Forex is a highly infesting money-making opportunity and everyone has the chance to make a consistent profit from it if you play your card games right. It is unfortunate, however, that many people do not seem to understand how to go about trading forex and trading online profitably, which is why only about 5% of forex traders can lay claim to a consistent profit. Aside from a very good forex trading strategy, a trader also needs to choose the right forex trading platforms in order to make a consistent profit in forex trading. Do you reside in Australia and searching for the right platform or forex broker to sign up with? The information provided in this write-up will enlighten you on how to go about that.
Not all forex brokers in Australia are regulated. You are better off with a regulated forex broker and this will give assurance of complete protection for your funds. Australia is one of the most developed countries in the world when it comes to forex trading. Many of the forex trading platforms operating here are regulated by ASIC. Do not partner with any broker that is not regulated by this authority; this will give an assurance that your hard earned money will not go missing.
When looking for a forex broker in Australia, look for one that is domiciled in Australia. Such a broker can be easily monitored and reviewed in the locality. You can easily locate the brick and mortar office of the broker and also pay them a visit to find out if they are reliable or not. Dealing with local brokers gives assurance that your funds will be safe, especially if the local broker is also regulated by ASIC.
How many instruments does the broker have on its trading platform? This is yet another very important factor to consider when searching for the best forex platform in Australia. Does the broker have several currency pairs and other instruments like cryptocurrency and stocks? The number of indicators on the broker’s trading platform is also an important consideration; the more the merrier.
Before pitching your tent with any forex broker, find out if the broker provides free demo accounts to its newly registered members. Some brokers give the new member full access to a demo account or the broker insists on the new member opening a live account and making deposits before he is allowed to access the demo account.
Never forget to apply the rules given above when looking for forex trading platforms in Australia. Any of the brokers that fit the bill can be trusted to deliver nothing short of top quality forex trading experience.