The Land Down Under is a very active area when it comes to financial trading, and foreign exchange market is also on the rise in this country. It seems that Aussies enjoy investing their funds with this exciting trading method, and Australian Forex Brokers are eager to provide their services to potential customers. As in the rest of the world, forex trading in Australia is fast-paced and can be highly profitable, which means that traders have a lot of opportunities to make a profit and earn some extra cash.
CySEC, FCA, ASIC
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Forex brokers that are registered and regulated in Australia can provide clients with much better support since locally owned enterprises typically have more understanding for the needs of their customers. The majority of Aussie Forex Brokers are operating from Melbourne, but there are some of them who have offices in Sydney and other cities as well. Also, most of them have partnership agreements with various other business, such as popular airline companies, and they use different incentives and promotions as a trading benefit. The biggest Australian banks are in charge of safekeeping the client’s funds, and this also offers additional safety to client’s money since segregated accounts provide a strong overall protection and sometimes negative balance protection.
However, it is not all sunshine and rainbows when you are a part of the forex trading world, and this sector can be as turbulent as the waters around Melbourne, and sometimes things can even turn nasty as the Tasmanian devil itself. The reason for this is partially hidden in the fact that currency values are always fluctuating, and they move up and down throughout the day. Various factors affect their value, and these can include political, economical, or even corporate events and situations. This volatile nature of currency pairs is one “problem,” and the other one comes in the form of scams and fraudulent activities. Not all forex brokers are the same, and this can present a serious headache for anyone who wants to invest in Forex Brokers Australia.
The first thing you need to do when looking for a forex broker in Australia is to find a company that is credible and legitimate, which means that the broker in question has to be regulated by a reputable agency. Friends and colleagues can help with this process, and their referrals can be a great starting point in your search to find the best Australian Forex broker. Since their recommendations should be unbiased and verified, you could have enough confidence in the validity of their statements. But, it is always good to double-check everything, and reading a couple of reviews and performing a small research can help you learn more about the brokers that operate in the Land Down Under.
A single governing body regulates the forex market in Australia, and this agency has the powers to oversee the entire Commonwealth of Australia. The name of the organization is ASIC, which stands for Australian Securities and Investments Commission. This regulatory body has been active all the way back since 1991, but the basic idea behind this project was launched even earlier – in 1989. The original name of the agency was ASC, but the title was altered in 1998.
Nowadays, ASIC is an important and respectable organization, which has over 2.000 employees and offices in several major cities across the country. The primary role of the agency is to oversee and control the financial sector, but there are various “smaller” duties and responsibilities that ASIC also has to perform on a daily basis. For instance, some of those tasks include corporate governance, monitoring financial services and operations, protecting the client’s rights and privileges, and so on. Also, ASIC is in charge of controlling the insurance of trader’s funds and protecting the personal information of the investors at all times. Of course, Australian FX Brokers are the ones who must perform some of these tasks, but ASIC is continuously monitoring the market and issuing warnings and bans in case any irregularities appear.
Another important role of ASIC is their educational dimension, and this agency is the only regulatory body in the world which provides learning materials on their website. Their portal is called MoneySmart, and as the name clearly indicates – it is designed to educate the investors about clever ways in which they can invest their funds. This unique feature is what separates ASIC from other governing bodies in the world of foreign exchange and binary options, and Australians are lucky to have such a consumer-friendly agency at their disposal. Also, unlike FCA, CFTC, or some other regulatory body, ASIC has slightly easier demands, which means that it is simpler to obtain a license for FX Brokers Australia.
Besides safety, your forex provider should have a particular set of characteristics which will allow you to invest your funds quickly and efficiently, without worrying about the protection of your money or sensitive information. If you are entering this world unprepared, you could as well go into the vast Australian outback completely naked and without a single skill that could help you survive. In other words, it is crucial to learn a few things about the mechanics of the forex trading process and to do your homework when it comes to picking the appropriate Forex Brokers AU. As we already said, they can come in all shapes and sizes, and just like the snakes in the desert – they can be deadly if you allow them to sink their teeth into your flesh.
Of course, not all of us are as skilled as the Aborigines when it comes to survival in the wilderness, and the same principle applies to the financial world as well. However, time and dedication can help you become an expert, and knowledge and experience can gradually lead you to massive profits and abundance of opportunities. But, if you pick the wrong Australian broker at the very start of your career, things can get very messy, and your enthusiasms and energy could suffer a damaging blow. That is why every newcomer should pay attention to the following elements of a broker company.
Retail Forex Brokers Australia can offer a broad range of spreads, and this means that traders can easily find the best option for their needs. Equally, the right leverage can increase your profits, and these factors are immensely important when it comes to forex trading. Australian broker houses typically offer leverage of 300:1, up to 500:1. Also, execution speed will affect the number of trades you can make within a day, and this element can make a significant difference in the long run.
Execution speed is closely connected with the quality of the trading platform, and this aspect of your future broker is critical if you are planning on making a fortune by investing with Australia Forex trading brokers. The quality of the software solution will determine the speed of the trading process, and the entire user experience will suffer if the trading terminal is not good enough. When it comes to Australian forex market, brokers predominantly use “MetaTrader” and “cTrader” platforms, which offer the best performance and are very easy to use.
One of the most frequent activities that you will be performing when trading with currency pairs is to transfer the funds to and from your accounts that you opened with the broker company. The efficiency and convenience in the transfers will facilitate the overall trading, and it is also important the broker uses reliable and protected banking methods.
Australian dollars are in use with the majority of Australia forex brokerages, and this lowers the total amount of fees that would otherwise be spent on conversion rates. Credit and debit cards are predominantly used when investors are depositing and withdrawing their funds, but other methods are also possible. For example, wire transfers or modern e-wallets can be a great alternative if you are not a fan of carrying too many plastic cards in your pocket.
We all love free stuff, no doubt about that, and that is why Australian forex trading companies are using bonuses, webinars, education, analysis tools, and promotions as a marketing tactic that would attract the clients and make them a loyal customer. However, bonuses can come with complicated terms and conditions, and new traders should be very careful when putting their name on the dotted line. The most common types of these bonuses are “no deposit” bonus, “deposit” bonus, “welcome” bonus, and other tools that are designed to help you with your trading.
As you could see, the top Australian Forex brokers can provide you with exceptional service when it comes to foreign exchange, and everyone who wants to join the currency market should start looking for a suitable broker. However, not all trading companies are the same, and their intentions may differ, which could pose a certain risk for traders who do not have enough experience in the financial waters. That is why ASIC is there to help you find your way, and if the broker has a license from this agency – feel free to invest your money and earn a fortune eventually.
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