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Although about the size of the United States, Australia has fewer people than the state of Texas, and this relatively small population benefits from a strong financial regulatory environment and a strong banking system. Forex (currency) trading in Australia is popular with residents and international traders looking for an Australia-based broker.
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All forex brokers based in Australia must be licensed by the Australian Securities and Investments Commission (ASIC), the Australian financial markets regulator. The ASIC website is asic.gov.au. We recommend that users also follow ASIC on Twitter, @ASIC_Connect.
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Following the dissolution of the Australian Securities Commission (established in 1991), ASIC was created in 1998 as a national regulator reporting to the Treasurer and administering the Insurance Act 1984, the Corporations Act 2001 and national protection legislation. of consumer credit. Act 2009. For historical analysis, here is a link to ASIC’s Wikipedia page.
CFDs are complex instruments and carry a high risk of losing money quickly 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 the high risk of losing your money.
To find the best forex brokers in Australia, we created a list of all ASIC authorized brokers and then ranked them based on their overall rating. Here is our list of the best Australian forex brokers.
Compare Australian forex brokers and CFDs side by side using the forex broker comparison tool or the summary table below. This list of brokers is sorted by overall rating of the best forex brokers.
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Interested in share trading in Australia? You can visit our sister site, StockBrokers.com, to read our popular guide to the best online brokers in Australia.
Some of the best Forex brokers in the world have ASIC regulatory licenses. After reviewing our independent database and identifying brokers that are regulated by ASIC (and accept clients from Australia), I have put together this list of my top three picks for the best Forex brokers in Australia:
IG is my pick for best Forex broker in Australia 2024. Year after year I have found IG to be an excellent Forex broker and a great choice for all Forex traders; Beginners, experienced investors and algorithmic traders will find something to like on IG. IG’s top ranking in Australia is a reflection of its continued dominance in many of our key categories, such as mobile trading applications, research and investment offerings. IG has the highest trust score in our independent database due to the broker’s significant number of licenses across its global brands (IG won our annual Most Trusted Broker 2024 award). Learn more about why I ranked IG at the top of so many categories by reading my IG review.
Check out a gallery of screenshots of IG trading platforms taken by our research team during product testing.
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Second among the best Forex brokers in Australia is Saxo Bank, one of the most trusted brokers in our database thanks to its numerous regulatory and banking licenses. Saxo Bank doesn’t stop there: I’ve found its suite of forex trading platforms (including the SaxoTraderGo web and mobile app and SaxoTraderPro desktop software) to be consistently excellent, which led me to award Saxo Bank our Best of Choice Award. the Best Annual 2024. Platforms and Tools Award. Saxo Bank also offers high-quality research content in various formats, such as articles, videos and podcasts, along with actionable intelligence and forex trading signals across a wide range of markets. Read more about why I think Saxo Bank is a great choice by checking out our Saxo Bank review.
Explore a gallery of screenshots of Saxo Bank’s mobile platforms, taken by our research team during testing of our products.
CMC Markets is among Australia’s leading Forex brokers thanks to its ultra-competitive pricing and low average spreads available across a wide range of global markets. CMC Markets is one of the most trusted brokers in our independent database, thanks to its numerous regulatory licenses and the broker’s status as a listed company (LSE:CMCX). When I use CMC Markets’ NextGeneration responsive platform, I find it packed with powerful features and intuitive trading tools. CMC Markets has also revamped its MetaTrader 5 (MT5) offering to offer a wider range of tradable symbols. Over the years, I have consistently ranked CMC Markets in many of our review categories; Read more by checking out my CMC Markets review.
See some screenshots of CMC Markets trading platforms taken by our research team during testing of our products.
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Watch my step-by-step video where I show you how to check if your broker is properly regulated by ASIC. Checking if your broker is regulated is a good way to protect yourself against Forex scams. I’ve also created an educational series full of helpful tips for spotting common currency scams.
To identify whether a forex broker is regulated by ASIC, the first step is to identify the registration number in the information text at the bottom of the broker’s website in Australia. For example, here is the main text from Pepperstone’s website:
Pepperstone Group Limited is registered in Australia at Level 5, 530 Collins Street, Melbourne, VIC 3000, and is authorized and regulated by the Australian Securities and Investments Commission. Pepperstone Group Limited | ACN 147 055 703 | AFSL #414530.
Then look up the company number on the ASIC website to validate its current regulatory status. Here is the official Pepperstone ASIC page (if you want to know more about Pepperstone, check out my Pepperstone review). What protection does ASIC offer to Forex traders?
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In addition to the many protections that a trusted regulatory jurisdiction offers, such as effective enforcement and regulatory compliance, Forex traders in Australia can also benefit from the required professional indemnity (PI) insurance policy that ASIC regulated brokers must. keep. .
A forex broker who holds an Australian Financial Services (AFS) license with ASIC must have adequate insurance. Eligibility levels depend on the size of the broker (i.e. larger brokers should have larger insurance policies, while smaller firms will have adequate coverage for the size of their client base).
Important note: General liability insurance is not designed to protect you directly – it protects your broker in the extraordinary event of an insolvency event. This does not guarantee that you will be paid if your broker becomes insolvent. However, this insurance is a requirement under section s912B of the Corporations Act 2001, which requires AFS holders to have arrangements to indemnify clients in the event of Chapter 7 of the Corporations Act (and under Chapter 6 which applies to AFS holders according to the Treasury). . This can help reduce damages in cases where a broker goes bankrupt.
ASIC will intervene to ensure external administrators comply with the law, supervise registered liquidators who may be appointed by secured creditors, and implement insolvency reforms and publish case updates on its website. Since Forex traders must rely on the creditworthiness of the broker to reduce counterparty risk, it is important to only trade with reputable Forex brokers.
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Yes, forex trading is legal in Australia and is regulated by the Australian Securities and Investments Commission (ASIC), which oversees and regulates the financial markets and ensures brokers comply with the Corporations Act 2001.
Forex traders will recognize the Australian Dollar (AUD) as the national currency of Australia (known in the forex world as “Aussie”), with AUD/USD being one of the most popular currency pairs on the global forex market. .
Forex markets and Australian Forex brokers are affected by the monetary policy regulated by the Reserve Bank of Australia (RBA), which issues and manages the Australian dollar.
In addition to ensuring the stability of Australia’s national currency, the RBA monitors risks in the financial system and aims to promote Australia’s overall economic prosperity.
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Australia’s main stock market is the Australian Securities Exchange (ASX), located in Sydney. The ASX markets offer a wide range of asset classes including shares, futures, derivatives, exchange-traded funds (ETFs), exchange-traded products (ETPs) and commodities.
Yes, Australian citizens and residents must declare their income from trading in Australia, including profits from foreign exchange trading. Likewise, any losses arising from forex trading may be recorded depending on how your accountant prepares your tax returns and whether you operate as an individual or under a business name.
Yes, you can trade Forex with as little as $100. However, your ability to do so depends on two factors: minimum deposit requirements and contract size availability. To start trading Forex with just $100, you will need to find a broker that allows you to open a live account with a minimum deposit of $100, and will also need to allow you to trade micro lot contracts (only 1,000 units of
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