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Looking for an ASIC broker that is equivalent of LMAX 26 replies

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ASIC Regulated Forex Broker

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  • First Post: May 24, 2021 1:27am May 24, 2021 1:27am
hi anyone looking for reliable Forex Broker ?
anyone In AU after march Change leverage if wanna change broker please contact me
I'm currently trading with an ASIC regulated broker, FP Markets. The trading conditions are good compared to all the ASIC brokers I have traded in the past.

Spreads are tighter, starting at 0pips with lower slippages and commission costs.
Quoting HengkiTjen
hi anyone looking for reliable Forex Broker ? anyone In AU after march Change leverage if wanna change broker please contact me
Unless your own country has a financial regulator commission for Forex such as Australia, USA, UK, etc. otherwise you are most likely under a offshore registered commission.
Hence, higher in leverage.
For ASIC regulation, ICM and FP Markets are good choices because they are also older brokers that have been in the forex business for over a decade.
Quoting LeoMarchegi
For ASIC regulation, ICM and FP Markets are good choices because they are also older brokers that have been in the forex business for over a decade.
ICM is getting to be a real pain in the azz lately, not even commenting why, just read this picture

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If you chase two rabbits, you will catch neither one!
Brain Surgery Return This Year: 24.9%
I agree that ICM is just getting worse day by day, even with the simplest things they are not able to do. I had an issue with my withdrawal and wanted to reach their customer service, but it took me hours, and when I reached them, they barely even knew what to do.

When I was looking for another broker that has similar spreads as ICM, I came across FP Markets. Their spreads range from 0.1–0.2 pips, and the customer service has always been quick in responding and solving issues.
What's peoples experience with Thinkmarkets? Don't see allot of posts here one way or another.
There are two regulations of which I am aware that are from top-tier government bodies, and those are FCA and ASIC.

If you are looking for an ASIC broker, then using brokers such as Etoro and FP Markets is a good choice because of their robust trading conditions and quick customer service in answering client queries.
I use Pepperstone and so far it's pretty good.
Quoting Timothy13
There are two regulations of which I am aware that are from top-tier government bodies, and those are FCA and ASIC. If you are looking for an ASIC broker, then using brokers such as Etoro and FP Markets is a good choice because of their robust trading conditions and quick customer service in answering client queries.
Be aware that non-Australian traders are not regulated under ASIC if you trade with FP Markets. Ask them specifically and you will learn that although you trade with them your regulator will be an offshore regulator.
Never Ever Give Up!
Quoting Cobra
{quote} Be aware that non-Australian traders are not regulated under ASIC if you trade with FP Markets. Ask them specifically and you will learn that although you trade with them your regulator will be an offshore regulator.
But if they shunt you off to the Vanuatu branch office, you will get much more leverage, right?

If you chase two rabbits, you will catch neither one!
Brain Surgery Return This Year: 24.9%
Quoting SlideLow
What's peoples experience with Thinkmarkets? Don't see allot of posts here one way or another.
Avoid Stinkmarkets and EightCrap as well

Good luck

If you chase two rabbits, you will catch neither one!
Brain Surgery Return This Year: 24.9%
Quoting Erebus
{quote} But if they shunt you off to the Vanuatu branch office, you will get much more leverage, right?
The problem is that if FP goes under for some or other reason you will not enjoy the same rights as an Australian citizen with regards to the security of your funds.
I got all my funds back when Alpari went under. $ 34 000. My account then as a non UK citizen were covered by the UK regulator and i was treated the same as UK account holders.
Regulation is Key.
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Never Ever Give Up!
Quoting Cobra
{quote} The problem is that if FP goes under for some or other reason you will not enjoy the same rights as an Australian citizen with regards to the security of your funds. I got all my funds back when Alpari went under. $ 34 000. My account then as a non UK citizen were covered by the UK regulator and i was treated the same as UK account holders. Regulation is Key. {image}
I understand that.

For the rest of it, I haven't researched it, but can Aussies brokers accept overseas clients and then they are not covered by ASIC rules?

Or do you mean Aussies brokers accept overseas clients under the Vanuatu branch without ASIC coverage?

Either way, it should be up to the trader to know the terms of opening an account.

Cheers
If you chase two rabbits, you will catch neither one!
Brain Surgery Return This Year: 24.9%
Quoting Erebus
{quote} I understand that. For the rest of it, I haven't researched it, but can Aussies brokers accept overseas clients and then they are not covered by ASIC rules? Or do you mean Aussies brokers accept overseas clients under the Vanuatu branch without ASIC coverage? Either way, it should be up to the trader to know the terms of opening an account. Cheers
Ausie brokers accept overseas clients , but not with ASIC regulation. They shift you to their off shore regulators. Risky when things go south... Just my opinion.
Never Ever Give Up!
ASIC has basically told Aussie brokers this: "If you accept clients from country xxx, make sure you comply with the rules/regulation of country xxx".
This basically means if you accept a client from, say, Indonesia, you need to comply with Indonesia regulation, which basically means the broker needs to get a license from Indonesia, setup an office there etc. If you have clients in over 100 countries, you need to have license for each of those country.

Before 2021, Aussie brokers accept clients from most countries except the usual suspect like USA, Iran etc. After 2021, Aussie brokers have no choice but to setup offshore company in order to survive.

Offshore jurisdiction do not have this requirements. UK FCA also does not have this requirement. So if you are outside the UK, you can sign up with UK/FCA broker.
But ASIC brokers are only for Australian residents.
Quoting reddevil
ASIC has basically told Aussie brokers this: "If you accept clients from country xxx, make sure you comply with the rules/regulation of country xxx". But ASIC brokers are only for Australian residents.
That's a very explicit statement, but I think it's more your opinion than fact. This is from the first broker I checked.

Any traders here that are outside of Australia that trade live with an Australian broker, please help out.

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If you chase two rabbits, you will catch neither one!
Brain Surgery Return This Year: 24.9%
Quoting Erebus
Any traders here that are outside of Australia that trade live with an Australian broker, please help out. {image}
I used to have an active account with IC Markets for many years up until March 2021 where my account got transferred to their global branch (Seychelles).

I kept trading with them until around May 2022 where I also stopped trading at all because I was making no progress.

Out of curiosity I logged in again today and it seems like they are now even stopped working with EU clients under this global branch.

Last year i also registered with Global Prime but only for a few months before I got moved to Afterprime. I haven’t much actively traded with both and already took out my monies again a few months ago.

Otherwise, never had any big problems with IC, GP or Afterprime

I have to say that even that I am from Germany (EU) I never signed up with any German or even EU based broker, I don’t even know what’s a good one here.

I still don’t know what to do. I somehow lost my hope and energy in trying to become a consistent profitable trader not only treading water but actually being able doing this for a living.

I still had a few bits of hope left in the prop trading thing without having to risk my own money again (lots of) to even have a chance making a average salary in my country with trading…

But now after the recent development that most of these „companies“ don’t seem to be any better than all these brokers stealing your money I am not sure anymore.

All criminals! ;-)
Quoting Erebus
{quote} That's a very explicit statement, but I think it's more your opinion than fact. This is from the first broker I checked. Any traders here that are outside of Australia that trade live with an Australian broker, please help out. {image}
It is hard, if not impossible to find out when residents of a country get kicked out, if it is initiated by ASIC or they just are complying with the regulatory bodies of that country which wants to wrangle in their traders to trade in home. You can ask but you will get non-answer answers.
I just noticed it's still possible for me to open a new live account with ICM (SU). It seems that only new customers from the EU are no longer allowed to register under ICM (SU). Under ASIC it seems that it is generally no longer possible for EU citizens to trade with an Australian broker.

I can gladly offer you my 1:500 account. I take 20% of your profits (like these Prop trading Gangsters) with the difference you have to top up the account yourself
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