Australia is one of the wealthiest countries in the world. It is known for being a world-leader in many fronts in the world. One of those fronts is forex trading. There are millions of Kiwis trading forex. This means Australia is a lucrative brokerage market for forex brokers. The Australian forex space is not flooded with forex brokers though, as is the case in other countries.
You might wonder what makes Australia unique, and why there aren’t many forex brokers. Australian authorities are quite restrictive, and have strict regulations. The Australian Securities and Investments Commission (ASIC) is the regulatory authority tasked with overseeing and controlling the operations of forex brokers in Australia. ASIC’s main role is to ensure individual traders are adequately protected. There aren’t many forex brokers that have ASIC’s certification.
So, what is the best forex broker Australia? Do you know how to choose the best forex broker? We are going to try and guide you through that.
That does not mean that Australian forex brokers do not have options. They have quite a number of options, and they can trade with any broker that they feel comfortable with. We’ve had our own experiences with the various forex brokers in Australia. Based on our trading experiences, we have one forex broker that we feel is the best broker for forex trading.
Here is a summary table about eToro
|Broker||Minimum deposit||Minimum Spread||Currency Pairs|
|eToro||50||3 pips||49||1st Choice|
In the sections below, we are going to explore the various reasons that informed our decision to pick eToro as one of the best forex brokers for Australia clients.
Before we get to how blissful it is to trade on eToro, let’s first outline a brief history about eToro. eToro has been offering forex brokerage services since 2007. That more than a decade ago. It, therefore, follows that eToro is one of the most seasoned forex brokers not only in Australia, but also globally.
It is also worth mentioning that eToro is regulated by ASIC. We’ve already mentioned that it is mandatory for forex brokers to be regulated by ASIC for them to be allowed to operate in Australia. Apart from ASIC, eToro is also regulated by CySec (Cyprus Securities and Exchange Commission). That’s because it is from Cyprus. Other notable certifications are from the FCA (Financial Conduct Authority) and ESMA (European Securities and Markets Authority).
There’s one thing that you should not from the overview above. That eToro is completely trustworthy forex broker. Etoro will never have you worrying whether your trades are being executed on the forex market at the right time, or about the safety of your funds.
Now that the formalities and trust issues are out of the way, let’s get into the nitty gritty of trading on eToro.
Trading on eToro
Before going any further, note this; etoro is a copy or social trading platform.
What does that mean?
It means that traders on etoro can copy trading strategies, techniques, and actual trades from each other. Keep in mind that copy trading is available in many other brokers. However, eToro is arguably the most effective trading platform when it comes to copy trading. For copy trading to be seamless, traders need to be able to observe other traders trading in real time. EToro provides a social trading platform that makes that incredibly seamless.
EToro has one live trading account. Before you get to the live account, you have a chance to train yourself and experiment of the demo account. The eToro demo account is a platform for you to familiarize yourself with how the eToro platform works, and also test the trading strategies you plan to use to trade on eToro. eToro is one of the best forex brokers with demo accounts 2019.
The eToro trading account is similar for every trader. The only difference is the minimum deposit. The minimum deposit varies depending on which country you are trading from. For instance, Australian traders need to deposit a minimum of $50 in order to get started on the eToro live account. This means that eToro best forex brokers with low minimum deposit 2019.
In as much as eToro is a copy trading broker, it does not mean that every trader on the platform must copy trades. There are a good number of traders who get onto eToro armed with their trading strategies, and trade profitably. These kind of traders are very important to the eToro platform, and they receive impressive trading support and incentives on the eToro platform. That’s because most copy traders will want to follow and copy them if they are winning their trades.
Now let’s discuss the exciting experience of copy trading on the eToro platform.
The eToro Social Trading Platform
We’ve already mentioned that eToro is special in the manner in which it provides copy trading services. That is thanks to its highly functional and user-intuitive social trading platform. The social platform is designed like a social media site. Each trader has a profile that other traders can view. On the profile, there is an overview of how the trading has been trading, and what percentage of their trades they’ve been winning. Under such circumstances, it is quite easy for copy traders to decide which traders they should follow.
It is important to mention that copy trading does not guarantee success. In many instances, copy trading is seen as a short-cut to profiting on the forex markets by lazy traders. Usually, the trader you copy will not always be available when you need them to be. As mentioned earlier, etoro ensures that any trader you are copying is trading in real time. That means that you’ll have to follow different traders at different times. Traders employ different traders and different techniques.
One thing that is for sure, eToro is a blissful forex broker, and anyone can make a profit on it. Even if you are a copy trader, you can make a profit if you approach it carefully. To some extent, eToro could be one of the best forex brokers for beginners 2019. If you copy trades but also take time to learn a thing or two why that particular trader chose to trade the way they did, you are going to learn a great deal. Based on our experiences eToro is the best forex broker in Australia.