October 20, 2013
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Criteria for Choosing Australian Forex Brokers

Australian forex brokers

If you want to achieve success as a trader, it is important that you choose Australian forex brokers who provide the best trading platform and customer service. As there are hundreds of brokers offering their services to traders in Australia, it becomes difficult to make the correct choice.

Trading forex is not easy and you may be surprised to know that nearly 95% of traders fail to succeed in this volatile market. Most traders fail because they do not make the right choice of brokers and this can affect their ability to trade successfully.

Top criteria for choosing Australian forex brokers

Regulatory status of the Australian forex brokers is the first thing that you need to ascertain when making the choice. You need to ensure that the broker of your choice is licensed and regulated by the Australian Securities and Investments Commission (ASIC). You can be assured of the reputation and reliability of the brokers when they are registered with ASIC.

The trading platform that is provided by the brokers is an important criterion that you need to check when making the choice. The platform should have good analytical tools so that you are able to analyse the prevailing market conditions and determine the best time to enter and exit the foreign exchange market. The platform should have an easy interface so that you are able to place a trade easily.

It is important that you take all things related to the foreign exchange account into consideration when making the choice. Leverage is the first thing that you need to take into consideration and this may vary depending on the account type you choose. Most brokers provide leverage of 100:1, 200:1, 300:1 and 400:1 and you can make the choice depending on your risk tolerance level.

The different account types that are offered by brokers include standard, mini and micro accounts and you can make the choice depending on your knowledge and experience. Mini and micro accounts are ideal for beginners whereas standard accounts are best for experienced traders.

Brokers have specific funding and withdrawal policies and you need to choose brokers who allow you to deposit and withdraw money in the trading account easily.

The next thing you need to check are the range of currency pairs that you will be allowed to trade. The brokers that you choose should be able to provide you major, minor and exotic currency pairs to trade so that you are able to maximise the profits easily.

Customer service provided by Australian forex brokers

The customer service and support provided by Australian forex brokers should also be an important consideration when making the choice of brokers. Traders do not pay a lot of attention to support and service provided by brokers and this can be a big mistake.

It is best to call the brokers you have shortlisted so that you are able to determine the level of customer service that is offered by them. As the forex market is open all through the day it is important that you are able to get support whenever required.

 

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