Which forex broker is best in Australia?
For cost, on an AUD account: Pepperstone. The round-turn commission is AUD 2.00 per lot lower, there is no inactivity fee, PayID deposits are published, and it runs its own platform alongside the four third-party ones.
For disclosure and account flexibility: IC Markets. It names its trust bank, publishes its data-centre locations, states a withdrawal cut-off time, offers ten base currencies and provides a documented swap-free account under the Australian licence.
Side by side
Table 1 — Pepperstone vs IC Markets, Australian entities
| Pepperstone | IC Markets | |
|---|---|---|
| Entity and AFSL | Pepperstone Group Limited — AFSL 414530 | International Capital Markets Pty Ltd — AFSL 335692 |
| Raw commission, AUD account | AUD 7.00 round turn (MT4/MT5) | AUD 9.00 round turn |
| Raw commission, USD account | USD 7.00 round turn | USD 7.00 round turn |
| EUR/USD minimum | Razor 0.0 · Standard 1.0 | Raw 0.0 · Standard 0.8 |
| Minimum deposit | $10 (currency not stated); none by bank wire | USD 200 |
| Inactivity fee | None | AUD 20/month after 12 months, per the PDS |
| PayID | Yes — $10 minimum, free, instant | not published |
| Base currencies | 6 | 10 |
| Swap-free on the AU entity | No page published | Yes — Raw and Standard, MT4 and cTrader |
| Proprietary platform | Yes — web and mobile | None |
| Trust bank named | No | Yes — National Australia Bank |
| AFCA membership | 28689 | 13527 |
What does a trade actually cost?
The commission line is the one that compounds, and almost nobody compares it in the currency an Australian client actually funds in.
Both figures are published; neither is hidden. On a USD account the two are identical at USD 7.00 round turn. The difference appears only in AUD, where IC Markets prices at AUD 4.50 a side rather than converting its USD rate. If you fund in Australian dollars — which most Australian clients do — that is a real and recurring gap.
On spreads, be careful what you compare. We have not printed IC Markets’ published average spreads. Its own table shows a Raw EUR/USD average of 0.01 while four other pages on the same domain claim 0.1; its Standard row shows a minimum of 0.8 against an average of 0.1, which is arithmetically impossible; and its help centre puts the gold average at 1 pip against a table value of 0.09. No measurement period is stated anywhere. Pepperstone publishes no Australian averages at all. Compare the minimums and treat any average from either firm with caution.
Trade in AUD on the lower commission
Pepperstone Group Limited, AFSL 414530 — AUD 7.00 round turn on FX, PayID deposits, and MT4, MT5, cTrader, TradingView and its own platform. Test the pricing on a free demo first.
Pepperstone Group Limited, ACN 147 055 703, AFSL 414530
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Australian licensees are not required to publish a retail loss percentage and neither AFSL holder on this page does. Read the Product Disclosure Statement and Financial Services Guide before deciding.
Pepperstone Group Limited holds ASIC AFSL 414530. ASIC does not mandate a retail-loss percentage, so none is quoted here rather than borrowing another entity's figure. This is a paid affiliate link: we may earn a commission if you open an account. It does not change our ranking or what we publish.
Table 2 — Commission only, AUD account, MT4/MT5 raw
| Volume per month | Pepperstone (AUD 7.00 RT) | IC Markets (AUD 9.00 RT) | Difference per year |
|---|---|---|---|
| 10 standard lots | AUD 70 | AUD 90 | AUD 240 |
| 25 standard lots | AUD 175 | AUD 225 | AUD 600 |
| 50 standard lots | AUD 350 | AUD 450 | AUD 1,200 |