Forex or foreign exchange is one of the platforms that allow people to engage in the foreign exchange market. Buying and selling foreign currencies is very popular among beginners and common traders across the world, including Australia. So, if you’re a forex trader who lives in the country down under, here are the top three Australian Forex brokers that you can use.
eToro
Founded in 2007, eToro has gained enough experience in the forex market to be one of the most respectable brokers in the world. As a result, eToro has become one of the most popular cryptocurrencies trading platforms for beginners. There are several reasons behind its popularity. First, the broker doesn’t charge you any activity fees. Moreover, eToro offers a demo account opening. Lastly, account opening can be done seamlessly.
Despite being based in the US, eToro provides services in 140 countries, including Australia. Cryptocurrency trading can be done freely with eToro. You can also select your preferred cryptos out of 40 available cryptocurrency selections. This selection includes BTC, LTC, ETH, NEO, and others. On top of that, you can trade anywhere at any time with their mobile apps. So, without a doubt, eToro is one of the best Australian forex brokers for beginners.
IC Markets
IC Markets was founded around the same time as eToro. However, IC Markets was based in Sidney, Australia. Its home base allows IC Markets to open several physical offices in Australia, making it the most accessible Forex broker for Australian Forex traders. Not only accessible but IC Markets also offers several advantages for beginners in Forex trading.
The first advantage comes from the extremely low Forex fee that this broker offers. Second, IC Markets supports up to 22 base currencies, offering various options to traders. Lastly, their trading platform won’t charge you with inactivity and withdrawal fees. Its exceptional performance was awarded by placing IC Market as the top Australian Forex broker in the Traders Union’s list.
IG.com
Established in 1974, IG.com is one of the old players in the Forex trade market. This UK-registered company allows you to engage in financial derivatives (CFDs) trade. Being one of the oldest Forex trading companies, IG.com offers the most secure and stable trading platform. This is due to the licensing done by three separate country regulators, the FCA (UK), the MAS (Singapore), the CFTC, and the NFA (America).
IG.com offers around 16,000 trading instruments, allowing you to have a lot of freedom when trading with this Forex broker. In addition to that, IG.com also offers a relatively good spread, ranging from 0.6 to 1 pips. The company is also highly accessible with 24/7 customer support and physical offices in Australia. So, it is not surprising that IG.com has become one of the best Australian forex broker.
So, that’s some of the best Australian Forex broker for the beginner. Always remember that the most essential part of Forex trading is your time. To become an expert, you have to go through dozens of learning and trials, all of which will consume a lot of time. So, you have to be patient and be determined to reach your desired goal. Hopefully, these brokers will be helpful in your Forex trading journey.