The market in Australia is tough and there’s a lot of competition. Naturally, if you want to have an edge, you have to choose the best broker and account. Here are some of the best forex brokers in Australia with a couple of details that might help you figure out who to get.
XTrade has made a name for themselves as one of the best forex broker in Australia. They offer DMA, Index, Commodity and Forex CFD’s. Accredited by the Australian Securities and Investments Commission (ASIC), they have a variety of spreads that users can select from. They are compatible with several platforms, including the IRESSTrader, MT4, CTrader, and ST24 and Portfolio Investor. They offer a free demo and trial period for up to 2 weeks.
2.) SAXO Capital Markets
Another one considered to be one of the best forest brokers in Australia, Saxo Capitals has become a leader in their industry. With over 29,000 trading instruments, they handle CFD’s, FX, Indices, Futures, Option and Bonds, as well as stocks. Their primary currency pairings that they focus on are the Euro to US dollar, the Australian dollar with the US dollar, the British point with the US dollar and the US dollar with the Japanese yen. The company is also regulated by the ASIC and requires a minimum deposit of 10,000 Australian dollars. They also offer a demo trial period for its prospective clients.
One other great choice is IG. This trading broker deals in DMA CFD’s, Index CFD’s, Commodity CFD’s, Forex CFD’s, Sector CFD’s. It mostly focuses in the following currency pairs: Euro to Us dollar, Australian dollar to US dollar, British pound to Us Dollar, and US dollar to the Japanese Yen. Compatible platforms include PureDeal and MT4. While it doesn’t have as much flexibility as our previous selections, its minimum deposit is small, perfect for anyone who wants to start. They only charge a minimum deposit of $150 and even offers 30 day trial period.
Some other choices that Australian CFD traders may want to consider include ETX Capital, Iron FX Solid Trading, Plus 500, Capital Spreads and Market.Com.
Choosing the best forex broker in Australia can be a tricky business, so make sure you find someone that’s reliable and easy to use, has a dose of features, and works with a wide range of markets. Don’t forget to ask about commissions and leverages. If you’re working with CFD’s, you will need these. Make sure to also get someone with a clean record and will be able to secure and protect your assets and personal information.
Finally, get someone that fits your budget and current trading practices. You don’t want to have a difficult time paying off your own broker while worrying how to make a profit.
Check out our list and see who the best forex broker in Australia is for you. Don’t forget to try the demo before deciding on a broker.