So, you have decided to search for one of the best ASIC forex brokers on offer?
If that is the case, then you have come to the right place. Of course, ASIC is the regulatory body of Australia and extremely relevant if you are an Australian forex trader.
Not only that though, even if you are a forex trader based outside of Australia, you can take great comfort in dealing with the levels of trust and transparency that ASIC regulated brokers offer.
This extends through their whole operation, from offering the most legitimate trading platforms, to providing a range of measures to protect you as a trader. Let’s take a look at some further details around ASIC as a regulator, and some of the top ASIC regulated brokers that you can choose from:
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 broker to receive an Australian Financial Services license which is needed to conduct operations in the country.
Top 10 best ASIC Regulated Forex Brokers
Here is a collection of some top ASIC regulated brokers for your next move in forex trading:
The first broker listed as our top ASIC regulated choice is a household name in the forex trading industry. Pepperstone has grown rapidly in both size and reputation since the Australian broker was founded in 2010. They are regulated by ASIC (414530), and offer two account types in the form of their Standard, and Pepperstone Razor accounts.
Getting started with Pepperstone could not be easier and both of their account types mentioned are available for a minimum deposit of just 200 AUD. Once you have an account, you will be greeted with a great choice of assets available for trading. More than 150 in total across a range of areas. Pepperstone is further very attractive to new and experienced traders alike thanks to their very low spread that starts from 0 pips. As allowed by ASIC, leverage can reach as much as 500:1 and they also employ an excellent active trader program that helps you reduce trading costs.
2. IC Markets
IC Markets are our next top ASIC regulated broker to feature. They are a very well-known and trusted Australian broker founded in Sydney in 2007. They are regulated under ASIC number 335692. Since that foundation, this ECN broker has expanded to become a global presence in the market but retained its excellent, trader focused roots.
The first thing that impresses many, and attracts a high volume of new traders, is the fact there is no IC Markets minimum deposit. As an IC Markets trader you can choose between a raw spread account, or a standard account type. Either way, the spread on these accounts remains highly competitive starting from 0.1 pips in many cases and with the fast ECN execution in place. Again IC Markets offers the maximum available ASIC leverage at 500:1, and thanks to the very tight spreads and low trading costs, they are also often recommended as a top broker for scalping.
Coming in next as a top ASIC regulated broker is actually an Irish broker. AvaTrade was founded, and is still headquartered in Dublin. They have now grown though to become a worldwide forex broker offering a range of trusted services to their traders. They are regulated in a number of regions including by ASIC (406684). They are also one of only a few ASIC regulated brokers to offer fixed spreads.
Being ASIC regulated allows AvaTrade freedom to offer a trading leverage of up to 400:1 which is something they cannot always do in other regions and can be a big positive in attracting high volume traders. The fixed spread mentioned also starts from an excellent value 1.3 pips and the 100 AUD minimum deposit makes sure that trading is accessible to all. Although not required by ASIC, AvaTrade still looks out for their traders with the great AvaProtect feature that actually shields your account from losses for a period. Ideal for new traders.
4. FP Markets
Next in the collection of top ASIC regulated forex brokers in FP Markets. This top Australian broker has a longstanding reputation within the industry since being founded in 2005. This market maker ECN/STP broker are well-known for providing lightning fast execution speeds that mean you can always be sure of the most up to date prices. As with all of the other brokers featured, FP Markets are comprehensively regulated by ASIC (286354).
Forex traders are often attracted to the broker thanks to their very low spreads that start from 0 pips. You will also have the choice between multiple top trading platforms including MT4, MT5, and IRESS. All of this comes for a minimum deposit of just 100 AUD making it very accessible to all forex traders and also providing the extensive leverage opportunity of up to 500:1 as allowed under ASIC regulations.
EasyMarkets is our next top ASIC regulated broker choice. They were originally founded as Easy Forex in 2001 and are also comprehensively regulated by ASIC (246566). They are one of the best recognized top forex brokers in Australia and you can get started trading with a minimum deposit of only 200 AUD.
With EasyMarkets you will have great account choices including 2 types of VIP accounts for high volume traders. These come with respective deposits of $3,000 and $10,000. The more you deposit, the more benefits you can get from the broker. Every trader too can benefit from negative balance protection while trading the large choice of markets that include more than 120 forex pairs. There is adaptability and something to suit all trading styles with fixed spread trading available on all assets that starts from a great value of 0.9 pips along with extensive 400:1 leverage offered.
Next to feature as a top ASIC regulated broker choice is VantageFX. This Australian broker is growing steadily in popularity and now represents one of the top choices for Australian traders and those around the world. They are regulated by ASIC (428901) and highly compliant and trustworthy.
One of the major points driving traders toward VantageFX is the ECN nature of the broker. This means they are both as fast and efficient as possible. The minimum deposit too is reasonable at 200 AUD with a choice of more than 150 CFDs and 40 forex currency pairs to trade. Costs are also kept keenly low at VantageFX with forex spreads starting at the very bottom 0 pips. For the more experienced trader, there is also the chance to access leverage of up to 500:1 as permitted by ASIC.
7. CMC Markets
CMC has been a long time player in the industry more than most. They have been crafting their now trusted reputation since 1989. Based in London, CMC Markets operates globally and through extensive regulation worldwide. One of those regulatory bodies is ASIC (238054) making them a trusted broker for Australian traders.
An excellent point of appeal, particularly for new traders is the fact that CMC Markets do not need a minimum deposit. They also make available a variety of account types with CFD trading, and stockbroking accounts both available depending on your needs. Attractive to all traders are the very low trading costs. Spreads here start from only 0.3 pips commission-free. For new traders there is also an insightful education section featuring free webinars, market research, and more to facilitate growth. The trusted trading platforms of MT4, and Ninjatrader are both on offer with CMC Markets.
ThinkMarkets is another very popular Australian broker that is very well regulated by ASIC (424700). This popularity particularly extends to Asian traders who value the range of markets and conditions offered by the broker. If you trade with ThinkMarkets then you can look forward to having both MT4, and the brokers own intuitive trading platform at your disposal.
To get started with trading here, you will need a minimum deposit of 250 AUD, though for this you will have access to a wide selection of trading instruments This includes spread betting on a range of markets such as shares, indices, metals, energies, and crypto, remembering that spread betting is accepted under ASIC regulations. On all markets the conditions also remain good with leverage of up to 500:1 and high value spreads from just 0.4 pips available. A strong education section has also helped enhance broker popularity among new traders.
FXCM is another very well-known name in the industry to feature as one of our top-rated ASIC brokers. This market maker broker has been operating for many years out of Sydney and is well-backed with a trusted reputation among the trading community. You can verify their ASIC regulation with registration number 309763 and get started trading with an excellent value $50 minimum deposit.
Once you are trading, you will find a choice of markets in forex, indices, commodities, cryptos, and more providing an excellent choice for all types of trader. Good value is present too in the fact that FXCM spreads start from just 0.9 pips and with a big leverage of up to 400:1 available. When it comes to trading platforms, both MT4, and Ninjatrader are on offer, and you can avail of a rewarding active trader program to help reduce trading costs.
10. Hantec Markets
Hantec are another Australian broker that are well-trusted and among the top ASIC regulated forex brokers around. They were founded in Sydney more than a decade ago in 2008 and are regulated under ASIC number 326907.
Here, beyond the trusted regulation you will find more than 100 assets available for trading that includes a nice selection of more than 50 forex currency pairs with a very accessible minimum deposit that starts from just $50. Trading conditions too are appealing to all traders with a spread that starts at just 0.2 pips on forex and the maximum ASIC leverage of 500:1 available on some markets. Trading with Hantec Markets you will also be pleased to know, takes place through the well-known and much trusted medium of MT4, or Webtrader.
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 is also left much more at the discretion of ASIC brokers, with an increased maximum leverage of 500:1 being available although this is up to the broker. Currently, discussions are ongoing about the possibility of reducing this to 20:1 leverage, though nothing has been decided as yet.
A final point here is to note that segregated accounts with top-tier banks are still required under ASIC, and although negative balance protection is not required, it is still offered by several.
Prohibitions with ASIC
Under ASIC regulations there are no major restrictions or trading prohibitions to note. 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.
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 have 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 (AxiTrader) received a 3 month ban from the Australian market after being accused of not complying with financial services laws.
How ASIC can 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.