Best Forex Trading Platform Australia

Best Forex Trading Platform Australia

Best Forex Trading Platform Australia is the best online trading platform which has many advantages over most of the trading platforms in Australia.

 

Best Forex Trading Platform Australia

How to select the Best Forex Trading Platform Australia:

To choose the Best Forex Trading Platform Australia, you should follow the following guide carefully:

The regulation of the forex broker who provides the Best Forex Trading Platform Australia:

There are many forex Regulations, namely, NFA and CTF from the USA, FCA from the UK. However, Any forex broker who offers services in the Australian forex market should ASIC regulated broker. If any broker isn’t ASIC regulated, we advise you not to open a trading account with him. ASIC regulation is essential even to find the best stock trading platform, the best share trading platform,  and the best options trading platform Australia.

The spread in the Best Forex Trading Platform Australia:

When you choose a forex platform to have a broad look at the spreads and check whether the broker charges any commissions in addition to the spread. The lower spread is the better trading platform. The best range of spreads starts from 0 to 3 pips. Have enough time to see the options to find the cheapest trading platform Australia.

The number of trading instruments in the best CFD trading platform Australia:

It is crucial that you find all the trading instruments you want in your trading platforms. Some trading platforms offer forex, Contracts for Difference (CFD), stock markets, crypto currency, and more.  The more trading options, the better trading platform.

The orders execution model in the Best Forex Trading Platform Australia :

Although STP/ECN model of execution is usually better since there is no dealing desk and your orders will go straight to the liquidity providers, Market makers and dealing desk models are also not bad choices especially if they have low spreads.

The speed of the orders executed in the Best Forex Trading Platform Australia:

Quick orders execution is one of the main advantages of forex trading platforms since you don’t want your orders to be executed late.  Pepperstone trading platform is noted for the execution of the quick order.  Quick orders handling might be significant when you are looking for the best day trading platform Australia as scalping for example.

The technical support of the Best Forex Trading Platform Australia:

To consider any trading platform the best online trading platform Australia, it should be supported by a professional team who can handle any issue in the trading platform.

The technology used in the Best Forex Trading Platform Australia:

Although most of the trading platforms have a similar structure, i.e., the forex trading software is usually MetaTrader 4 or 5, some companies offer the ability to develop the trading platforms using the Expert Advisors (EA), programming algorithms and scripts.

Pepperstone
Pepperstone
ASIC Regulated
Spread starts from 0 pips.
ECN/STP
MetaTrader 4, cTrader, Webtrader
72+ Trading Instruments
Minimum Deposit $200
Max Leverage 500:1
24/6 support
 
XM
XM
ASIC Regulated
Spreads as low as 0 pips.
Market Maker
MetaTrader 4, MetaTrader5, XM WebTrader
300+ Trading Instruments
No minimum deposit
Max Leverage 500:1
24/5 support
$30 bonus without deposit
ThinkMarkets
ThinkMarekts"
ASIC Regulated
Spread starts from 0.1 pips on EUR/USD
Institutional order execution
Trade Interceptor and MetaTrader 4
40+ Trading Pairs
Minimum Deposit $250
Max Leverage 400:1
24/6 Support
 

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Best Forex Brokers Australia 2017/2018

Best forex brokers Australia are the best companies in Australia which provide the online forex trading services. This article is the ultimate guide on how to select the best forex broker in Australia.

 

Best Forex Brokers Australia for 2017/2018

 

How to choose the best forex brokers Australia:

Since there are too many forex brokers who offer brokerage service for the Australian clients, it can be a daunting task to select the best broker out of them. So a clear guide is needed to help you choose the best broker based on some criteria:

The regulation of the best forex brokers Australia:

Regulation of the forex broker is the most important factor to be considered when choosing a broker. Since regulation offers several advantages for the forex traders including:

  1. Assure the legitimacy of the forex broker as company authorized by the regulator organization to conduct online trading activities. This regulation indicates that the broker has fulfilled the legal requirements of the regulation and ready to offer its service in the market.
  2. Regulation authorities keep monitoring the forex brokers and control their practices in the online trading market.
  3. Forex traders who face issues with forex broker can complain to the regulatory authorities which should follow up the complaints until a fair solution is found.

Some Forex Regulatory organizations include:

  • National Futures Association (NFA) in the USA.
  • Commodity Futures Trading Commission (CFTC) in the USA.
  • Financial Conduct Authority (FCA) in the UK.
  • Federal Financial Supervisory Authority (BaFin) in Germany.
  • Swiss Financial Market Supervisory Authority (FINMA) in Switzerland.
  • Financial Services Agency in Japan.
  • For Australian forex traders, there is the Australian Securities and Investments Commission (ASIC) which is the sole regulatory authority in Australia for forex brokers. So once you thought about any broker, you have to check whether is it registered in ASIC or not.

How to check if a forex broker registered with the Australian Securities and Investments Commission (ASIC):

  1.  Go to the website ASIC connect.
  2. In the top left, there is a search bar.
  3. Select the search type ” Organisation and Business Names.”
  4. Type below the company name as mentioned on their website, then click Go.

See the picture below:

best forex brokers australia

 

The spread and the commissions of the best forex brokers Australia:

You have to know that forex brokers are actually like money exchange shops. When they sell you currency, they take commission so the price will be a little bit higher than the market price, and when you sell them your currency they will buy it cheaper than the market price. The difference between the buying and the selling price of a given currency pair is called the spread.

Since the spread is one of the main competition segments between the forex broker, many brokers offer very low spreads approaching the zero. While some brokers have zero spread account, they still charge a commission per trading lot. ( Lot in forex is the standard unit of trading volume, one standard lot =100,000 pips,  mini lot=10,000 pips, one micro lot =1000 pips, one nano lot= 100 pips, pip is the smallest decimal change in the currency price). So when considering the forex brokers comparison, the spread and commission should also be considered as a ranking factor. Less spread and commission is always better. Usually, the broker website should clarify the spreads on every trading instrument and any commission which might be incurred, so it is your responsibility to check them carefully.

 

The leverage and margin requirements in the best forex brokers Australia:

Leverage is the amount of money which the forex brokers can lend you once you opened an account with them. It works as a multiplication factor of your initial capital investment. For example, if the broker’s leverage is 100 and your initial investment is $100 then you can trade with 100x$100 = $10,000. Leverage is very useful to amplify your investment; however, as leverage can increase your profits, it can also increase your loss. So you should use leverage wisely. Beginners in forex trading are always advised to trade with low leverage, something like 1:10.

The margin requirement is the minimum percentage of money required to open a position. It can be calculated as 1/Levrage. For example, if your leverage is 1:100 then your margin requirement is 0.01%.

Higher leverages and low margin requirements can be considered positive signals for a forex broker rating. However, you should be careful when trading using leverage and use only the proper leverage.

The trading platform in the best forex brokers Australia:

Forex trading platform is the software which is used to connect you with the forex market through your forex broker. So they are the base of the forex trading.

There are some good features of the best forex trading platforms:

  1. The speed of execution of the orders: lagging in the order execution is one of the worst things which might happen for forex traders, so the execution speed is a mandatory requirement for any forex trading platform.
  2. The graphical and analysis tools: charts and technical indicators are the major part of the forex trading analysis. Every trader at a stage would need to analyze the forex market, and that is doable only with the charts and the technical indicators which can be used to determine the trends, lower and upper limits, entry and exit points, and many more useful things.
  3. The popularity and the reputation of the platform: popular trading platforms such as the MetaTrader MT4 are made to be used by most of the traders, and you can easily find help and support for them online.
  4. The support of Expert Advisors (EA) and Automatic trading: Some trading platforms such as MetaTrader and cTrader support the automatic trading using special algorithmic scripts. These scripts are programmed to take some parameters from the platform and then do an action based on the processing of these parameters.

 

The technical support of the best forex brokers Australia:

Technical support is one of the major points which should be well tested before selecting a forex broker since it is common that issues, such as platform issues, withdrawal, and deposit issues, to evolve during forex trading and these problems can be resolved by cooperative technical support. Also, the technical support should be highly skilled in helping customers with any trading-related issue and should be available 24 hours daily and at least five days in the week.

The variety of trading instruments provided by the best forex brokers Australia:

Forex brokers not only offer forex trading but also they offer Contract for Difference (CFDs) which include gold, silver, platinum, oil, natural gas, stocks, crypto currency and more. It is a good idea when trading forex to vary the instruments, so if one instrument failed the others wouldn’t fail. Although opening many positions at the same is risky especially if you have small capital.

The minimum deposit and the bonus in the best forex brokers Australia:

Different brokers have different minimum deposits requirements. It can be a positive indicator if the forex broker has a low minimum deposit, but it doesn’t also mean the broker who requires large deposits are bad. Furthermore, some brokers offer bonuses when you open a trading account while others offer the bonus on deposits.

The orders execution model in the best forex brokers Australia:

There are two main types of forex trading orders execution models:

The Dealing Desk (DD) or market makers:

  • When you open a trading position, it goes through the broker dealing desk who will do a reverse order to your order. For example, if you bought USD/JPY, they will Sell USD/JPY.
  • They set the prices on their platform as they want.
  • They usually provide fixed spread.

The No Dealing Desk (NDD) or Electronic Communication Network (ECN) / Straight Through Processing STP brokers:

  • When trading through STP brokers, your orders will go directly to the liquidity providers such as the banks and the global financial firms.
  • When trading through  STP+ECN brokers, your order will go directly to the liquidity providers and other brokers and traders.
  • The prices in their platforms are directly quoted from the liquidity providers.
  • ECN brokers offer market depth view which shows the quantity of the pending sell and buy orders of an instrument which wait for execution.
  • They usually have tight spreads or commissions per trade volume.

Miscellaneous features in the best forex brokers Australia:

Some extra but crucial features of the best brokers in Australia include:

  • Allowing Scalping.
  • Allowing Hedging.
  • Allowing Auto trading via Expert Advisor (EA).

Forex learning tools in the best forex brokers Australia:

Although most of the forex trading platforms are similar, most of the forex brokers offer online courses for the beginners in the forex market. These courses range from the basic levels to the high levels. Besides, some forex brokers provide free market analysis, economic calendar and forex news.

Pepperstone
Pepperstone
ASIC Regulated
Spread starts from 0 pips.
ECN/STP
MetaTrader 4, cTrader, Webtrader
72+ Trading Instruments
Minimum Deposit $200
Max Leverage 500:1
24/6 support
 
XM
XM
ASIC Regulated
Spreads as low as 0 pips.
Market Maker
MetaTrader 4, MetaTrader5, XM WebTrader
300+ Trading Instruments
No minimum deposit
Max Leverage 500:1
24/5 support
$30 bonus without deposit
ThinkMarkets
ThinkMarekts"
ASIC Regulated
Spread starts from 0.1 pips on EUR/USD
Institutional order execution
Trade Interceptor and MetaTrader 4
40+ Trading Pairs
Minimum Deposit $250
Max Leverage 400:1
24/6 Support
 
Be aware of forex scam:

Forex scam is prevalent, and many people have lost their money because they don’t follow the right way to identify the legitimate forex traders. To protect yourself from forex scam :

  • Always check the regulation of the forex brokers.
  • Check their reviews in forex forums, check their website for their legal information and match their registration with their regulation.
  • Scam forex brokers keep calling and asking for funding your account or changing demo account to real account.
  • Never share your credit card or bank account details with any forex company over the phone or in the email.
  • Try to choose local Australian forex brokers who you can trust them.
Forex glossary you should know before selecting the best forex brokers Australia:
  • Real account: forex account where you trade using your money.
  • Demo/Practice account: forex account where you trade with virtual money and usually provided for free from most of the forex brokers.
  • Currency Symbols in Forex: USD = USA Dollar, EUR = Euro, GBP = British Pound (Cable), CHF = Swiss Franc, JPY = Japanese Yen, AUD = Australian Dollar (Aussie), NZD = New Zealand Dollar, CAD = Candian Dollar (Loonie), SGD = Singapore Dollar, HDK = Hong Kong Dollar, TRY = Turkish Lira, ZAR = South African Rand, SEK= Swedish Krona, DKK = Danish Krone and NOK = Norwegian Krone.
  • Currency pair: currencies in forex market shown by pairs, so to read the price USD/JPY 108.715: USD is the base currency, and JPY is the quote currency.  So using 1 USD, you can buy 108.715 JPY.
  • Major forex pairs are the most traded currency pairs: EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/CAD and USD/NZD.
  • Minor forex pairs or cross forex pairs: they don’t have the USD neither as base or quote currency: EUR/GBP, EUR/CAD, EUR/CHF, EUR/AUD, EUR/NZD, EUR/JPY, NZD/JPY, AUD/JPY, CAD/JPY, CHF/JPY, GBP/JPY, GBP/CAD, GBP/CHF and GBP/AUD.
  • Exotic forex pairs: USD/SEK, USD/ZAR, USD/DKK, USD/HKD, USD/SGD, EUR/TRY and USD/NOK.
  • Ask price: the price of buying an instrument.
  • Bid price: the price of selling an instrument.
  • Spread: the difference between the ask and the bid price. For example, USD/JPY ask= 108.155, bid=108.150, then the spread is 108.155-108.150 = 5 pips.
  • Pip: the lowest decimal change in a price quote.
  • Lot: the unit of the trading volume. standard lot =100k pips, mini lot = 10k pips, micro lot= 1k pips and nano lot =100 pips.
  • Going short = selling an instrument.
  • Goin long is buying an instrument.
  • Hedging: the act of opening a reverse position to the current losing position to reduce the loss.  For example, if I have a losing buy position, I would open a sell position to prevent further loss.
  • Scalping: short term type of trading where traders open large volume positions and make small profits from each position and keep repeating.
  • Margin requirement: the minimum money required to open a position.
  • Leverage: an amplifier of the capital investment by a fixed factor more than one.
  • Rollover: sometimes it is called swap. The interested paid or taken from holding open positions for later than 5 pm Newyork time/ 7 am the next day in Australia time.
  • Expert Advisor (EA): computer algorithms designed based on algorithms to take market data, analyze it then take action based on these data.
  • MetaTrader 4: The most popular online trading platform. Developed by Metaquotes Software Corp.
  • Crypto Currency: The encrypted digital currency such as the Bitcoin.

 

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