What is Forex Trading and how to start trading as a beginner
Forex trading is considered to be an investing and trading method that allows users to make profits. When trading Forex, profits are made due to the fluctuations of the foreign exchange rates. However, in order to trade with foreign currencies, traders need to open an online account and provide all their financial and bank statements to their broker to verify their identity and account.
When trading Forex, traders are required to deposit the amount into their accounts. The deposit and account currency can be one type; however, traders will have the opportunity to trade with other currencies.
Choosing the right Forex broker should require a lot of time and effort put into research by a trader. There are numerous scam Forex brokers that steal financial details and, eventually, steal money saved in those accounts. So, commit to a reliable Forex broker and start the trading journey by following the educational guides and tools offered on the broker’s platform.
As a beginner in trading Forex, it is important to be equipped with the right and necessary tools and education. For instance, when trading Forex, one can only trade and make profits from a currency pair that they have previously purchased. To illustrate, imagine a trader has invested in a pair of U.S. Dollars (USD) and Pound Sterling (GBP); thus, they can only make profits by selling and exchanging that pair.
Forex Trading Platforms in Australia
As mentioned above, a reliable Forex broker plays an important role in making it as smooth as possible. Choosing the best Forex broker depends solely on their location; for instance, when trading in Sydney, one needs to know the best Forex brokers in Australia to get the highest benefits.
Here are 7 of the most popular Forex trading platform in Australia:
1- Pepperstone
Pepperstone is considered one of the most trusted Forex trading platforms online. The platform was introduced to the market in 2010 and has achieved a lot of os success over the years. The trust score of the platform is around 93-97%, and it is regulated by both the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA).
Recently, the number of currency pairs offered on Pepperstone was about 60, allowing traders to trade as freely as possible. On the other hand, Pepperstone offers demo accounts to its clients, allowing them to practice and master Forex trading before trading with their money.
2- Ava Trade
Ava Trade was founded in 2006 and has achieved high success rates and satisfied its clients in Australia over the years. Ava Trade is considered one of the highest trustworthy platforms as it is regulated by numerous financial institutions – such as the Australian Securities & Investment Commission (ASIC), the Investment Industry Regulatory Organization of Canada (IIROC), Central Bank of Ireland (CBI), and the Japanese Financial Services Authority (JFSA).
By opening an account in Ava Trade, traders will have access to good and innovative research and analyzing tools and necessary educational tools.
3- eToro
eToro is another popular Forex Broker in Australia regulated by the Australian Securities & Investment Commission (ASIC) and the FCA. eToro is a great platform to start one’s Forex trading journey, as it has a user-friendly platform and provides a mobile application for its clients.
4- IC Markets
IC Markets is considered a popular Forex Broker in Australia because of the low Forex fees and regulated by ASIC. As a beginner, a trader will need a lot of practice to gain experience in the trading field. So, achieving this by paying low costs will be an advantage.
5- CMC Markets
With CMC Markets, traders in Australia can enjoy the platform’s user-friendliness. In other words, CMC Markets offers good customization of a workspace. Additionally, users can educate themselves with the numerous educational materials available on the platform.
Finally, CMC Markets offers fast customer service to its clients in Australia, an important aspect to consider when choosing a broker.
6- Capital.com
Just like the other brokers, Capital.com is regulated by ASIC. However, this broker’s trust score is less than the others.
Nonetheless, Capital.com should be used by beginners in Australia as it offers numerous updated educational lectures and equips clients with the right knowledge to minimize loss.
7- Switch Markets
Lastly, Switch Markets is one of the latest Australian market newcomers. The broker was introduced in 2019 and has achieved major success by providing clients with demo accounts, low commission and spread rates, and many other benefits.
Conclusion
To conclude, Forex trading is becoming a widespread phenomenon in the world. The ability to trade foreign currencies online has made it easier for traders to enter the Forex field. Thus, to profit from Forex trading, ensure to choose a reliable, regulated, and trustworthy broker in your area.
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for those in Australia, there are a variety of popular Forex platforms to consider, each with their own unique features and benefits.
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