How do we rate forex trading platforms?

To find the best forex brokers, we rely on our proprietary algorithm which calculates the rankings of our forex brokers.

We gave forex brokers a score so that we can give them a ranking in our Finder Award's "Best forex broker" page and choose the top broker picks displayed at the top of selected pages.

We asked Finder's data scientists and investment experts to come up with an algorithm that incorporates security and trust, fees, trading features, beginner-friendly tools and markets offered on each platform.

Quick stats

• Trading platforms compared: 30
• Trading features compared: 26

Finder survey: Where do Australians trade forex?

How do we choose our "Top Picks"?

Our top picks are displayed at the top of many of our forex trading guides and feature 3–5 "Best for X" categories.

The brokers are awarded titles using the methodology below and Finder's editorial team decides which top picks to display based on research around user demand.

Which features do we compare?

To find Finder's award winners, we went through and compared the following:

• ASIC licence
• Years in business
• AUD/USD avg. raw spread
• Commissions (USD base)
• Inactivity fees
• Funding fees
• Minimum deposit
• Swap free account
• Amount of tradable markets
• Retail max leverage (Australia)
• Pro. max leverage (Australia)
• MetaTrader 4 (MT4)
• MetaTrader 5 (MT5)
• cTrader
• TradingView
• Mobile app
• Funding methods (number of)
• Copy trading
• Stop-losses
• Demo account
• Currency pairs
• Cryptocurrency CFDs (total)
• Index CFDs (total)
• Share CFDs (total)
• Commodities CFD (total)
• Stockbroking

How do we decide which features are more important?

Our selected categories and trading features are weighed based on the expertise of Finder's banking and investments team as well as user research to show which features are the most important to different investor types. The ratios may change as we update the formula to provide a better comparison experience for our users.

Best overall. To find the best overall broker, we weighed each category as evenly as possible.

Best for beginners. We gave more value to beginner-friendly features such as the number of funding methods, stop-loss functionality, copy trading and demo accounts.

Best value. We gave more value to features associated with cost. For example, AUD/USD average raw spread, inactivity fees, funding fees, etc.

Best for advanced traders. We gave more value to advanced trading features such as the amount of leverage for retail and pro investors, as well as the trading software offered by each broker, e.g. MetaTrader 4 (MT4).

Does Finder compare all forex brokers in the market?

Unfortunately no, but we're trying our best to make that happen. It takes a long time to find and properly analyse broker fees and features. It's important that we don't share misinformation, so we may not be able to cover 100% of the market.

However, we do list the majority of Australia's most popular and well-regarded forex brokers.

The process of gathering this data in Australia is quite manual. Our banking and investment team hunts down forex brokers that are available to most Australian users and excludes those that are limited to "wholesale" (i.e. professional) investors.

• How do I choose the best forex broker for my trading goals?

  The right broker depends on your trading style, experience and goals. Look for things such as regulation, spreads, leverage options, trading platform performance and customer support. If you're new to forex trading, you may prefer a broker with low minimum deposits and strong educational tools. Experienced traders often prioritise advanced charting, tight spreads and fast order execution.

• Is forex trading legal in Australia?

  Yes. Forex trading is legal in Australia and is regulated by the Australian Securities and Investments Commission (ASIC). ASIC ensures that brokers meet strict financial standards and follow transparent operational practices. Traders should always verify that their broker holds a current Australian Financial Services (AFS) licence before opening an account.

• What does ASIC regulation mean for forex traders?

  ASIC regulation protects traders by ensuring brokers operate fairly, hold client funds in segregated accounts and maintain adequate capital reserves. It also means brokers must provide transparent disclosure about fees and risks. Choosing an ASIC-regulated broker helps safeguard your funds and trading activity.

• How are Finder's forex broker rankings determined?

  Rankings are based on a combination of factors including platform performance, fees and spreads, customer experience, regulation, product range and educational resources. Comprehensive testing and comparison help highlight which brokers perform best under different trading conditions.

• Can I trade forex on my phone in Australia?

  Yes. Many forex brokers offer fully featured mobile apps so you can trade, monitor positions and manage your account from your smartphone or tablet. Look for apps that offer real-time charts, price alerts and secure two-factor authentication.

• What risks are involved in forex trading?

  Forex trading carries a high level of risk due to market volatility and leverage. Leverage can wipe out your whole balance quickly. ASIC-regulated brokers must give retail clients negative balance protection, which limits your losses to the funds in your trading account, but wholesale accounts and offshore brokers may not offer this. It's important to understand how leverage works, use stop-loss orders and never trade with money you can't afford to lose. Practising with a demo account before trading live can also help manage risk.

• What type of forex account is best for beginners?

  Beginners often start with a demo account or a standard account offering low minimum deposits and micro-lot trading. These accounts help you learn the platform and test strategies without committing large sums. Once you gain confidence and consistency, you can consider other account types with tighter spreads or higher leverage.

• How does leverage work in forex trading?

  Leverage allows you to control a larger position than your actual account balance would normally allow. For example, with 30:1 leverage, a $1,000 deposit lets you trade up to $30,000 in currency. While leverage amplifies potential profits, it also increases potential losses. Always use leverage carefully and understand its implications before trading.

• Can I trust offshore forex brokers?

  Offshore brokers may offer higher leverage or bonuses, but they don't always provide the same level of protection as Australian-regulated brokers. If you choose an offshore broker, check its regulatory body, client fund protections and dispute resolution options. Trading with an ASIC-regulated broker generally offers more security.

• Do forex brokers charge hidden fees?

  Most reputable brokers are transparent about their fees, but costs can vary. Common charges include spreads, commission, overnight swap rates and currency conversion fees. Some brokers may also charge inactivity fees. Always review a broker's fee schedule before opening an account to ensure there are no surprises.

Written by

Cameron Micallef

Journalist

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Cameron Micallef is a personal finance journalist with eight years of experience, specialising in investing, property and household bills. He has written for Smart Property Investment, nestegg and Investor Daily. Cameron holds a Bachelor’s degree in Communication and Media Studies and Commerce, as well as a Tier 1 Generic Knowledge certification (RG146), ensuring compliance with ASIC standards. See full bio

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Cameron has written 126 Finder guides across topics including:

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