There are hundreds of forex brokers operating in Australia and you have probably wondered, which is the largest broker in Australia. In this article, we want to give you this answer. We have researched the biggest forex brokers in Australia by their trading volume and by the number of clients and have listed them below. Please make sure you read the disclaimer below the rankings about our selections.
Largest Forex Brokers in Australia by Trading Volume
Based on trading volume data, here is a list of the biggest forex brokers in Australia by trading volume:
- IG Markets – $1 trillion in average monthly volume in Q2 of 2024 (Source: Finance Magnets)
- IC Markets – $1.38 trillion in Q2 2024 (Source: Finance Magnets)
- ATFX – $765.1 billion in Q2 of 2024 (Source: ATFX official site > Company News)
- Pepperstone – $12.55 Billion daily trading volume (Source: Pepperstone Official website > About us > Who we are)
- Saxo – $79.6 Billion monthly trading volume (Source: Finance Magnates)
- AvaTrade – $70 Billion monthly trading volume (Source: AvaTrade Official website > About)
Largest Forex Brokers in Australia by Number of Clients
Here is a list of the largest forex brokers in Australia by total number of clients:
- eToro – Over 38 million registered users (Source: eToro Official Website, About > eToro Media Center)
- XM – Over 15 million clients (Source: XM.com Official website, About Us > Who is XM?)
- City Index – Over 1 million active clients (Source: City Index official website> About Us page)
- Pepperstone – 400,000+ traders (Source: Pepperstone Official website > About Us page)
- AvaTrade – 400,000+ traders (Source: AvaTrade Official website > About page)
- IG Markets – 320,000+ clients (Source: IG Official website > Contact Us page)
Disclaimer About The Listings
For the selection above we used only brokers that are locally regulated by the ASIC (Australian Securities and Investments Commission) and have a local office in Australia.
Please note that this is not a full list of all the biggest brokers in Australia. While there may be some that deserve to be here, there was no way to verify their trading volumes or number of clients. This is because some brokers do not publish those numbers publicly. Additionally, it is important to note that the data available is not recorded on the same day as each company updates their data independently as they see fit. As such, there could be potential discrepancies between when data from one company and another is collected.
Finally, It’s important to distinguish between “registered customers,” which often includes all demo and live accounts ever created, and “active users,” which is a much lower number that reflects the current level of user activity. With that said, let’s take a look at some of the largest forex brokers in Australia to see what they have to offer to their clients.
Pepperstone
Founded in 2010 in Melbourne, Pepperstone is a leading Australian forex broker known for its competitive spreads and fast execution speeds. Pepperstone has a physical office in Australia, operating from Level 16, Tower One, 727 Collins Street, Melbourne VIC 3008 Australia. Additionally, Pepperstone is a duly regulated broker in Australia, under the ASIC’s regulation with the ACN number ACN 147 055 703. It also holds regulations from other financial organisations including the FCA in the UK, the CySEC in Cyprus, the BaFin in Germany, and the DFSA in Dubai, among others.
This broker offers a great variety of market products covering a wide range of asset classes. On this broker site, investors gain access to more than 1,200 different instruments which include CFDs on forex, indices, commodities, cryptocurrencies, stocks, and ETFs. This variety allows investors to diversify their portfolios as they see fit.
In terms of the spreads involved, traders can choose between two trading accounts. The Standard account offers spreads from as low as 1.0 pips for major currency pairs with no commission charged. In comparison, the razor account offers spreads from 0.0 pips with a commission that depends on the platform a trader uses.
For MetaTrader 4 and MetaTrader 5 accounts, the commission is $3.5 per side per lot, depending on the account’s base currency. Similarly, TradingView and Pepperstone Trading Platform charge a commission of $3.5 per side per lot. In contrast, cTrader offers a slightly lower commission rate of $3 per side per lot. For non-USD accounts, TradingView, Pepperstone Trading Platform, and cTrader commissions are converted to the account’s currency using the spot exchange rate.
FP Markets
While FP Markets does not disclose the number of its clients, it is certainly one of the largest forex brokers in Australia. Moreover, it offers one of the largest collections of market products by any broker, totalling over 10,000 instruments. In particular, FP Markets gives its traders access to CFDs on forex, indices, metals, stocks, commodities, ETFs, cryptocurrencies, and bonds.
On another note, FP Markets is a well-established Australian forex broker with a strong reputation around the world. Headquartered in Sydney, FP Markets is regulated by the ASIC in Australia with the ACN number ACN 112 600 352. Its headquarters are at Level 5, Exchange House 10, Bridge St, Sydney NSW 2000, Australia. It also holds other regulatory licenses including from the CySEC in Cyprus, the FSCA in South Africa, and the CMA in Kenya.
One of FP Markets’ standout features is its competitive pricing structure. Its standard account has spreads from as low as 1.0 pips for major currency pairs with no commission charged. In contrast, its raw account offers spreads from 0.0 pips but also features a commission of $3 per side per lot. The trading platforms available to use on this broker site include MetaTrader 4, MetaTrader 5, cTrader, TradingView, and Iress.
eToro
Founded in 2007, eToro is a globally recognised social trading and multi-asset investment platform. The company is headquartered in Tel Aviv, Israel, with offices in key financial hubs. These include Australia, the UK, the USA, and Cyprus. In Australia, eToro operates from its registered office at Level 3, 60 Castlereagh Street, Sydney NSW 2000, Australia. It is also a regulated broker in Australia by the ASIC with the ACN number ACN 612 791 803 AFSL 491139. eToro also has regulations from other organisations including the FCA in the UK, the CySEC in Cyprus, and the MFSA in Malta, among others.
eToro is best known for its pioneering CopyTrader system, which allows users to replicate the trades of successful investors on the platform. It is delivered to traders through the broker’s proprietary platform, eToro. Traders can access CFDs on forex pairs, commodities, indices, stocks, ETFs, and cryptocurrencies, The broker also supports the trading of real stocks and cryptocurrencies. The spreads are fairly low, with major currency pairs having spreads that start from 1.0 pips.
City Index
City Index is a trusted name in the trading world and has a significant presence in Australia. It is part of the StoneX Group, which is a publicly traded company on the NASDAQ under the ticker, NSEX. In Australia, it is regulated by the ASIC with the ACN number ACN 141 774 727 and operates from an office located at Suite 28.01, 264 George Street, Sydney, NSW 2000. Further, it holds regulatory licenses from other organisations including the CySEC, the FCA, and the CFTC and NFA in the US.
This broker offers access to over 5,000 instruments. The global markets that traders have access to on this broker site include forex, indices, commodities, shares, and bonds. To trade these instruments, City Index provides robust trading platforms, including TradingView, MetaTrader 4, WebTrader, and mobile trading apps.
Further, City Index has industry standard spreads with two accounts available. The standard account can be accessed through the broker’s web-based platform and TradingView. It offers spreads starting from 0.5 pips on major currency pairs with no commission fees. In contrast, the MT4 account is designed for MetaTrader 4 users. It features average spreads of 0.8 pips on major currency pairs, also with no commission charges.
IG
IG is one of the largest and most reputable forex brokers globally, with a strong presence in Australia. Its Australian operations are based at Level 32, Queen & Collins, 376-390 Collins Street, Melbourne, VIC 3000. Positively, IG is a regulated broker in Australia by the ASIC under the ACN number ACN 096 585 410. It also has regulations from the FCA, the BaFin, and the FSCA, among others.
IG offers access to over 17,000 markets, which is probably the largest collection of market products by a single broker. This collection features CFDs on forex, indices, commodities, cryptocurrencies, thematic and basket assets, shares, options, bonds, and ETFs. The spread structure on this broker site is very straightforward. IG offers spreads from as low as 0.6 pips on major currency pairs without additional commissions. The trading platforms available to use on this broker site include MT4, L2 Dealer, ProRealTime, TradingView, and its own IG Trading Platform.
IC Markets
IC Markets is another prominent Australian forex broker and one of the biggest brokers in the world. It was founded in 2007 and is headquartered in Sydney, Australia, at Suite 2, Level 6, 50 Carrington Street, Sydney NSW 2000, Australia. On regulations, this broker is under the supervision of the ASIC with the ACN number 123 289 109. This broker also has regulation by the CySEC, the FSCA, and the FSA in Seychelles.
In terms of spreads, the broker provides three main accounts from which to choose. The Standard Account has spreads starting at 0.8 pips for major currency pairs and no commissions. The Raw Spread Account has raw spreads starting at 0.0 pips but requires a commission based on the trading platform used. The Raw Spread Account on cTrader and TradingView has a commission of $3 per $100,000 traded, while the Raw Spread Account on MetaTrader platforms has a commission of $3.5 per side per lot.
The broker offers access to over 2,100 market products to trade. These include CFDs on forex, cryptocurrencies, stocks, indices, commodities, and futures. This variety enables traders to diversify their portfolios effectively.
XM
Founded in 2009, XM is a well-established global online broker offering a wide range of trading instruments. The company operates under the regulation of the ASIC in Australia with the ACN number ACN 164 367 113. XM’s Australian office is located at Level 13, 333, George Street, Sydney, NSW 2000, Australia. The broker also has regulations in other jurisdictions including in Cyprus by the CySEC, in the UK by the FCA, and in Belize by the FSC.
Additionally, XM provides access to a diverse selection of over 1,400 trading instruments. These include CFDs on forex, commodities, stocks, indices, and cryptocurrencies. This extensive offering allows traders to diversify their portfolios across various asset classes. The trading platforms available to use include
Further, XM provides three main account types tailored to various trading styles and preferences. The Standard account comes with a spread that starts from as low as 1.6 pips for major currency pairs with no commission charged. In contrast, the XM Ultra Low account offers lower spreads from as low as 0.8 pips, also without commissions. Finally, the Shares account charges commissions depending on the share being traded and the size of the trade.
Closing Remarks
Australia is home to some of the largest and most reputable forex brokers in the world. In this article, we have highlighted a few of the biggest forex brokers in Australia. These brokers stand out not only for their impressive trading volumes and client numbers but also for their strong regulatory compliance under ASIC. Each broker provides unique features, from competitive spreads to innovative platforms and extensive market access. This allows them to cater to the needs of both beginner and experienced traders.
Nonetheless, we must insist that this is not an exhaustive list of all the biggest forex brokers in Australia. After all, not all brokers choose to publish their numbers publicly. When selecting a forex broker, it is essential to consider factors like trading costs, available platforms, and regulatory oversight. This will help you evaluate how cost-effective and safe the broker is. Additionally, make sure you do your own research and choose a broker that best suits your needs.
The table below contains links to 3rd party websites of our top partners from whom we receive compensation at no additional cost to you.
