November 29, 2020

Best platforms for Forex trading in Australia

Forex traders in Australia must ensure that the platform or the forex broker is being approved by the regulatory authority of ASIC (Australian securities and investment commission)

Reason for selecting the approved brokers by ASIC – In 1998 they took the responsibility just for customer protection in Insurance and Deposit taking. But later in 2010 they have taken full responsibility for regulating finance broking and supervising the trading on equity products and derivatives

Now let’s discuss the forex trading platforms where you can choose to trade. Some of the ASIC approved forex brokers include IG, Plus 500, eToro, XM group, easymarkets, Thinkmarkets, Saxo Bank, City index, FXCM and few more

In this article I’m going to discuss about the top 4 Forex brokers in Australia which you can start trading forex. See even if I mention a complete information about each and every Forex broker, at the end you are going to open only 1 or 2 accounts. So will be sharing the checklist for selecting the brokers

Checklist for selecting the Forex brokers in Australia

  • ASIC Approved – we have discussed about this in detail above. In addition to that check whether they accept Australian residents. But the above illustrative list do accept AU residents. So No worries
  • Minimum Deposit – Trading in forex requires to put your funds and since trading carries risk, check the brokers with low deposit because it should not block your amount. Certain brokers have withdrawal restrictions, so that should not trouble you
  • Others – some other factors where you can check is the user interface, customer support, Spread differences

Now I will take you through the 4 top

1. Plus 500

  • Min Deposit – AUD 100
  • It has multiple trading instruments – Forex, crypto currencies, ETFs, equities etc
  • Currency pairs – Almost 60++

Plus 500 has powerful and robust trading platform for Bitcoin trading

2. eToro

  • Minimum deposit is AUD 50
  • Max leverage is 400:1
  • It offers Forex , crypto currencies, but does not offer ETFs
  • eToro does not accept payment through Visa, MasterCard yet.

eToro has good Social trading experience and the platform is user friendly

3. IG

  • Minimum deposit: AUD 250
  • IG platform has Bonds, IPOS and many more in addition to the regular platforms
  • It’s been in the industry for almost 40 years

Conclusion

Forex trading is trending and in last 2 -3 years there is 100% increase in number of clients who trade in derivative markets. It’s a $10 trillion market in Australia which is rapidly growing

So with the tremendous increase, the number of complaints to ASIC also rose by 5X and fraud brokers will be emerging to grab this opportunity and trap the innocent traders

Do not tempt for the leverage offers , Deposit bonus offers by Forex brokers

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