Forex trading is the largest financial market that gives you numerous opportunities to make money. Foreign exchange stays open 24/5 and allows traders to trade anytime they want. The forex market is fast-paced and volatile. It dwarfs the stock market in regards to sheer trade volume.
More and more people are aspiring to get started with forex trading in Melbourne.
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FCA, ASIC, CIMA, SIBL
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In This Guide
The forex market’s high liquidity attracts many people to forex trading. However, starting forex trading in Melbourne can be confusing, especially for new participants. You can magnify your forex trading profits if you work with the right forex brokers in the city.
Here we have a comprehensive guide on starting forex trading in Melbourne. So, here we go:
Here are the essential steps to start forex trading Melbourne:
The first step of forex trading is to understand the currency pair you want to trade. Forex brokers usually offer multiple currency pairs to trade. As a beginner, you can focus on one or max two major currency pairs to focus. It’s always better to perform your due diligence and analyze the market before making any decision.
Futures and Spot are two major forex market types. Spot Market gives traders currency pairs’ live prices. On the other hand, in the Forward market, you will set your trade for a certain price. Spot trading is performed in lots in the base currency’s unit.
Once you have decided on the currency pair and trade type, you’ve to choose an ASIC-regulated Forex broker. Choosing an ASIC-regulated broker will protect your rights as a trader.
Consider different factors given below to make a more effective choice in this regard:
All these factors will ensure enhanced security and help you to trade with a reliable forex trading platform.
After selecting a forex broker, you need to open an account by providing the required information at signup. Connect your forex trading account with your bank account to add funds and start your trading journey.
Forex trading is completely legal and regulated in Melbourne. ASIC (Australian Securities and Investments Commission) oversees the activities of forex traders here. Any forex brokers must be regulated by ASIC and hold an AFSL (Australian Financial Services License) to operate in Melbourne, Australia.
Recently, ASIC regulatory authority has started following the FCA and ESMA standards. This is major because forex trading is a high-risk practice area, especially when trading leveraged products. ASIC has taken this step to reduce the number of distressed financial conditions due to losing money in forex trading.
The new ASIC forex trading rules include:
ASIC also enforces basic investor protection policies such as PDS, website disclaimers and segregated client funds. Moreover, ASIC also protects forex traders from large losses. To ensure this practice, a broker must comply with the rules above.
Forex brokers in Melbourne also offer risk management tools to reduce forex trading risk. For this, brokers develop tools such as order types and demo accounts.
Here are some of the top ASIC-regulated forex brokers you must know:
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Vantage offers an intuitive meta trading platform suite for forex trading. It also supports multiple social trading platforms. A proprietary mobile application makes mobile trading super convenient and easier.
IG is a comprehensive ASIC-regulated forex broker that offers excellent research and trading tools. It offers industry-leading tools with an extensive tradeable market range. This is a highly trusted, multiple asset broker with having strong customer base across the globe.
Ava Trade is another extensive forex broker that offers an amazing collection of trading platforms for traders. It also has an exceptional library of educational and research tools that make it a suitable forex broker for beginners.
The scalable execution and competitive pricing of IC Markets make it one of the best ASIC-regulated forex brokers in Melbourne. It also supports an amazing range of third-party plugins and tools to make trading easier.
Forex Trading Melbourne is emerging as Australia considers it a legit income-generating activity. However, always trade through an ASIC-regulated Forex broker to make the most out of your forex trading efforts. Above are some options you can consider in this regard.