Because of this rapid growth of Forex, the number of brokers that are offering their services without any regulations increased significantly as well. Traders paradise is a broker that offers no-commission accounts, bonuses and low spreads. But don’t be hasty, most of such are scams. If you start trading Forex, it is important to chose broker that is regulated in your country, so your funds will be secured with him. All of us are familiar with good brokers that are regulated by CySEC or FCA. But if you are from Australia, there is not much for you in such regulations. While most of the time you will be able to trade with brokers that do not have Australian regulations, it is preferred for you to have one that does.
ASIC Forex Brokers Showcase
Every quarter we, Top Forex Brokers, search for ASIC regulated brokers in order to bring you the best ones. We evaluate their deals and performance so you can you do not have to. You can be sure that if we include some broker into our best ASIC FX Brokers listing it worth checking out. Since there are not so much Australian Forex Brokers and most of them are not so good, we provide you with best ones only!
Best ASIC Forex Brokers Comparison
Looking through the list of existing Australian regulated brokers, we were surprised to find bunch of brokers that will offer you mediocre services. So, Top Forex Brokers, decided not to waste your time and will not bring you the list of brokers with ASIC regulation that are not worth your attention. You have our word that if there would be any other good Australian Brokers we will definitely check his services and update our list, so you will have most recent data about best ASIC Forex Brokers!
What is ASIC Regulation and What are ASIC Regulated Brokers Forex?
The ASC ultimately became the Australian Securities and Investments Commission (ASIC) in July of 1998, and it assumed duty for consumer protection in the areas of retirement, insurance, credit and also deposit taking.
Since its enactment in 2001, the ASIC took on its responsibility of enforcing the Financial Services Reform Act (FSRA) polices. By March of 2006, the ASIC had wrested total authority for the regulation of the foreign exchange markets from the Reserve Bank of Australia (RBA).
Before the passing of the FSRA, Forex dealing in Australia was mostly self-regulated without the oversight or other forms of regulation from a centralized foreign exchange board.
Currently, Forex dealers working in Australia must have either an Australian Financial Services License (AFL), or they must be otherwise authorized by a licensee.
This legislation classified Forex dealings as dealings in financial products since currencies are not instantly exchanged, however they rather need a two day settlement period and financial risk is involved.
While almost all Forex brokers doing business in Australia must be AFS licensed, a few exceptions to the licensing regime have been applied. In January of 2005, for instance, the ASIC permitted some Forex traders dealing in derivatives to function without an AFS License or to be approved by a licensee.
The ASIC plays a significant role in the control of all areas of financial regulation in Australia, similar to how the Commodities Futures Trading Commission (CFTC) does in the US.
ASIC Regulated Forex Brokers Explained
Because of this rapid growth of Forex retail industry, the number of brokers that offer their services without any regulations increased significantly as well. It can look like a paradise to a trader with offers like no-commission accounts, bonuses and low spreads. But don’t be hasty. If you start trading Forex, it is important to chose broker that is regulated in your country, so your funds will be secured.
Many regulatory bodies have been founded to oversee Forex brokers, and many of these bodies are doing a very good job of looking after your broker. Hence, brokers that are monitored by ASIC are called ASIC Regulated Forex Brokers.
Australian Securities and Investment Commission was established by the ASIC Act of 1989. The Commission began operations in Australia as of January of 1991 as the Australian Securities Commission or ASIC by replacing both the National Companies and Securities Commission or NCSC and the Corporate Affairs Offices of the States and Territories.
The ASIC ultimately became the Australian Securities and Investments Commission (ASIC) in July of 1998, and it assumed duty for consumer protection in the areas of retirement, insurance, credit and also deposit taking.
Since its enactment in 2001, the ASIC took on its responsibility of enforcing the Financial Services Reform Act (FSRA) polices. By March of 2006, the ASIC had wrested total authority for the regulation of the foreign exchange markets from the Reserve Bank of Australia (RBA).
Before the passing of the FSRA, Forex dealing in Australia was mostly self-regulated without the oversight or other forms of regulation from a centralised foreign exchange board.
Currently, Forex dealers working in Australia must have either an Australian Financial Services License (AFL), or they must be otherwise authorised by a licensee. This legislation classified Forex brokerage as dealings in financial products since currencies are not instantly exchanged, however they rather need a two day settlement period and financial risk is involved.
While almost all Forex brokers doing business in Australia must be AFS licensed, a few exceptions to the licensing regime have been applied. In January of 2005, for instance, the ASIC permitted some Forex traders dealing in derivatives to function without an AFS License. However, it is important to note that ASIC regulated brokers Forex are not only popular in Australia, but also this regulation is strongly appreciated in a few Asian and Latin American countries.
The ASIC plays a significant role in the control of all areas of financial regulation in Australia, similar to how the Commodities Futures Trading Commission (CFTC) does in the US.
Therefore, the regulatory firm offers Australian Forex traders quite some level of protection during FX broker bankruptcy. Also, it is nearly impossible to find a scam being a part of the regulated Forex brokers in Australia.
Regulatory bodies are available worldwide. It’s obvious that you will have a better time making contact with and probably get a better reply from a regulatory body situated in your own country.
The final decision of selecting a broker is entirely up to you, and the consequences are ultimately your own responsibility, so it’s critical that you take the time to verify both your broker and your broker’s regulatory body before opening a trader account.
