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Best ASIC Regulated Forex Brokers of 2024

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2024

The Australian Securities and Investment Commission has gained a reputation as one of the toughest regulatory agencies in the world of financial trading. It has strengthened regulation of the financial services industry in Australia, aided in recovery of funds for duped investors and also prosecuted errant operators within the industry.

The Australian Securities and Investment Commission (ASIC) is the agency tasked with the regulation of the financial markets in Australia and territories under Australian control. ASIC is headquartered in Sydney and is present each state and territory in Australia as well. ASIC regulates companies, entities and financial professional professionals working in the Australian financial system.

In other words, ASIC is the regulator for corporations, financial markets and financial services. The all-encompassing role ASIC plays in the Australian financial services industry sets it apart from other regulators around the world who carry out more limited functions.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best ASIC-Regulated Forex Brokers

  • IG
    - 9.9/10 Overall
  • Interactive Brokers
    - 9.9/10 Overall
  • FOREX.com
    - 9.4/10 Overall
  • City Index - 9.3/10 Overall
  • eToro - 8.8/10 Overall
  • AvaTrade - 8.7/10 Overall
  • Plus500 - 8.6/10 Overall
  • Admirals - 8.5/10 Overall
  • Pepperstone - 8.4/10 Overall
IG
star 9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

Interactive Brokers
star 9.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Visit Site

Earn up to 4.83% on idle cash balances.

(66% of retail CFD accounts lose money.)

FOREX.com
star 9.4/10 Overall
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Visit Site

Pay 0 commissions on equities *T&Cs apply

(69%-77.7% of retail CFD accounts lose money.)

City Index
star 9.3/10 Overall
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average). Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
star 8.8/10 Overall
Minimum Deposit$50-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks). Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
AvaTrade
star 8.7/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)1260

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginners and great tools for copy trading. AvaTrade's commissions and market research are about average, and traders gain access to AvaTrade's proprietary platforms and the full MetaTrader suite. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Plus500
star 8.6/10 Overall
Minimum Deposit€100
Tier-1 Licenses6
Tradeable Symbols (Total)5500 info

Plus500 is a highly-trusted broker that delivers share trading via the Plus500 Invest platform and a good selection of CFDs via the broker’s separate Plus500 CFD platform. Though Plus500 doesn’t offer MetaTrader, we found its proprietary trading platform to be intuitive and easy to use. Plus500 is still a great choice for less demanding traders. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Admirals
star 8.5/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)8702

Admiral Markets is a highly trusted multi-asset broker regulated in multiple reputable jurisdictions. Admiral Markets delivers a powerful MetaTrader experience with advanced supplemental features. With numerous platform add-ons and tools, copy trading, premium market research, and excellent educational content, Admiral Markets is a good choice for forex traders. Read full review. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Pepperstone
star 8.4/10 Overall
Minimum Deposit$0
Tier-1 Licenses3
Tradeable Symbols (Total)1726

Pepperstone is a highly trusted broker that offers a growing number of tradeable markets and support for third-party platforms such as TradingView, cTrader, a variety of copy trading platforms, and the MetaTrader suite. Traders at Pepperstone also gain access to high-quality research content in both written and video format. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

About ASIC

ASIC was setup under the Australian Securities and Investment Commission Act of 2001, and also carries out most of its corporate regulation under the Corporations Act of 2001. ASIC is therefore mandated by the relevant laws to:

  • Strive to continuously improve the performance of the Australian financial system and all entities operating within it.
  • Ensure that investors and consumers within the Australian financial system participate actively in an informed manner.
  • Administer the provisions of the ASIC act and also provide enforcement of the laws.
  • Ensure that information about companies and other entities in the financial space is publicly available in a timely fashion.

Functions of ASIC

ASIC regulates companies, financial services entities, professionals working in the financial services industry as well as the financial markets. Financial services covered by ASIC regulation include all investment vehicles, deposit-taking businesses, insurance, superannuation and loans.

As a Consumer Credit Regulator

Acting as a regulator of the consumer credit industry in Australia, ASIC regulates individuals and corporate entities that work in the business of providing consumer credit. Therefore, banks, credit unions, finance companies, mortgage brokers and finance brokers are covered by this regulatory function. This regulatory function is covered by the National Consumer Credit Protection Act of 2009.

As a Markets Regulator

The ASIC also conducts regulation of the Australian financial markets and all entities that provide services within it. In other words, ASIC determines which financial derivative instruments and markets can operate within Australia, assess how effectively these financial markets comply with existing regulations and determine if these markets are fair, orderly and transparent. ASIC therefore has the power to license new instruments and markets for the purpose of investment or trading. ASIC also regulates and supervises the domestic equity, derivatives and futures markets.

As a Financial Services Regulator

ASIC also functions as a regulator of financial services. Therefore, licensing and monitoring of financial services businesses is carried out by ASIC to ensure that they operate in a manner that is honest, efficient and fair. Regulated financial services include fund management businesses, stock trading, derivatives trading and insurance business.

How the ASIC Protects Traders

ASIC performs its consumer protection in several ways. This it does by ensuring that businesses operating in the financial markets, consumer credit and financial services sectors are licensed o do so. Typically, ASIC grants these entities an AFS license. By definition, the following entities must operate with an AFS license:

  • Providers of financial products such as managed funds services or financial advisory services
  • Market makers
  • Operators of managed investment schemes
  • Providers of trustee company management services
  • Companies dealing in financial products i.e. brokers in various financial markets

Therefore, if a company claims to be offering insurance, financial brokerage, margin lending, derivatives trading or similar services, then such a company must have an AFS license and is required to state this clearly on its website. So the first level of protection for traders is to check to see if the company has an Australian Financial Services (AFS) license. This ensures that the entity the trader or investor wants to do business with is answerable to a regulatory body (in this case ASIC) and that there is a pathway to recourse if the trader or investor feels wronged in any way by an entity.

A second level of protection is the presence of a register.

ASIC maintains three registers. These are the registers for business names, professional registers and a register of companies and business which are regulated and licensed to offer services to consumers in the Australian financial system.These registers are available on the ASIC website and a trader, investor or consumer of financial products in Australia can perform a search of a company or financial professional on any of the registers to determine their status with ASIC. We show an example with Plus500, a Cypriot forex brokerage company that also operates in Australia.

After entering the search parameters (search by name or AFS license number), the trader can see the results of the search as shown below, which indicates that Plus500 is licensed and in good standing.

ASIC can also apply sanctions on companies, professionals and those in management of errant companies. This is another level of protection for consumers and is carried out in response to complaints made by consumers as well as problems detected during routine supervision of these companies by ASIC. We see an example shown here where ASIC applied a permanent ban to a financial adviser.

By making such information publicly available on its web portal, ASIC protects the investing public and ensures that they do not do business with banned professionals. ASIC has also undertaken the business of recovery of funds where there has been embezzlement of investor funds, as well as criminal prosecution of those implicated in any such schemes.

A case in point is that of David Paul Mudge, a former financial advisor with Windsor Gardens, who pleaded guilty and was sentenced to 27 months in prison for deceiving a client into signing documents that authorised Mr Mudge to withdraw money from the client’s accounts. ASIC was able to recover $99, 315 out of $216, 767 Mudge was ordered by the court to repay his duped client.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Accepts AU Residents Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG check 9.9 £250.00 0.98 info 99 19537 IG Review Visit Site
Interactive Brokers logoInteractive Brokers check 9.9 $0 0.63 info 99 8500 Interactive Brokers Review Visit Site
FOREX.com logoFOREX.com check 9.4 $100 1.4 info 99 5500 FOREX.com Review Visit Site
City Index logoCity Index check 9.3 £100.00 1.4 info 99 13500 City Index Review Read Review
eToro logoeToro check 8.8 $50-$10,000 1 info 90 3479 eToro Review Read Review
AvaTrade logoAvaTrade check 8.7 $100 0.92 info 94 1260 AvaTrade Review Read Review
Plus500 logoPlus500 check 8.6 €100 1.5 info 99 5500 info Plus500 Review Read Review
Admirals logoAdmirals check 8.5 $100 0.8 info 93 8702 Admiral Markets Review Read Review
Pepperstone logoPepperstone check 8.4 $0 1.10 info 95 1726 Pepperstone Review Read Review
XM Group logoXM Group check 8.4 $5 1.6 info 88 1394 XM Group Review Read Review
FP Markets logoFP Markets check 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review Read Review
IC Markets logoIC Markets check 8.1 $200 0.62 info 84 3583 IC Markets Review Read Review
Eightcap logoEightcap check 7.5 $100 1.0 info 85 736 Eightcap Review Read Review
easyMarkets logoeasyMarkets check 7.3 $50 0.8 info 80 230 easyMarkets Review Read Review
BlackBull Markets logoBlackBull Markets check 8.0 $0 0.76 info 78 26000 BlackBull Markets Review Read Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) check 7.9 $20 0.6 info 88 1199 HYCM Review Read Review
HFM logoHFM check 7.9 $0 1.2 info 86 500 HFM Review Read Review
Spreadex logoSpreadex check 7.2 $0 0.81 info 71 10000 Spreadex Review Read Review

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

AI disclaimer

We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and How We Test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co
BrokerNotes.co

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

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