The fact that many forex traders in Australia have lost money in the past while dealing with scam brokers operating in the continent has led many forex traders to question if it is safe to trade forex with the existing forex brokers in Australia today.
Many forex traders in Australia today are now very fearful of losing their capital when it comes to choosing a forex broker to trade with in Australia. This work will help you learn about the best trading platforms available on Australian Forex Brokers.
You will also learn from this work the best forex brokers for trading forex in Australia today.
Meaning of Forex Brokers
Brokers are middlemen that link traders to the foreign exchange market where they can buy and sell various financial instruments such as foreign currencies, commodities, stocks, Indices, etc. They bridge the gap between the individual and the exchange foreign exchange market making it possible for traders to trade forex from the comfort of their homes.
How to trade forex in Australia
Forex trading has become very popular in Australia today. Many Australian citizens have been exposed to forex trading. However, to trade forex in Australia, one would need to choose a forex broker from the list of the existing forex brokers operating in the country. In doing so, one has to be careful as not all forex brokers in Australia today are safe for trading.
To choose a forex trading broker in Australia, the trader needs to verify that the selected broker is registered and regulated by the major forex regulatory body in Australia known as the Australian Securities and Investment Commission (ASIC). Any broker not registered with this body must be avoided to avoid falling into the wrong dealers.
Is it safe to trade forex with Australian Forex brokers?
Choosing a forex broker in Australia today is an important task every forex trader must pay great attention to. Not all forex brokers operating in Australia today are safe for trading. Some are illegal dealers without any serious regulation and merely seek to escape with the trader’s funds.
The only brokers considered safe for forex trading in Australia today are those registered with the ASIC. This gives the trader fair confidence that the activities of such brokers are monitored by the government agency and therefore difficult for them to abscond with the investors’ funds.
Factors to consider while choosing a forex broker in Australia
Regulation: It is important to ensure that any broker chosen for trading is duly registered and regulated by the ASIC.
Spread: Spread is seen as the difference between the Bid and Ask price. It is the broker’s added charges for services rendered. Only brokers with lower spreads are recommended for trading in Australia today.
Available platforms for trading: Brokers are expected to provide excellent trading platforms for their traders including access to the major global trading platforms known as MT4.
Ease of deposits and withdrawals: The available funding and withdrawal options provided by the broker are another important factor to consider while choosing a forex broker in Australia today.
Customer support service: Brokers should provide efficient customer support channels for attending to the client’s complaints at all times.
What is the major body regulating forex brokers in Australia today?
The major body regulating forex brokers in Australia today is known as the Australian Securities and Investment Commission. This body ensures that all the forex brokers operating in the region meet the standards for conducting financial services and are able to pay their clients the returns without deceit or trade manipulations.