Fees are the most important factor when choosing a forex broker and the spread is the main element of brokerage. There are three types of trading accounts that impact the spread:

  1. RAW account (formally known as an ECN account)
  2. Standard account (no-commission trading account)
  3. Fixed spread account

The brokers compared for each forex account type are Australian Securities And Investment Commission and listed on the ASIC register. Spreads compared were published based on published monthly data and testing conducted by Ross Collins[1]Raw vs Standard account testing.

Australian Low Spread Forex Broker List

Our list of the best ASIC regulated forex brokers with the lowest spreads is:

  • Eightcap - Best For Low RAW Spreads With TradingView
  • IC Markets - Top Broker With MetaTrader 5
  • Fusion Markets - Top For Tight Spreads And Low Commissions
  • Pepperstone - Best Execution Speed With Zero Spreads
  • AvaTrade - Good Broker With Low Spreads For Day Trading
  • IG Group - Largest Range of Markets With Low Spreads
  • eToro - Top Low Spread Broker With Social Trading
  • ThinkMarkets - Great Broker For CFD Markets And Shares Investing
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
75 ASIC, SCB
FCA,CySEC
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
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
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
98 ASIC, FCA
CySEC, DFSA
1.12 1.69 1.22 0.10 0.60 0.30 $3.50 77ms $0 62+ 12+ 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
71 ASIC, FCA, BaFin
FINMA, NFA/CFTC, MAS
CySEC, DFSA, FMA
JFSA, BMA, FSCA
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 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
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
 

Who Are The Lowest Spread Forex Brokers?

We combined all the published spreads of the ASIC regulated forex brokers in Australia and then did our own testing using EAs to determine which trading accounts have the lowest spreads. This was done for both standard accounts and RAW accounts with recommendations done for each account class.

1. Eightcap Best For Low RAW Spreads With TradingView

Eightcap

Forex Panel Score

75

Average Spread

EUR/USD = 0.06
GBP/USD = 0.73
AUD/USD = 0.27

Trading Platforms

MT4, MT5, TradingView, Capitalise.ai

Minimum Deposit

100

Why We Recommend Eightcap

As one of our top-rated brokers, Eightcap secured a score of 67/100 in our evaluation. Notably, its low RAW average spreads, averaging 0.06 pips, outshine the industry average of 0.22 pips and stay at 0.0 pips 97.83% of the time outside rollover. This translates to lower trading costs, enhancing overall profitability.

We think the inclusion of diverse trading platforms, such as TradingView, MT4, and MT5, further contributes to Eightcap’s appeal.

Lastly, we should mention that Eightcap has 95 cryptos to choose from, far exceeding their competitors.

Pros & Cons

  • Lowest RAW Spreads available
  • Solid choice of Forex platforms
  • Provides access to automated trading tools
  • Has a minimum deposit
  • Limited crypto range
  • The market range is limited

Broker Details

lowest spread broker award 2024

We like TradingView and think it’s one of the best platforms for technical analysis thanks to its impressive catalogue of 110+ indicators, which is always growing and being updated. In our experience, no other platform offers such routine updates to its platform, let alone improving its indicator choice.

One standout feature we appreciate is that the charts sync across all your devices, meaning your analysis performed on mobile will be available on your desktop and vice versa. This eliminates the need to replicate your analysis across different devices, which can be a hassle with platforms like MetaTrader 4, where charts are saved locally on the device.

From our testing, we found Eightcap to have tight RAW spreads, averaging 0.06 pips on EUR/USD, lower than the industry average.

Since the spreads are near zero, Eightcap charges a commission of $3.50 per lot traded. This commission-based pricing model offers transparency and predictability in trading costs (even in volatile markets), enabling you to manage your risk and expenses better if you are an active trader.

We also explored the markets available to trade on Eightcap, covering a range of markets, including 56 currency pairs, 586 shares, 16 indices, eight commodities, and 95 crypto markets. Eightcap’s cryptocurrency offering stood out to us as it is the largest selection we’ve found from a forex broker, giving you a decent platform to test the crypto market waters.

Eightcap Account Types and Products

View Eightcap ReviewVisit Eightcap

*Your capital is at risk ‘77.8% of retail CFD accounts lose money’

Broker Screenshots

2. IC Markets Top Broker With MetaTrader 5

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

We gave IC Markets an impressive 84/100 in our evaluation. Notably, their average spread when you combine the major pairs is just 0.16 pips for their RAW account, over 50% better than other brokers tested.

Enjoying these low spreads is made easy on the MetaTrader 5 (or MetaTrader 5, cTrader and TradingView), a user-friendly platform with over 30+ indicators and convenient features like one-click trading, making IC Markets a compelling choice for traders seeking efficiency and cost-effectiveness.

Pros & Cons

  • Winner for low spreads on RAW and Standard Accounts
  • No fees for withdrawing
  • Choice of MT4, MT5, cTrader and TradingView trading platforms
  • Live chat customer service can be slow
  • No guaranteed stop-loss orders

Broker Details

best no commission forex account award 2024We think the MetaTrader 5 platform pairs nicely with IC Markets as the broker allows you to fully utilise all of MT5’s features, such as the depth of market tools. These tools provide valuable insights by displaying the order book and revealing an instrument’s real-time supply and demand.

This level of transparency can be invaluable for identifying potential entry and exit points and gauging market sentiment. We think MetaTrader 5 is an excellent choice for traders seeking advanced technical indicators and order-flow management.

While exploring MetaTrader 5, we found that it offers a decent choice of 38+ indicators by default, along with over 20+ drawing tools. With access to indicators such as moving averages, MACD, RSI, and Bollinger Bands, you’ll find a solid foundation to develop a trading strategy on the MT5 platform.

As for trading costs, we found the RAW spreads exceptionally low, averaging a mere 0.02 pips on the EUR/USD pair, slightly lower than Eightcap’s.

Broker EUR/USD
IC Markets 0.02
Eightcap 0.06
Pepperstone 0.1
ThinkMarkets 0.1
Fusion Markets 0.13
IG 0.16
Industry Average 0.22

The broker also maintained excellent spreads across other major pairs, averaging 0.16 pips, the lowest major average spread we tested. Based on these results, IC Markets is our top choice if you focus on trading the forex markets.

Top 5 (EUR/USD. USD/JPY, GBP/USD, AUD/USD, USD/CAD) Average Spread
Broker Major Pair Average Spread
IC Markets 0.16
Fusion Markets 0.17
ThinkMarkets 0.20
Eightcap 0.30
IG 0.32
Pepperstone 0.44
Tested Average 0.44

ic markets trading platforms

Broker Screenshots

3. Fusion Markets Top For Tight Spreads And Low Commissions

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

Fusion Markets impresses with a high score of 79/100 in our evaluation, primarily for its exceptional trading experience marked by low RAW spreads and commissions.

The average RAW spread of just 0.22 pips on EUR/USD showcases cost-effectiveness. Notably, their RAW account commission, at only $2.25 per lot, stands significantly below the industry average by $1.10 per lot.

With low costs and a favorable trading environment, Fusion Markets emerges as a top choice for those seeking exceptional value in their trading journey.

Pros & Cons

  • Tight average RAW spreads
  • Good choice of trading tools
  • Low commission trading
  • A large number of Forex pairs
  • It doesn’t offer TradingView
  • The number of markets is limited
  • Has an inactivity fee

Broker Details

lowest commission forex broker award 2024
While exploring MetaTrader 5, we found that it offers a decent choice of 38+ indicators by default, along with over 20+ drawing tools. With access to indicators such as moving averages, MACD, RSI, and Bollinger Bands, you’ll find a solid foundation to develop a trading strategy on the MT5 platform.

Broker USD
Fusion Markets $2.25
Pepperstone $3.50
EightCap $3.50
IC Markets $3.50
ThinkMarkets $3.50

This low cost can help maximise your profits by minimising the impact of commission fees on your overall trading costs, especially if you are a high-volume trader.

To test Fusion Markets’ spreads, we opened a Zero account, which is their commission-based trading account with tight spreads.

Our analyst, Ross Collins, used this account to assess Fusion Markets’ average spreads and found that they provide highly competitive raw spreads, averaging 0.16 pips on the EUR/USD pair.

EURUSD Average Spread
Fusion Markets 0.16
IC Markets 0.19
Pepperstone 0.19
EightCap 0.2
ThinkMarkets 0.22

Typically, if something is cheap, you’d be right to wonder what the broker is missing. Well, we found the broker well-rounded, offering over 300+ markets covering all major markets, from forex to equities. Although this is below the industry average for choice, it still covers the major and popular instruments – allowing you to benefit from the low commissions on the most liquid markets.

Plus, the broker’s execution speeds are fast. We found the broker to achieve a limit order speed of 79 ms, a fraction slower than Pepperstone, but the market order execution speed was the fastest at 77 ms. With fast execution speeds, the lowest trading costs, and access to major markets, we think Fusion Markets places itself as a top broker for scalpers.

Broker Screenshots

4. Pepperstone Best Execution Speed With Zero Spreads

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

Pepperstone earned an impressive 97/100 in our evaluation, standing out for its swift execution speed and zero spreads, with trades on the MT4 platform completing in just 77ms on average.

Notably, Pepperstone’s Razor account offered zero spreads on EUR/USD throughout our testing period, making it an excellent choice for scalpers.

The diverse range of trading platforms, including MT4, MT5, cTrader, TradingView, and third-party apps like Capitalise.ai and DupliTrade, impressed us. Whether you prefer automated, chart, or copy trading, Pepperstone provides the right software for your needs.

Pros & Cons

  • 100% zero spreads on EUR/USD
  • Top 3 in our execution speeds testing
  • Variety of trading platforms and 3rd party trading tools
  • Lacks specialised risk management tools
  • The demo account limited to 90 days
  • Education resources are outdated

Broker Details

Our analyst, Ross Collins, used our RAW account with Pepperstone to test the broker’s execution on the MetaTrader 4 platform and compared the results against 14 other brokers.

Ross’ findings were impressive. Pepperstone achieved an outstanding 77 ms limit order execution speed, which ranked as the fastest out of all the brokers we tested.

This exceptional execution speed is crucial, as it directly impacts how swiftly your pending, stop loss and take profit orders are executed. In fast-moving markets, where every millisecond counts, Pepperstone’s lightning-fast execution can be the difference between securing a profitable trade and missing an opportunity entirely.

Overall Broker Limit Order Speed
1 Pepperstone 77
2 Fusion Markets 79
3 IC Markets 134
4 Eightcap 143
5 ThinkMarkets 161
6 IG 174

Pepperstone advertises zero-pip spreads on its RAW accounts, so we tasked our analyst Ross Collins with verifying whether this claim holds true and how frequently these favourable spreads are available.

Ross found that Pepperstone provided 0.0 pip spreads on its major currency pairs 100% of the time, which is an excellent achievement. This zero-spread structure eliminates one of the most significant trading costs, potentially increasing your profitability by allowing you to capture more of the market’s movements without the burden of spread-related expenses.

Broker AUDUSD EURUSD GBPUSD USDCAD USDCHF USDJPY Grand Total
Pepperstone 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Zero Spread Testing
Broker Time At Minimum Spread
Pepperstone 100%
City Index 100%
Fusion Markets 98.55%
ThinkMarkets 97.93%
IC Markets 97.83%
TMGM 97.83%
FP Markets 97.83%
Eightcap 97.83%
Admirals 95.60%
Blueberry Markets 94.20%
GO Markets 87.68%
BlackBull Markets 86.96%
GO Markets 87.68%
Axi 82.61%
CMC Markets 81.88%

Only Pepperstone and City Index achieved top marks in our testing, reinforcing that Pepperstone is the top broker for zero spreads.

pepperstone account types brief australia

5. AvaTrade Good Broker With Low Spreads 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

AvaTrade is a decent broker and one of the few that offers fixed spreads on its markets, something other brokers seem to avoid. Interestingly, AvaTrade has a fixed spread of 0.9 pips on EUR/USD, lower than the industry average of 1.8 pips. More importantly, it is cheaper than variable spread brokers like FXCM and Tickmill.

Unusually for a market maker, they allow scalping, day trading and even social and copy trading. Lastly, we should mention that they have options trading with the AvaOptions mobile app, something few other brokers offer.

Pros & Cons

  • Has stable spreads during volatile times
  • AvaProtect for risk management (with AvaTradeGo)
  • Has social and copy trading tools
  • No RAW spread pricing
  • AvaProtect limited to AvaTradeGO
  • Has inactivity fees

Broker Details

If you engage in day trading or prefer to capitalise on volatile markets, we believe AvaTrade is an excellent choice, thanks to its fixed spreads with no commission structure.
lowest fixed spread broker award 2024
We used AvaTrade’s Standard account during our testing and found that they offered a spread of 0.9 pips on the EUR/USD pair. While this may appear more expensive than other spreads in this list, it’s important to remember that there are no additional commissions.

In fact, we found their fixed spreads to be highly competitive, as they remain consistent even during volatile market conditions and price spikes. This stability can potentially save you money when day trading, as you won’t be subject to fluctuating spreads that can widen during periods of increased volatility.

Broker Spread* Fixed or Variable
IC Markets 0.62 Variable
AvaTrade 0.90 Fixed
Fusion Markets 0.93 Variable
Eightcap 1.00 Variable
eToro 1.00 Variable
ThinkMarkets 1.10 Variable
Pepperstone 1.12 Variable
IG Group 1.13 Variable

With the AvaTrade Standard account, you can access several platforms, including MT4, MT5, Web Trader, AvaTradeGO, and AvaTrade Options.

We tried the AvaTrade Web Trader, which featured an impressive market sentiment tool that integrated with the current market you were analysing. These sentiment tools can provide valuable insights by allowing you to gauge where AvaTrade’s clients believe the market will move.

For example, if over 60% of traders anticipate a rise in the EUR/USD pair, this is telling you most of AvaTrade’s clients are long on the major.

We believe tools like this can be especially beneficial for day traders, as they offer a quick and easy snapshot of market participants’ sentiment, which can be a valuable input when executing time-sensitive trades.

avatrade brief account types and products

Broker Screenshots

6. IG Group Largest Range of Markets With Low Spreads

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29

Trading Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime

Minimum Deposit

$0

Why We Recommend IG Group

IG Group is one of the biggest names in forex trading for having 17,000+ markets to trade, one of the largest range of markets of all brokers. Not only can you trade more Forex pairs, stocks, indices and hard and soft commodities than most CFD brokers offer, but you can also trade futures, options, sectors and interest rates. And spreads are low because there are no commission costs.

Pros & Cons

  • User-friendly IG Trading Platform
  • Widest choice of markets to trade
  • Provides free technical analysis tools
  • It doesn’t offer social trading tools
  • MT4 has limited access to share CFDs
  • Has a minimum deposit

Broker Details

IG Group offers an impressive 17,000+ markets, which stands out as the largest range we’ve seen from a CFD broker. In our tests, we found the broker to have 80+ FX pairs, 12,000+ stocks, 130 indices, 41 commodities, 6,000+ ETFs, and 7,000+ options markets.

Having a wide array of markets available through one account simplifies the trading process. It allows you to switch between markets without juggling multiple accounts or platforms, which can be critical in capitalising on market volatility across multiple assets.

In our tests, we found that IG Group only provides a Standard account, which is a spread-only account without commissions, as the commission is incorporated into the spread.

When testing the Standard account’s spreads across forex markets, we were pleased to discover that they were low compared to industry averages. Specifically, the broker averaged 1.13 pips on the EUR/USD pair, putting it on par with other low-spread brokers like Pepperstone.

BROKER EUR/USD
IC Markets 0.62
Fusion Markets 0.93
Eightcap 1
ThinkMarkets 1.1
eToro 1
IG 1.13
Pepperstone 1.12
Industry Average 1.24

We liked that IG Group offers several trading platforms, including MetaTrader 4, the IG Group Trading Platform, L2 Dealer, and ProRealTime. However, if you aim to maximise IG Group’s benefits, we recommend their proprietary IG Trading Platform as the top choice. This platform has over 40 indicators and trading signals from Autochartist and PIA First, specialists in technical and price action trading.

Broker Screenshots

7. eToro Top Low Spread Broker With 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

$500

Why We Recommend eToro

eToro stands out with a unique focus on a Copy Trading experience rather than the traditional approach. Through the CopyTrader platform, you can automatically replicate the trades of experienced traders, making it an ideal tool for those seeking high-risk trading without the need for personal expertise.

eToro average spreads of just one pip on EUR/USD, with no additional commission costs impressed us. Lower spreads translate to reduced trading costs, a crucial factor for maximising profitability in your trading journey.

Pros & Cons

  • Simplified copy trading platform
  • 30,000,000+ traders to copy from
  • No commissions on trading
  • Doesn’t support third-party trading platforms
  • No RAW spread account pricing
  • Charges you to withdraw funds

Broker Details

eToro’s web platform is designed for social trading, allowing us to find and follow traders and discuss the latest trends, current markets, or strategies with other traders.best social copy trading awards 2024

During our testing, the platform reminded us of Facebook and how we engaged with other traders on their profiles rather than in an open forum. This feature can be valuable for networking with experienced traders, especially for beginners, as it provides a unique opportunity to observe, learn, and interact directly with them.

Alternatively, we tried eToro’s CopyTrader feature, which enables mirroring a trader’s positions. This functionality is particularly useful if you lack extensive trading experience or prefer a more hands-off approach, as it allows you to leverage successful traders’ expertise without making intricate trading decisions themselves.

With features that simplify filtering eToro’s community of 30,000,000 traders, we could fine-tune the criteria to find traders who meet our requirements. This made finding traders to copy straightforward; when we did our due diligence, we knew the traders had already met our requirements. We could then allocate our funds via a percentage with eToro’s Copy tools, making it easy to fund and manage the Copy Traders.

As a broker focused on its trading platform, we were impressed with eToro’s competitive spreads, averaging one pip on EUR/USD and commission-free trading on stocks. We think this setup makes social trading better by letting traders follow their chosen strategies without high fees or commissions.

eToro Account type for Australian traders

Broker Screenshots

8. ThinkMarkets Great Broker For CFD Markets And Shares Investing

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

In the Forex brokerage arena, ThinkMarkets stands out for its unique offering of shares and ETF investing alongside CFD products.

With the ThinkTrader app, you can invest in over 3,100 ASX shares at just $8 per trade, in addition to trading 46 Forex pairs, 352 ETFs, 17 indices, 27 cryptos and even futures, metals, and energies with MT4 and MT5.

Boasting low average spreads, starting from just 0.1 pip on EUR/USD, ThinkMarkets provides a cost-effective trading environment, particularly beneficial for those employing frequent automated strategies.

Pros & Cons

  • Competitive low RAW spreads
  • Offers MetaTrader 4 and 5, ThinkTrader
  • Decent selection of trading products (4000+)
  • Minimum deposit for RAW spreads
  • Cannot use RAW account with ThinkMarkets platform
  • Charges an inactivity fee

Broker Details

We like ThinkMarkets’ extensive offering of over 3,000 markets for trading CFDs, shares, and Exchange Traded Funds. This broad range provides ample opportunities for diversification and exposure to various asset classes, catering to traders with diverse preferences and risk appetites.

Our tests found that ThinkMarkets covers most major markets, including 47 currency pairs, 59 ETFs, 23 indices, and 15+ commodities, ensuring that traders can access various instruments to suit their trading strategies.

We found ThinkMarkets trading costs to be reasonable. The $8 per trade charge and small spreads, which vary for each share, offer a competitive pricing structure.

For instance, during our tests, we observed a spread of $0.03 on Amazon shares, which is quite favourable compared to the industry average. This cost-effective approach can help lower your share dealing costs, improving your profit margin.

When it comes to the broker’s other markets, we were pleased with the competitive spreads on offer. The standard account provides spreads as low as 1.1 pips on the EUR/USD pair without commission.

If you want even tighter spreads, the ThinkZero account is an attractive option, offering average spreads from 0.1 pips on EUR/USD. While this account charges a commission of $3.50 per lot traded, it aligns with the industry average, balancing spread costs and commissions.

Broker Screenshots