Best ASIC Regulated Forex Brokers

The 2024 top Australian regulated forex broker list is.

Broker Review Our Rating Regulation Standard
EUR/USD
Spread
Standard
GBP/USD
Spread
Standard
AUD/USD
Spread
Raw
EUR/USD
Spread
Raw
GBP/USD
Spread
Raw
AUD/USD
Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage Visit Broker
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
80 ASIC,CySEC
FSCA,FSA-S,FSC-M
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
64 ASIC, FSCA
CBI, KNF, CIRO
ADGM, FSC-BVI
- - - - - - - 160ms $100 55+ 15+ 30:1 400:1 Visit Site
73 ASIC, CYSEC
FSC, FSA, SCA
1.0 1.3 1 0.2 0.5 0.2 $3.50 144ms $0 49+ 14+ 30:1 500:1 Visit Site
68 FCA, FSCA
ASIC, FSA-S, CySEC
1.1 1.3 1.1 0.1 0.3 0.2 $3.50 161ms $0 46+ 21+ 30:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
 

What Are The Best ASIC Forex Brokers In Australia?

As an Australian venturing into retail Forex trading, you should select the best currency trading platform. This means selecting a broker that holds an AFSL licence with the Australian Securities and Investments Commission (ASIC). In this guide, we’ll look at the best ASIC-regulated online brokers available and grade them for Australian trader’s needs.

1. Pepperstone Best ASIC Forex Broker Overall

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$0

Why We Recommend Pepperstone

We scored Pepperstone 98/100 for their low trading costs, fast execution speed and range of trading platforms. We were impressed with the 77ms execution speed for limit orders when we tested, one of the fastest we’ve tested. These speed reducing the risk of price movements affecting your trades.

Another feature we like is the voice of MetaTrader 4, MT5, cTrader, and TradingView Trading platforms. This variety ensures that you have access to the best tools and features tailored to your trading style.

Pros & Cons

  • Offers a wide range of platforms
  • Fast execution broker
  • Tight average spreads
  • It doesn’t provide guaranteed stop-loss orders
  • The demo account is limited to 30 days
  • Crypto markets are limited

Broker Details

best non commission forex account award 2024Founded in 2010, Melbourne-based forex broker Pepperstone is our top ASIC-regulated broker overall due to a combination of factors that we’ve tested which include fast execution speeds, competitive spreads and a wide range of trading platforms and tools. All of these factors up to an experience we think suits forex traders of all levels, from beginners to professionals.

Fast Execution Speeds

The mark of a good regulated broker is the trading conditions you’ll receive, which includes execution speeds of trades you make. Luckily, based on our testing, Pepperstone has some of the fastest execution speeds we’ve seen.

When we tested 20 top brokers of our choosing, Pepperstone was the third fastest broker overall with execution speeds of 77ms for limit orders and 100ms for market orders.

From our testing, it was rare for brokers to achieve execution speeds under 100ms, which indicates just how fast Pepperstone’s execution speeds were. Having such fast execution speeds also reduced our trade latency, resulting in less slippage at the point of trade execution.

Competitive Standard Account Spreads

Offering two main retail investor accounts, a Standard (no-commissions) account a Razor (commission-based) account, Pepperstone offers competitive spreads across the board. In particular, we found Pepperstone offered the most competitive spreads for its Standard account based on our monthly published spreads analysis.

As you can see from the module below, Pepperstone compares favourably to brokers such as IG Group, Saxo Markets and FOREX.com for popular forex pairs such as EUR/USD, AUD/USD and EUR/GBP. This information is using published data from each of the brokers’ websites and is updated each month.

Standard Account Spreads
1.10 1.20 1.40 1.40 1.40
1.20 0.90 1.50 1.80 1.80
1.20 1.40 1.50 1.60 1.50
1.10 1.20 1.40 1.50 1.20
1.13 1.01 1.71 1.66 1.12
0.90 1.30 1.40 1.40 1.40
0.70 2.20 1.10 1.10 0.60
1.10 1.20 1.30 1.30 1.30
1.20 1.30 1.20 1.30 1.10
1.20 1.80 1.90 1.90 1.60
1.30 1.70 2.10 1.40 1.50
1.12 1.64 1.30 1.30 1.38

Avg. spreads are taken from each broker's website and updated monthly. Last update on 06/01/2024

Minimum Deposit and Funding Methods

Pepperstone doesn’t require a minimum deposit to open an account however we do recommend at least $200 to get started. Since you are trading with leverage, to open a position you will need enough equity in your account to meet margin requirements.

Pepperstone also offers a wide range of funding methods for Australians, which include Visa and MasterCard Debit and Credit, PayPal, bank transfers and digital wallets like Skrill and Neteller. While an international transfer using a bank transfer will have a small fee and may have fees from the provider’s end, Pepperstone doesn’t have any other transfer costs.

Wide Range of Platforms and Tools

Not only does Pepperstone offer a wide range of trading platforms, it also stands out for its range of trading tools that enhance the overall platform experience.

You can either choose the popular forex and stock trading platforms, MetaTrader 4 and MetaTrader 5, the advanced trading capabilities of cTrader or the powerful charting features of TradingView.

In addition to useful algorithmic trading tools including cTrader Automate and Autochartist, our personal favourite is the Smart Trader Tools add-on for MT4 and MT5.

Comprising 28 apps, Smart Trader Tools enhanced our MT4/MT5 platform experience, including the Mini Terminal allowing us to create an order template for all of our new orders and the Trade Terminal, letting us uniformly set stop loss or take profit levels for all open orders.

Overall we found the Smart Trader Tools added to a smoother, more efficient trading experience, improving our decision making as a result.

pepperstone account types brief australia

View Pepperstone ReviewVisit Pepperstone

2. FP Markets Top Broker For Scalping

FP Markets

Forex Panel Score

80

Average Spread

EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$100

Why We Recommend FP Markets

We recommend FP Markets as the top broker for scalping, as it was one of the best in our testing with its zero-spread RAW accounts. The broker offered EUR/USD at 0.0 spreads 97.83% of the time, which means you only pay a commission.

This is ideal for scalping, where low spreads can significantly impact your trading success. Additionally, you get access to MetaTrader 4, which offers excellent tools like one-click trading.

Pros & Cons

  • Offers zero spreads
  • Has MT4, MT5, cTrader and TradingView available
  • A large variety of markets
  • IRESS platform may be complicated for beginners
  • The higher minimum deposit for the IRESS platform
  • Limited features with the mobile trading app

Broker Details

best no dealing desk broker award 2024A real ‘all-rounder’, FP Markets snaps a top spot on our list due to its fast execution speeds and competitive spreads. This gives the broker an edge when it comes to scalping where making a fast profit off small price changes is crucial. We also like FP Markets’ huge range of 10,000 shares to trade via the IRESS trading platform, uniquely offered to Australian traders.

Competitive Spreads

Our analysis shows that as an Australian trader, you can benefit from highly competitive spreads on both FP Markets’ Standard and RAW accounts. Compared to the industry average of 0.45 pips, FP Markets offers RAW account spreads of 0.22 pips for our benchmark currency pairs, which includes EUR/USD, AUD/USD and GBP/USD.

For the Standard account, FP Markets averages spreads of 1.30 pips, lower than the industry average of 1.52 pips for the top 5 major USD-backed currency pairs. While you’ll pay commissions of AUD $7, which aligns with the industry average, funding your account in USD will save you $1 per round-turn trade (at $6 per trade) further keeping your trading costs low.

Rapid Market Order Speeds

Our tests of execution order speeds across 20 top brokers found FP Markets to have impressively fast market order speeds. With an average market order speed of 96ms, FP Markets ranks as the 4th fastest broker for market orders.

Combining these tight spreads with fast execution speeds makes FP Markets an excellent choice for Australian scalpers seeking low latency for quick entry and exit of positions.

Huge Range of Shares

While FP Markets has a solid range of forex and CFDs, it is the broker’s over 10,000 shares available to trade that stood out to us, one of the largest we’ve seen.

As an Australian trader, you can trade these shares through the IRESS suite of trading platforms, including IRESS Trader and IRESS Mobile, using Direct Market Access (DMA) execution. What we like about FP Markets’ DMA trading is being able to execute trades by directly interacting with an electronic order book.

As an added bonus, FP Markets recently added Mottai to trade DMA CFDs on the ASX only, although the broker is looking to introduce FX and Index price feeds, from our discussions.

FP Markets also offers four of the most popular third-party platforms in MT4, MT5, cTrader and TradingView.

FP Markets Trading Accounts

3. AvaTrade Great Broker For Day Trading

AvaTrade

Forex Panel Score

64

Average Spread

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

Trading Platforms

MT4, MT5, AvaTradeGo, AvaOptions

Minimum Deposit

$100

Why We Recommend AvaTrade

If you day trade, AvaTrade is our recommendation for its fixed spreads, a key advantage when trading in volatile markets or during unpredictable news announcements.

AvaTrades fixed spreads start at just 0.9 pips on EUR/USD, which is competitive, especially compared to the average variable spreads of 1.24 pips offered by other fixed spread brokers.

The broker offers a decent selection of trading platforms, including AvaTradeGO, MetaTrader 4, and MetaTrader 5.

Pros & Cons

  • Tight fixed spreads
  • Solid choice of platforms
  • Provides social trading tools
  • Limited market research tools
  • No RAW spread accounts
  • Has an inactivity fee

Broker Details

lowest fixed spread broker award 2024

We awarded AvaTrade as the best ASIC-regulated broker for day trading due to its competitive fixed-spread trading and robust trading platforms. The broker also excels in social trading tools offering both DupliTrade, a popular third-party platform, and its own, AvaSocial platform.

Competitive Spreads for Day Trading

AvaTrade stands out with its fixed spreads, unlike the variable spreads most brokers offer. Our published spreads analysis revealed that AvaTrade provides stable fixed spreads of 0.9 pips for EUR/USD. Compared to the top 10 fixed spread brokers, AvaTrade leads with an average of 1.4 pips across 7 popular currency pairs, from AUD/USD to EUR/USD.

Although RAW/ECN-style accounts can offer tighter spreads, AvaTrade’s consistent fixed spreads help keep trading costs low, making it ideal for day trading where low, predictable spreads are crucial.

Great Trading Platforms and Social Trading

For its overall trading platform experience, we gave AvaTrade a solid score of 8/10, offering a strong selection of third-party and proprietary options. In addition to MetaTrader, AvaTrade features the excellent AvaTradeGo platform and the specialized AvaOptions for trading options, allowing you to diversify your trading portfolio.

Moreover, AvaTrade excels in copy trading, providing several options that few brokers match from our analysis. These include popular third-party platforms like DupliTrade and ZuluTrade, as well as AvaTrade’s own AvaSocial, where you can replicate successful trading strategies.

AvaProtect for risk management

AvaTrade’s innovative risk management also stood out to us, which will appeal to beginners. The broker offers a proprietary tool through its AvaTradeGo mobile app that allows traders to effectively insure specific trades for up to AUD $1 million during a given period.

For example, a trader applies ‘AvaProtect’ to an open position for a period of one week. The market moves against him, however, and he closes the position three days later at a loss. AvaTrade reimburses him directly into his trading account.

avatrade account type au

4. GO Markets Best Broker With Educational Resources

GO Markets

Forex Panel Score

73

Average Spread

EUR/USD = 0.2
GBP/USD = 0.5
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$200

Why We Recommend GO Markets

We recommend GO Markets as the best broker with educational resources, perfect if you’re still learning to trade. Go Markets offers the usual basics of trading articles and video resources, but what impresses us is the weekly webinars covering various topics, which are free to attend.

The broker offers solid average spreads of one pip on EUR/USD without commission, making it an excellent alternative for those who do not want to pay commission.

Pros & Cons

  • Low commissions
  • Solid choice of trading platforms
  • Impressive market analysis videos
  • Limited market selection
  • Customer support isn’t 24/7
  • Minimum deposit required

Broker Details

best no commission forex account award 2024

The self-proclaimed, “first MT4 broker in Australia” has consistently delivered a high-quality trading experience to Australian account holders, particularly those interested in trading stocks. However, we think GO Markets stands out with extensive, high-quality educational resources for beginner and experienced traders alike.

Excellent Educational Resources

Regardless of your account type, trading style or strategy, you’ll benefit from an extensive library of free educational resources, ranging from introductory how-tos to detailed trading tutorials.

Podcasts and webinars help you stay current on market analysis, along with live Q&As with experienced traders. Rated #1 for educational materials by Investment Trends in 2021, we like the broker’s commitment to making retail investing accessible.

Solid MetaTrader Trading Environment

In addition to low commissions and competitive RAW spreads, GO Markets offers a wide range of trading platforms, including MT4, MT5, cTrader, and its own GO WebTrader.

We particularly enjoyed the Genesis upgrade to the MetaTrader platforms, which includes a series of Expert Advisors (EAs) that can be easily applied to live MetaTrader trading accounts with just a few clicks.

Competitive RAW Spreads + Low Commissions

Testing GO Markets’ ECN Account (GO+), we experienced average spreads of 0.28 pips for the five most traded currency pairs, significantly below the tested average of 0.44 pips. This combination of low spreads and $3 per lot commissions helps keep trading costs low with GO Markets.

We recommend the commission-free pricing model and more predictable spreads of the Standard Account for anyone new to trading or who prefers to hold assets for a longer period.

For more experienced traders, or those who rely on micro-movements in the market to generate profits, the GO Plus+ account’s tight spreads better align with your trading needs.

GO Markets Account Types Australia

5. ThinkMarkets Good Broker With VPS Services

ThinkMarkets

Forex Panel Score

70

Average Spread

EUR/USD = 0.1
GBP/USD = 0.3
AUD/USD = 0.2

Trading Platforms

MT4, MT5, ThinkTrader

Minimum Deposit

$0

Why We Recommend ThinkMarkets

What stood out for us is that ThinkMarkets offers a solid VPS service. It is ideal if you automate your trades, as it allows you to trade even while you sleep.

With its RAW account, you benefit from low average spreads starting from just 0.1 pips, which is ideal for automated trading. Alternatively, if you prefer trading without commission, its standard account offers spreads averaging 1.1 pips on EUR/USD, which is better than the industry average.

Pros & Cons

  • Top broker for VPS service
  • Offers low average spreads
  • No minimum deposits for the standard account
  • No RAW spreads on the ThinkTrader platform
  • Not all tools are available for MT4/5 platforms
  • Customer support is slow

Broker Details

We like ThinkMarkets for its VPS services, which includes its competitive RAW spreads, the broker achieving 0-pip spreads 95% of the time.
low spread forex broker scalping award 2024Top VPS Service

Upon signing up for ThinkMarkets’ ThinkZero account, we received access to a free VPS service, ensuring a smooth trading experience with strong connectivity and low latency. While many brokers offer VPS services, not all are free.

ThinkMarkets stands out by providing additional benefits such as 24/7 customer support and a dedicated account manager, enhancing our trading experience with excellent customer service.

Competitive RAW Spreads

In our analysis of RAW spreads, ThinkMarkets offers ultra-competitive average spreads of 0.20 pips. With the industry average at 0.44 pips, this is highly competitive.

Testing ThinkMarkets’ ThinkZero (RAW) trading account, we had access to both MetaTrader 4 and MetaTrader 5 in a demo account. To use ThinkMarkets’ proprietary platform, ThinkTrader, we needed to open a Standard account.

Those who decide to open a demo account should note that, while ThinkMarkets has neither a recommended nor a required minimum deposit to open a Standard account, Think Zero accounts need AUD $500 to cover margin costs.

Likewise, we found that ThinkMarkets allows customers to fund their accounts via credit card, bank transfer, PayPal and, for crypto enthusiasts, BitPay, charging no internal fees for deposits and withdrawals.

Solid Proprietary Trading Platform

While ThinkMarkets account holders have the option to trade via the well-known MetaTrader 4 and MetaTrader 5 platforms, the broker’s proprietary platform, ThinkTrader, provides a unique combination of features and tools that may win over novices and committed traders alike.

In addition to 125 technical indicators, 20 charts and 50 drawing tools, ThinkTrader doubled down by offering a trading app with significantly more tools than either MetaQuotes option, including DoM, Time and Sales, automatic funds transfers and partial order filling.

thinkmarkets account types aus

6. IC Markets Great Broker With Tightest RAW Spreads

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$200

Why We Recommend IC Markets

IC Markets impresses with the tightest spreads we’ve seen, averaging just 0.02 pips on EUR/USD. This makes them a top choice, especially if you want to minimise trading costs.

Along with these low spreads, its execution speeds and a wide choice of markets further enhance your trading experience. This is why we gave IC Markets an 84/100 in our review, ranking them as one of the best brokers we’ve tested.

Pros & Cons

  • Has tight spreads
  • Good range of trading products
  • Has MT4 and cTrader platforms
  • A minimum deposit is needed
  • Different commissions for MT4 and cTrader

Broker Details

Sydney-based IC Markets has expanded since 2007 to become one of the largest and best-known forex brokers in the world. Access to deep liquidity sourced from over 25 providers around the world allows this leading broker to stand out with the lowest RAW spreads of any broker we’ve tested.

Tightest RAW Spreads

Our testing reveals that IC Markets offers some of the lowest spreads we’ve seen. The Standard account particularly impressed us, with IC Markets achieving the lowest spreads among 15 top brokers we tested, averaging 1.03 pips across USD major pairs. The next nearest competitor, CMC Markets, averaged 1.11 pips.

For RAW spreads, IC Markets averaged 0.32 pips across 6 USD-backed major currency pairs, placing it 3rd overall, just behind Fusion Markets (0.22 pips) and City Index (0.25 pips).

This combination of low spreads across both account types ensures IC Markets maintains low trading costs overall.

RAW Spreads Tested By Ross Collins
0.16 0.09 0.21 0.22 0.23
0.22 0.23 0.17 0.27 0.16
0.19 0.23 0.27 0.24 0.24
0.15 0.15 0.35 0.33 0.43
0.19 0.19 0.41 0.36 0.61
0.15 0.37 0.59 0.67 0.50
0.22 0.42 0.62 0.25 0.56
0.20 0.48 0.44 0.47 0.64
0.20 0.31 0.31 0.39 0.51

Avg. spreads are taken from each broker's website and updated monthly. Last update on 06/01/2024

Advanced MT4 Trading Tools

IC Markets’ offers access to an enhanced MT4 trading through its MT4 Advanced Trading Tools suite of apps.

In addition to the Advanced Trading tools suite of solutions, which includes expert advisors (EAs), IC Markets clients have access to MT5, cTrader and TradingView, along with a whole host of social trading and algorithmic tools from ZuluTrade to cTrader Automate.

IC Markets Account Types

7. eToro Best For Social Trading

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1
GBP/USD = 2
AUD/USD = 1

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Why We Recommend eToro

We recommend eToro as the best broker for social trading, especially if you’re new to copy trading. Our favourite feature is its CopyTrader platform, which is user-friendly for beginners.

What makes it great for you is the ability to filter and select experienced traders based on their performance and the markets they trade. This gives you control over who you copy, making it easier to find traders that match your investment style and goals.

Pros & Cons

  • Excellent platform for copy trading
  • Solid choice of markets
  • Commission-free trading
  • Lacks MetaTrader 4 and TradingView platforms
  • Not an ECN/STP broker
  • Charges fees to withdraw

Broker Details

eToro may not have the breadth of tradable products available with other top-tier brokerages, but the broker is a leader in social and copy trading technology, making trading more accessible to all types of traders.
best social trading broker

Top Social Trading Platform

Unlike other Australian forex brokers, eToro offers only its own, home-grown trading platform to account holders.

Whether you’re a social or copy trader, What stood out to us was that eToro offers cutting edge tools designed to make these trading styles accessible to even the most casual traders.

Among the platform’s key features, the CopyTrader and Smart Portfolio solutions. When using the Copy Trader feature, we particularly liked the Popular Investors option, which listed new investors to follow and mimic based on their previous trading success.

Smart Portfolios, on the other hand, provide new investors with ready-made investment strategies organised around particular themes, such as IT, cannabis and electric vehicles.

Commission-Free Spreads

Similar to AvaTrade, reviewed above, eToro aims to simplify trading by reducing the available account types to a single account structured with retail investors in mind.

Australians trading with eToro will pay no commissions on their trades, however the broker acts as a market maker, sitting on the opposite side of some trades. While this ensures that your order gets filled, the certainty comes with a cost. Traders must cover spread fees starting from 1.0 pips.

Curious traders interested in learning more about eToro can open a free demo account funded with virtual currency. To open a live account requires only $50 to open an account, but does charge an AUD $5 withdrawal fee, which lowered its standing for us.

etoro account type au

8. Fusion Markets Best Low Commission Broker

Fusion Markets

Forex Panel Score

82

Average Spread

EUR/USD = 0.13
GBP/USD = 0.21
AUD/USD = 0.12

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$0

Why We Recommend Fusion Markets

We found Fusion Markets leads the pack with low commissions, just $2.25 per lot traded, the lowest among all the brokers we’ve tested. Additionally, it offers tight spreads, averaging only 0.22 pips on EUR/USD in our independent testing – again, the lowest we found.

This combination of low commissions and tight spreads means you can trade cost-effectively, a key reason we gave them a 79/100 in our review, reflecting their exceptional value.

Pros & Cons

  • Lowest spreads and commissions
  • Fastest execution speeds
  • Good choice of trading tools
  • No TradingView
  • Educational resources are lacking
  • Limited choice of markets compared to its peers

Broker Details

Fusion Markets stands out with the lowest commissions we’ve encountered, coupled with competitive spreads, some of the fastest execution speeds, and a broad selection of 90 forex pairs to trade.

lowest commission forex broker award 2024

Lowest Commissions and RAW Spreads

Fusion Markets offers the lowest forex commissions based on our analysis. The broker charges $2.25 (AUD) per side, translating to $4.50 per trade round-turn. In comparison, the industry standard is around $3.50 per side.

In addition to low commissions, Fusion Markets also keeps its spreads low. According to tests by our head of technology, Fusion Markets has the lowest RAW/ECN-style spreads for AUD/USD and USD/JPY, the second lowest for GBP/USD, USD/CAD, and USD/CHF, and the third lowest for EUR/USD.

Averaging these results, Fusion Markets offers the lowest overall average spread of 0.22 pips. You can trade a wide range of 90 forex pairs with these low spreads, which is the largest of any ASIC-regulated online brokerage we’ve encountered.

Fast Execution Speeds

In addition to competitive spreads and low commissions, Fusion Markets boasts the second-fastest execution speeds we’ve tested, with 79ms for limit orders and 77ms for market orders.

From our experience, anything under 100ms is extremely fast, minimizing latency (time the trade is initiated and executed) and reducing slippage (cost of trade execution), which adds to Fusion Markets’ low-cost appeal.

fusion markets account type au