If you are a trader and live in this country, you probably know that the current situation with binary trading is uncertain. Hence, to be on the safe side, before making such investments, you must learn more details about the recent limitations and find out which brokers are still considered to be eligible.
During recent years, this financial instrument enjoyed increased demand among Australian traders (like in any other country). But, due to the fact that there is uncertainty in the sphere of legal regulation, many local traders faced disastrous losses in 2021. The point is that the ASIC ― the authority responsible for this market ― decided to check all the brokers operating in the country and remove those which do not comply with the rules. Only one touch and digital options brokerage companies are left. Consequently, traders reported that they lost about 95% of their money because of unscrupulous platforms. In response, the ASIC issued a quick solution ― it prohibited all binary brokers from accepting new clients. Hence, as of now, you cannot create an account with any of them.
Still, hoping that the situation will change for the better in the near future, we would mention the most reputable sources offering binary options Australia:
- Expert Option;
- Quotex;
- Nadex;
- Pocket Option;
- Ayrex.
All the companies on this list are properly regulated in Australia, so, you will not have to worry about the safety of your deposits. To make an optimal choice, focus on the selection of assets, charting features, research functionality, deposit limits, withdrawal terms, extra bonuses on offer.
Also Read: Binary Options UK: Is This A Legal Activity?
What if you are not ready to bear the risks connected with binary options? Switch to Forex trading. It involves more complex analysis and calculations and does not offer such high rewards (in the case of binary contracts, they often reach 90%), but, on the other hand, it is properly regulated in Australia and imposes lower risks. Your next question will probably be: “Which Forex broker to choose?”. Among our top picks, we would name IC Markets, eToro, IG.
To summarize, binary trades are a great instrument for receiving high income with a limited initial budget and within a short period. Still, due to current legal problems, we insist that Australian traders should avoid it and search for a safer alternative. For example, you can try trading foreign currencies.