The best ASIC-regulated forex brokers
Pepperstone is our top ASIC-regulated forex broker for Australian traders: it was founded in Melbourne in 2010, holds AFSL 414530, scores 92/100 and published a 0.1-pip average Razor spread on EUR/USD for August 2026. IG suits traders who want the broadest regulation, Interactive Brokers the lowest commissions, IC Markets raw spreads across 2,850+ instruments, and Eightcap TradingView and TradeLocker. All figures were verified November 2026.
Our picks
- Pepperstone: best overall, Melbourne-founded, with published average spreads and no minimum deposit.
- IG: ASIC plus the FCA, BaFin, FINMA, MAS and more, with ProRealTime and MT5.
- Interactive Brokers: interbank pricing at about $4–5 round turn per 100k, but no MetaTrader.
- IC Markets: Sydney-founded raw-spread specialist with cTrader and 2,850+ instruments.
- Eightcap: Melbourne-founded, with TradingView and TradeLocker alongside MetaTrader.
ASIC broker comparison
| Score | ASIC licence | EUR/USD cost | Min deposit | Retail leverage (ASIC) | Founded | |
|---|---|---|---|---|---|---|
| Pepperstone | 92/100 | AFSL 414530 | Razor avg 0.1 pips + $7 RT | $0 | 30:1 | 2010, Melbourne |
| IG | 91/100 | ASIC (number not in our data) | Spread-only from 0.6 pips | $50 by card | 30:1 | 1974, London |
| Interactive Brokers | 90/100 | AFSL 453554 | Interbank + 0.20 bp per side (about $4–5 RT per 100k) | $0 | Not in our data | 1977/78 origins, Greenwich, USA |
| IC Markets | 88/100 | AFSL 335692 | Raw avg 0.1 pips + $7 RT | $200 | 30:1 | 2007, Sydney |
| Eightcap | 83/100 | AFSL 391441 | Raw from 0.0 pips + $7 RT | $100 | 30:1 | 2009, Melbourne |
What ASIC regulation means for Australian clients
Each broker here runs an ASIC-licensed entity, and our data lists a 30:1 retail leverage cap under ASIC for Pepperstone, IG, IC Markets and Eightcap. Pepperstone states that clients in Australia are covered by their local regulator and 30:1 caps. The catch is that three of these brokers also run offshore entities with far higher leverage: IC Markets up to 1:5000 via the Seychelles, Eightcap up to 1:500 and Pepperstone "higher via offshore entity". Our data does not record an Australian leverage figure for Interactive Brokers.
1. Pepperstone: best ASIC broker overall
Pepperstone tops our methodology at 92/100. It is licensed by ASIC, the FCA, CySEC and the DFSA, supports MT4, MT5, cTrader and TradingView, and has no minimum deposit. Its Razor account averaged 0.1 pips on EUR/USD in August 2026 with $7 round-turn commission on MT4/MT5 and $6 on cTrader.
Drawback: some international sign-ups may be placed with its Bahamas entity, so confirm your account is with the ASIC entity. It does not publish an instrument count.
2. IG: broadest regulation
IG (91/100) scores 35/35 for regulation, with ASIC alongside the FCA, BaFin, FINMA, MAS, DFSA, JFSA and FSCA. Its platforms include IG web and mobile, TradingView, MT4, MT5, ProRealTime and L2 Dealer, and the minimum deposit is $50 by card.
Drawback: forex is spread-only from 0.6 pips, there is no retail raw account, and its latest published EUR/USD average dates from 2021.
3. Interactive Brokers: lowest commissions
Interactive Brokers (90/100) holds AFSL 453554 and is publicly listed. It prices forex from interbank quotes plus 0.20 basis points per side, about $4–5 round turn per 100k, with a $0 minimum.
Drawback: no MT4 or MT5, a steep learning curve on Trader Workstation, and a $250k NFA fine in 2023 for retail FX supervisory failures. See OANDA vs Interactive Brokers.
4. IC Markets: best for raw spreads and range
IC Markets (88/100) was founded in Sydney in 2007. Its Raw account averages 0.1 pips on EUR/USD with $7 round-turn commission on MT4/MT5, and it lists 2,850+ instruments with MT4, MT5, cTrader, TradingView, IC Social and ZuluTrade.
Drawback: its global site, ic.com, onboards clients through Raw Trading Ltd, regulated by the FSA Seychelles, with leverage up to 1:5000 and fewer protections, which is why we rate its regulation "Mixed". Make sure an Australian account is opened under AFSL 335692. Official pages also give conflicting standard-account spreads. See Pepperstone vs IC Markets.
5. Eightcap: TradingView and TradeLocker
Eightcap (83/100) was founded in Melbourne in 2009 and holds AFSL 391441, plus FCA and CySEC licences. It supports MT4, MT5, TradingView and TradeLocker, starts from 0.0 pips plus $7 round turn and charges no inactivity fee.
Drawback: it publishes only "from" spreads, and its global site footer lists only offshore entities (Bahamas, Seychelles, Mauritius). See Pepperstone vs Eightcap.
Worked example: why the entity matters
At the 30:1 ASIC retail cap, one standard lot of EUR/USD (100,000 euros) needs €3,333.33 of margin (100,000 ÷ 30). Through IC Markets' Seychelles entity at 1:5000, the same lot needs just €20, so a small deposit can control a position large enough to wipe it out quickly.
On cost, a pip on one lot of EUR/USD is worth about $10. Pepperstone's and IC Markets' 0.1-pip averages plus $7 commission both come to about $8 round turn on MT5; Pepperstone's cTrader rate brings it to about $7. Check other sizes with the margin calculator and position size calculator.
ASIC-regulated brokers we did not pick
OANDA (86/100) holds AFSL 412981, but the costs and leverage in our data are for its US accounts, so we cannot compare its Australian pricing fairly. Tickmill and XM do not list ASIC licences in our data.
How we chose
We filtered our ranked brokers to those whose regulators include ASIC and ordered them by WizardTrader score, which weighs regulation (35), costs (25), platforms (15), access (10) and track record (15). See the methodology.
What to check before you open an account
- The AFSL on your agreement. Confirm the ASIC entity holds your account, not an offshore affiliate.
- Leverage offered. If you are offered more than 30:1 as a retail client, you are probably not with the ASIC entity.
- Average spreads. Only Pepperstone and IC Markets publish averages among these picks.
- Platform fit. Interactive Brokers has no MetaTrader; IG has no raw account.
Read how to choose a forex broker and leverage and margin explained.
Sources
Provider data on this page was verified November 2026 against these sources:
Pepperstone
- Pepperstone: licensing and regulation
- Pepperstone: trading accounts
- Pepperstone: who we are
- Pepperstone Financial Services Guide (PDF)
IG
Interactive Brokers
IC Markets
Eightcap
Trading involves substantial risk of loss and is not suitable for everyone. CFDs and leveraged forex can lose you money rapidly, and you can lose more than you expect if you size positions badly. Past performance does not guarantee future results. This page is general information, not financial advice. Rankings are editorial and not paid. Read our risk disclaimer and advertiser disclosure.