Though ASIC regulates dozens of Forex brokers in Australia, traders in the southern hemisphere needn’t look only within their borders for the best brokerage. In fact, some of the best Forex brokers in Australia may not be based in Australia at all! Nevertheless, the benefits of choosing an Australian Forex broker should not be overlooked. Specifically, Australian Forex brokers may provide market updates during the Asian trading session, stronger customer support availability during local trading hours and a connection with local banks. We’ve compiled a list of the top Australian Forex brokers based on reliability, professionalism, responsiveness and, of course, trading conditions, to help you find the best Australian Forex broker for your specific needs.
Australians aren't the only ones who think their currency is valuable. In fact, the Australian dollar (AUD) is one of the major currencies and is included in many different pairs (think AUD/USD, AUD/CAD, EUR/AUD, for example). If you live down under, however, you may feel more comfortable trading your own currency over others. For this reason alone, it's a good idea to look for Forex brokers in Australia that offer the best spreads and execution for AUD pairs and crosses.
One important thing to consider is that Australian regulated brokers are able to offer up to 1:500 leverage while those regulated in other regions may be required to limit their leverage in order to protect trader funds. (Of course, non-regulated brokers that accept Australian clients may offer even higher leverage, but we don’t recommend trading with non-regulated brokers or risking too much on a single position).
REGULATED AUSTRALIAN FOREX BROKERS
Regulation for Australian Forex brokers is provided by ASIC, the Australia Securities and Investments Commission. By investing the time and energy in obtaining this type of regulation Australian Forex brokers are indicating that they're invested in protecting the security of their clients' funds and that they aren't a fly-by-night brokerage that will take your money and close. Of course, brokers regulated in other regions have demonstrated similar willingness. The biggest difference, however, is that if you're based in Australia and you worry about ever having to make a claim against your Forex broker, you may want to do so to a regulatory body that is in your area. It is also worth noting that some brokers have ASIC regulation as well as regulation in other regions, indicating a global reach and a commitment to trustworthiness.
Consider trying out a few of our top rated Australian Forex brokers by opening a demo account and testing the trading conditions for yourself. You may be surprised to find that there are different advantages and disadvantages to each broker. Check out the broker list below to get started.
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