When searching for a trusted Forex broker Australia, it is imperative to choose a regulated and credible company. ASIC-regulated brokers must undergo periodic audits to ensure sufficient funds and client confidentiality. In addition, all brokers must maintain separate accounts for themselves and their clients. Here are some tips to choose a broker:
ASIC: While ASIC oversees the financial services industry in Australia, it also has a variety of other duties. These duties include overseeing company operations, monitoring financial services, and protecting client privileges. In addition to overseeing the industry, ASIC also develops guidelines for industry players and ensures that all Australian Forex brokers meet the same standards. All Australian Forex brokers are required to maintain at least $1 million in operating capital and file annual audit reports with the agency.
PLUS500: Plus500 is a globally renowned CFD trader, specializing in Forex, commodities, and ETFs. They have a competitive market cap and operate through multiple subsidiaries globally. They are registered with ASIC and governed by the Financial Conduct Authority in the UK. Plus500AU PTY Ltd is a subsidiary of PLUS500AU PTY LTD, which follows ASIC s regulations for Australian forex traders.
Leverage: A trusted Forex broker Australia should offer a maximum leverage of up to 1:200. This leverage is necessary to increase profits, but it can also cause substantial losses. Make sure the leverage ratios of a broker are within the industry standard. If a broker offers a higher leverage than this, you should stay away from that company. There is no reason to trade with leverage that exceeds your deposit! This is a major concern in choosing a Forex broker in Australia.
ASIC-regulated brokers: Australia s reputable Forex brokers operate under the auspices of the Australian Securities and Investments Commission. The ASIC enforces a series of strict rules to protect consumers, investors, and creditors. ASIC-regulated firms must be able to show proof that they have the resources and financial stability to conduct business. ASIC-regulated firms must also hold at least $1 million of working capital to avoid financial fraud.
XM: Xtrade offers one of the most affordable and reliable forex trading brokers in Australia. Their platform is easy to use and transparent about fees. In Australia, you can sign up with Xtrade for as little as $100. The company also offers a low-cost demo account for newbies, and a low-cost VIP account for high-volume retail investors. Saxo Bank: This FX broker is one of the leading VIP accounts in Australia. You will need to deposit at least AUD 1,500,000 to qualify.
IC Markets: This global FX and CFD broker is regulated by multiple top financial authorities. It has a long history and is a trusted broker. It is regulated in Australia and the UK. You can use a demo account to test the platform before trading with real money. The spreads on major currency pairs are 0.0 pips. In addition to the low commissions, IC Markets offers a free demo account that will allow you to practice trading without any risk. Moreover, you can choose from over 80 forex currency pairs to trade with.
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