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Trading forex (currencies) in Australia is popular among residents and international traders seeking an Australian-based broker. Before any fx broker in Australia can accept forex and CFDs traders, they must become authorised by theAustralian Securities & Investment Commission (ASIC), which is the financial markets regulator in Australia. ASICs website isasic.gov.au. We recommend users also follow ASIC on Twitter,@ASIC_Connect.
After the Australian Securities Commission (founded in 1991) was dissolved, ASIC was established in 1998 as a national regulatory authority which reports to the treasurer and administers legislation for the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009. For a historical breakdown, heres a link to ASICs webpage onWikipedia.
To find the best forex broker in Australia, we created a list of all ASIC-regulated brokers, then ranked brokers by both trustworthiness, as well as their Overall ranking from 2018 Review. The result is our top forex brokers list for Australia.
To identify if a forex broker is regulated by ASIC, the first step is to identify the register number from the disclosure text at the bottom of the brokers Australia homepage. For example, heres the key disclosure text from Pepperstones website,
Pepperstone Group Limited is registered in Australia at Level 5, 530 Collins Street, Melbourne, VIC 3000, and is licensed and regulated by the Australian Securities and Investments Commission. Pepperstone Group Limited ACN 147 055 703 AFSL No.414530.
Next, look up the firm number on the ASIC website to validate their current regulatory status. Here is the official ASIC page forPepperstone.Related Articles
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.
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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
IG -76% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you can afford to take the high risk of losing your money.
OANDA – CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
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