Just reviewing any forex broker can be difficult. How do you, the reader, trust what someone else has written? You are most likely aware that some sites tend to pad the information you find either in a negative or positive way. It makes it a little difficult to read a full review on Australian forex brokers and put your faith in what you read. Rather than be like millions of other reviewers out there, it seems more important to be different. To be different a forex broker like Forex CT is assessed for a couple of things like regulatory agency, minimum deposit, and pip spread on the most traded currency pair the EUR/USD. The rest of the information is about other details you want to check out on your own with regards to any forex broker including the one reviewed below.
Ideal Traits for Australian Forex Brokers
Customer service is something essential to traders. You never know when you might need to call to ensure an online trade was successful or to see when a website will be back online. Things can happen, questions come up, and the customer service department at Australian forex brokers needs to be able to handle it. Doing a test of the customer service is one of the greatest ways to see how well they respond. Send an email to see how quickly your question is answered. Check out the live chat option the broker offers to see if the person is knowledgeable. Make a call to see how the phone system works and if you get a broker quickly. By testing the system and testing companies like ForexCT you have a better understanding if they should remain on the list. No one can tell you which of the many Australian forex brokers should be chosen by you. You are the only one that can decide what you like.
As you test out the customer service you also want to test out the trading platform. Is the platform easy to use? Can you find all the tools you want? Is there something missing from the platform? Does the platform seem too old based on other more tech savvy sites you have seen? If you can answer these questions after your personal review of a company then you should have a narrowed list of brokers.
Qualifications of Australian Forex Brokers: ForexCT
The regulatory agency must be in your country. For Australian forex brokers you want the ASIC regulating the company, not a foreign body. An agency outside of Australia is unable to protect you because of the decentralised forex market.
ForexCT requires a small $500 AUD minimum deposit to open an account. It is smaller than many, although you can find some brokers willing to open an account for $25. A good rule is to have $1000 AUD to trade and not any less no matter what the broker actually wants.
Lastly the EUR/USD spread is 2 pips, which is in line with many other companies. The average on this pair tends to be 1.2 to 4, with a mean at 2 pips.