Typical Forex Trading Features Brokers in Australia
A forex broker is a term used to describe the providers of foreign currencies and leverage for trading or speculating in international currency markets. Many current day forex trading brokers do not have a physical dealing desk or intermediary and operate through an online platform. This allows Forex traders with the ability to directly access the foreign exchange market 24 hours a day 5 days a week. Forex trading brokers are brokerage firms that allow for the execution of orders at the discretion of a customer or trader. In exchange for the brokerage firm performing this type of service, a commission or fee for the brokerage services rendered to clients are received. These are usually in the form of a spread which typically is the difference between the buying and selling price of a particular currency pair.
To operate as a currency broker, or offer any financial services for that matter, brokers need to have all the requisite regulatory and licences in order. Most importantly, they require several financial and capital safeguards including a product disclosure statement to be put in place to ensure and support the integrity of their business. As seen in our Australia Forex trading comparison, easyMarkets, OANDA, Plus 500 (a CFDs Provider), FXCM and GO Markets are excellent accredited broker examples. All 5 forex trading brokers have an AFSL which practically means that all user funds are held in segregated accounts with Australia’s leading banks.
Services Forex Trading Brokers offer
More and more forex trading brokers are now offering their services over the Internet. While this often means company savings are passed onto the customer, traders should know exactly the criteria they are looking for to reduce exposing themselves to a fraudulent operator enabling them to start trading and developing intelligent investment strategies. Some of the most important criteria usually surround the size of profits that can be achieved when trading currencies. These criteria should be listed in the detailed list of services that forex trading brokers offer, so traders can compare offers in the forex market to determine the best product for them.
Some of the more typical features a broker offers include the following: low spreads (similar to that offered by OANDA, FXCM and GO Markets), low initial deposit requirements when opening a trading account, instant order execution, free demo accounts, interactive charts, and high leverage among other features. In addition to this, the forex trading brokers need to provide customer support (by email, phone or chat) to its clients around the clock as markets are open 24 hours a day each business day. It is also important that customer service staff possess professional knowledge forex trading is quite complex. Essentially the success of traders is usually directly reliant upon the quality of the service and support offered by that trader’s broker. Subpar trading tools will affect the potential success of that trader so one needs to be vigilant when filtering through the many providers. For example, some brokers only sub-par risk management tools while others offer more advanced risk management features such as ‘guaranteed stops’. Depending on the type of trader you are, lack of risk management features is not necessarily a needed feature but When dealing with forex, it imperative you fully understand the risks with forex trading and in particular full understand the risks involved when using high leveraged products. If you an inexperienced trader or a risk-averse trader then risk management tools can help minimise your risk of losses.
Different trading platforms
There are various Forex trading platforms present on the Internet today. Commonly referred to as an application, it is a software that provides foreign exchange trading online and in real-time. The platform aims to present and provide useful information that is helpful especially to those who are faced with forex trading for the first time, but also the people who already have significant experience in this field.
As you can see across many of the comparison tables available on our website, most forex trading brokers like easyMarkets, OANDA, FXCM and GO Markets use the Meta Trader 4 trading platform, a reliable workhorse of a platform with a global reputation and safe trading guarantee. There are lots of features offered such as quality tutorials or videos (from which beginners can learn the basics of trading), global financial markets data and economic data and an easy to grasp user interface. It has never been easier to trade currency markets. However, please ensure you tread with caution with forex and CFD trading until you understand the risks involved and commence with a demo account first.
In addition to Meta Trader 4, GO Markets also uses their GO EzyTrader trading platform that can be used on Windows, Linux operating systems and Mac OS X making it suitable for all investors. The only thing you will need to use this forex trading platform is the newest version of Flash installed on your laptop or computer. The platform is sophisticated and fully customisable which means that one can change and choose characteristics according to their preferences. The platform is secured with an SSL connection which means that one doesn’t have to install their GO Meta Trader 4 trading software on their computer. They offer secure access, 30-days free trading demo account trial, easy interface and fast access wherever you are. In case you don’t have a GO Markets demo account simply sign up for a new Meta Trader 4 account and use the same login details to access the GO EzyTrader demo platform.
Trading on the go with mobile-friendly platforms
Traders require a more active management style on their trading platforms with all the necessary news, information, charts and analysis. Most active traders want to finish their trade via their smartphones, so such an option must be included too. Meta 4 Trader for Android allows mobile trading on almost any Android smartphone. Besides the possibility of monitoring the market and placing orders, this mobile platform offers tracking of the current price in the market which is beneficial to those who use shorter-term strategies. Meta Trader 4 is among the best trading platforms used by almost all the best forex trading brokers like OANDA, FXCM and GO Markets.
It is the best for the development of technical analysis and in addition to monitoring trends, you can change the period and add various indicators which are highly useful when dealing with forex global markets and finding forex and CFD trading opportunities. Adding indicators is easier than ever before. You simply need to touch the screen and you’ll get a list of indicators that you can use, same as on the desktop. It’s really simple to use and all you need to do is install the application and log in with your existing account. You can also use free demo account where you can try out all the available functions and learn how to use the application.
Overall, after spending time researching some of the best forex trading brokers in Australia, we compiled our comparison tables. We only selected and presented five reputable forex brokers in each table to keep things easier for you. Furthermore, all of the brokers we recommend on our comparison tables have Australian Financial Service Licences. This is quite possibly the most important feature to safeguard your deposits and any profits made when trading forex. If you’re serious about currency trading and require a broker to suit your style and risk appetite start by browsing our comparison tables.