Best forex broker australia
Since Australia is turning into a highly lucrative retail trading market, several Forex brokers are finding it attractive to set up their brokerage services in Australia. Although the ASIC is pretty stringent in its regulatory framework, Australia does provide several incentives and enormous benefits to companies for setting up their business in Australia.
Forex brokers in Australia enjoy tax benefits, better trading conditions, and the ASIC does not impose any restrictions on their investors. The ASIC keeps a tab on their regulated members by seeking regular third-party audit reports, financial statements, and by supervising the code of conduct.
There have been instances where ASIC had failed to impose heavy sanctions on numerous financial scams and economic downturn that had affected the Australian capital markets; however, ever since its foundation, the ASIC has mostly managed to regulate the retail Forex trading market quite successfully. Australia has a unique significance in the global financial markets due to the time difference between Australia and the rest of the financial capitals of the world, namely Singapore, Dubai, London, and New York.
The Australian market opens and closes well before the European and American markets get active for the trading day. Consequently, Japan is the only other major financial market that operates on a similar time zone to Australia; therefore, there can be significant volumes for most major and minor currency during both the Australian as well as the Japanese trading sessions.
Australia is also a vast country with different time zones; hence, Australian Forex brokers adopt the local time of their respective locations. Inevitably, the Forex market is open 24 hours a day and five days a week, which forces most brokers to offer around the clock support for their traders. Therefore, international traders will also find it easy to deal with Australian brokers regardless of the time difference.
Australian Forex brokers are quickly garnering interest from retail traders from all over the world due to the excellent trading conditions and the highly regulated trading environment. Apart from the excellent trading conditions, Australian brokers are further popular in the industry due to the ECN accounts offered by some of the best Forex brokers Australia.
These brokers have revolutionized the retail trading industry by providing ECN trading accounts for the lowest investment capital. Several brokers in Australia adopt the cTrader platform, which offers an ECN environment with tight spreads and incredibly fast trade executions.
Traders can also enjoy higher leverage for their trading accounts without making any compromises on the trading conditions. Naturally, the business-friendly attitude of Australia has enabled brokers to move to Australia for setting up their brokerage, which further allowed companies to garner more popularity among the retail trading market. ASIC is committed to the welfare of its investors through multiple investor-friendly programs such as the MoneySmart, which are intended to educate investors about the potential pitfalls and risks of the financial markets.
ASIC has taken the responsibility of educating individual investors about the importance of investing in the markets through proactive research, which helps both professional traders as well as regular citizens to plan for a financially secure future. ASIC also monitors the conduct of brokers by awarding harsh penalties and temporary or permanent bans if companies are deemed to be found in contradiction of the regulatory guidelines.
Although the ASIC does not involve directly with any dispute between a broker and it consumer, the ASIC does encourage the problem to be resolved between two parties either through arbitration or through the court of law.
However, if a company is found to be consistently touting with the law, ASIC is quick to act by revoking their regulatory license and initiating an investigation into the alleged financial irregularities. If found guilty, ASIC will ban the broker from operating in the country, while issuing detailed notices about the alleged infringement to its investors. ASIC also does not have some of the inherent drawbacks of the other regulatory agencies; however, there are a few instances where ASCI had failed to meet the expectations of retail traders.
Irrespective of the few minor drawbacks, Forex traders and investors have reported a highly conducive trading environment while choosing brokers from Australia. Existing clients also enjoy an excellent customer service experience from a majority of brokers due to the ASIC guidelines that put priority on customer satisfaction.
Therefore, traders who have accounts with Australian FX brokers usually continue their trading journey without ever contemplating a switch to brokers from other regions. The main aim of this Forex Trading Australia website is to present to you a range of Forex Brokers reviews that are going to all your to peruse through those review and see what each one has to offer you.
This will then enable you to make your own informed decisions on which sites tick all of the right boxes for your requirements. Not all of the Forex Brokers you will come across online offer Australia based traders everything they are seeking, for whilst the biggest Forex Brokers and the more well known Brokers will offer you plenty of Different Currency Pairings, high leverage rated and lots of different Forex trading platforms, you will often find it is those Brokers offering you a much more personalised service that will appeal to you the most.
We do invite you to have a good look around this website, for making Forex Brokers comparisons may take a lot of time and effort on your part, but it will certainly be time well spent, and as we have more than enough top Australian Forex Brokers listed throughout this site you will have plenty to choose from.
Should you be an experienced Australia based Forex Trader then you probably already have your own preferred trading platform that you tend to use each time you trade Forex online. However, if you are new to the world of currency trading then please do take some time checking out our section of the website dedicated to Comparing Forex Trading Platforms. You are going to find that you can start trading Forex either using a fully downloadable trading platform, a web browser based trading platform or even by accessing one of the brand new and state of the art mobile trading platforms, that a lot of our featured and top Australia Forex Brokers now have available.
Each trading platform will come with its own unique set of features, and you are going to find that by selecting the one that appeals to your own unique requirements, you will be able to utilize several different trading strategies and adjustable options and settings that will enable you to tailor your own unique and preferred trading sessions.
We will now highlight several aspects of choosing a Forex Broker that you should take note of if you are based in Australia. Below are several of the features you should be looking for being offered by any Forex Broker you may be thinking of joining up to.
Make sure that any Forex Broker you come across listed on our Forex Brokers Australia reviews section of the website offer you all of the following features, for if they do then you are going to find you will have a fully rounded trading experience and should never be inconvenienced or have to make any type of comprise when trading currencies at those sites.
At the very least any Forex Broker should give you a range of deposit and withdrawal options that will not mean you are going to be hit with fees and charges for turning your AUD into the trading currency used by any trading platform. If you are having to pay lots of additional fees for turning your trading budget into one currency then another set of fees and charges to turn a withdrawal from one currency back into AUD then that is going to constantly eat away at your profits, which is something no currency trader should have to put up with.
We have therefore chosen to list Australian Forex Brokers that offer their clients a wide and very diverse range of banking options. This will allow you to fund your online trading account and make withdrawals from it, safe in the knowledge you are not going to lose any value of winning trades or affect your trading budgets value by being forced to pay high fees and commissions.