When entering the market new traders will learn that having a reliable and trustworthy forex broker is important to trading success. However, finding a reliable and trustworthy broker is not as easy as it sounds. When perusing the internet for Australian forex brokers there are some considerations to take into account.
1. Australian forex brokers history
It is vitally important to do some sort of research into the forex broker before opening an account with them. The best way of determining the broker’s reputation is by going online and reading customer reviews of the item. These testimonials should be taken to heart as they are generally good indicators of the brokerages reputation and level of operation.
2. Forex broker availability
A broker’s customer support service is an important feature of any brokerage. When perusing Australian forex brokers you must examine what level of customer support is available. This can be done by looking at the broker’s online website for their support times. The most reliable brokers will present with 24-hour availability. These are the recommended options as the forex market operates on a 24-hour basis and one may need a broker’s assistance at any time of day. Before making your decision you should check whether or not the service is high quality. By contacting support at different times of the day you will be able to see if they are as effective as advertised.
3. Forex broker customer support speed
The availability of customer support is important, but so is the speed of this support. When you have verified the customer support service is operating as per the advertised times, you should check how effective their support speed is. It is pointless to register with a broker who is ready to offer assistance but takes 30 minutes to get back to you. You can test this aspect by calling the support service and determining how long a support response takes.
4. Forex broker price
The amount of initial capital required to open a forex trading account will vary from broker to broker. When looking at different brokerages, you should consider which is the most cost-effective yet at the same time value for money. Many brokers who require higher capital may offer services which lower capital accounts do not.
5. Withdrawing your funds
Some forex brokers will make it very easy for you to put funds into your trading account, but less simple to withdraw them. To avoid this dilemma you should also read the fine print of the contract to see if there are conditions which could delay a withdrawal. This is another reason why it is important to do a background check before choosing a forex broker.
6. Forex broker discounts
As part of their marketing campaign, many Australian forex brokers will offer discounts and added extras to gain your attention and business. You should be wary of these brokers as these discounted services may not always include all the services you need. It is recommended that new traders begin with non-discounted accounts.