Best Forex Brokers Ranked And Reviewed
Australia has been one of the fastest-growing markets for forex trading. According to an Investment Trends report, there were over 49,000 fx traders in Australia as of 2015 and 17,000 expect to place their first trades in 2016. There are many brokers serving this competitive market and switching activity is high. Here are some of the top ASIC regulated forex brokers for Australian traders.
Retail Forex Trading is regulated by the Australia Securities and Investment Commission (ASIC). ASIC was established in 2001 under the Australian Securities and Investments Commission Act. They are charged with maintaining fairness and transparency in Australian financial markets to inspire confidence in investors and consumers.
ASIC regulates a wide variety of businesses and entities within the Australian financial services sector. Their regulatory purviews include investments, superannuation, insurance, corporate and consumer banking, domestic equities, derivatives markets, insurance, pooled investments, etc… ASIC oversees Australian companies, organizations, financial professions, banks, credit unions, finance companies, mortgage and finance brokers, superannuation funds, managed funds, and more.
ASIC has registration and licensing powers as well as the ability to punish bad behavior from financial markets participants including investigations, notices, bans, civil proceedings, and prosecutions.
ASIC raised the regulatory capital requirements from A50,000 to A1,000,000 and 10% of revenue in 2014. This applies to CFD brokers who act as principal (market makers) directly entering into trades with their clients.
Australia is now one of the stricter regulatory regimes and means that ASIC licensed brokers must be well-capitalized and regulated.
| Broker | ASIC License No | Local Office | Local Number | Bonus | Min Deposit |
|---|---|---|---|---|---|
| AvaTrade | 406684 | Level 13, 2 Park Street, Sydney NSW 2000, Australia | +61 1 800206496 | $400 referral bonus | $/€/£/AUD 100 |
| Easy Markets | 246566 | Suite 703, 65 York Street, Sydney NSW 2000, Australia | +61 1 800 176 935 | 50% deposit bonus (Note: bonus offers do not apply to clients from EU countries.) | $100 |
| Plus 500 | 417727 | N/A | N/A | - | $/€ 100 AUD 200 |
| Etoro | 335692 | Level 2, 2 Bligh Street, Sydney NSW 2000, Australia | +61 1800 778 583 | $100 referral bonus | $50 |
