In the comparison table, there are some of the best ASIC-regulated forex brokers.
|ASIC Broker's Name||Trader's Rating||Minimum deposit||Trading Platform||Max. Leverage||Our Review|
|1:400||Review of eToro|
|$10||WebTrader/iOS/Android||1:1000||Review of IQ OPTION|
|1:888||Review of XM broker|
|$50||MetaTrader 4||1:1000||Review of HotForex|
|$100||MetaTrader 4||1:300||Review of Markets.com|
|$100||MetaTrader 4||1:400||Review of AvaTrade|
|$300||MetaTrader 4||1:1000||Review of Instaforex|
|0 / 10|
At the time being, we could argue that Australia is 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 Forex brokers together with FCA U.K. brokers are widely known, due to the fact that they abide by the strict specifications and compliances – this ensures a high degree of security.
What Does the ASIC Do?
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.
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 ASIC Regulated Forex Brokers
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.
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 trustworthy ASIC regulated Forex brokers.