There could be only two reasons why you are looking at various Australian forex brokers in the market. These reasons could be that you are completely new to the forex market and are only beginning your career or that you are dissatisfied with your current broker.
Regardless of which category you fall into, it would be extremely important for you to not arbitrarily choose any broker in the Australian market. You should instead use a detailed comparison process to pick out the best option from the various Australian brokers vying for your business. Here are the criteria on the basis of which you should be comparing the options available to you.
Multiple Account Types
This aspect is especially important if you are a new trader, while if you have been in the market for some time it may not be as relevant to you. When you are only starting out in the forex market, you will start with a demo account and move through smaller accounts like the micro and mini before actually opening a standard account. This is why you should look for those Australian forex brokers that provide multiple account types.
Low Minimum Account Deposits
Every broker has his own internal rules for deposits. If you are new to the forex market then you will want to start with a small amount of money until you have become competent with forex trading. For this reason, you will want to look for those Australian forex brokers who accept low minimum account deposits.
Spreads, as you may already know, are differences between Bid and Ask prices. Different Australian forex brokers offer different spreads systems. Options include fixed spreads, variable spreads, and even fractional spreads.
While the type of spread system you choose will depend on your strategies, you should always look for the lowest spreads because they amount to the sum of money that you pay brokers for their services.
Real Time Execution
The forex market is an extremely fast paced world where every second counts. If the execution speed of your system is low then you can lose out on certain profits and, in some cases, even opportunities. This is why you should look for those Australian forex brokers that can execute your market orders without any delays on a real time basis.
Free Charting Tools
You cannot trade in the forex market unless you have charting and analytical tools available. Moreover, the quality and variety of tools available to you often determine how successful you are in the forex market. Analyse the charting package that the Australian forex brokers are offering to you before making up your mind either way.
High Leverage Options
You use leverage in the forex market to increase your purchasing power. Leverage can thus help you increase your profits without actually increasing your initial investment.
The higher the leverage being offered, the more flexibility you will have in the market. This is why you must choose those Australian brokers who provide you maximum leverage.