Total cost of trading calculator (AU forex brokers)
What you actually pay across 10 ASIC-regulated forex brokers — spread, commission, overnight swap, inactivity fees, AUD currency conversion. Built for Australian retail traders comparing the true annual cost of EUR/USD trading. The cheapest broker depends entirely on your trading style; the calculator surfaces which one wins for your profile.
Calculator
All values stay in your browser. Output recalculates instantly as you type. Copy the URL to share or bookmark a configuration. Pricing data measured 14-20 April 2026; refresh monthly.
- Most expensive: ... at AUD .../year
- Difference: AUD ... per year between cheapest and most expensive
- 20 trades/month · 1 lot · 0 day hold · 12 active months
| Rank | Broker · Tier | Spread cost | Commission | Swap cost | Inactivity | Total / year | Action |
|---|---|---|---|---|---|---|---|
| — | Pepperstone — · Melbourne · AFSL 414530 | — | — | — | — | — | Sign Up |
| — | IC Markets — · Sydney · AFSL 335692 | — | — | — | — | — | Review |
| — | FP Markets — · Sydney · AFSL 286354 | — | — | — | — | — | Sign Up |
| — | Fusion Markets — · Melbourne · AFSL 385620 | — | — | — | — | — | Sign Up |
| — | Eightcap — · Melbourne · AFSL 391441 | — | — | — | — | — | Review |
| — | Plus500 — · Sydney · AFSL 417727 | — | — | — | — | — | Sign Up |
| — | Vantage — · Sydney · AFSL 428901 | — | — | — | — | — | Review |
| — | ThinkMarkets — · Melbourne · AFSL 424700 | — | — | — | — | — | Review |
| — | OANDA — · Sydney · AFSL 412981 | — | — | — | — | — | Review |
| — | AvaTrade — · Sydney · AFSL 406684 | — | — | — | — | — | Review |
What this calculator actually shows
Most broker comparison content centres on a single advertised number: spread or commission. That framing is incomplete because the cost components compose differently for different trading styles, and brokers compete on different axes.
This calculator computes annual EUR/USD trading cost across 10 ASIC-regulated forex brokers using five components: spread cost, commission cost, overnight swap, inactivity fees, and AUD currency conversion. The output sorts brokers cheapest first for the user's specific profile (trades per month, position size, hold time, active months, tier preference, trade direction). The cheapest broker for an active scalper is not the cheapest for a position trader. The calculator surfaces this rather than ranking universally.
The intended use cases:
- Picking a broker for a specific style. Set the inputs to match your trading style and the cheapest broker for your profile rises to the top.
- Validating broker switching cost. Compare your current broker's annual cost against the cheapest alternative for your style. The "Difference" output shows what switching would save.
- Stress-testing broker advertising claims. A broker advertising "from 0.0 pips" with AUD 3.50 commission per side is materially more expensive than the maths headline implies once spread plus commission are computed on round-turn.
- Modelling style changes. Move from intraday to overnight holds and watch swap costs become the dominant component. The cheapest broker often shifts.
The five cost components
1. Spread cost. Spread is the difference between the bid and ask price. Crossing the spread is a fixed cost per round-turn. Cost per trade equals spread (in pips) multiplied by pip value (AUD 15.30 per pip per standard lot for EUR/USD on an AUD account using April 2026 rates) multiplied by lots. Annual cost equals per-trade cost multiplied by trades per year (trades per month × 12). At 20 trades per month, 1 lot, 0.1 pip spread, the annual spread cost is approximately AUD 367. At 1.0 pip spread (standard tier), the same profile pays AUD 3,672 per year.
2. Commission cost. Commission is a per-side per-lot charge applied to ECN/Razor/Raw account tiers. Round-turn commission is twice per-side. Pepperstone Razor charges AUD 3.50 per side, AUD 7.00 round-turn. Fusion Markets Zero charges AUD 2.25 per side, AUD 4.50 round-turn — the lowest commission of any ASIC-regulated broker. Standard accounts charge no commission but apply wider spreads in compensation. Total cost (spread plus commission) typically tilts in favour of the Raw tier for active traders.
3. Overnight swap. Swap (also called rollover or financing) applies to positions held past the daily close, typically 17:00 New York time. For long EUR/USD positions, the trader generally pays swap because EUR rates have been lower than USD rates since 2022. For short EUR/USD positions, the trader generally receives a small swap credit. Swap rates change daily; the calculator uses average values from 14 to 20 April 2026. Position traders holding 7 to 30 days find swap dominates total cost, sometimes exceeding spread plus commission combined.
4. Inactivity fees. Some brokers charge monthly fees on dormant accounts. Plus500 charges AUD 15 per month after 3 months of inactivity. AvaTrade charges AUD 75 per month after 3 months. OANDA charges AUD 12 after 12 months. Most ECN brokers (Pepperstone, IC Markets, FP Markets, Fusion Markets, Eightcap, ThinkMarkets) do not charge inactivity fees. For traders who pause trading for 6 to 12 months, inactivity fees can exceed active-trading costs at brokers that charge them.
5. AUD currency conversion. AUD-denominated accounts trading USD-quoted pairs (EUR/USD, GBP/USD, AUD/USD priced in USD, etc.) incur a conversion margin on each trade. Typical conversion fees range from 0.3 to 0.8 percent of trade notional. The calculator uses the disclosed conversion fee from each broker's product disclosure document. On a 1 standard lot EUR/USD trade (USD 100,000 notional, approximately AUD 153,000 at April 2026 rates), 0.5 percent conversion equates to roughly AUD 770 per round-turn. At 240 trades per year, conversion can become the largest single cost component.
Cost by trading style
Cost composition shifts materially by trading style. The cheapest broker for one style is not the cheapest for another. Sample profiles modelled by the calculator:
| Style | Trades/month | Avg hold (days) | Spread + commission share | Swap share | Conversion share |
|---|---|---|---|---|---|
| Scalper / day trader | 100+ | 0 (intraday only) | ~70 to 80% | 0% | ~20 to 30% |
| Swing trader | 10 to 20 | 2 to 7 | ~30 to 40% | ~30 to 40% | ~20 to 30% |
| Position trader | 1 to 5 | 14 to 60 | ~10 to 15% | ~60 to 75% | ~10 to 20% |
| Casual / paused | 2 to 5 then dormant | 1 to 3 | ~10 to 20% | ~5 to 10% | ~5 to 10%, plus 60-80% in inactivity fees if broker charges them |
Practical implication: the broker comparison ranking flips between styles. An active scalper picks the broker with the lowest spread plus commission round-turn. A position trader picks the broker with the lowest swap rates. A paused trader picks any broker without inactivity fees. The calculator reflects this — input the profile, the ranking sorts to the right answer for that profile.
Methodology and data sources
Spread data: measured on live retail accounts during the London/New York session overlap (22:00 to 02:00 Sydney time), week of 14 to 20 April 2026. Sample size of 50 spread reads per broker, averaged. Figures are conservative averages that match each broker's public spread schedule. Liquid-hour averages are used; news-event widening is excluded from the V1 calculator (see Limitations below).
Commission data: sourced from each broker's public fee schedule, current as of April 2026. Brokers: Pepperstone Razor (AUD 3.50/side), IC Markets Raw (AUD 3.50/side), FP Markets Raw (AUD 3.00/side), Fusion Markets Zero (AUD 2.25/side), Eightcap Raw (AUD 3.50/side), ThinkMarkets ThinkZero (AUD 3.50/side), Vantage Raw (AUD 3.00/side), OANDA Core (AUD 7.50/side), Plus500 (no commission, spread-based), AvaTrade (no commission, spread-based).
Swap rates: sourced from each broker's swap calculator or fee schedule, sampled 14 to 20 April 2026 on EUR/USD standard lot. Daily values multiplied by hold days for total swap. Long-side swap is generally negative (trader pays); short-side swap is generally positive but small.
Inactivity fees: sourced from each broker's terms and conditions and product disclosure documents, current April 2026.
Currency conversion fees: sourced from each broker's disclosure documents on AUD account treatment of non-AUD-denominated trades.
AFSL verification: all 10 broker AFSL numbers verified against the ASIC Professional Registers on 17 April 2026. AFSL numbers in the per-broker rows are the authoritative ASIC-registered numbers; broker websites occasionally lag updates.
Data refresh cadence: monthly. Spreads, commissions, and inactivity fees rarely change between months. Swap rates change daily but the multi-day average stabilises for calculator purposes. Material changes (commission overhaul, new account tier launch, AFSL changes) trigger an immediate refresh.
What this calculator does not include
- News event spread widening. Most ECN brokers widen spreads by 5 to 10x during major news events (NFP, FOMC, ECB rate decisions). Active traders who concentrate trading around these events pay materially more than the liquid-hour averages used here. Future calculator version will model this with a "trade through news events" toggle.
- Slippage. Slippage is the gap between requested execution price and actual fill price. It varies by broker execution quality and market conditions. Hard to model deterministically; not included in V1.
- Withdrawal fees. Most ASIC brokers offer free PayID and BPAY withdrawals; some charge for international wires. Marginal cost relative to the components above; not modelled in V1.
- Multi-pair trading. The calculator is EUR/USD-only in V1. Spreads, swaps, and conversion fees vary by pair. A multi-pair extension is a planned V2 feature.
- Account-level fees. Some brokers charge for premium platform features (advanced charting, depth-of-market, VPS hosting). These are usually optional add-ons and not part of the base trading cost calculation.
- Tax treatment. Trading profits and losses have tax implications that vary materially by trader classification (hobby vs business vs investor). Not part of broker cost; covered separately in forex tax in Australia.
Related calculators
- Position size calculator — exact lot size based on account balance, risk percentage, and stop loss.
- Pip value calculator — what one pip is worth in AUD on any pair and lot size.
- Margin calculator — how much margin a position locks up at a given leverage.
- Crypto CGT calculator — Australian capital gains tax on crypto disposals.
Related guides:
- Best forex brokers Australia 2026 — full broker comparison with editorial rankings.
- ASIC-regulated forex brokers — the regulatory framework these brokers operate under.
- How to choose a forex broker — broader broker-selection framework beyond cost.
- Lowest spread forex brokers Australia — spread-only ranking, complementary to this total-cost view.
Frequently asked questions
The total annual cost of trading EUR/USD at an ASIC-regulated broker in Australia ranges from approximately AUD 1,200 to AUD 4,500 for a typical retail profile (20 trades per month, 1 standard lot per trade, intraday). The variance comes from broker spread and commission structure, account tier choice (Razor/Raw vs Standard), and trading style. The calculator above computes the actual figure for your specific profile across 10 brokers.
For active traders (10+ trades per month, intraday), the answer is consistently a Raw spread tier with low commission. Pepperstone Razor and IC Markets Raw Spread tier at AUD 3.50 per side commission with 0.1 pip average EUR/USD spread are the typical cost leaders. Fusion Markets Zero tier at AUD 2.25 per side undercuts both on commission. For inactive accounts or position traders, brokers without inactivity fees (most ECN brokers) win regardless of spread.
A 0.0 pip spread headline often pairs with a per-side commission that, on round-turn, exceeds the equivalent commission-free wider spread. EUR/USD spread of 0.0 pips with AUD 3.50 commission per side equals AUD 7 round-turn per standard lot, equivalent to a 0.7 pip spread on the wider commission-free tier. Active traders pay both the headline spread AND the commission per round-turn, so total cost is what matters. The calculator computes total cost, not just spread.
Swap (also called swap rate, rollover, or financing) is charged on positions held past the daily close, typically 17:00 New York time. For long EUR/USD positions, the trader usually pays swap because EUR rates are lower than USD rates. For short EUR/USD positions, the trader usually receives a small swap credit. The calculator uses long-side swap as the cost (most common retail direction); the calculator can switch to short or balanced if the trader specifies. Swap rates change daily; the figures used reflect April 2026 averages.
Yes if you fund an AUD account but trade USD-denominated pairs (which most pairs are). The broker converts the AUD margin to USD on each trade and back to AUD on close, charging a conversion margin. Typical AUD account conversion fees range from 0.3 to 0.8 percent of trade notional. On a 1 standard lot EUR/USD trade (USD 100,000 notional), 0.5 percent conversion is approximately AUD 770 per round-turn — a meaningful cost component over 240 trades per year. Some brokers offer USD-denominated accounts to avoid conversion entirely; the trade-off is FX volatility on the account balance itself.
An inactivity fee is a monthly charge a broker applies when an account has no trading activity for a defined threshold period. Plus500 charges USD 10 per month after 3 months of inactivity. AvaTrade charges USD 50 per month after 3 months. Most ECN brokers (Pepperstone, IC Markets, FP Markets, Fusion Markets, Eightcap, ThinkMarkets) do not charge inactivity fees at all. For traders who pause trading for 6 to 12 months, inactivity fees can exceed the active-trading cost. The calculator surfaces this when months_active is set below 12.
Spread data was measured on live retail accounts at each broker during the London/New York session overlap (22:00 to 02:00 Sydney time) during the week of 14 to 20 April 2026. Sample size: 50 spread reads per broker, averaged. The raw data is non-public broker-account telemetry; the published figures are conservative averages that match the public spread schedules each broker advertises. Commission, swap, and inactivity fee figures were extracted from broker public fee schedules and verified against ASIC AFSL records on 17 April 2026.
Cost composition shifts materially by trading style. Active intraday traders pay mostly spread plus commission, scaled by trade frequency. Position traders pay mostly swap, scaled by hold days. Casual traders who pause for months pay mostly inactivity fees if their broker charges them. The cheapest broker for an intraday scalper (Pepperstone Razor or Fusion Markets Zero) is not the cheapest for a buy-and-hold position trader (a no-inactivity-fee broker with low swap rates). The calculator's profile-based output reflects this — a single ranking across all use cases would be misleading.
About the author
