ASX Review Australia & Test 2024: Is ASX safe or scam?

We shouldn’t really be happy with the ASX website. It’s jam-packed with complex information such as how to register your company on the ASX, the fees involved and the specific terms and conditions you’ll need to adhere to in considering a registration. But we love it. You see, the information provided is organised well and written in a tone that is easy to understand. Any business looking to register on the ASX should have no issue doing so. For traditional traders the website is not without merit. Yes, it’s aimed at businesses, but the market research information is comprehensive, allowing you to understand the nuances of specific trading markets easily.

It’s clear that the end-user has been at the forefront of the designer’s mind from the beginning of the design process. The blue and light grey colour-scheme, for example, adds to the uncluttered presentation of the site. There are also no clumsy flashy images or large chunks of information to process. The result is a website which loads quickly both on mobile and on desktop devices.

When it comes to interesting features, few sites can compare to ASX’s Sharemarket Games. There are two of these available – one for adults and one for school children. The aim of both games is to work in teams and invest a sum of virtual money. Those with the best-performing portfolios win prizes.

4.5/5

ASX Bonds

T&Cs apply, 18+

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ASX Highlights

• Buy treasury bonds at ASX
• Get paid regular coupon interest
• Access to an ASX bond calculator

How to Trade – Trading in a Nutshell

The chances are, that if you’re reading our ASX broker review in Australia you’ll already have the basics on how to trade on financial markets. But here’s a refresher, just in case. Do bear in mind that ASX are NOT brokers. They are a financial securities exchange that allows businesses to float on their market. If you’re looking for specific brokers please do check out our other reviews for detailed information.

1. Choose your broker from one of the many brokers available to Australian residents. It’s a good idea to consider what you’re looking for in a broker – are low fees more important or do you value a larger choice of shares and commodities to trade on?
2. Register an account with your chosen broker. This will usually require you to add personal information such as your name and address and verify the data using your personal ID. You will often also be required to complete an assessment to prove your suitability to online trading.
3. Make a deposit. Bear in mind that when trading with cryptocurrencies it is likely that you will never own a specific cryptocurrency. Most online traders use CFD trading for cryptocurrency, which can be higher risk. Always ensure you understand CFD trading fully if you wish to embark on crypto trading.
4. Once your deposit is made you’ll be able to wager on your chosen markets. Research will help you make informed trading decisions and accurately assess the risk factors associated with particular markets.

Most brokers accept credit and debit cards from individual or business bank accounts, but not joint accounts. Another popular payment method is bank transfer, which is often used for larger financial deposits and the funding source used for paying profits. The reason many choose bank transfer as their preferred method is because of the added security usually associated with banking transactions.

There is also a clear digital paper trail following the path of any funds deposited or withdrawn to or from your preferred financial broker. In recent years it has also become more common to add funds to your trading account using e-wallets such as PayPal. The benefit of using an e-wallet over traditional methods such as bank transfer is their transaction speed. Bank transfers can take up to 3-5 business days to process, whereas e-wallet funds are usually credited instantly.

As ASX is not a broker, fees payable relate to floating a business on the ASX. Initial fees start from $75,388 with an annual fee of $26,376, rising to $339,018 and $61,729 respectively for $500m market capitalisation.

Customer service at ASX Australia is broken down into three different categories. These are ASX customer queries, customer feedback and feedback on the website. For a general enquiry you can contact ASX using an online dropdown menu of the most common topics. Alternatively, email and phone support is available. The ASX team can be contacted between 8:30am-6:00pm AEST excluding public holidays. It would have been nice to have 24/7 support like so many of ASX’s competitors. As such, we have slightly lowered our overall customer service ASX ranking in our ASX review. Still, it is nice to have the phone option available as an additional service choice.

General enquiries and customer feedback can be sent online using a specific form found under the ‘Contact Us’ tab at the bottom of the home screen. Here you’ll also find the full ASX complaints procedure policy which explains how they escalate and resolve customer complaints.

It all sounds suspiciously grand at ASX. So what’s the catch? Well, we can’t really find one – apart from the fact that it deals with businesses only. But then again, why would a trader want to float themselves on the stock market, after all?

ASX has all the hallmarks of a trusted financial company. They are regulated here in Australia by ASIC which regulates them on all trading revenues and clearing facilities. They’ve also got the backing of the Reserve Bank of Australia, too.

Internationally, the company is regulated in Singapore by the Monetary Authority of Singapore, in Hong Kong by the Securities and Futures Commission and in the US by both the Securities and Exchange Commission and the Commodity Futures Trading Commission. In the UK they hold licenses with the Financial Conduct Authority, in New Zealand with the Financial Markets Authority and in Switzerland, they are covered by the Financial Markets Supervisory Authority. It goes without saying that such extensive licensing adds to the credibility of the business.

Reputation and Customer Feedback – Rigorous Testing for Admissions

All financial institutions work hard to ensure their reputation is as sterling as it can be. With ASX, this means asking tough questions of the brokers they allow on the ASX as well as reviewing their own services, too. We’ve already discussed the multiple benefits of ASX’s longevity and experience in the financial sector, but we’ve not yet mentioned the emphasis they place on their vetting process.

As part of their listing requirements, admissions must have at least 300 non-affiliated investors, a 20% free float and meet profit or asset test standards to prove they have the cash flow to cover any fluctuations in the market in a solvent way. It is this rigorous testing that has earned them a reputation as a business that can be trusted.