Binary Options Trading in Australia
Binary Options Trading in Australia
December 22, 2013Binary options trading is growing and becoming increasingly popular among newer as well as more experienced traders wanting to profit from the new and lucrative niche. However, the industry has received some mixed reviews from traders who have been burned by scam brokers operating in an unregulated environment. Unlike US trades wanting to invest, if you are located in Australia or New Zealand, you have a lot of options at your disposal so you have the advantage of selecting any broker or regulated platform you want.
Trading in Australia – Is it Legal?
Many Aussi traders ask me if its legal and safe to trade binaries in their jurisdiction. A fairly simple question, which has a somewhat complicated answer. In a nutshell, there is a big difference between illegal and unregulated and there is still much work to be done in this context. So, while it may be legal to trade, you must be very careful where you place your money. Below you will find a collection of honest and reputable binary options brokers that have passed our screening process.
IG Markets:
This broker is a fully regulated Australian brokerage house licensed by the Australian Securities and Investment Commission (ASIC). It is important to mention that this broker does not specialize in binary options, rather it has it as a part of its offering which also includes spread betting, CFD’s, and Forex trading. Additionally, it’s important to mention that they make their money based on the volume of trades executed, they charge you regardless of how much you win or lose. Brokers such as BBinary, 24Option, or Anyoption profit based on a liquidity algorithm and provide you with incentives and bonuses.
Enfinium FX:
Much the same as the previous broker Enfinium is also licensed by (ASIC). Primarily known as a Forex trading house, this platform is considered by many Australians to have one of the best binary options software available online today. However, there are no bonuses and no incentives provided for traders. Additionally, the assets index is very poor with no more than 50 options to choose from.
BBinary:
Here’s an industry veteran with a CySec license (number 188/13). This Spotoption-powered broker has been around since the industry started and is accepting traders from Australia. Even more so, they have a special team that deals exclusively with Australian VIP’s and day traders.
TOP Option:
This broker is rapidly gaining market share and is considered to be the industry’s rising star. They are also licensed by the Cyprus Securities and Exchange Commission (CySEC), under the license number 092/08. Additionally, they are compliant with MiFid and FCA regulations.
24Option:
An industry leader that has recently cleaned house and existed the US markets due to SEC scrutiny and a simple desire to be a legitimate player and honest broker. 24Option is powered by the Tech Financials platform, primarily known for attracting Forex traders wanting to make a transition to binary options.
Anyoption:
The quintessential, most professional broker and one of my personal favorite platforms. Offering exclusive trading features such as 0-100, binary live and option+, this broker has a fantastic track record of paying customers in a prompt and meticulous fashion. Additionally, they also have one of the most comprehensive educational center filled with trading strategies designed to teach you how to become a successful trader.
Traderush:
By no means is this a regulated broker, however these guys have always been honest and fair about paying traders and providing a professional trading environment. If you happen to be residing in the USA when reading this, I highly recommend you try it out.
Payment Methods:
Besides the usual credit cards such as Amex, Visa, and Mastercard, the premier broker accepting Poli deposits would have to be Anyoption which also accepts Moneybookers (Skrill deposits). Additionally, bank transfers made to Australian banks arrive after 2-3 days and sometimes after 24 hours. The withdrawal process is amazingly simple and professional. Once documentation is provided its easy sailing.
Blacklisted/Scam Brokers:
Australian residents – please note that Zoomtrader, Ikkotrader, and Globaloption have been flagged as “deposit only” AKA scam brokers. These complaints have trickled in little by little until they have gained a significant volume of complaints.
