Top ASIC Regulated Forex Brokers

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Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

The Australian Securities & Investments Commission (ASIC) is a well-known and trusted regulator. It is known for its consumer-friendly engagement, education, and policing of the Australian financial system. It also ranks among the more active Forex broker regulators.

I have conducted an in-depth review of ASIC Forex brokers and compiled a list of the most competitive ones with a trustworthy reputation and clean regulatory track record. Read on to view my broker shortlist, and to learn more about what ASIC does and how ASIC works to protect you as a Forex trader.

1
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
2
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
ECN-style trading
Daily market research and Autochartist access
3
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
4
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Trade 1,000+ financial instruments
Experience low, competitive spreads
Multiple funding and swift withdrawal options

FXTM

5.0/5 in this category
In Summary
Best all-around broker with high floating leverage and fast execution

We have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Pros
  • Excellent commission-based Forex pricing environment and transparency

  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app

  • Quality market research and educational content for beginner traders

  • Proprietary copy trading platform, low minimum deposit, and high leverage

Cons
  • Limited choice of cryptocurrencies and commodities

FP Markets

5.0/5 in this category
In Summary
ECN trading with leverage up to 1:500.

FP Markets is among the cheapest ASIC Forex brokers in terms of trading fees charged, offering traders raw spreads from 0 pips for a commission of $6.00 per 1 standard lot. Deep liquidity, fast order execution, no requotes, and a no dealing desk (NDD) execution model make it ideal for high-frequency traders and scalpers. FP Markets upgrades the out of the box MT4/MT5 trading platforms offered with twelve plugins. It also offers a proprietary mobile trading app and an in-house copy trading service, complementing the embedded MT4/MT5 solutions and Myfxbook Autotrade.

The minimum deposit is $100, ensuring relative accessibility, but the maximum leverage of 1:500 is only available through its St. Vincent and the Grenadines subsidiary, while the ASIC-regulated brokerage restricts it to 1:30.

Pros
  • Choice of trading platforms and auxiliary trading tools

  • Very competitive cost structure and excellent asset selection

  • Low minimum deposit requirement and leverage of up to 1:500

  • Well-regulated and trustworthy

Cons
  • Availability of Iress geographically restricted

AvaTrade

5.0/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade is one of the ASIC Forex brokers with the widest choice of trading platforms. Besides offering both the well-known MT4 and MT5 trading platforms, it offers a proprietary web-based trading platform for manual traders, its mobile app AvaTradeGO, and its dedicated options platform AvaOptions. AvaTrade has also established itself as a popular choice for social traders, with services from DupliTrade, ZuluTrade, and its in-house social trading platform Ava Social.

The commission-free cost structure is not especially cheap but is still competitively positioned, and the minimum deposit is only $100. Traders are offered maximum Forex leverage through ASIC of 1:30. A hidden gem available at AvaTrade is its educational unit SharpTrader, where over 40 lessons and more than 200 videos await beginner traders.

Pros
  • High-quality educational offering via SharpTrader

  • Excellent choice of trading platforms catering to various trading needs

  • Broad asset selection and cross-asset diversification opportunities

  • Well-regulated and trusted broker with oversight from a central bank

Cons
  • Trading costs competitive but nothing special

BlackBull Markets

4.5/5 in this category
In Summary
Best ECN trading environment, with scalping and hedging

BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.

BlackBull Markets Pros & Cons

Pros
  • ECN/NDD execution model with deep liquidity

  • Institution-grade pricing for retail traders via proprietary price aggregation

  • ZuluTrade and Myfxbook for social trading

  • Leverage of up to 1:500

Cons
  •  Limited deposit options

Eightcap

4.5/5 in this category
In Summary
Competitive pricing + excellent daily videos

Eightcap Pros & Cons

Pros
  • Low minimum deposit and high leverage of up to 1:500

  • Competitive cost structure

  • Excellent technology infrastructure and seasoned management team

  • Daily research and quality educational content

Cons
  • Limited leverage in some areas

Understanding What ASIC Does

The establishment of the Australian Securities and Investments Commission (ASIC) in 1998 followed the recommendations from the Wallis Inquiry. It regulates the Australian financial system, including Forex and CFD brokers, and enforces laws to protect consumers, investors, and creditors. The ASIC reports to the Treasurer of Australia, a senior minister of the Crown in the Commonwealth Government.

ASIC was at the forefront of regulatory moves to shutter the now-defunct binary options sector, which was filled with scams, fraud, and a business model always favoring brokers over traders. ASIC was also instrumental in uncovering the massive fraud by disreputable Forex brokers outside Australia claiming ECN execution via multiple liquidity providers while routing orders via their international subsidiaries.

What are the responsibilities of ASIC?

ASIC’s core day-to-day activities are:

  • Promoting and growing the Australian financial market
  • Policing Australian regulated (ASIC approved) Forex brokers and other licensed institutions
  • Educating and protecting consumers by administering and enforcing rules and regulations
  • Engaging with the public and provide quality information
  • Maintaining the integrity of and trust in the Australian financial system

How does ASIC regulation protect Forex traders?

  • ASIC regulated Forex brokers must have a license and adhere to strict rules and regulations which are monitored and enforced by ASIC
  • ASIC enforces maximum Forex leverage of 1:30, which goes some way to protecting Forex traders from being overleveraged
  • ASIC publishes reports about investigations, maintaining transparency, and enhancing trust in the Australian financial system
  • ASIC provides educational content and Money Smart, its online portal, to help educate the public about important aspects of the Australian financial system
  • ASIC assists consumers with deposit recovery in the event of institutional default
  • ASIC works to ensure that the Forex and CFD brokers it regulates offer traders what they advertise and promise

What are the most essential ASIC Forex broker guidelines?

  • ASIC Forex brokers must maintain minimum operating capital of A$1 million
  • Segregation of client deposits with Tier 1 Australian banks
  • Maintain an AFC license
  • Conduct in-depth risk management for broker and client
  • Operate under best business practices
  • Offer conflict resolution to clients

Legislative basis of ASIC enforcement

  • Australian Securities and Investments Commission Act 2001 (ASIC Act)
  • Business Names Registration Act 2011
  • Corporations Act 2001 (Corporations Act)
  • Insurance Contracts Act 1984
  • National Consumer Credit Protection Act 2009 (National Credit Act)
  • Banking Act 1959
  • Life Insurance Act 1995
  • Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
  • Retirement Savings Accounts Act 1997
  • Superannuation (Resolution of Complaints) Act 1993
  • Superannuation Industry (Supervision) Act 1993 (SIS Act).

Final Thoughts

Forex / CFD traders in Australia may choose between locally regulated or international brokers, but ASIC regulated brokers attract clients from all over the world due to Australia’s well-deserved reputation as an excellent retail Forex hub. This means that Australian resident traders mostly open accounts with ASIC-regulated brokers and have little reason to look beyond Australia unless they are seeking a broker offering extremely high leverage. Until recently ASIC allowed its regulated brokers to offer much higher maximum leverage to retail traders, but ASIC has implemented new regulations which put maximum leverage in line with what can be offered in the European Union. Despite this, ASIC is still seen as a more flexible and practical regulator than is typically found within the European Union.

Forex / CFD traders looking for an ASIC-regulated broker will face mostly the same considerations as traders anywhere in the world in selecting the best Forex broker:

  • broker regulation and reputation
  • minimum deposit
  • a suitable selection of assets
  • a fee structure which suits the intended trading style

For example, day traders will be more focused on competitive spreads while longer-term traders who typically hold positions open overnight will need to pay closer attention to whether overnight swap rates offered are competitive.

FAQs

Who is the best Forex broker for Forex trading in Australia?

The best Forex brokers offer low trading costs, deep liquidity, and ultra-fast order execution. They will also offer at least one trading platform which supports algorithmic and social trading and be well-regulated.

What is ASIC in Forex trading?

ASIC is the Australian regulator responsible for policing Australian financial institutions, including Forex and CFD brokers.

Is Forex regulated in Australia?

Yes, Forex brokers are regulated in Australia, by the Australian Securities & Investments Commission (ASIC).

Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.