Top Rated Forex Sites
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Forex Sites in Australia
Bonuses And Deals
In a crowded market, brokers have to set themselves apart from the competition and try to obtain an edge. To do this, often they offer bonuses and incentives to encourage you to open an account. These tend to range from small no deposit bonuses to more significant deposit bonuses which are often a percentage of the amount you deposit.
Range of Currency Pairs
This can be a deal-breaker for many. Some of you will trade in the more common currency pairs or the "main" ones as they are known. Then there are the "minor" pairs and "exotics", which many like to trade-in for bigger spreads. While some brokers offer many different assets to trade on, others only provide a handful of pairs.
For those who want to get familiar with a platform before trading with real money, the demo account is ideal. A simulated version of the live platform, a demo platform offers the chance to trade with virtual funds. While it isn't the live trading arena, it does enable you to get to grips with the different buttons and functions before you risk your own money.
The payout is often the main priority for many of you when choosing a broker in Australia. It can range dramatically between brokers and in some cases, may look too good to be true. Be careful, though, if it seems too good to be true, then it could well be. An excellent payout to expect is around the 80-85% mark; some brokers will offer higher payouts and some, lower.
Broker Fees And Tax
Income earned from Forex trading is subject to income tax according to the tax laws of Australia. If you are making enough to reach the tax threshold then you need to declare your earnings. If trading provides a second income then you need to ensure that you pay tax at the right level. If you reach the higher rate of earnings, you may have to pay more tax on all or some of your profits. Remember that it is the overall profit when losses are deducted that you pay tax on.
When it comes to Forex trading fees, then there are a few, you need to be aware of. First, there is the commission for a successful trade. This is deducted from your payout so you never actually miss this money. There are a few other small fees to be made aware of.
Some brokers will charge a set fee every time you make a withdrawal. In addition to this, your credit, debit or another payment provider may make a transaction charge. Then there is the currency conversion which you need to be aware of. All of these fees are small, but they can soon add up. We advise the following to keep them to a minimum:
When weighing up the broker that you choose it is essential to take all of the fees into account. A good bonus may not be much of a bonus when you see the fees that they charge. Weigh up the pros and cons before you open an account.
The Australian Forex market is heavily regulated to protect investors' money. While it has been regulated for some time, there was an amendment to the law in March which offers even greater protection. Whereas previously, brokers were allowed to use client funds to fund their business activity, this new regulation means that now client funds have to be protected.
To do this, brokers must segregate investors' money in a different account and are not allowed to touch this money. Of course, this has caused some inconvenience to some brokers who rely on these funds to often fund the running of their business.
The Forex market in Australia is overseen and regulated by ASICS (Australian Securities and Investment Commission). All brokers that operate in the country and offer their services to Australian residents must have an ASIC license. When choosing a broker, it is essential to look for licensing and regulation, and an ASIC licence is a good sign that a broker operates in the best interest of their clients, especially with the recent changes to protect your funds.
In a crowded market, brokers have to set themselves apart from the competition.
How we Recommend Brokers
We are committed to making sure that your Forex trading experience is a good one. To do that we review the market so that we bring you only the best when it comes to Australian brokers. Whether they are a local broker based and operating in Australia, or an international company with a license to trade there, we take a thorough look at all of them.
When we review a broker, we are looking at every aspect of the trading experience. From the payouts and welcome bonuses to the demo account and mobile trading platform, we investigate each one thoroughly.
Our team consists of experienced Forex traders and financial specialists who know what to expect from their trading experience. They review each broker, trading themselves to get hands-on experience of each platform. They then put all of this information into a comprehensive review so that you have all of the facts to make an informed decision. This saves you valuable time trawling through the internet looking at the many that are available to trade with.
This can be a painstaking process, especially when you aren't entirely sure what you are looking for. That is why having a list of shortlisted brokers from our experts, allows you to get on with choosing the one that best suits your requirements. All you need to do then is make a final selection and start your trading journey.
Our Review Rating System (More Info)
- Account Types
- Banking & Payouts
- Bonuses & Promotions
- Mobile Trading
- Trade Types
- Special Features
- Customer Support
Is Forex trading in Australia legal and safe?
If anywhere is safe to trade then it is Australia. The Australian Securities and Investments Commission ensures that they keep a watchful eye over the market.
Do I need to pay fees and taxes on my profits?
In Australia, Forex profits are subject to tax like any other income. The amount of tax that you pay will depend on the level of profits that you make.
Can I test brokers before trading with real money?
Many Forex brokers offer a demo account to new traders. This means that you can test the platform before you risk trading with your funds.
Is it easy to make deposits and withdrawals?
You choose your payment method; credit card, debit card or electronic wallet and then make a deposit. When you are ready to make a withdrawal, the funds are returned to the deposit source.
Can I trade using my mobile or tablet device?
As long as the Forex broker offers a mobile trading platform, you can trade from a mobile device. You are looking for either an app or a mobile-friendly website.
Contributing to the website since 2012 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.