(Newswire.net — October 3, 2019) — Australia has one of the biggest customer groups when it comes to forex trading. Although the Australian market is still fairly new to the online forex broker industry, many traders are joining so that they can start investing for themselves.
This is mainly due to excellent trading features offered by the brokers and the fact that Australia has well regulated trading conditions.
The Australian Securities and Investments Committee (ASIC), is the regulation authority that legislates and monitors forex brokers in Australia. Without a licence a broker cannot operate, plus regulation safeguards traders against financial scams that unfortunately happen with unregulated brokers.
Many online brokers now offer their brokerage services across Australia, but it’s not just limited to Australian forex brokers. In fact, many leading international brokers are now available across Australia as well.
In this post we’ll look at some of the best Australian forex brokers in the market, that are all fully regulated and ASIC compliant. With such a big range available, it’s important to know each broker’s strengths and differences.
eToro
eToro is the leading social trading platform that has millions of users worldwide. The broker was founded in Israel by a team of three people who wanted to make trading more accessible to everyone.
They succeeded, because since the platform’s launch in 2006, eToro is the leading broker to offer social trading tools like CopyTrading and CopyPortfolios.
The CopyTrader tool lets users automatically copy the trades of other professional traders. This is a great way to learn from another person, there is also a big range of experiences levels and trading styles to choose from.
Besides this there’s also an active social newsfeed where members can share thoughts and comments on the latest market topics. The trading platform has been self-developed by the broker and is available as both an online version and a mobile app.
The broker has multiple subsidiaries and offices in many countries including Australia. eToro operates in Australia as eToro AUS Capital Pty Ltd. and they are regulated by ASIC (licence no. 491139).
To begin trading with the broker, the minimum deposit required is only $50 for Australian clients. However, it’s possible to just use the free demo account without funding an account first.
Vantage FX
Vantage FX was founded in 2009 in Sydney, Australia. Regulation wise, the broker holds a licence from ASIC (no. 428901).
The broker is well known for offering robot led forex trading, which is also known as an Expert Advisor. An expert advisor is an intelligent software that can complete trading actions on a trader’s behalf, alternatively they can also send alerts when a trading condition has been met.
Anyone can easily create an expert advisor with Vantage FX’s MetaTrader 4 platform, this comes pre-loaded with templates and editing tools.
Traders can trade CFD’s on either the broker’s MetaTrader 5 and MetaTrader 4 trading platforms which are available for PC and Mac. The platforms can also be downloaded as a mobile trading app for Android and iOS devices.
For forex, the broker offers 40 currency pairs, but there are other financial instruments available to trade as CFD’s. This includes Commodities, Share and Index CFD’s.
To get started with an account, a user just needs to sign up for a live trading account. Once this is complete the trading account must be funded.
The minimum deposit for the standard Vantage FX account is $200, which can be deposited in Australian Dollars. A wide variety of payment methods are accepted for the deposit process.
Plus500
One broker that offers an efficient and well-designed trading platform is Plus500. In fact the broker has listed on their homepage the fact that their trading app is one of the highest rated in the Apple and Google Play stores.
Plus500 Australia was developed on the basis of simplicity, as the founders wanted to create a reliable and simple forex trading platform – suitable for both novice and professional traders. The self-developed platform does this very well and is available in three formats- a mobile trading app, plus online and desktop versions.
The app can be downloaded for free from the Apple or Google Play stores. It also comes with additional features including real time price alerts and notifications on market events, which is great for day traders.
Besides this, Plus500 is known for offering tight spreads and zero commissions on forex trades. For Australian clients, the broker also offers leverage of up to 1:300. To start trading, users need to meet the minimum deposit of $100, which can also be paid in Australian Dollars.
Another strength of Plus500 is that they offer a lot more than just forex trading. In fact, they have over 2000+ financial assets available to trade as CFD’s. Financial instruments available include Options, Cryptocurrencies, Shares, Indices and ETF’s.
Company headquarters are based in Israel, but Plus500 has an Australian office and subsidiary in Sydney called Plus500 AU. The broker is fully regulated and holds multiple licences, including one from ASIC (no.417727) and CySEC.