This article is about Australian forex brokers and what you should look for when you need one.
You have to enter the currency trading with a mindset that is serious about success. If you are a new trader, you have to commence at the beginning. You can avail of several free resources that will show you the route to follow in the trading world. There are several aids available, such as online courses, mentoring services, signal services, charts and demo account. Put all this in one hat and you will be ready to trade confidently within a short space of time.
Once you have completed your forex training, you need to find a suitable brokerage. Some Australian forex brokers will offer you more services than others. Each brokerage has its own advantages and disadvantages and to determine the best broker for your needs, you should consider a few factors.
- Where is the brokerage registered? You need to know if it is offshore or in an established country linked to a major currency
- You need to find out the size of the brokerage. The number of employees is an important factor, as is their level of expertise in the forex market.
- Does the broker offer you 24-hour support and how will you be able to make contact?
- A very important factor is whether or not the broker is registered with the Australian regulatory body. If you opt for a broker in another country, you should find out if it is registered with the local regulatory body.
You should consider opting for a large broking firm that is registered with the regulatory bodies in at least one or two of the major currency countries. This will offer you protection in the event that the broker goes into bankruptcy. The larger brokerages are able to offer you more secure services as they normally have the funds and resources to obtain the best facilities. The more members of staff they employ, the better it will be for you. You will be sure that you can call or email the broker without having to wait days for a response. The main consideration to make is that you are looking for a reputable, trustworthy broker who will not disappear with your money.
Australian Forex Brokers Test
Once you have located a broker, you should immediately commence testing their service. You can open a demo account to test their trading platform. Demo accounts are perfect for you to simulate real live trading scenarios without risking your real money. It will allow you to test your strategies and trading plan, and decide if you are comfortable using the system. Most demo accounts offer the same functionality as a live trading account, except that you will be trading with virtual currency. You should trade in this account until such time as you are making consistent profits and you are happy with your strategy.
You should also test the customer service your broker offers by calling or emailing with a query. This will give you an idea as to what you can expect from the brokerage.