Forex trading is a financial transaction that takes place between two currencies. A forex trader buys one currency and sells another at a different price. It is important to know that in the forex market there are no set opening or closing times; it’s always open. This means that you can trade in the forex market whenever you want, whenever you can. In Australia, there are more than 200 licensed foreign exchange companies that allow people to trade in the financial markets.
Forty-eight per cent of Australian adults have an interest in trading foreign exchange, or forex. But without a quality brokerage account, your experience with foreign exchange losses can easily outweigh your time and effort. So choosing the right broker is everything, and that’s why it’s vital to do your research before you sign up. Proper due diligence goes beyond the quality of their service, industry reputation and pricing.
When choosing the right Forex broker you should take into account the following five factors: regulation, educational resources, accounts, funding and withdrawal options. That way you’ll be able to establish your priorities straightaway.
If you’re looking to start FX trading in Australia, you’re most likely familiar with the big market players. These, and other brokers offer the same types of products at similarly competitive spreads on the most liquid currency pairs, but many best Forex brokers in Australia not just because of its perks and bonuses but because of its top-notch trading platform that comes packed with features to help every new Forex trader.Here you can check list prepared by Traders Union of the best forex broker australia (2021)
Interactive Brokers
Interactive Brokers offers the best platform for currency trading, whether you are a novice or an experienced investor. This trading site is designed to meet all kinds of investors needs and offers one of the most advanced features and tools, as well as full regulation by FCA and SIPC, among many others, that guarantee safety and security. Its features include a wide range of order types to fit any scenario, margin lending to carry out advanced strategies, numerous Forex instruments to manage exposure and risk efficiently through a single account, alongside access to more than 70 markets around the globe.
Oanda
Oanda is a trusted global brand in foreign exchange and a leader in forex trading. It is considered to be one of the best online Forex trading platforms in Australia because of its detailed educational content and friendly customer service. Through this web-based platform, you can start trading forex with ease thanks to the great variety of top-notch tools, services, and market analysis it offers. As a forex trading platform, they offer market analysis tools, educational content, and even the latest market news; all of which are provided by seasoned professionals that have traded for over years. Come and register with Oanda Australia to get your Oanda account and begin trading from anywhere in Australia!
Pepperstone
Pepperstone is a leading Forex broker that offers the lowest spreads, tightest spreads, and best execution for CFD trading. It is one of the fastest-growing Forex brokers in Australia. Pepperstone is a leading Forex trading platform that offers advanced trading tools and an impressive selection of mobile applications. It comes with advanced features that make Forex trading more accessible for both beginners and experienced traders. Pepperstone also offers an array of advanced trading tools.
Forex.com
Forex.com is a global leader in online Forex trading for retail investors. The company is a trusted, secure, and safe place to trade currencies, commodities, and indices on the web and via mobile devices, with over 10 million customers worldwide. With more than years of experience in online Forex trading, Forex.com provides expert advice, award-winning technology and a suite of powerful tools to help you trade with confidence.
AvaTrade
AvaTrade is one of the best online brokers for new traders to get started in the world of online trading. The broker offers numerous sources to access educational content such as audio guides, video tutorials, articles by experts, etcetera. It also comes with a reasonable fee and commission structure to meet the needs of all types of traders. The broker also offers a level playing field for both experienced and inexperienced traders to help them learn the ropes.
Bottom Line
It’s never easy to find the right Forex trading broker as there are so many out there, each with its own advantages. Australia has a lot of online trading brokers and it can be difficult to choose between them. Some are specifically geared towards beginners while others offer more advanced features. Make sure you know what you’re looking for in a Forex broker before signing up with one.