Top Australian Forex Brokers

Australia has a long history of currency trading and brokerage services as it is one of the largest forex trading hubs around the world with the Australian Dollar (AUD) being among the most traded currencies. Australia's forex market continues to grow alongside its expanding trade with countries throughout South and East Asia. The FPA has review pages for over 50 Australian forex brokers and stock brokers.

ASIC (the Australian Securities and Investment Commissions) is the primary financial regulator in Australia. ASIC is responsible for regulating Australian forex brokers, stock brokerages, banks, and more. ASIC regulation places fewer restrictions on fx brokers and trading styles that can be offered to forex traders than the extremely tight rules imposed inside the USA by the NFA. ASIC is still viewed as a more secure forex broker regulator than CySEC and is much more protective of client interests than the regulators in the Caribbean. The combination of these two factors led to a number of US forex brokers relocating to Australia when the NFA limited leverage, banned hedging, and placed other restrictions on forex brokers in the USA.

Here are many of the Australian forex brokers under ASIC listed in the FPA's reviews.

How to verify Broker Authorization with ASIC?

One thing to watch out for is "fake" Australian brokers. Any company can claim to have an Australian address and some scam brokers will even lie about ASIC registration. Each and every ASIC regulated forex broker should have an Australian Financial Services License (AFSL) number. You can verify that Australian forex broker really is properly licensed and regulated by visiting ASIC.gov.au. Look for ASIC Connect and then click Companies and Organizations. This will let you search for the specific broker you are interested in by either using the company name or registration number. From there you can click on the respective company name and view further details.

How to resolve problems with the Australian Forex Broker?

If you have a problem with an Australian forex broker, there are a number of steps you can take. First, try to contact the broker. Many issues can be resolved with some patient communication. If it's a serious enough issue, you can follow the first steps to report a scam at the FPA and also file a complaint with the Australian Financial Complaints Authority.

Need help choosing the right forex broker? This advice will help.