This article covers fees, live support, languages, withdrawal and deposit methods of Australian forex brokers.
Prior to signing a contract with Australian forex brokers, you need to determine if the brokerage offers the services you require. You need to find out about the account types, leverage, spreads and registration details of the brokerage. Aside from all these, you also need to assess the support that is offered by your broker as regards live chat, languages, methods of funding and fees.
Most Australian forex brokers offer clients the facility to deposit money into their trading account by credit card, PayPal or a bank transfer. These are quick methods that will allow you to start using your account within a very short time period. Some brokers are willing to accept cheques, but there will be a delay in processing due to bank clearance periods.
You should have the option to withdraw your funds in the same manner you used to deposit. Brokers normally offer withdrawals directly to your bank account on file, by credit card, wire transfer or by cheque. This information should be available on the forex broker’s website and if it is unclear, you should confirm the procedure with the broker.
Your potential broker’s website should have details regarding its fee structure on its website. Brokers normally make their income through the spread and commissions. The spread is the difference between the bid and ask price of a currency pair. Many brokers stipulate that they do not charge commissions, but instead widen their spreads. You may have the option to choose from a fixed or a variable spread. The wider the spread offered, the more difficult it will be for you to show a profit. The major currency pairs normally have tighter spreads and if you are a beginner in the market, it will suit you better to opt for a major currency pair when you first start trading.
You should check the fine print for any fee related points. If there are any additional fees to be charged on deposits or withdrawals it should be stated on the website or in the contract. Some brokers charge for monthly statements or if your account is inactive.
You can check on the broker’s website to see a list of the languages spoken by the customer support group. Some brokers list the different countries and languages separately, with separate contact details for your particular language. It makes perfect sense for you to be able to communicate in your native language when you call for support.
Australian Forex Brokers Live Chat
The foreign exchange market trades 24 hours a day, five days a week and your forex broker should be available when you are trading. You should be able to contact your broker’s live chat support or speak to a real human being when you call. It is extremely frustrating if you are experiencing a problem and all you get when you call is an auto attendant. You should place a quick test call to your broker during the hours you intend trading. This will allow you to assess the call answering time and the ability of the assistant to answer your questions. Many brokers offer 24 hour support services due to the trading times in this market.