Best Forex Broker Australia – Top 5 Forex Trading Platforms Reviewed 2023

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Have you ever wanted to start trading forex, but didn’t know where to begin? You are not alone. It can be difficult to figure out how the foreign currency market works globally and where to begin exploring it. While you will have many different options, the best forex broker is the one that’s most suitable for your trading style, investment strategies and outcome expectations. We created this article to help you do some of the heavy liftings by reviewing the best forex trading platforms in 2023 and elaborating on how the forex (FX) markets work. 

This hybrid guide between an informative financial article and a practical forex tutorial will help you choose the right forex trading platform that suits your needs and goals as we reveal the best forex brokers in Australia for 2023 based on rigorously researched trading criteria and explain the important aspects of forex trading for successful outcomes today.

#1 Forex Broker Australia – eToro

How to Start Forex Trading in Four Simple Steps

  • Step 1: Open a live trading account with a top-rated broker such as eToro. Navigate to and simply click ‘Join Now’.
  • Step 2: Account verification – You’ll need to verify your account by uploading proof of identity (a copy of your national ID, passport or driving license), and proof of address (a copy of a recent utility bill or bank statement) as part of the KYC process.
  • Step 3: Deposit funds – It’s quick and easy to deposit funds into your eToro account. The minimum deposit is just $50 and you can use various methods such as a credit card, debit card, bank wire transfer, or e-wallets such as PayPal, Skrill or Neteller.
  • Step 4: Start Forex trading with eToro’s social trading tools. CopyTrader and CopyPortfolio allow you to copy the strategies of expert forex traders or conveniently invest in a CFD portfolio with the click of a button.

Best Forex Brokers Australia – In-Depth Reviews

AI trading is a form of passive investing. Sophisticated trading algorithms and trading robots enter and exit the markets on your behalf, making for a fully automated trading experience. In terms of funding, the AI trading software will often rebalance your portfolio for you.

With that said, let’s explore the best Forex trading platforms in Australia that you can start using today!

1. eToro – Best Overall Forex Broker Australia

eToro is one of the first social investment networks. It is a forex platform of its own kind that brings together eToro professional traders and private investors. With the social trading feature, eToro has created a space where newcomers can learn from veterans, all while surrounded by a community of users eager to share their knowledge. It’s a multi-asset platform that lets you invest in stocks and cryptocurrency as well as trade CFDs. Using copy trading or mirror trading, investors can follow the investment strategies of others. We will look closely to these features.

What are CopyTrader and CopyPortfolio?

Small traders can profit from the strategies of top-tier professional traders through copy-trading. Copy-trading allows traders to keep track of the best-performing traders and make informed decisions about whether or not they want to follow a trader and mimic their trades for a profit.

eToro CopyPortfolios is a way for you to invest in a professional, well-diversified portfolio built by a team of top crypto investors around the world. CopyPortfolios allow you to automatically copy the best-performing investments of the top crypto traders.

What is eToro Academy?

eToro Academy is a learning platform that teaches you how to successfully trade on the financial markets. It includes, among other things, an ELITE trading course that will prepare you for successful trading. The eToro ELITE Course will teach you the fundamentals of market trading and investing and how to trade for profit in a simple and enjoyable manner.

eToro ELITE teaches how to trade CFDs, stocks, commodities, currencies, ETFs, indices, cryptocurrencies and more. The course goes over pretty much everything most Beginner traders would like to cover with in-depth and real-life examples. It can definitely be a good place to start accumulating financial trading knowledge.

Fees and Payments

Anyone can join or sign up for eToro for free. Every user who registers receives a free demo account with $100,000 virtual funding to practice with. On eToro, there are no trading fees. However, you must pay $5 per withdrawal to withdraw your earnings from your account. Additionally, there are spreads for each CFD product through which the platform generates its revenue.

The maximum trading amount per day is set at $2 million while Mastercard, wire transfer other debit or credit cards, Paypal and Skrill are among various deposit options.

Is eToro safe?

eToro follows the guidelines set forth by organizations in different countries such as the Cyprus Securities and Exchange Commission, UK’s Financial Conduct Authority (FCA) and Australian Financial Services Licence (AFSL) to ensure that the accounts of investors and traders are well protected. SSL encryption is provided to ensure the security of the users’ personal information. The funds are kept safe in top-tier banks.

Additionally, eToro offers two-factor authentication (2FA) to make logins and transactions more secure. Based on this technology, users must enter a verification code sent to their registered mobile phone.


  • It provides social trading as a way to keep track of the best traders.
  • Commission-free stock trading is available through eToro.
  • You get access to cryptocurrencies when you join eToro.
  • There are no fees for signup or ticketing.
  • Through eToro Academy, an intuitive learning experience is provided. This allows learning about finance and investing in stocks.
  • It provides a $100,000 virtual money demo account.
  • It accepts various payment methods, including Mastercard, wire transfer, Paypal, debit, and credit cards.
  • It provides a wide range of products to traders and investors. These include stocks, exchange-traded funds (ETFs), forex, contracts for difference (CFDs), and cryptocurrency.


  • Only crypto trading is available to clients in the United States. (This doesn’t affect Australian clients)
  • Inactive clients are charged a small fee
  • Withdrawals can be slow at times

67% of retail investor accounts lose money when trading CFDs with this provider.

2. AvaTrade – Best Forex Broker Australia for Instrument Selection

AvaTrade is well-known for providing investors with a single account that gives them access to

all global markets – Forex, Indices, Commodities, Stocks, and Cryptocurrencies. Their business model is based on developing bilateral relationships between end-investors and professional traders in an international environment.

AvaTrade offers investors the opportunity to trade on international financial markets using CFDs, which are more practical than buying the underlying assets on the spot market.

How Does AvaTrade Work?

AvaTrade is a well-known CFD broker. CFDs enable traders to speculate on the prices of financial instruments without owning the underlying assets. This offers great convenience regarding trading stocks, FOREX, indices, or commodities globally. Additionally, AvaTrade is one of the few binary options trading platforms that is licensed and regulated which might be an appealing feature if you want to try trading options. It’s important to keep in mind options are advanced derivative products that require lots of expertise and risk management.

Fees and Commissions

AvaTrade doesn’t charge any fees to open or maintain an account, and you can start with $100 in virtual currency to get a feel for how it works.

There are no commission fees. But, if a user is inactive for three months in a row, they will be charged a $30 inactivity fee. If a user is inactive for 12 months, they will be charged a $100 administration fee additionally.


AvaTrade offers a fingerprint security feature for mobile users. However, two-factor authentication is not available currently. They protect your data with SSL encryption, which prevents unauthorized access.

AvaTrade also has various levels of fund protection which are determined by the user’s residency. While residents of the EU are covered by a financial protection fund of up to 20,000 Euros, however, there is no such protection for Australian traders currently.


  • It provides a variety of trading platforms.
  • It is regulated in a variety of places and jurisdictions all over the world.
  • Because of the trust level based on Tier-1 and Tier-2 regulations, it is regarded as a secure platform.
  • It divides users into three groups: beginners, advanced users, and traders looking to build an investment portfolio.
  • It offers 55 currency pairs.
  • Excellent customer service in 14 languages
  • It provides beginners with demo accounts and a trading academy.


  • Withdrawals take a long time which can be up to ten days. In addition
  • The inactivity fee is relatively high
  • It is not regulated in the United States and does not accept US users

71% of retail investor accounts lose money when trading CFDs with this provider.

3. IG – Popular Forex Broker Australia with Low Spreads

IG is one of the most popular forex trading platforms in the world and it is also available for Australian users. It provides quick trade executions, no commissions, tight spreads, and cutting-edge trading tools. Basically, it has everything you need to trade successfully, whether you are a beginner or advanced trader. As a fully functional web trader platform, IG is a place where you can keep track of all your trades, monitor streaming prices, and chat with other traders in real-time using the cutting-edge instant messenger feature.

How Does IG Work?


IG trading operates on the same bid-ask quote system as other trading platforms. All order types are available with the ability to add a stop loss and take profit in IG’s trading interface. The more advanced features available on IG are available on the “IG Plus” platform which allows the ability to add ‘stop limits’ and ‘trailing stops’.

Fees and Commissions

If the account remains inactive, IG will charge a moderate fee. If a user is inactive for 24 months, they will be charged $12 per month but there is no charge for withdrawals.

With a minimum deposit of $250, you can begin using the IG forex platform. There are no commissions when trading forex. 0.8 pips are used for minimum standard spreads which is acceptable. For IG, there are various funding options. So, deposits can be made with a bank transfer, credit card or electronic wallet.


IG is a top-notch CFD provider with regulatory approvals from leading institutions, demonstrating a longstanding commitment to trust and security. Some of the financial authorities that regulate IG are BaFin and Deutsche Bundesbank in the EU, The Commodity Futures Trading Commission in the US, The Australian Securities and Investment Commission (ASIC) in Australia and The Financial Conduct Authority (FCA) in the UK.

IG also offers 2nd-factor authentication and transfers data using SSL encryption making the platform more secure.

Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly


  • It provides a wide range of services, investments, and platforms, including MT4, Pro Realtime. proprietary trading platform, forex, indices, stocks, ETFs, cryptocurrencies, and more.
  • It has a 99% trust score and funds are housed in a regulated bank, making it a safer platform.
  • It focuses on research and education and provides users with quality educational resources.
  • There are more than 80 currency pairs available.
  • Client accounts from the United Kingdom and the European Union are protected.
  • The user experience is excellent on the trading platform.


  • On IG, there is no option for copy trading.
  • No 2-factor authentication on mobile

67% of retail investor accounts lose money when trading CFDs with this provider.

What is Forex trading?

Forex trading or forex exchange trading, simply known as FX, is the trading or exchange of various foreign currencies in the global FX market. Billions of dollars are being traded on the Forex marketplace each day, making this trading field one of the most liquid markets globally.

Interestingly, forex can be considered a multi-polar ecosystem that consists of monetary or banking systems, organizations, agencies, brokerage providers and individuals who do trading through multiple connected platforms. Another aspect of this forex trading is that unlike some other stock exchanges, i.e. NYSE (New York Stock Exchange) or NASDAQ, no single entity such as a government or central bank oversees the forex market as a whole. That being said, forex activities are regulated at a local level by each country’s regulatory agencies.

How Does Forex Trading Work?

To put it simply, forex trading works through the purchasing and selling of foreign currencies. The most significant distinction from most other assets in this regard is that forex trading is performed through sets of currencies called “currency pairs”, such as the exchange between Euro and US dollar or US dollar and British Pound. You trade one currency against another when you make a forex deal so relative value plays a massive role in the trades. If the currency you buy rises versus the currency you sell, you profit from it.

It is imperative to mention here that one currency is called the base currency, and its value is equal to 1, while the other currency from the pair is called the quote currency. So, when a trader longs the EURUSD that means the trader will potentially profit when the EUR value rises against the USD. When a trader shorts the EURUSD pair, that means the trader will profit when Euro’s value falls against the USD (or USD value rises against EUR in other words). EURUSD is the most liquid and popular trading pair historically.

Let’s look at an example…

In the example of AUD/GBP (or sometimes shown as AUDGBP), AUD is the base currency, and GBP is the quote currency. Therefore, one Australian dollar ($1 AUD) is equal to £0.55. When making a currency purchase, the amount you pay is referred to as the ‘ask’ or the ‘offer’, and when you sell, the value you are selling at is referred to as the ‘bid’. This value will fluctuate significantly based on many factors that affect the markets. Forex brokers facilitate the trading of currencies on a 24-hour basis, and the market is open from Sunday to Friday. It’s important to keep in mind that bank holidays may affect the trading hours.

What are the Benefits and Risks of Forex Trading Platforms?

Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly


  • There are no restrictions or limits on the amount of currency that can be traded.
  • The investment cost of FX CFDs is usually not that high, making it a viable option for both investing and trading.
  • Individuals who engage in forex trading have complete control over whether or not to engage in the trade.
  • Forex markets have comprehensive trading options, meaning there are many different pairs of currencies to trade.
  • When compared to other financial investments, the forex market provides traders with very high leverage values.
  • Forex Trading platforms are available 24 hours, so they offer very dynamic opportunities.
  • As a forex trader, your overhead tends to be smaller than if you traded in other financial markets due to strong liquidity and lower trading costs.
  • It can be intellectually stimulating to gain knowledge about other countries and their economics and monetary policies.


  • Forex prices are influenced by various factors, the most important of which are worldwide politics and economics, which can be challenging to study and draw meaningful conclusions from.
  • Forex trading offers high leverage which can mean high profits, yet it can also mean significantly high losses in case of even tiny mistakes. Beginner traders should be very careful about leveraged trading.
  • The 24 hours market operation can make it very difficult to monitor especially in the long term.
  • Some forex brokers may be unregulated bringing additional risks to forex trade in addition to reduced transparency.
  • A highly volatile market can be very tough to deal with for medium / long term trading.

What Assets Can I Trade with a Forex Broker?

Main trading assets on a forex trading platform are currencies, but most of the available platforms also allow trading in commodities, stocks, cryptocurrencies, indices, CFDs and even bonds.

Stocks and ETFs (Exchange-Traded Funds)

Trade stocks on eToro

Corporations sell stock to raise capital and fund their operations. After buying the stock, the stockholder now owns a piece of the organization and may be entitled to a portion of its stock appreciation and earnings, depending on the type of shares acquired. For example, if a firm has 1,000 shares of stock and one person owns 100 of them, that person technically owns and has a claim to 10% of the company’s shares and earnings.

Unlike a stock, ETF is a form of investment that consists of a group of numerous underlying assets rather than just one, which can be a terrific option for diversification. ETF (Exchange Traded Fund) can be traded in the market just like a stock can be. Also, an ETF can be traded throughout the day, unlike Mutual Funds and usually has much fewer fees in comparison. For example, banking-focused ETFs might hold stocks from a variety of banks across the industry or even different countries. It can be beneficial to acquire some knowledge about ETFs and learn how to pick best ETFs out there to make successful contributions to an investment portfolio.

If you’re looking for the best way to trade ETFs, you’ve come to the right place. Our team of experts has put together a list of the best ETF trading platforms in Australia. So whether you’re a beginner or an experienced trader, we’ll help you find the right platform for you.

Cryptocurrencies and Forex

Crypto is kind of a digital asset based on blockchain technology and is operated over many computer networks to record every transaction on the ledger, ensuring that one can’t double-spend or counterfeit it. Crypto is a decentralized technological innovation that is bringing new experiences and new opportunities to the table and crypto markets are seeing lots of hype currently.

Forex Exchange market (FX) is a global market where you exchange different fiat currencies that exist in the world. You can also hold different currencies to sell them later at a higher price if you think that will be the direction. Alternatively, you can short them and make money as a currency’s value drops in the market. Generally speaking, forex can be quite dynamic and challenging as there are so many factors regarding the value of a currency. The rate at which the currency is to be sold or bought is known as the exchange rate. and the name forex comes from “Foreign Exchange”. The market determines the exchange rate based on many financial and economical news and developments as well as supply and demand. If you went to your nearest bank with a $100 Australian Dollar bill and get it exchanged into some Euros, that would be the simplest form of Forex exchange.


A contract for differences (CFD) is a contractual arrangement that pays the difference between the open and closing settlement prices. CFDs enable buyers to speculate on the price movements of various assets without necessarily owning them. CFD traders can speculate on the price movement of an underlying asset. Traders who anticipate an upward price movement will purchase the CFD, while those who expect an adverse price movement will enter a selling position.

Making the decision to invest in commodities can be a daunting task. With so many CFD brokers to choose from, how do you know which is the best one for you? We’ve done the research and compiled a list of the best CFD brokers for commodity investing in Australia. So check our reviews and find out which broker is right for you.

What Fees and Commissions does a Forex Broker Charge?

The types of fees and commissions vary between Forex (FX) trading platforms. Here are various ways in which Forex trading providers often charge clients.

Bid-Ask Spreads

Forex trading happens through the execution of bid-ask orders placed in the market. The bid represents the price buyer on the other side is bidding at and ask (or offer) represents the price seller on the other side is asking for. So almost always, you can buy at a slightly higher price than you can sell. This creates a bid-ask spread.

In other words, while the “bid” is known as the demand. “Ask” represent a supply of an asset.
It is a difference of price between the maximum price that a buyer is willing to pay and a minimum that a seller is willing to accept. A bid-ask spread is a measure of the liquidity of a market as well. If the current auction price for the EUR/USD exchange rate is 1.5760 and the current bid price is 1.5763, this implies that you may sell at 1.5760 and buy at 1.5763. The spread is the difference between those prices (in this case 3 pips).


A commission, like a spread, is levied to the trader on each deal executed. The trades must subsequently make a profit amount enough to make up the commission expense and the spread.

There are two different types of commissions:

Fixed Fee: In this arrangement, the broker charges a flat fee regardless of the size or volume of the deal.
Relative Fee: A slightly more frequent method of calculating commission or the amount charged to a trader is determined by the volume of the deal.

Non-trading fees

These fees vary from platform to platform. Some of these forex platforms might charge you an inactivity fee. If you remain inactive for a certain period, they will charge you a set amount. A currency conversion fee can also be charged to cover currency conversion costs. This fee charge is dependent on the currencies you are dealing with. Non-trading fees consist of all fees that are not related to the trading activities.

What Should I Look for When Choosing an FX (Forex) Trading Platform Australia?

Trading platforms come in the form of software that interconnects traders to brokers. The trading interface will usually be represented by graphs and quotes. Sometimes software should be installed on the trader’s computer or mobile device, but today, many providers also offer applications for web browsers. One should look for a platform that corresponds with the traders’ financial objectives, investment timeframe, and a learning approach for successful investing. Choosing the most refined trading platform for your requirements, particularly if you are a beginner, can make all the difference between it being an exhilarating success source or a painful mistake.

Product and Market Diversity

Forex trading consists of a massive global currency market and it can also entail over the counter (OTC) activities. When you are trading as an individual you might not have access to the same information, tools or liquidity professional institutions have so it’s important to make sure to find a brokerage firm that operates with dignity. A good platform enables a broad array of market participants to efficiently and productively trade forex at prices that reflect accessible market data. A good forex platform should also adhere to appropriate ethics of behaviour, all while being backed by a strong infrastructure and network.

Competitive fees

There are three forms of fee structure usually involved with forex trading. Some companies charge a flat price, while others demand dynamic or adjustable fees. Also, it’s common to have a no-fee structure but in that case, fees will be integrated into the foreign currency spreads. Some traders prefer a flat pricing model, this is something that usually gets clearer as forex traders gain experience. Market volatility and trading volume can be important decision-making factors for example.


The use of borrowed funds to trade in a currency or investment is known as leverage. In forex trading, this idea of leverage is reasonably frequent. Leverage, unfortunately, is a two-edged blade: it may multiply your profits greatly when you are right but it may also magnify your losses. To minimize forex damages, forex traders must understand how to handle leverage and use risk assessment for this purpose. It also relies on the two currencies being traded and price instability.

Research Features

The forex market has high liquidity. It is one of the world’s largest financial industries. There is usually a certain degree of transparency which allows many research opportunities regarding market news, banks’ positions, central bank policies, inflation rates, interest rates and many other factors. Forex is also a dynamic market and it operates 24hours a day throughout the world.

Demo trading

Most forex brokers allow their customers to open demo accounts before purchasing a mini or complete account. A demo account gives a chance to search for the best platform, discover new features and get used to the trading fundamentals. An individual can take advantage of this trial trading period with different software in the market to find out the most suitable trading platform for them.

Practice with the eToro demo account

Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly

When you open a demo account with eToro, you’ll have unfettered access to the copy trading platform, along with a pre-set balance of $100,000 in virtual funds to experiment with. You can then add funds to your virtual or real account by opening a ticket through the customer support feature.

Security and Regulations

It’s important to look for security features such as 2FA authentication and SSL encryption in a forex brokerage platform. 2FA or 2nd Factor Authentication technology allows users to set an additional device or software as a dynamic security layer in addition to their already existing password. This technology prompts an additional and temporary 2FA code upon each login attempt which makes it more difficult for bad actors to tamper accounts with funds.

Additionally, forex trading is safer when someone selects a recognized brokerage account and/or a firm to work with. It’s important to look for regulatory approvals, licenses and similar compliance qualities. These features can vary based on the region and country where the brokerage platform is available. For example, the forex market is regulated by the Australian Securities and Investments Commission (ASIC) in Australia while the FMA (Financial Markets Authority) regulates the New Zealand Forex Markets.

Customer Support

In Australia, Forex brokers continuously invest extra efforts to secure customer loyalty, growth, and long-term viability. This competitive environment results in beneficial products and services for the clients.

Customer service cannot be overlooked in forex trading as it can be a fiercely intense activity and you will need the best customer support in those frustrating times. So, you have the option to do some research and make sure you are opting in for the platform with the best customer support as each firm competes for the forex market segment.

eToro – Overall Best Forex Broker Australia for Copy Trading

Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly

Best Forex Brokers Australia – Conclusion

When it comes to forex trading, there isn’t a single generally praised trading approach. The key is figuring out what is best for each trader’s style, strategy and expectations. Many Short-term buyers monitor their prices on the chart every minute, whereas some long term buyers or sellers may not bat an eye on prices for months.

Regardless of the strategies, by reading our guide to Forex platforms in Australia, you will be able to make more informed decisions when choosing the best platforms that suit your forex trading needs and expectations in Australia. It’s still important to keep in mind that trading is a risky practice and you should only invest amounts of funds that you can afford to lose.


What is Forex trading?

What is a Forex trading platform?

Is Forex trading illegal?

Can I beat the FX Markets?

What is a good FX pair to trade?

About Umut Sagir PRO INVESTOR

Finance and Tech professional. Founder of In recent years, Umut helped reputable clients such as MasterCard New York HQ, Deutsche Bank, FluidAI, Danske Commodities, EvoShave and others with cutting-edge technology implementations and financial research.