Best ASIC broker?

I am searching the best ASIC broker (higher leverage than ESMA regulation 30:1).
Looking for:

  • very low spreads
  • low commissions on raw account
  • no problem to withdraw
  • reliable and trusted
  • no stop-loss hunting or doggy things
  • no market maker: only ecn, stp, dma

Check Global Prime,all things you are searching are included :slight_smile:

Thanks @Mcneill.
I have already checked them. For EU clients (like me) you have to sign up under the Vanuatu regulation and not the ASIC. I don’t trust a tax haven country. I didn’t even know that island existed before I came across this.

Reputable brokers in the AU are Pepperstone, FXCM, IG, City Index, and Saxo Bank.

ASIC plans to impose a single leverage ratio limit of 20:1 for all currency pairs but the final decision seems to have been delayed due to the pandemic.

In the near future, I don’t think you’ll be able to get a higher leverage ratio limit than 30:1 if you wish to stick with a broker in a strongly regulated jurisdiction (UK, EU, AU).

You’re limited to offshore brokers which means zero protection from potential financial risk and fraud.

no market maker: only ecn, stp, dma

Don’t put too much weight on these acronyms. They’re basically marketing jargon that brokers use to try to sound fancy.

Since retail forex is OTC, all retail forex brokers are “market makers” in the sense that if you want to trade, you have to trade through them using the quotes they display to you on your trading platform (or API).

They are the sole counterparty of their customers and take the opposite side of all their trades.

For example, if you wish to trade EUR/USD, your broker “makes a market” for you and quotes you a bid and ask price for EUR/USD.

What differentiates brokers is during the next step of handling this risk they’re now holding onto.

Technically, they’re not really “brokers”, the more correct label would be “dealers”.

This is because a broker acts as a third-party that matches a buyer and seller. (There are three “parties” involved.)

But in retail forex, if you buy, your broker sells to you. If you sell, your broker buys from you. (There are only two “parties” involved.)



I think none brokers using ASIC will put people outside Oz. under ASIC.
If you live in Europe they will put you under some offshore license.

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@Pippo, Wow… revealing the truth about trading, Forex and the OTC Markets… Hopefully the newbies flooding into this forum will take notice and realise all’s not as they are being led to believe…

The post was spot-on… many a cup of coffee was spilt… when you hit the Reply button…


IC Markets are the best!

If you are particularly looking for an ASIC broker, then, FP Markets, IC Markets, and Plus500 are the best brokers I can suggest. However, I would also like to suggest some other offshore brokers like TurnkeyForex and FXTM that also offer low spreads, low commissions, easy withdrawals, and are reliable and trusted; matching your requirements.

I’m from Australia and looking for a broker that is regulated by ASIC.

Tight spreads is my main requirement, preferably from a ECN broker. Any suggestions?

If you are from Australia then Globalprime is a good solution.

But GP not optimal is not from Australia

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Is it the reason that dealers a.k.a FX brokers want their clients to lose rather than win?

Not necessarily. It’s expensive for a broker to acquire new customers, and If their customers are blowing up before they can recoup these acquisition costs, they won’t have a viable business.

Even though the broker is your sole counterparty, it can choose to either 1) accept (B-Book) or 2) transfer (A-Book) this risk. Or a combination of the two.

A broker has ways of dealing with both winning and losing customers. Although, it’s much more profitable to B-Book.

In my opinion there are a few good ASIC brokers like Etoro and FP Markets. I currently trade with FP Markets an older broker that has been active for over 15 years with lower spreads in EURUSD currency pair.

Check out BCR Australia. Type - Alpha account
very low spreads and near-zero comissions
easy e-payments (Paypal etc), Tether USDT and fast bank wire transfers
ASIC regulated for more than 10 years - reliable and trusted

Any suggestion on which ASIC broker is good to trade live. FP Markets or Etoro? Anyone trading with either of these brokers give your personal reviews on which broker is good for a beginner to trade live?

Keep in mind that all ASIC brokers, like all ESMA and FCA brokers, have capped leverage at around 1:30. ASIC actually just extended that restriction until 2027. These regulators provide safety, but it’s important to consider the leverage when you sign up.

If you are looking for ASIC brokers, I recommend trying Etoro or FP Markets. They are suitable for beginner traders with good customer service and the withdrawals are smooth without any issues.

For ASIC regulated brokers, I recommend Avatrade, Etoro, and FP Markets. The spreads are some of the lowest, starting at 0.0pips, and FP Markets is one of the oldest brokers active since 2005!

For ASIC regulated brokers, I recommend Global Prime or FP Markets. These two brokers, in my opinion, are good because of their lower opening balance, which is $200 for GP and $100 AUD for FP Markets.

They also provide some of the tightest spreads starting at 0.0 pips, and FP Markets’ execution speed is pretty fast when compared to most ECN brokers out there.

I like ICM myself but depends on the other conditions that best suit you.