Forex

Rakuten Securities Australia Review – is it scam or safe?

Rakuten Securities Australia review – Is sec.rakuten.com.au scam or safe?
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 Trading accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $50 0.01 lots 1:400 From 0.4 pips
Standard $1000 0.1 lots 1:200 From 0.4 pips
Pro $10 000 0.1 lots 1:100 Commission only: $5 per lot

 

Rakuten Securities Australia (RSA) offers three types of real trading accounts, 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.

 

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.

 

Other major forex brokers regulated by ASIC are FXCM, IG, Forex.com, XM, CMC Markets, Invast Global, etc.

 

 

Trading Conditions

 

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 claims it offers “competitive spreads”, which can mean a lot of things, but they appear tight enough. On their Pro account the broker charges commission only - $5 per lot.

 

Leverage

The maximum leverage offered by RSA is 1:400, which is fairly lucrative for traders, even though it is also riskier. 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.

 

 

Trading platforms

 

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.

 

Other brokers operating in Australia that offer MT4 are FXCM, IG, AvaTrade and ICMarkets, to name a few.

 

 

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.

 

 

Conclusion

 

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.

 

Pros Cons
MT4 Limited funding options

 

 

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Traders` reviews for Rakuten Securities Australia

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