Eightcap Among Top ASIC-Regulated Brokers in Australia for 2024

Thanks to the Australian Securities and Investment Commission (ASIC), a tier-2 regulatory body primarily responsible for the country’s financial market oversight, Australia has one of the most well-regulated Forex markets worldwide. After carefully evaluating Forex brokers, Traders Union has shortlisted the best ASIC-regulated brokers for this year.

Top 10 ASIC-regulated brokers by experts

Here is the latest Australia Forex broker ranking, according to experts.

1. IC Markets
2. Vantage Markets
3. Eightcap
4. XM Group
5. Admirals
6. FBS
7. Pepperstone
8. FXOpen
9. FP Markets
10. MultiBank

A closer look into the five best brokers

Before signing up with any of these brokers, it is important to look closer into each of their unique features, minimum deposit requirements, leverage, and average spread.

IC Markets

– the largest Forex broker by trading volume, averaging $29 billion daily

• Minimum deposit requirement – $200
• Leverage – 1:500 for Financial Services Authority (FSA) and 1:30 for Cyprus Securities and Exchange Commission (CySEC) and Australian Securities and Investment Commission (ASIC)
• Average spread – 0 points

Vantage Markets

– best for trading Contract for Differences (CFDs) for U.S. stocks

• Minimum deposit requirement – $50
• Leverage – up to 1:20 for CFDs on stocks and up to 1:500 for currency pairs
• Spread – 0 points

Eightcap

– best broker for trading directly with TradingView charts

• Minimum deposit requirement – $100
• Leverage – up to 1:500
• Spread – 0 points

XM Group

– best known for fast order execution, with 99.35% of positions executed instantly

• Minimum deposit requirement – $5
• Leverage – 1:30 for its entities regulated by the European Union and Australia while 1:1000 for all other counties
• Spread – 0.6 points

Admirals

– best for MetaTrader charting using its proprietary Supreme Edition plug-in

• Minimum deposit requirement – $1 to $100, and $250, depending on the account type
• Leverage – Up to 1:20-1:30 for retail traders subject to the asset type, up to 1:10-1:500 for professional traders, and up to 1:10-1:500 for all traders regulated by the Jordan Services Commission (JSC)
• Spread – 0.5 points

Choosing a Forex Broker in Australia

Now that the fundamentals have been covered, it is time to choose a Forex broker in Australia. But what exactly are the steps involved in choosing the right Forex service provider in the country?

• Verify ASIC regulation – many brokers, especially less popular ones and newcomers, lie about the presence of ASIC regulation to get customer trust. Check the legitimacy of each’s ASIC regulation using online trading forums and trustworthy websites. In addition, look into the company’s track record, including its fraud history, if there are any.
• Analyze the broker’s fees – if it is too good to be true, trust your instinct and walk away. Many less-popular and unregulated companies over promise in the form of low fees and far-fetched rewards, to get clients to sign up.
• Assess the quality of customer support – before signing up with any broker, try contacting their customer service and see how fast they respond and how careful they address concerns. This is enough to test their level of dedication in providing the best customer service experience for their clientele.
• Take advantage of demo accounts – do not skip on the opportunity to use demo accounts. These are free platforms offered by brokers where clients can test their strategies with virtual funding to see what works best. Best part? It’s free.

Eightcap review by experts

Meanwhile, Eightcap is probably one of the most talked-about brokers in the Forex market today. After a careful assessment of the platform, Traders Union has updated its Eightcap broker review and here are the highlights.

• Eightcap secured a TU Overall Score of 8.72 out of 10.0. Brokers with scores 8.0 and above are deemed trustworthy, and experts will not hesitate to sign up with personal accounts with these platforms
• The platform is known for its favorable working conditions, providing a wide-range of trading instruments, tight spreads, high leverage, and low fees (no withdrawal fee)
• Its clients are offered with free educational materials and special services for technical analysis to make wiser trading decisions, potentially minimizing losses as they go on

Brief look into Eightcap

Eightcap is a popular Forex and CFD broker with more than 800 trading instruments across different asset classes like stocks, commodities, indices, and cryptocurrencies (not available in the United Kingdom due to the FCA), aside from currency trading.

Aside from ASIC, it holds a license from another top-tier regulator, the UK Financial Conduct Authority (FCA), with its UK entity the only authorized and regulated broker offering CFD trading across Forex, stocks, indices, and commodities in the country.

Pros:

• Strong regulatory backing from top-tier finance regulators
• Relatively low minimum deposit requirement: traders are required to deposit only $100 to use a live account
• A range of CFD products available
• Spreads start at 0 pips, while leverage is attractive at 1:500

Cons:

• No joint accounts
• No copy trading feature
• Does not run a referral program currently
• Some users encounter regional restrictions for its services
• Customer support is not available during weekends

Overall, Eightcap is a household name in the Forex market, known for its low fees, intuitive trading terminal, and efficient customer service. However, some users from the United Kingdom and Australia may encounter regional restrictions due to the oversight of ASIC and the UK FCA.

Conclusion

Traders Union’s 2024 ranking of ASIC-regulated Forex brokers highlights Eightcap as one of the top choices in the market today. The company is known for its robust regulatory backing, low fees, and user-friendly platform. Eightcap excels in providing a wide range of trading instruments and high leverage, making it an attractive option for traders.

The recent evaluation puts an emphasis into the importance of choosing a well-regulated broker, verifying ASIC regulation, and assessing fees and customer support quality. Eightcap’s favorable conditions and strong reputation make it a reliable option for Forex traders in Australia, despite some regional restrictions and limited features like the lack of joint accounts and copy trading.