AuthorBy Jeffrey Cammack
Updated: March 22, 2021

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, but many of the restrictions that exist in the EU or the USA do not apply. Hedging and scalping are allowed while leverage is limited to 30:1, and bonuses and promotions are banned. 

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 2021.

English

Best ASIC Regulated Forex Brokers in 2021

Last updated on 22 Mar 2021
Updated 22 Mar 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
AvaTrade
Min. Deposit
USD 100
4.184.18
ASIC Licence
406684
Min. Spread
0.90 pips
Platforms
Overall Rating
11110.54.18/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
Show Details

AvaTrade is an internationally and FSCA regulated CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds and EFTs. AvaTrade has one of the best mobile trading applications in the industry and, unlike many global brokers, offers a local South African customer support team. 

AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade and AvaProtect, its own innovative risk management system.

While AvaTrade is a dependable broker for beginners, professional traders looking for advanced educational material and industry-leading market research will be underwhelmed.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
2
eToro
Min. Deposit
USD 200
3.693.69
ASIC Licence
491139
Min. Spread
1 pips
Platforms
Overall Rating
1110.503.69/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.0 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. eToro proprietary trading platform support. eToro is regulated by CySEC, FCA, and ASIC. 67% of retail investor accounts lose money when trading CFDs with this provider.
Show Details

eToro is a world-famous multi-regulated CFD broker offering clients a unique experience trading Forex, stocks, commodities, cryptocurrencies, ETFs and indices. While eToro’s main attraction is a bespoke crowd trading platform built to encourage clients to follow expert traders or select market strategies, their trader community is continually let down by inadequate disinterested customer support and tortuously long response times.

Upon sign up, eToro’s clients become part of a massive community of traders all following expert traders or professional traders contributing to their social trading platform. Although traders can make trades independent of the community, the popular CopyTrader tool allows clients to copy individual trader’s strategies automatically. Similarly, the CopyPortfolios tool allows traders to invest in a single market strategy that includes multiple assets assembled into a single investment vehicle.

For the most part, the trading conditions at eToro align with other market makers with a unique platform offering, but in contrast, eToro has numerous non-trading fees on both deposits and withdrawals. All in all, a trader who is looking for a traditional trading environment eToro won’t find a fit. Still, for those looking for a strong copy trading platform, eToro wrote the book on copy trading and still stands out as the leader.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
3
IG Markets
Min. Deposit
USD 250
4.694.69
ASIC Licence
220440
Min. Spread
0.60 pips
Platforms
Overall Rating
11110.54.69/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
Show Details

IG Markets is an extremely well-regulated CFD broker with world-class trading conditions and a massive variety of trading assets: Traders have access to Forex, indices, shares, commodities, cryptocurrencies, ETFs, digital 100s, interest rates and bonds. While IG Markets is well suited to professionals with its advanced custom trading platform and powerful charting tools, it also offers industry-leading educational support to beginners through the IG Academy.

IG Markets supports MT4 and its own superior L2Dealer platform, which offers direct market access, improved liquidity, faster trade execution and advanced order management. Experienced traders can activate L2Dealer’s ProRealTime extension for advanced charting, trading automation, and detailed technical analysis to enhance the trading experience.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
Read More About IG Markets
4
IC Markets
Min. Deposit
USD 200
4.464.46
ASIC Licence
335692
Min. Spread
0.10 pips
Platforms
Overall Rating
11110.54.46/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
Show Details

IC Markets is an Australian broker offering CFD trading on Forex, commodities, indices, bonds, cryptocurrencies, stocks, and futures. Compared to other ECN brokers, IC Markets has low trading costs, fast execution, and wide trading platform support – with MT4, MT5 and cTrader all available.

IC Markets caters to advanced traders with periodic strategy webinars, advanced analysis tools and a free VPS service for active traders. But – despite its focus on providing great trading conditions – IC Markets fails to deliver a structured course for beginners and Forex education in general is weaker than IC Market’s competitors.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
5
Admiral Markets
Min. Deposit
USD 100
4.244.24
ASIC Licence
410681
Min. Spread
0.10 pips
Platforms
Overall Rating
11110.54.24/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
Show Details

Founded in 2001, Admiral Markets is renowned for its excellent education, industry leadership and wide range of tradeable instruments. Its industry leadership extends to platform support, where it has teamed up with MetaTrader to create Supreme Editions for MT4 and MT5, adding a range of practical tools to enhance the base platforms. 

All Admiral Markets accounts feature market execution, low minimum deposits and competitive spreads – and the company has one of the best cryptocurrency offerings on the market, with 30+ crypto pairs and cross pairs to trade; in addition, Admiral Markets have not just one, but two complete Forex courses for beginners.

A global presence, a progressive approach to knowledge sharing and competitive trading conditions have attracted both beginner and experienced traders to the Admiral Markets brand.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
6
XM
Min. Deposit
USD 5
4.384.38
ASIC Licence
443670
Min. Spread
0.60 pips
Platforms
Overall Rating
11110.54.38/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
Show Details

XM is a reliable multi-regulated CFD broker offering trading in Forex, stocks, commodities, indices, metals, and energies. XM leads the Forex industry in terms of education and market analysis, but with customer service closed on the weekend, beginner traders with technical issues could face difficultly.

With support for MT4 and MT5, trading costs below the industry average on both introductory and professional accounts, and a low minimum deposit of 5 USD (70 ZAR), XM Group stands out from a crowded field of market maker brokers.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
7
Axitrader
Min. Deposit
USD 5
4.344.34
ASIC Licence
318232
Min. Spread
0 pips
Platforms
Overall Rating
11110.54.34/ 5
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.
Show Details

Axi (formerly Axitrader) is an Australian CFD broker regulated by ASIC, the FCA and the DFSA, and an FSCA application pending approval. Axi offers clients trading on Forex, metals, cryptocurrency, commodities, and indices. Axi accounts seem to offer clients industry competitive trading costs – the Standard Account (from 0.4 pip EURUSD) and the Pro Account (0.0 pips EURUSD + 7 USD commission) – but unnecessarily dodges transparent practices by not publishing their average spreads.

Although Axi limits its platform choice to MT4, it offers traders free use of various powerful platform-integrated technical analysis tools, including Autochartist, MyFxBook, PsyQuation, to help professional or serious newcomer traders make better trading choices. Beginners to Axi have structured learning material and frequent market analysis, making them a front-runner in the education space only empowered by their powerful trading tools.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
Read More About Axitrader
8
Eightcap
Min. Deposit
USD 100
4.074.07
ASIC Licence
391441
Min. Spread
0 pips
Platforms
Overall Rating
11110.54.07/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
Show Details

Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.

Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
Read More About Eightcap
9
CityIndex
Min. Deposit
USD 50
4.184.18
ASIC Licence
345646
Min. Spread
0.70 pips
Platforms
Overall Rating
11110.54.18/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.69 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CityIndex proprietary platforms supported. CityIndex is regulated by FCA, ASIC, and MAS.
Show Details

City Index is one of several brokers that pre-dates the internet and the subsequent online boom. A traditional market maker, now owned by NYSE-listed GAIN Capital, it represents very good value for beginner brokers, with tight spreads on cheap accounts and a varied platform choice including MT4 and AT Pro – an advanced automated trading platform with deep customisation and back-testing.

In addition, City Index’ education section is perfect for beginners who want to get up to speed quickly and customer service is open 24/5. Overall, a good market maker broker and competitive with traditional brokers of its size and type.

Pros
  • Well regulated
  • Wide range of assets
  • Excellent market analysis
Cons
  • Slow withdrawals
  • Limited demo account
  • Limited education
Read More About CityIndex
10
Go Markets
Min. Deposit
USD 200
4.134.13
ASIC Licence
254963
Min. Spread
0.20 pips
Platforms
Overall Rating
11110.54.13/ 5
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. Go Markets is regulated by ASIC.
Show Details

GO Markets was founded in 2006 and was the first Australian MetaTrader broker. Though it only offers two account options, one with a dealing desk and wider spreads and the other an ECN with tight spreads and commission, both are competitive. Though much of the education section is paywalled for customers only, the content is excellent GO Markets offer full support for MT4 and MT5.

GO Markets really shines with its suite of trading tools including a free VPS service, Autochartist and Trading Central. A technological innovator, GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

Pros
  • Fast and free withdrawals
  • Wide range of assets
  • Excellent market analysis
  • Innovative trading tools
Cons
  • High minimum deposit
  • No swap-free account option
Read More About Go Markets
11
Vantage FX
Min. Deposit
USD 200
3.783.78
ASIC Licence
428901
Min. Spread
0 pips
Platforms
Overall Rating
1110.503.78/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. VantageFX is regulated by the FCA & ASIC.
Show Details

Vantage FX is a well-regulated STP/ECN broker, offering CFD trading on a range of assets, including Forex, indices, energies, metals, shares, and cryptocurrencies.  Vantage FX supports MT4, MT5 and its proprietary trading platform – social trading is also available through the Zulutrade platform.  Vantage FX’s entry-level account offers comparatively poor trading conditions, with a minimum deposit of 200 USD, and spreads as wide as 1.4 pips; while the two ECN accounts offer competitive pricing for significantly higher deposit requirements.

Vantage FX offers a decent range of educational or market analysis materials for new traders.  However, to access the Pro Trader Tools powered by Trading Central, a deposit of 1,000 USD is required.  Vantage FX also provides a free unlimited MT4 demo account and excellent customer support. 

Pros
  • Well regulated
  • Tight spreads
  • Fast and free withdrawals
  • Great platform choice
Cons
  • High minimum deposit
  • Limited education
Read More About Vantage FX

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 recent reports show that ASIC is planning an even stricter regulatory environment in the coming months. We will talk about what that environment might look 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.
  • No Leverage Limit: There are currently no limits on maximum leverage offered by brokers, though this is likely to change in the next year. While leverage limits can protect traders, especially beginners, it can make scalping strategies more difficult.
  • 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 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.

How To Choose an ASIC Regulated Broker?

All ASIC brokers are 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 looking for an ASIC-regulated Forex broker, it is important to judge them on the following areas:

  • Broker Type: Most brokers are either ECN/STP or Market Makers, but some can be a combination of both. You will find that many brokers will provide an ECN/STP service on their higher-deposit account types while acting as a Market Maker for their Cent and Standard accounts. Many of the best ASIC regulated brokers are ECN/STPs.
  • Trading Conditions: This includes what kind of spreads are available, how much leverage is offered, and how many currency pairs are available. These factors will directly impact your profit or loss, so you don’t want any surprises.
  • Trading Platform: MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and/or 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.
  • Minimum Deposit: This changes by account type for many brokers, with higher minimum deposits often linked to better trading conditions. We will always highlight the minimum deposit available regardless of the account type.
  • Deposit and Withdrawal Methods: All brokers accept traditional payment types such as debit/credit cards and bank transfers, many accept online payments through Skrill and Neteller and some will also accept Bitcoin. Always check for deposit and withdrawal fees, a few brokers charge a percentage fee for some withdrawals methods, making large drawdowns very expensive. 

Changes in ASIC Regulation

The Australian Securities and Investments Commission (ASIC) released its annual report for the 2018/19 fiscal year on October 17th, 2019 against the backdrop of its highly critical review of the CFD sector in August.

The August review of the Australian OTC retail derivative market 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

As a response to this damning set of data, and citing the 2018 tightening of regulation in Europe by ESMA, ASIC has laid out a new set of regulations for CFD brokers operating under its jurisdiction:

  • A complete ban on binary options
  • Varying leverage restrictions for all CFDs: 20:1 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 brokers must place visible and honest risk warnings showing the percentage of traders who lose money on their platform
  • 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

Though these restrictions have not yet been made into law, ASIC made it very clear that they expect the new set of rules to be on the books within the next few months – ASIC further reinforced this stance at the launch of the annual review, stating that:

“We continue to respond to a high incidence of misconduct in the retail OTC derivatives sector, involving large client losses.”

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.

Overall, we can expect significant changes in the Forex industry in Australia, and across the Asia-Pacific region, in the next few months. 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 result 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 by sifting through the fine print. Learn more about how we rank brokers

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Featured Brokers

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.

Close
>