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Updated: August 28, 2024Last Updated On August 28, 2024
The Australian Securities and Investments Commission (ASIC) is well-known for being one of the world’s toughest regulatory authorities and has a reputation for ensuring that Forex brokers provide a secure trading environment for traders. In March 2021, ASIC introduced stricter regulatory requirements to further protect traders, including restricting leverage to 30:1, banning bonuses and promotions, and ensuring that traders are granted negative balance protection.
While the new rules introduced by ASIC harmed many of the low-quality brokers in Australia, the brokers below are well-placed to benefit traders with their low fees and excellent reputations. We understand that different traders have different needs based on their experience level, choice of platforms, trading tools, and trading strategies. We have curated a list of diverse brokers so that you can find the ASIC-regulated broker that suits you.
According to our testing and our research, these are the best ASIC-regulated brokers for 2024.
Best ASIC Regulated Forex Brokers in 2024
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Broker | Broker Score | Official Site | ASIC | ASIC License | Min. Deposit | Max. Leverage | Beginner Friendly | EUR/USD - Standard Spread | Cost of Trading | EUR/USD - Raw Spread | Total CFDs | Currency Pairs | Platforms | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 4.40 /5 Read Review | Visit Broker > 79% of retail CFD accounts lose money | Yes | 286354 | AUD 100 | 500:1 | Excellent | 0.00 pips | USD 6 | 0 pips | 10162 | 70 | MT4, MT5, cTrader, IRESS | |
 | 4.59 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | Yes | 406684 | ZAR 1900 | 400:1 | Excellent | 0.90 pips | USD 9 | 0.90 pips | 930 | 63 | MT4, MT5, Avatrade Social, AvaOptions | |
 | 4.45 /5 Read Review | Visit Broker > 75.33% of retail CFD accounts lose money | Yes | 443670 | USD 5 | 1000:1 | Excellent | 0.60 pips | USD 6 | 0.60 pips | 1554 | 57 | MT4, MT5 | |
 | 4.61 /5 Read Review | Visit Broker > 75.3% of retail CFD accounts lose money | Yes | 414530 | USD 0 | 400:1 | Excellent | 1.00 pips | USD 10 | 0.10 pips | 1597 | 90 | MT4, MT5, cTrader, TradingView | |
 | 4.46 /5 Read Review | Visit Broker > 70.81% of retail CFD accounts lose money | Yes | 335692 | USD 200 | 500:1 | Excellent | 0.10 pips | USD 8 | 0.02 pips | 1744 | 64 | MT4, MT5, cTrader, TradingView | |
 | 4.69 /5 Read Review | Visit Broker > 70% of retail CFD accounts lose money | Yes | 220440 | USD 0 | 200:1 | Excellent | 0.60 pips | USD 6 | 0.85 pips | 19295 | 80 | MT4, L2 Dealer, ProRealTime | |
 | 4.68 /5 Read Review | Visit Broker > 70.3% of retail CFD accounts lose money | Yes | 424008 | ZAR 1500 | 300:1 | Excellent | 0.70 pips | USD 7 | 0.60 pips | 1009 | 56 | MT4, MT5, markets.com | |
 | 4.44 /5 Read Review | Visit Broker > 75.6% of retail CFD accounts lose money | Yes | 318232 | USD 5 | 500:1 | Excellent | 1.00 pips | USD 10 | 0.00 pips | 188 | 70 | MT4 | |
 | 4.33 /5 Read Review | Visit Broker > 69.21% of retail CFD accounts lose money | Yes | 426359 | USD 5 | 3000:1 | Excellent | 0.80 pips | USD 7 | 0.70 pips | 573 | 72 | MT4, MT5, FBS App | |
 | 4.41 /5 Read Review | Visit Broker > 89% of retail CFD accounts lose money | Yes | 385620 | AUD 0 | 30:1 | Excellent | 0 pips | USD 4.50 | 0 pips | 247 | 81 | MT4, MT5, cTrader, TradingView |
What is ASIC?
ASIC is the Australian Securities and Investments Commission (ASIC), Australia’s financial regulatory authority. One of the world’s top regulators, ASIC holds Forex brokers to high standards, ensuring that they treat their clients fairly.
Why Trade with an ASIC-Regulated Forex Broker?
ASIC has built a reputation for guaranteeing trader security and dealing harshly with bad brokers. It also ensures that brokers provide negative balance protection, restrict leverage, and offer a fast and efficient platform with no broker interference.
How to compare ASIC-regulated brokers
ASIC is one of the most respected financial regulatory agencies in the world. While they have a traditional centre, they try to be modern in their approach, researching and making regulatory changes to maintain fairness in the CFD industry. All ASIC-regulated brokers can be considered safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other. When comparing ASIC regulated brokers consider:
Regulation: While your broker is ASIC regulated, your trading account may not be. It is increasingly common for ASIC-regulated brokers to onboard Australian clients onto a different license where trading conditions, like leverage, can be increased without the ASIC oversight. While this is not fundamentally bad, a trader should know their trading account is regulated and that ASIC will not enforce their regulations in overseas territories.
Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience. MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.
Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs.
Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open.
Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payments, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit.
FP Markets – Best ASIC-Regulated Forex Broker
FP Markets was founded in Sydney, Australia, after receiving an ASIC licence (ASFL: 286354) in 2005. Under the strict ASIC rules, FP Markets is constantly monitored and evaluated on its performance and trade execution. FP Markets has gained recognition for its competitively low trading fees and its broad trading platform support, including MT4, MT5, and cTrader.
Low Trading Fees: FP Markets offers competitive trading fees on two live accounts, with spreads averaging at 1 pip (EUR/USD) on its commission-free Standard Account and 0 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD. The minimum deposit requirements are 100 AUD on both accounts, making them accessible to all traders.
Trading Platforms: FP Markets’ trading platforms include MT4, MT5, cTrader and TradingView. MT4 is the most popular trading platform in the world, while MetaTrader 5 (MT5) has more tools, such as an embedded economic calendar and chat system. cTrader is a more modern trading platform that is easier for beginners to learn but still has all the sophisticated automation tools in MT4 and MT5. TradingView started life as an advanced charting tool but now partners with select brokers to provide trading straight from its comprehensive platform.
Accepts South African Clients. Average spread EUR/USD 0 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by the FSCA, CySEC, and ASIC.Avatrade – Best Mobile Trading Experience
Founded in 2006 in Dublin, Ireland, Avatrade is an ASIC regulated broker (AFSL 406684) with over 200,000 registered users and an average monthly trading volume of 60 billion USD. In line with the 2021 ASIC changes, Avatrade amended its product offering, which included reducing its leverage from 400:1 to 30:1 for retail traders. South Africans will be onboarded through their local regulator, the FSCA, which means that their funds will be segregated in local banks, but leverage will remain at 400:1. The ASIC oversight ensures that Avatrade will act reliably and transparently. It also provides a user-friendly trading environment on a range of trading platforms, including its innovative mobile app – AvaTradeGO. AvaSocial, Avatrade’s social trading platform is also available as a downloadable app.
AvaTradeGo: An award-winning application, AvatradeGO allows traders to connect to global trading markets, create their own watchlists, and view live prices and charts. AvatradeGO also provides free access to analysis tools such as Autochartist, Duplitrade, a copy trading tool, and AvaProtect, its own state-of-the-art risk management system. Avatrade’s trading fees are average compared to other similar brokers, with a minimum deposit requirement of 1900 ZAR, spreads that start at 0.90 pips pips on the EUR/USD, and no commissions charged on Forex trades.
Avasocial: Avasocial is Avatrade’s social and copy trading platform. Available on both Android and iOS, the mobile app allows traders to replicate the trades of other successful traders. Traders can opt to trade manually or to use a fully automated service. Traders can also interact with other traders and ask questions on specific strategies, find out more about various markets, and seek out a mentor, making it a great tool for beginner traders.
Accepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.XM – Best Broker Education
Founded in 2009 in Cyprus, XM has over 5,000 0000 traders on its books from 192 countries. With a long history of regulatory oversight, XM gained its ASIC licence (AFSL number 443670) in 2014 and set up a regional office in Melbourne. South Africans will be trading under XM’s Belize-based entity, regulated by the IFSC. Although the IFSC’s rules are not as strict as other international regulators, the ASIC regulation provides traders with confidence that their funds will be safe and that they will be treated fairly. Under the strict regulatory regime, XM offers an Ultra-Low account with low trading fees and provides some of the best educational support in the industry.
Daily Live Education: XM excels in its educational offering, which includes educational videos, courses, platform tutorials, Forex seminars, and live Q&A sessions available every hour from Monday to Friday. Topics include the basics of Forex trading, technical analysis, trading strategies, fundamental analysis, and major currency fundamentals. XM also offers comprehensive market analysis, providing traders with a daily market overview, frequently updated news, trading ideas, technical summaries, a podcast, and regular research updates.
XM’s Ultra-Low Account: Available on the MT4 and MT5 trading platforms, XM’s Ultra-Low Account has competitive trading fees, with spreads that start at 0.8 pips on the EUR/USD, no commissions for Forex trading, and a minimum deposit of 50 USD. XM also boasts a strict no requotes and no rejections policy, and 99.35% of all trading orders are executed in less than one second, which means that traders will usually receive the trading prices that are quoted.
Accepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.Pepperstone – Lowest Cost ECN Broker
An ASIC-regulated broker (ASFL: 414530), Pepperstone was founded in 2010 in Melbourne and has grown to be one of the largest ECN brokers in the world, with over 300,000 clients and 12+ billion-dollar daily trading volume. While the new rules introduced by ASIC in 2021 will harm many of the low-quality brokers in Australia, Pepperstone is well-placed to benefit its South African traders with its low fees, ultra-fast execution, and three popular trading platforms.
Lowest Trading Fees: Pepperstone offers two accounts with some of the lowest trading fees in the industry – a Razor Account with spreads that average at 0.10 pips (EUR/USD) in exchange for a commission of 7 USD, and a commission-free Standard Account with spreads starting at 1.00 pips on the EUR/USD. Trades are executed in under 0.3 seconds, which means that orders are filled as close to the quoted price as possible. Additionally, there are no minimum deposit requirements, making both accounts accessible to beginners.
Trading Platforms: Pepperstone’s trading platforms include MetaTrader 4 (MT4), Metatrader 5 (MT5), and cTrader, a broader range of platforms than is typically found at other brokers. MT4 is the most popular trading platform while MetaTrader 5 (MT5) has more tools, such as an embedded economic calendar and chat system. cTrader is a more modern trading platform and is easier for beginners to learn but still has all the sophisticated automation tools found in MT4 and MT5. While trading conditions vary slightly depending on the trader’s preferred platform, trading costs are still lower than those of other similar brokers.
Accepts South African Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5, cTrader & TradingView platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.IC Markets – Best Broker for Beginners
IC Markets (ASFL: 335692) is a leading ASIC-regulated online retail Forex and CFD broker founded in 2007 and headquartered in Sydney. One of the largest Australian brokers, IC Markets’ daily trade volume averages at over 15 billion USD and is available in over 162 countries worldwide, including South Africa. IC Markets was one of the first brokers to amend its product offering in line with ASIC’s 2021 restrictions, and while South Africans will be trading under the Seychelles-based entity, the ASIC regulation provides additional confidence that IC Markets will behave responsibly and fairly. IC Markets provides a welcoming environment for beginner traders with its well-structured educational section developed by a team of in-house experts and two beginner-friendly accounts.
Education: With a comprehensive library of course material, including video tutorials, articles, frequent webinars, and IC Markets’ Web TV, traders will receive extensive instruction in CFD trading. IC Markets also has a dedicated support department operating 24/7 to help beginner traders answer any technical or trading-related questions.
Beginner-friendly accounts: IC Markets offers three live accounts, all with a minimum deposit of 200 USD, making them accessible to beginner traders. IC Markets’ trading fees are some of the lowest in the industry – its commission-free Standard Account has fees included in its variable spreads, which average at 1 pip (EUR/USD), while the Raw accounts offer spreads that average at 0.02 pips on the EUR/USD in exchange for commissions of between 6 and 7 USD (round turn), depending on the platform.
Accepts South African Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, the SCB, and the FSA .IG – Widest Number of Tradable Instruments
Broker Score
4.69 / 5
4.69 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | ASIC, CFTC, BaFin, BMA |
| 💵 Trading Cost | USD 6 |
| ⚖️ Max. Leverage | 200:1 |
| 💹 Copy Trading | No |
| 🖥️ Platforms | MT4, L2 Dealer, ProRealTime |
| 💱 Instruments | Bonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates |
Founded in London in 1974, IG’ has a regional HQ in Melbourne and has been regulated by ASIC since 2002 (220440). The largest broker in the world by revenue and regulated by 17 authorities worldwide, IG is also one of the few brokers that supported ASIC’s introduction of tighter regulations in early 2021. Although South Africans will be onboarded through IG’s South African subsidiary, the ASIC oversight guarantees a reliable and transparent trading environment. In addition to being one of the best regulated ASIC brokers, IG has the widest range of financial instruments and some of the lowest trading fees in the industry on three trading platforms.
Widest range of financial instruments: IG offers over 17,000 financial instruments, many more than most other brokers. Tradeable CFDs include 13,000 share CFDs, 6000 ETFs, and 80 Forex pairs. IG also offers weekend trading on major Forex pairs and 24 hour trading on Australia’s leading stock index, the ASX 200. Both of these are unique services that are not available at other brokers. IG’s single account has low fees compared to other brokers, with no minimum deposit requirements, spreads starting at 0.85 pips pips on the EUR/USD, and no commission charged on Forex trading.
Trading Platforms: IG’ trading platforms include MetaTrader 4 (MT4) its own web-based platform, and L2 Dealer, a specialist share trading platform that offers direct market access (DMA) to clients who maintain an account balance of 2000 AUD. MT4 and the IG trading platforms are more user-friendly and suited to beginner traders, while the L2 Dealer offers advanced analytical tools and charting packages for more experienced traders.
Accepts South African Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.Markets.com – Best Proprietary Platform
Markets.com is a global broker founded in 2010 and regulated by ASIC with AFSL number: 424008. Markets.com offers one live account, with a minimum deposit requirement of 1500 Rand and spreads starting as low as 0.6 pips on the EUR/USD. Traders can choose from three trading platforms, including MT4, MT5, and markets.com’s proprietary platform, considered by many to be one of the best in-house trading platforms in the industry.
The intuitive platform includes fundamental, technical, and sentiment analysis tools and advanced charting with several indicators, like Forecasting, Long/Short position tracking, Elliott Wave and Gann. Traders will also find a wide range of financial instruments available, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds.
Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Markets.com platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the FSCA.Axi – Best MT4 Trading Tools
Broker Score4.44 / 5
4.44 / 5| 🏦 Min. Deposit | USD 5 |
| 🛡️ Regulated By | FCA, CySEC, ASIC, DFSA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs |
Founded in 2007, Axi (formerly Axitrader) is an Australian-owned online forex broker, regulated by the Australian Securities and Investments Commission (ASIC AFSL number: 318232). Axi adheres to ASIC’s seven disclosure benchmarks to ensure that traders understand the risks of CFD trading. Although South African traders will be trading under Axi’s Seychelles-based entity, ASIC regulation ensures that the broker provides a reliable and fair trading environment. While Axi only provides support for the MT4 trading platform, the MT4 NexGen plugin transforms MT4 into a superior trading platform. It also offers lower than average trading costs on two live accounts.
Trading Platforms: Although trading platform support is limited to MT4, Axi offers a range of tools and plugins that can be added to the trading platform to make it more powerful. Traders who maintain an account balance of more than 1000 USD can access the MT4 NexGen plugin, which includes a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Traders also have free access to Autochartist and PsyQuation, an advanced data analytics plugin that analyses your trading style, identifies mistakes, and helps you avoid making similar mistakes again.
Trading Fees: Axi’s trading fees are highly competitive. It offers two live accounts with no minimum deposit requirements (although Axi recommends depositing an initial sum of 200 USD) – the commission-free Standard Account with spreads that average at 1 pip on the EUR/USD and the Pro Account with spreads that average at 0.1 pips (EUR/USD) in exchange for a round turn commission of 7 USD.
Accepts South African Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.FBS – $1 Deposit, Low-Cost Cent Account for Beginners
Regulated by ASIC since 2012, FBS is a large global broker with over 17 million customers worldwide. FBS offers three trading accounts on the MT4 and MT5 platforms. Beginners will appreciate the Cent Account, with spreads down to 0.6 pips on the EUR/USD and all trading denominated in cents rather than dollars. It also has an extremely low minimum deposit of only 1 USD.
Beginners will also like FBS’ well-structured education section, detailed webinars and 24/7 customer support. Weekend customer support is especially important for trading FBS’ range of crypto CFDs, as the crypto market never closes. More experienced traders may be interested in FBS´s Ultra Account, which offers raw spreads, though the round-turn commission is higher than can be found at other brokers.
Accepts South African Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC, ASIC, and the FSC.Fusion Markets – Low Costs, 3 Copy Trading Platforms
Founded in 2017 in Melbourne, Fusion Markets is an ASIC-regulated broker (AFSL 226199) with a range of copy-trading options, exceptionally low trading costs and no minimum deposit requirements. Its Fusion+ copy trading platform is only available in a proprietary trading platform, but it also offers Duplitrade and Myfxbook Autotrade – two of the largest Forex social trading communities in the world.
In terms of traditional trading, Fusion Markets is one of the lowest-cost brokers in the world. EUR/USD spreads start at 0 pips on its Zero Account with a very low commission of 4.50 AUD (round turn); most other brokers offering raw spreads will have a commission of 6 AUD or higher. The only drawbacks are a relatively limited number of CFDs (though 85 Forex pairs is better than most brokers) and very limited education, so beginners will have to educate themselves elsewhere.
Accepts South African Clients. Average spread EUR/USD 0 pips with 0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader, and TradingView platforms supported. Fusion Markets is regulated by ASIC & VFSC.There are few genuinely strong regulators in the world; the UK’s Financial Conduct Authority is one, the Cyprus Securities and Exchange Commission is another, and most would agree that ASIC is also a member of this group. ASIC has already built a reputation for guaranteeing trader security and dealing harshly with bad brokers, but in March 2021 ASIC deployed an even stricter regulatory environment. We will talk about what that environment looks like in more detail below, but first, let’s look at the current benefits of trading with an ASIC-regulated broker.
- Segregated Accounts: Like most good regulators, ASIC ensures that all brokers keep client funds segregated from broker operational funds and in Tier 1 Australian banks.
- Negative Balance Protection: ASIC requires all brokers to provide protection against negative balance by limiting a retail client’s CFD losses to the funds in their CFD trading account.
- Dispute Resolution and Customer Satisfaction: The Australian Financial Complaints Authority (AFCA) handles all disputes between traders and brokers and are known for efficiency and fairness. Importantly, brokers are responsible for the cost of the resolution and not the trader – this provides an incentive for brokers to respond quickly and fairly to all customer complaints. Unsurprisingly, ASIC Forex brokers are consistently rated very highly for customer satisfaction.
- No Conflict of Interest: ASIC has banned all Forex brokers from being a counterparty to their client’s trades, furthermore all brokers are required to offer a fast and efficient platform with no broker interference. It is perhaps as a result of these restrictions that Australia hosts many of the world’s best ECN brokers.
List of ASIC-Regulated Brokers
This is our list of all ASIC-regulated brokers that we have reviewed, ordered by their overall score. The broker that scores highest overall is at the top of the list.
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Broker | Broker Score | ASIC Regulated | ASIC License | Regulators | Min. Deposit | Max. Leverage (Forex) | Beginner Friendly | Cost of Trading | Trading Platforms | Total # CFDs | No. of FX Pairs | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4.69 /5 Read Review | Yes | 220440 |     | USD 0 | 200:1 | Excellent | USD 6 | MT4, L2 Dealer, ProRealTime | 19295 | 80 | |
| 4.68 /5 Read Review | Yes | 424008 |    | ZAR 1500 | 300:1 | Excellent | USD 7 | MT4, MT5, markets.com | 1009 | 56 | |
 | 4.62 /5 Read Review | Yes | 345646 |  | USD 100 | 200:1 | Excellent | USD 7 | MT4, MT5, FOREX.com Web Trader, TradingView | 5648 | 91 | |
| 4.61 /5 Read Review | Yes | 414530 |  | USD 0 | 400:1 | Excellent | USD 10 | MT4, MT5, cTrader, TradingView | 1597 | 90 | |
| 4.59 /5 Read Review | Yes | 406684 |   | ZAR 1900 | 400:1 | Excellent | USD 9 | MT4, MT5, Avatrade Social, AvaOptions | 930 | 63 | |
 | 4.53 /5 Read Review | Yes | 391441 |  | AUD 100 | 500:1 | Excellent | USD 10 | MT4, MT5, TradingView | 846 | 55 | |
| 4.46 /5 Read Review | Yes | 335692 |  | USD 200 | 500:1 | Excellent | USD 8 | MT4, MT5, cTrader, TradingView | 1744 | 64 | |
| 4.45 /5 Read Review | Yes | 443670 |  | USD 5 | 1000:1 | Excellent | USD 6 | MT4, MT5 | 1554 | 57 | |
| 4.44 /5 Read Review | Yes | 318232 | | USD 5 | 500:1 | Excellent | USD 10 | MT4 | 188 | 70 | |
 | 4.43 /5 Read Review | Yes | 424700 | | USD 0 | 500:1 | Excellent | USD 11 | MT4, MT5, ThinkTrader | 4150 | 46 | |
| 4.41 /5 Read Review | Yes | 385620 |  | AUD 0 | 30:1 | Excellent | USD 4.50 | MT4, MT5, cTrader, TradingView | 247 | 81 | |
| 4.40 /5 Read Review | Yes | 286354 |  | AUD 100 | 500:1 | Excellent | USD 6 | MT4, MT5, cTrader, IRESS | 10162 | 70 | |
 | 4.38 /5 Read Review | Yes | 286354 |  | USD 50 | 400:1 | Excellent | USD 6 | MT4, TradeStation | 3556 | 43 | |
| 4.33 /5 Read Review | Yes | 426359 |  | USD 5 | 3000:1 | Excellent | USD 7 | MT4, MT5, FBS App | 573 | 72 | |
 | 4.33 /5 Read Review | Yes |  | USD 100 | 500:1 | Standard | USD 12 | MT4, MT5 | 2006 | 130 | ||
 | 4.33 /5 Read Review | Yes | 416279 |  | USD 50 | 500:1 | Excellent | USD 15 | MT4, MT5, cTrader | 20108 | 50 | |
 | 4.28 /5 Read Review | Yes | 410681 | | ZAR 500 | 500:1 | Excellent | USD 8 | MT4, MT5 | 3996 | 82 | |
 | 4.28 /5 Read Review | Yes | 493520 |  | USD 100 | 100:1 | Excellent | USD 20 | MT4 | 415 | 50 | |
 | 4.25 /5 Read Review | Yes | 412981 | | USD 0 | 800:1 | Excellent | USD 10 | MT4, MT5 | 425 | 45 | |
 | 4.08 /5 Read Review | Yes | 403863 | | USD 50 | 500:1 | Standard | USD 10 | MT4, MT5 | 2489 | 63 | |
 | 4.05 /5 Read Review | Yes | 422661 | | USD 5 | 200:1 | Standard | USD 6 | MT4, Cloud Trade | 1202 | 36 | |
 | 4.02 /5 Read Review | Yes | 246566 | | USD 25 | 400:1 | Standard | USD 18 | MT4, MT5 | 193 | 63 | |
 | 3.80 /5 Read Review | Yes | 439907 |  | USD 250 | 400:1 | Standard | USD 40 | MT5, Sirix | 602 | 48 | |
 | 3.64 /5 Read Review | Yes | 417482 | | USD 50 | 500:1 | Standard | USD 22 | MT4 | 285 | 83 |
Which is the Best ASIC-Regulated Broker?
Avatrade is the best ASIC-regulated broker in South Africa. It offers spreads as low as 0.7 pips on the EUR/USD, an excellent range of trading platforms, and a great range of trading tools.
Changes in ASIC Regulation
Big changes in ASIC regulation have been coming for some time. In ASIC’s 2019 review of the Australian OTC retail derivative market, it found a considerable increase in the number of traders since 2017 and an equally large increase in turnover at ASIC regulated brokers.
ASIC also published the data on complaints filed against CFD brokers over the same period, and the results were shocking.
From 2017-19 complaints received by ASIC had increased by 600%, a situation that ASIC has concluded is not sustainable in a sector where the majority of customers are known to lose money.
In early 2020, ASIC conducted a further study, just as the Covid-19 pandemic began to spread across the world. Over a volatile five-week period in March and April 2020, the retail clients of a sample of 13 CFD issuers made a net loss of more than $774 million. Also during this period:
- over 1.1 million CFD positions were terminated under margin close-out arrangements (compared with 9.3 million over the full year of 2018)
- more than 15,000 retail client CFD trading accounts fell into negative balance, owing to a total of $10.9 million (compared with 41,000 accounts owing $33 million over the full year of 2018).
As a response to these damning sets of data, and citing the 2018 tightening of regulation in Europe by ESMA, ASIC issued a product intervention order for all ASIC-regulated CFD brokers. This product intervention order went into force on 29th March 2021.
What Regulatory Changes Did ASIC Effect in March 2021?
ASIC now prevents brokers from offering leverage higher than 30:1 on Forex pairs or offering promotions or bonuses. It also mandates negative balance protection and ensures that brokers place a forced stop-out at 50% of the total initial margin of all open trades. See below for more details:
- A complete ban on binary options
- Varying leverage restrictions for all CFDs: 30:1 for forex and gold, 15:1 for stock indices, 10:1 for commodities (excluding gold), 2:1 for cryptocurrencies and 5:1 for equities and all other instruments.
- A forced stop-out at 50% of the total initial margin of all open trades
- Mandatory negative balance protection
- A complete ban on all bonus schemes, promotions and other incentives to traders.
- All broker trading platforms must always display total position size and overnight funding costs related to open positions in real-time.
- ASIC also stated that they expect all brokers to publish their pricing methods
As these new restrictions went into force ASIC Commissioner Cathie Armour said:
‘We will closely monitor compliance with the product intervention order and won’t hesitate to take appropriate action to enforce the order. We are also paying careful attention to changes in CFD providers’ reported holdings of retail client money and any misclassification of retail clients as wholesale clients, which would risk denying them important rights and protections. Protecting retail investors from harm, particularly at a time of heightened vulnerability, is a priority for ASIC,’
ASIC has also warned Australian brokers away from working with offshore investors illegally, especially as regulators in China, Japan and Europe and North America have placed restrictions or bans on CFDs for retail investors. ASIC has also started working more closely with CFD brokers to ensure compliance with foreign laws and is actively engaged with multiple international regulatory bodies in this matter.
If you want to know more about how these changes might affect your trading, we recommend getting in touch with ASIC or your broker to discuss the options available to you.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our Broker Awards and Forex Rankings Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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