Best Forex Trading Platform Australia Comparison





Curency Movements Image

Best Trading Platforms and Brokers in Australia

The brokers with the best trading platforms for Australian traders in 2020 are:

  • Pepperstone – Best Overall
  • IC Markets – Lowest Spreads And Fees
  • CMC Markets – Best CFD and Share Trading
  • EasyMarkets – Best Beginner Trading Platform
  • Interactive Brokers – Most Advanced Charting
  • ANZ eTrade – Most Sophisticated Share Trading
  • IG Markets – Best Range-Of-Markets Platform

To compare the forex brokers offering the best trading platforms, we created a best forex broker platform comparison table.

In this article, firstly we explain the two most popular trading platforms for retail investors in Australia (MetaTrader 4 and MetaTrader 5), then we look at the best Australian brokers and the platforms offered.

Trading Forex in Australia

Trading forex in Australia has unique but not insurmountable challenges. The best trading platform for Australian forex brokers making a living in the southern hemisphere, far removed from the big financial centres of London and New York, no more difficult than any other aspect of daily life. In an increasingly connected 24/7 world, you can trade forex on a level playing ground in real time with anyone in the world.

Why Forex Is So Popular For Australian Investors

One of the factors Australian traders seeking to capture profits from online trading currencies in foreign exchange currency markets (forex) is that the times of peak currency market activity are out of sync with Australian time zones. Whilst it is entirely true that the Forex market trades 24 hours per day for 5-1/2 days per week, there are many hours when price activity is quiet due to a lack of trader participation.

currency market opening hours

There are four predominant forex sessions during a trading day, that is based on the time in major cities with large financial market operations. Those sessions are based on Sydney, Tokyo, London and New York. The different sessions overlap to a certain degree. By far, the most critical session in which to participate in is the tail end of the London Market and the beginning of the New York market. The four-hour period when those two sessions overlap is when the vast majority of trading activity, even activity related to the Australian and New Zealand dollars, takes place in terms of currency pair price movements.

For someone living in the Australian Eastern Standard Time (AEST) zone, those prime hours when the London and New York Forex sessions overlap are 11:00 PM to 3 AM. Given that you would prefer to be sleeping during those hours, choosing the best trading platform for Australian traders requires various order types and algorithmic trading functions because very little of the trading being done will be actively managed.

Taking Advantage of Forex Orders Based on AEST

No, you do not have to forego sleep in order to participate in the forex markets. Rather, you can use special order types to set up your trades in advance, go to bed, get yourself a good night’s sleep, and then have a look in the morning when you get up to see how your online trading strategies panned out. Strange as it may sound, trading in this fashion is less stressful, because price analysis, trade entries, exits and maximum acceptable risk can be made outside times of peak price activity without your emotions getting the better of you.

how buy stops work

Using “Limit” and “Stop” orders on your forex trading platform, you can efficiently plan your trades. You will be much more objective without watching trades go in your favour or against you, tick by excruciating tick, and you will be able to determine logical entry and exit points, as well as control your exposure to risk. To new traders, this discovery is a welcome revelation. To those with some degree of experience, it is a solid reality. A good trading platform for Australian traders will take the effect of time zones into account and offer tools to compensate for this.

Brokerage Fees When Online Trading

The best trading platform Australia option should also factor in brokerage fees.  Generally, there are two main brokerage fees:

  1. Spreads
  2. Commission

The spread is more applicable to forex trading with the difference between the buy and sell (bid/ask) price being the compensation to forex brokers facilitating trading. A round trip, flat rate commission is often associated with share trding or ECN-like forex trading accounts. Here a set commission is set per trade or more often, by the quantity traded. Commissions are more straightforward than spreads to calculate brokerage fees, hence why experienced traders often opt for these online trading accounts.

Share Trading Options With These Platforms

For Australian investors requiring an online share trading platform, IG Markets and easyMarkets offer both forex and share trading on their primary trading platforms. Another firm that offers a forex/share trading hybrid is CMC Markets. Alternatively, forex brokers such as Pepperstone, offer CFD share trading on MetaTrader 5.

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