Unlike other financial markets, Australian Forex market is always active and dynamic. At times, it is unpredictable to a new trader while predictable to an online broker. Wondering what predictability represents? Ok. Forex trading is not an easy game for newbies but a reserve for the professionals. Some aspects such as market trends can be analyzed, observed and calculated to come up with the best trend prediction.Can a trader do this alone? While some can, majority of them cannot. However, an Australian broker is always ready to help. Since there are many brokers, there is a need to find the best to hire.
Outlined below are steps on how to find the best Australian broker online.
- Find a listening and considerate Australian Broker
Before you sign a deal with a broker, ensure you do a thorough due-diligence comparison to crosscheck all aspects. Is the broker open when it comes to highlighting their business model aspects? Only go for the one that is open enough to explain different aspects to you not just one. What is their take towards proposed strategies? While you may be having different priorities, a good broker like us should explain their reaction towards your preferences.
- Open a demo account to check brokerage legitimacy
When it comes to Forex Australia, an account should be developed to suit the needs of a local trader. To do this, check if availed trading features and parameters are localized. Why localized? This is essential since Forex activity are optimum at specific but defined trading hours. A good brokerage firm should offer a sophisticated yet operational trading platform. Among the top aspects to scout in a demo account include the following:
- Direct Market Access
- Presence of segregated trust accounts to hold client’s funds
- Professional Forex accounts run by experienced Australian brokers
- Raw ECN spreads
- Pick a broker with a reliable financial backing
Aren’t client’s deposits enough for a broker’s financial backing? To professional traders, another source of backing is preferred to client deposits. Why is this so? First, understand it is hard to get your money back if a brokerage firm becomes insolvent. Second, a firm’s reliable asset base will boost your confidence when intending to trade with them. Why risk your principal capital when a firm does not have one to lose? Now you understand the financial backing aspect.
- Ensure a broker has a knowledgeable yet responsive customer support
What if your mind gets clouded with doubt regarding an intended choice? A good customer support should be available 24 hours for seven days. They should respond to the following:
- Clarifications on any Forex issue
- Provide technical assistance regarding trading accounts
- Explain any update that you are not familiar with
- Only open a friendly demo trading account
Wait! Have you ever opened a demo account and felt the urge to open a live account? Yes. It is expected if you bump in a demo account that is far developed than you expected. In fact, it looks like an account from the future. Ok, like sci-fi, Forex have dreams of future developments too. A good Australian broker should ensure an account has a reliable supply of spreads and leverage. Unlike other markets, Forex Australia requires an affordable minimum deposit and lot size for you to kick off your trade. Lastly, withdrawal should be easy, smooth and quick.
Though the above are enough to help you find the best broker, there is a vital issue at hand; online review. You thought only good are reviewed? Not only good but also services are reviewed online. How do you check a broker’s review? It is easy.
Quick guide on checking a broker’s quality of service
First, check their social media pages and accounts for client feedback. Among the feedback, there are complaints. How they respond to such feedback reflect a lot on their service. Second, what is trending about them? Are they active in Forex news threads? A good broker should have recent updates on resumes, commentary and information concerning Forex Australia.