We’ll look at the finest forex trading platforms in Australia in this article.
The term “forex trading platforms” in Australia is a combination of the words “foreign currency” and “exchange.”
Foreign exchange is the process of converting one currency into another for various reasons, most commonly for trade, tourism, or commerce.
What is Forex Trading?
Trading one currency for the other is known as foreign exchange (forex or FX).
The US dollar, for example, can be exchanged for the euro.
The FX market, on the other hand, is an electronic network of banks, brokers, institutions, and individual traders (mostly trading through brokers or banks)
Is Forex Trading Allowed in Australia?
Forex trading is popular among locals and international traders looking for Australian-based brokers. Forex trading is ultimately allowed in Australia.
A considerable number of the most well-known Forex firms are headquartered in this city.
Furthermore, forex trading has become more accessible and secure for Australian investors.
The Richest Forex Trader in Australia
- Lindsay Fox is a model and actress.
- Chris Mackay is a British actor.
- Glasenberg, Ivan
All those are Australia’s richest Forex traders, but they aren’t the only ones.
The individuals listed above are simply those who are the most vocal about their market trading.
Many more high-net-worth individuals are currently involved in the industry.
While we may be looking at some of the country’s wealthiest traders, we must remember that they had the beginning capital to become some of the country’s wealthiest Forex merchants.
The truth is that the most significant way to learn how to become a competent trader from the ground up is to study the top traders on the market.
List of the top 10 Best Forex Trading Platforms in Australia
- Black Pepperstones
Pepperstone is undoubtedly the largest Australian broker today, with a global reputation that attracts both foreign and Australian traders.
Pepperstone’s success can be attributed in part to its solid reputation and top-rated ECN and STP accounts.
Pepperstone also offers a wide range of trading options, including over 70 currency pairs and 14 leading stock indices.
They were also named ‘Best Forex ECN Broker’ by the UK Forex Awards in 2018, an honor that has helped them get even more customers.
- International Capital Markets
IC Markets provides traders with a whopping 232 traded products, including 60 forex pairs, which is unique.
They also claim to handle 500,000 trades every day, valuing more than $15 billion in total.
IC Markets’ reputation is also founded on their outstanding ECN service, which they call “the world’s largest real ECN forex broker,” with liquidity provided by various market participants, including high-level banks and dark pools, ensuring traders have the best access to the market.
ThinkMarkets, which was founded in 2010, offers a diverse set of services and instruments.
Traders can currently choose from 154 CFDs, 33 currency pairings, and cryptocurrency CFDs, ideal for individuals looking to diversify their portfolios. Client monies are safe by ThinkMarkets, which deposits them in a segregated account with a top-tier bank.
- Vantage FX
Vantage FX has built a dedicated following of traders by developing ties with major banks, including JPMorgan, HSBC, RBS, and Goldman Sachs.
They also provide an impressive 120 trading products, including currency pairs, indices, commodities, and stock CFDs. Furthermore, their service is available on 15 distinct platforms.
The Forex Awards named Vantage FX the best ECN/STP broker in 2015-16.
Axi treats its traders with genuine democracy, providing them with the same ECN access as banks, hedge funds, and other financial institutions, which is relatively uncommon.
Since its inception in 2007, Axi has grown at a breakneck pace, giving traders over 80 different products and receiving numerous awards, including ‘Most Reliable Forex Broker’ by AtoZForex.com in 2017.
EasyMarkets has been in business for 17 years, having started in 2001. They are one of the top brokers in Australia and the entire APAC region, having won the ADVFN International Financial Awards’ ‘Best APAC Region Broker 2018’.
They currently claim to have “136 spot currency pairings, 48 FX forwards, 57 currencies crossed with metals, five metals, six energy, and seven agricultural commodities, 16 stock indices, and 58 vanilla option pairs” among their instruments and marketplaces to invest in.
Watch the video below to know more about the best forex trading platforms in Australia:
- IG Markets
Those familiar with IG are aware that they have been active in forex for a long time, beginning in 1974, well before any of their competitors.
And in that time, IG has amassed a vast 195,000 global clients and access to over 16,000 markets, two achievements they proudly display on their website.
IG is also known for its revolutionary trading methodology, which combines DMA with other pricing technology to provide traders with the best available price at the time of trading.
- XTB – A terrific platform with excellent customer service.
- FOREX.com is a perfect all-around option.
- For replicating other people’s trades, eToro is the most important trading site.
Platforms for trading forex Australia is a high-risk investment that may not be suited for all investors.
CFDs are sophisticated instruments, and ordinary accounts lose money owing to leverage.
Please familiarize yourself with the specifics of foreign exchange trading, as well as all of the hazards that come with it, before you begin.