The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.
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
- IG - Best Overall Broker 2020
- Plus500 - Best for beginners overall
- CMC Markets - Best web platform, most currency pairs
- Saxo Bank - Best VIP client experience
- City Index - Excellent all around offering
- FXCM - Well-rounded offering
- eToro - Best copy trading platform
- Pepperstone - Numerous copy trading platforms
- easyMarkets - 3.5 Stars
Australian Forex Brokers Comparison
|Forex Broker||Accepts AU Residents||Regulated by ASIC||Average Spread EUR/USD - Standard||Minimum Initial Deposit||Trust Score||Overall||Visit Site|
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 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 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.