Forex trading is a great opportunity for those who have a certain sum of money in reserve and seek extra income. But the problem is to find a reliable broker that will help you make good money. Below, we will tell you how to choose a trading platform in Australia.
First of all, all the brokers operating in this country must receive a license from the Australian Securities and Investments Commission. It is a number-one thing you should check. That will guarantee that your income will be legitimate and you will be paid off as agreed.
Still, there are also other aspects, which will help you find the best trading platform Australia:
· A selection of currencies and assets. The more, the better.
· Trading methods available. Namely, see where there are such options as copy trading, stop-loss orders, or other automated features. That will save you time if you are not ready to dedicate your whole day to monitoring and analyzing the market.
· A minimum initial deposit. Some brokers set this limit as high as $1000 and even more. Yet, there are many platforms that are oriented towards beginners and allow access from $0.
· A demo mode. Never invest real money until you test the service with virtual funds.
· Commissions. Brokers may charge commissions on trades or withdrawals and even monthly fees. Luckily, many platforms offer free-of-charge trade options as well.
· Educational content. That includes guides, webinars, research materials.
· Reviews by other traders.
We have checked the terms and features offered by companies operating in this country and have singled out the following 5 sources: Interactive Brokers Australia, eToro, IG Share Trading, Tastyworks, ThinkMarkets. Also, we would like to mention that Interactive Brokers Australia is the best choice for active and experienced traders, and eToro ― for beginners.