How to check a broker is ASIC-regulated or not?

The Australian ASIC license, as a highly valuable license, is one of the necessary licenses for many large platforms and exchanges.

ASIC, the full name of Australian Securities and Investment Commission, is the Australian Securities and Investment Commission. Founded in 1998, ASIC is an independent government agency that independently exercises regulatory functions over companies, investment practices, financial products and services in accordance with the law, and is an important part of the Australian financial system.

According to the provisions of the ASIC Act, any financial institution engaged in financial transactions in Australia is required to accept ASIC certification and apply for an AFSL financial services license. The Australian license number commonly referred to in the industry is the AFSL license number.

Below, we will explain the ASIC regulatory process and information query steps in detail:

1. Log in to the ASIC official website http://www.asic.gov.au/ find the license number/reference number (preferred) or the name of the broker on the broker's webpage;

2. Enter the number. Or find it on the Professional Registers page on the ASIC website and select the Register broker type (in most cases select 'Australian Financial Services Licensee') and Status (select all);

3. You will have access to the dealer's content on the ASIC website. At this point you will click on the 'License Authorization Conditions' and check whether the dealer has the right to offer 'foreign exchange contracts or derivatives' to retail customers; If not, it means that the dealer does not have the right to conduct foreign exchange trading services, please take precautions. If yes, proceed to the following steps.

It is worth noting that the company's website address is not indicated in the ASIC, so traders cannot be sure that the regulatory number queried is that of the platform provider. Therefore, to inquire about ASIC regulated platforms, traders need to log on to the Australian Financial Complaints Authority (AFCA) website to check the platform's contact details.

4. Visit AFCA official website https://www.afca.org.au/, And click to enter "make a complaint" - click to enter "start the complaint process" - click to enter "Find your finanacial firm" - Enter the company name, or complaint protection number, or ABN/ACN number to query company information.

Don't forget to check the most important information - check that the information on the trader's web page is consistent with the information published by ASIC and AFCA, paying particular attention to information such as web addresses and email addresses. If the information is inconsistent, stay away from the dealer, as it is likely to be an unauthorized company and your funds are likely to be compromised.