Australian Zero Commission Forex Trading Brokers For 2024
— 12 March 2024

Australian Zero Commission Forex Trading Brokers For 2024

— 12 March 2024
Boss Hunting
Boss Hunting

To find the best forex brokers with commission-free spreads, we’ve assessed over 40 brokers, honing in on crucial factors for Australian traders. Our analysis includes spread competitiveness, access to financial markets, and the quality of forex trading platforms. The analysis below highlights six CFD brokers, each suited to a distinct trading style: 

  1. Pepperstone — Best Australian Forex Broker Overall
  2. IC Markets — Best Low Spreads with Zero Commission
  3. Eightcap — Best Forex Trading Platforms & Tools
  4. eToro — Best Social and Copy Trading Platform 
  5. CMC Markets — Largest Range of Currency Pairs 
  6. Plus500 — Best Trading Account for Beginners

Our emphasis on regulatory oversight means all brokers discussed are regulated by the Australian Securities and Investments Commission (ASIC), ensuring you are dealing with reputable and secure ASIC-regulated brokers.

Pepperstone (Best Australian Forex Broker Overall)

Pepperstone, established in Melbourne in 2010, is known as one of the best Australian zero-commission forex trading brokers thanks to its tight spreads, deep liquidity, attractive active trader rebates, extensive market access, and quality customer support.

Low Trading Costs

Pepperstone offers zero commission trading via its Standard Account, with spreads starting at 1.0 pip for major currency pairs, perfect for traders seeking simple, affordable options. The Active Trader programme further cuts costs for high-volume traders through rebates, reducing trading expenses proportionate to volume.

Pepperstone’s rebate system is designed to reduce trading costs for high-volume traders, with options for custom solutions. Active Trader programme participants enjoy more than just lower spreads; they also receive:

  • Priority Client Support
    Direct support from a dedicated account manager
  • Advanced Insights & Reports
    Exclusive market insights, daily Autochartist signals, plus detailed reporting for MT4 & MT5 platforms.
Rebate TierVolume (Forex Lots)Discount per Lot

For traders looking for raw spreads, Pepperstone’s Razor account offers minimum spreads from 0 pips plus commission. Explore our comprehensive review of the Best Australian Forex Brokers and their pricing structures for further information.

Trading Platforms

Pepperstone offers a diverse range of CFD trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView, and its proprietary Pepperstone platform. Each platform caters to different levels of trading experience and style, from the globally popular MT4, ideal for automated strategies with Expert Advisors, to the user-friendly Pepperstone mobile app designed for beginner forex traders. Demo accounts are available across these platforms for those new to trading or looking to test strategies.

While market access varies between platforms, you can trade a broad range of financial instruments like forex, shares, indices, commodities, cryptocurrencies, and ETFs, allowing for diversification across multiple markets.

Customer Support

Pepperstone excels in customer support, offering 24/7 multilingual assistance via live chat, phone, and email. The broker provides a comprehensive range of educational content, including FAQs, trading guides, webinars, educational videos, and advanced trading strategy webinars, catering to both new and experienced traders.


Pepperstone combines competitive trading fees, a wide range of platforms, and exceptional customer support, making it the top choice for Australian forex traders in 2024.

IC Markets (Best Low Spreads with Zero Commission)

Founded in Sydney in 2007, IC Markets has emerged as a leading broker known for offering the lowest zero commission spreads in the forex market. When tested against other top brokers, IC Markets consistently delivers significantly lower spreads, making it one of the best Australian brokers for traders focused on minimising trading costs.  

Commission-Free Spreads

IC Markets leads the way in zero commission pricing within the forex market, offering exceptionally low standard spreads starting at 0.62 pips for EUR/USD, which is about 50% lower than the industry average of 1.23 pips. Similar to the AUD/USD, IC Markets’ average zero commission spread is 0.77 pips, 48% tighter than the industry average of 1.48 pips.

We analyse live spread data across major currency pairs and various trading sessions to ensure an accurate comparative analysis of online brokers. This approach allows us to establish the average spreads traders will likely encounter. Comparing these figures to industry standards highlights brokers like IC Markets, which consistently offer more competitive spreads, as detailed in the table below.

IC Markets0.620.740.830.770.85
CMC Markets1.121.381.31.641.32
Industry Average1.231.361.561.481.73

IC Markets also provides a Raw Account option, giving traders the flexibility to switch to commission-based spreads in the future if desired.

Funding & Minimum Deposit

IC Markets requires a minimum deposit of $200 to open both Raw and Standard Accounts. The broker supports a variety of fee-free funding methods, including credit cards, bank transfers, and e-wallets such as PayPal, Neteller, and Skrill. This range of options allows traders to choose the most convenient method for their financial transactions.


IC Markets is a top choice for traders seeking the lowest zero commission spreads, combining competitive pricing with a flexible trading environment.

Eightcap (Top Forex Trading Tools)

Since its inception in 2009 in Melbourne, Eightcap has distinguished itself by providing zero commission trading options through its Standard Account, alongside competitive low spreads for its Raw Account. Offering MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView platforms, Eightcap supports traders with a suite of advanced tools to optimise trading efficiency and facilitate sophisticated strategy execution.

Trading Platforms

Eightcap offers a comprehensive suite of trading platforms, catering to a wide range of trader needs and preferences. Traders can choose from MetaTrader 4 (MT4) and MetaTrader 5 (MT5) packed with features like advanced technical analysis and algorithmic trading using Expert Advisors (EAs). For those who prefer an intuitive interface with powerful charting capabilities, TradingView is also available, allowing for customisable charts, access to a vast range of indicators, and social trading features.

Trading Tools

Eightcap offers advanced trading tools to enhance the trading experience:

  • AI-powered Economic Calendar
    Market analysis tool that keeps traders informed about global market-moving events and indicators (essential for anticipating price shifts)
    Enables traders to automate strategies using simple English without coding (includes backtesting with historical data to evaluate strategy performance)
  • FlashTrader
    Partnered with BKForex, this tool allows for fast execution speeds, automatic stop & target setting, plus adjustable profit targets for effective risk management
  • ForexVPS
    Ensures automated trading systems operate 24/7 (crucial for continuous trading without personal computer dependency)

These tools equip Eightcap traders with the means for efficient trade execution, strategy automation, and constant market engagement. For those seeking to expand their knowledge on trading platforms, further details on the Best CFD Trading Platforms in Australia are available to explore.


Eightcap is a prime choice for zero-commission trading and low spreads, providing advanced tools and platforms for effective trading strategy execution.

eToro (Best Social & Copy Trading Platform)

Founded in 2007 and based in Israel, eToro has become a leading name in social trading, offering a platform where users can follow and copy the trades of others within their trading network. Operating as a market maker, eToro simplifies the trading process by offering a unified trading account with zero commission fees.

Social & Copy Trading

eToro’s platform is designed to facilitate social and copy trading at its best. With the CopyTrader system, you can seamlessly mirror the trading activities of successful investors. This feature not only demystifies trading for beginners but also empowers them to harness the knowledge and strategies of seasoned market participants. You can select traders to copy based on performance metrics, investment style, and risk tolerance, making it a tailored experience.

Furthermore, eToro introduces CopyPortfolios, a sophisticated investment product that combines various assets or top traders into a single managed portfolio. These portfolios are curated by eToro’s investment committee and aim to minimise long-term risk while promoting growth. They allow you to diversify your investments across markets or strategies, reducing the need for constant market monitoring and trade adjustments. 


eToro stands is globally recognised for its social and copy trading platform, facilitating an easy way for traders to interact with a global community.

CMC Markets (Largest Range of Currency Pairs)

CMC Markets, established in 1989 in the UK, is renowned for its extensive range of currency pairs and zero commission fees on standard spreads. This broker is a top choice for traders seeking extensive forex market access alongside competitive trading conditions.

Forex Market Access

With an impressive lineup of over 330 forex pairs, CMC Markets covers a vast range of forex trading opportunities, from major and minor to exotic pairs. This extensive offering places CMC Markets among the top brokers for forex variety. Beyond forex, the broker provides access to a diverse portfolio of over 12,000 financial instruments across different asset classes, including indices, commodities, stocks, and cryptocurrencies. This wide selection enables traders to adopt diversified trading strategies and explore numerous markets with a single broker.


CMC Markets distinguishes itself with a vast array of over 330 currency pairs and more than 12,000 financial instruments, making it an ideal broker for traders looking to access a wide range of markets.

Plus500 (Best Trading Account for Beginners)

Founded in 2008 in Haifa, Israel, Plus500 has quickly become a trusted name in online trading, offering a straightforward pricing structure with no commission fees and a beginner-friendly platform.

Beginner Friendly

Plus500’s proprietary platform is designed with simplicity at its core, making it an ideal choice for beginners. It features a user-friendly interface, over 100 technical indicators for chart analysis, customisable watchlists, and alerts on market movements. 

The platform is accessible via desktop, WebTrader, and mobile trading apps, ensuring a seamless trading experience across devices. For those new to trading, Plus500 also offers an unlimited demo account, allowing users to practise trading strategies risk-free.


Plus500 stands out as the best trading account option for beginners, thanks to its simple, no-commission pricing structure and easy-to-use platform. 

Frequently Asked Questions (FAQ): Zero Commission Brokers

What is the best forex broker in Australia?

Pepperstone is often cited as the best forex broker in Australia, offering tight standard spreads from 1.0 pip on major forex pairs, a variety of trading platform options, and extensive customer support.

IC Markets and EightCap also stand out for their low zero commission spreads and comprehensive trading tools.

Crucially, when selecting a broker in Australia, it’s essential to opt for one regulated by the Australian Securities and Investments Commission (ASIC), ensuring a secure and regulated trading environment.

Can you trade forex with no fees?

Yes, you can trade forex with no fees using a standard account, which typically offers no commission fees but comes with wider spreads.

Conversely, raw accounts charge commissions but provide tighter spreads, catering to those who prefer lower trading costs per trade. Brokers like Pepperstone and IC Markets offer both types of accounts, allowing traders to choose based on their trading preferences and strategies. 

It is important to note that no broker offers forex trading with no fee, as they need to generate revenue. Other fees, such as overnight and inactivity fees, may also apply.

Is a standard account good for scalping?

No, a standard account is not ideal for scalping due to wider spreads, which can eat into the profits from small price movements.

Scalping requires tight spreads to maximise profitability, making raw or ECN accounts with lower spreads plus commission fees a better choice.

Do all forex brokers charge commission?

No, not all forex brokers charge a set commission fee.

Commission, a form of compensation for brokerage services, varies between account types: wider spreads in commission-free accounts, often called standard accounts, and a set commission fee with tighter spreads in accounts typically referred to as raw, ECN, or razor.

This setup provides traders with options to match their trading strategy and cost preferences.

Is forex trading legal in Australia?

Yes, forex trading is legal in Australia.

Online brokers must be licensed and are strictly regulated by the Australian Securities and Investments Commission (ASIC), which helps protect retail investor accounts from volatility, scams, misleading practices, and insolvent brokerages.

ASIC mandates several protective measures for traders, including capping leverage at 30:1 for retail traders, ensuring negative balance protection, and requiring that client funds be kept in segregated accounts.

If you are in a different jurisdiction, ensure you choose brokers regulated by reputable authorities like the FCA in the UK or CySEC in Europe. For those in NZ interested in FMA-regulated brokers, consider exploring the best forex brokers in New Zealand overall, or delve into specifics with the best MT4 brokers and best copy trading software.

How to trade forex in Australia?

To start trading forex in Australia, first, select an ASIC-regulated broker that offers low fees and a trading platform that suits your needs. Open a trading account and choose your base currency (many Australians opt for the Australian dollar).

Ensure you meet the minimum deposit requirements set by the online broker, and if necessary, download desktop and mobile apps (visit the Apple Store for iOS or the Google Store for Android). 

Decide on the markets you wish to trade, such as forex, equities, or crypto, and develop your CFD trading strategy, incorporating tools like stop loss orders to manage risk effectively. 

This content is not intended as investment advice. Trading in foreign exchange and CFDs, including derivatives, carries a high risk of loss. It’s important to seek advice from a financial professional before making investment decisions. Consider searching the ASIC website for brokers holding an Australian Financial Services Licence (AFSL) to ensure regulatory compliance.

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