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ASIC Regulated Forex Brokers

The Australian dollar is one of the most popular currencies to trade. Hence the demand for forex trading in Australia has increased over the years. Hence, a forex regulatory body, Australian Securities and Investments Commission (ASIC), emerged in the 1990s. As a result, ASIC regulated forex brokers also increased. This means that anyone who wants to operate as a forex broker must be licensed under the Act, and ASIC must monitor their activities. This article will give you the top ASIC regulated forex brokers list while also knowing how to find the best ASIC brokers. Read on to know everything about ASIC regulated brokers and how the ASIC forex works.

What is ASIC?

ASIC Regulated Forex BrokersAustralian Securities and Investments Commission (ASIC) is a regulatory body based in Australia. The ASIC is an independent statutory authority established by Australian law designed to enforce the continuous disclosure requirements under the Corporations Act 2001. ASIC provides oversight of Australia's financial markets, including securities, derivatives, credit reporting agencies, and general insurance providers to protect the interests of investors in Australia.

It also offers advice on how to limit the risk of fraud or illegal conduct in investments for consumers. However, ASIC cannot provide individual advice or respond to inquiries about particular investments or investment strategies, concerns with existing investments, or possible violations by specific companies.

ASIC Responsibilities

The Australian Securities and Investments Commission (ASIC) has two primary functions - investor protection and regulation of the securities markets in Australia. Investor protection is the prevention and rectification of exploitation of investors by ensuring that fair trading, disclosure, and other ethical standards are adhered to in relation to the sale of financial products such as shares, debentures, financial derivatives, and superannuation funds. Regulation of securities markets involves the surveillance of these markets for compliance with relevant laws and regulations as well as provision of policy advice on regulatory issues.

The principal responsibility of ASIC is to promote the safety and efficiency of Australia's financial system. This includes maintaining investor confidence in the capital markets by enforcing laws against market manipulation, insider trading, insolvency, misleading or deceptive conduct by a company's officers or other people acting on behalf of a company.

ASIC has a number of powers, including administering oaths, examining witnesses, and requiring the production of books. ASIC can also seek court orders requiring people to take particular actions, prohibit them from taking specified actions, or order people found guilty of breaches liable for civil penalties.

Best ASIC Regulated Forex Brokers List

 

Visit Broker Rank Broker Reviews Location Minimum Deposit Amount Deposit Bonus Payment System Rating Create an Account
3

IC Markets

Sydney, Australia. $200 No Bonus 9.98 Real Account Demo Account
1

FP Markets

Sydney, Australia. $100 No Bonus 10.00 Real Account Demo Account
2

FxPro 

New Providence, Bahamas. $100 No Bonus 9.99 Real Account Demo Account
6

Axi

Sydney, Australia. $10 No Bonus 9.95 Real Account Demo Account
4

XM

Limassol, Cyprus $5 Up to $5000 9.97 Real Account Demo Account
5

HotForex

Beachmont, Kingstown. $100 100% 9.96 Real Account Demo Account
8

FBS Markets

Belize, C.A. $1.00 100% 9.93 Real Account Demo Account
7

OANDA

US $0 No Bonus 9.93 Real Account Demo Account
9

SimpleFX

St. Vincent $1 No Bonus 9.93 Real Account Demo Account
10

Pacific Financial Derivatives

New Zealand $0 No Bonus 8.10 Real Account Demo Account
Rank Broker Reviews Location Minimum Deposit Amount Deposit Bonus Rating

How Can ASIC Regulation Protect You?

ASIC can protect you from some of the biggest risks in today's market. They have seen a long history of fostering innovation and protecting those who trade forex in Australia's financial markets. If you are looking for some advice on the best ways to avoid losing your money, it might be worth taking a look at ASIC forex’s website.

Essentially, ASIC is there to protect Australians from fraud or scams that could jeopardize their investments or savings. If they cannot help you, they will share your report with other bodies like police and regulators so that they know how to act as well.

As a result, ASIC has broad powers to monitor, investigate and regulate financial services in Australia. If they uncover those rules or regulations have been breached, they can take steps against any ASIC regulated brokers or individuals responsible. Moreover, by providing an ASIC forex license, they also ensure that the traders initiate their trading from the ASIC regulated forex brokers list.

Furthermore, as a trader, you can report wrongdoing anonymously to ASIC or a financial service provider directly. You can also contact the Australian Securities and Investments Commission (ASIC) via email to report any concerns relating to suspected misconduct in your investment portfolio or investments.

All the ASIC regulated forex brokers require their registration renewed every two years. During the two-year period, ASIC inspects ASIC forex brokers to ensure they comply with the law and provide a high level of service. In order to provide forex brokerage service, a broker has to be registered with ASIC or an approved self-regulatory authority or hold an exemption from registration. This is due to knowing that the services these people provide can cause significant harm for investors if they are not done properly or honestly.

What to Check before Choosing the Best AISC Regulated Forex Brokers?

Many people who want to trade online often find it difficult to decipher the jargon that is associated with trading. There are different types of brokers in Australia, but what makes a good broker for one client might not be right for another. ASIC regulated broker is a key factor when deciding the best forex brokers. Before choosing the best ASIC brokers, make sure you check the following.

  • Board of directors – Check the register of members where you can check the details of directors and their backgrounds of that specific broker.
  • Financials – Check balance sheets for the last two years.
  • Share capital – Check the share capital of the ASIC forex broker and how much of the company is owned by related parties.
  • Compliance – Find out if the broker complies with all the ASIC rules and has a bad record of breaking the rules.
  • Bank accounts – Ensure that the Forex broker's accounts are audited by ASIC regularly and that there are no irregularities. Risk Management – The best ASIC brokers should have a risk management system in place. There should be a limit on the trades that traders can place and maximum loss that the trader is ready to assume in each trade. One should also know whether there are any internal controls in place for dealing with rogue traders.
  • Security measures – Check if the ASIC regulated forex broker provides a secure connection from the client's computer to their server, what kind of firewall they use, and so forth. This will ensure that your private information is securely transferred to the broker's server from your PC. Also, look at the company's security policy to see what kind of information they require from their clients.
  • Client support – Look at how good their customer support turns out to be. They should have a live chat, email and phone number, and also a toll-free number.
  • Mobile app - There should be a mobile app to download on smartphones.
  • Live chat – Real-time chat service is imperative to determine whether the broker has the ability to support clients in a timely manner and qualify their expertise.
  • Phone and email support – One should check for phone and email support. This is an important factor because it shows that the brokers are taking care of their clients and providing them with proper customer service. This will also provide confidence that information about your account is secure.
  • Customer testimonials – If there are any customer reviews or testimonials, then these should be concise, interesting, and helpful.
  • Demographics – Although everything should be done online., the company should provide information such as the physical location, country of origin, and how many clients are registered. Some people believe in providing real-time statistics to their clients.
  • Trading platform – The trading platform should be different from other brokers. There are many platforms that are being used by a few ASIC forex brokers to take advantage of their clients. One should check what has been installed on the trading platform.
  • Regulation – Companies that are operating in other countries and regulated by other regulatory bodies in the world should get priority while choosing a forex broker in Australia.
  • Company's reputation – A good reputation of your ASIC forex broker will make you more comfortable while trading with that broker. Check if there are any complaints against him on public forums, like Facebook, Twitter, etc.
  • Terms and Conditions – One should read the terms and conditions before signing up to become a customer with the forex broker. Most companies offer a 10-20% deposit bonus on your first deposit with them. One can check this before depositing into their account.
  • Finance - One should check what is their minimum deposit and also the amount that a customer can withdraw from his account. This will help you to decide whether you are allowed to withdraw money or not.
  • Trading account creation – There are different types of trading accounts offered by ASIC regulated forex brokers. Some of them offer a demo account, one live account, and another type of trading account, which is an advanced balance. One should check the features offered in advance with the broker before opening an account with him.
  • Payment methods – Some brokers do not accept digital currency, while some others do. It will also help you in determining whether the broker is reliable or not.
  • Commission plan – A trader should check what kind of deal he has with his ASIC forex broker before signing up and starting trading with that broker. One can get a good rating and earn a profit if the broker offers a good deal on the commissions and charges.
  • Trading volume – You should check whether the amount of offered trading volume is enough or not. There are many brokers who keep on promoting their company's identity by making cheap promises about how much volume they are able to offer. This is not good because one can be losing money by investing in them.
  • Margin – ASIC regulated brokers who offer better margins will be profitable for traders because they can afford to trade more and earn more money. The margin should be low because it helps in hedging the trader against losses and lower risk potentials.
How to Compare ASIC Regulated Brokers?

If you are looking for the right ASIC regulated broker for your online trading, here is how you can compare them. When looking for the great ASIC regulated forex brokers, there are many factors to consider when choosing one. The following part will help walk you through the important questions that need answering when comparing ASIC regulated brokers in Australia.

What platform do I want? 

The first question you have to ask yourself before picking a broker is whether or not it offers the type of trading style that suits your needs. Do you want an online platform so that trading can be done from anywhere? Or do you prefer something more traditional like an over-the-phone service? If you prefer to work with technology, then you should be looking for an online broker as they are much more accessible and efficient than their over-the-phone counterparts.

What types of assets should I trade in? 

Another important thing you should compare is what type of assets you want to invest in or trade with. There are numerous different types on the market, and so it's very important that you find a platform that supports the assets that interest you. Some brokers specialize in particular investment options such as stocks, shares, or ETFs, while others offer a broader variety, including foreign exchange, commodities, futures, and spread betting. A good broker will offer a variety of different investments to choose from.

What are the minimum deposit and withdrawal amounts? 

This is a very important consideration when looking for the best ASIC regulated brokers. The fact that you can trade with relatively small deposits or withdrawals is essential considering the amount of money that you have to protect with your account. The higher and more competitive the amount, the higher percentage of your potential profits you will lose. As such, it is wise to compare with the competition before committing to anything.

What are the trading costs?

This is a key comparison when looking for a broker. The best ASIC brokers provide competitive trading charges, but others will have hidden charges or surprise fees that you don't necessarily notice right away. All of your trades are included in the cost, so it's important to find out exactly how much you are getting charged for each trade with online and over-the-phone services. The best brokers will provide clear and easy-to-understand information about their trading costs so that you can compare the charges and decide if they are worth it or not.

What deposit methods are available?

As well as being a great basis for comparing ASIC forex brokers, this question can also be used to work out what types of deposit methods are offered. Just because one broker offers a highly competitive trading fee doesn't necessarily mean that their withdrawal or deposit methods are worth the money. Some brokers simply cannot compete on pricing because they have high withheld fees, whereas others have a very good price but hidden charges that make them poor overall options. The best solution is to compare the withdrawal and deposit methods with the other brokers to see if you're getting a great service for both.

What are the customer service options? 

This is another important factor to consider when choosing an ASIC forex broker. It's vital that you have access to good customer support through a variety of different methods. The best brokers will provide over-the-phone support, email support, live chat, and even social media channels such as Facebook and Twitter. It's also worth considering that some of these things take time and so you might want to be looking at a broker that provides 24/7 customer service as it can make a big difference during your trading day.

How to open a forex trading account with ASIC regulated forex brokers?

The first step to opening a Forex trading account with an ASIC Forex broker is to choose one from the many brokers that are available.

You will want to select a broker that offers the following:

  • A variety of account types and currencies
  • Easy access via phone, online, or mobile app
  • Helpful customer service representatives who can answer your questions and assist you with your orders
  • A secure platform that uses advanced encryption technology for safeguarding your password and personal information.

Once you have selected a broker, it is time to open an account. Here are some basic steps for how to do this:

  • Select the type of account you want (e.g., demo, personal, business, or corporate).
  • Fill out all the relevant info such as Name, Address, ID, professional details, emails, phone number, and more.
  • Create a unique password to protect your username and personal information.
  • Next, you will get a verification email, which you will need to confirm to make sure you have used the right email address for future reference.
  • Next, you may need to wait for a few days to get approval from the broker.
  • If any info is missing, you may need to supply them.
Differences between ASIC regulated and ASIC licensed brokers

An ASIC regulated broker is a broker that has been licensed by or regulated by ASIC to provide debt and/or financial services. An ASIC licensed broker can only provide these services if they have been approved for this licensing. The regulation of ASIC regulated brokers for debt and/or financial services is in the interests of consumer protection, consumer rights, and financial stability purposes.

This means that the level of care and diligence required by ASIC is higher than that required by Australian Consumer Law. ASIC regulated brokers might be subject to significant penalties if they are in breach of their licensing conditions.

For traders, this means that when dealing with an ASIC regulated broker, they are entitled to certain rights and protections, including:

When dealing with an ASIC licensed broker, the consumer may not be entitled to these same rights and protections. In some cases, a consumer may have no protection at all when dealing with this type of financial institution. This applies even if the person is dealing or has dealt with the broker in the past. It also applies whether or not the person has a relationship with the broker at all.

How to check if a broker is ASIC regulated?

ASIC offers easy steps to check an Australian broker’s regulatory condition. You just need to get the license number from the broker’s website. After that, you will need to visit ASIC’s website to check if the broker is listed there. Else, you can also call ASIC to check the regulatory status of that broker.

Final Words

So, you already know that all the brokers need to take licenses to form ASIC to operate in Australia. To trade forex safely in Australia, you must choose from the ASIC broker list because only ASIC regulated forex brokers are the safest and most reliable options for investors who want to earn a profit.

In conclusion, ASIC forex brokers are listed on the financial services authority or their equivalent. They are considered to be transparent and to have a high level of integrity. However, there is no "crying wolf." You should sift through what trading platforms look like before you roll your chair too close to the market.

However, an unregulated Forex broker may also offer a lot of advantages, such as lower fees and more flexibility in how you can trade. It is advisable that you research carefully and pick a broker from our ASIC regulated forex brokers list, as we have picked them after comprehensive research.

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