Reading Time: 5 Minutes
The Internet has now become the source for millions of people to invest and trade all over the world and to make a profit. One of the most active country in this list is Australia as they are very aggressive when it comes to trading and investing. As more people are becoming internet educated, a large number of Australian citizens are now trading Forex online. This provides them with a high average income that is followed by a non-restrictive framework.
As the number of people investing in the trade market has increased, the number of Forex brokers has also increased. Many best Australian Forex brokers offer traders with the chance to make a good profit by hiring their expertise. It is crucial for you to select the best Forex broker in Australia by engaging them from a legit platform.
Most of the Australians and people that are interested in Australian market often come up with a question that whether they can trust Australian Forex brokers or not. There can be scams that you don’t want yourself to get into their trap. But it is quite easy to find a top Australian Forex broker as some authorities and agencies provide Australian Forex brokers with the rules and regulations that they have to follow.
These rules and regulations increase the safety of the investors from the fraudsters. These Australian Forex brokers are always bound to the laws specified by the Australian government. Let’s see some of the laws and authorities that help people to determine whether they can trust a broker or not.
How to choose a Best Australian Forex Broker
These are some of the operating authorities in Australia that bounds the Forex brokers to be genuine with their offerings. As there are not many licensing systems in the Australia, it can be hard to find a qualified and experienced Forex broker. Although Best10forexbrokers.org provide you with the authentic Forex brokers in the Australia, it is also essential to keep some points in mind before choosing an Australian Forex broker. Here are some features associated with top Australian Forex brokers that you have to keep in mind before initiating your trading process.
- Make sure that the trading website is equipped with the trading instruments and functions that can make your trade efficient. Most of the best Forex brokers in Australia offers these tools so, make sure to check them.
- Make sure that they acquire a good customer service as there can be attributes and functions that you may want to know before investing.
- Do a bit of research and gain knowledge about a specific broker. Look for the chance of gaining some good practice from that platform.
- Look for a good and reputable forex broker company with so much of experience. You want a reliable platform to invest your time and money and looking for a well-reputed company is the way to do it.
I recommend you to check out my article called Dealing Desk and Non-Dealing Desk Forex Brokers.
Australian Securities and Investments Commission (ASIC)
ASIC is an independent government body that enforces and administers all the corporation laws. Laws effect for the investors, life and general insurance and banks in Australia. The intent of ASIC is to reduce the fraud and illegal practices from the financial market and products. So, that the consumers can use them with confidence and the market can perform efficiently. ASIC focuses on maintaining, facilitating and improving the performance of the industry. And by administering the law effectively, they encourage the confidence of the investors and consumers. ASIC can even provide the information about the companies that are available to the public as soon as they become practicable.
They register companies, auditors and liquidators and grants services licenses. Not only they provide the licenses, but they also maintain a publicly accessible register of information about the licensed companies. ASIC has the authority to ban people from engaging in credit activities to make the industry more secure.
Australian Prudential Regulation Authority (APRA)
APRA oversees banks, general insurance companies, life and health insurance companies, credit unions and every member in the industry. It is funded by the industries that it supervises and that it is why it is also an autonomous body. APRA also plays a critical role in protecting the financial well being of the Australian community. APRA provides laws that should be followed by the financial firms and Australian Forex brokers. And this policy is regulated and observed by institutions.
It was first introduced to examine the results if deregulation in the finance industry of Australia and to provide with the recommended changes to the system. And it is currently regulating banks, insurance companies, and institutions that are in the financial market. This process ensures that they keep their financial promises. This makes it furthermore comfortable for the investor to trust on a licensed Australian Forex broker as they got the insurance that they will not end up by facing a fraud.
Australian Transaction Report and Analysis Centre (AUSTRAC)
AUSTRAC is an anti-money laundering and counters terrorism financing regulator and the financial intelligence unit. AUSTRAC investigates the criminal activities that include terrorism financing and tax evasion. All the banks and financial services are required to report to the AUSTRAC. This information from AUSTRAC can be used by the law enforcement agencies, regulatory securities, and other agencies. AUSTRAC issues a list of rules and regulations that have to be followed by the Australian forex brokers and finance market industries. When it comes to protecting the integrity of the finance industry, AUSTRAC plays a vital role. And it is one of the reasons that Australian trading market is running successfully.
Although you are now aware of the rules of the Australian government and the tips of choosing the right broker. In case you don’t want to waste your time in investigating the AU forex brokers. Then you can come directly to our website. We help you to reach out to the top Australian forex brokers and to make sure that you are investing in the right place. There are multiple forex brokers that will suit your specific need. All these forex brokers that we promote on our site are legit and licensed under the AU policies which minimise the risk of getting a scam. We make the complex process easy for you. We may wish you good luck on choosing the right broker to enjoy success in the trading market.