Australia is a very big country and you will expect to find so many Forex brokers here. Yes, there are so many Forex brokers regulated to operate in Australia. While it is true that there are many of them around, you also need to understand that only very few of them can be trusted to meet your needs perfectly. They all promise to give you heaven and earth. However, many of them actually do not have what it takes in order to fulfill their promises. For this reason, you need to look before you leap and not register with just any Forex broker. You should read up reviews about the Forex broker before you pitch your tent with the broker. The outcome of the reviews will help you to choose the Best Forex broker Australia among them.
In the remaining part of this write-up, we will show you a couple of things that will help you make the right choice among the Forex brokers operating here in Australia.
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Before you choose any of the Forex brokers in Australia, first find out if the broker is regulated or not. You are better off with a regulated Forex broker. It is better to register with a broker that is regulated by the Australian Securities and Investment Commission (ASIC). That means such a trader went through the regulation process in Australia. It also means that the broker passed all the criteria and standards set by this body. ASIC will also be responsible for monitoring the activities of such a broker. You can trust any broker under the control of ASIC to protect your interest. Such a broker will not steal your money. Your details and security will also not be in jeopardy on the platform of the broker.
Protection from ASIC
ASIC is an agency that belongs to the Australian government. So, you are under the protection of the Australian government when you register with a broker under ASIC regulation. ASIC is the major regulator of the financial market in Australia. Every organization in the Australian financial market must be under the control of ASIC. Also, you should find out if the Australian Forex broker has the AFSL. This will assure you of choosing the top Forex broker and the best CFD broker Australia. AFSL stands for the Australia Financial Services License. ASIC always takes its regulatory responsibility very seriously.
You need to do the following to know if the broker is under regulation:
- Check the ASIC website to validate the license number of the broker.
- You can also check the “About Us” page of the website to find out about the AFSL number of the broker. You can check the bottom of the website for the “About Us” page.
One other way to decide if the Forex broker is the right one for you is by checking the trading platform. Thanks to a variety of Forex trading platforms and stock trading apps. First of all, find out if the trading platform is user-friendly. Also, find out if the trading platform is stable. A good Forex trading platform must be easy to access. Check if the trader gives you access to a demo account. Is the demo account available for free? You can use the demo account to try out the trading platform. The demo account can help you to determine if the platform is user-friendly or not. You need to consider the points below when choosing the right broker:
- Check if the trading platform has many technical and fundamental analysis and charting tools.
- Find out if the platform makes it easy to enter and exit a trade. Check for clear buy and sell buttons on the trading platform.
- Does the broker support the MT4 trading platform? MT4 stands for MetaTrader 4. It is the most popular Forex trading platform. It is also the most commonly used by Forex traders across the globe.
- Additionally, check if that trader provides elements that can enhance trading experience. Some of the elements include automated trading options and customization options. Also, check if the broker supports strategy builders and trading alerts. You should equally check if the broker provides a web-based trading platform.
Different Forex brokers offer different types of accounts. You need to look out for this when choosing the right Forex broker to register within Australia. Check all the unique account offerings and go for any of them that meet your trading needs.
Spreads and Commissions
It is also important to consider the pip spreads and commissions charged by the Forex broker when looking for the best Forex broker Australia. The commission and spread differ from one broker to another. You cannot avoid paying a commission and spreads when you trade Forex. So, the best thing to do is to look for a broker offering a spread that is not too high. You should steer clear of that broker if its spread or commission is not affordable. While choosing affordable spread, you must not sacrifice reliability at all. If the spread is too wide, it will be difficult to make a profit on that broker’s platform. So, you should lookout for a broker that offers very tight spread.
You need to also check the leverage amount that the broker offers before you register there. When trading Forex, the leverage can help you to make a lot of profit with a small amount of money in your trading account. The leverage available on brokers varies from 50:1 to 500:1. Leverage is the money you borrow from the broker to trade. If your account balance is just $1,000, you can control a position as big as $50,000 if you use a leverage of 50:1. When choosing a Forex broker, look for one that provides leverage that fits your risk appetite
One other very important factor to consider when choosing a Forex broker is the initial deposit the broker accepts. The initial deposit differs from one broker to another. Some brokers demand initial deposits as high as $500. Some other ones only ask for a $250 initial deposit. You can find brokers demanding for just $100. What matters is your financial capability. Look for an Australian Forex broker that accepts the amount of money you are willing to risk on Forex trading.
Currency Pairs Available
Before you consider that Forex broker as the best Forex broker Australia, you need to find out about the number of currency pairs supported by the broker. You will find a big selection of currency pairs on many Forex brokers out there today. The best thing to do is to look for a Forex broker that supports the particular currency pair you want to trade.
Check For Execution Speed
You need a Forex broker that executes trades very fast when looking for the right Forex broker in Australia. If the trader offers fast execution speed, it means you can trade at the price you desire. You should steer clear of brokers that have high latency in trade execution. Such a broker can cause you to lose your capital easily. Low latency contributes a great deal to profitability in Forex trading
Ease Of Deposit And Withdrawal
Before you register an account with a Forex broker, you also need to review the ease of deposit and withdrawal. Check if the broker makes deposit and withdrawal very easy for its traders and investors. Do not forget to check the deposit and withdrawal policies of the broker also. Find out if deposit and withdrawal processing I easy on that broker or not. Also, check if the broker supports varieties of deposit methods. This will make it very easy for you to deposit money and also withdraw your funds very fast.
Check the security of the Forex trading platform before you register there. You will have cause to provide personal details when using the broker. So you must be sure of the security before you register on that broker. The broker must have what it takes to protect the financial and personal information you provide on its platform. Check if the broker has robust security features before you register there. Some other important security features to consider are:
- SSL encryption
- 2-factor authentication
Before you choose a broker in Australia, check if that broker provides a series of educational tools. As a beginner in Forex trading, you will find the educational tools to be very useful. Some of the educational tools to look out for are:
- Fundamental analysis tools
- News updates
- Technical tools
- Great video tutorials and so on.
These educational tools can make you a more productive and profitable Forex trader. They can help you to grasp Forex trading faster than ever.
Quality of the Customer Service
Make sure the Australian broker offers a very good customer service before you register there. Find out if the broker is available for the 24 hours of the day to answers the queries of the traders and investors. This is because the Forex market is open for 24 hours per day. If the desired technical support is not there when you need it, then you cannot consider that broker to be the best Forex broker Australia. A good Forex broker will make it easy for the clients to get in touch. Some will make it possible to communicate whit them via email, phone call, and even live chat. Some great brokers now offer social media communication these days. This makes things a lot easier for traders and investors.