| Summary Table | |
|---|---|
| ⚖️Regulator | Australian Securities and Investments Commission (ASIC) |
| 💰Negative Balance Protection | Yes |
| 💰Compensation Scheme | No |
| 🎮Is it Safe to Trade? | Yes |
| 💱Leverage Allowed | 1:30 |
Forex Trading is seeing a significant increase in popularity across the land down under over the past few years. Australia is seen as one of the largest financial Forex Trading hubs in the world which controls and oversees activities along with operations through the independent authorizing body Australian Securities and Investments Commission (ASIC).
ASIC Regulated Forex Brokers, are FX brokers that are fully regulated by the Australian Securities and Investments Commission and have a physical presence in Australia.
If you want to learn more about forex trading and how it works, click here to visit our Beginners Guide to Forex.
Forex Regulation in Australia
Forex brokers must be authorized and licensed by the Australian Securities & Investment Commission (ASIC) to operate in Australia. ASIC regulated brokers are safe to trade as ASIC is a good regulator with strict measures to protect investors and traders. It has imposed millions of dollars of fines to brokers for not complying with its operational guidelines.
ASIC allows Australian brokers to offer a maximum leverage of 30:1, and all brokers must provide negative balance protection. But the downside is that ASIC does not have any compensation scheme to protect traders in case something goes wrong with your investment.
Who is ASIC?
ASIC is Australia’s form of an independent regulatory agency, a self-governing organization established to oversee activities of companies dealing in financial services. All financial companies situated in Australia are required to be registered with the ASIC, and are expected to strictly adhere to all regulatory guidelines as mentioned by the ASIC from time to time. You can read more about ASIC here – https://asic.gov.au/
The Australian Securities and Investments Commission (ASIC) is one of the oldest regulatory bodies for financial services, that supervises the securities and investment market in Australia. It is a standalone government organization that was first introduced back in 1998.
ASIC nowadays oversees the operations of some of the top forex brokers in Australia, as the country’s financial sector has been growing for the past decade. ASIC is also responsible to oversee the operations of the Australian Stock Exchange. It acts as an independent regulatory organization for both the brokers and the investors.
ASIC-regulated brokers have a very special place amongst traders due to the higher number of genuine and honest brokers that operate out of Australia due to the new and improved ASIC regulations.
Best Forex Brokers in Australia
Through our thorough review process we chose the following brokers that stand out for their services in Australia:
- OctaFX – Best for Education, Copy Trading, and Local Support
- Pepperstone – Best Overall and Most Trusted Forex Broker
- BlackBull Markets – Best Web Trading Platform and Instrument Collection
- Vantage – Great for Professional and New Traders
- Avatrade – Best for Beginner Traders, Great Mobile App
OctaFX
Pepperstone
BlackBull Markets
Vantage
Avatrade
Learn2Trade
CryptoSignals
1000pipbuilder
DDMarkets
Etoro
1.
OctaFX
- Best for Education, Copy Trading, and Local Support
Regulated By:
SVGFSA(octafx.com), CySec(octafx.eu)
Leverage:
1:500
Min. Deposit:
$25
Trading Instruments:
250+
2.
Pepperstone
- Best Overall and Most Trusted Forex Broker
Regulated By:
FCA , ASIC, CYSEC, BAFIN, CMA, DFSA, SCB
Leverage:
1:30
Min. Deposit:
$200
Trading Instruments:
1000+
3.
BlackBull Markets
- Best Web Trading Platform and Instrument Collection
4.
Vantage
- Great for Professional and New Traders
Regulated By:
ASIC, CIMA, VFSC
Leverage:
1:500
Min. Deposit:
$200
Trading Instruments:
1000+
5.
Avatrade
- Best for Beginner Traders, Great Mobile App
Regulated By:
ASIC, JFSA, FSCA
Leverage:
1:400
Min. Deposit:
$250
Trading Instruments:
250+
Australia Forex Brokers Comparison
| Broker Name | Accepts Australia Residents |
Regulated by ASIC |
Minimum Deposit |
Visit Broker |
|---|---|---|---|---|
| OctaFX | Yes | No | $25 | Visit Site |
| Pepperstone | Yes | Yes | $200 | Visit Site |
| BlackBull Markets | Yes | Yes | $200 | Visit Site |
| Vantage | Yes | Yes | $200 | Visit Site |
| Avatrade | Yes | Yes | $100 | Visit Site |
| XM | Yes | No | $5 | Visit Site |
| IC Markets | Yes | Yes | $200 | Visit Site |
| XTB | Yes | No | $5 | Visit Site |
| ActivTrades | Yes | No | $200 | Visit Site |
| FP Markets | Yes | Yes | $200 | Visit Site |
Methodology
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.
Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.
2023 Review Methodology
For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
Chad Smith
Director of Research & Analysis
Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.
Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.
Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.