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Main » The Best Online Brokers in Australia » Online Forex Brokers Australia

Online Forex Brokers Australia: The Best Brokers For Forex in 2024

Last Updated on 13/06/2024
Fact checked by: Kane Gregan

Welcome to the Wetten Broker Australia comparison for the best online forex brokers Australia. We will be taking a comprehensive look at all the online operators on the market and compare the specifics of their service offers.

Deciding which forex broker is the best is a challenge that no person should have to undertake. Fortunately, our team of experts have put together all our broker reviews and managed to rank each of them in our list of requirements.

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Compare the Best Forex Brokers in AU

xm.com
Recommended
Favicon
4.6/5
  • No hidden fees or charges
  • Over 50 currency pairings
  • Low spreads available to all users
Minimum Deposit
5.00€
Deposit Protection
20,000.00€
Maximum Leverage
1:888
Trading Platforms
Android
iOS
MT4
MT5
Web
Visit Provider
T&Cs apply, 18+
Payment Methods
Neteller
Skrill
Bank Transfer
+
License
CySEC - Cyprus Securities and Exchange Commission
Show less
Kraken
Hot Offer
Favicon
4.5/5
  • In-depth learning resources
  • Competitive trading fees
  • Various fiat options
Minimum Deposit
10.00€
Deposit Protection
20,000.00€
Maximum Leverage
Trading Platforms
Android
iOS
Web
Visit Provider
T&Cs apply, 18+
Payment Methods
Bank Transfer
License
CNMV - Comisión Nacional del Mercado de Valores
Show less
Admiral Markets
Hot Offer
Favicon
4.5/5
  • Trade FX on the go via the Admiral Markets app
  • Access to forex majors, minors, and exotic markets
  • Great charting tools and indicators
Minimum Deposit
200.00€
Deposit Protection
20,000.00€
Maximum Leverage
1:500
Trading Platforms
Android
iOS
MT4
MT5
Visit Provider
T&Cs apply, 18+
Payment Methods
Neteller
Skrill
Bank Transfer
+
License
CySEC - Cyprus Securities and Exchange Commission
Show less
FP-Markets
4.
Favicon
4.5/5
  • Over 70 forex pairs available
  • Trading open 24/5
  • Minimal trading fees
Minimum Deposit
100.00€
Deposit Protection
20,000.00€
Maximum Leverage
1:500
Trading Platforms
Android
iOS
MT4
MT5
cTrader
Custom
Visit Provider
T&Cs apply, 18+
Payment Methods
Neteller
PayPal
Bank Transfer
+
Apps
License
ASIC - Australian Securities and Investments Commission
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eToro
5.
Favicon
4.5/5
  • Big choice of forex pairs
  • User-friendly trading platform
  • Low fees for forex trading
Minimum Deposit
$200.00
Deposit Protection
$20,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
Custom
Visit Provider
T&Cs apply, 18+
Payment Methods
Neteller
Skrill
Bank Transfer
+
Apps
License
MSB - Money Services Business (USA)
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Avatrade
6.
Favicon
4.5/5
  • Regulated and efficient online platform
  • Good selection of forex pairs
  • Informative resources on hand
Minimum Deposit
250.00€
Deposit Protection
50,000.00€
Maximum Leverage
1:400
Trading Platforms
Android
iOS
MT4
Custom
Visit Provider
T&Cs apply, 18+
Payment Methods
Bank Transfer
Visa
Mastercard
License
CBI - Central Bank of Ireland
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Eightcap
7.
Favicon
4.5/5
  • Over 40 major, minor, and exotic forex markets
  • Scalping, hedging, and EAs are all supported
  • Spreads as low as 0.0
Minimum Deposit
Deposit Protection
Maximum Leverage
Visit Provider
T&Cs apply, 18+
Payment Methods
Neteller
Skrill
POLi
+
License
ASIC - Australian Securities and Investments Commission
Show More
Ingot
8.
Favicon
4.5/5
  • Zero commission for CFD forex trading
  • Maximum leverage up to 1:500.
  • 30+ currency pairs for Forex trading
Minimum Deposit
Deposit Protection
Maximum Leverage
Visit Provider
T&Cs apply, 18+
Payment Methods
Visa
Mastercard
License
ASIC - Australian Securities and Investments Commission
Show More
Blueberry Markets
9.
Favicon
4.5/5
  • Plenty of currency pairs to choose from 
  • Leverage will vary for minor and major currency pairs
  • Low average spreads
Minimum Deposit
Deposit Protection
Maximum Leverage
Visit Provider
T&Cs apply, 18+
License
ASIC - Australian Securities and Investments Commission
Show More
TMGM
10.
Favicon
4.5/5
  • Over 60 currency pairs including emerging and exotic.
  • Apply up to 1:500 leverage.
  • Over 10, tier-1 liquidity providers for fantastic rates.
Minimum Deposit
Deposit Protection
Maximum Leverage
Visit Provider
T&Cs apply, 18+
Payment Methods
Visa
Mastercard
License
ASIC - Australian Securities and Investments Commission
Show More
Vantage FX
11.
Favicon
4.4/5
  • Over 40+ currency pairs
  • Low average spreads 
  • Leverage as high as 30:1 offered on major currency pairs
Minimum Deposit
$200.00
Deposit Protection
Maximum Leverage
1:500
Trading Platforms
Android
iOS
MT4
MT5
Visit Provider
T&Cs apply, 18+
Payment Methods
Bank Transfer
Visa
Mastercard
License
CIMA - Cayman Islands Monetary Authority
Show More
Global Prime
12.
Favicon
4.4/5
  • Leverage is set at 1:5
  • Zero-commission on any bond CFDs
  • Transparency of fees
Minimum Deposit
Deposit Protection
Maximum Leverage
Visit Provider
T&Cs apply, 18+
Payment Methods
License
ASIC - Australian Securities and Investments Commission
Show More
Fusion Markets
13.
Favicon
4.4/5
  • Over 70 different currency pairs
  • Low average spreads
  • Minimum spread of 20:1
Minimum Deposit
Deposit Protection
Maximum Leverage
Visit Provider
T&Cs apply, 18+
License
ASIC - Australian Securities and Investments Commission
Show More
AxiTrader
14.
Favicon
4.4/5
  • 70+ forex pairs available to trade
  • Allow leveraged trades
  • Up to AUD7 commissions
Minimum Deposit
$200.00
Deposit Protection
£85,000.00
Maximum Leverage
1:400
Trading Platforms
Android
iOS
MT4
Visit Provider
T&Cs apply, 18+
Payment Methods
Neteller
Skrill
Bank Transfer
+
License
FCA - Financial Conduct Authority
Show More
Trade Nation
15.
Favicon
4.4/5
  • Fixed spreads on all currency pairings available to trade.
  • Maximum leverage up to 1:200.
  • 30+ currency pairs for Forex trading
Minimum Deposit
Deposit Protection
Maximum Leverage
Visit Provider
T&Cs apply, 18+
Payment Methods
Visa
Mastercard
License
FCA - Financial Conduct Authority
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IG
16.
Favicon
4.3/5
  • Access to over 80 forex pairs
  • Trade spreads from 0.6 points
  • Australia’s No.1 FX provider
Minimum Deposit
300.00€
Deposit Protection
100,000.00€
Maximum Leverage
1:30
Visit Provider
Payment Methods
PayPal
Bank Transfer
Mastercard
+
License
ASIC - Australian Securities and Investments Commission
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.
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Multibank
17.
Favicon
4.3/5
  • Highly liquid market
  • Excellent level of stability
  • Competitive forex spreads
Minimum Deposit
$50.00
Deposit Protection
$100,000.00
Maximum Leverage
1:500
Trading Platforms
Android
iOS
MT4
MT5
Web
Visit Provider
T&Cs apply, 18+
Payment Methods
Neteller
Skrill
SWIFT
+
Apps
License
ASIC - Australian Securities and Investments Commission
Show More
IC Markets
18.
Favicon
4.3/5
  • 65 currency pairs available
  • Intuitive trading tools available
  • Easy-to-use trading platform
Minimum Deposit
200.00€
Deposit Protection
20,000.00€
Maximum Leverage
1:500
Trading Platforms
Android
iOS
MT4
MT5
Web
Custom
Visit Provider
T&Cs apply, 18+
Payment Methods
Credit Card
Neteller
Skrill
+
License
SFSA - Seychelles Financial Services Authority
Show More
Interactive Brokers
19.
Favicon
  • 100+ currency pairs
  • Tight spreads
  • Expert FX trading tools
Minimum Deposit
$10,000.00
Deposit Protection
$500,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
Web
Best Alternative
xm.com Bet now
Payment Methods
Bank Transfer
Visa
Mastercard
License
SEC - U.S. Securities and Exchange Commission
The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
Show More
TradeDirect365
20.
Favicon
  • A little over 30 currency pairs available
  • Leverage up to 200:1
  • Uses fixed minimum spreads
Minimum Deposit
Deposit Protection
Maximum Leverage
Best Alternative
xm.com Bet now
License
ASIC - Australian Securities and Investments Commission
Show More
Capital.com
21.
Favicon
  • Rated ‘Best Forex Trading App’ by UK Forex Awards 2018
  • Low fees for forex trading
  • Tight spreads on forex assets
Minimum Deposit
20.00€
Deposit Protection
20,000.00€
Maximum Leverage
1:30
Trading Platforms
MT4
Web
Best Alternative
xm.com Bet now
Payment Methods
Applepay
Visa
Mastercard
+
Apps
80.84%% of retail investors lose money.
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What is a forex broker?

The forex market is an exchange where global currencies are traded. Currencies serve as the basis for financial transactions all over the world and depending on where you are, your currency may be worth something different to a trader on the other side of the world.

With the globalisation trend picking up momentum after the arrival of the internet, it is no wonder that currencies have begun to be exchanged at a much larger volume than ever before. This has led to the formation of the forex markets and allows customers to trade their Australian dollars for any other currency pairing that they are interested in investing in.

An online forex broker serves as the intermediary for two interested traders to exchange their currencies. This is usually done by using a figure relatively close to what the current exchange rate would be. This transaction also takes place over-the-counter between the two interested parties and is completed via a series of computer networks.

Due to the global scale of the forex market, traders have the ability to complete trades at any time of the day as there is constant activity within the markets who are open around the world.

Forex online brokers make use of the spot market trading mechanism which allows customers to transact with the real asset as opposed to a futures contract. A forex broker Australia will generally offer a similar service to competitors on the market but tend to have slight variations in order to attract more customers than the competition.

Our review structure takes a close look at the fundamental aspects of any broker service and ranks them accordingly to give our team a concise rating of the broker. To take a look at another common trading instrument, head to our CFD broker Australia page.

Our choice of Forex trade platforms:

xm.com
4.6/5
xm.com Review
T&Cs apply, 18+
Visit Provider
Kraken
4.5/5
Kraken Review
T&Cs apply, 18+
Visit Provider
Admiral Markets
4.5/5
Admiral Markets Review
T&Cs apply, 18+
Visit Provider

Deciding between the best online forex brokers

If you are interested in investing within the forex markets you will need to have signed up with a forex broker in Australia to offer you the service. Actual exchanging of currencies will usually incur very high fees and it is highly unlikely that readers will be able to make as much of a profit using this means to trade foreign currencies. Any forex broker Australia will offer a more streamlined, cost-effective approach, but the differences in their service could have customers paying higher fees than they need to or just not receiving the quality of service that they should.

For this reason, our forex trading reviews take a look at all the specifics and rank them accordingly to put together this forex broker comparison. To take a look at another trading instrument option, head to our social trading Australia page.

Our forex broker reviews first take a look at a bit of history surrounding the online service to determine how much experience the broker has. Our team then takes a look at the cryptocurrency markets that are available with the broker, the crypto markets have gained massive momentum over the past few years and it is an important consideration for any trader to diversify their investment portfolio.

In this section, we detail exactly what cryptocurrencies are available and the level of the trading service offered. The other trading instruments and exactly how a customer can begin to trade are also detailed within each review. Each trading option is evaluated within the trading platform offered and ranked accordingly. The best forex broker Australia should have a variety of trading instruments available for their customers.

A broker in forex would definitely not be recommended if they have not managed to obtain the relevant licenses and put the best security measures forward. Our online forex broker reviews include all the details surrounding their jurisdiction in Australia alongside their licenses that they have obtained and what security measures are in place to protect customer data. The web page itself is then evaluated in terms of usability, look and feel.

Most of your trading will be done on the site and it can become quite tiresome if the page is outdated and cluttered. The payment methods available are also evaluated alongside the fees that will be applicable with each account option. Our team looks at the processing time of payments as well as any fees associated with the service.

Finally, the forex broker Australia reviews are completed by taking a look at the customer service team that is on offer with the broker’s online reputation and customer feedback. The customer service team will serve as your safety net when you do come across any troubles within the service.

Knowing exactly how the broker has performed for others also gives a clear indication of the levels of service you can expect from the online forex broker. If you are interested in other trading instruments, be sure to check out our ETF online broker page.

Looking to trade ETF?

eToro
4.6/5
eToro Review
T&Cs apply, 18+
Visit Provider
Avatrade
4.5/5
Avatrade Review
T&Cs apply, 18+
Visit Provider
IG
4.5/5
IG Review
T&Cs apply, 18+
Visit Provider

Try out a demo account

Before you commit to signing up with any of the available online forex brokers, it is recommended that you first research and familiarise yourself with their service on offer. The majority of large brokers within the industry will offer interested customers the chance to open a demo account within their service before having to deposit any real funds. This allows customers to get a feel of the markets and how they behave before investing in a specific option.

If the forex broker in Australia does offer this service, they will include a number of fictitious funds that can be used on the forex markets and these fake funds will then follow the behaviour of real-time markets allowing customers to see if they are actually able to make some earnings. To get the full lowdown, head to our forex demo account page.

Demo accounts are always on offer with the best forex online brokers and will also provide an invaluable insight into the trading platform that is on offer with the online operator. This platform should have a number of analysis tools to use on the forex markets and give you some much-needed information to decide when to buy or not.

The usability and functionality of the platform itself can also be determined for your specific needs with the demo account. To take a look at a different trading instrument, head to our futures broker comparison page.

Our favourite Futures Brokers:

eToro
4.6/5
eToro Review
T&Cs apply, 18+
Visit Provider
Avatrade
4.5/5
Avatrade Review
T&Cs apply, 18+
Visit Provider

Do your market research

Whether you are trading in stocks or cryptocurrencies, every investment will demand a certain level of research to be completed in order to make informed trading decisions. Some markets can be incredibly volatile and result in big losses if you don’t manage to keep up to date with the news surrounding your specific investments. Trading forex is a bit broader than a cryptocurrency or stock and is correlated to the country’s economic performance and applicable news. This makes it important to keep up to date with global news resources and online news platforms to try to gain some information on their specific currency price behaviour.

Researching the markets will also provide traders with a much-needed perspective on the correct time to purchase a specific foreign currency. The upward trend of one specific currency pair may be on its way to a large swing and if you do purchase at a price spike, you may lose a large amount of your initial funds. Be sure to read as many different opinion pieces as possible and gain a wide spectrum of information before making your decision to purchase a specific foreign currency option. One of the most notoriously volatile markets within the trading industry is the crypto market. If you would like to get involved with the masses who are joining the momentum that it has recently been experiencing, head to our cryptocurrency broker Australia page.

Our go-to brokers for CFD trading:

Vantage FX
4.6/5
Vantage FX Review
T&Cs apply, 18+
Visit Provider
Admiral Markets
4.5/5
Admiral Markets Review
T&Cs apply, 18+
Visit Provider
eToro
4.5/5
eToro Review
T&Cs apply, 18+
Visit Provider

Check our the broker fees

Even if you manage to sign up with the best forex broker Australia, you will still have to pay some fees to be able to use the service. This might come in the form of a fixed fee or a percentage commission. Fortunately, our team of experts take this into careful consideration when compiling our reviews and compare the fee setup to that of the industry to give a clear indication of how generous an online broker is. If you are looking to trade frequently, head to our day trading brokers Australia page to get all the information you will need.

It is important to browse through the full list of terms and conditions to get a complete idea of how fees will apply when you are trading. Diversifying your investment portfolio may have you paying more fees with certain brokers than others. This is an important consideration to make if you are interested in other trading instruments provided by your broker. There may also be an account fee that is payable at some point in the year whereas some operators offer the usage of their service for free. To get all the details surrounding another common trading instrument, head to our best options broker Australia page.

Our best picks for trading options:

Kraken
4.5/5
Kraken Review
T&Cs apply, 18+
Visit Provider
IG
4.4/5
IG Review
T&Cs apply, 18+
Visit Provider

Available forex currency pairs

If it is your first time hearing about forex currency pairs, it would be highly recommended that you head to our forex trading for beginners page to get started. For the more experienced traders, knowing your currency pairs of interest is crucial if you are hoping to make your trading career a success. Investing in a currency pair that you know very little about will lead to uncertainty in your investments. Throughout our forex broker comparison we have taken a look at the availability of forex pairs within the online operator’s service. These pairs can differ significantly with each of the online forex brokers. The most popular options, AUD/USD and AUD/GBP should be on offer with just about any of the online brokers out there.

It is also worth noting that having a large variety of forex pairs also opens up many opportunities for less active forex currency pairs to be looked at. While the majority of trading will be done on the most popular markets, there are also opportunities for investment with some of the lesser known currency pairs. For this reason, our review includes an evaluation of the variety of forex currency pairs. Be sure to make use of our forex trading tips whenever you are looking to invest.

Sticking to your specific markets

Whenever you are investing your money within any of the trading instruments that are used, it is always advised that you stick to the markets you are familiar with. Trading forex currency pairs that you know nothing about will essentially be gambling and hoping for your investment to pay off. It is always worthwhile to stay close to home with the forex pairs and use pairings of your local currency as opposed to two foreign currencies. This will allow you to gauge how the price of your local currency may be affected over time by following local news and information sources.

It is also worthwhile to do some research regarding the currency you are looking to invest in. This will require doing some reading with news channels abroad and reading up on the predictions related to the foreign currency. Be sure to check our forex strategies page for more tips to try and make your career a success.

Futures:

eToro
4.6/5
eToro Review
T&Cs apply, 18+
Visit Provider
Avatrade
4.5/5
Avatrade Review
T&Cs apply, 18+
Visit Provider

How to trade forex – Our top tips

When you are ready to get going with a forex broker in Australia, you will have to complete a certain amount of admin to complete before you are able to make transactions. The first step will always be to sign up with the online forex broker of your choosing. Read through a forex broker review Australia to get an idea of exactly how our reviews are conducted and then you can also develop a personal checklist of points that you are on the lookout for within an online service. This will allow you to cross-reference your requirements to the information within our forex broker comparison.

After you have submitted your personal details and created an account, you will likely have to verify your email address by following a link included in the verification email sent to you. Then you will have to verify your identity before you can transact within the service. This will require sending a photo/document of your ID or passport. Some brokers may have a processing time for this but the majority of the best are relatively quick. Be sure to look out for a low spread broker forex when you are the market for an online operator.

With a verified account, you will now have to make use of one of the payment methods mentioned in our reviews to deposit some funds into your account with the specific broker. These methods may be subject to some fees but these will also be clearly displayed when transacting with the broker. There may also be a processing time with some of the payment methods and this will depend on both the forex broker and the specific payment method that you prefer. Always try to use a payment method with the minimum processing time if you have the option to do so.

Finally, you will have to do some research and wait for the ideal opportunity to purchase some foreign currency. You can never have enough information when looking to trade and knowing when to buy the currency will give you an edge to be a step above the competition. Read as much as you surrounding the currency pair and use all of our tips mentioned here.

Our top choice Forex trading platforms:

xm.com
4.6/5
xm.com Review
T&Cs apply, 18+
Visit Provider
Kraken
4.5/5
Kraken Review
T&Cs apply, 18+
Visit Provider
Admiral Markets
4.5/5
Admiral Markets Review
T&Cs apply, 18+
Visit Provider

Conclusion – Time to get trading!

By now, you should have a complete understanding of foreign exchange and understand what a forex broker does. Simply exchanging your money for a foreign currency may be beneficial but the applicable fees to a physical cash exchange are usually very high. Forex brokers allow foreign currency exchange to any customers that are interested. It is then up to you to read through our broker reviews and put together some research in order to choose the online forex broker that is most suited to your trading needs.

Understanding how our reviews are conducted is crucial if the information presented is going to be used. Be sure to try out the demo account options that are available before opening a real account and always do your research before buying some foreign currency. It is also crucial to know what fees you will be liable to pay while using the service and these are also discussed within our broker reviews. Finally, know what currency pairs you are looking to trade and stick to those that you are the most familiar with. Also use our how to trade guide if you are relatively new to the scene. Find all the information regarding forex scalping right here at Wetten Broker.

Forex Broker Online FAQ

💰 Who are the best online forex brokers Australia?

If you are interested in trading on the various forex markets that are available within the trading industry, you will likely be on the lookout for the best online forex brokers in Australia. Having a reputable, quality broker will save you any unnecessary fees and hassles throughout your trading career. Our broker reviews here at Wetten Broker Australia detail all the necessary information to help make your decision.

📑 What do I need to sign up with an online forex broker?

To sign up for any online service, you will need to provide all the necessary details that the online service provider requires to allow you to transact within their platform. These are usually personal details and/or verification documents that are specific to each online broker. Be sure to read through our reviews to find out exactly what you will need to sign up with one of the many online forex brokers.

💱 How do I deposit with forex brokers Australia?

If you would like to trade any sort of financial instrument, such as forex trading, you are going to need to deposit some real funds before you are able to transact within the service. Nowadays, online operators have a large variety of payment methods available and you can find all the details of each of them right here at Wetten AU.

🚀 What currency exchanges are available with a forex broker Australia?

Depending on your specific investment interests, you will likely be looking for a currency exchange pair that suits your interests. Each online forex broker offers a variety of different currency exchanges and you will need to confirm that your ideal exchange is available with the broker you are interested in. Read through our broker reviews to see exactly what is on offer.

🧳 What fees will I need to pay with one of the forex online brokers?

Each online broker will have their own applicable fees for their service. This is standard within the online trading industry and you can only try to minimise the fees that you will have to pay throughout your trading career. Our online stock broker reviews evaluate the fees applicable with each operator and rank them according to the industry standard. Be sure to read through some of the pages here at Wetten Broker Australia.

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