Forex trading is booming in Australia, largely thanks to a liberal position towards brokerages. This sector is adequately regulated by local authorities, which guarantees a high level of security and protection for customers.
The nation’s liberal, yet cautions regulatory setting has turned Australia into an ideal place to invest, drawing many top-shelf brokers to the territory. Traders here enjoy a wide range of investment tools.
If you’re an Aussie and want to get in on currency forex trading signals, read on… The following paragraphs detail local rules, account deposit methods and the trading platforms that are used in Australia and best forex signals provider in this era.
Forex regulations in Australia
Brokerage firms operating in Australia have to comply with a strict set of rules and regulations.
Each brokerage firm must have an ASIC authorization, otherwise their website will be blocked by the local ISPs.
Also, each broker must have an actual office there and accept that they be audited on a regular basis in order to promote transparent business operations.
In the interest of clients, brokers are obliged to hold traders’ funds in separate, protected accounts. The idea here is for traders’ account balances to remain in place even if the broker goes bankrupt.
Brokerage firms that seek a license to operate in Australia are required to have at least $1 million (AUD) in working capital. This is to make sure that they can withstand harsh market volatility conditions.
Currently, there are zero leverage limits that are imposed although most brokers rightfully offer no more than 500:1 leverage, in order to keep trader losses at a minimum.
Leverage can vary according to a trader’s transaction record. New traders will have access to lower leverage than seasoned pros.
The types of assets you buy and sell also determine your leverage limit. If you’re trading Bitcoins and other cryptos, your leverage will likely be far lower than if you’re trading crude oil or currency pairs.
ASIC has imposed a limit on credit card transfers to your broker: $1,000 (AUD) in the context of a new account. Also, any profits you make have to be reported and are included in your overall taxable revenue.
If you lose money, though, this can be deducted from your taxes!
Forex Signal Providers in Australia
Telegram has some useful signal providers in Australia.
But you have to be careful, if you are a beginner, you will find it hard to recognize who’s professional and who isn’t.
That is such an important point to understand, because it’s obvious, if you follow unprofessional signal providers, you get unprofessional trades.
If you follow experience and professional signal providers you get the right trades.
Anyway, I’m listing one good valuable Telegram channels that you can follow for signals, insights, and education in Australia.
You get some good valuable macro and price action trades, well explained and well detailed so that you can also learn from them. They analyze each and every market moment to bring the best consultation service for you. They provide services for educational and training purposes.
It is the leading provider of real-time market news, market analysis, trade ideas and Forex signals For Forex Trading in Australia. On average 91.2% of his Forex signals make profit.
Every Week he sends his members over 7+ profitable forex signals through telegram with an average of 200–300+ pips per week. Their forex signals and technical analysis are based on deep research On Price Action Analysis, Impulse and Correction related strategy, Elliot wave, Classic Patterns, Advanced Patterns or any other like Candle Stick Patterns. It can be a truly great solution for beginners.
Spend some time reading the insights provided by ULTREOS FOREX, and you will start your trading in the right direction.
Thanks to leverage, you don’t need to start out with a fortune. If you have 20:1 leverage, and have $1,000 (AUD) in your brokerage account, this means you can trade $20,000 worth of EUR/USD. Of course, you should start out with small lot sizes (0.1 lots for example) until you get used to price action and the market’s volatility.
Of course, your national currency remains your account currency. Brokers in Australia let you choose from various currency accounts: AUD, U.S. dollar, euros (€) and pounds (£). The best is to use AUD in order to avoid any unnecessary exchange fees.
These used to be extremely common, however bonuses are increasingly forbidden around the world and are often a sign that the broker needs to rely on gimmicks to attract traders, rather than low spread and fast trade execution. Also, these bonuses often require huge trading volumes with your account before they can be fully obtained, so read the fine print!
Brokers in Australia allow you to trade the more common pairs (AUDJPY and AUDUSD), as well as more exotic pairs such as the AUDHKD, AUDCAD, AUDMXN and the AUDHUF.
In order for you to use leverage (which enables you to trade with more money than you actually have in your trading account), you will need to meet your broker’s margin requirements. Basically, margin is how much money you must have in order to maintain a trading position. When your margin isn’t enough, your broker will issue a margin call (asking for more money to keep the trade open), otherwise your trade will be closed.
Best Time to Trade Forex in Australia (AEST)
Most trading occurs when both the American, European & UK Forex market hours are open from 10:00 pm to 2:00 am AEST during winter. In summer these hours shift from 12:00 am to 4:00 am due to daylight saving all in local time