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.
However as Forex trading becoming more and more popular, some countries have already amended their regulations to enhance the protection of investors trading in the Forex market. 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. 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).
Thus, Forex traders in Australia who want to trade Forex should deal with those Forex trading companies that are registered with AISC and licenced by the RBA to ensure that their investments are properly protected by law. Below are some of the reputable Forex trading companies that provide online Forex trading facilities which 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 q trading co Australia. The company utilises the services of registered third party providers that are properly licenced to deal with the execution of trades. Also registered with AISC is Halifax. 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 company office is located in Melbourne and is regulated by AISC. The trading platform is web-based and doesn't require software or firewall configurations to be downloaded. Also located in Melbourne is Go Markets Pty Ltd. The company, which holds the AFSL license #254963, is registered for Forex and CFDs as well as Equities. They have many partnerships with overseas financial institutes and are well-connected to act for their clients all over the globe. Only a deposit of $1 is required to open an account with them and they offer up 300 to 1 margin trading ratio to their clients.