The Australian Securities and Investments Commission (ASIC) is an Australian regulatory agency. In this article, we reveal our 15 Best ASIC Forex Brokers and we review the features, tools, platforms, trading conditions and instruments these brokers offer.
What does the ASIC do?
The ASIC is an independent Australian Government body and regulates online markets, financial services and consumer credit providers, but this organization authorises the trading services of brokers globally.
The ASIC has been around since 1991 and replaced the National Companies and Securities Commission (NCSC).
The ASIC administers the Australian Securities and Investments Commission Act 2001 (ASIC Act) and enforces rules under the Corporations Act.
The ASIC regulates brokers and financial services firms through a complex authorisation and verification process with the enforcement of international standards and regulations and supervises registered companies on an ongoing basis.
The ASIC also makes information about registered firms and companies publicly available and has a user-friendly complaints process with plenty of resources made available to educate consumers.
How to check if a broker is regulated by the ASIC
If you want to make sure the broker you are trading with is regulated by the ASIC, you can check the broker’s unique ASIC registration number and search for it on the ASIC register list.
All you need to do is go to the ASIC website and go to the “Regulatory Index” under the “Regulatory Resources” tab.
Every broker that has an active ASIC license and is authorised to provide trading services will be found on the official ASIC register.
What to do if you have a complaint
If you have reason to believe that you have been treated unfairly by an ASIC-regulated broker or you have found an unauthorised broker that claims to have a false ASIC service license, you can lodge an official complaint on the ASIC website.
Under the “For Consumers” tab, you will find information about consumer rights, known scams and how to avoid them, applying for compensation and everything else you need to know as a consumer and member of an ASIC-regulated firm.
eToro
Overall Rating USD 50 FCA, CySEC, ASIC 📱 Platforms eToro app, OpenBook, eToro CopyTrade ₿ Crypto Yes 💵 Account Currency USD, AUD, CNY, CAD, GBP, EUR, JPY, RUB Yes 1:30 🛒 Instruments Stocks, Commodities, Indices, Forex, ETFs, Cryptocurrencies 🏛️ Visit Broker
4.2/5
Minimum Deposit
Regulators
Islamic Account
Leverage
eToro offers a user-friendly trading platform and is a low-risk broker, with regulations in two tier-1 jurisdictions and one tier-2 jurisdiction.
This broker is suitable for beginners and professional traders alike, as well as social traders and crypto traders.
eToro has an overall TrustScore of 92/99 and has been around since 2007.
eToro can be used to trade more than 2,300 instruments and over 359 million trades have already been opened through eToro.
eToro also offers patented Copy Trading technology, which has proven to be very popular and successful amongst its clients, with an average yearly profit of more than 80% for copy traders.
eToro Pros and Cons:
| ✔️Pros | ❌Cons |
| Supports CopyTrading | Difficult to find account info |
| Supports Social trading | High Forex fees |
| Flexible leverage | Withdrawal fees |
| Free stock and ETF trading in EU |
Admirals
USD 1 ASIC, FCA, EFSA, CySEC 📱 Platforms MT4, MT5, Admirals app ₿ Crypto Yes 💵 Account Currency USD, CHF, EUR, BGN, HRK, PLN, RON, CZK, HUF, GBP Yes 1:30 🛒 Instruments Forex, Commodities, Indices, Stocks, ETFs, Bonds 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
Admirals offers more than 4,000 CFDs, over 380 ETFs and 47 currency pairs – with a total of more than 8,000 tradable instruments.
The Admirals support team is multilingual and can be reached telephonically, via email and through live chat.
To celebrate its 20th anniversary and pave the way forward, Admiral Markets was rebranded to Admirals and plans to provide personal finance, money management services and more.
Admirals offers the MetaTrader Supreme Edition, Stereo Trader and VPS services.
Admiral Markets Pros and Cons:
| ✔️Pros | ❌Cons |
| Great research tools | Cash rebates based on region |
| Variety of accounts | Penalty fees |
| Negative balance protection | |
| Suitable for beginners |
FXTM
Overall Rating USD 10 CySEC, FCA, FSC 📱 Platforms MT4, MT5, FXTM Trader ₿ Crypto No 💵 Account Currency USD, EUR, GBP, NGN Yes 1:2000 🛒 Instruments Metals, Stocks, CFDs, Indices, Forex, Commodities 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
FXTM, otherwise known as ForexTime, is a globally regulated and licensed Forex broker with more than 2 million active users.
FXTM offers 3 account types with guaranteed tight spreads and no commissions, and also offers a demo account that can be used with the educational resources provided on the website.
FXTM provides a variety of trading tools, including indicators, advanced calculators, strategy tools and more.
FXTM Pros and Cons:
| ✔️Pros | ❌Cons |
| Tight spreads | No US clients allowed |
| Fast trade execution | Penalty fees |
| Low minimum deposit |
OANDA
Overall Rating Open and fund your OANDA account (min$25) and get a welcome bonus up to $5,000!
3.9/5
OANDA guarantees transparent pricing and offers a variety of advanced charting and research and analysis tools.
OANDA requires no minimum deposits and no minimum trade size and offers support 24 hours a day, 6 days of the week.
OANDA offers desktop and mobile trading platforms, as well as MetaTrader 4, and the tools offered include advanced charting, technical analysis, Algo Lab and updated economic and market news.
OANDA is trusted and partnered with BeeksFX, MotiveWave, Multicharts and more.
OANDA Pros and Cons:
| ✔️Pros | ❌Cons |
| Highly regulated | Regulation differs based on jurisdiction |
| Active Trader account | Trading conditions based on jurisdiction |
| No minimum deposit | |
| Negative Balance protection |
XM
Overall Rating USD 5 ESMA, CySEC, ASIC, FCA, IFSC, DFSA 📱 Platforms Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform ₿ Crypto No 💵 Account Currency USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB Yes 1:1000 🛒 Instruments Commodities, Forex, Stocks, Crypto, Metals, Shares, Energies 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
XM has been around for over a decade and is a multi-award-winning broker with more than 5 million international clients.
XM is available in 196 countries and customer support is available in many languages, 24 hours of the business day.
XM offers over 1,000 tradable instruments and more than 600 stocks from leading companies.
XM provides beginners with a variety of educational resources and research material and is suitable for traders with all levels of experience.
XM Pros and Cons:
| ✔️Pros | ❌Cons |
| User-friendly website | No fixed spreads |
| Low minimum deposit | Not available in US |
| Negative Balance Protection | Inactivity fees |
| Promotions and bonuses |
Avatrade
USD 100 MiFID, FSA, ASIC, BVI, FFAJ, FSCA, ADMG, FRSA 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency AUD, EUR, USD, GBP, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
Established in 2006, AvaTrade is a fully-regulated CFD and Forex Broker and has garnered a client base of 300,000 traders.
AvaTrade has received more than 100 international awards and is regulated and licensed across 5 continents worldwide.
AvaTrade is suitable for beginners and offers an extensive variety of educational materials, as well as more advanced research and analysis tools for experienced traders.
AvaTrade offers 4 accounts, along with demo accounts for new clients and beginners, and Islamic accounts for clients of the Muslim faith.
AvaTrade Pros and Cons:
| ✔️Pros | ❌Cons |
| Creating an account is fast and easy | Service not offered to US citizens |
| No fees on deposits and withdrawals | Telephonic customer support seems lacking |
| Educational resources provided | Not available to US clients |
| Multi-regulated broker |
easyMarkets
Overall Rating USD 25 CySEC, ASIC, FSA 📱 Platforms MT4, TradingView, easyMarkets app ₿ Crypto Yes 💵 Account Currency EUR, CAD, CZK, JPY, NZD, USD, SGD, CHF, GBP, MXN, AUD, PLN, TRY, CNY, HKD, NOK, SEK, ZAR, BTC Yes 1:400 🛒 Instruments Forex, Shares, Crypto, Metals, Commodities, Indices 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
easyMarkets was founded in 2001 and is an award-winning Forex broker that currently has over 100,000 clients.
easyMarkets provides a variety of educational guides which are user-friendly, instructional platform manuals, and 10 free topic-specific eBooks that can be downloaded directly from the website.
easyMarkets offers a set of tools, such as dealCancellation and Freeze Rates, that are unique to its product offering; as well as negative balance protection, guaranteed stop losses, no slippage and fixed spreads.
easyMarkets Pros and Cons:
| ✔️Pros | ❌Cons |
| 19 base currencies supported | Not available to US citizens |
| Fixed spreads | |
| Negative Balance Protection |
FP Markets
Overall Rating USD 100 ASIC, CySEC 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency EUR, GBP, USD, AUD, CAD, SGD, HKD, JPY, NZD, CHF Yes 1:500 🛒 Instruments Forex, Shares, Metals, Indices, Commodities, crypto 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
FP Markets is compatible with MetaTrader and guarantees deep liquidity, low latency and tight raw spreads, offering clients all the advanced tools and features available on these platforms.
FP Markets clients get access to a free VPS and are allowed to Expert Advisors, and trading accounts can be funded using most major currencies.
FP Markets provides a variety of educational and informative resources, and is a Social trading-friendly platform, as well as providing MAM/PAMM accounts and a trader’s toolbox that makes risk management and strategy implementation easier than ever before.
FP Markets Pros and Cons:
| ✔️Pros | ❌Cons |
| 10 Base currencies supported | Withdrawal fees |
| Great product offering | No fixed spreads |
| Commission-free account offered |
GO Markets
Overall Rating USD 200 FSC, ASIC, AFSL 📱 Platforms MT4, MT5, GO Webtrader Yes 💵 Account Currency AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD No 1:500 🛒 Instruments Forex, Shares, Indices, Metals, Commodities
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
GO Markets is a regulated Australian broker that offers 2 account types with 24/5 customer support.
The GO Markets platform is suitable for inexperienced traders and provides a variety of instructional video tutorials, educational handbooks, trading guides and topic-specific courses.
This broker also accommodates social traders and allows traders to use Myfxbook.
GO Markets Pros and Cons:
| ✔️Pros | ❌Cons |
| Educational resources available | No Islamic account |
| Suitable for beginners | Inactivity is penalised |
| Free VPS |
City Index
Overall Rating £50 IIROC, JFSA, ASIC, FCA, CFTC MT4, City Index app ₿ Crypto No USD, CHF, EUR, GBP, HUF, AUD, JPY, PLN Yes 1:30 🛒 Instruments Indices, Shares, Forex, Metals Bonds, Options, Commodities 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators
Platform
Account Currency Islamic Account Leverage
City Index has more than 1 million clients and was founded in 1983.
City Index offers both fixed and variable spreads and is a popular broker for spread betting and CFD trading.
City Index provides a variety of SMART trading tools and is an award-winning broker that we recommend for beginners.
City Index Pros and Cons:
| ✔️Pros | ❌Cons |
| Beginner-friendly | Inactivity fees |
| 13,000+ instruments | High fees on stock CFDs |
| Good research material | Low leverage |
| Many regulations |
IC Markets
Overall Rating USD 200 FSA, CySEC, ASIC 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF Yes 1:500 🛒 Instruments Stocks, Commodities, Indices, Forex, Bonds, Crypto, Futures 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
IC Markets is a popular CFD broker that offers more than 1,980 instruments,
IC Markets offers tight spreads from 0 pips and low latency trading.
There are more than 60 currency pairs that you can trade with IC Markets and over 1,800 stocks.
IC Markets offers 3 types of accounts and commission-free trading.
IC Markets Pros and Cons:
| ✔️Pros | ❌Cons |
| Tier-1 regulations | No USA clients |
| Secure VPS | High minimum deposit |
| 10 account currencies |
Pepperstone
Overall Rating USD 200 ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency USD, GBP Yes Low 🛒 Instruments Forex, Crypto, Shares, ETFs, Indices, Commodities 🏛️ Visit Broker
4.0/5
Minimum Deposit Regulators Islamic Account Leverage
Pepperstone has more than 300,000 clients and is a popular CFD trading broker.
Pepperstone offers spreads from 0 pips and more than 1,200 instruments.
Pepperstone provides plenty of trading guides, market analysis and daily reports.
Pepperstone Pros and Cons:
| ✔️Pros | ❌Cons |
| Regulated in several jurisdictions | High min. deposit |
| 1,200+ instruments. | |
| Tight spreads | |
| No inactivity fees |
IG
Overall Rating USD 0 FCA, ASIC, CFTC, FINMA, MAS, JFSA, DIFC 📱 Platforms MT4, ProRealTime, L2 Dealer ₿ Crypto Yes 💵 Account Currency USD, GBP, AUD, EUR, SGD, HKD Yes 1:30 🛒 Instruments Crypto, Forex, Indices, Shares, Commodities 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
IG is one of the oldest brokers in the industry and was founded in 1974.
IG offers an incredible 17,000+ instruments and is provides educational resources for beginners.
IG accounts can be used for retail trading, professional trading or corporate-level trading.
IG Pros and Cons:
| ✔️Pros | ❌Cons |
| Thousands of instruments | High minimum deposit |
| Great educational material | Low leverage cap |
| Low trading fees |
FBS
16,000,000+ Traders Overall Rating USD 1 CySEC, IFSC, FSCA, ASIC 📱 Platfroms MT4, MT5, FBS trader, CopyTrade ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:30 🛒 Instruments Forex, Indices, Stocks, Metals, Energies, Crypto Welcome bonus 🏛️ Visit Broker FBS has launched a new type of account specifically for trading cryptocurrencies. The new Crypto account has over 100 instruments with digital currencies. BTC, LTC, and ETH are just some of the instruments that will be available for trading against other cryptocurrencies or against more traditional currencies, commodities, and other instruments.
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
FBS was founded in 2009 and has over 17 million clients.
FBS offers 5 types of accounts and is a great option for copy trading.
FBS also offers a cent account, 24/7 and is a beginner-friendly broker.
FBS Pros and Cons:
| ✔️Pros | ❌Cons |
| 24/7 support | Low leverage |
| Low minimum deposit | 2 account currencies |
| Supports EA trading | |
| Plenty of promotions and bonuses |
Axi
USD 0 ASIC, FCA 📱 Platforms MT4, Myfxbook, PsyQuation ₿ Crypto Yes 💵 Account Currency AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, PLN, SGD, USD Yes 1:400 🛒 Instruments Forex, Cryptocurrencies, Metals, Indices, Commodities 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
Axi (formerly AxiTrader) was founded in 2007 and is an Australian broker.
Axi offers more than 130 instruments and raw spreads from 0 pips.
Axi also offers free VPS and 3 types of accounts.
You can fund your account using Credit/Debit Card, Internet Banking, Skrill, Neteller, several cryptocurrencies and a variety of other methods.
Card deposits are free and will be processed instantly.
Axi Pros and Cons:
| ✔️Pros | ❌Cons |
| 8+ account currencies | No trading bonus |
| Spreads from 0 pips | |
| ASIC-regulated | |
| Multiple accounts |
Conclusion
By trading with one of our top ASIC-regulated brokers, you will have extra protection and security.
We strongly advise against trading with offshore brokers that are not officially regulated. Not all unregulated brokers are fraudulent, but the chances of getting scammed by one will be much higher.
In our opinion, the more licenses a broker has, the safer it is to trade with that broker. The ASIC is by far, one of the biggest financial regulators in the world, so trading with an ASIC-regulated broker is one of the safest ways to trade.
These brokers will face serious legal consequences if they do not honour ASIC standards and the ASIC will always put the consumer first.
The ASIC determines the leverage brokers offer, the minimum deposits and trading fees they charge and all other aspects of trading that affect consumers.
All regulated brokers are encouraged to be transparent about their pricing and to make important documents and information accessible.
This organization also prohibits any fraudulent activity or trading conditions that are not in the consumer’s best interests, so why trade with an unregulated broker when you can trade with one of our 15 Best ASIC Forex Brokers?
We hope that this review will help you find a broker that aligns with your trading goals so that you can trade with confidence and peace of mind.
Good luck with your trading!
FAQ
What is the ASIC?
The ASIC (Australian Securities and Investments Commission) is Australia’s corporate, markets, financial services and consumer credit regulator and an independent Australian Government body.
What does the ASIC do?
The ASIC regulates brokers and financial services firms through a complex authorisation and verification process with the enforcement of international standards and regulations and supervises registered companies on an ongoing basis.
What jurisdiction is the ASIC?
Australia
Which laws apply to ASIC?
- The laws related to the ASIC are:
- Australian Securities and Investments Commission Act 2001 (ASIC Act)
Corporations Act - Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019
- Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019
