We’ve all heard the success stories of people who have used forex trading to achieve financial independence. In Australia, forex trading is a legal form of business, and there are a lot of people involved in it. If you’re interested to learn about this, keep reading for everything you need to know.
When choosing a forex broker in Australia, you should look into their reputation first. A trustworthy forex broker in the US will belong to the National Futures Association (NFA), which serves as the futures industry’s self-regulatory body. Let’s see why choosing the best forex broker is important and what “best broker” means generally.
Why is it important to put effort into choosing the right Forex Broker?
There are many reasons why choosing the best Forex broker is essential. First, as you may know, forex trading is rising in Australia, and along with that, searching for a safe and secure forex broker is getting difficult as many scammers infiltrate the market.
Finding the best broker means having a reputable one who will be regulated by an authority and have specific measurements to protect your investment. There are many brokers available in Australia, and you can go through the best Australian Forex brokers to gain an understanding of their advantages and competitive benefits.
A great forex broker can help you to advance your trading experience with its reliable and customisable trading platform. In the end, you can find educational resources to get knowledge about a fast-growing market and keep yourself updated about new trends.
How to choose the right one?
There’re four key factors that will decide your choice with a forex broker, such as checking the regulatory status and the trading platforms that offer you, reviews, and the valuable customer service that would meet your needs as a beginner or an experienced trader.
Check the regulatory status
When choosing a forex broker, look into their reputation first. For example, a trustworthy forex broker in the USA will belong to the National Futures Association (NFA), which serves as the futures industry’s self-regulatory body. Also, it will be registered with the Commodity Futures Trading Commission (CFTC), which oversees the American markets for commodity futures and options. In Australia, Forex brokerages are closely monitored by the ASIC (Australian Security and Investment Commission).
Trading Platform
Different account options are offered by each forex broker. When comparing broker features, keep the following factors in mind: leverage and margin; commissions and spread; minimum initial deposits; and ease of deposits and withdrawals.
Reviews and Reputations
Whether the broker is a reputable name in the market and what customers and regulators have to say about them should be among the factors you take into account. Although perceptions of reputation can vary, the market’s feedback is typically accurate.
You can also look up websites and news articles, but only as supporting evidence. Examining inquiry forums and looking at the types of comments and complaints posted there can give you a sense of the broker’s reputation. The service standards provided by the broker and the post-service follow-up are other indicators of a broker’s reputation.
Customer Support
Since forex trading is done around the clock, a broker’s customer support team should be accessible at all times. Also, take into account how simple it is to reach a live person on the phone. You may get a sense of the kind of customer service a broker offers and the typical wait times by giving them a quick call.
Which brokers are popular in Australia?
Based on the research, the following brokers provide services that would likely meet the needs of most customers in Australia. However, they might differ depending on what kind of trading platforms you prefer or what your objectives are.
Pepperstone
In-depth training resources are available on Pepperstone’s website through a dedicated section that features “Learn To Trade Forex” tutorials, a large number of recorded and live webinars, and an outstanding selection of trading books. Along with discussions on slippage, hedging, and margin, commodity trading is also covered in great detail.
Additionally, Pepperstone highlights support options in this section, such as platform comparisons, platform guides, and deposit/withdrawal processes. The website also offers the usual educational stuff, such as a market lexicon and lessons on technical analysis.
IC Markets
One of the most well-known Forex CFD providers, IC Markets, provides trading options for experienced day traders, scalpers, and newcomers to the Forex market. Cutting-edge trading systems, low latency connectivity, and excellent liquidity are all things that IC Markets offers its customers.
Axi Traders
AxiCorp Financial Services Pty Ltd owns Axi, a broker. Traders established this Australian business in 2007. The foundation of the business that comprehends the needs of traders, gives contemporary solutions, and provides high-quality service is today’s professional experience and actual expertise.
The Australian Securities and Investments Commission (ASIC), the UK Financial Conduct Authority (FCA), and the Dubai Financial Services Authority (DFSA) all keep an eye on the broker, confirming its dependability and stability. The broker accepts clients from all around the world, giving them access to more than 140 trading assets, including CFDs, commodities, cryptocurrencies, and forex.
IG Markets
IG offers custom iOS and Android mobile apps that can be downloaded onto tablets. Technical charting, price alerts, and customisable watchlists are considered basic features. Although the indicator list is sufficient, the menu structure leaves it out, which makes it less accessible.
While sophisticated conditional orders are absent from the Trade menu, UK clients can place guaranteed stop losses. All of the apps are less customisable than the industry-standard MT4 mobile app, although they do include Face & Touch ID security.
There is no specialszed or independent social network, and there is no client positioning information for spread betting, forex, or CFDs on the broker website. However, the real-time forex positioning data offered by IG Client Sentiment at DailyFX.Com is helpful.
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