What is a Forex Broker
Investing and trading are some of the most effective ways of liquidating frozen and saved money. With investing and trading, one will be able to make profits without having to put much effort into the process. One way of online trading is Forex trading – which is the act of exchanging foreign currency pairs and making profits due to the fluctuations.
To accomplish the trade, a Forex Broker is needed. A Forex broker is a financial organization that offers financial and trading services to its clients. When a beginner wants to trade, they need to create an account on a broker’s platform and provide their financial and bank data.
To ensure reliability in Forex, a set of laws and restrictions needed to be set forth that every broker needed to follow. Thus, the Forex Broker regulators emerged. When a broker is regulated, a client is ensured that the broker is not a scam and will not steal confidential data. There are numerous types of regulators – mostly different based on locations. For instance, the Australian Securities & Investment Commission (ASIC) is Australia’s official regulatory body for brokers. So, as a beginner, try finding the best Australian Forex brokers list at TopBrokers and start a smooth foreign exchange trade.
The importance of choosing a reliable Forex Broker in Australia
When dealing with financial transactions, it is important to ensure you are depositing money into a legit Forex Broker. For that, it is crucial to research and read past client reviews to find the most reliable broker.
When a Forex broker is legit, a trader’s funds are not at risk, and they will receive their profits without facing any obstacles.
Here are some of the most trusted Forex Brokers in Australia with their benefits:
1- IC Market
IC Market is one of the most well-known trading platforms in Australia. When trading with IC Market, a trader will have the opportunity to trade all day long. Additionally, IC Market offers zero spread rates to clients, which is considered an attractive offer to customers.
InstaForex is another Australian-regulated Forex Broker. Using InstaForex allows users to choose their preferred account type – InstaForex offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), Islamic, and demo accounts.
Pepperstone is regulated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) and is regarded as one of the most reliable Forex trading platforms available online.
Pepperstone was launched in 2010 and has had significant success. Recently, Pepperstone has recorded a trust score between a 94-96% from its users.
By using this platform, traders will be provided with over 60 currency pairings, allowing them to trade as freely as possible. As an educational tool, Pepperstone provides demo accounts to its clients, allowing them to practice and learn Forex trading before investing real money.
4- FP Markets
Like InstaForex, FP Markets offers its clients a wide variety of Forex account types. Additionally, with this broker, clients will enjoy lower Forex trading fees than other brokers.
5- Ava Trade
Ava Trade was founded in 2006 and has achieved great success rates and pleased its clientele in Australia. Ava Trade is regulated by several financial institutions, including the Australian Securities and Investment Commission (ASIC), which is the official Australian regulator that ensures clients that their broker is not a fraud.
Ava Trade offers some of the best educational tools available online. Additionally, users will be granted strong analytical tools that are able to accurately analyze and provide reliable data to clients.
6- Go Markets
Go Markets is mostly well-known for its innovative and enhanced analytical tools. The right tools allow traders to analyze and make the correct trading decisions.
eToro is another major Forex Broker in Australia authorized by ASIC and the Financial Conduct Authority (FCA). eToro is known for its user-friendly platform and mobile application that allows clients to follow rates from any device.
8- CMC Markets
Traders in Australia can benefit from CMC Markets’ user-friendliness – as in, CMC Markets provides excellent workspace customization to its clients, allowing them to trade in an organized manner.
XTB is another ASIC-regulated Forex broker with a trust score in the 90s range. Using XTB, clients will benefit from the numerous educational materials and make better trading decisions.
10- Go Markets
Finally, the last ASIC-regulated broker on this list is Go Markets. This broker allows users to easily open brokerage accounts and equips them with educational tools that enhance a trader’s trading decisions.
To conclude, it is important to ensure one is opening a trading account on a legit Forex Broker’s platform.
Hence, do additional research and find the most applicable and reliable Forex Broker in a selected area. Additionally, ensure the broker is regulated to avoid falling into the fraud trap in Forex trading.