FXScouts has been the UK’s most trusted Forex broker review site since 2019. Our team has written 100+ broker reviews and we constantly test to maintain accuracy. This is how we review brokers.

We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this site you agree to our Terms of Service.

AuthorBy Jeffrey Cammack
Updated: May 6, 2022

These are the best Forex brokers regulated by the Australian Securities and Investments Commission (ASIC). As one of the world’s toughest regulatory authorities, ASIC ensures that Forex brokers provide a level playing field for traders via constant monitoring and strict licencing requirements. By choosing an ASIC regulated Forex broker, you will ensure your funds’ security. Hedging and scalping are allowed while leverage is limited to 30:1, bonuses and promotions are banned and all traders have negative balance protection. 

To test these brokers, we checked their ASIC regulation, signed up and completed the verification process, and validated hard factors like platform selection, trading desk type, and minimum deposit. Next, we researched the trading conditions, assets available, the overall cost of trading for a client, fee structures, and withdrawal fees, as this is what sets each broker apart. According to our testing and our research, these are the best ASIC-regulated brokers for 2022.

Best ASIC Regulated Forex Brokers in 2022

Scroll for more detailsPreviousNext
Broker
Overall Rating
Official Site
ASIC
ASIC License
Min. Deposit
Max. Leverage
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Website Language: English
Support Language: English
Compare
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
414530GBP 030:1Excellent0.60 pipsUSD 60.17 pips070MT4, MT5, cTrader
IG
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
220440GBP 030:1Excellent0.60 pipsUSD 60.85 pips1929580MT4, L2 Dealer, ProRealTime
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
335692GBP 20030:1Excellent0.10 pipsUSD 80.02 pips174464MT4, MT5, cTrader, Zulu Trade
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
513393GBP 2030:1Excellent0.60 pipsUSD 60.60 pips4284137MT4, Capital.com
Markets.com
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
424008GBP 10030:1Excellent0.70 pipsUSD 70.60 pips220667MT4, MT5
FP Markets
4.28 /5
Read Review
Visit Broker >
Your capital is at risk
286354GBP 5030:1Excellent0.10 pipsUSD 70.10 pips1009960MT4, MT5, IRESS
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
443670GBP 530:1Excellent1.60 pipsUSD 160.10 pips151057MT4, MT5
Axitrader
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
318232GBP 030:1Excellent1.00 pipsUSD 100.00 pips18870MT4
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
406684GBP 10030:1Excellent0.90 pipsUSD 90.90 pips87255MT4, MT5, Avatrade Social, AvaOptions

How to compare ASIC regulated brokers

ASIC is one of the most respected financial regulatory agencies in the world. While they have a traditional centre, they try to be modern in their approach, researching and making regulatory changes to maintain fairness in the CFD industry. All ASIC-regulated brokers can be considered safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other. When comparing ASIC regulated brokers consider:

Regulation: While your broker is ASIC regulated, your trading account may not be. It is increasingly common for ASIC regulated brokers to onboard Australian clients onto a different license where trading conditions, like leverage, can be increased without the ASIC oversight. While this is not fundamentally bad, a trader should know their trading account is regulated and that ASIC will not enforce their regulations in overseas territories.

Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience. MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.

Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs.

Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open.

Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payment, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit.


Pepperstone – Lowest Cost ECN Broker

An ASIC regulated broker (ASFL: 414530), Pepperstone was founded in 2010 in Melbourne and has grown to be one of the largest ECN brokers in the world, with over 300,000 clients and 12+ billion-dollar daily trading volume. Pepperstone’s British clients will be trading under the Pepperstone subsidiary regulated by the FCA, which in combination with the ASIC oversight, ensures that Pepperstone will act in the best interests of all traders. While the new rules introduced by ASIC in 2021 will harm many of the low-quality brokers in Australia, Pepperstone is well-placed to benefit British traders with its low fees, ultra-fast execution, and three popular trading platforms. 

Lowest Trading Fees: Pepperstone offers two accounts with some of the lowest trading fees in the industry – a Razor Account with spreads that average at 0.17 pips (EUR/USD) in exchange for a commission of 7 USD, and a commission-free Standard Account with spreads that average at 0.69 pips on the EUR/USD. Trades are executed in under 0.3 seconds, which means that orders are filled as close to the quoted price as possible. Additionally, there are no minimum deposit requirements, making both accounts accessible to beginners.

Trading Platforms: Pepperstone’s trading platforms include MetaTrader 4 (MT4), Metatrader 5 (MT5), and cTrader, a broader range of platforms than is typically found at other brokers. MT4 is the most popular trading platform while MetaTrader 5 (MT5) has more tools, such as an embedded economic calendar and chat system. cTrader is a more modern trading platform and is easier for beginners to learn but still has all the sophisticated automation tools found in MT4 and MT5. While trading conditions vary slightly depending on the trader’s preferred platform, trading costs are still lower than those of other similar brokers.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA. 75.8% of traders lose money with this provider.

IG Markets – Widest Range of Financial Instruments

Founded in London in 1974, IG Markets’ has a regional HQ in Melbourne and has been regulated by ASIC since 2002 (220440). The largest broker in the world by revenue and regulated by 17 authorities worldwide, IG Markets is also one of the few brokers that supported ASIC’s introduction of tighter regulations in early 2021. British traders will be onboarded through IG’s UK-based subsidiary, the FCA, which also guarantees a reliable and transparent trading environment.  In addition to being one of the best regulated ASIC brokers, IG Markets has the widest range of financial instruments and some of the lowest trading fees in the industry on three trading platforms.

Widest range of financial instruments: IG Markets offers over 17,000 financial instruments, many more than most other brokers. Tradeable CFDs include 13,000 share CFDs, 6000 ETFs, and 80 Forex pairs. IG Markets also offers weekend trading on major Forex pairs and 24 hour trading on Australia’s leading stock index, the ASX 200. Both of these are unique services that are not available at other brokers.  IG Market’s single account has low fees compared to other brokers, with no minimum deposit requirements, spreads starting at 0.85 pips on the EUR/USD, and no commission charged on Forex trading.

Trading Platforms: IG Markets’ trading platforms include MetaTrader 4 (MT4) its own web-based platform, and L2 Dealer, a specialist share trading platform that offers direct market access (DMA) to clients who maintain an account balance of 2000 AUD. MT4 and the IG trading platforms are more user-friendly and suited to beginner traders, while the L2 Dealer offers advanced analytical tools and charting packages for more experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Group is regulated by FCA, ASIC, and the FSCA. 66% of traders lose money with this provider.

IC Markets – Best Broker for Beginners

IC Markets (ASFL: 335692) is a leading ASIC-regulated online retail Forex and CFD broker founded in 2007 and headquartered in Sydney. One of the largest Australian brokers, IC Markets’ daily trade volume averages at over 15 billion USD and is available in over 162 countries worldwide, including the UK. IC Markets was one of the first brokers to amend its product offering in line with ASIC’s 2021 restrictions, and while British traders will be trading under IC Markets’ CySEC-based entity, the ASIC regulation provides additional confidence that IC Markets will behave responsibly and fairly.  IC Markets provides a welcoming environment for beginner traders with its well-structured educational section developed by a team of in-house experts and two beginner-friendly accounts.

Education: With a comprehensive library of course material, including video tutorials, articles, frequent webinars, and IC Markets’ Web TV, traders will receive extensive instruction in CFD trading. IC Markets also has a dedicated support department operating 24/7 to help beginner traders answer any technical or trading-related questions.

Beginner-friendly accounts: IC Markets offers three live accounts, all with a minimum deposit of 200 GBP, making them accessible to beginner traders. IC Markets’ trading fees are some of the lowest in the industry – its commission-free Standard Account has fees included in its variable spreads, which average at 1 pip (EUR/USD), while the Raw accounts offer spreads that average at 0.02 pips on the EUR/USD in exchange for commissions of between 6 and 7 USD (round turn), depending on the platform.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

Capital.com – Best Research and Market Analysis

Founded in Cyprus in 2016, Capital.com obtained its ASIC licence (AFSL: 513393) in 2021 and has opened an office in Melbourne. Jonathan Squires, Group CEO, stated that the ASIC licence affirmed its commitment to meet the strictest compliance standards to protect its Australian clients. Although British clients will be onboarded under the UK-based entity, regulated by the FCA, the ASIC regulation ensures an additional layer of regulatory oversight. In addition, Capital.com offers a low-cost trading account and excellent market analysis materials curated by a team of knowledgeable professional traders. 

Actionable Market Analysis: Capital.com’s Financial News and Features section provides exceptional value for beginner and experienced traders alike. The detailed and useful analysis of the markets is updated throughout the day and will give beginners a good understanding of what moves the financial markets and provides ideas for trading opportunities. Video analysis is also available on the Capital.com TV platform.

Low Fees: Capital.com has a single trading account with no commission and very low costs compared to most other brokers, with spreads starting at 0.60 pips on the EUR/USD. Additionally, Capital.com only charges swap fees on the leverage, not on the trading position’s entire value. Capital.com also does not charge fees or inactive accounts, and deposits and withdrawals are free, which is rare among CFD brokers. 

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
Cons
  • Limited account options
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA & CySEC. 75.26% of traders lose money with this provider.

Markets.com – Best Proprietary Platform

Markets.com is a global broker founded in 2008 and regulated by ASIC with AFSL number: 424008. With the recent ASIC regulatory changes, Markets.com changed its product offering including restricting its leverage from 200:1 to 30:1 and eliminating bonuses and promotions. Although British traders will be trading under Markets.com’s FCA subsidiary, the ASIC oversight ensures that Markets.com will provide a fair and transparent trading environment.  Markets.com offers one live account, available on three trading platforms, including MT4, MT5, and Marketsx, one of the best in-house trading platforms in the industry.

Marketsx: Marketsx is an award-winning trading platform known for its ease of use and excellent features. With a clean, intuitive design, the platform offers advanced charting, making it easier to spot trends and identify new trading opportunities. It also allows traders to add up to five types of indicators to the chart at once and compare up to eight instruments side-by-side. Additionally, the platform integrates with a number of trading tools, including signals, bloggers’ opinions, and trends, among others.

Markets.com’s Trading Fees: Markets.com’s trading fees vary depending on trading platform choice.  The average cost of trading one lot of EUR/USD is 8 USD on the Marketsx platform and 6 USD on the MT4 and MT5 platforms, which is lower than other similar brokers. The minimum deposit is also reasonable, at 100 USD/EUR/GBP, putting it well within reach of most traders.

 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 , and Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC. 67% of traders lose money with this provider.

FP Markets – Best Overall ASIC-regulated Broker 

FP Markets was founded in Sydney, Australia after receiving an ASIC licence (ASFL: 286354) in 2005. Under the strict ASIC rules, FP Markets is constantly monitored and evaluated on its performance and trade execution. FP Markets also segregates all client funds in the Commonwealth Bank, one of the largest of four banks in Australia. However, FP Markets clients in the UK will be trading under FP Markets’ CySEC-regulated entity, which in combination with the ASIC regulation, provides traders with confidence that they will be protected. FP Markets has gained recognition for its competitively low trading fees and its broad trading platform support, including IRESS, an advanced trading platform that allows trading on over 10,000 share CFDs.

Low Trading Fees: FP Markets offers competitive trading fees on two live accounts, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account and 0.10 pips (EUR/USD) on its Raw Account in exchange for a commission of 7 USD. The minimum deposit requirements are 50 GBP on both accounts, making them accessible to all traders.

Trading Platforms: FP Markets’ trading platforms include MT4, MT5, and the IRESS trader, an advanced share trading platform with direct market access. MT4 is the most popular trading platform in the world, while MetaTrader 5 (MT5) has more tools, such as an embedded economic calendar and chat system.  In comparison to the MetaTrader platforms, IRESS has a simpler user interface and more functionality, including advanced order types, news alerts, customizable charts, advanced watchlist features, and access to over 10,000 trading instruments.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4& MT5. FP Markets is regulated by CySEC and ASIC.

XM – Best Education

Founded in 2009 in Cyprus, XM has over 5,000 0000 traders on its books from 192 countries. With a long history of regulatory oversight, XM gained its ASIC licence (AFSL number 443670) in 2014 and set up a regional office in Melbourne. British traders will be trading under XM’s Cyprus-based entity, regulated by the CySEC, which, in combination with the ASIC regulation provides traders with confidence that their funds will be safe and that they will be treated fairly. Under the strict regulatory regime, XM offers an Ultra-Low account with low trading fees and provides some of the best educational support in the industry.

Daily Live Education: XM excels in its educational offering, which includes educational videos, courses, platform tutorials, Forex seminars, and live Q&A sessions available every hour from Monday to Friday. Topics include the basics of Forex trading, technical analysis, trading strategies, fundamental analysis, and major currency fundamentals.  XM also offers comprehensive market analysis, providing traders with a daily market overview, frequently updated news, trading ideas, technical summaries, a podcast, and regular research updates. 

XM’s Ultra-Low Account: Available on the MT4 and MT5 trading platforms, XM’s Ultra-Low Account has competitive trading fees, with spreads that start at 0.8 pips on the EUR/USD, no commissions for Forex trading, and a minimum deposit of 50 USD.  XM also boasts a strict no requotes and no rejections policy, and 99.35% of all trading orders are executed in less than one second, which means that traders will usually receive the trading prices that are quoted. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts UK Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 74.07% of traders lose money with this provider.

Axi – Best MT4 Customisation

Founded in 2007, Axi (formerly Axitrader)  is an Australian-owned online forex broker, regulated by the Australian Securities and Investments Commission (ASIC AFSL number: 318232). Axi adheres to ASIC’s seven disclosure benchmarks to ensure that traders understand the risks of CFD trading. Although British traders will be trading under Axi’s FCA-regulated entity, the ASIC regulation provides an extra level of confidence that AXI will provide a reliable and fair trading environment. While Axi only provides support for the MT4 trading platform, the MT4 NexGen plugin transforms MT4 into a superior trading platform. It also offers lower than average trading costs on two live accounts.

Trading Platforms: Although trading platform support is limited to MT4, Axi offers a range of tools and plugins that can be added to the trading platform to make it more powerful. Traders who maintain an account balance of more than 1000 USD can access the MT4 NexGen plugin, which includes a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Traders also have free access to Autochartist and PsyQuation, an advanced data analytics plugin that analyses your trading style, identifies mistakes, and helps you avoid making similar mistakes again. 

Trading Fees: Axi’s trading fees are highly competitive. It offers two live accounts with no minimum deposit requirements (although Axi recommends depositing an initial sum of 200 USD) – the commission-free Standard Account with spreads that average at 1 pip on the EUR/USD and the Pro Account with spreads that average at 0.1 pips (EUR/USD) in exchange for a round turn commission of 7 USD.  

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA. 75.6% of traders lose money with this provider.

Avatrade – Best Mobile Trading Experience

Founded in 2006 in Dublin, Ireland, Avatrade is an ASIC regulated broker (AFSL 406684) with over 200,000 registered users and an average monthly trading volume of 60 billion USD. In line with the 2021 ASIC changes, Avatrade amended its product offering, which included reducing its leverage from 400:1 to 30:1 for retail traders. British traders will be onboarded through the FCA-regulated entity, which in combination with the ASIC oversight ensures that Avatrade will act reliably and transparently. It also provides a user-friendly trading environment on a range of trading platforms, including its innovative mobile app – AvaTradeGO. AvaSocial, Avatrade’s social trading platform is also available as a downloadable app.

AvaTradeGO: An award-winning application, AvatradeGO allows traders to connect to global trading markets, create their own watchlists, and view live prices and charts.  AvatradeGO also provides free access to analysis tools such as Autochartist, Duplitrade, a copy trading tool, and AvaProtect, its own state-of-the-art risk management system. Avatrade’s trading fees are average compared to other similar brokers, with a minimum deposit requirement of 100 GBP, spreads that start at 0.90 pips pips on the EUR/USD, and no commissions charged on Forex trades.  

Avasocial: Avasocial is Avatrade’s social and copy trading platform. Available on both Android and iOS, the mobile app allows traders to replicate the trades of other successful traders.  Traders can opt to trade manually or to use a fully automated service. Traders can also interact with other traders and ask questions on specific strategies, find out more about various markets, and seek out a mentor, making it a great tool for beginner traders.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 71% of traders lose money with this provider.

Why Trade with an ASIC Regulated Forex Broker?

There are few genuinely strong regulators in the world; the UK’s Financial Conduct Authority is one, the Cyprus Securities and Exchange Commission is another, and most would agree that ASIC is also a member of this group. ASIC has already built a reputation for guaranteeing trader security and dealing harshly with bad brokers, but in March 2021 ASIC deployed an even stricter regulatory environment. We will talk about what that environment looks like in more detail below, but first, let’s look at the current benefits of trading with an ASIC-regulated broker.

  • Segregated Accounts: Like most good regulators, ASIC ensures that all brokers keep client funds segregated from broker operational funds and in Tier 1 Australian banks.
  • Negative Balance Protection: ASIC requires all broker to provide protection against negative balance by limiting a retail client’s CFD losses to the funds in their CFD trading account.
  • Dispute Resolution and Customer Satisfaction: The Australian Financial Complaints Authority (AFCA) handles all disputes between traders and brokers and are known for efficiency and fairness. Importantly, brokers are responsible for the cost of the resolution and not the trader – this provides an incentive for brokers to respond quickly and fairly to all customer complaints. Unsurprisingly, ASIC Forex brokers are consistently rated very highly for customer satisfaction.
  • No Conflict of Interest: ASIC has banned all Forex brokers from being counterparty to their client’s trades, furthermore all brokers are required to offer a fast and efficient platform with no broker interference. It is perhaps as a result of these restrictions that Australia hosts many of the world’s best ECN brokers.

All ASIC Regulated Brokers

This is our list of all ASIC-regulated Forex brokers we have reviewed. They are ordered by overall rating, where the highest scoring brokers is at the top of the list. 

Scroll for more detailsPreviousNext
Broker
Overall Rating
FCA License
Min. Deposit
Max. Leverage (Forex)
Regulators
Cost of Trading
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Total # CFDs
No. of FX Pairs
Trading Commission
Platforms
Compare
IG
4.69 /5
Read Review
195355GBP 030:1FCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenUSD 60.85 pips1.40 pips0.94 pips1929580Fees Included in SpreadMT4, L2 Dealer, ProRealTime
Capital.com
4.68 /5
Read Review
793714GBP 2030:1FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersUSD 60.60 pips1.30 pips0.80 pips4284137Fees Included in SpreadMT4, Capital.com
Pepperstone
4.61 /5
Read Review
684312GBP 030:1ASIC Regulated BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets AuthorityUSD 60.17 pips0.59 pips0.26 pips070From 7 USD / lot - Razor AccountMT4, MT5, cTrader
Markets.com
4.49 /5
Read Review
607305GBP 10030:1FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersBritish Virgin Islands Financial Services CommissionUSD 70.60 pips1.20 pips0.70 pips220667Fees Included in SpreadMT4, MT5
AvaTrade
4.48 /5
Read Review
GBP 10030:1ASIC Regulated BrokersBritish Virgin Islands Financial Services CommissionCySEC Regulated BrokersCentral Bank of IrelandUSD 90.90 pips1.60 pips1.10 pips87255Fees Included in SpreadMT4, MT5, Avatrade Social, AvaOptions
IC Markets
4.46 /5
Read Review
GBP 20030:1CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthorityUSD 80.02 pips0.23 pips0.14 pips1744647 USD / lot - Raw Spread AccountMT4, MT5, cTrader, Zulu Trade
CityIndex
4.38 /5
Read Review
446717GBP 030:1FCA Regulated Forex BrokersASIC Regulated BrokersMonetary Authority of SingaporeUSD 50.50 pips1.80 pips0.60 pips465584Fees Included in SpreadMT4, WebTrader
Admiral Markets
4.34 /5
Read Review
595450GBP 25030:1ASIC Regulated BrokersCySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityUSD 80.80 pips0.60 pips0.30 pips3830501.8 - 3 USD per lotMT4, MT5, MT Supreme
Axitrader
4.34 /5
Read Review
509746GBP 030:1FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersUSD 100.00 pips0.10 pips0.10 pips188707 USD / lot - PRO accountMT4
FP Markets
4.28 /5
Read Review
GBP 5030:1ASIC Regulated BrokersCySEC Regulated BrokersUSD 70.10 pips0.20 pips0.10 pips10099606 USD / lot - RAW AccountsMT4, MT5, IRESS
XM
4.25 /5
Read Review
705428GBP 530:1CySEC Regulated BrokersASIC Regulated BrokersFCA Regulated Forex BrokersInternational Financial Services CommissionUSD 160.10 pips0.20 pips0.10 pips1510577 USD / lot - XM Zero AccountMT4, MT5
Go Markets
4.10 /5
Read Review
GBP 200500:1ASIC Regulated BrokersCySEC Regulated BrokersFinansinspektionenUSD 100.20 pips0.50 pips0.20 pips575496 USD / lot - GoPlus+MT4, MT5
Plus500
4.09 /5
Read Review
509909GBP 10030:1FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandUSD 80.80 pips0 pips0 pips263870Fees Included in SpreadPlus500
Trade Nation
4.05 /5
Read Review
525164GBP 530:1FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Services Conduct AuthoritySecurities Commission of the BahamasUSD 60.60 pips0.80 pips0.70 pips118533Fees Included in SpreadMT4, Cloud Trade
easyMarkets
3.98 /5
Read Review
GBP 2530:1CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthorityUSD 180.70 pips1.30 pips1.00 pips216103Fees Included in SpreadMT4
IronFX
3.74 /5
Read Review
585561GBP 5030:1CySEC Regulated BrokersFCA Regulated Forex BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityUSD 220.00 pips0.00 pips0.00 pips29083On select STP/ECN AccountsMT4
Trade360
3.70 /5
Read Review
GBP 250400:1CySEC Regulated BrokersASIC Regulated BrokersFinansinspektionenBundesanstalt für FinanzdienstleistungsaufsichtUSD 402.00 pips3.00 pips3.00 pips60248Fees Included in SpreadMT5, Sirix
Hantec Markets
3.69 /5
Read Review
502635USD 10030:1ASIC Regulated BrokersFinancial Services AgencyFCA Regulated Forex BrokersFinancial Services CommissionUSD 20.20 pips0.50 pips0.50 pips10345Fees Included in SpreadMT4
eToro
3.69 /5
Read Review
583263USD 1030:1CySEC Regulated BrokersFCA Regulated Forex BrokersASIC Regulated BrokersUSD 101.00 pips2.00 pips1.00 pips343660Fees Included in Spreadetoro

Changes in ASIC Regulation

Big changes in ASIC regulation have been coming for some time. In ASIC’s 2019 review of the Australian OTC retail derivative market, it found a considerable increase in the number of traders since 2017 and an equally large increase in turnover at ASIC regulated brokers.

ASIC also published the data on complaints filed against CFD brokers over the same period, and the results were shocking.

From 2017-19 complaints received by ASIC had increased by 600%, a situation that ASIC has concluded is not sustainable in a sector where the majority of customers are known to lose money.

In early 2020, ASIC conducted a further study, just as the Covid-19 pandemic began to spread across the world. Over a volatile five-week period in March and April 2020, the retail clients of a sample of 13 CFD issuers made a net loss of more than $774 million. Also during this period:

  • over 1.1 million CFD positions were terminated under margin close-out arrangements (compared with 9.3 million over the full year of 2018)
  • more than 15,000 retail client CFD trading accounts fell into negative balance, owing a total of $10.9 million (compared with 41,000 accounts owing $33 million over the full year of 2018).

As a response to these damning sets of data, and citing the 2018 tightening of regulation in Europe by ESMA, ASIC issued a product intervention order for all ASIC-regulated CFD brokers. This product intervention order went into force on 29th March 2021 and includes:

  • A complete ban on binary options
  • Varying leverage restrictions for all CFDs: 30:1 for forex and gold, 15:1 for stock indices, 10:1 for commodities (excluding gold), 2:1 for cryptocurrencies and 5:1 for equities and all other instruments.
  • A forced stop-out at 50% of the total initial margin of all open trades
  • Mandatory negative balance protection
  • A complete ban on all bonus schemes, promotions and other incentives to traders.
  • All broker trading platforms must always display total position size and overnight funding costs related to open positions in real-time.
  • ASIC also stated that they expect all brokers to publish their pricing methods

As these new restrictions went into force ASIC Commissioner Cathie Armour said:

‘We will closely monitor compliance with the product intervention order and won’t hesitate to take appropriate action to enforce the order. We are also paying careful attention to changes in CFD providers’ reported holdings of retail client money and any misclassification of retail clients as wholesale clients, which would risk denying them important rights and protections. Protecting retail investors from harm, particularly at a time of heightened vulnerability, is a priority for ASIC,’

ASIC has also warned Australian brokers away from working with offshore investors illegally, especially as regulators in China, Japan and Europe and North America have placed restrictions or bans on CFDs for retail investors. ASIC has also started working more closely with CFD brokers to ensure compliance with foreign laws and is actively engaged with multiple international regulatory bodies in this matter.

If you want to know more about how these changes might affect your trading, we recommend getting in touch with ASIC or your broker to discuss the options available to you.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Close
>