Best Forex Brokers in Australia
Beatrice Quinn
Robert J. Williams
As per our research, Pepperstone is the strongest all-round choice among the best forex brokers in Australia. This is because of its platform choice, including cTrader. Alternatively, Axi is a better pick if you want costs spelled out clearly before you sign up. All five brokers below hold an Australian financial services licence, and that is crucial, since ASIC rules set the leverage you can use and the protections you get.
This guide compares the top Australian forex brokers based on their licence, platforms, published costs, and funding, then explains the ASIC rules behind them and a consultation that could change those rules.
Key Takeaways
- Our picks: Pepperstone for platform choice and Axi for the clearest published costs.
- Licensing: Each broker below operates through an ASIC-licensed Australian entity, with its AFSL number in the table.
- Leverage: ASIC limits retail leverage from 30:1 on major currency pairs down to 2:1 on crypto CFDs.
- Risk: 68% of Australian retail CFD investors lost money in the 2024 financial year, according to ASIC.
- Rule changes: ASIC proposed on 12 October 2026 to extend its CFD protections, with consultation open until 16 November 2026.
Best Forex Brokers in Australia: Comparison
| BROKER | AUSTRALIAN LICENCE | PLATFORMS | BEST FOR |
| Pepperstone | AFSL 414530 | TradingView, MT5, MT4, cTrader | Platform choice |
| Axi | AFSL 318232 | MT4, MT5, Axi Trading Platform | Clear entry costs |
| Eightcap | AFSL 391441 | TradingView, MT4, MT5, TradeLocker | Charting-first traders |
| IG Australia | AFSL 515106 | IG web and app, TradingView, MT4, ProRealTime | Pair range |
| CMC Markets | AFSL 238054 | CMC web and app, MT4, TradingView | Pricing on major pairs |
How We Chose These Brokers
We read each broker’s Australian site on 5 November 2026 and checked ASIC’s own releases for the rules. Four things decided our list:
- Licence: The broker must serve Australian clients through an entity with an AFSL.
- Platforms: Traders should be able to use a forex trading platform Australian traders already know, such as MT4, MT5, TradingView, or cTrader.
- Published costs: We preferred brokers that clearly state the trading costs.
- Funding: Local options such as PayID or BPAY count in a broker’s favour.
We did not open live accounts or test execution speed for this update, so the ranking rests on licensing, published terms, and platform range, not on slippage or fill quality. Detailed reviews of four of these five can be read here: Pepperstone, Axi, Eightcap, and IG.
1. Pepperstone: Best for Platform Choice
Licence: Pepperstone Group Limited, AFSL 414530
Pepperstone lets you trade through TradingView, MT5, MT4, cTrader, or its own web and mobile apps, and it is the only broker of the five to offer cTrader. Its Razor account advertises forex from 0.0 points and gold (XAU/USD) from 0.08, with commission-based pricing on top. The TradingView Broker Awards 2025 named it Best in Forex and CFD in Australia, an award the broker promotes on its own site.
Watch for: Its Australian page does not state a minimum deposit or the leverage on offer, so confirm both in the product disclosure statement before you fund the account.
2. Axi: Best for Clear Entry Costs
Licence: AxiCorp Financial Services Pty Ltd, AFSL 318232
Axi’s Australian account page is the most specific of the five on pricing. The Standard account starts at 0.68 pips on EUR/USD, with no commission listed. The Premium account starts at 0 pips with a $4.5 round-trip commission. Both recommend a $100 deposit, allow up to 30:1 leverage, and accept ten base currencies, including AUD. Platforms are MT4, MT5, and the Axi Trading Platform.
Watch for: The account page ties these tiers to MT4 clients, so check what you would pay on MT5 or the Axi platform.
3. Eightcap: Best for Charting-First Traders
Licence: Eightcap Pty Ltd, AFSL 391441
Eightcap offers TradingView, MT4, MT5, and TradeLocker, which suits traders who plan and place orders from charts. Its site lists Raw and Standard accounts and funding by Visa, Mastercard, PayPal, BPAY, Skrill, or Neteller.
Watch for: Eightcap runs several entities. Its global site lists regulators in the Bahamas, Seychelles, and Mauritius, so confirm that you are opening an account with Eightcap Pty Ltd, the ASIC-licensed entity.
4. IG Australia: Best for Pair Range
Licence: IG Australia Pty Ltd, AFSL 515106
IG lists more than 90 forex pairs, covering majors, minors, and exotics. Platforms include its web platform and app, TradingView, MT4, ProRealTime, and L2 Dealer. You can fund an account by bank transfer, PayID, or card, and IG says there is no minimum to open one. IG cites Investment Trends’ November 2024 Leveraged Trading Report in calling itself Australia’s number one CFD and FX provider.
Watch for: The page gives no EUR/USD spread, so compare the cost on your chosen platform before you commit.
5. CMC Markets: Best for Pricing on Major Pairs
Licence: CMC Markets Asia Pacific Pty Ltd, AFSL 238054
CMC’s FX Active account advertises spreads from 0.0 pips on six major pairs, including EUR/USD, plus a 0.0025% commission per transaction. Traders can use the CMC web platform, its mobile app, MT4, or TradingView. CMC says WeMoney named it Best for Foreign Exchange Trading for 2024 to 2026.
Watch for: The page does not state a minimum deposit, so ask before you fund the account.
ASIC Forex Broker Rules: What Protects You
Any ASIC forex broker serving retail clients must follow ASIC’s CFD product intervention order, which took effect in 2021. Its protections include:
- Leverage limits: Between 30:1 and 2:1, depending on the asset. Major currency pairs are at the top, and crypto CFDs are at 2:1.
- Negative balance protection: You cannot lose more than your account balance.
- Standard margin close-out rules: Brokers must close positions under set conditions.
- A ban on certain inducements: Brokers cannot offer certain inducements to attract clients.
Brokers licensed by ASIC must also have a dispute resolution system, which includes membership of AFCA, the Australian Financial Complaints Authority, for services to retail clients.
The order has worked. In the first six months, quarterly net losses by retail accounts fell by 91%, from $372 million to $33 million, ASIC reported.
But the risk remains. ASIC found that in the financial year 2024, 68% of retail CFD investors lost a total of more than $458 million, including $73 million in fees.
A licence is not a guarantee either. On 6 August 2026, ASIC announced that it had suspended the licence of CFD issuer GFA Capital Markets for five months from 23 July 2026. ASIC found the firm had not properly held client money in a designated account. Before you fund an account, search the exact entity name and AFSL number on ASIC’s online registers and check that they match the licence line on the page you sign up from.
What Is Changing in ASIC’s CFD Rules
The current order is due to expire on 23 May 2027 unless it is remade. On 12 October 2026, ASIC proposed extending it until its sunset on 1 April 2031, subject to ministerial approval. The proposal bars netting opposing positions when calculating margin, clarifies the margin rules for CFDs over options, and widens the CFD definition to cover digital-asset settlement. Consultation closes at 5 pm AEDT on 16 November 2026.
ASIC Commissioner Alan Kirkland said the order “has materially reduced retail investor harm” in the ASIC release announcing the proposal. If approved, the protections above would continue, though the final rules may differ from the proposal.
Best Forex Brokers Australia: The Bottom Line
The best broker in AU in 2026 depends on what you need from it. Pepperstone gives the most platform choice, Axi publishes the clearest costs, Eightcap suits chart-led trading, IG covers the most pairs, and CMC Markets advertises sharp pricing on majors. Whichever you pick, confirm the licensed entity first. For CFD products specifically, read our guide to CFD trading platforms in Australia.
Frequently Asked Questions
Which is the best forex broker in Australia?
As per our research, Pepperstone is the best all-round choice for most traders, because it combines TradingView, MT4, MT5, and cTrader with its own apps. Axi is the better choice if you want published costs for each account type.
Are ASIC-regulated forex brokers safe?
Yes, they are safer than unlicensed brokers, but they are not risk-free. ASIC rules give you negative balance protection and capped leverage, but 68% of retail CFD investors still lost money in the 2024 financial year.
What leverage can Australian retail traders use?
It ranges from 30:1 on major currency pairs down to 2:1 on crypto CFDs. Higher figures advertised by overseas entities do not apply to Australian retail clients.
How do I check a broker’s ASIC licence?
Search the broker’s legal entity name and AFSL number on ASIC’s online registers. Then check that the licence line on the page where you sign up shows the same entity.
Can I complain if a licensed broker treats me unfairly?
Yes, in most cases. ASIC requires licensees serving retail clients to have a dispute resolution system, including AFCA membership, so you can take a complaint to AFCA.
What is the minimum deposit for an Australian forex broker?
It varies. Axi recommends $100 on both account types, while the Australian pages for Pepperstone, IG, and CMC Markets do not state a figure. Check the product disclosure statement before you fund an account.
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