Forex is very popular in Australia and there are many brokers that offer this possibility to their traders. So, what is the best broker in Australia? And how do you make sure you choose a legit broker?
You may want to start by checking out these top 10 Australian forex brokers. These brokers have been chosen for their services and the features their platforms offer, as well as their overall quality, and the regulations by which they abide.
All Australian Forex brokers must be authorized by the Australian Securities and Investment Commission (ASIC). This guarantees the safety of traders while investing and makes sure they are not prey to fraudulent operations or scams. So, the first step when choosing a FX broker in Australia is to make sure they are regulated by this entity.
While security is a very important aspect to consider when choosing a broker, there are many other elements we need to take into consideration. We’ll discuss the tools that you need to make a decision on a broker based on your needs, style of trading, and level of expertise in the market.
Best Forex Brokers in Australia
These are our favorite Forex brokers in Australia. They are all regulated by the ASIC and have excellent Trust scores, as well as an earned reputation.
IG. This broker has been rated as one of the best in 2020. The main reasons being that their general services and offers are great, they have a high level of customer satisfaction and an impeccable reputation.
Plus500. This broker has earned a position among the best in Australia thanks to their particular features designed for beginners and inexperienced traders. Concentrating on this section of the market, they have developed more specific tools that newer traders surely appreciate.
City Index. This is another broker that offers a general excellent service. City Index is among the favorites, thanks to the quality of their platform and customer service, and their overall performance.
eToro. This broker has an excellent reputation around the world and is no different in Australia. eToro is without a doubt the leader in social trading and as such offers the best copy trading platform out there.
CMC Markets. This broker is famous for its platform, consider the best one in the market. When talking about Forex it also offers some pairs that other brokers may not deal with.
How to choose a Forex broker?
The first thing you want to check when choosing a Forex broker in Australia is their regulatory compliance.
As we have mentioned before, in Australia, Forex brokers have to be regulated by the ASIC, which means their standards are up to date with what the governments expect from them, guaranteeing the traders and investors security when making deals in the market.
Next, you want to have a peek at their trading platform. Some brokers offer a demo account and this is not only a great show of seriousness from the broker, but also an opportunity to see if their platform meets your needs, or if you like it.
Another aspect that you should keep in mind when choosing a Forex broker is their commission and fees since you will be paying those. Make sure there are no hidden fees, and that you agree with what the commissions are.
While some brokers may offer very low fees, this is just one part of a wider selection of important aspects when choosing a broker.
Finally, you may want to make sure their customer service is serious and reliable, since you may need immediate assistance if you don’t want to miss a deal.