Rakuten Securities Australia Review
Rakuten Securities Australia (RSA) offers a single trading account, plus a free demo account with virtual $100 000 for testing purposes.
The broker has a portfolio of 40 forex pairs and CFDs on gold and silver. This is a relatively small asset portfolio. There are other brokers, like FxPro and IG, which offer trading in more than 70 forex pairs – major, minor, exotic and emerging.
The Company. Security of Funds
Company Country Regulation
Rakuten Securities Australia Australia ASIC
Rakuten Securities Australia (RSA) is a subsidiary of the Japanese brokerage Rakuten Securities, which is part of the Rakuten Group. The company is based in Japan, but operates globally through various subsidiaries offering business services like e-commerce, travel, banking, securities, credit card, e-money, portal and media, online marketing and professional sports. It also has a Hong-Kong based forex brokerage brand.
RSA is regulated by Australia’s Australian Securities and Investment Commission (ASIC) and is a member of a client compensation scheme and keeps client funds in segregated accounts in the National Australia Bank.
Minimum initial deposit
RSA requires a minimum deposit of $50 for its Mini account, which is not a very significant sum, though there are other ASIC-regulated brokers like IG and AxiTrader who require just $1. Other brokers operating in Australia, like KVB Kunlun, require $1000, again for their Mini account.
Spreads and commissions
RSA offers really tight fixed spreads and charges no commission fees. For the EUR/USD pair the broker’s spread is fixed at 0.5 pips, while most fixed-spread brokers offer 2 pips spreads.
The maximum leverage offered by RSA is 1:100, which is a reasonable ratio, yet some traders probably consider it mediocre. Unlike Japan, in Australia there is no leverage cap, the various brokers operating on this market have leeway to offer whatever leverage they like. IG, for instance, gives 1:200, while XM offers 1:888, which is the highest. The majority of brokers offer 1:400-1:500.
Rakuten Securities Australia offers the most popular trading platform offered by the majority of brokers: MetaTrader 4 (MT4).
MT4 has been on the market for over 10 years and is preferred by brokers and traders alike for its ease of use, multiple options, various types of orders, charting and technical analysis tools and the wide selection third-party applications compatible with it. The platform also allows automated trading with Expert Advisors and hedging.
Probably MT4’s popularity would eventually wane and it will be replaced by its successor MT5, but it looks like it will still be around for some time to come.
Methods of Payment
RSA provides just two funding methods: bank transfer through the National Australia Bank and through the online banking system of Australia Post: POLi Payments.
Rakuten Securities Australia is one of the many forex brokers operating on the rather saturated and lucrative Australian market. Its trading conditions are comparable to those of other of the major players on it, so we could not say it is outstanding in any way. Nevertheless, it is part of a big and stable conglomerate, so this should give traders peace of mind.
Rakuten Securities Australia Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Rakuten Securities Australia Review.