6 Best ASIC Regulated Forex Brokers in Australia
The deposit options offered by an online broker can make a big difference in terms of convenience. The top forex brokers in Australia will support local payment methods, reducing transaction speeds and transfer fees. The selection of forex pairs offered is key when evaluating a broker to use. If you open an account with an Aussie broker and then realize they do not offer the currency pairs you are after then you will have wasted time and money. The most commonly traded pairs in Australia are AUD/USD, EUR/AUD and AUD/SGD.
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He ensures that our content across all sites meets the standards of quality and transparency that our readers expect. Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission. Swaps fees mean you will either be charged interest costs or earn interest on your open positions. Brokers that connect you with liquidity providers with no dealing desk tend to have the lowest spread costs. For this reason, you pay commissions which allow the broker to avoid widening their spread to recover the money lost.
Simple Moving Average lines calculate the average of the closing price for a selected trading period, like 20- or 50-Day, for example. In an uptrend, SMA lines tend to be sloped upwards and move higher, with the shorter-term SMAs (eg. 20-Day) outpacing the longer-term SMAs (eg. 50-Day). Stuart Young has well over a decade of trading experience that he draws on in his reviews. Click to view our detailed TradeDirect365 review and ratings, or try their easy one-click demo account.
He runs a tight, professional low cost operation which is how he can pass on savings to traders. Eightcap offers two accounts including a standard account and Raw spread (spread + commission account). In the case of Eightcap, our research showed the Raw account has 67% lower spread than the standard (marked-up account). This means for every 100,000 units traded a fee of $3.50 is charged.
It is a good idea to place exit points even before you place an order for a trade. You should make these points at key levels and you should modify them only if you decide to change the parameters of your trade. Long-term profits are made with larger capital investments since they can cover volatile movements of the market. More often than not, however, the risk isn’t worth the losses that often occur.
Eightcap’s servers are located in the Equinix TY3 Data Center in Tokyo. This co-location setup allows Eightcap servers to get faster pricing and optimal trading conditions as they are close to many tier-one liquidity providers within the Equinix Ecosystem. This network aims to promote global connectivity and a competitive low latency with data centre locations in New York, London, North Virginia, Sydney, Hong Kong, Milan, São Paulo, and Singapore.
Less experienced traders, however, may balk at the wider spreads of the Standard type account. It caters to both novice and professional traders, offering a multitude of tools and educational resources to enhance trading strategies. However, the steep minimum deposit for the Platinum account could be a barrier for some traders. A forex broker is a licensed agent in Australia or another country that provides online trading services to forex traders. Brokers provide access to traders to trade on their platform, and as of today, there are many forex brokers in Australia. These brokers may offer the same services, but they have different variations that make their service unique.
Founded in 2017 in Melbourne, Fusion Markets is an ASIC-regulated broker with exceptionally low trading costs, MT5 support, and no minimum deposit requirements. AvaTrade supports all native features of MT5, such as twelve timeframes, EA functionality, 38 built-in indicators and 37 graphical objects – one-click trading is also fully supported. Islamic accounts are fully supported on MT5, but the AvaProtect loss-protection tool and Trading Central are only on AvaTrade’s proprietary trading platforms. Popular forex trading apps as of my knowledge cutoff in September 2021 include MetaTrader 4 and 5, Forex.com, TD Ameritrade, and IG’s mobile app. Each of these offers a unique set of features, and the best one for a user would depend on their specific needs, trading style, and experience level.
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You will generally get an email from the broker regarding the details on how to download and log in to your platform. Go to the “Open Account” section on the broker’s website and complete the signup process. After you have done your research on the broker that you want to trade with then proceed to the next step. Currency pairs are divided into various lots as seen in the table below. Percentage in point alias “pips” is the unit of measurement for the spread.
CFD traders do not own or have any rights to the underlying assets. Trade the most popular forex pairs like EUR/USD, GBP/USD and EUR/GBP at Plus500. Use our advanced trading tools to protect your profits and limit losses.