The forex market has been around only for the past two decades. It is relatively new compared to other financial markets such as the stock exchange or futures market. The regulations that govern this market are also relatively new. This area of concern is compounded by the fact that the Forex market is also an Over the Counter (OTC) market that does not have central processing location.
Nevertheless, as Forex trading has become more popular in recent years, some countries have amended their regulations so that investors can be better protected. To protect investors, most countries resort to raising the Forex trading companies' capital requirements as well as having them obtain a licence from the regulatory bodies. fxcm markets In Australia, Forex trading is regulated by the Australian Securities and Investment Commission (ASIC). This regulatory body ensures that all legitimate Forex trading firms that provide retail Forex trading services are registered. In addition, Forex trading companies doing business in Australia must obtain an Australian Financial Services Licence or be licenced with the RBA (Reserve Bank of Australia).
Forex traders who are in Australia and want to trade Forex are advised to deal only with Forex trading firms that are licensed by the RBA, registered with AISC, to protect their investment. Here are a few of the most reputable Forex companies who offer online Forex trading and are registered with AISC.
Based in Melbourne and with offices in Sydney and the Gold Coast, Sonray Capital Markets was established in 2003 and is one of the market leaders in Forex trading facilitation in Australia. The company uses the services of third-party providers who are licensed to execute trades. Halifax is also registered with AISC. This company main base of operation is in Sydney. The HALIFAXONLINE integrated trading platform provided by this company not only permits a trader to deal with Forex but also CFD, Equities and futures as well.
Established by a group of bankers, venture capitalists and Forex specialists, ForexCT.com is one of the few Australian Forex trading companies that allows a trader to trade in Forex for as little as $100. The office of the company is in Melbourne, and it is regulated by AISC. Its trading platform is web based and does not require any downloading of softwares or firewall configurations. Go Markets Pty Ltd is also located in Melbourne. The company with the AFSL licence #254963 is registered to deal with not only with Forex but also with CFDs and Equities. They have many partnerships with overseas financial institutes and are well-connected to act for their clients all over the globe. They only require a $1 deposit to open an account and offer a 300:1 margin trading ratio.