Forex trading is a proven method of earning money. Yet to achieve this you need to start by finding a decent broker. Below we will tell you how to choose a trading platform in Australia.
First of all, all brokers operating in this country must be licensed by the Australian Securities and Investments Commission. It’s a number one thing that you should check out. This will ensure that your income is legitimate and that you will be reimbursed as agreed.
However, there are also other aspects, which will help you find the best Australia trading platform:
- A selection of currencies and assets. The more, the better.
- Trading methods available. Namely, see where options like copy trading, stop-loss orders or other automated features are located. It will save you time if you are not ready to devote your whole day to monitoring and analyzing the market.
- A minimum initial deposit. Some brokers set this limit up to $ 1,000 and even more. However, there are many platforms that cater to beginners and allow access from $ 0.
- A demo mode. Never invest real money until you have tested the service with virtual funds.
- Commissions. Brokers can charge commissions on transactions or withdrawals and even monthly fees. Fortunately, many platforms also offer free trading options.
- Educational content. This includes guides, webinars, research material.
- Reviews by other traders.
Read also: Choosing a broker in Malaysia: tips
We have checked the terms and features offered by companies operating in this country and have selected the following 5 sources: Interactive Brokers Australia, eToro, IG Share Trading, Tastyworks, ThinkMarkets. Additionally, we would like to mention that Interactive Brokers Australia is the best choice for active and experienced traders, and eToro – for newbies.