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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.
Best Forex Brokers Australia
To find the best forex broker in Australia, we created a list of all FCA authorised brokers, then ranked brokers by their 2019 Overall Ranking. The result is our top UK forex brokers list.
- IG - Best Overall
- Saxo Bank - Excellent all-around offering
- CMC Markets - Best for active trading
- FOREX.com - Great all-around offering
- City Index - Well-rounded offering
- FXCM - Well-rounded offering
Australian Forex Brokers Comparison
Compare Australian authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Trust Score.
|ASIC Authorised (Australia)||Average Spread EUR/USD - Standard||Minimum Initial Deposit||Trust Score||Overall|
|AxiTrader||Yes||1.24||$0.00 - $1000||75|
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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"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.