ASIC Regulated Brokers
ASIC is a regulator for forex brokers located in Australia. Brokers licensed and recognized as Financial Service Providers (FSPs) in Australia must be registered with ASIC and comply with the Corporate Plan of 2018-2022. Just like forex regulators in general, ASIC's basic task is to oversee forex brokers carry out their company's activities fairly and pay attention to the safety of client funds.
The Establishment of ASIC departs from the 2015 SNB incident which shook the futures trading industry. This incident caused the bankruptcy of 2 brokers and caused hundreds of brokers big losses. Australian brokers that able to survive are proven to have better risk management. From these problems, emerged an idea to revise the broker's regulatory mechanism in handling market challenges. Since then, ASIC has become one of the most competent broker regulation standards worldwide.
Therefore, ASIC has quite strict requirements, including:
- Risk limitation
- Bonus Prohibition
- Consumer Enlightenment.
The risk management protocol at ASIC regulated brokers includes a minimum operational fund of 1 Million USD, a segregated account at a tier 1 bank, and has a physical office that can be visited in Australia. Bonuses are also not allowed because these promotions are often misused to attract new clients without a clear TnC. ASIC also provides an online portal titled MONEYSMART, so prospective traders can first understand the ins and outs of trading. This is an anticipation that the public understands the risks of forex trading and is not trapped in a scam.
Here is a list of ASIC regulated brokers:
Broker | Regulation | Max Leverage | Min Deposit | General Rating | |
---|---|---|---|---|---|
FXCM Australia 1999 |
ASIC 309763 CONSOB (Italy), 76 CySEC, 392/20 DMCC (Dubai), 31171 FCA (UK), 217689 ISA (Israel), 2 SFC (Hong Kong), AIM232 |
1:400 | $1 | Review | |
Pepperstone Australia 2010 |
ASIC, 223682 BaFin 151148 Capital Markets Authority of Kenya, 128 CySEC, 388/20 DFSA (Dubai), F004356 |
1:500 | $200 | Review | |
eToro China 2007 |
ASIC, 491139 CySEC 109/10 FCA (UK), FRN 583263 FINRA, 298361/SEC#: 8-70212 |
1:400 | $200 | Review | |
Plus500 Australia 2008 |
ASIC, 417727 CySEC, 250/14 FCA (UK) 509909 FSCA (South Africa), 47546 ISA (Israel), 5 Monetary Authority of Singapore, 2017-12-11 |
1:300 | $100 | Review | |
Trade360 Cyprus 2013 |
ASIC, 439907 CySEC, 202/13 |
1:200 | $500 | Review | |
easyMarkets Australia 2001 |
ASIC, 246566 CySEC, 079/07 FSA (Seychelles) 19.09.2020 |
1:400 | $100 | Review | |
City Index United Arab Emirates 2001 |
ASIC, ACN 141 774 727, AFSL 345646 FCA (UK), 113942 Monetary Authority of Singapore 200400922K |
1:30 | $250 | Review | |
FBS China 2009 |
ASIC, 426359 CySEC, 331/17 IFSC (Belize) IFSC/60/230/TS/12 |
1:3000 | $1 | Review | |
Admiral Markets Argentina 2001 |
ASIC, 28381 CySEC, 201/13 FCA (UK), 595450 FSA (Estonia), 10932555 |
1:500 | $100 | Review | |
Saxo Bank China 1992 |
ASIC, 109605610 Banque de France 483632501 CySEC, 163/12 FCA (UK), FC026688 FSA (Denmark), 1149 SFC (Hong Kong), 1395901 |
1:200 | $10000 | Review | |
GKFX Chile 2009 |
ASIC, 424122 BaFin, 130602 CONSOB (Italy) 2915 Czech National Bank, 256/2004 DMCC (Dubai), 32142 FCA (UK), 501320 Finansinspektionen (Sweden), 556873-1326 SFC (Hong Kong), AZJ874 |
1:30 | $200 | Review | |
ThinkMarkets Australia 2010 |
ASIC, 424700 FCA (UK), 629628 FSCA (South Africa) FSP No 49835 |
1:30 | $1 | Review | |
IC Markets Australia 2007 |
ASIC, ACN 123 289 109 |
1:500 | $200 | Review | |
XM Australia 2009 |
ASIC, 443670 BaFin, 124161 CNMV (Spain) 2010157773 CONSOB (Italy), 3046 CySEC, 120/10 FCA (UK), 538324 FSP (New Zealand), FSP235905 |
1:888 | $5 | Review | |
Advanced Markets United States 2006 |
ASIC, 444649 |
1:50 | $2500 | Review | |
Interactive Brokers Australia 1977 |
ASIC, 453554 Central Bank of Ireland 23.12.2020 CFTC/NFA, 0258600 FCA (UK), 208159 Monetary Authority of Singapore, CMS100917 SEC (US), 8-47257 |
1:100 | $10000 | Review | |
FXOpen Australia 2003 |
ASIC, 412871 FCA (UK), 579202 |
1:500 | $1 | Review | |
Eightcap Australia 2009 |
ASIC, 391441 Vanuatu Financial Services Commission 40377 |
1:500 | $100 | Review | |
FP Markets Australia 2005 |
ASIC, 286354 CySEC, 371/18 |
1:500 | $100 | Review | |
Ingot Brokers Australia 2004 |
ASIC, 428015 FSP (New Zealand) FSP157304 |
1:400 | $100 | Review | |
Velocity Trade New Zealand 1999 |
ASIC, 329813 FCA (UK), 497263 Financial Dispute Resolution (NZ) FM0279 FMA (New Zealand), FSP20003 FSCA (South Africa), 43295 |
1:200 | $1000 | Review | |
Royal Australia 2008 |
ASIC, 420268 CySEC, 312/16 |
1:30 | $50 | Review | |
MARKETSX Cyprus 2006 |
AFM (Netherlands) 0900-5400 540 ASIC, 424008 BaFin, 122798 CySEC, 092/08 FCA (UK), 607305 FSA (Denmark), 6729 FSCA (South Africa), 46860 |
1:300 | $100 | Review | |
Synergy Markets Australia 2011 |
ASIC, AFSL 403863 |
1:500 | $100 | Review | |
Blackwell Global Australia 2010 |
ASIC, 400364 FCA (UK), 590313 FSP (New Zealand), 3061 SFC (Hong Kong) BGX296 |
1:30 | $5000 | Review | |
Core Liquidity Markets Australia 2013 |
ASIC, 164994049 |
1:500 | $100 | Review | |
Invast Financial Services Australia 1960 |
ASIC, 438283 |
1:400 | $100 | Review | |
PhillipCapital Australia 1975 |
ASIC, AFSL 246827 FCA (UK), 169760 |
1:200 | $200 | Review | |
Xtrade Cyprus 2010 |
ASIC, 342628 CySEC, 108/10 IFSC (Belize), IFSC/60/383/TS/15 NAFD (Russia) A |
1:400 | $100 | Review | |
Fortrade United Kingdom 2013 |
ASIC, 493520 CySEC, 385/20. FCA (UK), 609970 IIROC 20-0021 NBRB (Belarus), 193075810 |
1:100 | $500 | Review | |
Global Prime Australia 2010 |
ASIC, 385620 FSA (Seychelles), SD057 Vanuatu Financial Services Commission, 40256 |
1:200 | $200 | Review | |
ETO Markets Australia 2013 |
ASIC, 420224 |
1:400 | $AUD200 | Review | |
Boston Merchant Financial Australia 1988 |
ASIC, 379035 FCA (UK), 563348 FFMS 1220 FSC (Bulgaria), RG-03-220 FSP (New Zealand), FSP328066 |
1:400 | $50 | Review | |
GOMarkets Australia 2008 |
ASIC, ACN081864039 DMCC (Dubai) 18.07.2020 |
1:500 | $200 | Review | |
IronFX Australia 2010 |
ASIC, 417482 CySEC, 125/10 FCA (UK), 585561 FSCA (South Africa), 45276 |
1:30 | $100 | Review | |
ACY Securities Australia 2013 |
ASIC, 403863 |
1:500 | $100 | Review | |
Blueberry Markets Australia 2016 |
ASIC, 391441 |
1:500 | $100 | Review | |
Anzo Capital Australia 2015 |
ASIC, AFSL 514425 FSA (St. Vincent & the Grenadines), 308 LLC 2020 IFSC (Belize), 000331/48 |
1:1000 | $100 | Review | |
CLMarkets Australia 2013 |
ASIC, 164994049 |
1:500 | $100 | Review | |
AvaTrade Australia 2006 |
ASIC, 406668 Central Bank of Ireland, C53877 Financial Futures Association (Japan) 1574 Financial Services Regulatory Authority (Abu Dhabi), 190018 FSA (Japan), 1662 FSC (BVI), 2013-07-30 FSCA (South Africa), 45984 IS |
1:400 | $100 | Review | |
Axi Australia 2007 |
ASIC, 318232 DFSA (Dubai) 2758 FCA (UK), 509746 FSCL (New Zealand), FSP518226 |
1:400 | $1 | Review | |
Vantage FX Australia 2006 |
ASIC, #ACN 140 903 886 Cayman Islands Monetary Authority 1383491 FCA (UK), 501057 Vanuatu Financial Services Commission, 700271 |
1:500 | $200 | Review | |
MultiBank Australia 2005 |
ASIC, 416279 BaFin, 73406 DFSA (Dubai), CL3989 FCA (UK), 481068 FSC (BVI) SIBA/L/14/1068 Ras Al Khaimah Free Trade Zone, IC/2993/10 |
1:500 | $50 | Review | |
HFTrading New Zealand 2019 |
ASIC, 414198 FSP (New Zealand), FSP197465 |
1:400 | $300 | Review |
Advantages and Disadvantages of Trading in ASIC Regulated Brokers
Despite having basic requirements equivalent to the UK and US, ASIC regulated brokers are more flexible in managing their trading conditions. Unlike FCA which limits maximum leverage to only 1:30, ASIC regulated brokers can provide leverage up to 1: 100 or above. Also, ASIC-regulated forex brokers allow hedging strategies without First-In-First-Out regulations. Many ASIC regulated brokers also offer trading on ECN accounts, with the application of the FIX API. The trading technology allows traders to experience faster and transparent transactions.
It should be noted, since 2019, ASIC has issued a regulation that its brokers can only accept domestic clients and compensation funds apply to traders within Australia. This becomes both a deficiency and an excess. Since most ASIC regulated brokerage clients come from the Asia Pacific region, it is not surprising that these brokers have alternative regulations other than ASIC. That way, traders can get services from companies whose work systems have been recognized by ASIC, but still under the trading conditions required by these alternative regulations.
If you are interested to open an account in one of the brokers in the list above, make sure to try the forex demo account before proceeding to register in the live account.