How Can You Choose the Best Forex Brokers in Australia?
Forex trading has been becoming popular among the residents. Besides, international traders are also shifting for the Australian based brokers. It is due to the recent restrictions in the European unions. So, choosing the best forex brokers in Australia is necessary.
So, how do you choose the best Australian forex brokers?
You will know from this article. Through extensive research, we bring out the necessary criteria to choose the Australia brokers. Besides, we will also provide details on Australia forex trading.
Read on to discover the best forex trading platforms Australia.
Is Forex Trading Authorized in Australia?
Usually, some strict jurisdictions banned forex trading or put a severe restriction on trading. You may wonder whether Australia is like that or no!
You will be delighted to know that forex trading is legal in Australia, and there is no restriction. Instead, Australia is flexible about forex trading and provides all the support via ASIC regulated forex brokers.
Who Regulates the Australia Brokers?
Australia brokers are tightly regulated by ASIC, which is the Australian Securities and Investments Commission. However, before that, the Australian Securities Commission, founded in 1991, used to control the brokers. However, it was dissolved in 1998, and ASIC was established with an aim to make the Australian market strong and regulate the best forex trading platform Australia.
However, no Australian forex brokers can run their business in Australia without having a license from ASIC.
Best Forex Brokers in Australia
- 200+ tradable assets
- Choose between 4 trading platforms
- Competitive spread pricing on raw account
- Mobile Trading: Available
- ECN: Available
- Currencies: 45+
- Axi Mobile Trading: Available
- Currencies: 80+
- Web Trading: Available
How Can you Choose the Best Forex Brokers in Australia?
When you research the overall best forex broker Australia, you will find hundreds of them, which can make you difficult to choose from. However, you can narrow down the list for the best online brokers Australia by comparing some criteria.
Following are some key criteria you can use to sort out the brokers.
Look for the Regulatory Status
The fund’s protection should be the first priority when you trade. Having said that, your funds are safe with a regulated broker. So, you will have to verify the broker’s regulatory status, as many brokers may provide false information about their regulatory status. Later in this article, we will provide a guideline to check a broker’s regulation status.
Look for the Broker’s Currency
For the Australian residents, it is must check the broker’s base currency as international oriented brokers operate under other base currency rather than the AUD. Choosing the AUD currency broker would save you money.
However, brokers with other currencies will require to convert to AUD, which may reduce your profit.
Look for the Negative Balance Protection
It is necessary for the newbie brokers. Usually, the negative balance protection stops your forex account’s balance from going negative if the market goes against you. However, having things features is not mandatory for the online broker Australia that operates under ASIC.
But with that feature, you don’t need to pay an extra deposit if the market doesn’t favor you. That is how your balance will get the protection.
Besides these, you should look for other factors such as offered markets, forex trading platforms, trading costs, unique features, types of accounts, customer support, deposit and withdrawal methods, and more.
Additionally, searching and comparing the top 10 forex brokers reviews won’t harm you.
How can you Crosscheck an Australian Forex broker with AISC?
You can cross check a broker’s registration from your computer or phone, which has an internet connection. When you choose the best forex brokers in Australia, visit their website and look for the AFSL license number., which stands for Australian Financial Services License. According to the ASIC policy, all Australian forex brokers need to show their license number on their website, which enforces transparency. Normally the number is located at the bottom of their webpage.
Next, you will have to check the ASIC database via their website. So, you should be able to get the AFSL number in the ASIC database. If that matches, you are good to go, but if that doesn’t match, it is not regulated, or you may double-check.
Tricks to Trade with the Best Regulated Forex Brokers in Australia
Registering with the best forex brokers in Australia will not get your job done. You need to apply your own strategy to become a successful trader.
So, the best forex trading platform Australia can increase your earnings if you apply some tricks.
As the trading process is based online, you have to remain online and need to visit some social media platforms to see what’s going on in the markets. That’s where you get distracted, which can hamper your trading. Staying away from forex related social media accounts will help you to make your decision.
If you are an individual trader, we assume that you trade from home via the best online brokers Australia. It is alarming for the traders as surrounding noises can break your concentration. As a result, you may take the wrong steps regarding trading.
However, you should take some breaks too, because looking at the computer screen continuously can freeze your brain.
When you are done with the trading or take a position, you can evaluate yourself, which will help you check if you take any wrong move. It is beneficial for your future trading.
Good time to take Position in Australia Forex Trading
When you choose the best forex broker Australia, you don’t need to worry about the time, as a good time to trade depends on the specific trader’s strategy. Usually, each trader applies their own strategy, so timing may vary compared to other traders.
For example, some traders may prefer the local time while others may want to focus on USD or GPB and trade on New York or London time. So, you will have to select your timing based on the best forex brokers in Australia you are trading with.
Advantages of the Best Online Forex Brokers in Australia
When you trade with the best forex brokers in Australia, you will definitely get some advantages. First of all, you will not face any price manipulation or fraudulent activities. Besides, you will get a segregated account, which ensures that the broker is not using your funds and everything remains transparent.
Besides, ASIC regulates the best forex broker Australia, so there are no chances that you can get cheated. But, if something like that happens, you can always report to the ASIC.
Above all, the best forex brokers in Australia ensure a safe trading environment.
Australian forex trading market boomed in 2008 after the European Union’s restriction as brokers started making Australia their new home. Since then, Australia became a hub for brokers, and some best forex brokers in Australia were born.
Besides, the AISC also helped the brokers and the traders to kick off in the forex world. We hope the criteria we have provided in this article will help you to get the best online broker Australia you were looking for.