The Australian Securities and Investments Commission popularly known as ASIC came into existence on 01st July 1998 following the recommendation of the Wallis Inquiry. Previously there was the Australian Securities Commission (ASC) which was founded in 1991 and dissolved in 1998.
ASIC is a commission of the Australian government which is independent. The authority and scope are determined by the Australian Securities and Investments Commission Act 2001. Their role is to regulate companies/firms and financial services. It is tasked as a national corporate regulator. ASIC enforces laws to protect Australian investors, consumers, and creditors.
ASIC reports to the Treasurer. It is responsible for governing the following legislation.
- ASIC Act – Australian Securities and Investments Commission Act 2001.
- Corporations Act – Corporations Act 2001.
- Business Names Registration Act 2011.
- National Credit Act – National Consumer Credit Protection Act 2009.
- Insurance Contracts Act 1984.
Apart from the above ASIC is also responsible for governing parts of the following legislation.
- Life Insurance Act 1995.
- Banking Act 1959.
- Retirement Savings Accounts Act 1997.
- Superannuation (Resolution of Complaints) Act 1993.
- Medical Indemnity Act 2003 (Prudential Supervision and Product Standards).
- SIS Act – Superannuation Industry Act 1993 (Supervision).
Trading currencies (forex) is popular among Australian residents. It is so popular that apart from Australian companies/firms even international companies/firms/traders want to have their footprints in Australia and are seeking Australian-based brokers.
For any trader/broker/firm that accepts CFDs and forex trades, they must obtain a license from ASIC, which is the financial market regulator in Australia. Their website is https://asic.gov.au/.
Since there are many forex brokers in Australia some are known and others are not so well known. In this rush, many scammers and fraudulent brokers have also jumped in. Segregating the real players from the scammers/fraudsters and to help the public at large we have come up with a list of the best forex brokers in Australia with an overall ranking.
- IG – Established in 1994, is the most trusted and overall broker. Fast execution for a vast range of global markets. You can deal seamlessly with an award-winning app. Secure and trusted provider.
- Saxo Bank – It offers a web-based trading platform. Ultra-competitive FX spreads. Full transparency and does not trade against the client in the market. The trading platform is SaxoTraderGO.
- CMC Markets – Established in 1989 offers the best platform technology and is excellent overall. Delivers a terrific user experience. Selection of 12,000 trade-able instruments.
- Interactive Brokers Australia Pty. Ltd. – Trades in 150 markets in 33 countries and 25 currency pairs. Powerful trading platform for professionals and is available on desktop, tablet, laptop, mobile, and web. Listed in Nasdaq with 1.81 million client accounts.
- City Index – Founded in 1983 offers spread-betting across available markets. Offers forex options and forwards. Offers 84 forex pairs to trade. The minimum deposit is 100 GBP. Charts are powered by TradingView and are loaded with 80+ indicators. Excellent round offering.
- eToro – Founded in 2007 has easy to use copy-trading platform. Good for cryptocurrency trading and social copy trading. The minimum deposit is 10 USD to 200 USD. Total tradable symbols are 3056. For each buys and sell of crypto users pay a single standard fee of 1%.
- FXCM – Founded in 1999. It is for those traders who appreciate quality market research and advanced trading tools. Algorithmic trading is a cherry on the FXCM cake. The minimum deposit is 50USD. Total trade-able symbols are 276.
How we rate brokers?
The brokers were given points on 113 different factors. The variables (factors) were regulations, corporate structure, licenses, level of trustworthiness, total years in business, etc.
How to verify if the broker is ASIC authorized?
At the bottom of Australia’s broker’s home page you can identify the registration number from the disclosure text. To validate the current regulatory status, look up the firm’s number on ASIC’s official website.
Forex trading is risky
There is a very high degree of risk involved in trading forex. There is considerable exposure to risk because of margin money, market volatility, and currency movements.
There are many scam brokers in different markets, creating clone websites, and duping investors when they request withdrawals. Stay alert and be prepared for the highs and lows of the forex volatile market. Prevention is better than cure.
In case you are a scam victim get in touch with us immediately. Our location is International House, 12 Constance Street, London, E16 2DQ, U.K. You can also email us at [email protected] In case you need a free consultation, fill out the form complaint form and submit it to us. The form is available at our site https://reportscam.net/. We guide and help scam victims to recover their funds and get a chargeback.
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