Brokers With AUD Accounts
The Australian Dollar (AUD), also known as the ‘Aussie’, is widely traded in the financial markets. This guide will highlight some of the top brokers with AUD accounts, the benefits of choosing a platform that accepts the Australian Dollar, plus how to compare top providers.
Brokers With AUD Accounts
What Is An AUD Account?
A base currency establishes the currency in which your account is denominated. Brokers with AUD accounts simply hold your portfolio balance and trading capital in Australian Dollars. All profits and losses will be converted into the base currency selected at account registration. Any fees will also be reflected in the Aussie Dollar. This could include inactivity charges, account maintenance fees, and commissions.
The Australian Dollar (AUD) is the currency of the Commonwealth of Australia, replacing the Australian Pound in 1966. Domestically represented by the Dollar sign ‘$’, global brokers may also show it as ‘A$’ or ‘$AU’.
The AUD is the fifth most-traded currency in the world, behind the USD, EUR, GBP and JPY. The country’s central bank, the Reserve Bank of Australia, is responsible for setting monetary policy and maintaining the financial stability of the currency.
Brokers with AUD accounts should offer the currency at the registration stage. International investors can select AUD as a trading currency – it is not available exclusively to Australian Residents. With that said, most platforms with AUD accounts are based or regulated in Australia so tend to appeal to local traders.
Note, some brokers may not allow account currency changes once an account is opened.
Pros Of Brokers With AUD Accounts
- Conversions – an AUD account is ideal for investors actively using the currency for trading. Capital is not lost when converting profits and losses to and from different currencies
- Speed – currency conversion requirements can slow the fund transfer process. Opening an AUD account may prevent a delay in processing profits back to your local currency if you’re based in Australia
- Payments – AUD deposits and withdrawals via local bank transfers tend to be quick, taking no longer than 1 business day. Local transfer fees are also cheaper than international wire transfers
- Accessibility – AUD accounts are the most popular option at Australian brokers. This gives traders more choice and direct access to major financial markets, including forex, stocks and commodities
- Predictability – the Australian Dollar is heavily tied to commodities. FX traders that invest in precious metals, energies and softs, may have a good understanding of what influences the value of the Aussie Dollar. This can help traders understand when it may be a good time to take a position on forex pairs that include the AUD
How To Check A Broker Offers AUD Accounts
The accounts section on a broker’s website is a good place to start. Brokers with AUD accounts also typically indicate accepted currencies on the deposits and withdrawals page. Alternatively, visit the broker’s terms and conditions or contact the customer support team. It could also be worth clarifying if there is the ability to amend base currencies once an account has been opened, including any associated fees.
How To Compare Brokers With AUD Accounts
Below are some key considerations when comparing brokers with AUD accounts:
- Platform – does the broker offer a leading desktop and mobile trading platform like MetaTrader 4? Get to know the features and analysis tools that can be used to help execute trades
- Assets – available trading markets vary among brokers with AUD accounts. Retail clients wanting to build a diverse portfolio may want to look for AUD brokers offering stocks, forex, commodities and cryptos
- Customer support – the best brokers with AUD accounts offer easy-access to customer support. In fact, many top platforms now offer 24/7 assistance
- Regulation – brokers with AUD accounts are likely to be authorised by the Australian Securities and Investments Commission (ASIC). The regulatory body promotes high levels of customer protection and is widely regarded in the financial markets
- Additional tools – what extra features does the broker offer? This could include educational webinars, online help centres, trading tutorials, or tips from expert traders
- Bonuses – incentives are frequently offered by Australian brokers with AUD accounts. Marketing promotions and bonuses are used to attract new customers but check terms and conditions before you sign up
Always consider your strategy when deciding which broker offers the right trading environment for you.
Final Word On Brokers With AUD Accounts
Brokers with AUD accounts are suitable for investors from Australia as well as active forex traders. Many of the top platforms are licensed with the ASIC offering retail client protections. Check out our table of the best brokers with AUD accounts to get started.
What Are Brokers With An AUD Account?
Brokers with AUD accounts offer the Australian Dollar as the denominated currency. This means that any capital used to trade, applicable fees, margin calculations and account history, will be displayed in Aussie Dollars.
Can Anyone Sign-Up With Brokers That Offer AUD Accounts?
Usually, anyone can open an account with AUD as the base currency regardless of residency. With that said, some international brokers limit AUD accounts to Australian residents only.
Do Brokers With AUD Accounts Offer Bonuses?
Yes, the ASIC does not restrict financial incentives offered to retail clients. Many brokers offer traders a variety of loyalty enticements such as no deposit bonuses and welcome promos. Always check terms and conditions before opening a live trading account.
What Regulation Do Brokers With AUD Accounts Hold?
Most brokers with AUD accounts are regulated by the ASIC. Investors benefit from measures designed to protect retail traders, including a cap on leverage rates, segregated bank accounts and a legal channel should a platform behave inappropriately.
Who Are The Best Brokers With AUD Accounts?
You’ll need to compare all the features on offer to find a platform that suits your trading style and risk tolerance. Use our list of the top brokers with AUD accounts to get started. We’ve reviewed many of the leading providers, covering assets, fees, tools, regulation and more.