Best forex brokers in Australia: ASIC licences and raw spread costs

Among the best forex brokers in Australia, our order puts raw cost first, then platform choice, then the strength of the wider group behind the licence. Each broker here holds ASIC authorisation.

Sydney is home to several of the world's lowest-cost brokers, so price differences here run small and platform choice decides many accounts. Sponsored links open the broker's own site.

#BrokerMinimumEUR/USD costMax leverageLicences

1

IC Markets

cTrader, TradingView

MinimumUSD 200

EUR/USD0.72 pips

CMAASICEU

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2

Pepperstone

small deposits, cTrader

MinimumUSD 10

EUR/USD0.8 pips

SCBASICFCA+4

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3

Fusion Markets

no minimum deposit, cTrader

MinimumUSD 0

EUR/USD0.54 pips

VFSCFSA-SCASIC

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4

CMC Markets

no minimum deposit, TradingView

MinimumUSD 0

EUR/USD1.15 pips

FCAASICCIRO+3

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5

IG

listed company backing

MinimumGBP 1

EUR/USD0.82 pips

ASICJFSAMAS+8

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6

Interactive Brokers

no minimum deposit, TradingView

MinimumUSD 0

EUR/USD0.626 pips

CIROSFCJFSA+8

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7

Eightcap

TradingView

MinimumUSD 100

EUR/USD0.76 pips

ASICFCAEU

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8

AvaTrade

copy trading

MinimumUSD 100

EUR/USD0.93 pips

CMAASICCIRO+3

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Use this table to compare the best forex brokers in Australia on minimum deposits and EUR/USD cost. Multiply a pip figure by USD 10 for the cost of a standard lot, so 0.54 pips comes to USD 5.40, about A$ 8 today.

All-in figures include commission, so you can compare them directly with a spread-only quote. Leverage columns on global pages can run far above the 30:1 that applies to an Australian retail client on major pairs.

Broker	Minimum	EUR/USD cost	Leverage	Licences
IC Markets	USD 200	0.72 pips all-in		CMA, ASIC, EU
Pepperstone	USD 10	0.8 pips all-in		SCB, ASIC, FCA, CySEC
Fusion Markets	USD 0	0.54 pips all-in		VFSC, FSA-SC, ASIC
CMC Markets	USD 0	1.15 pips all-in		FCA, ASIC, CIRO, MAS
IG	GBP 1	0.82 pips all-in		ASIC, JFSA, MAS, FINMA
Interactive Brokers	USD 0	0.626 pips all-in		CIRO, SFC, JFSA, FCA
Eightcap	USD 100	0.76 pips all-in		ASIC, FCA, EU
AvaTrade	USD 100	0.93 pips avg		CMA, ASIC, CIRO, JFSA

ASIC requires every local forex and CFD provider to hold an Australian Financial Services Licence. Pepperstone shows AFSL 414530, Interactive Brokers Australia shows AFSL 245574, and Capital.com shows AFSL 513393.

Search the number on ASIC's professional registers, and match the company name to your client agreement. Many Australian-founded brands also run offshore arms for other regions, so a known logo alone proves little.

Local client money sits in trust accounts at Australian banks, and that protection applies only when your contract is with the Australian entity.

Broker	Australia licence	Other licences
IC Markets	ASIC	CMA, EU
Pepperstone	ASIC AFSL 414530	SCB, FCA, CySEC, DFSA
Fusion Markets	ASIC 385620	VFSC, FSA-SC
CMC Markets	ASIC	FCA, CIRO, MAS, FMA
IG	ASIC	JFSA, MAS, FINMA, FCA
Interactive Brokers	ASIC AFSL 245574	CIRO, SFC, JFSA, FCA
Eightcap	ASIC	FCA, EU
AvaTrade	ASIC	CMA, CIRO, JFSA, EU

These notes cover the strongest reason to pick each firm, plus a reason to pause. Every entry holds ASIC cover, so the real trade-offs sit in cost, platform and account size.

IC Markets

MinimumUSD 200

IC Markets costs about 0.72 pips all-in on EUR/USD, and it offers all four main platforms. Algo traders get an unlimited strategy tester and free colocated VPS hosting from 15 lots a month. The USD 200 minimum sits above most of our ranking, so very small accounts should start elsewhere.

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Pepperstone

MinimumUSD 10

Pepperstone holds AFSL 414530 and its Razor account costs about 0.8 pips all-in. Single sign-on and FX Blue add-ons make MetaTrader easy to run, and cTrader and TradingView are also on offer. The USD 10 listed minimum suits small starters, though research runs thinner than at bigger global firms.

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Fusion Markets

MinimumUSD 0

Fusion Markets is the cheapest broker here at about 0.54 pips all-in, under AFSL 385620, with a USD 0 minimum. It covers MT4, MT5, cTrader and TradingView. Education and research stay basic, so the account suits a trader who already has a method and wants low costs above all else.

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CMC Markets

MinimumUSD 0

CMC Markets is a London-listed group with a strong Australian presence and the longest currency list here. Its FX Active route costs about 1.15 pips all-in, and the web platform is excellent. Choose it for range and charting, because several rivals cost less on EUR/USD.

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IG

MinimumGBP 1

IG brings a listed parent, 8 Tier-1 licences and MT4, MT5 and its own platform. EUR/USD averages about 0.91 pips, and Forex Direct comes to about 0.82 pips all-in. Research runs deep. The offer suits an all-round trader who values the firm's size over the last tenth of a pip.

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Interactive Brokers

MinimumUSD 0

Interactive Brokers holds AFSL 245574 through Interactive Brokers Australia Pty Ltd, and its all-in EUR/USD cost is about 0.63 pips. The TWS platform has institutional depth, and new users will find it heavy. A USD 2 minimum commission also hits small tickets, so it pays off best at larger sizes.

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Eightcap

MinimumUSD 100

Eightcap costs about 0.76 pips all-in on its raw route, and it connects MT4, MT5 and TradingView. Crypto is its standout market, though ASIC rules limit crypto derivatives for retail clients in Australia. The USD 100 minimum suits a trader with a clear plan and a charting habit.

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AvaTrade

MinimumUSD 100

AvaTrade is the beginner's pick on our ranking, with structured courses, a Guardian Angel feedback tool and spreads near 0.93 pips. AvaSocial and DupliTrade handle copying. The USD 100 minimum is higher than Fusion's, and active traders will find raw accounts cheaper elsewhere.

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ASIC's product intervention rules cap retail forex leverage at 30:1 on major pairs. They also require negative balance protection and segregated client funds, and they ban trading bonuses and inducements.

So any Australian-licensed firm promising a deposit bonus to a retail client is a red flag. An AUD 1,000 balance at 30:1 controls AUD 30,000, which is about 0.2 lots of EUR/USD.

Wholesale status removes the cap, but it comes with income or asset tests and it removes retail protections. Most traders under those thresholds should stay retail, and a broker pushing you towards wholesale status deserves a hard second look.

Raw pricing is where Australia leads. Fusion Markets costs USD 5.40 per standard lot on EUR/USD, Interactive Brokers about USD 6.30, IC Markets USD 7.20, Eightcap USD 7.60 and Pepperstone USD 8.

A trader doing 20 lots a month would pay USD 108 at Fusion and USD 160 at Pepperstone, a gap of USD 52, about A$ 74 today.

At 2 lots a month, that gap shrinks to USD 5.20, and platform comfort or research will matter far more. Run your own volume through our pip calculator before you switch for price alone. Swaps count too, so a swing trader should compare overnight rates as well.

Australia has an unusually wide platform choice. IC Markets, Pepperstone and Fusion Markets all offer the full platform set.

Eightcap and CMC Markets connect TradingView as well. IG and AvaTrade focus on MetaTrader beside their own apps, and Interactive Brokers relies on TWS with a TradingView link.

Read our cTrader brokers guide and TradingView brokers guide if the platform comes first for you. A strategy built on MT5 rarely moves across to cTrader without work, so settle the platform question before the price question. Open a demo on your first choice, run it for a week, and judge order handling and chart speed with your own eyes.

Floors run from USD 0 at Fusion Markets and CMC Markets to USD 200 at IC Markets. A balance of AUD 1,000 gives you room to learn with proper risk control.

With a 1% limit, you can lose AUD 10 a trade, about A$ 10 at the current rate. On a 20-pip stop, that fits around 0.03 lots of EUR/USD.

Your risk per trade matters far more than the deposit itself, so size each position with our lot size calculator. Fund in Australian dollars wherever you can, because a USD account adds a conversion step on every deposit and withdrawal.

Sydney opens the trading week on Monday morning, and AUD and NZD pairs see their first flows of the week then. The busiest hours for EUR/USD fall late at night in Australia, with the London and New York overlap running 00:00–04:00 Sydney time.

That timing suits night owls and system traders. Daytime Sydney hours overlap with Tokyo, so AUD/JPY and AUD/USD offer the most natural trading during an Australian workday. Reserve Bank of Australia decisions land at 2:30 pm Sydney time, and spreads on AUD pairs can widen around that minute.

Australian onboarding moves quickly, and most brokers finish document checks within a business day. A short target market test may appear, since CFD issuers must show who the product suits. Answer those questions honestly.

1. Choose a broker and confirm its AFSL on ASIC's register.
2. Check that your client agreement names the Australian entity.
3. Upload ID and a proof of address, then answer the suitability questions.
4. Fund in Australian dollars by a route your client area shows.
5. Pick a raw or spread-only account after running your own volume.
6. Place a small first trade, then withdraw a small sum to test the route.

See how these firms sit against global rivals on our forex broker comparison.