FXScouts is Tanzania’s most trusted Forex broker review site. Our team has written 100+ broker reviews and we constantly test to maintain accuracy. This is how we review brokers.

We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

AuthorBy Jeffrey Cammack
Updated: August 8, 2022

These are the best Forex brokers regulated by the Australian Securities and Investments Commission (ASIC). As one of the toughest regulatory authorities in the world, ASIC ensures that Forex brokers provide a level playing field for traders via constant monitoring and strict licencing requirements.

By choosing an ASIC regulated Forex broker, you will ensure the security of your funds, but many of the restrictions that exist in the EU or the USA do not apply. Hedging and scalping are allowed, leverage is not limited, but bonuses and promotions are still banned.

While all ASIC regulated brokers are safe, when choosing one to trade with you should consider trading conditions (spread, commission, leverage), educational support, trading platforms, customer service and deposit/withdrawal fees. Use the filters on the left to narrow down the list to find the ASIC forex broker for you.

  • Pepperstone - Lowest Cost ECN Broker
  • AvaTrade - Best Mobile Trading Experience
  • eToro - Best ASIC-regulated Copy Trading Broker
  • IG - Largest Number of CFDs
  • IC Markets - Best Broker for Beginners
  • Admirals - Best ECN Broker for Beginners
  • XM - Best Broker Education
  • Axi - Best MT4 Customisation

Best ASIC Regulated Forex Brokers in 2022

Scroll for more detailsPreviousNext
Broker
Overall Rating
Official Site
ASIC
ASIC License
Min. Deposit
Max. Leverage
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
414530
USD 0
400:1
Excellent
0.60 pips
USD 6
0.17 pips
0
70
AvaTrade
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
406684
USD 100
400:1
Excellent
0.90 pips
USD 9
0.90 pips
872
55
Avatrade Social
AvaOptions
eToro
3.69 /5
Read Review
Visit Broker >
67% of retail CFD accounts lose money
491139
USD 200
30:1
Standard
1.00 pips
USD 10
1.00 pips
3436
60
etoro
IG Markets
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
220440
USD 0
200:1
Excellent
0.60 pips
USD 6
0.85 pips
19295
80
L2 Dealer
ProRealTime
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
335692
USD 200
500:1
Excellent
0.10 pips
USD 8
0.02 pips
1744
64
Admiral Markets
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
410681
USD 25
500:1
Excellent
0.80 pips
USD 8
0.80 pips
3830
50
MT Supreme
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
443670
USD 5
500:1
Excellent
1.60 pips
USD 16
0.10 pips
1510
57
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
318232
USD 0
500:1
Excellent
1.00 pips
USD 10
0.00 pips
188
70

Pepperstone – Lowest Cost ECN Broker

An ASIC-regulated broker (ASFL: 414530), Pepperstone was founded in 2010 in Melbourne and has grown to be one of the largest ECN brokers in the world, with over 300,000 clients and a 12+ billion-dollar daily trading volume. While the new rules introduced by ASIC in 2021 will harm many low-quality brokers in Australia, Pepperstone is well-placed to benefit its international clients with its low fees, ultra-fast execution, and three popular trading platforms.

Lowest Trading Fees: Pepperstone offers two accounts with some of the lowest trading fees in the industry – a Razor Account with spreads that average at 0.17 pips (EUR/USD) in exchange for a commission of 7 USD and a commission-free Standard Account with spreads that average at 0.69 pips on the EUR/USD. Trades are executed in under 0.3 seconds, meaning orders are filled as close to the quoted price as possible. Additionally, there are no minimum deposit requirements, making both accounts accessible to beginners.

Trading Platforms: Pepperstone’s trading platforms include MetaTrader 4 (MT4), Metatrader 5 (MT5), and cTrader, a broader range of platforms than is typically found at other brokers. MT4 is the most popular trading platform, while MetaTrader 5 (MT5) has more tools, such as an embedded economic calendar and chat system. cTrader is a more modern trading platform and is easier for beginners to learn but still has all the sophisticated automation tools found in MT4 and MT5. While trading conditions vary slightly depending on the trader’s preferred platform, trading costs are still lower than those of similar brokers.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

Avatrade – Best Mobile Trading Experience

Founded in 2006 in Dublin, Ireland, Avatrade is an ASIC-regulated broker (AFSL 406684) with over 200,000 registered users and an average monthly trading volume of 60 billion USD. In line with the 2021 ASIC changes, Avatrade amended its product offering, reducing its leverage from 400:1 to 30:1 for retail traders. Tanzanians will be onboarded through the BVI FSA, which means that their funds will be segregated in tier 1 banks, but leverage will remain at 400:1. The ASIC oversight ensures that Avatrade will act reliably and transparently. It also provides a user-friendly trading environment on a range of trading platforms, including its innovative mobile app – AvaTradeGO. AvaSocial, Avatrade’s social trading platform, is also available as a downloadable app.

AvaTradeGo: An award-winning application, AvatradeGO allows traders to connect to global trading markets, create watchlists, and view live prices and charts.  AvatradeGO provides free access to analysis tools such as Autochartist, Duplitrade, a copy trading tool, and AvaProtect, its state-of-the-art risk management system. Avatrade’s trading fees are average compared to similar brokers, with a minimum deposit requirement of 1500 ZAR, spreads that start at 0.90 pips on the EUR/USD, and no commissions charged on Forex trades.  

Avasocial: Avasocial is Avatrade’s social and copy trading platform. Available on both Android and iOS, the mobile app allows traders to replicate the trades of other successful traders.  Traders can opt to trade manually or to use a fully automated service. Traders can also interact with other traders and ask questions on specific strategies, find out more about various markets, and seek out a mentor, making it a great tool for beginner traders. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

eToro – Best ASIC-regulated Copy Trading Broker

  • Mobile App: Intuitive and easy-to-use mobile trading app, also available in a web browser.
  • CopyTrader: Browse the profiles of other traders, check their performance and copy their trades with no additional fees.
  • CopyPortfolios: Algorithmically managed investment portfolios for more experienced traders

Fees and Trading Conditions: eToro invented the first social trading system in 2007 and remains the leading copy trading broker in Australia. Costs are average on its single trading account, with spreads starting at 1.0 pips on the EUR/USD and a minimum deposit of 50 AUD. Through its copy trading platform, traders have access to 2454 CFDs, including 96 cryptocurrency pairs and copying other traders is free. But eToro clients can only use eToro’s trading platform, so they will not have access to the automation tools available on common third-party platforms like MT4 and MT5.

Security and Regulation: eToro (AFS License Number: 491139) has been regulated by ASIC since 2017. The company is also regulated by the world’s leading authorities, including the UK’s FCA  and CySEC of Cyprus. In addition to complying with ASIC’s rules, eToro has purchased an insurance policy from Lloyd’s of London, which covers up to 1 million EUR, GBP, or AUD.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. eToro proprietary trading platform support. eToro is regulated by CySEC, FCA, and ASIC. 67% of retail investor accounts lose money when trading CFDs with this provider.

IG – Largest Number of CFDs

Founded in London in 1974, IG’ has a regional HQ in Melbourne and has been regulated by ASIC since 2002 (220440). The largest broker in the world by revenue and regulated by 17 authorities worldwide, IG is also one of the few brokers that supported ASIC’s introduction of tighter regulations in early 2021. Although Tanzanians will be onboarded through IG’s South African subsidiary, the ASIC oversight guarantees a reliable and transparent trading environment.  In addition to being one of the best regulated ASIC brokers, IG has the widest range of financial instruments and some of the lowest trading fees in the industry on three trading platforms.

Widest range of financial instruments: IG offers over 17,000 financial instruments, many more than most other brokers. Tradeable CFDs include 13,000 share CFDs, 6000 ETFs, and 80 Forex pairs. IG also offers weekend trading on major Forex pairs and 24-hour trading on Australia’s leading stock index, the ASX 200. Both of these are unique services that are not available at other brokers.  IG’s single account has low fees compared to other brokers, with no minimum deposit requirements, spreads starting at 0.85 pips on the EUR/USD, and no commission charged on Forex trading.

Trading Platforms: IG’s trading platforms include MetaTrader 4 (MT4), its web-based platform, and L2 Dealer, a specialist share trading platform that offers direct market access (DMA) to clients who maintain an account balance of 2000 AUD. MT4 and the IG trading platforms are more user-friendly and suited to beginner traders, while the L2 Dealer offers advanced analytical tools and charting packages for more experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

IC Markets – Best Broker for Beginners

IC Markets (ASFL: 335692) is a leading ASIC-regulated online retail Forex and CFD broker founded in 2007 and headquartered in Sydney. One of the largest Australian brokers, IC Markets’ daily trade volume averages over 15 billion USD and is available in over 162 countries worldwide, including Tanzania. IC Markets was one of the first brokers to amend its product offering in line with ASIC’s 2021 restrictions. While Tanzanians will be trading under the Seychelles-based entity, the ASIC regulation provides additional confidence that IC Markets will behave responsibly and fairly.  IC Markets provides a welcoming environment for beginner traders with its well-structured educational section developed by a team of in-house experts and two beginner-friendly accounts.

Education: With a comprehensive library of course material, including video tutorials, articles, frequent webinars, and IC Markets’ Web TV, traders will receive extensive instruction in CFD trading. IC Markets also has a dedicated support department operating 24/7 to help beginner traders answer any technical or trading-related questions.

Beginner-friendly accounts: IC Markets offers three live accounts, all with a minimum deposit of 200 USD, making them accessible to beginner traders. IC Markets’ trading fees are some of the lowest in the industry – its commission-free Standard Account has fees included in its variable spreads, which average at 1 pip (EUR/USD). The Raw accounts offer spreads that average at 0.02 pips on the EUR/USD in exchange for commissions of between 6 and 7 USD (round turn), depending on the trading platform.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

Admirals – Best ECN Broker for Education

Founded in 2001 and headquartered in the UK and Estonia, Admirals has been regulated by the Australian Securities and Investments Commission (ASIC) since 2012 (AFSL 410681). Tanzanians will be regulated by Admirals’ FSCA-regulated entity based in South Africa, so will retain higher levels of leverage than is available in Australia but will benefit from the segregated bank accounts and a higher level of security that is demanded by ASIC regulation.

Two ECN Accounts: Admirals offer two ECN accounts on MT4 and MT5. The Zero.MT4 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT4 account is 5 USD round turn, which is at the lower end of what similar ECN brokers can offer. Admirals’ MetaTrader Supreme edition for both MT4 and MT5 offers improved trading widgets, charts, and indicators when compared to standard MetaTrader. 

Zero to Hero Education: Admirals has an excellent education suite, starting with the free Zero to Hero program, where beginners can learn to trade in 20 days. The accompanying webinars Admirals publishes are detailed and helpful, and the overall onboarding experience is welcoming, responsible and genuinely educational. With intermediate and advanced trading education for experienced traders and access to Trading Central delivering trading insights, quality learning material is front and centre for all clients.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.

XM – Best Broker Education

Founded in 2009 in Cyprus, XM has over 5,000 0000 traders on its books from 192 countries. With a long history of regulatory oversight, XM gained its ASIC licence (AFSL number 443670) in 2014 and set up a regional office in Melbourne. Tanzanians will be trading under XM’s Belize-based entity, regulated by the IFSC. Although the IFSC’s rules are not as strict as other international regulators, the ASIC regulation provides traders with confidence that their funds will be safe and that they will be treated fairly. Under the strict regulatory regime, XM offers an Ultra-Low account with low trading fees and provides some of the best educational support in the industry.

Daily Live Education: XM excels in its educational offering, which includes educational videos, courses, platform tutorials, Forex seminars, and live Q&A sessions available every hour from Monday to Friday. Topics include the basics of Forex trading, technical analysis, trading strategies, fundamental analysis, and major currency fundamentals.  XM also offers comprehensive market analysis, providing traders with a daily market overview, frequently updated news, trading ideas, technical summaries, podcasts, and regular research updates. 

XM’s Ultra-Low Account: Available on the MT4 and MT5 trading platforms, XM’s Ultra-Low Account has competitive trading fees, with spreads that start at 0.8 pips on the EUR/USD, no commissions for Forex trading, and a minimum deposit of 50 USD.  XM also boasts a strict no requotes and no rejections policy, and 99.35% of all trading orders are executed in less than one second, which means that traders will usually receive the trading prices that are quoted.

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

Axi – Best MT4 Customisation

Founded in 2007, Axi (formerly Axitrader)  is an Australian-owned online forex broker regulated by the Australian Securities and Investments Commission (ASIC AFSL number: 318232). Axi adheres to ASIC’s seven disclosure benchmarks to ensure that traders understand the risks of CFD trading. Although Tanzanian traders will be trading under Axi’s Seychelles-based entity, ASIC regulation ensures that the broker provides a reliable and fair trading environment. While Axi only supports the MT4 trading platform, the MT4 NexGen plugin transforms MT4 into a superior trading platform. It also offers lower than average trading costs on two live accounts.

Trading Platforms: Although trading platform support is limited to MT4, Axi offers a range of tools and plugins that can be added to the trading platform to make it more powerful. Traders who maintain an account balance of more than 1000 USD can access the MT4 NexGen plugin, which includes a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Traders also have free access to Autochartist and PsyQuation, an advanced data analytics plugin that analyses your trading style identifies mistakes, and helps you avoid making similar mistakes again. 

Trading Fees: Axi’s trading fees are highly competitive. It offers two live accounts with no minimum deposit requirements (although Axi recommends depositing an initial sum of 200 USD) – the commission-free Standard Account with spreads that average at 1 pip on the EUR/USD and the Pro Account with spreads that average at 0.1 pips (EUR/USD) in exchange for a round turn commission of 7 USD.  

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.

Why Trade with an ASIC Regulated Forex Broker?

There are few genuinely strong regulators in the world; the UK’s Financial Conduct Authority is one, the Cyprus Securities and Exchange Commission is another, and most would agree that ASIC is also a member of this group. ASIC has already built a reputation for guaranteeing trader security and dealing harshly with bad brokers, but recent reports show that ASIC is planning an even stricter regulatory environment in the coming months. We will talk about what that environment might look like in more detail below, but first, let’s look at the current benefits of trading with an ASIC-regulated broker.

  • Segregated Accounts: Like most good regulators, ASIC ensures that all brokers keep client funds segregated from broker operational funds and in Tier 1 Australian banks.
  • No Leverage Limit: There are currently no limits on maximum leverage offered by brokers, though this is likely to change in the next year. While leverage limits can protect traders, especially beginners, it can make scalping strategies more difficult.
  • Dispute Resolution and Customer Satisfaction: The Australian Financial Complaints Authority (AFCA) handles all disputes between traders and brokers and are known for efficiency and fairness. Importantly, brokers are responsible for the cost of the resolution and not the trader – this provides an incentive for brokers to respond quickly and fairly to all customer complaints. Unsurprisingly, ASIC Forex brokers are consistently rated very highly for customer satisfaction.
  • No Conflict of Interest: ASIC has banned all Forex brokers from being counterparty to their client’s trades, furthermore all brokers are required to offer a fast and efficient platform with no broker interference. It is perhaps as a result of these restrictions that Australia hosts many of the world’s best ECN brokers.

How To Choose an ASIC Regulated Broker?

All ASIC brokers are safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other.  When looking for an ASIC-regulated Forex broker, it is important to judge them on the following areas:

  • Broker Type: Most brokers are either ECN/STP or Market Makers, but some can be a combination of both. You will find that many brokers will provide an ECN/STP service on their higher-deposit account types while acting as a Market Maker for their Cent and Standard accounts. Many of the best ASIC regulated brokers are ECN/STPs.
  • Trading Conditions: This includes what kind of spreads are available, how much leverage is offered, and how many currency pairs are available. These factors will directly impact your profit or loss, so you don’t want any surprises.
  • Trading Platform: MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and/or their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.
  • Minimum Deposit: This changes by account type for many brokers, with higher minimum deposits often linked to better trading conditions. We will always highlight the minimum deposit available regardless of the account type.
  • Deposit and Withdrawal Methods: All brokers accept traditional payment types such as debit/credit cards and bank transfers, many accept online payments through Skrill and Neteller and some will also accept Bitcoin. Always check for deposit and withdrawal fees, a few brokers charge a percentage fee for some withdrawals methods, making large drawdowns very expensive. 

Changes in ASIC Regulation

The Australian Securities and Investments Commission (ASIC) released its annual report for the 2018/19 fiscal year on October 17th, 2019 against the backdrop of its highly critical review of the CFD sector in August.

The August review of the Australian OTC retail derivative market found a considerable increase in the number of traders since 2017 and an equally large increase in turnover at ASIC regulated brokers.

ASIC-Data

ASIC also published the data on complaints filed against CFD brokers over the same period, and the results were shocking.

From 2017-19 complaints received by ASIC had increased by 600%, a situation that ASIC has concluded is not sustainable in a sector where the majority of customers are known to lose money.

ASIC-Complaints-1

As a response to this damning set of data, and citing the 2018 tightening of regulation in Europe by ESMA, ASIC has laid out a new set of regulations for CFD brokers operating under its jurisdiction:

  • A complete ban on binary options
  • Varying leverage restrictions for all CFDs: 20:1 for forex and gold, 15:1 for stock indices, 10:1 for commodities (excluding gold), 2:1 for cryptocurrencies and 5:1 for equities and all other instruments.
  • A forced stop-out at 50% of the total initial margin of all open trades
  • Mandatory negative balance protection
  • A complete ban on all bonus schemes, promotions and other incentives to traders.
  • All brokers must place visible and honest risk warnings showing the percentage of traders who lose money on their platform
  • All broker trading platforms must always display total position size and overnight funding costs related to open positions in real-time.
  • ASIC also stated that they expect all brokers to publish their pricing methods

Though these restrictions have not yet been made into law, ASIC made it very clear that they expect the new set of rules to be on the books within the next few months – ASIC further reinforced this stance at the launch of the annual review, stating that:

“We continue to respond to a high incidence of misconduct in the retail OTC derivatives sector, involving large client losses.”

ASIC has also warned Australian brokers away from working with offshore investors illegally, especially as regulators in China, Japan and Europe and North America have placed restrictions or bans on CFDs for retail investors. ASIC has also started working more closely with CFD brokers to ensure compliance with foreign laws and is actively engaged with multiple international regulatory bodies in this matter.

Overall, we can expect significant changes in the Forex industry in Australia, and across the Asia-Pacific region, in the next few months. If you want to know more about how these changes might affect your trading, we recommend getting in touch with ASIC or your broker to discuss the options available to you.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Close
>