Best Australia forex brokers – list of brokers regulated by ASIC

Broker	Country	Rating	Min. Deposit	Website
	Cyprus, Australia	5/5	$100	Click for a special offerWebsite
	UK	4.95/5	$100	Click for a special offerWebsite
	Australia	4.90/5	$100	Click for a special offerWebsite
	UK, Australia	4.85/5	$50	Click for a special offerWebsite
	UK, Cyprus, Australia	4.80/5	$5	Click for a special offerWebsite
	Australia	4/5	$200	Read the review
	US, UK, CA, SG, AU, JP	4/5	$1	Read the review
	Australia	3.5/5	$1	Read the review
	Australia	3/5	$1	Read the review
	Australia	3/5	$500	Read the review
	Australia	3/5	-	Read the review

Australia is one of the main forex centers in the world and is expected to attract even more forex brokers now that Europe is officially capping the maximum leverage levels available to retail investors. It offers quite favorable conditions for financial services providers. However, the local financial regulator, the Australian Securities and Exchanges Commission (ASIC), has set certain requirements they have to meet, which guarantees their clients a high level of service.

ASIC requires licensed financial services providers to meet capital requirements of AUD 1 million, to keep clients’ money in segregated accounts and to follow certain internal procedures including risk management, staff training, accounting, audits, and more.

Another feature of Australian regulatory environment that many will find attractive is the fact that ASIC has imposed no limitation on maximum leverage. So, unlike EU and US brokerages, forex brokers based in Australia are free to offer leverage ratios as high as 1:500. That being said, we feel obliged to mention that high leverage can be very risky, if misused.

Unlike many European brokers, however, Australian ones are not covered by any compensation scheme. This is probably the biggest downside of Australian regulation and the main difference between ASIC and other top-rated regulators. A compensation scheme is a mechanism which requires brokers to set aside part of their profits in a pool, which later serves to insure clients’ funds, in case the broker goes bankrupt. By comparison, FCA-regulated brokerages are under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person.

Above is a list of some of the best forex brokers legally operating out of Australia.

 

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