Is Binary Options Trading Legal For Australians?
Yes there is nothing illegal about trading binary options for Australians. The long answer is to always check your personal localized laws, regulations, rules, customs, rituals, rites of passage, town laws and home owners association policy before doing anything on the internet.
Best Of List – Binary Trading Brokers That Accept Australians
There are a number of binary options brokers that accept Australians. We will list the reputable trading sites Australia residents can use for binary options. If you have been keeping up with the binary options market for any time, you may remember MarketPunter / TradeSmarter. The first regulated binary option broker in Australia, and how that has turned out.
Australians Accepted For Full Trading Accounts
- iOption.com – High returns
- WinOptions.com – Newer trading site, exciting platform
- MarketPunter – A one time leading Australian binary option broker. Recently lost it’s AFS license number – Not recommended.
Best Practices For Trading Binaries – Australia Or Not
- Trade with a respected broker.
- Never invest more than you can afford to lose – Binary trading is risky
- Make sure you learn how to trade binary options and what you are getting into
- Trade commodities you are familiar with. You can find AUD/USD forex pairs, NZD/USD, ASX Australia Index, Nikkei 225 and some large Australian Companies.
- The above Australian brokers do have trades for the above assets, just fyi, that’s part of the reason they made it on the best of list
- Read reviews and ratings to get the inside scoop on which are the good sites and which should be avoided.
Australian Brokers Regulation / Licensed vs. Reputation
There is a ton of information available on the ASIC website that goes into the finer points of regulation, licensing and the associated forms to do so. The short answer is that you are free to trade at the above brokers if you so choose so.
The first regulated binary options broker was TradeSmarter, which was owned by MarketPunter. In 2011 they lost their accreditation and were no longer regulated. In researching TradeSmarter in the forums we found that they were not the only ‘skin’ or ‘brand’ of site. There were many others like OptionFire and StartOptions. Long story short, those turned out not so good.
There are still some Australian licensed and regulated brokers including IG markets and Why Options. Besides, you want to trade at a highly reputable broker like the ones above, and everyone knows once government gets involved it is hardly reputable anymore.
Resources For Australian Binary Traders
We will take a minute here to list some links to external websites where you can find more information about binary options trading, tools as well as some finance related links to finance and government regulation information on binary options. To the best of our understanding, the ASIC is regulating some binary options brokers and they have done so for the broker TradeSmarter. We have not investigated this broker fully, other than to say that their regulation does not automatically mean they are a legit broker in our eyes. If I were to give them a blacklist rating, I would give them the yellow badge that means investigate closer. I have seen them mentioned on some sites but not from the respected traders in the community.