chose the RAZOR account).

Limit Order
Testing Speed
Market Order
Testing Speed
Ease Of
Ease Of
Raw / ECN
Fixed Spread
90 14 11 15 10 10 10 10 0 5 5

We Also Found The Broker Had Superior Forex Trading Platforms

Our team believes that options are key when it comes to trading software. Pepperstone offers Australian forex traders the choice of the four most popular trading platforms:

  • MetaTrader 4 (most popular for trading currency)
  • MetaTrader 5 (most popular for trading CFDs)
  • cTrader (most popular for scalping)
  • TradingView (best charting trading software)

Right now, there is a shift in popularity to TradingView, which I personally use and is only offered by a handful of brokers.

pepperstone retail cfd accounts

We liked that our demo accounts had no fees or expiry associated with them. This was across all of the trading software they offered. Finally, the broker has many enhancements when it comes to their platforms, such as, Myfxbook and DupliTrade. This led them to a trading software score of 85/100, which is the highest of any ASIC-regulated broker we tested.

MetaTrader 4
MetaTrader 5
Free Demo
Account (10)
Demo Account
Expiry (10)
Trading (10)
/ Scalping (5)
Platform (5)
Mobile Trading
App (5)
85 15 15 15 10 10 10 10 5 0 5

Their Fees And Account Types Were Compared to Other Brokers

Each month, our team sources and then compares the published average speeds of the most popular Australian forex brokers. The April 2024 data below (updated monthly) shows that Pepperstone has competitive average spreads for its Razor account.

RAW Account Spread Comparison
0.10 0.20 0.60 0.40 1.00
0.17 0.30 N/A 0.54 0.68
0.30 0.50 0.60 0.50 0.50
0.30 0.40 N/A 0.50 0.50
0.44 0.42 0.50 0.40 0.30
0.20 0.40 0.60 0.50 0.70
0.10 0.50 1.10 0.60 0.80
n/a 0.50 0.70 0.60 0.40
0.30 0.50 1.50 0.50 1.10
0.20 0.30 0.50 0.60 0.50
0.52 0.80 1.41 0.86 1.11
0.44 1.23 1.17 1.13 1.23

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024

The provider also offers a standard that is more suited for traders who are more new to traders and, like most broker fees, incorporated into the spread.

pepperstone account types brief australia

David Levy created a guide for traders who are unsure if the Standard or Razor account is right for their trading needs. We also developed a Forex calculator (below) to work out the trading Razor account trading costs and compare them to other traders.

Calculate Your Trading Costs Below

Total Fees


Spread Costs


Total Fees


Spread Costs


Total Fees


Spread Costs


It should also be noted that high-volume traders can receive a discount through the Active Trader program. Perfect for high-volume traders. If you trade at least 100 standard lots each month (or an average of 300 lots over 3 months), you can apply for an Active Trader account and earn cash rebates, thereby reducing your trader fees.

Pepperstone active trader commission discounts

We Loved Their Customer Service

Over the past 3 months, Ross and I independently scored customer service levels, and both gave the same high score. This may be biased as we are both Australian-based and the broker is based in Melbourne, but the customer service team is always responsive, knows their product range, and has a good understanding of trading. David Levy has similar thoughts when he requires factual information on the broker and technical elements.

It’s not just our team that thinks of Pepperstone highly; they won the Investment awards for:

  • Customer service
  • Overall client satisfaction
  • Spreads and fees
  • Speed of funding and withdrawals
  • Platform features

These were based on 15,000 traders surveyed in Australia. From our perspective, this is the most reputable source for this award type.

best asic regulated forex broker award 2024
Final Verdict On Why Traders Should Use Pepperstone

Pepperstone won 3 of the 8 categories we judged, including trading experience, trading platforms, and customer service, making the broker clearly the best forex broker in Australia in our view.

The broker didn’t score maximum points due to their smaller size (vs CMC and IG), lack of secondary products such as share trading, and that they were not the cheapest.

We recommend their standard account for those new to forex trading, while their Razor account with TradingView is my personal recommendation for more advanced traders looking for lower brokerage.

Pepperstone ReviewVisit Pepperstone

Broker Screenshots

2. IC Markets Great Choice For The Lowest Spreads

IC Markets

Forex Panel Score


Average Spread

EUR/USD = 0.62
GBP/USD = 0.83
AUD/USD = 0.77

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit


Why We Recommend IC Markets

We rated IC Markets highly cause of their low spreads. Low spread matters when it comes to Forex trading and IC Markets has an average spread of 0.02 pips when trading the EUR/USD pair with their RAW spread account and 0.62 pips with their Standard account. Few brokers can much such spreads for both types of trading accounts.

Other reasons we like IC Markets is that you can choose from 3 top trading platforms – MT4, MT5 and cTrader,  join with a $0 minimum deposit and a good range of markets.

With all these factors in mind, we gave IC Markets a score of 85/100 and 2nd overall for the brokers we have reviewed.

Sydney-based, IC Markets is also one of the largest globally and has leveraged its $22.68 billion in daily trading volume to source 25 liquidity providers globally. This is why the broker can offer such low spreads which keeps its trading costs low.

Pros & Cons

  • Lowest no-commission spreads
  • Solid range of products
  • Fast account opening
  • Live chat is slow
  • No TradingView
  • No cTrader Copy

Broker Details

IC Markets Scored 85/100 For Trading Fees.

IC Markets is three years older than Pepperstone (Founded in 2007) and based in Sydney. The broker is larger globally and has leveraged their trading volume to source 25 liquidity providers globally. This translates into lower trading costs based on our testing discussed further down. best non commission forex account award 2024

Key Strengths

  • The lowest spreads (published & tested)
  • Strong liquidity access
  • Solid range of markets
  • The choice of the most popular trading platforms

Review Of IC MarketsVisit IC Markets

IC Markets Has The Lowest Published Average Spreads

For the past four years, we have compared the published standard account spreads by visiting each broker’s website and adding and updating their results on our spreadsheet. The summary of this spreadsheet can be seen below. Since last year, we have noticed that IC Markets has consistently had the lowest non-commission spreads.

No Commission Spreads: Standard Accounts
0.62 0.77 1.27 1.30 0.85
0.93 0.92 0.98 1.31 0.98
1.00 1.20 1.00 1.20 1.00
1.10 1.20 1.40 2.00 1.50
1.12 1.64 1.30 1.55 1.32
1.13 1.01 1.71 2.27 1.98
0.90 1.30 1.40 1.40 1.80
1.10 1.20 1.40 1.50 1.40
1.10 1.20 1.30 1.40 1.40
1.20 0.90 1.50 2.20 1.70
1.20 1.30 1.20 1.20 1.30
1.70 1.60 1.70 2.50 2.70
1.20 1.30 1.50 1.70 1.20
1.20 1.80 1.90 2.30 2.30
1.30 1.70 2.10 1.70 2.10
1.32 1.95 1.37 1.87 1.73
1.20 1.40 1.50 2.80 2.60

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024

Ross Confirmed They Have The Lowest Spreads

In early 2023, we challenged Ross Collins to verify the average spreads published by each broker. He set up two independent tests over a 24-hour period using Expert Advisors. His spread testing findings confirmed that IC Markets did indeed have the lowest spreads, as shown below.

Broker Average Spread Average Spread Cost (USD)
IC Markets 1.03 $9.63
CMC Markets 1.11 $10.10
Fusion Markets 1.19 $11.07
TMGM 1.21 $11.18
Admiral Markets 1.31 $11.96
FXCM 1.47 $13.49
Pepperstone 1.46 $13.52
FP Markets 1.47 $13.60
Go Markets 1.49 $13.87
EightCap 1.51 $13.97
OANDA 1.54 $14.23
Axi 1.71 $15.99
City Index 1.79 $16.52
Blackbull Markets 1.82 $16.95
FXPro 2.22 $20.83

Their Other Fees Are Also Low

We compared their other fees to see if IC Markets compensates for their lowest spreads, but the short answer is they don’t. Here are the main facts when it comes to other trading fees:

  • Their commission rate is $3.50 AUD per side ($7.00 round turn), which is compared to Pepperstone and FP Markets
  • They have an active trader discount program for high-volume traders to push trading costs down
  • They don’t charge inactivity or withdrawal fees

If you’re considering IC Markets based on their low fees, you need to decide which account type best suits you. We made an IC Markets standard account vs raw spread guide if you are unsure which option is best for you.

IC Markets Trading Fees
Final Verdict On IC Markets

If you’re looking for the cheapest forex broker based on its standard account, then it’s clearly IC Markets. The broker’s published spreads are consistent with our test, showing they have the lowest spread and verifying they are the best priced in the market. If you’re looking to open a RAW account, make sure your base currency is the Aussie dollar, as the commission will be $3.50 AUD. Those who select the US dollar have to pay $3.50 USD per side.

Trading Fee
Score (100)
Standard Account
Average Spreads
Standard Account
Tested Spreads
RAW Account
Average Spreads
RAW Account
Tested Spreads
Fixed Spread
Active Trader
Other Fees
85 20 15 15 10 10 0 5 5 0

Broker Screenshots

3. IG Trading Most Popular Australian CFD Retail Broker

IG Trading

Forex Panel Score


Average Spread

EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01

Trading Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime

Minimum Deposit


Why We Recommend IG Trading

IG Trading is the most popular retail broker for CFD trading in Australia, based on our extensive analysis.

This global online brokerage juggernaut has had over 30 years to refine every aspect of its offering, from trading tools to asset classes to educational tools to infrastructure.

Lastly, we like that IG Trading is extremely trustworthy and offers a huge range of trading products.

Pros & Cons

  • Huge range of markets
  • Highly trusted broker
  • 4 Trading platforms
  • Guaranteed stop-loss with IG platform
  • Wider spreads than average
  • Lacks MetaTrader 5
  • No social trading tools
  • DMA account only for professional traders

Broker Details

IG Trading Offers an Impressive Range of Financial Instruments For Trading.

Global online brokerage juggernaut IG Trading has had over 30 years to refine every aspect of its offering, from trading tools to asset classes to educational tools to infrastructure. The broker is particularly well known for being trustworthy.

Key Strengths

  • Powerful market research and educational resources suitable for beginner and advanced traders
  • Well-designed, intuitive proprietary FX platforms
  • Both trading and investment products, including a share trading facility

IG Trading Account Types And Software

When it comes to account types, it can feel a bit as IG Trading goes from zero to sixty without much in the middle. Traders can choose from a CFD account with a dealing desk model or upgrade – significantly – to a DMA account with no dealing desk and direct market access. Just note that to use the DMA account, only Forex and shares are available, you need to be a professional trader and to be using the iOS IG trading software or an L2 dealer.

ig markets account and platforms aus

  • CFD account: Traders pay a small commission on share CFD transactions, but all other assets trade commission-free. Variable spreads start at 0.6 pips, but IG Trading may act as a market maker in some trades.
  • DMA account: Tight spreads start at 0.1 pips. Traders will pay a commission based on the size of a round-turn trade. This account is only available with the iOS IG Trading platform and L2 dealer.

IG Trading also has retail investor accounts that allow share trading. These are separate from the trading accounts we discuss and require a separate application.

To start trading with IG Trading, account holders will need to make a minimum deposit of AUD $450 if funding the account with a credit or debit card, as well as PayPal. Further deposits will incur a 1% funding cost if paying by Visa or PayPal and 0.5% if paying by Mastercard Credit. Fortunately, IG Trading also supports account funding via bank transfer and BPay for Australian customers.

On a more positive note, IG Trading supports account types in ten base currencies, including the Australian Dollar (AUD), US Dollar (USD), Japanese Yen (JPY), Pound Sterling (GBP), Euros (EUR), Canadian Dollar (CAD), Swiss Franc (CHF), New Zealand Dollar (NZD), Singapore Dollar (SGD), and Hong Kong Dollar (HKD).

This top online forex broker distinguishes itself for largely eschewing popular forex platforms like MetaTrader 5 and cTrader in favour of IG Trading’s own painstakingly developed trading tools for desktop, mobile, and web. Australian account holders do have the option to trade via MetaTrader 4 but without many of the integrations and add-ons provided by other brokers. Automated traders might still prefer MT4 for access to the platform’s Expert Advisors (EAs).

That said, most users who trade via IG Trading’s proprietary software report a VIP experience, with easily customisable views, watchlists, and a range of order types to limit risk. Of particular note to newer and more cautious traders, IG Trading offers both stop-loss and trailing stop-order types to Australian account holders.

Direct Markets Access (DMA) – also known as Level 2 trading – allows users to trade currencies or shares directly through exchange order books. This is an excellent option for professional traders looking for the most favourable execution environment. IC account holders trading via the desktop app or iOS mobile app can trade shares via DMA, while those focused on forex will need to download the L2 Dealer specialist platform.

Finally, for traders seeking a web platform with extensive charting options, IG Trading also offers ProRealTime. With over 100 indicators, ProRealTime has all the charts a beginner or experienced trader needs, with the added bonus of automation if desired.

IG Trading Trading Products

As befits an internationally-known and recognised retail brokerage, IG Trading boasts a truly comprehensive range of financial products suitable for forex trading, CFD trading, and almost every other type of trading.

ig markets trading products aus

Starting with forex, IG Trading offers over 100 currency pairs at the maximum allowable leverage: 30:1 for major pairs and 20:1 for minor pairs. Professional investors have the option to push further, trading major or minor forex pairs at margins of 100:1 and 250:1.

IG Trading also offers an impressive selection of stocks and options: over 13,000 types of each. Its commodities selection tops 130, with 35 hard, soft, and energy-related commodities available. Interests, treasuries, and ETFs round out the broker’s truly comprehensive selection of financial instruments.

Our Verdict On IG Trading

When we compared brokers, IG Trading came out the most trusted with a score of 95/100, ahead of well-known companies such as CMC, Saxo Bank, and OANDA. While trust is one benefit, we didn’t like the fact that to get decent spreads and features; you have to commit to IG Trading’s propriety platform, locking a trader into the broker. Therefore, we recommend considering this broker if you’re also planning to use their share trading platform as well. Just keep in mind that you will need to use two different platforms for each type of trading.

Broker Screenshots

4. OANDA Most Trusted Broker And Best For Beginners


Forex Panel Score


Average Spread

EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.7

Trading Platforms

MT4, TradingView, OANDA Trade

Minimum Deposit


Why We Recommend OANDA

We recommend OANDA as the most trusted broker in the Forex market. With commission-free trading, a guaranteed stop loss on OANDA trade and a huge education suite, IG is also great for beginners.

Given OANDA a perfect trust score of 100/100 by the CompareForexBrokers team, the broker has an excellent reputation with multiple tier-1 regulations.

We also like OANDA’s proprietary platform, OANDA Trade as well as the broker’s extremely competitive commission-free spreads, which keeps its costs low.

Pros & Cons

  • 3 Top trading platforms
  • Guarantee stop loss with OANDA Trade
  • Top trust, regulation and reputation
  • Good 3rd party tools
  • No CFD shares
  • Limited leverage with pro account
  • Average research tools

Broker Details

OANDA Is The Most Trusted Broker

Established in 1996, OANDA has built up a strong reputation both with the public and with regulators around the globe.

OANDA offers a consistent brokerage service across the board, with competitive trading costs, solid trading platforms and excellent customer service.

We’ve highlighted OANDA’s key strengths below.

Key Strengths

  • Top Trading Platforms
  • Well Trusted
  • Multiple Tier 1 regulatory licences

Low Commission-free Spreads:

OANDA has the lowest average spreads for Standard accounts, with an average spread of 0.60 pips for EUR/USD making them one of the best as far as spread costs are concerned.

Solid Trading Platforms

In addition to the popular MT4 and the top-charting platform, TradingView, OANDA offers an excellent proprietary platform, OANDA Trade. We like the OANDA Trade platform for its great balance of features and ease of use on mobile, desktop or webtrader.

Further, you can also use Guaranteed Stop Loss Orders (GSLOs) on OANDA Trade, which is an elite risk management tool for beginners.


OANDA is regulated by four tier-1, two tier-2 and three tier-3 regulators, meaning it offers trading services in multiple jurisdictions around the world. Along with its established history and sterling reputation, OANDA scored a perfect 100 for trust from our team.

oanda account types and products au

5. CMC Markets Great Range Of Currency Pairs For Trading

CMC Markets

Forex Panel Score


Average Spread

EUR/USD = 1.12
GBP/USD = 1.3
AUD/USD = 1.64

Trading Platforms


Minimum Deposit


Why We Recommend CMC Markets

CMC Markets has the biggest range of currency pairs that we’ve seen, with 330 available to trade. The broker can offer this many by quoting both ways, expanding its list of tradeable forex pairs.

A highly trusted broker with multiple tier-1 regulators, we also like CMC Markets’ excellent proprietary platform, Next Generation, as well as its low, commission-free spreads.

Pros & Cons

  • Over 330 forex pairs
  • Next Generation platform
  • Highly trusted broker
  • MT4 offers less products
  • Account opening not easy
  • Limited funding methods

Broker Details

CMC Markets Has A Competitive Stockbroker Offering.

Founded in 1989, this UK-based forex broker enjoys a loyal customer base in Australia thanks to its unparalleled product offering share trading – CFDs and high-performance proprietary trading tools.

Key Strengths

  • Over 330 currency pairs and share trading available in Australia
  • Proprietary, high-performance platform aptly named “Next Generation”
  • Multiple Tier 1 regulatory licences

CMC Markets Accounts

A top-notch CFD broker with a truly impressive forex offering, CMC Markets follows the lead of Plus 500 (reviewed above) and sticks to a simple pricing structure. The CFD account provides market maker security and charges no commissions. However, variable spreads start at 0.7 pips.

While CMC doesn’t require a minimum deposit, the broker does charge funding fees to add money: 1% for credit cards and 0.6% for debit cards. It should be noted that the CMC Markets’ retail investor accounts (e.g. share trading) are separate from CFD trading and require different trading software and a separate application.

CMC Markets Software

CMC Market account holders have the option to trade CFDs, including forex, using the popular MetaTrader 4 platform, but the real draw is the broker’s own web and mobile applications. Dubbed “Next Generation” or “NGEN” by CMC, this proprietary platform aims to provide a feature-rich alternative to third-party platforms.


In addition to an extensive array of charting tools and indicators – 115 technical indicators and 70 chart patterns – CMC Markets’ Next Generation also includes some unique innovations. The pattern recognition scanner automatically reviews over 120 popular instruments at 15-minute intervals and notifies traders of developing chart patterns. The client sentiment tracker continuously monitors and reports on trends across the CMC trading community.

The NGEN platform also allows traders to take advantage of several advanced order types, including market orders, boundary orders, partial closures, and guaranteed or trailing stop losses.

Algorithmic traders should take note, however: NGEN does not support automation or backtesting. Proponents of EAs will need to trade via MetaTrader 4.

Our Verdict On CMC Markets

The broker’s proprietary trading platform packs an impressive punch when it comes to technical indicators, advanced charting, and drawing tools, but the lack of support for automated trading may pose challenges for those attached to EAs and other bots.

6. Eightcap Best Forex And Crypto Broker


Forex Panel Score


Average Spread

AUD/USD = 1.2

Trading Platforms

MT4, MT5, TradingView,

Minimum Deposit


Why We Recommend Eightcap

We recommend Eightcap as it’s the best crypto broker with a top range of cryptocurrencies to trade. You can trade 95 crypto products, which are all available to trade on the broker’s MetaTrader 5 platform.

Eightcap also scores highly in our categories including trading platforms, education and customer service.

Lastly, Eightcap has a competitive fee structure and intuitive platforms, making it an appealing option for traders seeking a range of trading tools.

Pros & Cons

  • 95 crypto with MT5, Tradingview, 79 with MT4
  • Automation with EAs,
  • Good social trading options
  • Good customer support
  • Research tools lack depth
  • Education videos could be more detailed
  • Execution speed could be better

Broker Details

Eightcap Is Top For Crypto and Forex Trading

Eightcap stands out as a MetaTrader platform specialist, renowned for its ECN pricing and a diverse selection of 40 forex currency pairs. It has earned accolades for its exceptional customer service and the benefit of free withdrawals. The broker is noted for its competitive fee structure and intuitive interface, making it an appealing option for traders seeking a range of trading tools.

Key Strengths

  • 95 Cryptos to trade
  • 3 Trading platforms plus
  • Top Customer Service

Account Types

Eightcap offers two principal account types: the Standard and the Raw account. The Standard account is ideal for novices with its simple cost structure, no commission fees, and marginally wider spreads. Conversely, the Raw account caters to more seasoned traders, offering narrower spreads and a commission of $3.5 per lot traded.

Spreads and Brokerage

Eightcap boasts competitive spreads, especially with the Raw account, where traders can experience spreads starting from 0.0 pips on major forex pairs under specific conditions. The broker secures these low spreads by aggregating prices from a multitude of top-tier liquidity providers.

Leverage and Risk Management

In Australia, Eightcap provides leverage up to 30:1 for major currency pairs, adhering to ASIC regulations. Internationally, traders may access higher leverage options up to 500:1. Eightcap also offers negative balance protection, safeguarding traders from losing more than their account balance.

Trading Platforms

Clients have the option to trade using MetaTrader 4 (MT4) or MetaTrader 5 (MT5), both platforms equipped with advanced trading features and analytical tools. MetaTrader 5 includes additional capabilities and permits access to a broader range of markets beyond forex.

CFD Products

In addition to forex, Eightcap offers an assortment of CFD products, encompassing indices, commodities, shares, and a comprehensive selection of over 250 cryptocurrencies.

Customer Support and Service

Eightcap is committed to providing responsive customer support, accessible via live chat, telephone, and email. The broker’s client services team is on hand to offer assistance 24 hours a day throughout the trading week.

Educational and Research Tools

Although Eightcap offers educational resources and trading strategy guides, it is observed that these materials are relatively basic when compared to those provided by some of its competitors.


Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Securities Commission of The Bahamas (SCB), ensuring a degree of trustworthiness and adherence to financial regulations.


With its emphasis on low spreads, absence of withdrawal fees, and an accessible platform, Eightcap distinguishes itself as a formidable choice for traders, particularly those with an interest in cryptocurrency trading. Despite the potential for enhancing its educational offerings, the broker’s services render it a platform worthy of consideration for both novice and experienced traders alike.

eightcap account types trading platforms

7. AvaTrade Top Forex Broker For Day-Trading


Forex Panel Score


Average Spread

EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1

Trading Platforms

MT4, MT5, AvaTradeGo, AvaOptions

Minimum Deposit


Why We Recommend AvaTrade

Our team awarded AvaTrade the best forex broker for day trading due to the broker not placing limits on scalping or automation.

Additionally, we scored AvaTrade highly for trading platforms, trust and their range of markets.

We particularly like AvaTrade’s unique and diverse range of proprietary platforms, including specialty platforms for AvaOptions for options trading.

Pros & Cons

  • No limits on scalping
  • Diverse proprietary platforms
  • AvaProtect risk management feature
  • Wider market maker spreads
  • Only 4 base currencies
  • Limited educational resources
  • Customer service doesn’t know its own offerings

Broker Details

AvaTrade Offers A Good Risk Management Platform For Forex Traders.

Our team awarded Pepperstone the best Australian currency broker for beginner traders, but AvaTrade offers something different. The broker offers a unique trading platform (AvaTraderGO) and fixed-spread trading, which is ideal for risk-averse novice traders.

Key Strengths

  • AvaProtect risk management feature
  • Fixed spreads that provide simplicity to fees
  • Educational tools designed for beginner traders

Why We Like AvaProtect

Only AvaTrade and easyMarkets offer advantage risk management features, and AvaProtect™ is the better of the two. The feature gives a trader between 1 and 2 days of protection. So, if a trade goes south, the individual can cancel the trade. AvaProtect™ must be activated when executing the trade, leading to increased fees, which are not refunded whether the protection is needed or not. In summary, this is great for beginners who receive some protection from losses but at much higher fees.

AvaProtect™ is only offered on the AvaTradeGO and AvaOptions platform. While AvaTrade offers MT4 and MT5, we don’t see the point of selecting either, as other forex trading brokers offer superior features and fees on AvaProtect. Risk-averse beginner traders should stick only with the AvaProtect platform.

avatrade account and platform types aus
Our Insight Into Their Fixed Spread Accounts

Another reason we like AvaTrade for beginner Australian clients is their fixed spread pricing. This means a trader always knows the fees of a trade with the rates locked in, which, for beginners, can be handy. That said, when we compared these spreads to other FX brokers, the fees were a lot higher.

Currency Paid Leverage Fixed Spread
AUD/USD 20:1 1.1
EUR/USD 30:1 0.9
GBP/USD 30:1 1.5
AUD/JPY 20:1 2.1

It’s worth noting that these higher fees are also due to AvaTrader using a dealing desk, unlike most other brokers on this page. This means the forex trading broker takes the opposite position of customer trades. Also, the provider wasn’t listed on our high Australian leverage broker page as they don’t always offer 30:1 leverage for Australian clients, and professional leverage is only up to 400:1.

Verdict On AvaTrade

AvaTrade is only suited for beginner traders with minimal risk appetite. The FX broker does have some unique features, including the ability to cancel losing trades (AvaProtect) and transparent pricing (fixed spreads). That said, they charge a premium for these features, which is why most beginner traders are better off selecting the best Australia forex broker – Pepperstone.

avatrade account type canada

8. FP Markets Good Choice For Scalp Trading

FP Markets

Forex Panel Score


Average Spread

EUR/USD = 1.1
GBP/USD = 1.3
AUD/USD = 1.3

Trading Platforms

MT4, MT5

Minimum Deposit


Why We Recommend FP Markets

FP Markets is our top choice for scalpers as the broker offers unrestricted trading on MT4 and MT5. Having unrestricted trading allows you to use technical analysis using EAs (expert advisors) to trade over short holding periods.

FP Markets was another broker we scored highly across all of our categories, with an emphasis on funding, education and customer service.

Australian traders will particularly appreciate FP Markets extensive range of physical shares, as well as FP Markets’ fast execution speeds and low trading costs.

Pros & Cons

  • Good for scalping
  • Low trading costs
  • Over 10,000 stocks available
  • Social trading limited
  • Slower limit order speed
  • Lack of advanced tools

Broker Details

FP Markets Offers Low Trading Costs And A Wide Range Of Trading Tools.

Ultra-tight spreads and overall low trading costs make this Australian broker a logical choice for traders looking for a no-frills, streamlined trading experience without some of the bells and whistles.

best no dealing desk broker award 2024

Key Strengths

  • Budget-friendly trading costs and tight spreads
  • Straight-through processing execution with no dealing desk
  • Extensive trading products offering

Review Of FP MarketsVisit FP Markets

Account Types And Platforms

FP Markets offers Australian forex traders two account types from which to choose:

  • Standard account. This no-dealing-desk account charges no commissions. Traders pay only spread fees. Standard account spreads average 1.1 pips for EUR/USD and 1.3 pips for GBP/USD and AUD/USD.  Spreads are variable so will change in different market conditions.
  • RAW account. The RAW account has tight spreads averaging 0.1 pips for EUR/USD and 0.2 pips for GBP/USD and AUD/USD pips. Commission costs for each standard lot when opening a trade is AUD $3.50 and the same to close the trade.

fp markets account and platform types

Prospective customers can test out the FP trading experience by opening a free demo account. This is an excellent way to gauge their trading environment, including their low spreads. Converting to a live account is a straightforward exercise with a minimum deposit of AUD 100 to begin trading.

Where does FP Markets distinguish itself from other top ASIC-regulated brokers? Trading software. Simply put, no other top brokerage provides Australian traders with quite the same range of tools.

FP Markets Trading platforms

Share traders located in Australia looking for an alternative to MT5 have access to the IRESS suite of trading software, including IRESS Trader and IRESS Mobile. The platform gives users access to over 10,000 stocks – a more extensive range than what is available with MetaTrader 5. It also offers Direct Market Access (DMA) execution which means you can see the orders in the exchange itself.

FP Markets account holders anywhere in the world have the option to trade forex using the MetaTrader 4 or MetaTrader 5 software with integrations like Advanced Trade Assistant and AutoChartist. FP also offers Myfxbook integrations for MetaTrader for traders using a social or copy trading strategy.

Moreover, all account holders enjoy access to value-added services designed to maximise FP’s trading experience, such as a multi-account manager, VPS hosting, and API trading.

FP Markets’ Trading Products

FP Markets’ clients can trade 63 currency pairs, including major pairs like EUR/USD, AUD/USD, USD/GBP, and USD/CHF, and minors.

Other financial products available for trade include 19 global indices and 10,000 plus shares. The broker has a somewhat limited selection of commodities, with just five cryptos available.

Australian traders also have the option of trading CFDs and other derivatives with FP. While bond CFDs and ETF CFDs aren’t available, this broker has a reputation for its extensive stock CFD offering.

Our Verdict On FP Markets

FP Markets earns a top spot in our reviews owing to its dedication to Australian account holders, in particular. While it may not have the flash of some of the larger, more globally-oriented retail brokerages in Australia, FP stands out for honing in on Australian traders and their needs, not to mention its impressive forex offering.

9. Saxo Markets Great Range of CFDs And Forex Pairs

Saxo Markets

Forex Panel Score


Average Spread

EUR/USD = 1.2
GBP/USD = 1.8
AUD/USD = 0.9

Trading Platforms

MT4, TradingView, SaxoTraderGo, SaxoTrader Pro

Minimum Deposit


Why We Recommend Saxo Markets

Saxo Markets, the trading arm of Saxo Bank, stands out in the financial services industry with its great range of CFDs and forex pairs.

We also scored Saxo Markets highly in trust, range of markets and education categories.

Saxo Markets is also a highly trusted and well-established broker, with an excellent proprietary platform and advanced trading tools.

Pros & Cons

  • Huge range of markets
  • SaxoTraderGo platform
  • Highly trusted
  • Only 7 forex pair CFDs available
  • High minimum deposit requirements
  • Not advised for beginners

Broker Details

Saxo Markets, the trading arm of Saxo Bank, stands out in the financial services industry with its extensive range of CFDs and forex pairs. Catering to traders globally, including Australia, Saxo Markets offers a sophisticated platform with a rich selection of trading instruments.

Extensive Trading Instruments

With Saxo Markets, traders have access to a vast array of instruments, ensuring they can diversify their portfolios and find opportunities across various markets:

  • Forex: Over 182 forex currency pairs as spot but only 7 as CFDs.
  • CFDs: More than 9,000 CFD instruments, including shares, indices, and commodities.
  • Stock Equities: Access to over 19,000 stocks across 36 global exchanges.
  • Commodities: A selection of 20 commodity CFDs.
  • Futures: Over 200 future contracts available for trade.
  • Options: A range of FX and listed options, with over 40 FX vanilla options and more than 1,200 options from 23 exchanges worldwide.
  • ETFs, ETCs, and ETNs: A wide selection of exchange-traded products, including 3,101 ETFs from 30 exchanges globally.
  • Bonds: A diverse bond market with 5,000 government and corporate bonds.
  • Mutual Funds: Access to 250 top-rated mutual funds.
  • Cryptocurrencies: Bitcoin and Ethereum are traded through exchange-traded notes (ETNs).

Award-Winning Share Trading Services

Saxo Markets has been recognised for its exceptional share trading services, offering a comprehensive platform for trading Australian, US, UK, Singaporean, and Chinese stocks. With accolades such as “Outstanding Value International Share Trading” in 2017 and 2018, Saxo Markets demonstrates its commitment to providing value and quality in its offerings.

Competitive Forex Trading Environment

Saxo Markets excels in forex trading services, providing traders with the ability to trade across a broad spectrum of forex spot pairs, forwards, and options. The platform’s strengths in forex trading are underpinned by:

  • Tier 1 Liquidity: A wide range of liquidity providers ensures competitive spreads.
  • Price Improvement Technology: Customized orders and near-zero asymmetric slippage for optimal trade execution.
  • Reduced Premature Stop-Outs: Stop orders are triggered at the opposite end of the spread to minimize early stop-outs.
  • Client-Centric Approach: Full disclosure of dealing practices and a commitment to aligning interests with clients.

CFD Trading with Leverage

Saxo Markets offers leveraged CFD trading on more than 9,000 instruments. The platform provides competitive commissions and leverage options, catering to various trading strategies and risk appetites.

Account Types Tailored to Trader Needs

Saxo Markets offers three main account types, each designed to cater to different levels of traders:

  • Classic Account: A minimum deposit of $10,000 with competitive entry prices and spreads.
  • Platinum Account: For advanced traders, with a $200,000 minimum deposit, offering tighter spreads and additional features.
  • VIP Account: An exclusive account for high-net-worth individuals, requiring a minimum deposit of $1,000,000, providing the most competitive spreads and personalized services.

saxobank account types australia overview


Saxo Markets provides a powerful trading environment with a wide range of markets, competitive spreads, and a selection of account types to suit various traders. While the platform is ideal for those seeking a comprehensive trading solution, it may not be the best fit for those looking for high leverage or low minimum deposit requirements.

10. BlackBull Highest Leverage Forex Broker


Forex Panel Score


Average Spread

EUR/USD = 1.2
GBP/USD = 1.4
AUD/USD = 1.7

Trading Platforms

MT4, MT5, TradingView, Blackbull Trade

Minimum Deposit


Why We Recommend BlackBull

BlackBull Markets offers the highest leverage of any forex broker on this list as it is regulated by the Financial Markets Authority (FMA) in New Zealand, which has different trading conditions to ASIC in Australia.

We also scored BlackBull Markets highly in trading experience, trading platform, customer service and funding categories.

BlackBull Markets also has the fastest execution speeds of any broker we tested, lowering your chance of slippage.

Pros & Cons

  • Up to 500:1 leverage
  • The fastest execution speed globally
  • Choice of MT4, MT5 or TradingView
  • Not ASIC-regulated
  • Lack of tier-1 regulators
  • Educational content limited

Broker Details

BlackBull Markets Offers 500:1 Leverage And Is FMA Regulated.

One of the newer CFD brokers, BlackBull Markets, was founded in 2014 and is based in Auckland, NZ. It’s critical to state that the provider is not ASIC-regulated but is regulated by the Financial Markets Authority (FMA) in New Zealand, which has different trading conditions.

best new zealand forex broker award 2024Key Strengths

  • Leverage of up to 500:1 on forex trading and CFDs
  • The fastest execution speed globally
  • Choice of the MT4, MT5 or TradingView
  • The lowest spreads of any NZ-regulated brokers
  • Solid customer service based in NZ

High Leverage Accounts Offered By BlackBull Markets

When we completed our 2024 broker awards, BlackBull was compared well to Pepperstone in terms of trading platforms (MT4, MT5 and TradingView) and the range of markets offered. BlackBull also had the edge over Pepperstone when it came to our Limit Order Execution speed testing. As the broker is only FMA-regulated in NZ (not ASIC-regulated), it can offer all traders up to 500:1 leverage, as shown below on their two main trading accounts.

Blackbull High Leverage Accounts

It should be noted that Pepperstone does have the overall edge, though, in terms of broker fees, customer service levels, and research facilities. Additionally, Pepperstone doesn’t have a minimum deposit, while Blackbull Markets requires $2,000 USD to open their ECN account.

Verdict On BlackBull Markets

Our high-leverage broker comparison found that BlackBull is the broker with the fastest execution speed, low spreads, and up to 500:1 leverage. It’s recommended only for experienced traders who require a fast trading environment with higher leverage to execute their trading strategy. We strongly recommend inexperienced and/or traders with a low-risk appetite avoid high leverage.