Independent Review - AussieTrust
AussieTrust is an interesting online broker. After the group of traders who formed the business spent 21 years advising Australian investors personally they decided in 1997 to take their business online and offer it to the world. And so the AussieTrust brand was born.
The company has spent over two decades bringing success to their clients and the one thing you can definitely say about them is they are a team committed to the success of their traders, no matter where in the world they are. Client success seems to be the top priority.
One of the first things we noticed when arriving at the AussieTrust website is that it is based on a simple, uncluttered design. There is no confusion about finding anything, including the trading platform. MetaTrader is not offered, but after playing with the web-based platform they use I found it to be a good alternative. Missing was a demo account.
The broker is very clear in presenting the different tiers that clients can join, and the benefits of each of those tiers. Missing was a table showing the typical spreads. Possibly AussieTrade simply doesn’t want to raise expectations by posting typical spreads when they know how wild spreads can be in a volatile market.
Support is available on a 5-day basis for roughly 10-12 hours a day, which is also a bit troubling for a broker that wants to be global. How are clients expected to get support when trading North American markets?
Overall the website is simplistic, but what really matters is the trading experience.
AussieTrust is not regulated by any entity. We can only presume this is due to the recent launch of the online broker, and that soon enough they will be regulated by the Australian Securities and Investments Commission (ASIC).
That aside, they do adhere to some of the requirements that a regulatory body would put on them, such as keeping client funds in segregated accounts away from operational funds. They also fully adhere to AML and KYC requirements.
AussieTrust has three account tiers a client can select from, as well as a fourth tier that is by invitation only. One big thing that’s missing is a demo account to try the platform or to test new strategies. Anyone can access the platform and see trading conditions, which is a good way to get familiar with the web-based trading platform, but it isn’t better than a demo account. The upside is that there’s no need to register to access a demo account, since registration often leads to constant emails and even phone calls from the broker.
Below is a discussion of the various account tiers:
Silver – This is the basic tier and where many traders will get started. There’s a minimum deposit of €250 required and clients at this level get 100:1 leverage and access to over 200 assets for trading.
Gold – The second tier increases the minimum deposit dramatically to €10,000, but it also increases the benefits available to the client. At this tier the leverage is increased to 200:1, plus a dedicated senior account manager is assigned to the client. Gold level traders get access to bonus funds and special venture promotions. In addition they get better spreads and access to the trade room analysis. Finally they can take advantage of monthly webinars, financial planning, and risk management planning.
Platinum – Some traders might be intimidated by this account level as the minimum deposit is increased to €50,000. At this level traders get all the above benefits plus even better spreads, weekly webinar access, trading signals, leverage of 300:1, and access to private analyst sessions.
VIP – This account tier is by invitation only. It includes all the above plus the best spreads AussieTrust has to offer, and leverage of 400:1. Traders at this level also get complete access to webinars and trade room analysis.
Obviously the higher in tiers you go the more benefits you receive. That aside, the silver account offers all you need to trade. The rest is nice, but not necessary, and experienced traders likely have their own sources of information that makes much of what’s offered redundant. What you might appreciate at the higher tiers is the improved spreads and the increased leverage.
AussieTrust offers over 200 assets. While it may not compare with some more established online brokers, the offerings were well thought out and are enough for most traders.
There are more than 50 currency pairs on offer, which should cover almost any pair a forex trader would need. There are also a handful of cryptocurrencies offered, which is a nice touch.
Commodities are lightly represented, but traders will find crude oil, gold, silver, and platinum. Those are the commodities most traders want access to anyway.
Stocks and indices are where this broker really shines. There’s an extensive array of some of the top companies in the world, as well as a complete collection of the stock indices of major countries.
AussieTrust has a proprietary web-based trading platform. There’s no demo available, but the platform is easily accessible from the main website and anyone can play around with it to see trading conditions and the user interface.
Speaking of the user interface, it is clean and uncluttered and I believe most traders will be able to find everything quite easily. The left side of the interface has links to all your financial and trade details and the settings for the platform. There are also links to deposit and withdraw and you can see your current or closed positions.
To the right of that is the assets list, which can be sorted by asset type or you can simply show all the available assets. You can also sort the assets by %change, name and what’s trending. You’ll also clearly see the bid and ask prices of each asset, and these buttons are clickable to actually buy or sell.
The largest part of your screen will be filled with the price chart of the asset selected, and it includes a solid array of technical indicators that can be used to analyze the price action of any asset offered. Above that, you can see the initial margin, maximum trade size, and an information button that can be clicked to show much more information such as leverage, maintenance margin, high/low price of the day, swap amounts, and trading hours.
There is no mobile version of the platform, but we wouldn’t be surprised if that’s released soon. In the meantime the good news is that because this platform is web-based you can access it anytime from any internet connected device with a web browser.
Banking is simple enough with AussieTrust since they accept bank transfers, credit/debit cards, and a number of e-wallets. We have heard that they are also considering accepting cryptocurrencies, but weren’t able to confirm that.
The minimum deposit to trade is €250 and we think that’s a fair amount if you’re serious about trading. Note that there are limits for credit/debit card deposits and e-wallet transactions, although they are pretty high.
Withdrawals are made through the same funding account. So if you used a credit card to deposit, you’ll use the same credit card for your withdrawal. There’s a minimum of $100 to process a withdrawal
You are able to contact AussieTrust customer service in a variety of ways. Online chat and email are both available, as is an online contact form and telephone contact. The online chat support is available Monday-Friday from 06:00-13:00 GMT, while phone support is available Monday-Friday from 04:00-15:00 GMT. It’s not clear what hours the email is monitored, but it is safe to assume it is along the same lines as online chat and telephone support.
Australian phone number: +61-894-683564
AussieTrust offers enough variety in account types and assets available to attract both new and experienced traders. They also have an interesting web-based trading platform that many traders will find to be intuitive and easy to use. Overall this looks like an up and coming broker. The website is still a bit on the rough side, but through the trading platform you can see the focus on the success of the traders. And that’s what should be most important in any broker.