Best Forex Broker Australia

Best Forex Broker Australia

Best Forex Broker Australia Comparison Table
Online BrokerMinimum DepositOnline Trading Platforms
$100MT4
$100MT4
$200MT4, MT5
$200MT4, cTrader, MT5
$100MT4, MT5

Best Forex Broker Australia

To approach an answer to the question of what is the best Forex broker, it is perhaps instructive to consider the nature of the Forex market and the ways that a trader can approach trading it. Firstly, Forex is a complex market. What this means is that it moves in complex ways on the chart. It changes directions, tracing out patterns consisting of waves of retracements, reversals, volatility, structured moves which can seem to come out of nowhere and ranges.

However there is some regularity to these trading patterns. For example trends can emerge from certain patterns themselves. Volatility can be seen at the beginning of a trend. Volatile moves though can also result in other outcomes. What looking at the chart, which shows past value movements, there can seem to be a determinism to pattern formation. However it needs to be considered that at the time, other patterns may have formed. The Forex market is subject to a wide range of influences which can alter moves.

While Forex markets do not tend to have a preferred direction as they express the relative valuation of pairs of currencies, whose strengths can vary, certain fundamental factors can provide a direction. For example interest rates set by the Central Bank of a currency in a Forex pair may result in a directional move over time. The actual release of data is itself a type of trading, namely news trading. Major changes in interest rates can result in a highly volatile market presaging itself major changes in the market.

So how can a trader approach this market. One way is to use a broker which provides tools enabling a range of techniques to be applied. The brokers in the table offer ECN or STP/ECN accounts. These are what are termed no dealing desk accounts which allow a wide range of trading styles and aim to provide rapid order transmission. They are normally associated with automated trading, as this way to trade Forex is predicated on the advantage a computer program has over the human trader in terms of speed and accuracy. The trader can use, or build strategies which will then be executed by a trading robot. However, because ECN brokers (or a broker's ECN accounts) typically do not intervene in the order process, traders can potentially use a wide variety of trading styles, some of which may not be based on automated trading strategies.

Trading robots and languages to build them can differ across online trading platforms. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) both provide Expert Advisors (EAs) though each uses a different programming language. cTrader provides cBots.

The trader does not have to use robots to trade Forex and indeed developing strategies by trading the market can potentially provide a way to understand the market and strategies better and why they may work and may not.

Thus what the best broker to trade Forex may come down to the online trading platforms they offer. All the brokers provide MT4, some offer MT4 and its successor MT5 and some provide MT4, MT5 and cTrader. These are third party platforms which have an online network associated with them, where the trader can find a wide range of content and tools. The trader might be familiar with a particular platform and may wish to use this or or may want to try another. Trading platforms have different features and designs and a trader may find one to be suited to the way they trade. To try out a platform and to practice trading, the trader may wish to a demo account, rather than trading on a live account. A trader may wish to trade other markets than Forex, and some Australian brokers have a larger number of these on offer

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