Binary Options in Australia
Australia is considered to be one of the world’s major financial markets. Situated in the Asian Pacific region, the time zone of Australia is the same as the Asian time zone. Because it occupies a prominent position in the forex world, Australia has established a governing body which has the sole responsibility of overseeing activities of brokers in all financial zones.
Though there are several trading styles in the country, binary option appears a very appealing choice to a large majority of traders. The prime reason behind this is the easy format and simple process of this trading style. In just a few steps, traders can use the binary options style and trade across several markets that comprise of stocks, currency pairs and indices. You also have the option to trade on assets that belong to other countries.
Before you begin your journey as a binary options trader, you should be aware of certain things. Only then will you be able to win impressive amounts.
Underlying Assets Involved in Binary Options
There are many assets involved in binary option trading. If you want to increase your profits, focus only on those assets that are familiar. Among currency pairs, you can choose options such as AUS/USD, AUD/CAD and AUD/JPY. If you are interested in trading other financial instruments, you could avail options like gold, stocks on the exchange market, and index asset or ASX200.
Trading on the above mentioned assets lets you enjoy more financial gains than when you trade on unfamiliar instruments.
Benefits of a Binary Option Broker
If you appoint a binary option broker, you can enjoy several advantages. He is more experienced than you are and so can guide you on strategies that result in a win. He will be able to give you an accurate analysis of the market and will provide you with all the help you might need while making a trade.
Choosing a Suitable Australian Broker
The topmost binary option brokers offer traders many features, such as a large range of financial instruments, bonus offers and 24/7 customer support. Before you actually appoint one, be sure to read a review on his services. A review provides complete information which would help you in making a well-thought decision.
The government in Australia provides a license to all brokers. This ascertains that you would not be a victim of any sort of fraud or scam in future. In case any insecurity arises, all the money in your account would be protected and you will not lose it.
- Open an account on a good binary platform that you can come across. All renowned brokers ensure that their traders are provided with a fair price on all trades that they make.
- Add money into your account and enjoy the first deposit bonus along with it. You can do this through wire transfers, credit or debit cards, PayPal and other payment options. Whichever of these you choose, make sure that deposits are instant and withdrawals are fast. Only then will you be able to get into a suitable position in the right time.
- Choose a currency pair and open your position. When it closes, you will know if it resulted in a win or loss.
There are certain taxation issues involved with binary trading in Australia. In European countries, digital investments in the forex market are regarded as gambling and so no taxes are incurred. However, in Australia, tax is applicable on all market investments. This also includes fixed returns investment, and so you will have to pay taxes.
There are several brokers in the industry who have a good reputation. Probably the best of these is 24Option, which offers the best trading platform, incredible bonus offers, high investment rates and very proficient team that aids you in all matters. They also provide you with options to trade several currency pairs in any financial market.
Other brokers which are ranked as the best in the area are Trade Rush, Dragon Options and Option N Bit. If you go through even a single review of these, you will know why traders highly prefer them over others.