As a trader in Australia who wishes to trade in the Forex markets, it is essential to have access to a reliable and high-quality currency trading platform. Low trading costs, helpful customer service, and access to numerous markets: are the hallmarks of Australia’s top Forex trading platforms.
It is important to ensure that your Forex broker and trading platform are strictly supervised by the Australian Securities and Investments Commission (ASIC). This comprehensive guide provides an overview of the top Forex trading platforms available in Australia.
eToro
eToro is a brokerage platform that offers social trading and supports multiple assets. The company has offices in Cyprus, Israel, the United Kingdom, and Australia.
In 2007, the company was established to democratize the financial markets and transform the online trading sector, making it accessible to all, regardless of their level of expertise. Currently, it stands as one of the biggest and most renowned online trading platforms across Australia and the globe.
AvaTrade
When it comes to Forex trading, AvaTrade has a lot to offer. This foreign exchange broker opened its doors in 2006 and has since expanded to locations all around the globe. AvaTrade is regulated by authorities worldwide, including the Australian Securities and Investments Commission (ASIC).
AvaTrade offers leverage of up to 1:400 and the ability to trade on over 50 currency pairings. Multiple trading platforms are available with AvaTrade. Webtrader, AvaTradeGo, and MT4/MT5 are some examples. These engaging, simple interfaces are accessible from any device. This Forex broker does not charge any commission, so all you must pay to make a trade is the spread.
Plus500
Since its founding in 2008, Plus500 has established itself as a major player among Forex brokers. This Forex broker provides its customers with an intuitive, in-house developed Forex trading platform accessible via desktop or mobile devices.
Plus500 functions as a market maker style broker, allowing clients to trade on more than 70 different Forex pairs, including those pegged to the Australian dollar. Plus500 allows you to leverage your bets up to 1:300 when trading Forex CFDs. This translates to a $300 return on investment for every $1 spent.
CMC Markets
This Forex broker has been around since 1989, and it acts as a market maker. CMC Markets is under stringent oversight from regulators worldwide. To be governed by Australia’s Securities and Investments Commission (ASIC) is one example. The London Stock Exchange is home to this Forex broker as well.
CMC Markets provides access to its trading platform. The CMC Markets Forex trading platform allows you to place trades quickly and conveniently from any computer or smartphone device with an internet connection. CMC Markets works with the MT4 trading platform as well.
Bottom Line
When deciding on a broker and trading platform for Forex, you must consider several factors that will increase your chances of success.
Some of these features should be present in your broker, regardless of the Forex trading platform you choose. You should check that the Australian Securities and Investments Commission (ASIC) regulates the platform, that deposits and withdrawals can be processed quickly, and that customer service is top-notch.
Depending on your preferences and the needs of your trades, there may be other considerations you should make before engaging in Forex.
