just about every proper, respectable regulator in the world says exactly the opposite
that’s why FXCM has the world’s worst regulatory record (multiple millions in fines, very repeatedly, for issues related directly to dishonesty with their customers) of any broker still in existence - though in some parts of the world FXCM now isn’t in existence because they’ve finally been kicked out
this page also tells a story: it’s what just the NFA listed about FXCM (it only goes up to 2017, of course, when FXCM were finally kicked out of the US) - but many other regulators have said similar things and taken some similar actions, too!
“they” might have ASIC regulation, but what matters is whether your account (if you open one with them) is ASIC regulated - that’s the important, relevant point that people so often misunderstand
this thread may help people who are willing to reading it carefully enough: