The Australian Securities and Investments Commission is one of the toughest financial market regulatory agencies in the world. Choosing a forex broker in Australia with an ASIC regulation is a safe bet for every Aussie forex trader.
All regulated fx brokers in Australia must comply with very strict rules e.g. ensure strong funds security and and keep their clients’ money in segregated accounts in top tier Australian banks.
Based on our research, these are the best ASIC-regulated Brokers:
- Pepperstone – Best ASIC-Regulated Forex Broker
- XM – Top ASIC Forex Broker For Beginners
- eToro – Best Social Trading ASIC Broker in Australia
- AvaTrade – Best MT4/MT5 Forex Trading Platforms
- IC Markets – Best Trading Conditions
- FP Markets – Cutting Edge Technology
Full list of the best ASIC regulated forex brokers in 2023
|ASIC Broker||Min. deposit||Trading Platforms||ASIC License Nbr.||Best for:||Review|
ASFL 414530 Capital at risk.
|99%||1 AUD||MT4, MT5|
ASFL 443670 Capital at risk.
|99%||5 AUD||MT4, MT5||443670||Forex |
|Review of XM|
ASFL 491139 Capital at risk.
|99%||50 AUD||CopyTrader™||491139 |
(eToro AUS Capital Pty Ltd)
|Copy trading |
ASFL 254963 Capital at risk.
ASFL 254963 Capital at risk.
ASFL 406684 Capital at risk. See PDS.
|90%||100 AUD||MT4 AvaGO AvaOptions||406684||Forex Options Trading||Review|
What is Australian Securities and Investments Commission
Australian Securities and Investments Commission well known as ASIC is Australia’s main financial market watchdog. The main role of ASIC is to supervise and control financial market participants such as hedge funds, brokers, mutual funds and insurance companies and, not least, banks domiciled in Australia.
First of all, go to their official website:
- Scroll down to “Companies“section
- Click on “Search now on ASIC Connect “
- In the above search field, select “Search ASIC registers“
- Within “Organisation and business names“
- For: … here you can write forex broker name.. for example “Pepperstone”
- Hit ENTER
- You will see the reference number and details about the company’s license.
How to report a scam
If you feel you are being scammed, you can complain directly at 1300 300 630
At the time being, we could argue that Australia is becoming one of the most prominent Forex trading hubs. In order to ensure that each process goes on smoothly, there is an authorized body – namely the ASIC, which stands for Australian Securities and Investments Commission.
The main purpose of this organization is to ensure the safety of each investment so that consumers could choose to invest confidently. That being said, the ASIC regulated brokers together with FCA regulated forex brokers are widely known, due to the fact that they abide by the strict specifications and compliances – this ensures a high degree of security.
How to contact a regulator
The fastest way to ask for help is to call them directly:
- Call 1300 300 630: within Australia
- Call + 61 3 5177 3988: outside Australia.
They are available Monday to Friday from 8AM until 5PM.
In essence, the main purpose of the ASIC is to ensure transparent and fair business conduct between business providers and investors. Note that the ASIC stands for an independent government organization, and it mainly functions under the Corporations Act that officially passed in 2001.
ASIC’s role in forex trading
That being said, what does the ASIC do in order to regulate brokers?
It has several responsibilities, so to speak. Specifically, the ASIC is responsible for maintaining and continually enhancing the financial system, as well as the participants that belong to the system.
In addition to that, it promotes the honest spread of information between customers and investors. Evidently, the ASIC also aims at ensuring that the brokers abide by the law and the regulations imposed by it. It also deals with processing and storing sensitive information.
What you should know about regulation
Simply put, ASIC basically necessitates brokers to have an adequate AFS license. Essentially, this license is granted by the Australian Financial Securities License. This is critical for one to operate legally in Australia. After the application is filed, the next step is for the ASIC to determine one’s capability of coping with financial services. Concurrently, it assesses details such as the capital and financial assets of the brokers.
Ultimately, the main purpose is for the ASIC to determine whether the broker can respect the specifications entailed by the AFS license. Some of these requirements include – dispute resolution, training, legal compliance, and the list may go on.
There are other requirements one should address, as noted by the AFS, such as having responsible and highly-qualified managers and staff, having enough financial resources at one’s disposal, appropriate training and supervision, risk assessment, arrangements regarding dispute resolution and compensation. Aside from this, one also has to abide by specific requirements when it comes to conflict of interest management, technological and human resources, and, of course, risk management.
If one meets all these criteria, then a broker is prone to get the approval of the ASIC as well as the license provided by the AFS.
ASIC regulated brokerages need to comply with strict regulatory requirements. In the trading market, trust is as important as it can get. This is what makes it primordial to get your facts straight before making any move. Doing some research in advance can really make the world of a difference so that you can be sure that you’re working with a trustworthy brokers.