Even though the market in Australia is still quite new to the online forex industry and brokers, many Australian traders are getting involved and starting to invest for themselves.
The main attraction for many is the excellent trading conditions offered by the best forex trading platform australia, plus the fact that trading in Australia is well regulated and secure.
Trading regulations in the country are overseen by ASIC, which is also known as the Australian Securities and Investments Committee. They are the official regulation authority who licence and monitor forex brokers. So if a forex broker does not have a licence, they're not legally allowed to operate.
Besides that regulation protects traders against fraud and financial scams which unfortunately are common with unregulated brokers. So it's lucky that many regulated brokers are now offering their services to traders across Australia.
However, there is a mix of home-grown Australian brokers available alongside prominent international forex brokers, so there's a lot to choose from.
To make it easier we've taken a look at 2 of the leading forex brokers that can be found in Australia that are all fully regulated by ASIC. Let's examine some of their strengths and differences now:
With millions of clients worldwide, eToro is the popular social trading platform. The broker was launched by a team of three in Israel with the aim to make forex trading more accessible to people.
They succeeded with their plan, because since eToro started in 2006, the broker has become famous for offering social trading features like their unique CopyTrading and CopyPortfolios.
The CopyTrader tool is a great tool for beginners because it lets users automatically follow and copy the trades of other more experienced traders.
This is an ideal way to learn trading from another professional and there's a wide range of users and trading styles to select from.
Another great feature is eToro's social newsfeed where users can actively share their thoughts and discuss the latest trading topics affecting the market.
Currently traders can access the eToro platform online or as a free mobile app for iOS and Android devices. The broker developed the platform themselves which is simple to use and navigate.
There is also a free demo account available to users, or if clients want to start trading right away they just need to pay the minimum deposit. For Australian traders the minimum deposit is just $50 which is a competitive amount.
Lastly in terms of regulation the broker holds licences from official authorities such as ASIC (no.491139) and CySEC. Currently eToro is registered in Australia under eToro AUS Capital Pty Ltd.
One popular Australian broker is Vantage FX which was first founded back in 2009 in Sydney. Vantage FX is a fully regulated broker, and they hold an active licence from ASIC (no. 428901).
The broker is mainly known for offering the use of an Expert Advisor (EA), which is robot led forex trading. This intelligent software can complete tasks and complex trading actions on a trader's behalf. Alternatively they can also be programmed to send alerts out when a set trading condition has been reached.
It is fairly easy to create and set up an EA using Vantage FX's MT4 platform, especially as the platform comes with editing tools and templates.
Regarding the platforms, users can trade forex and CFD's on either the broker's MT4 or MT5 platforms. Both the MetaTrader platforms are available for use on Mac or PC, or can be downloaded for free as a mobile app.
For forex trading, Vantage FX has 40 currency pairs available, plus there are other instruments available for CFD trading. These CFD instruments includes Shares, Indexes and Commodities.
To begin trading with Vantage FX, users just need to create a live trading account. When this is finished, the next step is to fund the account with the minimum deposit.
It's worth noting that the minimum deposit for a standard Vantage FX account costs $200 Australian Dollars. To assist traders the broker has a wide range of payment methods available to make the deposit with including e-wallets and credit card.
Provided by tradingonlineguide.com