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These are the best Forex brokers regulated by the Australian Securities and Investments Commission (ASIC). As one of the world’s toughest regulatory authorities, ASIC ensures that Forex brokers provide a level playing field for traders via constant monitoring and strict licencing requirements. By choosing an ASIC regulated Forex broker, you will ensure your funds’ security. Hedging and scalping are allowed while leverage is limited to 30:1, bonuses and promotions are banned and all traders have negative balance protection. 

To test these brokers, we checked their ASIC regulation, signed up and completed the verification process, and validated hard factors like platform selection, trading desk type, and minimum deposit. Next, we researched the trading conditions, assets available, the overall cost of trading for a client, fee structures, and withdrawal fees, as this is what sets each broker apart. According to our testing and our research, these are the best ASIC-regulated brokers for 2022.

Best ASIC Regulated Forex Brokers in 2022

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Broker
Overall Rating
Official Site
ASIC
ASIC License
Min. Deposit
Max. Leverage
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
406684
ZAR 1500
400:1
Excellent
0.90 pips
USD 9
0.90 pips
872
55
Avatrade Social
AvaOptions
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
443670
USD 5
888:1
Excellent
1.60 pips
USD 16
0.10 pips
1479
57
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
335692
USD 200
500:1
Excellent
0.10 pips
USD 8
0.02 pips
1744
64
Zulu Trade
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
414530
USD 5
30:1
Excellent
0.69 pips
USD 6.90
0.09 pips
1129
60
IG Markets
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
220440
USD 250
200:1
Excellent
0.60 pips
USD 6
0.85 pips
19295
80
L2 Dealer
ProRealTime
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
513393
USD 20
200:1
Excellent
0.60 pips
USD 6
0.60 pips
4027
137
Capital.com
ACY Securities
4.08 /5
Read Review
Visit Broker >
Your capital is at risk
403863
USD 50
500:1
Standard
1.00 pips
USD 10
0.30 pips
1731
63
Global Prime
4.19 /5
Read Review
Visit Broker >
Your capital is at risk
385620
AUD 0
100:1
Excellent
0.10 pips
USD 8
0.16 pips
205
49
TraderEvolution
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
318232
USD 5
500:1
Excellent
1.20 pips
USD 12
0.00 pips
188
70
Plus500
4.09 /5
Read Review
Visit Broker >
Your capital is at risk
417727
ZAR 1500
30:1
Standard
0.80 pips
USD 8
0 pips
2638
70
Plus500

How to compare ASIC regulated brokers

ASIC is one of the most respected financial regulatory agencies in the world. While they have a traditional centre, they try to be modern in their approach, researching and making regulatory changes to maintain fairness in the CFD industry. All ASIC-regulated brokers can be considered safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other. When comparing ASIC regulated brokers consider:

Regulation: While your broker is ASIC regulated, your trading account may not be. It is increasingly common for ASIC regulated brokers to onboard Australian clients onto a different license where trading conditions, like leverage, can be increased without the ASIC oversight. While this is not fundamentally bad, a trader should know their trading account is regulated and that ASIC will not enforce their regulations in overseas territories.

Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience. MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.

Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs.

Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open.

Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payments, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit.


Avatrade – Best Mobile Trading Experience

Founded in 2006 in Dublin, Ireland, Avatrade is an ASIC regulated broker (AFSL 406684) with over 200,000 registered users and an average monthly trading volume of 60 billion USD. In line with the 2021 ASIC changes, Avatrade amended its product offering, which included reducing its leverage from 400:1 to 30:1 for retail traders. South Africans will be onboarded through their local regulator, the FSCA, which means that their funds will be segregated in local banks, but leverage will remain at 400:1. The ASIC oversight ensures that Avatrade will act reliably and transparently. It also provides a user-friendly trading environment on a range of trading platforms, including its innovative mobile app – AvaTradeGO. AvaSocial, Avatrade’s social trading platform is also available as a downloadable app.

AvaTradeGo: An award-winning application, AvatradeGO allows traders to connect to global trading markets, create their own watchlists, and view live prices and charts.  AvatradeGO also provides free access to analysis tools such as Autochartist, Duplitrade, a copy trading tool, and AvaProtect, its own state-of-the-art risk management system. Avatrade’s trading fees are average compared to other similar brokers, with a minimum deposit requirement of 1500 ZAR, spreads that start at 0.90 pips pips on the EUR/USD, and no commissions charged on Forex trades.  

Avasocial: Avasocial is Avatrade’s social and copy trading platform. Available on both Android and iOS, the mobile app allows traders to replicate the trades of other successful traders.  Traders can opt to trade manually or to use a fully automated service. Traders can also interact with other traders and ask questions on specific strategies, find out more about various markets, and seek out a mentor, making it a great tool for beginner traders. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

XM – Best Broker Education

Founded in 2009 in Cyprus, XM has over 5,000 0000 traders on its books from 192 countries. With a long history of regulatory oversight, XM gained its ASIC licence (AFSL number 443670) in 2014 and set up a regional office in Melbourne. South Africans will be trading under XM’s Belize-based entity, regulated by the IFSC. Although the IFSC’s rules are not as strict as other international regulators, the ASIC regulation provides traders with confidence that their funds will be safe and that they will be treated fairly. Under the strict regulatory regime, XM offers an Ultra-Low account with low trading fees and provides some of the best educational support in the industry.

Daily Live Education: XM excels in its educational offering, which includes educational videos, courses, platform tutorials, Forex seminars, and live Q&A sessions available every hour from Monday to Friday. Topics include the basics of Forex trading, technical analysis, trading strategies, fundamental analysis, and major currency fundamentals.  XM also offers comprehensive market analysis, providing traders with a daily market overview, frequently updated news, trading ideas, technical summaries, a podcast, and regular research updates. 

XM’s Ultra-Low Account: Available on the MT4 and MT5 trading platforms, XM’s Ultra-Low Account has competitive trading fees, with spreads that start at 0.8 pips on the EUR/USD, no commissions for Forex trading, and a minimum deposit of 50 USD.  XM also boasts a strict no requotes and no rejections policy, and 99.35% of all trading orders are executed in less than one second, which means that traders will usually receive the trading prices that are quoted.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

IC Markets – Best Broker for Beginners

IC Markets (ASFL: 335692) is a leading ASIC-regulated online retail Forex and CFD broker founded in 2007 and headquartered in Sydney. One of the largest Australian brokers, IC Markets’ daily trade volume averages at over 15 billion USD and is available in over 162 countries worldwide, including South Africa. IC Markets was one of the first brokers to amend its product offering in line with ASIC’s 2021 restrictions, and while South Africans will be trading under the Seychelles-based entity, the ASIC regulation provides additional confidence that IC Markets will behave responsibly and fairly.  IC Markets provides a welcoming environment for beginner traders with its well-structured educational section developed by a team of in-house experts and two beginner-friendly accounts.

Education: With a comprehensive library of course material, including video tutorials, articles, frequent webinars, and IC Markets’ Web TV, traders will receive extensive instruction in CFD trading. IC Markets also has a dedicated support department operating 24/7 to help beginner traders answer any technical or trading-related questions.

Beginner-friendly accounts: IC Markets offers three live accounts, all with a minimum deposit of 200 USD, making them accessible to beginner traders. IC Markets’ trading fees are some of the lowest in the industry – its commission-free Standard Account has fees included in its variable spreads, which average at 1 pip (EUR/USD), while the Raw accounts offer spreads that average at 0.02 pips on the EUR/USD in exchange for commissions of between 6 and 7 USD (round turn), depending on the platform.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, the SCB, and the FSA .

Pepperstone Lowest Cost ECN Broker

An ASIC regulated broker (ASFL: 414530), Pepperstone was founded in 2010 in Melbourne and has grown to be one of the largest ECN brokers in the world, with over 300,000 clients and 12+ billion-dollar daily trading volume. While the new rules introduced by ASIC in 2021 will harm many of the low-quality brokers in Australia, Pepperstone is well-placed to benefit its South African traders with its low fees, ultra-fast execution, and three popular trading platforms.

Lowest Trading Fees: Pepperstone offers two accounts with some of the lowest trading fees in the industry – a Razor Account with spreads that average at 0.09 pips (EUR/USD) in exchange for a commission of 7 USD, and a commission-free Standard Account with spreads that average at 0.69 pips on the EUR/USD. Trades are executed in under 0.3 seconds, which means that orders are filled as close to the quoted price as possible. Additionally, there are no minimum deposit requirements, making both accounts accessible to beginners.

Trading Platforms: Pepperstone’s trading platforms include MetaTrader 4 (MT4), Metatrader 5 (MT5), and cTrader, a broader range of platforms than is typically found at other brokers. MT4 is the most popular trading platform while MetaTrader 5 (MT5) has more tools, such as an embedded economic calendar and chat system. cTrader is a more modern trading platform and is easier for beginners to learn but still has all the sophisticated automation tools found in MT4 and MT5. While trading conditions vary slightly depending on the trader’s preferred platform, trading costs are still lower than those of other similar brokers.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

IC Markets – Widest Number of Tradable Instruments

Founded in London in 1974, IG Markets’ has a regional HQ in Melbourne and has been regulated by ASIC since 2002 (220440). The largest broker in the world by revenue and regulated by 17 authorities worldwide, IG Markets is also one of the few brokers that supported ASIC’s introduction of tighter regulations in early 2021. Although South Africans will be onboarded through IG’s South African subsidiary, the ASIC oversight guarantees a reliable and transparent trading environment.  In addition to being one of the best regulated ASIC brokers, IG Markets has the widest range of financial instruments and some of the lowest trading fees in the industry on three trading platforms.

Widest range of financial instruments: IG Markets offers over 17,000 financial instruments, many more than most other brokers. Tradeable CFDs include 13,000 share CFDs, 6000 ETFs, and 80 Forex pairs. IG Markets also offers weekend trading on major Forex pairs and 24 hour trading on Australia’s leading stock index, the ASX 200. Both of these are unique services that are not available at other brokers.  IG Market’s single account has low fees compared to other brokers, with no minimum deposit requirements, spreads starting at 0.85 pips pips on the EUR/USD, and no commission charged on Forex trading.

Trading Platforms: IG Markets’ trading platforms include MetaTrader 4 (MT4) its own web-based platform, and L2 Dealer, a specialist share trading platform that offers direct market access (DMA) to clients who maintain an account balance of 2000 AUD. MT4 and the IG trading platforms are more user-friendly and suited to beginner traders, while the L2 Dealer offers advanced analytical tools and charting packages for more experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts South African Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

Capital.com – Best Research and Market Analysis

Founded in Cyprus in 2016, Capital.com obtained its ASIC licence (AFSL: 513393) in 2021 and has opened an office in Melbourne. Jonathan Squires, Group CEO, stated that the ASIC licence affirmed its commitment to meet the strictest compliance standards to protect its Australian clients. Although South Africans will be onboarded under Belarus-based entity, regulated by the NBRB, the ASIC regulation ensures that South African traders will be well-protected. In addition, Capital.com offers a low-cost trading account and excellent market analysis materials curated by a team of knowledgeable professional traders.

Actionable Market Analysis: Capital.com’s Financial News and Features section provides exceptional value for beginner and experienced traders alike. The detailed and useful analysis of the markets is updated throughout the day and will give beginners a good understanding of what moves the financial markets and provides ideas for trading opportunities. Video analysis is also available on the Capital.com TV platform.

Low Fees: Capital.com has a single trading account with no commission and very low costs compared to most other brokers, with spreads starting at 0.60 pips on the EUR/USD. Additionally, Capital.com only charges swap fees on the leverage, not on the trading position’s entire value. Capital.com also does not charge fees or inactive accounts, and deposits and withdrawals are free, which is rare among CFD brokers.

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
Cons
  • Limited account options
AlertAccepts SA Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA, ASIC, NBRB & CySEC. 75.26% of traders lose money with this provider.

ACY Securities – Best Bespoke Trading Account

An ASIC-regulated broker (AFSL: 403863), ACY Securities is headquartered in Sydney, in the heart of Australia’s financial district. As part of ACY Securities’ requirements under ASIC Regulatory Guide, it has partnered with Aon to provide Professional Indemnity Insurance to all Australian clients- up to 2,5 million USD. ACY Securities’ South African clients will be trading under the subsidiary authorised by the VFSC. Although the VFSC is not considered a Forex broker regulator, the ASIC regulation provides a level of confidence that ACY Securities will act in the best interests of its South African traders. ACY Securities offers three live accounts on the MT4 and MT5 trading platforms, including a Bespoke Trading Account with customisable trading conditions.

Bespoke Account: ACY Securities’ Bespoke Account can be opened with a minimum deposit of 10,000 USD and clients benefit from extremely low trading fees, including spreads as tight as 0.0 pips (EUR/USD) with low commissions of 5 USD.   

Platforms: The Bespoke Account is available on both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, some of the most popular trading platforms in the industry. Developed by Metaquotes in 2002, MT4 is still the most widely used platform with excellent charting functionality, automated trading, and fast execution speeds. MT5, the newer version of MT4 is being adopted by more brokers all the time and offers the same features as MT4, but also allows share trading and has more tools, such as an embedded chat function and an integrated Economic Calendar.

Pros
  • Great platform choice
  • Low minimum deposit
  • Great customer support
  • Wide range of assets
Cons
  • Limited educational material
  • Limited market analysis
AlertAccepts South African Clients. Average spread on the EUR/USD is 1.00 pips on trading account with the lowest minimum deposit of 50 USD. Max leverage 500:1.MT4/MT5 platforms supported. ACY Securities is regulated by ASIC & VFSC.

Global Prime – Lowest Cost Commission-free Account

Founded in 2010 and headquartered in Australia, Global Prime is an ASIC-regulated broker (AFSL: 385620) that provides services to traders in over 196 countries, including South Africa. Although South African traders will be trading under Global Prime’s Seychelles-based entity, ASIC regulation ensures that the broker provides a fair and transparent trading environment.  Global Prime provides exceptionally low trading fees on its commission-free account in addition to low non-trading fees, including free deposits and withdrawals.

Low-Cost Commission-free Account: Global Prime offers two low-cost accounts – an ECN account with tight spreads, starting at 0.10 pips pips on the EUR/USD in exchange for a round turn commission of 7 USD, and a commission-free account with spreads that start at 0.4 pips on the EUR/USD, making it one of the lowest cost commission-free accounts in the industry (most other good brokers offer spreads of 0.8 – 0.9 pips on their commission-free accounts).

Lowest Non-Trading Fees: At Global Prime, no fees are charged for deposits or withdrawals, and Global Prime does not charge inactivity fees on dormant accounts.  Dormant accounts will, however, be closed after three months of account dormancy. Overall, this is a welcome development in an industry in which fees are charged on almost every transaction. 

Pros
  • Tight spreads
  • Excellent education
Cons
  • No swap-free account option
AlertAccepts South African Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 100:1. Global Prime offers support for the MT4 and TraderEvolution platforms. Global Prime is regulated by ASIC, the VFSC, and the FSA (Seychelles).

Axi – Best MT4 Customisation

Founded in 2007, Axi (formerly Axitrader)  is an Australian-owned online forex broker, regulated by the Australian Securities and Investments Commission (ASIC AFSL number: 318232). Axi adheres to ASIC’s seven disclosure benchmarks to ensure that traders understand the risks of CFD trading. Although South African traders will be trading under Axi’s Seychelles-based entity, ASIC regulation ensures that the broker provides a reliable and fair trading environment. While Axi only provides support for the MT4 trading platform, the MT4 NexGen plugin transforms MT4 into a superior trading platform. It also offers lower than average trading costs on two live accounts.

Trading Platforms: Although trading platform support is limited to MT4, Axi offers a range of tools and plugins that can be added to the trading platform to make it more powerful. Traders who maintain an account balance of more than 1000 USD can access the MT4 NexGen plugin, which includes a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Traders also have free access to Autochartist and PsyQuation, an advanced data analytics plugin that analyses your trading style, identifies mistakes, and helps you avoid making similar mistakes again. 

Trading Fees: Axi’s trading fees are highly competitive. It offers two live accounts with no minimum deposit requirements (although Axi recommends depositing an initial sum of 200 USD) – the commission-free Standard Account with spreads that average at 1 pip on the EUR/USD and the Pro Account with spreads that average at 0.1 pips (EUR/USD) in exchange for a round turn commission of 7 USD.  

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts South African Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.

Plus500 – Unlimited Demo Account

An ASIC regulated broker (AFSL: 417727), Plus500AU Pty Ltd is an Australian-based company with its main offices located in Sydney. The new rules imposed by ASIC in 2021 were welcomed by Plus500 and it adapted its business model accordingly to ensure its compliance and to better protect South African traders. Plus500 stands out for its easy-to-use mobile platform, low trading fees, and a wide range of tradable instruments. It also provides an excellent demo account that does not expire and which gives traders a good feel for real-time market conditions.

Demo Account: Plus500’s unlimited demo account is available for the mobile app and web browser versions of the platform and offers all the same functionality and conditions as a real account.  Mobile trading apps are often poor shadows of desktop trading platforms, however, the Plus500 app has the same functionality as the web platform, and the demo account mirrors this functionality. Additionally, customer support is available 24/7 to help with any demo account queries or technical questions.  

Trading Fees: Plus500 offers low trading fees compared to other market makers, with spreads that start at 0.80 pips pips on the EUR/USD and fast execution on a single live account.  No commissions are charged, and traders can access leverage of up to 30:1. Additionally, Plus500’s account has a minimum deposit requirement of 1500 ZAR, making it accessible to most traders.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
AlertAccepts South African Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 30:1. Islamic account available. Only Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS.All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.

Why Trade with an ASIC Regulated Forex Broker?

There are few genuinely strong regulators in the world; the UK’s Financial Conduct Authority is one, the Cyprus Securities and Exchange Commission is another, and most would agree that ASIC is also a member of this group. ASIC has already built a reputation for guaranteeing trader security and dealing harshly with bad brokers, but in March 2021 ASIC deployed an even stricter regulatory environment. We will talk about what that environment looks like in more detail below, but first, let’s look at the current benefits of trading with an ASIC-regulated broker.

  • Segregated Accounts: Like most good regulators, ASIC ensures that all brokers keep client funds segregated from broker operational funds and in Tier 1 Australian banks.
  • Negative Balance Protection: ASIC requires all brokers to provide protection against negative balance by limiting a retail client’s CFD losses to the funds in their CFD trading account.
  • Dispute Resolution and Customer Satisfaction: The Australian Financial Complaints Authority (AFCA) handles all disputes between traders and brokers and are known for efficiency and fairness. Importantly, brokers are responsible for the cost of the resolution and not the trader – this provides an incentive for brokers to respond quickly and fairly to all customer complaints. Unsurprisingly, ASIC Forex brokers are consistently rated very highly for customer satisfaction.
  • No Conflict of Interest: ASIC has banned all Forex brokers from being a counterparty to their client’s trades, furthermore all brokers are required to offer a fast and efficient platform with no broker interference. It is perhaps as a result of these restrictions that Australia hosts many of the world’s best ECN brokers.

List of ASIC-Regulated Brokers

This is our list of all ASIC-regulated brokers that we have reviewed, ordered by their overall score. The broker that scores highest overall is at the top of the list.

Scroll for more detailsPreviousNext
Broker
Overall Rating
ASIC Regulated
ASIC License
Regulators
Min. Deposit
Max. Leverage (Forex)
Beginner Friendly
Cost of Trading
Trading Platforms
Total # CFDs
No. of FX Pairs
Compare
IG Markets
4.69 /5
Read Review
220440
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
USD 250
200:1
Excellent
USD 6
MT4
L2 Dealer
ProRealTime
19295
80
Capital.com
4.68 /5
Read Review
513393
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
USD 20
200:1
Excellent
USD 6
Capital.com
MT4
4027
137
Pepperstone
4.61 /5
Read Review
414530
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
USD 5
30:1
Excellent
USD 6.90
MT4
MT5
cTrader
1129
60
Markets.com
4.49 /5
Read Review
424008
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
ZAR 2500
300:1
Excellent
USD 7
MT4
MT5
2208
67
AvaTrade
4.48 /5
Read Review
406684
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
Central Bank of Ireland
CySEC Regulated Brokers
ZAR 1500
400:1
Excellent
USD 9
MT4
MT5
Avatrade Social
AvaOptions
872
55
IC Markets
4.46 /5
Read Review
335692
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 200
500:1
Excellent
USD 8
MT4
MT5
cTrader
Zulu Trade
1744
64
Axi
4.34 /5
Read Review
318232
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
USD 5
500:1
Excellent
USD 12
MT4
188
70
Blackstone Futures
4.30 /5
Read Review
422661
FSCA Regulated Forex Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Securities Commission of the Bahamas
ZAR 1000
400:1
Excellent
USD 6
MT4
Cloud Trade
708
32
FP Markets
4.28 /5
Read Review
286354
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
USD 100
500:1
Excellent
USD 7
MT4
MT5
IRESS
10099
60
Oanda
4.25 /5
Read Review
412981
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
British Virgin Islands Financial Services Commission
USD 0
200:1
Excellent
USD 10
MT4
MT5
75
45
XM
4.25 /5
Read Review
443670
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
International Financial Services Commission
USD 5
888:1
Excellent
USD 16
MT4
MT5
1479
57
Admirals
4.24 /5
Read Review
410681
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
USD 25
500:1
Excellent
USD 5
MT4
MT5
MT Supreme
3820
50
FXCM
4.24 /5
Read Review
286354
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bermuda Monetary Authority
USD 50
400:1
Standard
USD 13
MT4
NinjaTrader
TradeStation
306
45
FBS
4.23 /5
Read Review
426359
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
USD 1
3000:1
Excellent
USD 7
MT4
MT5
254
37
Global Prime
4.19 /5
Read Review
385620
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Vanuatu
AUD 0
100:1
Excellent
USD 8
MT4
TraderEvolution
205
49
Fortrade
4.18 /5
Read Review
493520
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
USD 100
100:1
Excellent
USD 20
MT4
402
50
ThinkMarkets
4.18 /5
Read Review
424700
FSCA Regulated Forex Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Bermuda Monetary Authority
USD 5
500:1
Excellent
USD 12
MT4
MT5
ThinkTrader
1718
46
Eightcap
4.13 /5
Read Review
391441
ASIC Regulated Forex Brokers
Vanuatu
Securities Commission of the Bahamas
USD 100
500:1
Excellent
USD 7
MT4
MT5
972
45
Go Markets
4.10 /5
Read Review
254963
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Financial Services Commission
AUD 200
30:1
Standard
USD 10
MT4
MT5
570
49
Plus500
4.09 /5
Read Review
417727
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
ZAR 1500
30:1
Standard
USD 8
Plus500
2638
70
ACY Securities
4.08 /5
Read Review
403863
ASIC Regulated Forex Brokers
Vanuatu
USD 50
500:1
Standard
USD 10
MT4
MT5
1731
63
easyMarkets
3.98 /5
Read Review
246566
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 25
400:1
Standard
USD 20
MT4
216
103
MultiBank
3.93 /5
Read Review
416279
Financial Services Commission
ASIC Regulated Forex Brokers
USD 50
500:1
Standard
USD 14
MT4
MT5
20093
41
IronFX
3.74 /5
Read Review
417482
CySEC Regulated Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
USD 50
500:1
Standard
USD 11
MT4
285
83
Trade360
3.70 /5
Read Review
439907
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Finansinspektionen
Bundesanstalt für Finanzdienstleistungsaufsicht
USD 250
400:1
Standard
USD 40
MT5
Sirix
602
48
Vantage FX
3.63 /5
Read Review
428901
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Cayman Islands Monetary Authority
Vanuatu
USD 200
500:1
Standard
USD 10
MT4
MT5
ProTrader
318
46

Changes in ASIC Regulation

Big changes in ASIC regulation have been coming for some time. In ASIC’s 2019 review of the Australian OTC retail derivative market, it found a considerable increase in the number of traders since 2017 and an equally large increase in turnover at ASIC regulated brokers.

ASIC-Data

ASIC also published the data on complaints filed against CFD brokers over the same period, and the results were shocking.

From 2017-19 complaints received by ASIC had increased by 600%, a situation that ASIC has concluded is not sustainable in a sector where the majority of customers are known to lose money.

ASIC-Complaints-1

In early 2020, ASIC conducted a further study, just as the Covid-19 pandemic began to spread across the world. Over a volatile five-week period in March and April 2020, the retail clients of a sample of 13 CFD issuers made a net loss of more than $774 million. Also during this period:

  • over 1.1 million CFD positions were terminated under margin close-out arrangements (compared with 9.3 million over the full year of 2018)
  • more than 15,000 retail client CFD trading accounts fell into negative balance, owing to a total of $10.9 million (compared with 41,000 accounts owing $33 million over the full year of 2018).

As a response to these damning sets of data, and citing the 2018 tightening of regulation in Europe by ESMA, ASIC issued a product intervention order for all ASIC-regulated CFD brokers. This product intervention order went into force on 29th March 2021 and includes:

  • A complete ban on binary options
  • Varying leverage restrictions for all CFDs: 30:1 for forex and gold, 15:1 for stock indices, 10:1 for commodities (excluding gold), 2:1 for cryptocurrencies and 5:1 for equities and all other instruments.
  • A forced stop-out at 50% of the total initial margin of all open trades
  • Mandatory negative balance protection
  • A complete ban on all bonus schemes, promotions and other incentives to traders.
  • All broker trading platforms must always display total position size and overnight funding costs related to open positions in real-time.
  • ASIC also stated that they expect all brokers to publish their pricing methods

As these new restrictions went into force ASIC Commissioner Cathie Armour said:

‘We will closely monitor compliance with the product intervention order and won’t hesitate to take appropriate action to enforce the order. We are also paying careful attention to changes in CFD providers’ reported holdings of retail client money and any misclassification of retail clients as wholesale clients, which would risk denying them important rights and protections. Protecting retail investors from harm, particularly at a time of heightened vulnerability, is a priority for ASIC,’

ASIC has also warned Australian brokers away from working with offshore investors illegally, especially as regulators in China, Japan and Europe and North America have placed restrictions or bans on CFDs for retail investors. ASIC has also started working more closely with CFD brokers to ensure compliance with foreign laws and is actively engaged with multiple international regulatory bodies in this matter.

If you want to know more about how these changes might affect your trading, we recommend getting in touch with ASIC or your broker to discuss the options available to you.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the results of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and sifting through the fine print. Learn more about how we rank brokers.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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