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Trading forex (currencies) in Australia is popular among residents and international traders seeking an Australian-based broker. Before any fx broker in Australia can accept forex and CFDs traders, they must become authorised by the Australian Securities & Investment Commission (ASIC), which is the financial markets regulator in Australia. ASIC's website is asic.gov.au. We recommend users also follow ASIC on Twitter, @ASIC_Connect.
After the Australian Securities Commission (founded in 1991) was dissolved, ASIC was established in 1998 as a national regulatory authority which reports to the treasurer and administers legislation for the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009. For a historical breakdown, here's a link to ASIC's webpage on Wikipedia.CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers Australia
To find the best forex brokers in Australia, we created a list of all ASIC authorised brokers, then ranked brokers by their Overall ranking. Here is our list of the top Australian forex brokers.
- IG - Best overall broker 2021, most trusted
- Saxo Bank - Best for research, trusted global brand
- CMC Markets - Best web platform, most currency pairs
- City Index - Excellent all-round offering
- eToro - Best copy trading platform
- FXCM - Excellent platforms, great mobile app
- AvaTrade - Multiple trading platform options
Australian Forex Brokers Comparison
|Forex Broker||Accepts AU Residents||Regulated by ASIC||Average Spread EUR/USD - Standard||Minimum Initial Deposit||Overall||Visit Site|
|FXCM||Yes||Yes||1.400||Starts from $50-£300 (depending on location)||N/A|
|FP Markets||Yes||Yes||1.140||$100 AUD||N/A|
How to Verify ASIC Authorisation
To identify if a forex broker is regulated by ASIC, the first step is to identify the register number from the disclosure text at the bottom of the broker's Australia homepage. For example, here's the key disclosure text from Pepperstone's website,
Pepperstone Group Limited is registered in Australia at Level 5, 530 Collins Street, Melbourne, VIC 3000, and is licensed and regulated by the Australian Securities and Investments Commission. Pepperstone Group Limited | ACN 147 055 703 | AFSL No.414530."
Next, look up the firm number on the ASIC website to validate their current regulatory status. Here is the official ASIC page for Pepperstone.
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For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 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 .1% each year, providing site visitors 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.