The Best Forex Trading Platforms In Australia For 2024
— Updated on 21 June 2024

The Best Forex Trading Platforms In Australia For 2024

— Updated on 21 June 2024
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With so many forex broker options in Australia, choosing the right platform is essential.

From my experience, the most important elements to consider are a forex broker with low spreads and commissions (along with the right trading account types for your needs) and quality trading software.

Other features of a top trading platform include a good range of trading instruments, regulation (important for trust and reputation), and responsive customer service.

In this article, I will discuss the ten best forex trading platforms available to Australian traders, focusing on brokers that excel in the key areas I feel are most important to consider as a trader.

The best forex trading platforms for Australian traders:

  1. Eightcap — Best Forex Trading Platform
  2. DNA Markets — Lowest Commission Trading Platform
  3. Pepperstone — Zero-pip Spreads Broker
  4. IC Markets — Lowest Spreads Trading Platform
  5. IG Trading — Trading Platform With Widest Range of Markets
  6. CMC Markets — Best Forex Trading Platform For Beginners
  7. eToro — Social & Copy Forex Trading Platform

I only include Forex trading platforms regulated by the Australia Securities Investment Commission (ASIC) in my list. As an Australian trader, using a broker regulated by ASIC ensures the broker is legally allowed to offer trading services in Australia. ASIC regulation means the broker adheres to the operational standard set by the national final regulator and that your funds are secure.

Eightcap (Best Forex Trading Platform)

I chose Eightcap as the best forex trading platform because of its low spreads, a wide range of markets, and variety of trading platforms. With competitive spreads, 95 crypto pairs, and 56 forex pairs, Eightcap caters to diverse trading needs. The broker’s integration with TradingView, MT4, MT5, and for automated trading makes it a standout choice for me.

Pros of Eightcap

  • Competitive spreads from 0.0 pips on the Raw account
  • Offers TradingView integration for enhanced charting
  • Largest selection of crypto CFDs in the industry
  • No-code automation with for strategy building

Excellent Trading Costs

One core factor when choosing the best forex trading platform is its trading costs, and Eightcap offers two account types with competitive spreads.

The broker’s lowest account option is its Raw account, with spreads as low as 0.0 pips and a reasonable commission of $3.50 per one lot traded. I think the Raw account pricing structure is better suited for high-frequency forex traders and scalpers who can benefit from the tighter spreads while averaging down their trading fees through commission paid.

Alternatively, the broker’s Standard account is excellent for commission-free trading. Although spreads are slightly higher than the Raw account, averaging 1.0 pips on EUR/USD in my tests, they are relatively low compared to the rest of the industry. 

If you like trading crypto, Eightcap will appeal to you with its selection of 95 crypto market CFDs, including cryptocurrencies from Bitcoin to Litecoin — the most extensive range I’ve found. For Forex trading, there are 56 Forex Pairs. 

Offers Top Trading Platforms For Forex & Crypto Trading

I’m a big fan of TradingView for chart trading.

If you like technical analysis, TradingView provides over 15 chart types, 400 built-in indicators, 110 drawing tools, and infinite timeframes. You can also access a further 100,00 indicators from the marketplace created using Pine script. Other features include pattern recognition tools, bar replays to see how data has been priced historically, and heatmaps. 

MetaTrader4 is the most popular trading platform on the market. While the charts are less powerful than TradingView, you still get 30 technical indicators, 23 analytic objects, and 9 timeframes, which you will find to be more than enough. Other features include Expert Advisors for automated trading and trading signals for copy trading. 

MetaTrader 5 is an upgrade on MT4. MT5 has everything MT4 offers and much more so if you are new to trading, MT5 could be a better choice, especially if you plan to trade shares. MT5 has 21 timeframes, 38 technical indicators, 44 analytical objects, and an unlimited number of charts. 

Has No-Code Automation Platform

Eightcap impressed me by integrating with, an innovative no-code automation platform.

This collaboration allows you to create, test, and automate trading strategies without writing a single line of code. I found the interface intuitive and user-friendly. I used natural language to explain my strategy with the AI, allowing even beginners to develop complex trading systems.

The ability to backtest strategies and optimise parameters lets you find an edge through your automated strategy while discarding poor strategies before making them live. 

With, you can automate your trading based on technical indicators, market events, and custom conditions, saving time and effort while improving your trading performance.

My Verdict On Eightcap

I placed Eightcap as the best forex trading platform and best Forex broker for Australia overall thanks to its integration with TradingView and low spreads on its trading accounts. I think the broker offers a decent range of markets, but the selection of crypto markets stands out, especially if you want to automate your strategies with

DNA Markets (Lowest Commission Trading Platform)

I included DNA Markets on this list because they offer the lowest commissions in the market at just AUD $2.25 per lot traded.

Combined with spreads starting from 0 pips on their MT4 and MT5 platforms, DNA Markets is an excellent choice for cost-conscious traders looking low fees or trading expenses without compromising on platform quality.

Pros of DNA Markets

  • Lowest trading commissions in the industry
  • Supports MT4 and MT5 platforms
  • Has social trading features with SignalStart
  • Decent range of tradable markets

Low Trading Commissions From $2.25

What stood out for me was DNA Market’s low trading commission on its Raw account. I found they only charged $2.25 per lot traded. This commission is lower than most brokers’, typically charging $2.25 per lot traded, saving $1.25 (or $2.50) per lot round trade. 

These commissions can certainly add up over time, especially if you trade frequently, so choosing DNA Markets may be a solid pick to lower your trading costs. As a bonus, the Raw account has also spread from 0.0 pips, making it a highly competitive trading account.

Alternatively, if you are against paying commissions, DNA Markets has the Standard account with variable spreads starting from 1.0 pips on EUR/USD and no commissions. The Standard account provides a simpler pricing model, which I think is better suited for beginners who want to focus on their trading without worrying about complex fee structures.

DNA Markets$2.25
Fusion Markets$2.25
CMC Markets$2.50
Go Markets$3.00
IC Markets$3.50
FP markets$3.50

MetaTrader Specialist Broker

While using DNA Markets, I had a choice of MetaTrader 4 or MetaTrader 5 platforms, so you get access to some of the best platforms suitable for every trading style.

If you are a beginner, you can access an intuitive interface that focuses on analysing the charts without cluttering them with news and updates from the broker. You get 35+ indicators and 20+ advanced drawing tools, covering Fibonacci and Eliott Wave indicators.

Specifically with MT5, I liked that it kept the familiarity of MT4 while extending its advanced tools like the Depth of Markets tool. This tool displays real-time order flow and liquidity for an asset, allowing you to time your trades better or find hidden support and resistance levels based on real-time demand. 

Has SignalStart For Copy Trading

DNA Markets offers SignalStart, a copy trading solution that automatically allows you to follow and copy successful traders’ trades through your MT4/MT5 accounts. 

Copy trading can be an excellent alternative method to benefit from the leveraged forex and commodity markets without learning how to trade or spending time analysing the markets daily.

My Verdict On DNA Markets

I like trading Raw accounts, so when I discovered that DNA Market offers $2.25 per lot traded, I was attracted to its services. Considering the broker is new, it has ticked a solid range of boxes that help it challenge the more established brokers with decent trading platforms and competitive spreads. 

Pepperstone (Zero-pip Spreads Broker)

I added Pepperstone to my list of top forex trading platforms due to its excellent range of trading platforms, including MT4, MT5, TradingView, and cTrader.

This variety ensures traders of all levels and preferences can find a platform that suits their needs. Additionally, Pepperstone’s consistent 0.0 pip spreads on major currency pairs and fast execution speeds make them a top choice for high-volume traders and scalpers.

Pros of Pepperstone

  • Zero-pips on major currency pairs
  • MT4, MT5, cTrader, and TradingView platforms
  • Excellent customer support
  • ECN broker with fast execution speeds

Razor Account Has 0 Pip Spreads

Most brokers offer spreads from 0.0 pips, but barely any brokers provide them for long enough to get them. In my testing, I found that Pepperstone’s Razor account was an exception, providing 0.0 pips on all of its major currencies 100% of the time (except rollover), as you can see in the table below.

FP Markets100.00%100.00%100.00%100.00%86.96%100.00%
Fusion Markets100.00%100.00%100.00%100.00%100.00%100.00%
Admiral Markets100.00%99.57%79.13%95.22%100.00%100.00%
IC Markets100.00%100.00%100.00%100.00%86.96%100.00%
CMC Markets100.00%95.65%65.22%86.96%65.22%78.26%

I was impressed with this result as it allows you to cut down your trading costs while getting the best prices. These spreads are achieved through the broker’s ECN model, so you pay a small commission ($3.50 per lot traded), but with no spreads, it’s a solid deal. In my experience Pepperstone execution speed for EUR/USD is 0.10 pips on average. Pepperstone has no minimum deposit requirement to open an account along with no inactivity fees.  

Fast Execution Speeds

To help you improve your chances of getting a spread of 0 pips, Pepperstone according to my tests has some of the fastest execution speeds of all the ASIC-regulated brokers in the market.

In my tests, the broker recorded a limit order speed of 77ms and a market order speed of 100ms. Fast execution speed means your trades are virtually instantly executed, limiting the possibility of slippage while getting the best price. This execution speed isn’t just for entering the markets; it also counts for take-profit and stop-loss orders, so you can be confident your orders will be fulfilled with Pepperstone.

BrokerLimit Order Speed (ms)Market Order (ms)
City Index95131
FP Markets22596
IC Markets134153
GO Markets144145

The broker achieves this through its ECN model, which matches your trades directly to the network. Equinix servers located in key financial hubs like New York and London contribute to getting near-instant market access.

My Verdict On Pepperstone

I find it difficult to fault Pepperstone, as they are a broker that does everything right to provide trading services. Offering 0.0 pips spreads on its Razor account provides tremendous value for active traders and scalpers, especially considering the sub-100ms execution speeds.

IC Markets (Lowest Spreads Trading Platform)

Out of the CFD brokers I’ve tested, IC Markets consistently offered the lowest spreads on its trading platforms, making it an easy choice to include on this list.

The broker services over 200,000 active clients globally, and its 1.64 trillion traded each month makes it one of the largest by trading volume in the world. Key features of IC Markets include deep liquidity, fast execution speed, and a range of trading platforms like MT4, MetaTrader 5, cTrader, and TradingView.

Pros of IC Markets

  • Lowest standard account spreads in our tests
  • Cheaper commissions when using the cTrader platform
  • Decent variety of financial instruments
  • Has advanced technical analysis tools like Trading Central

Lowest Variable Spreads In Our Tests

I’ve tested over 40+ brokers and found IC Markets continually offers some of the lowest spreads in the industry. My tests include getting the average available spreads throughout the trading day on MetaTrader 4 creating a realistic expectation of trading costs. As a result, I found that IC Market’s Standard account averaged 0.73 pips on EUR/USD, placing the broker in first position, as shown in the table below. 

BrókerSpread  AUD|USDSpread EUR|USD Spread GBP|USDSpread USD|CADSpread USD|CHF Spread USD|JPY 
IC Markets0.820.731.151.001.401.09
CMC Markets0.770.801.081.501.001.17
Fusion Markets1.
City Index1.071.161.772.302.681.74
Industry Average1.281.111.501.671.861.49

The Raw account, on the other hand, also shared similar low spreads. My tests showed that the broker’s Raw account average spreads were 0.19 pips on EUR/USD, one of the lowest recorded. These tighter spreads are thanks to the broker’s diverse liquidity mix from 25+ top-tier providers, which ensures the best spreads even during volatile market conditions.

BrókerSpread AUD|USDSpread EUR|USDSpread GBP|USDSpread USD|CADSpread USD|CHFSpread USD|JPY
IC Markets0.
Fusion Markets0.
FP Markets0.310.200.310.510.710.39
Industry Average0.420.270.540.620.710.48

While the Raw account’s spreads are cheap, the broker charges $3.50 per lot traded on top of the spread, which aligns with the rest of the industry. 

IC Markets Is A Top Broker For cTrader

IC Markets offers various platforms, such as MT4 and TradingView; however, cTrader stands out for me. The platform is a hybrid of TradingView’s nice and modern interface with advanced charting and MetaTrader 5’s functionality with Depth of Markets and algorithmic trading tools.

As a bonus of using cTrader, you’ll have lower commissions at $3.00 per lot traded on the platform, saving you $0.50 per lot, which adds up over time.

My Verdict On IC Markets

As spreads are an important feature for me, I was impressed that IC Market’s Standard account offers the lowest in my testing. This is good news for beginners; you’ll get the lowest trading costs without paying a commission. Additionally, I liked that the broker offers cTrader, along with other top platforms like TradingView and MT4/5.

IG Group (Trading Platform With Widest Range Of Markets)

I chose to include IG Trading in my list of top forex trading platforms because they offer the widest range of markets, with over 17,000 tradable instruments.

This extensive market coverage, combined with competitive spreads, a variety of platforms for both retail and professional traders, and useful tools like trading signals and market sentiment indicators, makes IG Group a comprehensive choice for traders seeking diverse opportunities.

Pros of IG Group

  • Most financial markets suitable for day trading
  • Competitive variable spreads from 1.13 pips with no commission
  • Excellent choice of trading platforms for retail and professional traders
  • Decent trading signals service and market sentiment tools

Best Choice Of Markets For Day Trading

When it comes to day trading, having access to a wide range of financial markets is crucial, and IG Group excels in this area. With an impressive selection of over 17,000 markets, including shares, indices, forex, commodities, and ETFs, IG Group provides the most opportunities to find daily volatility.

For example, IG Group has 80+ currencies, which allows you to trade major currencies and cross pairs like AUD/NZD (Australian Dollar / New Zealand Dollar), taking advantage of regional market movements.

In addition, I think IG Group’s selection of index markets is excellent, providing global coverage of the major stock exchanges, including the Australian stock markets. You can trade indices, like the FTSE 100, S&P 500, and DAX, with extended trading hours and weekend markets, which you won’t find with other brokers.

Top Trading Platforms & Apps

IG Group’s trading platforms are designed to cater to the needs of both beginner and experienced traders. The award-winning web-based platform is user-friendly and the only platform to access all the markets the broker has trading on. 

You’ll find the platform has advanced charting tools with 60+ indicators and drawing tools, plus access to Signal Centre which provides automated market analysis research you can trade from.

Available on iOS and Android devices, the IG Group mobile trading app offers seamless access to all the features and functionalities of the web platform. This mobile app is a solid choice for trading on the go, sharing the same charts, indicators, real-time alerts and analysis tools.

L2 Dealer provides direct market access and Level 2 pricing for professional traders. The broker also supports MT4 and ProRealTime, which offer similar capabilities for automated trading and advanced charts.

My Verdict On IG Group

With an impressive selection of over 17,000 markets, IG Group is my top choice for day traders seeking volatility across multiple markets. The broker’s extensive coverage of 80+ forex pairs, global indices, and extended trading hours that let you trade on weekends sets it apart. I like the collection of trading platforms that cater to traders of all levels, including professional traders who require direct market access through L2 Dealer.

CMC Markets (Best Forex Trading Platform For Beginners)

I believe CMC Markets is the best forex trading platform for beginners due to its user-friendly and feature-rich Next Generation platform.

The platform’s intuitive interface, advanced tools like pattern recognition and client sentiment indicators, and risk management features like guaranteed stop-loss orders make it an ideal choice for novice traders looking to start their forex trading journey with a supportive and beginner-friendly broker.

Pros of CMC Markets

  • NGEN Platform has excellent advanced trading tools
  • Wide variety of markets with the most currency pairs (300+)
  • Offers guaranteed stop-loss orders for stricter risk management
  • FX Active account has tight spreads and low commissions

NGEN Platform Is Excellent For Beginners

I found CMC Markets’ proprietary Next Generation (NGEN) platform ideal for beginners. The web-based platform is intuitive and easy to navigate, with a clean interface that doesn’t overwhelm you with multiple modules and newsfeeds. You can easily access various tools and features, such as advanced charting with 80+ indicators, customisable watchlists, and an integrated Reuters news feed.

The NGEN platform has guaranteed stop-loss orders (GLSO), which will close your trade at the price you specify, regardless of market volatility. The GLSO can be an important risk management tool for beginners as it protects your positions from slippage, possibly costing you more money.

Top Trading Tools For Assisted Analysis

CMC Markets provides powerful tools to help beginners better analyse the markets and time trades. One standout feature for beginners is the platform’s automated pattern recognition software, which highlights chart and candlestick patterns. I think this feature is excellent as it can help you learn how to trade these patterns in real-time, especially while you are getting comfortable with the idea of trading.

I also liked the client sentiment feature, which shows the percentage of CMC clients holding long or short positions in an instrument. This gives valuable insights into market sentiment.

My Verdict On CMC Markets

I think CMC Markets does an excellent job providing a low-cost trading service, accessing 12,000+ markets, and providing a top trading platform for beginners (NGEN). With advanced tools like automated pattern scanners and client sentiment features, the NGEN platform offers beginners easier ways to analyse the markets while providing risk management orders like the GLSO.

eToro (Top Social & Copy Forex Trading Platform)

eToro is the industry leader in copy trading thanks to innovating and pioneering its CopyTrader feature on its platform since 2007.

The platform is used by 30,000,000+ traders worldwide. The broker even offers commission-free trading and competitive spreads on all its 3,000+ financial instruments, ranging from forex to cryptocurrencies, giving you plenty of markets to copy trade.

Pros of eToro

  • Best-in-class copy trading tools 
  • Has 2,000,000 traders available to follow
  • No commission and competitive spreads on all markets
  • Trade across multiple assets from forex to commodities

Access The Largest Copy Trading Platform

I think eToro is the best broker that pioneered copy trading. It allows you to copy successful traders’ trades automatically. By leveraging the expertise of market-proven traders, you can enhance your trading performance and learn from the strategies of seasoned traders.

The platform’s CopyTrader feature is built so anyone can use it. With just a few clicks, you can browse through a database of traders, analyse their trading history, and allocate funds to copy their trades. Making it this simple allows people with no experience or time to learn how to benefit from derivatives like the forex markets or indices and piggyback on the success of other traders.

Copy trading is typically expensive, but as eToro is both the broker and platform provider, I found their trading costs very competitive. I found the spreads averaged 1.00 pip on EUR/USD, which is decent. Plus, there are no commissions on trades (even on stocks), keeping your costs simple.

Engage With Like-Minded Traders On eToro

The platform also has social trading features, allowing you to engage and discuss the markets with other traders through features like the News Feed, where you can share insights, discuss market trends, and learn from the experiences of others.

The ability to follow and interact with successful traders, ask questions, and gain insights from their strategies can help beginners significantly shorten the learning curve. 

My Verdict On eToro

eToro is the only broker I associate with copy trading, as I think the platform’s CopyTrader feature is the best available. Its advanced filter and trader performance tools make finding the right trader to copy with ease. Plus, eToro has the lowest trading costs compared to other copy traders, considering it offers tight spreads and no commission on all of its asset classes.

Frequently Asked Questions — Best Forex Trading Platforms in Australia

Which broker is best for forex trading in Australia?

Eightcap is the best Australian forex broker thanks to its low trading costs and solid catalogue of markets and trading platforms. The broker offers spreads from 0.0 pips plus a $3.50 per lot traded and access to over 600 markets, including 56 forex pairs and 95 crypto pairs, the most extensive selection in the industry. You can trade on MT4, MT5, and TradingView platforms and access excellent trading tools like, which can automate your trades without coding. 

Is forex trading legal in Australia?

Yes, forex trading is legal in Australia, and most brokers are regulated by the Australian Securities and Investments Commission (ASIC), the country’s regulatory body for financial services. ASIC requires all forex brokers operating in Australia to obtain an Australian Financial Services License (AFSL) and follow strict regulations to protect traders, such as segregating client funds from the broker’s. All regulated brokers, whether based in Sydney or Melbourne (or outside Australia), must display their ASIC licence with a disclaimer on their website. Top Australian forex brokers can also be regulated in multiple jurisdictions, such as the FCA (UK) and CySEC (Europe). This adds trust and transparency to a broker and can help you avoid scams. 

What is CFD Trading?

CFD trading is a way to speculate on the price movements of financial instruments, like foreign exchange pairs, without owning the underlying asset. These derivative products are considered high-risk for retail investors, and you will profit (or lose) from the difference between the entry and exit price. To start trading CFDs, you can find educational resources with your brokerage, which typically offers the basics.

How to trade Forex in Australia

Start by choosing a reputable broker regulated by the Australian Securities and Investments Commission (ASIC). Look for a broker that provides competitive fees and a user-friendly trading platform that aligns the features you are looking for in a broker along with your trading style. 
You will then choose an account type with the broker and sign up. Demo accounts are free but to start trading you will need to meet the minimum deposit requirements to make a trade. If needed, install their desktop or mobile trading apps, which can be found on the Apple Store for iOS devices or the Google Store for Android. After setting up your account, decide which markets you’re interested in trading, such as forex, stocks, or cryptocurrencies. Develop a sound CFD trading strategy that incorporates risk management tools like stop loss orders to help protect your capital.
It’s crucial to note that this content is not meant to be taken as investment advice. Trading in foreign exchange and CFDs, including derivatives, involves a high risk of losing money. Before making any investment decisions, it’s wise to consult with a financial professional. To ensure regulatory compliance, consider researching brokers on the ASIC website and verifying that they hold an Australian Financial Services Licence (AFSL).

Why trust Justin Grossbard?

Justin Grossbard has written extensively about Forex trading for major publications such as Forbes, Medium, Finance Magnates, MoneyShow and Entrepreneur. When recommending brokers, Justin looks for the features that matter most to traders, such as costs, platforms, customer services, skills, and strategies, you can find out more about Justin at

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