Brokers for Australians
Australians have two directions they can go when selecting a broker: Locally regulated brokers with Australians offices, or offshore brokers with no connection to the Aussie regulatory framework.
Local brokers are overseen by the ASIC, Australia's national regulator, and ASIC is responsible for regulating not just forex but most tradable securities in Australia. By choosing an Australian regulated broker, you'll have a local regulatory body to work with should anything go wrong with your broker.
ASIC sets leverage and product restrictions for all regulated brokerages in Australia. ASIC and the Australian retail forex market uniquely classifies all retail forex products (for trading, not delivery,) as CFDs, and thus, there might be some terminology confusion when seeking out information online on forex and CFD trading. While not incorrect, as CFD is a very loose term related to any contractual obligation between two parties on the difference in price of a tracked asset, most literature and marketing from international brokers will define forex trading differently than CFDs.
Currently ASIC regulated brokers are offering up to 500:1 leverage on CFD products including Forex
Recently, proposed changes by the ASIC to leverage and product types will greatly restrict leverage available to retail traders. The proposed changes are as such: