Which is the cheapest forex broker in Australia?
Verdict
- Pepperstone is the low-cost forex broker we recommend in Australia: about $7 per round-turn EUR/USD lot on cTrader, published as averages, with free funding and no inactivity fee.
- On published figures alone, Fusion Markets is cheaper still, at $4.50 per lot in commission on its Zero account with a claimed 0.0 average spread on majors.
- IC Markets and FP Markets land at about $7.10 per lot all-in, within ten cents of Pepperstone on cTrader.
- Spreads move constantly; the most useful number is a broker's published average, not its 'from 0.0' minimum.
The cheapest forex broker is the one with the lowest total per lot: spread plus commission, on the platform you will actually use. Here are those totals for the ASIC-licensed brokers whose figures we hold, and why we still put Pepperstone first.
Our pick: Pepperstone, about $7 a lot on cTrader
Pepperstone's Razor account averages 0.1 pips on EUR/USD. On cTrader the forex commission is USD 6 per round turn, so a standard lot costs about $7 all-in; on MT5 or TradingView it is about $8. It is not the absolute cheapest in our data, but it is within cents of the low-cost raw brokers, publishes pair-by-pair averages you can check, and charges nothing to deposit or withdraw. Funding is instant by PayID from $10.
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EUR/USD all-in, broker by broker
One standard lot, opened and closed, USD account, $10 per pip. Spread is the broker's published average where one exists.
| Broker and account | Spread | Commission | Total |
|---|---|---|---|
| Fusion Markets Zero | 0.0 average claimed on majors | $4.50 | about $4.50 |
| Pepperstone Razor, cTrader | 0.1 average ($1) | $6.00 | $7.00 |
| IC Markets Raw Spread | 0.01 average ($0.10) | $7.00 | $7.10 |
| FP Markets Raw | 0.11 average ($1.10) | $6.00 | $7.10 |
| Pepperstone Razor, MT5 | 0.1 average ($1) | $7.00 | $8.00 |
| Pepperstone Standard | 1.1 average ($11) | None | $11.00 |
Which forex broker has the lowest spreads right now?
Among published averages in our data, IC Markets' 0.01 pips on EUR/USD is the lowest, ahead of Pepperstone's 0.1 and FP Markets' 0.11. Fusion Markets claims 0.0 on majors on average but gives no pair figure. 'Right now' is the catch: spreads change every second and widen around news, so test the live quote on the pair you trade at the hours you trade. A broker's lowest spread is not the same thing as its lowest cost, because commissions differ.
Costs the per-lot table misses
- Swaps on positions held overnight, which can outweigh spread for swing traders.
- Currency conversion if your account currency differs from what you fund with; Pepperstone offers AUD accounts.
- Withdrawal fees: Pepperstone lists all Australian withdrawal methods as free.
- Inactivity fees: Pepperstone charges none.
Sources
Why not recommend Fusion Markets if it is cheaper?
Because commission is one factor. Pepperstone adds a broader published product range, multi-country regulation and detailed pricing for indices, shares, crypto and perpetuals. If you only trade FX majors at high volume, Fusion Markets is worth a look.
Are IC Markets' figures for its Australian company?
They come from its global pricing page on ic.com. Check the Australian site for its ASIC company's terms.
Is Pepperstone Standard ever cheaper than Razor?
Not on EUR/USD per lot: 1.1 pips ($11) against about $7 to $8 on Razor. Standard is simpler, not cheaper.
Low costs do not reduce the risk of trading: CFDs and margin FX are leveraged and you can lose money rapidly. Figures are broker-published averages or claims as of October 2026. General information only.