Compare FX Trading Accounts From The Best Forex Brokers

I don’t believe there is a ‘single’ best Forex broker for foreign exchange trading, that would meet everyone’s needs. Same as there is no single indicator or Forex trading style that is best for everyone, nor is there simply one best FX broker suited to every Forex trader. Retail foreign exchange trading is a very personal endeavour, with differing available capital, risk tolerance, trading strategy, styles and trading account requirements. It is therefore critical to compare forex brokers in a like-for-like manner.

Best Forex Broker in AustraliaIt can also be difficult for traders to know who are the trusted and reputable Forex brokerage firms in Australia. Therefore, I have reviewed 1 in detail, the top ASIC regulated Forex broker lists covering a variety of features traders look for, including standard Forex accounts and electronic communication network (ECN) Forex trading accounts.

Below you’ll find a comparison of Retail foreign exchange trading brokers for 2020. These include the cheapest online Forex trading; access the interbank market with the best ECN broker accounts (all are Australian forex brokers too); low fixed spread CFD FX broker; and largest product range Forex broker.

ECN Forex Broker Accounts

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FIXED Spread Forex CFD Brokers

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Standard Forex Broker Accounts

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To view our detailed broker review and individual ratings criteria 1, simply click on the “read our full review” button in the tables below. All brokers listed on this site are ASIC regulated and will therefore have an Australian Financial Services (AFS) Licence number available.

Best ECN Forex Broker Accounts

Forex electronic communications network (ECN) trading accounts always operate on a no dealing desk (NDD) basis. The spreads are typically tighter than standard accounts as the foreign exchange broker does not add any additional spread. However, they charge a fixed commission instead when a trade is made.

Compare Forex ECN Pricing Broker Accounts
  • Best Suited To

    Best Suited To
  • Broker Rating 1
  • ASIC Regulated

    ASIC Regulated
  • Deposits Held

    Deposits Held
  • No. Currency Pairs

    No. Currency Pairs
  • Commission Per Side (100,000)
  • Spread Type

    Spread Type
  • Spreads From

    Spreads From
  • AUDUSD

    AUDUSD
  • EURGBP

    EURGBP
  • EURUSD

    EURUSD
  • GBPUSD

    GBPUSD
  • USDCHF

    USDCHF
  • USDJPY

    USDJPY
  • MetaTrader 4 (MT4)

    MetaTrader 4 (MT4)
  • MetaTrader 5 (MT5)

    MetaTrader 5 (MT5)
  • Min. Trade Size

    Min. Trade Size
  • Min. Open Balance

    Min. Open Balance
  • A/C Base Currency

    A/C Base Currency
Pepperstone Best ECN Forex Broker
Razor A/C
  • Best Suited To

    FX traders wanting tight ECN spreads on MT4 / 5 or cTrader
    Large No. of currency pairs
  • 4.5 / 5
  • ASIC Regulated

  • Deposits Held

    NAB
  • No. Currency Pairs

    61+
  • AUD $3.50 per 100,000
  • Spread Type

    ECN Pricing Spread
  • Spreads From

    From 0.0 pips
  • AUDUSD

    From 0.0 (Ave: 0.18) pips
  • EURGBP

    From 0.0 (Ave: 0.48) pips
  • EURUSD

    From 0.0 (Ave: 0.13) pips
  • GBPUSD

    From 0.0 (Ave: 0.51) pips
  • USDCHF

    From 0.0 (Ave: 0.31) pips
  • USDJPY

    From 0.0 (Ave: 0.13) pips
  • MetaTrader 4 (MT4)

  • MetaTrader 5 (MT5)

  • Min. Trade Size

    0.01 Lot
  • Min. Open Balance

    $200
  • A/C Base Currency

    AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
  • Pepperstone Review
    Pepperstone FX Website
FP Markets ECN Foreign Exchange Broker
Raw ECN A/C
  • Best Suited To

    Currency traders who also need a wide variety of non-forex instrument types (eg equities)
  • 4.3 / 5
  • ASIC Regulated

  • Deposits Held

    CBA
  • No. Currency Pairs

    45
  • AUD $3.50 per 100,000
  • Spread Type

    ECN Pricing Spread
  • Spreads From

    From 0.0 pips
  • AUDUSD

    From 0.0 (Ave: 0.30) pips
  • EURGBP

    From 0.2 (Ave: 0.61) pips
  • EURUSD

    From 0.0 (Ave: 0.09) pips
  • GBPUSD

    From 0.0 (Ave: 0.49) pips
  • USDCHF

    From 0.0 (Ave: 0.41) pips
  • USDJPY

    From 0.0 (Ave: 0.36) pips
  • MetaTrader 4 (MT4)

  • MetaTrader 5 (MT5)

  • Min. Trade Size

    0.01 Lot
  • Min. Open Balance

    $100
  • A/C Base Currency

    AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
  • FP Markets Review
    FP Markets Website
GO Markets ECN pricing account
GO Plus+ A/C
  • Best Suited To

    Forex traders needing tight spreads, good range of FX pairs & a dedicated account manager
  • ASIC Regulated

  • Deposits Held

    NAB   CBA
  • No. Currency Pairs

    50
  • AUD $3.00 per 100,000
  • Spread Type

    ECN Pricing Spread
  • Spreads From

    From 0.0 pips
  • AUDUSD

    From 0.0 (Ave: 0.2) pips
  • EURGBP

    From 0.0 (Ave: 0.4) pips
  • EURUSD

    From 0.0 (Ave: 0.2) pips
  • GBPUSD

    From 0.0 (Ave: 0.5) pips
  • USDCHF

    From 0.0 (Ave: 0.4) pips
  • USDJPY

    From 0.0 (Ave: 0.2) pips
  • MetaTrader 4 (MT4)

  • MetaTrader 5 (MT5)

  • Min. Trade Size

    0.01 Lot
  • Min. Open Balance

    $200
  • A/C Base Currency

    AUD, USD, GBP, EUR, CAD, CHF, NZD, SGD, HKD
  •  

    GO Markets Website

Fixed Spread FX CFD Brokers Comparison

Fixed spreads do not change under normal foreign exchange market conditions. This means the bid-ask spread does not vary based on time of day, or general forex market fluctuations and volatility. A fixed narrow Forex spread is more convenient and predictable for customers, compared with variable spreads.

Compare FIXED SPREAD Forex CFD Providers
  • Key Difference

    Key Difference
  • Broker Rating 1
  • ASIC Regulated

    ASIC Regulated
  • Deposits Held

    Deposits Held
  • Commission Per Lot

    Commission Per Lot
  • Spread Type

    Spread Type
  • Fixed Spreads From
  • AUDUSD

    AUDUSD
  • EURGBP

    EURGBP
  • EURUSD

    EURUSD
  • GBPUSD

    GBPUSD
  • USDJPY

    USDJPY
  • Trading Platform

    Trading Platform
  • MetaTrader Platform Option

    MetaTrader Platform Option
  • Min. Trade Size

    Min. Trade Size
  • Min. Opening Balance

    Min. Opening Balance
  • A/C Base Currency

    A/C Base Currency
  •  

     
TradeDirect365
TD 365
  • Key Difference

    Lowest Fixed Spread FX Broker
    User Friendly Trading Platform
  • 4.5 / 5
  • ASIC Regulated

  • Deposits Held

    Westpac
  • Commission Per Lot

    None
  • Spread Type

    Fixed
  • 0.6 pips
  • AUDUSD

    Fixed at 0.6 pips
  • EURGBP

    Fixed at 0.6 pips
  • EURUSD

    Fixed at 0.6 pips
  • GBPUSD

    Fixed at 0.8 pips
  • USDJPY

    Fixed at 0.7 pips
  • Trading Platform

    TD 365 (Web & Mobile)
  • MetaTrader Platform Option

  • Min. Trade Size

    0.1 Lot (Mini Lot)
  • Min. Opening Balance

    $0
  • A/C Base Currency

    AUD, USD, EUR
  •  

    TradeDirect365 Review
    TradeDirect365 Website


TradeDirect365 CFD trading review
TradeDirect365 are the clear winners in fixed spread forex trading with outstanding low fixed spreads available not only on Forex CFDs, but all CFDs they offer. There is no other Australian regulated broker that has fixed spread trading available at such tight fixed spreads across the entire product range. Forex traders will be pleased to see majors pairs such as AUD/USD and EUR/USD fixed at just 0.6 pip, which confirms they can be classed as not just a fixed spread broker, but also one of Australia’s low spread forex brokers too!

Click to view our detailed TradeDirect365 review and ratings, or try their easy one-click demo account.

Standard Account Foreign Exchange Brokers

Compare Standard Accounts for Forex Trading
  • Key Difference

    Key Difference
  • Overall Broker Rating 1
  • ASIC Regulated

    ASIC Regulated
  • Deposits Held

    Deposits Held
  • No. Currency Pairs

    No. Currency Pairs
  • Commission Per Lot
  • Spread Type

    Spread Type
  • Spreads From

    Spreads From
  • AUDUSD

    AUDUSD
  • EURGBP

    EURGBP
  • EURUSD

    EURUSD
  • USDJPY

    USDJPY
  • MetaTrader4 Option

    MetaTrader4 Option
  • Min. Trade Size

    Min. Trade Size
  • Min. Open Balance

    Min. Open Balance
  • A/C Base Currency

    A/C Base Currency
  •  

     
IG Markets Limited. ABN 84 099 019 851
Standard A/C
  • Key Difference

    Low Average FX Spreads
    Largest Range Of Exotic & Emerging Markets FX Pairs
  • 4.4 / 5
  • ASIC Regulated

  • Deposits Held

    Westpac, NAB & CBA
  • No. Currency Pairs

    96
  • None
  • Spread Type

    Variable Broker Spread
  • Spreads From

    From 0.6 pips
  • AUDUSD

    From 0.6 (Ave: 0.75) pips
  • EURGBP

    From 0.9 (Ave: 1.17) pips
  • EURUSD

    From 0.6 (Ave: 0.75) pips
  • USDJPY

    From 0.7 (Ave: 0.86) pips
  • MetaTrader4 Option

  • Min. Trade Size

    0.01 Lot
  • Min. Open Balance

    $0 (for bank transfers)
    $450 (for any other funding methods)
  • A/C Base Currency

    AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
  •  

    IG Review
    IG Australia Website
Pepperstone
Standard A/C
  • Key Difference

    Extremely Fast Execution with STP processing
    Excellent Customer Support
  • 4.5 / 5
  • ASIC Regulated

  • Deposits Held

    NAB
  • No. Currency Pairs

    61+
  • None
  • Spread Type

    Institutional Grade STP Spread
  • Spreads From

    From 1.0 pips
  • AUDUSD

    From 1.0 (Ave: 1.18) pips
  • EURGBP

    From 1.0 (Ave: 1.48) pips
  • EURUSD

    From 1.0 (Ave: 1.13) pips
  • USDJPY

    From 1.0 (Ave: 1.13) pips
  • MetaTrader4 Option

  • Min. Trade Size

    0.01 Lot
  • Min. Open Balance

    $200
  • A/C Base Currency

    AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
  •  

    Pepperstone Review
    Pepperstone FX Website
GO Markets trading account
Standard A/C
  • Key Difference

    Traders needing tight FX spreads, good range of Forex pairs & a dedicated account manager
  • ASIC Regulated

  • Deposits Held

    NAB   CBA
  • No. Currency Pairs

    50
  • None
  • Spread Type

    Variable Broker Spread
  • Spreads From

    From 1.0 pips
  • AUDUSD

    From 1.0 (Ave: 1.20) pips
  • EURGBP

    From 1.0 (Ave: 1.40) pips
  • EURUSD

    From 1.0 (Ave: 1.20) pips
  • USDJPY

    From 1.0 (Ave: 1.20) pips
  • MetaTrader4 Option

  • Min. Trade Size

    0.01 Lot
  • Min. Open Balance

    $200
  • A/C Base Currency

    AUD, USD, GBP, EUR, CAD, CHF, NZD, SGD, HKD
  •  

     

    GO Markets Website

Best Forex Brokers in Australia

1 Best broker for forex trading ratings, quoted in the above Forex brokers review and account comparisons, are an overall average rating. The calculation is based on the six review criteria displayed on all CFD and retail Foreign Exchange brokers individual review pages:

  • pricing (based on spreads, commissions and other costs or fees),
  • range of instruments,
  • speed of execution,
  • trading platform features,
  • overall ease of use, and
  • customer support

The individual rating breakdown for the above criteria can be easily accessed by simply clicking the review rating in the above forex trading Australia comparison tables, or clicking the “read our full review” button.

ASIC Regulated Forex Brokers

The Australian Securities and Investments Commission holds the right to grant and rescind Australian financial services (AFS) licences. As expected, it also has the power to vary the terms of licences, and apply conditions to licences held by financial service providers (including retail foreign exchange brokers).
ASIC regulated forex brokers are often considered to be some of the best in the industry, due to the strong regulatory oversight and operating environment in Australia.

All CFD and FX brokers listed above are regulated in Australia and will have an active Australian financial services (AFS) licence (commonly referred to as AFSL) you can check on the ASIC web site.

In fact, it is a policy and listing requirement that any broker reviewed or listed on this web site must be operating with the applicable Australian licence (AFSL). This comparison is for Australian forex traders, therefore we will only list and review Australian regulated firms!

Choosing a Forex broker FAQs

As stated at the beginning of this comparison, I don’t believe there is a single best forex broker that is best for everyone. Instead, I firmly believe there is a selection of reputable FX brokers which traders then need to compare to find which has the features you require for your own trading experience and strategy requirements.
Essentially the question is really “which forex broker is best for my trading requirements, style and experience?”.

Although this distinction seems small, it is critical and often overlooked when forex traders are looking to open a new trading account.
Online Brokers Australia comparison of Australian regulated forex brokers breaks the brokers down in to three key categories, so that you are comparing “apples for apples”.

These categories are:

Checking the status of an Australian Forex brokers’s license is possible by simply visiting the Australian Securities and Investments Commission (ASIC) web site and performing a search on the retail foreign exchange brokers name or AFSL number.
We have detailed the exact steps in our How to Choose a Broker article.

You’ll find the best review sites have the following, simple to confirm, characteristic … they are NOT run by “faceless” reviewers, hiding behind web site privacy and the anonymity of the internet.

Stuart Young - Online Brokers Australia Reviewer and FounderStuart Young (Founder) draws on over 10 years trading experience in his broker reviews. Experience from prior roles in a trading room and working for an Australian brokerage firm complement his hands-on, in-depth experience in the trading industry.

Don’t take a leap of faith opening a trading account when you don’t know who has written the review, or more importantly, their credentials! Click to compare Forex brokers in Australia

* Australia’s No. 1 retail Forex provider: By primary relationships, Investment Trends December 2017 FX Report.

Online Brokers Australia aim to regularly update information on this web site and provide a “last updated” date at the bottom of every page to ensure you know when the last update was made to the review page. However, you should always click on the “view website” button and review the information on the brokers or providers site first to confirm the details and ensure they will suit your online trading needs.

A full Forex brokers Australia list can also be found on our OnlineBrokersDirectory.com.au partner site.

RISK NOTICE:
Foreign exchange (also known as Forex, FX or currency) derivatives are complex, leveraged financial products and require a certain level of experience, so may not be suitable for everyone. Retail foreign exchange trading carries a high level of risk to your capital and can result in losses which exceed your initial deposit. Please ensure that you understand all the risks involved.
Reviews and comparisons for best forex broker Australia are conducted independently, however FX Brokers or products included on this page may not suit your financial situation, personal objectives or needs.
Trading Forex, either online forex trading or any form of online trading in the forex market, is not a decision to take lightly. If you are considering acquiring any financial product for currency trading you should obtain and read the relevant PDS (Product Disclosure Statement) and/or other offer document/s prior to making any financial decision. If you are unsure of the risks when trading forex, or have any doubt whether you have sufficient financial resources or experience to trade these forex Australia or foreign exchange market products, you should take professional advice before trading FX or opening a Forex broker account.
Last Updated: 27th August, 2020
Your capital is at risk. Forex & CFD trading can result in losses that exceed your initial deposit. Please ensure you fully understand the risks involved.
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