What is a forex account?

Forex accounts give investors and traders the ability to trade all major currency pairs and some emerging market pairs. A forex account is a type of account that a forex trader opens with a retail forex broker. Forex accounts come in many forms, but the first that is opened is often the forex demo account .

Is forex trading legal in Australia?

Yes, Forex trading is legal and regulated in Australia. It is legal to trade with both local Forex brokers and brokers based overseas (offshore brokers). Is Forex Trading Taxable Income in Australia? Yes, Forex trading profits are taxable in Australia. This is also true if you are trading with a Forex broker based overseas. Is Forex Trading a Scam?

What currency do Australian forex traders use?

Australian Forex traders can also take advantage of the Australian dollar (AUD) Forex trading accounts. Most ASIC-regulated Forex brokers will also offer trading in AUD, as well as US Dollars (USD) or Euros (EUR). If an Australian trader has a USD trading account, they lose money in currency conversion every time they deposit or withdraw money.

How do I Fund my forex trading account?

Fund your trading account using the available deposit methods that are most suitable for you. PayPal has become a popular way to fund forex trading accounts, due to its extensive international presence and wide range of supported currencies. Head on over to our guide to the best PayPal forex brokers if you’d like to learn more.