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Best Australian Forex Brokers 2019
Australian forex brokers give traders the keys to enter the profitable world of the forex markets. Due to the countries higher than average disposable income and high levels of internet access, trading currencies is a popular activity among Australian traders. And while there are plenty of options to consider outside the country - there are some benefits to choosing a local brokerage. Here’s some of the best brokers that accept Australian customers.
Spotting the Best Australian Forex Brokers
One thing that all of the best brokers share in common is that they are regulated by a governing body. In Australia, this role falls to the Australian Securities & Investments Commission; this independent body is in sole charge of regulating forex trading in Australia. The primary function of this organisation is to protect investors from fraudulent entities. ASIC keeps an eye over the forex landscape, managing the current regulated brokers and shutting down any unauthorised brokers.
Regulation is one of the most important aspects of trading at any broker, but what other advantages should you expect if you trade with an Australian broker?
Much higher leverage
Leverage can be a powerful profit tool - but it can equally result in significant losses. Because of the power of leverage, countries like Japan and the US will put a cap on how much leverage is available to traders. Australian brokers however don’t have such a cap in place and you can trade with up to 1:500 leverage, significantly increasing your profit potential. However, with such high leverage comes great dangers if you invest recklessly - so it’s extremely important to have some kind of risk management strategy at hand.
Customer service is always better closer to home - and the hallmark of the very best Australian forex brokers is offering this quality service to local customers. That’s why if you are an Australian trader, you can look forward to more convenient service from closer to home, which is particularly noticeable if you regularly use your telephone for queries. For international customers, you are sure to still receive high levels of service and there is usually live chat available to save phone call expenses.
Closer connection to the Asian market
The Asian markets are a brimming hive of trading activity - and there’s plenty of trading potential to be had. With an Australian forex broker, you can benefit from more targeted market data from Asia in the form of updates and even advanced platform tools. Speaking of platform tools, it’s worth investigating each of these brokers and seeing what types of platforms they offer. You can do this by opening a free demo account; this will allow you to try out the platform, the tools and give you a real insight of what it is like to trade with the broker. And if you do feel that the market information and platform is up to your standard, then switching over to a live account usually takes a matter of seconds.