The foreign exchange market in Australia is healthy, booming, and properly regulated. The sector is currently guided by the Australian Securities and Investment Commission (ASIC), which has contributed to the transparency, trust, and standard of operation for investors. According to IBIS World, the industry was valued at $641.5 million in 2023. The Australian foreign exchange space is of high potential, and anyone can make the most of it, including beginners. Here’s how to start your investment journey and choose the right platform to buy and sell currency in the country.
What Are Forex Trading Platforms?
Online trading platforms are websites or user-friendly applications that facilitate foreign exchange transactions through the Internet. These platforms have grown in popularity and are the new trend, as opposed to the traditional brokers investors used prior. They have an edge over conventional systems because they offer more than trading services. Their offerings extend to various features, including tools for comprehensive research, analysis, signals, and indicators.
These applications also help users cut costs and are more accessible globally. The best trading platforms Australia offers come with an ASIC regulation, which shows that they have been permitted to operate in the region.
In addition, some of them have physical offices in the country. These are some ways they’ve built trust with their customer base. Others are through long-term offerings and reliability, which are some of the factors to consider when choosing one.
How to Choose the Best Trading Platform in Australia
The introductory paragraph highlights the size of the Australian money market, and the country is expected to have leading experts and platforms to cater to the sector’s demand. Several resources, brokers, and websites are available with varying features. Here are five things to look out for when selecting from the maze of available opportunities.
Account Safety and Regulation
The first thing on your mind should be the safety of the website you’re considering. This can be measured by how regulated the platform is and whether the necessary licensing is present.
The ASIC has a list of regulated brokers and trading firms protected under the country’s laws. For instance, users are covered up to 250,000 AUD for every bank account. This extends to credit unions, financial institutions, and brokerage platforms.
That is, if the institution or platform goes down at any point, you’ll be protected up to the pegged amount. This is one of the many perks of checking for regulation. A regulated and licensed platform is also expected to be safer for your transactions and funds.
User-Friendly Interface
The forex scene is complex enough as it is, so opting for trading platforms with a friendly interface that is also easy to navigate makes more sense. Your choice should be beginner-friendly, with helpful tools, materials, and instruments to augment your knowledge of these investments. It would be best if you also looked out for an interface that operates at a timely speed.
Tool Variety
For beginner traders, the tools available in your software should be a priority because you need all the help you can get. Trading signals, technical indicators, and charts are some of these instruments, and they are available on the best trading platforms in Australia.
Signals are used to get insight and identify profitable trading opportunities, while indicators are perfect for trends and market position. Some applications have trading bots and automated robots that can carry out transactions in your stead by following a specific set of orders. When weighing your options, such things should be at the top of your list.
Transparent Fees and Price Perks
Look for platforms that operate on a transparent pricing structure and are open about it from the get-go. This reinforces your trust in the network and gives you a clear outlook of what to expect. Also, it’s a way to weigh your options and consider more affordable services within your spending bracket.
In addition to the network’s fees, some platforms offer free tools and applications for the customers. Trading platforms like MetaTrader come with a wide array of analysis tools, libraries, and many other perks that can be accessed for free. For beginners starting with demo trading, these free tools come in handy when getting familiar with trading without spending real money.
Customer Support
The foreign exchange market is filled with challenges, and you’ll undoubtedly encounter a few hiccups, especially as someone new to things. This is why a trading platform with live customer support should be a priority for you. Look for a platform that offers phone, email, and live online chat for easy access and communication when needed.
What’s out There for You?
If you do your research, you’ll find loads of trading software available in Australia. The best part is that they all come with their varying perks and advantages. The list above will help narrow down your alternatives and single out the best of the best among them.
