Binary options trading is quite popular around the globe, and many countries have already accepted it as a form of investment trading. It is easy to comprehend, and once you get the gist of its working, it can become a passive source of income for you.
Binary trading has placed its roots in Australia as well, primarily because Australians love to gamble. As per the stats, Australia is the biggest nation to spend money on gambling like casino games.
It is not that binary is similar to casino meets, but a part of it resembles gambling, and thus, it appeals to the venture freaks.
Is Binary Options legal in Australia
One question which is commonly asked is whether binary trading is legal or not? Many countries regulate the binaries while others have restricted their use, and some countries have not taken any action towards it, making them neither legal nor illegal.
In Australia, the binary options are legal with some restrictions. Aussies use binary options as an optimal way of earning passively, and it is legal to use local or offshore brokerage firms.
Regulation in Australia
Binary options and the financial market in Australia are heavily regulated by The Australian Securities and Investments Commission (ASIC).
In order to supply investment products to its citizens, every company or organization operating in Australia’s financial industry must have an Australian Financial Services License (AFSL).
Any international broker seeking to get into the country’s investment realm is required to fulfill two necessities:
- Open a physical workplace in the land.
- Get a license of operation.
These rules are made to safeguard the trader’s money and to guarantee that offshore brokers also work as per the regulations formulated for the other companies functioning in Australia.
Top 3 Binary brokers in Australia
Binary options trading is thriving in Australia, and many natives are using different platforms to buy and sell financial instruments.
Finding a broker that matches your requirements and delivers high payouts is difficult and quite a hassle. Therefore, to make your search easier, the following are the best brokers to use for Australian traders.
This new broker made its entry into the binary trading industry in 2020. Within a year, Quotex.io has gained a massive following. It is a part of Seychelles-based Quotes Ltd. It accepts international traders and is active in around 20 countries.
Quotex.io is regulated by International Financial Market Relations Regulation Center (IFMRRC), and the license number is TSRF RU 0395 AA V0161.
About the Platform
The platform is technologically advanced and has features that meet your needs. The platform supports the most basic trade option that is the “up or down.” This web-based trading terminal offers many underlying assets.
The price charts can be customized and are available in several graphs. For better analysis, the platform provides you with 9 indicators coupled with 15 different drawing tools. The time scale can be set from 5 seconds up to 24 hours.
You will get 4 candlesticks and 17 trend figures. The interface is attractive and easy to use. In addition to this, you can access the previous record and the transaction history from the menu.
Before starting directly with the real account, you can use the demonstration or demo account, which is completely free to operate. Quotex.io enables you to use the practicing account, which will be stocked with simulated money worth $10,000.
You can apply this amount to trade and check your compatibility with the platform. This is not real money; therefore, no real loss or gain will impact you. The demo account is solely for learning about the platform and honing your trading skills.
There are many payment systems supported by Quotex. The least amount required for deposit and withdrawal is $10, and the trade can be placed with $1 only. The withdrawal amount goes back to the same deposit means to maintain security.
Different payment methods available are:
- Wire Transfer
- Perfect Money
The deposits are quick, and the withdrawal period ranges between 3-5 business days. Quotex.io does not charge any transaction fees.
Additional Features Possessed by Quotex.io
#1 Availability of Mobile Application
Quotex has its own mobile app available for android and iOS users. This makes it easy as traders can perform their trades anytime.
#2 Wide Range of Assets
It offers more than 400. You can easily choose from –
#3 Integrated Signals
The accuracy level of signals used in the platform is around 87% which allows you to compute your own strategies effectively.
#4 Support Staff
With Quotex, you will get 24/7 multilingual support staff. They can be accessed in 15 different languages, which makes them extremely easy to communicate. For any issue, you can reach out to them through emails or live chat.
#2 IQ Option
Founded in 2013, this brokerage firm is widespread among traders. With its entry, it made a huge impact because it introduced low financial requirements. This enabled everyone to place their trades as earlier the fiscal obligations were high, and not everyone could afford to trade.
IQ Option acquired Cyprus Securities and Exchange Commission (CySEC) license in 2014. CySEC is a governmental agency based in Cyprus and is an EU member.
IQ Option is known for being easy to navigate and innovative trading platform. The charts are simple to read, and with the help of tools and indicators, you can make the trades effectively.
There are 5 tools available that can be used to inspect the market flow and construction of strategies to tackle them. The charts are presented in different forms, including candles, lines, hollow candles, areas, and bars.
In IQ Option, you will get 1 practicing account and 2 live accounts.
- Demo Account
The demo account is offered with virtual $10,000, which can be restocked over and over. It is a good place to have your trading abilities honed.
- Standard Account
This is the basic account type that can be accessed by depositing the minimum value that is $10. With the standard account, you can have access to more than 300 assets and tournaments.
- VIP Account
Deposit $19,00 or maintain a trading volume of $1500 within a span of 3 months to qualify for a VIP account. This will also give access to additional benefits like more assets and some educational material coupled with additional returns.
The payment methods are diverse, and some local means are available as well. The minimum deposit and withdrawal amount are $10, and starting range to execute the trades is $1.
Deposit and withdrawal resources are:
- Credit Cards like Visa and MasterCard
- Globe Pay
- Perfect Money
The deposits are processed immediately, while the withdrawal period is 3-5 working days.
They offer a wide range of financial instruments. You can choose from 350+ assets which are grouped in the following categories:
- Forex pairs
#2 Mobile Trading
The mobile application available for android and iOS users makes the investment even easier. The design and interface are the same as the website.
#3 Support staff
The multilingual support staff carries the work of resolving your issues and queries 24/7. They can be reached via live chats, emails, or the contact information provided on the official website.
#3 Pocket Option
Pocket Option has become one of the top choices among traders. It is a byproduct of Gembell Ltd, which was established in 2017. The broker has gained many followers in recent times and is steadily hiking in terms of popularity.
Pocket Option is thoroughly regulated by International Financial Market Relations Regulation Center (IFMRRC).
The platform has all the amenities required to perform a smooth trade. It can be personalized as per your sophistication. The price chart is displayed on the main screen, and you can check the price Oscillations there.
The platform engages two High trading servers that make your trade proficient. The platform gives you the simple trade type of High and low. The platform is suitable for beginners as the trade type is very straightforward, and in no time can they grasp the basic functionality of the terminal.
A demo account is a quality of the best brokers because it is given not only to perfect your trading techniques but to place your trust in the brokerage firm as well. Pocket Option offers you the same pleasure of using a practicing account.
It comes with $10000 virtual funds, which can be used for unlimited time. This is a good way to check the platform without investing any real monetary funds.
Pocket Option has a minimum deposit value of $50. The deposits are fast, and you any use any of the following sources to add funds:
- Debit Card
- Bitcoin Cash
For withdrawal, you need only $10 as the minimum amount and can be done from the same deposit methods. There are no additional transaction charges.
- Social Trading
The option of social trading enables you to keep track of other traders’ conduct on trading and learn from them. Through this, you can copy their trades and earn yourself some profits.
- Mobile Application
Like many other brokers, this platform is also accessible on small screens. The android and iOS users can use Pocket Option on their smartphones for free.
The support staff is present all days of the week, 24 hours. They have email, contact numbers, and a live support chat system.
The binary options are being admired by everyone. Not only it brings all financial instruments to one place, but it is also available 24/7 making it easier for everyone to execute their trades, even on weekends.
The most important thing before getting started on binary options trading is to find the right and suitable broker who is genuine and has no fraud. They must be trusted and reliable.
Conduct full-fledged research before investing any money. Binaries are not internationally regulated, so this becomes even more important to choose the best in the market so that you do not have to face any scams.