If you’re eager to venture into the world of Forex trading, one strategy that stands out is the Break and Retest strategy. This approach involves the identification of a currency pair’s break and the subsequent retesting of support and resistance levels. While false breakouts can occasionally lead to reversals, a retest in the breakout direction often serves as a powerful signal to enter the market. In this article, we will delve into the effectiveness of this strategy and explore the offerings of BCR, an Australian Forex broker, which provides traders with a comprehensive trading experience.
Leverage Offered by BCR
BCR distinguishes itself with its generous leverage, which surpasses that of many other brokers in the region. Currently set at 1:400, this leverage provides ample opportunities for retail traders to magnify their positions and potential profits. However, it’s crucial to note that ASIC regulations will cap this leverage at a maximum of 1:30 in 2021, ensuring responsible trading practices. While traders in other regions might encounter more restricted leverage, BCR’s 1:400 offering remains a compelling choice.
Trading Platform and User Experience
BCR prides itself on offering a sophisticated yet user-friendly trading platform that caters to both desktop and mobile devices. This versatility empowers traders to manage and execute their positions with ease, ensuring they can adapt to market changes on the go. Furthermore, BCR places a strong emphasis on customer support and education, providing invaluable resources to help traders succeed in the dynamic Forex market. This commitment to user experience makes BCR an excellent choice for traders of all levels of expertise.
Diverse Trading Options
BCR doesn’t limit itself to Forex alone; it offers trading in nearly 40 major currency pairs. Additionally, it provides access to popular cryptocurrencies, a selection of commodity CFDs, major stock indices, and a handful of individual stocks. The BCR platform utilizes the MetaTrader 4 trading platform, renowned for its reliability and extensive features. This diverse range of assets and trading options ensures that traders can explore various markets and diversify their portfolios seamlessly.
Deposits and Withdrawals
BCR simplifies the process of funding your trading account by offering a variety of deposit and withdrawal methods. Traders can choose from major credit cards, bank transfers, and POLi, ensuring convenience and flexibility. The minimum deposit requirement stands at 500 AUD, making it accessible to a wide range of traders. Additionally, BCR accommodates Islamic Accounts, requiring a separate application process, to cater to the specific needs of certain traders.
Regulation and Security
BCR, as an Australian Forex broker, operates under the regulatory oversight of the Australian Securities and Investments Commission (ASIC). Being regulated by ASIC means adhering to stringent financial rules and regulations, ensuring a secure trading environment for clients. This regulatory framework provides traders with the confidence that their investments are protected and that the broker operates with transparency and integrity.
Customer Support and Resources
A key highlight of BCR is its exceptional customer support. The company’s customer service representatives are highly knowledgeable and available around the clock to address trader inquiries promptly. Moreover, BCR goes the extra mile by offering a wide array of educational materials and resources. Weekly market reviews, technical analysis, and various support materials are provided to empower traders with the knowledge they need to navigate the Forex market effectively.
Account Types and Fees
To access BCR’s trading platform, a minimum deposit of $300 is required to open a standard account. However, for those looking to invest a larger sum, BCR offers the option to upgrade to a platinum account or an Alpha account. It’s essential to note that BCR charges commissions for stock CFDs at a rate of USD 20 per lot. While these fees might be slightly higher than in other markets, they are competitive and reflect the quality of services and resources offered by BCR.
In summary, the Break and Retest Forex trading strategy is a powerful tool for traders seeking to capitalize on market movements. When executed effectively, it can provide substantial opportunities for profit. BCR, as an Australian Forex broker, offers a compelling platform for traders to implement this strategy and explore various other trading opportunities. With its robust regulatory framework, diverse asset offerings, user-friendly trading platform, and excellent customer support, BCR is a broker worth considering for traders looking to succeed in the world of Forex trading.