10 Best Australian Forex Brokers (January 2023)

Do not invest more money than you can afford to lose.

Australia is home to one of the most vibrant Forex markets in the world. The brokers which originated there are internationally renowned for the high level of their service. In fact, the Australian Forex market is so competitive that traders are rather spoiled for choice! If you are one of them, and are wondering which ASIC-licensed firm to pick to deal with, we have prepared this article to help you out. Within are the ten best Forex brokers in Australia as of January 2023. We will be outlining their main features here, so if something grabs your attention be sure to check the particular firm’s website for more details:

1. TMGM

TMGM is a Forex broker which is dedicated to the Pacific region. Its services are available for traders from Australia and New Zealand. What sets the firm apart is the access it gives its traders to the Iress platform. This software is geared towards allowing experienced clients to receive and process a lot of market information from all over the world, so they can make the most of the opportunities that present themselves. Of course, conventional platforms like Metatrader 4 and 5 are also available.

2. FBS

Contrary to the broker above, FBS is very well geared towards providing new clients with what they need. This is access to the markets at low costs – and the broker’s symbolic minimum deposit requirement of $10 serves to offer just that. Micro accounts with most companies these days cost around $10 too, but there are certain restrictions on lot size associated with them. Traders of FBS will be able to use standard lots on their accounts, on the other hand. Aside from its superior low-cost account, this firm also has excellent trading conditions too.

3. FXCM

Another excellent broker with a large presence in Australia, FXCM is a staple of the markets there. The conditions it offers access to are quite attractive, and there are many platforms to pick from to suit the needs of any trader. MT4 is available for clients who are used to it, but Trade Station, Zulu Trade and Ninja Trade can be explored as alternatives as well. If you feel like stepping out of your comfort zone and picking a new platform to trade with, FXCM is the firm for you!

4. FP Markets

FP Markets provides access to an excellent opportunity to make the most of Forex trading without necessarily having to have any in-depth knowledge of them. This is because the firm offers access to Copy trading – a way to track the top performers on its platform. You can then pick one or several to copy – automatically opening the same positions as them and exiting at the same time. There is risk associated with this kind of trading as well, of course. But, given the fact most of the leading traders are professionals, this risk is lower than if you were to trade on your own, if you are new to the FX market.

5. OANDA

When it comes to trading Forex, OANDA is a global institution. As you can see above, the broker is licensed across many jurisdictions. The advantages of trading with such a firm come from the wealth of data it has available to its clients. For instance, you can track the movements of the markets with the MarketPulse service available to the clients of the broker. This is a newsletter which contains articles covering important market events, videos and even podcasts. Any trader worth their salt benefits from having as much information as possible – and with OANDA all of that is gathered in one convenient place.

6.IG

IG is another broker, which can be found in most countries around the world. An interesting detail about the firm is its commitment to the trading of Shares. That way, you can trade ones from Australia for a very low commission of $5 per share. US shares are commission-free with IG, and you can trade them with extended hours. Of course, this does not mean the reach of markets of IG is limited to trading this asset class – the firm also has access to anything else you would expect – FX, Indices and so on.

7. Pepperstone

Pepperstone, which was originally founded in Australia, has earned itself international renown and branched towards other markets as well. Still, it is committed to offering access to excellent services for Australian traders. The rather high minimum deposit with the firm is justified by the fact it offers access to incredibly low spreads and competitive commissions. If you do not like dealing with spreads, this is the broker for you. Said commission is of $6 per traded lot.

8. CMC Markets

Next on our list is CMC Markets, which provides access to a unique trading platform, called Next Generation. It is available on most modern browsers and mobile devices. The software boasts powerful tools – traders are able to use sentiment gauges to assess whether to buy or sell, for instance. They are also able to use a Patter recognition tool, which automatically scans the markets and offers them trading alerts. This analytical instrument can be applied to over 120 of the produces the broker offers. If you are accustomed to trading with the Metatrader 4 platform though, the firm has it available as well.

9. IC Markets

IC Markets stands out from the competition with low spreads and commissions – but there is also a dedication to empowering the clients who wish to make use of the Metatrader 4 platform. Since updates for the software were discontinued by its developer, a lot of brokers have started offering access to various tools to help bridge the gap between MT4 and its successor. IC Markets is one of them – the firm has access to many plug-ins for the platform. In our opinion, the Alarm Manager which lets you deal with all trading alerts you have set up from one place and open and close trades from there as well, is well worth checking out.

10. Fortrade

Last but not least is Fortrade. The broker is dedicated to keeping trading accessible for clients who might not be aware of the complex Forex world. To that end, the firm offers access to trading for low fees and without any advanced features. This is the design motivation of its Fortrader software, available from most web devices. Of course, if you are more experienced, the firm also has access to industry standard Metatrader 4, which can be used to suit the needs of professional traders.