You started learning foreign exchange Sydney with the aim of making money and chances are you hoped to do some trading well before three months were up. For some they start right out wanting to know what a broker can offer so they can choose one and get trading. Others make their way to the list of how to compare and review them after spending several weeks learning how to trade. In either situation you are yet again culling through more data. Not only do you want to choose the right broker, but you have so many to choose from you are now doing more research. It sounds like a recipe for a headache really. The following is an examination of six things that can help alleviate some of the search headache.
3 Foreign Exchange Sydney Brokerage Points
Security should be the first thing on your list. Australia operates under the Australian Securities and Investment Commission or ASIC. You can check with this regulatory agency or any others in the world to ensure the broker is not a fraud. Brokers who want your business and to be trusted will have a regulatory agency. You definitely want the broker to be a part of NFA and CFTC, FSA, ASIC, SFBC, BaFin, or AMF at the very least. It just has to be regulated by one of these. For Australians it is better to have a foreign exchange Sydney or Australian broker regulated with the ASIC. This offers the best security, but at least the regulatory agencies mentioned and Japan’s agency would be the best of the best if you want an offshore broker instead of an Australian one.
The cost of transactions is definitely a point to search on. The EUR/USD spread is usually shown in any comparison and review of forex brokers. It is just one pair. Checking other pairs to see how tight or wide the spread is or the commission cost is certainly important. Gain good security with a balanced spread.
Putting money in or withdrawing it should be hassle free. There is no reason to make it complicated, but some brokers only offer a few ways you can fund your account or take your profits out of your foreign exchange Sydney account. Compare these points too.
Foreign Exchange Sydney 3 Additional Points
Most brokers work with more than one trading platform. MetaTrader 4, 5, Web, and a host of others exist. You want the trading platform you download to be easy and user-friendly. Additionally what tools are offered for free versus paid services like charts and news? News is free from other sources so it does not make sense to pay for it, unless it is analysed and you trust that expert.
Order execution for some brokers has been delayed, and even news or technical analysis has been known to be delayed. You want a broker that provides everything live.
Lastly for foreign exchange Sydney brokers assess their customer service. Nothing is ever perfect with brokers. You want to know when there is an issue you can call up the broker or speak with them through live chat.