Australian Forex Brokers
The Australian Forex market proves that size doesn’t always matter. Compared to other international Forex markets, the Australian Forex market is relatively small, but yet it has grabbed the attention of many Forex traders and brokers over the last few years. According to recent statistics, over 150,000 traders chose to trade online using an Australian Forex broker during 2013.
Australians are trading more and more Forex. Recent figures show that at least 0.25% of adults in Australia trade Forex regularly. If this doesn’t impress you, consider that only 0.15 % of the adult population in the UK trade Forex and in Germany only 0.04% take advantage of the Forex market to invest.
The main reasons for this sudden tendency to trade Forex are a strong and growing economy in comparison to the rest of the world, and relatively firm regulation, especially in comparison to geographically adjacent Asian markets. Another reason is that there are no powerful, rampant players among Australian Forex brokers who take over the market and the competitiveness keeps spreads very low.
The events that lead to the rapid growth of the Australian economy consist mostly of an enormous increase in exports over the past decade as China and other nearby economies grew. The Australian Dollar strengthened rapidly and was relatively unaffected by the recession that most of the world’s economies suffered from. The tight regulation allowed Australian Forex brokers to keep trading Forex and avoid losing business over the stagnation of the world’s economy.
The body in charge of regulation of the Forex market in Australia is called The Australian Securities and Investment Commission (ASIC). The point behind the work of ASIC is to ensure a safe environment for Forex traders and brokers and it achieves these goals mainly by enforcing the regulatory laws and retail Forex trading if necessary. ASIC is a trustworthy regulatory body and trading with Australian Forex brokers that are regulated by ASIC is safe.
Trading with Australian Forex brokers that are not regulated by ASIC is not recommended. Their enticing offers may seem like a good deal but are never worth it as you can never fully trust an unregulated broker. Take extra consideration if you are new to Forex trading, as you may not know all the little details, which can come back to bite you in the end. In the Australian market, in which regulation is relatively tight, there is no reason to avoid taking advantage of the regulation to allow yourself the comfort of knowing your investment is safe. Use the regulation to your advantage by only trading with brokers who are regulated by ASIC.
Like most things, Forex brokers come in many shapes and sizes and knowing which one to choose is a crucial part of successful Forex trading. There are quite a lot of Forex brokers that have opened regulated offices in Australia. Many came from London as the ties between the UK and Australia have always been very strong and these London brokers wanted to take advantage of the promising Australian economic growth. These Australian Forex brokers offer great online services which allow any trader the ability to trade a number of different products all from the same easy to use a platform.
In order to help you choose a Forex broker, we listed two Forex brokerages which we can vouch for as being trustworthy and fair. Different traders work better with different brokers so you must find for yourself which is right for you, but these two are our personal recommendation. They are both well-known brokers who have built a reputation for being trustworthy over many years. Both offer competitive spreads and an easy to learn trading platform which is suitable both for beginners and for expert Forex traders. Needless to say, both of these brokers are regulated by ASIC and have a great awareness for customer service and support. Special bonuses for new accounts are offered and can reach as high as 1000$ depending on your initial deposit.
Recommended Forex brokers which are regulated in Australia:
- No extra fees or commissions.
- Trades are executed instantly.
- Real-time news and charts available.
- Spreads from 0.5 pips.
- Trading platforms for iPhone, iPad, Android and Blackberry available.
- Demo account available.
- Open an account with as little as 50$.
- Up to 200:1 leverage.
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- Daily analysis of current events.
- Plenty of currency pairs available.
- No fees or commissions.
- Up to the millisecond exchange rates 24 hours a day.
- Multiple languages available.
- 24 hour customer support.
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