If you want to trade forex from Australia, you should find a broker who offers the best forex trading platform. This will give you a better understanding of the forex market, pricing, commissions, and volumes. It’s also beneficial to have two accounts, one with your own broker and one with a different one. The fee structure of each broker is different, so you should research the fees to decide which is the most appropriate for your needs.
While eToro allows Australian traders to purchase currency without commissions, this doesn’t mean that you’ll get a discount. Most of the top forex brokers will charge you variable commissions, and this will cost you a small percentage of your trade. For instance, a 0.1% commission on GBP/AUD at $500 stake will cost you $5. These commissions will be charged on both ends of the trade, just like the shares dealing fees you’re used to paying.
Another option for the best forex broker in Australia is CMC. The CMC brand is owned by International Capital Markets PTY, which was founded in 2007. It operates under an AFSL license number 335692. The headquarters are in Sydney, Australia, while the Cyprus office is located in Limassol. These factors make IC Markets one of the best forex brokers in Australia, and are recommended for both new and experienced Forex traders.
In addition to a good forex trading platform, you should consider other important features like a market news feed, an economic calendar, watchlists, and price alerts. A good platform should also have a market sentiment gauge, which shows whether other traders are buying or selling a currency pair. Customisable technical studies are also important. Some of the most popular platforms also have social trading features, which allow newbies to network with other traders and gain insights.
Pepperstone is another decent option for Australian Forex traders. Its fee structure is below average and it offers all the features that Australian traders need for trading in the foreign exchange market. The company also has 22 types of trading guides, which can be useful for beginners. Furthermore, Pepperstone offers a mobile application, which is a great feature for a trading platform. It is also recommended for seasoned Forex traders. poivrstone.com reviews
Some trading platforms are regulated by ASIC, but in Australia, there are no local regulators. You should always look for an Australian-based broker that is regulated by the FCA or ASIC. The FCA and ASIC are both responsible for the Australian financial markets. The regulators of the companies you are working with are important. The ASIC and CySEC are both responsible for regulating the forex trading industry. The financial bodies of the country should regulate the platforms that they offer to its traders.
Libertex is a great choice for Australian traders. The broker has a transparent and trusted reputation. Their fixed commissions are low and can be as low as 0.01%. If you’re an active Forex trader, you should look for an ECN account with a competitive commission. BlackBull Markets and FP Markets are two examples of great brokers. Both providers have a great asset selection and are regulated by ASIC.
If you’re looking for an online trading platform that offers low commissions and offers a range of investment options, consider VantageFX. This platform focuses on CFDs, but offers a zero-commission account option. They are also known for offering a low minimum deposit to Australian traders. You can sign up for a VIP account with this broker. They are more likely to offer low commissions, which makes them a good choice for Australian traders.
XM is a good option for beginners, and it’s free to use. It doesn’t require a large minimum deposit, which is a plus. It also offers advanced charting tools, but this isn’t the best option for beginners. XM is a new company and only regulated in Australia through the AFSL. If you’re serious about making a profit in forex, this platform is the best choice for you.