Top ASIC Regulated Forex Brokers 2022

filippo ucchino Filippo Ucchino calendar Last Updated: November 2022 timer 12 Min Read

At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

In order to rank the best ASIC brokers we have taken into consideration a variety of factors including:

  • An active ASIC license;
  • The commissions charged on forex;
  • The general quality of the broker;
  • The deposit/withdrawal currencies.
Table of Content

Round-up

  1. Pepperstone: best for professional rebates program
  2. IC Markets: best for algo trading
  3. AvaTrade: fixed spread trading
  4. FP Markets: overall trading experience
  5. easyMarkets: best for commodities
  6. Vantage: best for day traders & scalpers
  7. CMC Markets: wide range of CFD assets
  8. FBS: best for beginners
  9. FXCM: best service quality
  10. eToro: best social trading platform

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Review

Here is a collection of some top ASIC regulated brokers for your next move in forex trading:

1. Pepperstone

  • Pepperstone was recognised as the best broker in Australia for 2021 by InvestinGoal.
  • Pepperstone is ASIC regulated with ACN 147 055 703 and license n° 414530. It was founded in Australia and still has its headquarters in Melbourne.
  • Pepperstone offers more than 1,200 CFDs including over 60 forex pairs, while spreads start from 0 pips.
  • The maximum leverage allowed by ASIC is 30:1 but professional traders with Pepperstone can trade with 500:1 leverage on forex majors.
  • Under ASIC, Pepperstone offers an active trader program to high-volume traders to benefit from better trading commissions.
  • AUD currency is accepted for deposits and base currency for the Pepperstone accounts under ASIC oversight.

Visit Pepperstone
(75.9% of retail CFD accounts lose money)

2. IC Markets

  • IC Markets is an Australian broker registered and regulated by ASIC with ACN 123 289 109, license n° 335692, and the main office registered in Sydney.
  • With IC Markets traders can access over 1,880 financial instruments with 61 forex pairs charging spreads from 0.1 pips on EUR/USD.
  • Deposits and accounts for traders under ASIC are both available in AUD though there’s a minimum deposit of 200 AUD to open an IC Markets account.
  • Due to ASIC regulation, Australian retail clients have access to max leverage of 30:1 on forex while professional traders with IC Markets can avail of a higher 500:1 ratio on forex.

Visit IC Markets
(74-89% of retail CFD accounts lose money)

3. AvaTrade

  • Ava Capital Markets Australia Pty Ltd holds an ASIC license n° 406684 and is a registered Australian company with ACN 143 340 907 and the local office can be found in Sydney.
  • The Australian dollar (AUD) is available as a base currency for AvaTrade accounts though e-wallets are not supported for deposits under ASIC.
  • AvaTrade allows trading on more than 1,250 financial instruments with 55 forex pairs available.
  • AvaTrade is among the few ASIC brokers to offer fixed spreads in Australia from 0.9 pips on EUR/USD.
  • Professional clients at AvaTrade under ASIC regulation benefit from reduced spreads and higher leverage up to 400:1 on forex majors.

Visit Avatrade
(79% of retail CFD accounts lose money)

4. FP Markets

  • FP Markets is another Australian broker with ASIC license n° 286354, registration number 154 461 104 and a main office in Sydney.
  • FP Markets provide access to 10,000 financial instruments including more than 60 forex pairs.
  • Traders under ASIC can access the IRESS platform which is the stockbroking service of FP Markets.
  • FP Markets charge floating spreads starting at 0.2 pips on EUR/USD currency pairs.
  • AUD is a selectable base currency for your FP Markets account and is available on most deposit options with ASIC oversight.
  • Leverage is up to 30:1 for Australian retail clients due to ASIC regulation but clients who are categorized as Wholesale Investors or Sophisticated Clients with FP Markets can trade with higher leverage up to 500:1 on forex.

Visit FP Markets
74-89% of retail CFD accounts lose money

5. EasyMarkets

  • easyMarkets Pty Ltd is the Australian entity of easyMarkets regulated by ASIC with license n° 246566 and a registered office located in Sydney.
  • To open an easyMarkets account you have to deposit a minimum of 200 AUD. The Australian dollar is among the 19 account currencies available for the ASIC entity of the broker.
  • easyMarkets is another ASIC broker that charges fixed spreads on the 120 forex pairs offered starting from 0.7 pips on EUR/USD.
  • easyMarkets also charges variable spreads from 0.3 pips on EUR/USD on the MT5 platform.
  • Leverage in Australia under ASIC is limited to 30:1 for retail clients though professional clients benefit from a higher 500:1 leverage on forex and a first deposit bonus with easyMarkets.

Visit EasyMarkets
75% of retail CFD accounts lose money

6. Vantage

  • Vantage Global Prime Pty Ltd is the trading name of Vantage authorized in Australia by ASIC with license n° 428901 and a local office in Market Street, Sydney.
  • Vantage enables traders under ASIC to open accounts in both AUD and USD.
  • Vantage allows access to 400+ CFDs and 44 forex pairs with spreads starting 0.1 pips on EUR/USD.
  • Maximum leverage available is 500:1 though is exclusive to professional clients with Vantage under ASIC.
  • Vantage won the award for the best “Financial Trading Services Provider” of 2020 for Australia.

Visit Vantage
74-89% of retail CFD accounts lose money

7. CMC Markets

  • CMC Markets Asia Pacific Pty Ltd operates in Australia with a physical office in Barangaroo Avenue, Sydney and a license from ASIC n° 238054.
  • The Australian dollar is supported as the CMC Markets account currency under ASIC regulation.
  • CMC Markets offer trading on over 10,000 products including 300+ forex pairs charging spreads from 0.7 pips on EUR/USD.
  • Leverage is limited to 30:1 due to ASIC regulation though if you qualify as a professional investor with CMC Markets leverage rises up to 500:1 on major currency pairs.

Visit CMC Markets
78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

8. FBS

  • FBS operates in Australia as Intelligent Financial Markets Pty Ltd (ACN 155 185 014) and trading as FBS Oceania with an ASIC license n° 426359 and a registered physical office in George Street, Sydney.
  • AUD accounts are available with a minimum deposit of 50 AUD to open the account with the ASIC-regulated FBS entity.
  • Australian traders under ASIC can choose from three different FBS account types which are cent, standard, or ultra.
  • Under ASIC, FBS provides access to over 100 CFD assets including 18 forex pairs.
  • FBS charges only floating spreads that start from 0 pips on EUR/USD.
  • Leverage in Australia is restricted for retail clients as dictated by ASIC however professional clients with FBS can avail of higher leverage up to 500:1 on forex.

Visit FBS
74-89% of retail CFD accounts lose money

9. FXCM

  • FXCM is authorized by ASIC n° 309763 as FXCM Australia Pty. Limited registered with ACN 121 934 432 and has a local branch in Collins Street, Melbourne.
  • FXCM accounts can be opened with the Australian dollar (AUD).
  • FXCM provides access to more than 30 currency pairs charging spreads from 0.2 pips on EUR/USD with ASIC oversight.
  • The FXCM pro account is designed for wholesale clients to trade with reduced costs, rebates, and higher leverage up to 400:1 on forex under ASIC regulation.
  • High-volume traders can join the FXCM Active Trader Rebate Program to benefit from tier rebates.

Visit FXCM
71% of retail CFD accounts lose money

10. eToro

  • eToro AUS Capital Limited provides services in Australia through ASIC license n° 491139 and has a registered local office in Hunter Street, Sydney.
  • The eToro minimum deposit in Australia is $50. Even though accounts support only USD, you can deposit in AUD with a conversion fee applied.
  • eToro provides only around 40 forex pairs among the 3,000 assets available for clients trading under ASIC regulation.
  • Spreads with eToro are slightly higher than competitors starting from 1 pip on EUR/USD though it offers one of the best social trading platforms where traders can learn from each other.
  • Professional clients with the ASIC-regulated entity of eToro are eligible to trade with higher leverage on forex up to 400:1.

Visit eToro
(79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)

What is ASIC?

ASIC is the Australian Securities and Investment Commission and they perform the role of market regulator for forex and the wider financial market within Australia. They have been around since 1991 and during this time, have steadily risen in reputation to become one of the foremost respected financial regulatory bodies in global finance.

In relation to forex brokers, any broker who wishes to offer trading services within Australia must register with ASIC. This will then entitle to the broker to receive an Australian Financial Services license which is needed to conduct operations in the country.

How ASIC works

The primary functions of ASIC include some of the following:

  • Promoting the growth of the Australian market
  • Financial firms oversight
  • Customer protection

Just as with any other regulatory body, the key role of ASIC is in the protection of customers and promotion of transparency within the financial market. This is something they have managed to do well in the Australian market since their inception.

Characteristics and benefits of ASIC

Under ASIC regulations, there are some areas for trading permitted which may not be the case with some other regulatory bodies. Among these areas are trading in binary options, spread betting, and CFDs trading. All of these are legal under ASIC regulation. Crypto trading is also permitted.

The amount of leverage used to be left at the discretion of ASIC brokers, with an increased maximum leverage of 500:1 being available although this is up to the broker. Since March 29th 2021, the new legislation has been imposed that brokers under ASIC regulation should provide maximum leverage up to 30:1.

A final point here is to note that segregated accounts with top-tier banks are still required under ASIC as well as negative balance protection.

Prohibitions with ASIC

Under ASIC regulations there are restrictions to note, the main one being the possibility to offer new traders bonuses and prizes if they open a trading account with the broker.

With that said, each broker has a wide level of discretionary authority under the regulator and some may prohibit activities such as scalping and hedging.

If you’re interested in forex scalping or scalping in general, you may be interested in reading our top 10 best forex broker for scalping article.

Differences between ASIC Regulated and ASIC Licensed Brokers

The difference in these two terms is that an ASIC regulated broker must go through the full registration process and steps required by the regulator, while an ASIC licensed broker may be able to forego some of these steps but still offer trading services within Australia that comply with the local regulations.

How to check if a broker is ASIC regulated

Checking the broker you are with is regulated should be an easy and fast process.

All you will have to do is head over to the ASIC official website. Once you are there, you can check the ASIC Register and search for the company name of the broker.

This process should take no more than a few minutes to verify, and you can usually find the business name of your broker at the bottom of their homepage.

How does ASIC intervene in cases of financial abuse?

If a broker does breach any of the regulations, then ASIC has a wide range of powers to implement a variety of restrictions. This is usually done through a system of broker fines or a ban.

As a recent example, Axicorp Limited (Axi) received a 3-month ban from the Australian market after being accused of not complying with financial services laws.

How can ASIC help you?

If you feel like you have experienced some problem with your broker that breaches ASIC regulations in any way, then you can easily and quickly contact them to pursue a complaint through the ASIC official website.


About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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