If you are living in Australia and looking for a platform for trading we have the best options for you. Traders union have reviewed all the forex companies and shortlisted the best ones. Here we will discuss a few of the best trading platform Australia.
Best Demo trading account:
IG market is considered as one of the best demo trading accounts. If you are a beginner and you don’t have much experience about trading. You can choose IG markets. They are offering you demo accounts in which you can learn about trading by investing, then you can switch to real time investment and trading. You can start trading with a minimum deposit of 250$ with leverage rate up to 1:200. They are available 24/7 and offer over 16 thousands trading instruments for investment.
Best overall broker:
CMC Markets broker is ranked as overall best broker. It lets you trade Australian stocks along with global. This company provides a different range of assets including stocks, cryptocurrencies and indices. Traders have a high level of trust on this broker because they offer segregated accounts for clients, solid experience, and UK regulation. They also offer a risk management program. Provide 24/5 customer support with a minimum deposit of 1$ and leverage rate of 1:500. They use MetaTrader 4 and mobile apps are trading platforms.
Best for US Stocks:
eToro is known as one of the best forex brokers for US stocks. It has been well known since 2007. They promote themselves as a social trading platform working with 140 plus countries traders. It is a fully funded transactions platform. They are offering over 2000 trading assets including cryptocurrencies, stocks, and CFDs. They have over 6 million customers in more than 140 countries. In the case of a personal account detailed stats is available.
Best trading platform for international stocks:
Interactive Brokers Australia is known best for trading of international stocks. It has been working since 1977. This broker offers trading with currency pairs but its basic instruments include Stocks, CFDs, indices, metals and other exchange market assets. They are offering a wide range of services allowing them to do active trading and investment. There is no minimum deposit offered by it. Leverage rate depends on assets with 0 spread. They charge a fee for inactive accounts so it’s not a good option for passive traders.
eToro vs Saxo Bank:
Here is a little comparison between two well-known forex brokers; eToro vs Saxo Bank.
|Overall pros||● Can do trading from mobile phone app
● Licensed and regulated
● No additional non trading fee
● Having access to trading offers like copy trading service and ready-made portfolio.
|● Professional traders with more than 1 year experience get favorable trading conditions.
● Contain more than 40 thousand trading assets
● Investing in a ready to use portfolio is managed by professionals.
|Regulated by US||Yes||No|
|Minimum Deposit||Minimum deposit of 50$ is available||Minimum deposit of 10000$ is available.|
|Trading platform||Use eToro as trading platform||Use SaxoTraderGo, SaxoTraderPro as a trading platform.|
|Trading assets and accounts||Offering 1000+ trading assets with two types of accounts i.e standard and demo account.||Offering 40000+ trading assets with four types of accounts i.e classic, platinum, professional, VIP|
|Spread rate||Floating spread||Floating spread|
|Customer service||Offering services 24/5 and you can contact via Email, phone or online chat||Offering service 24/5 and you can contact via Phone and online chat.|
Hence you can easily choose the best forex broker in Australia and also now you know the difference between eToro and Saxo Bank along with the tips you must follow while selecting a broker.