The Best Forex Brokers in Australia in 2016

Introduction

Are you looking for the best forex broker in Australia? With so many options to choose from, it can be hard to know where to start. That’s why I’ve put together this guide to help you find the right broker for your needs. I’ll cover everything you need to know, from the different types of brokers to the key factors to consider when choosing one.

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In this article, I will also provide you with a list of the top 10 forex brokers in Australia in 2016. These brokers have been selected based on their spreads, commissions, customer service, and overall reliability. So whether you’re a beginner or an experienced trader, I hope this guide helps you find the best forex broker in Australia for your needs.

What is a Forex Broker?

A forex broker is a company that allows you to trade foreign exchange (forex). Forex is the world’s most traded market, with over $5 trillion worth of currency exchanged every day. Forex brokers provide you with the platform and tools you need to trade forex, including access to live market data, charts, and analysis tools.

Different Types of Forex Brokers

There are two main types of forex brokers: dealing desk brokers and non-dealing desk brokers. Dealing desk brokers act as a counterparty to your trades, while non-dealing desk brokers simply execute your trades on the interbank market.

Dealing desk brokers are generally more regulated than non-dealing desk brokers, but they may also charge higher spreads and commissions. Non-dealing desk brokers offer lower spreads and commissions, but they may not be as reliable as dealing desk brokers.

How to Choose a Forex Broker

When choosing a forex broker, there are a few key factors to consider:

• Spreads: The spread is the difference between the bid and ask price of a currency pair. A lower spread means that you will pay less in trading costs.
• Commissions: Some forex brokers charge commissions on trades. The commission is typically a percentage of the trade value.
• Customer service: Good customer service is essential for any forex broker. You want to be able to get help when you need it, especially if you are a beginner trader.
• Reliability: You want to choose a forex broker that is reliable and trustworthy. The best forex brokers have a good reputation for executing trades honestly and efficiently.

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The Top 10 Forex Brokers in Australia in 2016

Based on the factors discussed above, I have compiled a list of the top 10 forex brokers in Australia in 2016:

1. IG Markets
2. Pepperstone
3. FXTM
4. IC Markets
5. FP Markets
6. AxiTrader
7. XM
8. HotForex
9. Tradeview
10. Oanda

Latest Trends and Developments in Forex Trading

The forex market is constantly evolving, and there are always new trends and developments to be aware of. Here are a few of the latest trends in forex trading:

• The rise of mobile trading: More and more traders are using their smartphones and tablets to trade forex. This is due to the convenience and flexibility of mobile trading platforms.
• The increasing popularity of automated trading: Automated trading systems, also known as expert advisors (EAs), are becoming increasingly popular. These systems can be programmed to trade automatically, without the need for human intervention.
• The development of new trading strategies: New trading strategies are being developed all the time. These strategies can be used to improve your trading results.

Tips and Expert Advice for Forex Traders

Here are a few tips and expert advice for forex traders:

• Do your research: Before you start trading forex, it is important to do your research and learn about the market. There are a number of resources available online and in libraries that can help you get started.
• Start small: When you first start trading forex, it is important to start small. This will help you to minimize your risk and learn the ropes.
• Use a demo account: Most forex brokers offer demo accounts that allow you to trade with virtual money. This is a great way to practice your trading skills without risking any real money.
• Develop a trading plan: Before you start trading, it is important to develop a trading plan. This plan should include your trading goals, risk tolerance, and trading strategy.
• Manage your risk: Risk management is one of the most important aspects of forex trading. There are a number of different risk management strategies that you can use to protect your capital.

FAQ on Forex Trading

Here are a few of the most frequently asked questions about forex trading:

1. What is the minimum deposit required to open a forex account?

The minimum deposit required to open a forex account varies from broker to broker. However, most brokers require a minimum deposit of $100.

2. What is the average spread on a forex trade?

The average spread on a forex trade varies depending on the currency pair and the broker. However, most brokers offer spreads of less than 1 pip.

3. What is the average commission on a forex trade?

The average commission on a forex trade varies depending on the broker. However, most brokers charge a commission of less than $10 per trade.

4. Is forex trading legal?

Forex trading is legal in most countries. However, there are a few countries where forex trading is restricted or even illegal.

Best Forex Broker Australia 2016

Conclusion

I hope this guide has helped you learn more about forex trading and choose the right forex broker for your needs. If you have any further questions, please do not hesitate to contact me. I am always happy to help.

Are you interested in learning more about forex trading? I offer a number of courses and workshops that can help you get started. Please visit my website for more information.