AuthorBy Chris CammackAuthor InformationUpdated: October 29, 2020

These are the best Forex brokers regulated by the Australian Securities and Investments Commission (ASIC). As one of the toughest regulatory authorities in the world, 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 the security of your funds, but many of the restrictions that exist in the EU or the USA do not apply. Hedging and scalping are allowed, leverage is not limited, but bonuses and promotions are still banned.

While all ASIC regulated brokers are safe, when choosing one to trade with you should consider trading conditions (spread, commission, leverage), educational support, trading platforms, customer service and deposit/withdrawal fees. Use the filters on the left to narrow down the list to find the ASIC forex broker for you.

Best ASIC Broker

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Best ASIC Regulated Forex Brokers in 2020

Last updated on 29 Oct 2020
Updated 29 Oct 2020
by Editorial Director Chris Cammackby Chris Cammack
Chris Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
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1
IC Markets
Min. Deposit
GBP 200
4.264.26
ASIC Licence
335692
Min. Spread
0.1 pips
Platforms
11110.54.26/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
2
Pepperstone
Min. Deposit
GBP 200
4.514.51
ASIC Licence
414530
Min. Spread
Variable pips
Platforms
11110.54.51/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won’t find a better broker than Pepperstone.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
3
CMC Markets
Min. Deposit
GBP 5
4.684.68
ASIC Licence
238054
Min. Spread
0.7 pips
Platforms
11110.54.68/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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CMC Markets is a large, well-respected and well-regulated market maker broker operating globally from headquarters in London. Spreads and leverage are better than most other market makers and the proprietary New Generation trading platform is well-crafted and recommended for experienced and beginner traders alike. A wide asset choice and responsive customer support are complemented by an excellent education section and deep and insightful market analysis.

If you are a new trader and want a large, respectable broker with an intuitive platform and a large education section, you will do much worse than CMC Markets.

Pros
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
Cons
  • No swap-free account option
Read More About CMC Markets
4
IG Markets
Min. Deposit
GBP 250
4.534.53
ASIC Licence
220440
Min. Spread
0.6 pips
Platforms
11110.54.53/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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One of our highest rated brokers, IG Markets is a market-maker with only the single account for Forex trading, but spreads are tight and educational and analytical materials are excellent. A wide choice of platform (including MT4) is also available and customer service is world-class.

With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
Read More About IG Markets
5
FP Markets
Min. Deposit
GBP 100
4.074.07
ASIC Licence
286354
Min. Spread
0.0 pips
Platforms
11110.54.07/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
6
AvaTrade
Min. Deposit
GBP 100
4.184.18
ASIC Licence
406684
Min. Spread
0.9 pips
Platforms
11110.54.18/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.9 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. 79% of retail investor accounts lose money when trading CFDs with this provider of retail investor accounts lose money when trading CFDs with this provider.
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Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
7
easyMarkets
Min. Deposit
GBP 100
4.244.24
ASIC Licence
246566
Min. Spread
0.9 pips
Platforms
11110.54.24/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base.  With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
Read More About easyMarkets
8
MarketsX
Min. Deposit
GBP 250
4.394.39
ASIC Licence
424008
Min. Spread
0.6 pips
Platforms
11110.54.39/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in the UK can also use spread bets on applicable instruments.

The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
Read More About MarketsX
9
XM
Min. Deposit
GBP 5
4.384.38
ASIC Licence
443670
Min. Spread
0.6 pips
Platforms
11110.54.38/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
10
eToro
Min. Deposit
GBP 200
3.333.33
ASIC Licence
491139
Min. Spread
1.0 pips
Platforms
1110.503.33/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. It has since grown to become one of the largest Forex brokers in the world, and its success has made it clear that many traders view an active and helpful community as an essential part of their trading strategy.

eToro has won multiple awards for innovation, and as cryptocurrencies have become more popular, has introduced a wide variety of cryptocurrency CFDs to traders.

eToro’s trading model is quite different from most other brokers and may take some time to get accustomed to, but if you are looking for a fun and simple social trading experience, then eToro is the broker for you.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
11
Axitrader
Min. Deposit
GBP 5
4.434.43
ASIC Licence
318232
Min. Spread
0.1 pips
Platforms
11110.54.43/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While the trading platform choice is limited to MT4, Axitrader has received industry recognition for their setup including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).

Both accounts at AxiTrader require no minimum deposit, though a minimum of 200 USD is recommended. Spreads are tight, commission on the Pro Account is competitive, and educational and analytical support is good for beginners.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
Read More About Axitrader
12
Admiral Markets
Min. Deposit
GBP 100
4.184.18
ASIC Licence
410681
Min. Spread
0.1 pips
Platforms
11110.54.18/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Founded in 2001, Admiral Markets is home to the MetaTrader Supreme Edition and offers reliability, market leadership and modern trading. A global presence, peerless trading education, varied account types and competitive trading conditions have attracted both beginner and experienced traders to the brand.

Additionally, most Admiral Markets customers have free access to Trading Central – providing independent market insight and technical analysis – and the company has one of the best cryptocurrency offerings on the market.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
13
FXCM
Min. Deposit
GBP 50
4.134.13
ASIC Licence
286354
Min. Spread
Variable pips
Platforms
11110.54.13/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 1999, FXCM is an FCA-regulated market marker with tight spreads and support for the MT4 platform.

Though it has a strong focus on educating new traders, FXCM also offers innovative trading tools and a wide range of specialty platforms for experienced traders. Customer support is excellent and FXCM’s flagship platform, Trading Station, has won multiple awards for its intuitive layout and customisability. Traders will also benefit from FXCM’s enhanced execution model across all popular currency pairs and CFDs.

Pros
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
Cons
  • Limited demo account
Read More About FXCM
14
CityIndex
Min. Deposit
GBP 50
4.184.18
ASIC Licence
345646
Min. Spread
0.7 pips
Platforms
11110.54.18/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
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Founded in 1983, City Index is a traditional market maker now owned by the NYSE listed financial group, GAIN Capital. It has tight spreads and a varied platform choice, including MT4 and AT Pro; an advanced automated trading platform allowing for full customisation with powerful back-testing.

City Index’ education section is perfect at beginners who want to get up to speed quickly and customer service is open 24/5. Overall, a good market maker and competitive with traditional brokers of its size and type.

Pros
  • Well regulated
  • Wide range of assets
  • Excellent market analysis
Cons
  • Slow withdrawals
  • Limited demo account
  • Limited education
Read More About CityIndex
15
Go Markets
Min. Deposit
GBP 200
4.134.13
ASIC Licence
254963
Min. Spread
0.2 pips
Platforms
11110.54.13/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

GO Markets was founded in 2006 and was the first Australian broker to use the MT4 platform. Though only two account options are available, one with a dealing desk and wider spreads and the other an ECN with tight spreads and commission, both are competitive.

GO Markets impresses with its suite of trading tools including a free VPS service, Autochartist and Trading Central. A technological innovator, GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

Pros
  • Fast and free withdrawals
  • Wide range of assets
  • Excellent market analysis
  • Innovative trading tools
Cons
  • High minimum deposit
  • No swap-free account option
Read More About Go Markets
16
Plus500
Min. Deposit
GBP 100
3.693.69
ASIC Licence
417727
Min. Spread
Variable pips
Platforms
1110.503.69/ 5
AlertAll information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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With 50+ Forex CFD pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers.  Even though a lot of effort has been put into creating a user-friendly platform, CFDs are complex financial products, and thus the platform is not suitable for inexperienced traders.

Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple. 

Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
17
IronFX
Min. Deposit
GBP 100
4.194.19
ASIC Licence
417482
Min. Spread
0.0 pips
Platforms
11110.54.19/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

With a huge range of account types, a good micro account and over 80 tradeable currency pairs, IronFX has something for everyone. A globally recognised Forex broker with award-winning education and market analysis, IronFX has also recently introduced market execution accounts with ultra-low spreads.

For beginners who want to learn to trade on the MT4 platform, and experienced traders looking for strong international regulation, IronFX is an excellent choice in a broker.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About IronFX

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 recent reports show that ASIC is planning an even stricter regulatory environment in the coming months. We will talk about what that environment might look 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.
  • No Leverage Limit: There are currently no limits on maximum leverage offered by brokers, though this is likely to change in the next year. While leverage limits can protect traders, especially beginners, it can make scalping strategies more difficult.
  • 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.

How To Choose an ASIC Regulated Broker?

All ASIC brokers are 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 looking for an ASIC-regulated Forex broker, it is important to judge them on the following areas:

  • Broker Type: Most brokers are either ECN/STP or Market Makers, but some can be a combination of both. You will find that many brokers will provide an ECN/STP service on their higher-deposit account types while acting as a Market Maker for their Cent and Standard accounts. Many of the best ASIC regulated brokers are ECN/STPs.
  • Trading Conditions: This includes what kind of spreads are available, how much leverage is offered, and how many currency pairs are available. These factors will directly impact your profit or loss, so you don’t want any surprises.
  • Trading Platform: MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and/or 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.
  • Minimum Deposit: This changes by account type for many brokers, with higher minimum deposits often linked to better trading conditions. We will always highlight the minimum deposit available regardless of the account type.
  • Deposit and Withdrawal Methods: All brokers accept traditional payment types such as debit/credit cards and bank transfers, many accept online payments through Skrill and Neteller and some will also accept Bitcoin. Always check for deposit and withdrawal fees, a few brokers charge a percentage fee for some withdrawals methods, making large drawdowns very expensive. 

Changes in ASIC Regulation

The Australian Securities and Investments Commission (ASIC) released its annual report for the 2018/19 fiscal year on October 17th, 2019 against the backdrop of its highly critical review of the CFD sector in August.

The August review of the Australian OTC retail derivative market 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.

As a response to this damning set of data, and citing the 2018 tightening of regulation in Europe by ESMA, ASIC has laid out a new set of regulations for CFD brokers operating under its jurisdiction:

  • A complete ban on binary options
  • Varying leverage restrictions for all CFDs: 20:1 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 brokers must place visible and honest risk warnings showing the percentage of traders who lose money on their platform
  • 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

Though these restrictions have not yet been made into law, ASIC made it very clear that they expect the new set of rules to be on the books within the next few months – ASIC further reinforced this stance at the launch of the annual review, stating that:

“We continue to respond to a high incidence of misconduct in the retail OTC derivatives sector, involving large client losses.”

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.

Overall, we can expect significant changes in the Forex industry in Australia, and across the Asia-Pacific region, in the next few months. 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

Resources

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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.

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