When I started trading forex between 2007-2008, there were not many forex brokers around in Australia.
It is now 2016 (at the moment this post is being written) and I can tell you that there’s been a lot of change over the past decade.
There’s a lot of forex brokers in Australia and forex trading volume now exceeds the daily total turnover for the ASX.
WHY AUSTRALIA IS NOT A HOT-BED FOR FOREX TRADING
The reasons are simple:
- the country’s trading culture is really good
- and the country has a safe jurisdiction for forex brokers to establish themselves and market themselves around the world
Another reason could be the fact that in the wake of the Global financial crisis in 2008 period, the United States simply put brake on all forex trading and passed regulations to limit leverage up to 50:1 but in Australia, forex brokers offer leverage up to 500:1 and from my knowledge, this really hasn’t change much at all.
This means that forex traders in United States would have to open forex trading accounts outside of USA to have access to much higher leverage that what’s offered in United states and I would’t be surprised if there are thousands of forex traders from America having live trading accounts with forex brokers in Australia or even UK.
What Is The Daily Turnover In Forex Trading Australia?
Forex trading is so popular in Australia that some of Australia’s largest forex brokers exceed the Trading Volume (in cash) of the Australia Securities Exchange (this deals with Shares/stock) and any given day.
The ABC in an article here, in 2015, stated that forex trading Australia is now a $380 million dollar a day. I guess it now more than $500 million day.
Is Australia A Good Country To Open A Forex Trading Account?
I wouldn’t open a forex trading account in Cyprus or Cayman Islands based forex brokers. I wound’t even consider opening a forex trading account in Russia or even China.
That’s my personal view anyway.
The countries that I’d open my forex trading account will be Australia or UK. That’s pretty much it.
Why would I do that?
Simply because I trust that the laws of these two countries are solid and the fact that I’m from Australia and I’ve lived here and I’ve seen enough to know that opening up a forex trading account is Australia is much safer option than in any other country.
Call me biased…who cares?
Scam Forex Brokers In Australia?
A little bit of warning…if forex trading in Australia interests you and you think of opening a live trading account with any Australian based forex brokers, you really need to do your due diligence test.
Research forex brokers first before you open a live online forex trading account. A good place to start your research would be forexpeacearmy.
Forexpeacearmy is a website dedicated to the review of forexbrokers. Any forex brokers which forexpeacearmy has given a SCAM rating, you must avoid.
Not all forex brokers are created equal. Some forex brokers may have started operations in other countries previously and may have a really bad record in that country.
Simple advice?: avoid such forex brokers even if they have operations in Australia.