Australian Forex Brokers

australiaAustralia is a major financial hub in the Asian region and the world at large. It is home to one of the forex majors (the Australian Dollar or Aussie), which has maintained one of the highest interest rates of major currencies traded in the forex market.

The Aussie also has a strong correlation with the price of gold, which is why traders all over the world pay particular attention to this region. Trading activity in the Asian time zone draws a large contribution from traders in Australia. It is therefore not surprising that a good number of forex brokerages operate in Australia. These Australian forex brokers can be divided into those which are home-grown and those that are branches of foreign brokers.

Regulation of the Australian forex brokers is performed by the Australian Securities and Investment Commission (ASIC.gov.au). Every forex broker (homegrown or foreign) MUST be registered with ASIC and licensed by the same body to provide brokerage services. This is important. So if you live in Australia, New Zealand and neighbouring Polynesian and Melanesian islands, this is your opportunity to be informed about who the true Australian forex brokers are.

Forex Brokers with Branches in Australia

a) FXPro Financial Services

b) FxOpen

c) Ava Capital Markets Ltd

FXPro started out as NorthFinance in Cyprus in 2006, before a robust takeover plan was executed which saw the rise of FXPro Financial Services. Since then, this company has undergone rapid expansion to the UK and Australia, attaining the status of a regulated broker in these countries. Jersey sponsors of two major English Premier League clubs, the Asian Champions League and the World Rally Championship has greatly boosted the brand, which has also served to increase market confidence in FxPro as an Australian forex broker. FxPro also provides Islamic accounts for the targeted market. FxPro operates both an ECN and market maker model in its brokerage operations.

FxOpen has recently launched an application known as OneClickTradingLevel2 plugin (OCTL2), aimed at facilitating the process of trading forex via the MT4 platform. It helps execute an order at the best available price with just a single click. FxOpen also pioneered the use of several trading contests to incentivize traders.

Ava Capital Markets Ltd is the Australian forex brokerage firm that operates under the AvaTrade brand. With a branch office in Sydney, AvaTrade operates as a market maker and provides account opening with as little as $100. Traders can trade 60 currency pairs as well as stock indices and commodities on the trading platform. Algorithmic and mirror trading is also possible. Traders can choose between four different trading platforms in a multi-lingual environment.

Native Australian Forex Brokers

These are brokers that either have their headquarters in Australia, or started out in Australia before branching out to other countries. Three examples are given here:

a) Go Markets

b) AXI Trader

c) Bacera International

Go Markets is a home-grown Australian forex broker that has achieved a foreign presence in the UK and Europe. Go Markets is a pioneer of forex social trading in Australia. Go Markets has made significant investment in forex education for its clients by providing a variety of forex educational tools on their website. Programmers can also find use of the various MT4 scripts listed on their website. Go Markets provides dealing desk trading on the MT4 and on the web-based platform.

One of AxiTrader’s unique features is the provision of a segregated account where all traders’ funds are kept. A minimum deposit of $1000 is required, and accounts can be operated in several currencies which include Australian Dollars, Japanese Yen, New Zealand Dollars, Euros, US Dollars and the Singaporean and Hong Kong versions of the Dollar. The Asian lean of the account currencies is a reflection of the home-grown nature of this broker, taking into account the fact that nationals of these countries are found in large numbers in Australia.

Bacera International is a market maker which provides a minimum deposit of $300 and microlot contract sizes. Mobile trading from smartphones is also made possible. There are no provisions for Islamic or retirement accounts, but scalping and hedging of trades are two trading techniques allowed on their platforms.

This is not an exhaustive list of Australian forex brokers, but these ones listed here will certainly provide traders with a good trading experience as long as they remain in good standing with ASIC.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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