best forex broker in australia
Verdict
- Pepperstone is our best forex broker in Australia: 93 currency pairs, a published Razor average of 0.1 pips on EUR/USD, AUD base-currency accounts and ASIC regulation through Pepperstone Group Limited (AFSL 414530).
- Razor commission on an AUD account is AUD 3.50 per side on MT5, AUD 7 per lot on MT4 and USD 6 per round turn on cTrader; the Standard account has no commission and averages 1.1 pips on EUR/USD.
- Capital.com is our second choice in Australia; it publishes no static EUR/USD spread, so compare its live quote yourself.
- Retail leverage at Pepperstone is 1:30 on major pairs, 1:20 on minors and 1:10 on non-deliverable forwards.
For forex specifically, the deciding factors are the cost per lot on the pairs you trade, the platform, and whether you can hold the account in Australian dollars. Pepperstone answers all three in its published terms. The detail follows.
Pepperstone for currency traders: the case in brief
Pepperstone publishes average spreads pair by pair rather than 'from' figures, which lets you work out your real cost. On Razor, EUR/USD averages 0.1 pips, GBP/USD 0.2 and USD/JPY 0.3. On Standard, the same pairs average 1.1, 1.2 and 1.3 with no commission, because Pepperstone builds a one-point mark-up into the spread. Hold the account in AUD and fund it instantly by PayID, or pick USD, EUR, GBP, SGD or HKD.
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Razor or Standard: which account for forex?
For anyone trading more than occasionally, Razor is cheaper: in a USD account a EUR/USD lot costs about 0.8 pips all-in there (0.1 of spread plus USD 7 of commission, worth 0.7 pips), against 1.1 pips on Standard. Standard suits small, infrequent trades where a single all-in spread is simpler.
| Razor | Standard | |
|---|---|---|
| EUR/USD | 0.1 pips + commission | 1.1 pips |
| GBP/USD | 0.2 pips + commission | 1.2 pips |
| USD/JPY | 0.3 pips + commission | 1.3 pips |
| Commission (AUD account) | AUD 3.50 per side on MT5; AUD 7 per lot on MT4 | None |
| Commission on cTrader | USD 6 per round turn | None |
| Platforms | Web/app, MT4, MT5, TradingView, cTrader | Web/app, MT5, cTrader |
What is the best forex trading platform in Australia?
The platform is the software; the broker sets your prices. With Pepperstone you can run all of the main forex platforms on one Razor account:
- MetaTrader 4: the longest-standing choice for expert advisors; at Pepperstone it is Razor-only.
- MetaTrader 5: more timeframes and order types, available on both accounts.
- cTrader: the lowest Razor forex commission at Pepperstone, plus C# automation through cTrader Automate.
- TradingView: charting first, with trading from the chart on Razor.
- Capital.com, our second pick, offers its own web platform and app, MT4, MT5 and TradingView.
Checks for an Australian forex account
- Make sure your account is with Pepperstone Group Limited (AFSL 414530), not an overseas group company.
- Pepperstone does not offer a swap-free account to Australian residents; overnight swaps apply to positions held past the daily rollover.
- Pro (wholesale) status lifts major-FX leverage to 1:500 but replaces full negative balance protection with a one-time cover of up to USD 100,000.
Sources
How many currency pairs does Pepperstone offer in Australia?
93 margin FX pairs, according to its Australian account table (data from 12 March 2025).
Is Pepperstone an Australian company?
Its Australian business is Pepperstone Group Limited, based at 727 Collins Street, Melbourne, and licensed by ASIC under AFSL 414530.
Which Pepperstone platform is cheapest for forex?
cTrader, at USD 6 per round-turn lot, against USD 7 on MT5 and TradingView.
Margin FX and CFDs are leveraged products with a high risk of losing money rapidly. Consider the PDS and TMD and your own circumstances before trading. Costs shown are published broker averages, not guarantees, and this is not investment advice.