Best AI Trading Platforms in Australia 2024

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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Online trading can be time-consuming and incredibly exhausting. Moreover, the slightest errors and misjudgments can cause you hefty losses as a trader. But don’t be scared. We have a solution that can improve your profitability and reduce the stress of trading: automated trading.

With an excellent automated trading platform, you can leverage sophisticated technologies, reduce the impact of human errors, and enjoy other benefits. Fortunately, Australia offers a range of automated trading platforms. While not all of them are worth your time, in this guide, our team has evaluated and identified the five best automated trading platforms in Australia that you can consider.

We aim to provide factual, unbiased recommendations. To select the best platforms for this guide, our experts assessed various factors, including regulatory status, fees, online reputation, and support quality. Now, you can confidently choose the best automated trading platform in Australia from our curated list.

List of the Best AI Trading Platforms

  • PepperstoneOverall Best AI Trading Platform
  • AvaTradeBest AI Trading Platform for Beginners in Australia
  • FP MarketsBest AI Trading Platform for Seasoned Australian Traders
  • FxProBest AI Trading Platform for Dedicated Forex Traders in Australia
  • eToroBest AI Trading Platform for Australian Social Traders
In This Guide

Australian AI Trading Platforms: Comparison Table

Australia offers a wide array of AI trading platforms. While we’ve encountered hundreds, there are likely thousands of providers in the region. However, in this guide we focus exclusively on licensed and reputable companies, avoiding unlicensed or questionable entities.

Our experts conducted thorough assessments to identify the best automated trading platform in Australia. We examined several key factors, including licensing, regulation, customer support, and platform features. We recommend you apply the same criteria when reviewing our suggested platforms to find the best fit for your needs.

The table below outlines the key factors to consider when selecting an AI trading platform from our list. These criteria have guided our recommendations for years and consistently delivered reliable results.

Best AI Trading Platform AustraliaLicense & RegulationSupport ServiceSoftwarePayment MethodDemo Account
PepperstoneASIC, FCA, MAS, FSCA, DFSA, CySEC, CMA, SCB, BaFin24/7TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social tradingVisa, Mastercard, Bank transfer, Neteller, Skrill, PayPalYes
AvaTradeASIC, FCA, MAS, FSCA, CBI, CySEC, PFSA, B.V.I FSC, FSA, ADGM, ISA24/5WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated TradingCredit/debit cards, Neteller, Skrill, Wire transfer, WebMoneyYes
FP MarketsASIC, FCA, MAS, FSCA, CMA, CySEC, FSA24/7MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy TradingCredit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay Yes
FxProASIC, FCA, FMA, CySEC, FSCA, SCB 24/5FxPro Mobile App, MT4, MT5, cTrader, FxPro WebTraderCredit/debit cards, Bank wire transfers, Neteller, Skrill, PayPalYes
eToroASIC, FCA, MAS, CySEC, FSCA, SFSA ADGM, MFSA, FSAS, GFSC, SEC24/5eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart PortfoliosCredit/debit cards, Bank transfer, Klarna, PayPal, Skrill, Neteller Yes

Platforms Short Overview

When choosing the best AI trading platform in Australia, it’s essential to consider both fees and available assets. Why? Because using a cost-effective platform helps keep your expenses down, protecting your capital and potential profits. Conversely, high fees can significantly erode your gains. Additionally, choosing a broker that doesn’t offer the assets you want to trade is pointless, as you won’t be able to execute your desired trades.

Below, we’ve provided two comparison tables detailing the fees and assets of Australia’s top AI trading platforms. Use these tables to evaluate our recommended platforms and find the one that best meets your needs.

Fees

Best AI Trading Platform AustraliaMinimum Deposit RequirementCommission/ SpreadsDeposits/ WithdrawalsInactivity Fee
Pepperstone$0From 0.0 pipsFree$0
AvaTrade$100From 0.13%Free$50 after every 3 consecutive months of inactivity
FP Markets$100From 0.0 pipsFree$0
FxPro$100From $3.50 per lotFree$10 monthly
eToro$50From 0%$5 withdrawal fee$10 monthly

Assets

Best AI Trading Platform AustraliaStocksForexCryptoCommoditiesIndicesETFsOptions
PepperstoneYesYesYesYesYesYesNo
AvaTradeYesYesYesYesYesYesYes
FP MarketsYesYesYesYesYesYesYes
FxProYesYesYesYesYesYesNo
eToroYesYesYesYesYesYesYes

Our Expert Opinion about AI Trading Platforms

We picked the best AI trading platform in Australia by evaluating a range of crucial factors. First and foremost, we ensured every service provider was authorised and regulated by ASIC before including it in our guide. But our assessment didn’t stop there. We also considered each platform’s online reputation, reviewing ratings and feedback from various independent sources, including Google Play, the App Store, and Trustpilot.

Additionally, our team tested every service provider recommended here. The pros and cons we’ve highlighted are based on first-hand experience. We’ve provided an honest and unbiased evaluation, highlighting all significant aspects to stay true to our mission. Now, let’s explore what the top 5 AI trading platforms in Australia have to offer.

1. Pepperstone – Overall Best AI Trading Platform

Pepperstone, headquartered in Melbourne, is our top pick for the best AI trading platform in Australia. We recommend it for its impressive algorithmic trading features. If you’re an experienced trader, you can code your own expert advisors (EAs). For those who are less experienced, Pepperstone allows you to purchase existing EAs and backtest strategies using a powerful trading simulator.

The Pepperstone trading platform offers over 1,200 financial instruments, from forex pairs and commodities to shares, indices, and digital currencies. The platform offers exceptionally tight spreads starting from 0.0 pips on its Razor accounts and doesn’t require a minimum deposit, so you can start trading with any amount of capital.

We also vouch for Pepperstone because it provides outstanding features. We tested the Pepperstone Trading Platform and were captivated by its terrific user interface, Quick Switch feature, customisable watchlists, and much more. It supports a variety of third-party trading solutions, including cTrader, MT4, TradingView, and MT5, making it a versatile choice for your trading needs.

Pepperstone

✔24/7 support service
✔User-friendly and navigable platform

trustpilor logo
2,817 User Reviews
google
4,480 User Reviews
apple
1 User Reviews
financeraters logo
Our Rating
Total Rating:
7,298 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Users are allowed to build and buy EAs
  • Powerful trading simulator for backtesting strategies
  • No minimum deposit requirement
  • Free deposits and withdrawals
  • Offers professional support 24/7
  • MT4, MT4, TradingView, and cTrader are hosted
  • Zero inactivity fees

Cons

  • Limited financial products compared to its peers
  • Few educational tools and materials

We find Pepperstone broker to be one of the brokers with transparent fee structures. There are no hidden charges, so what you see displayed on its platform is what you will incur. This makes it easier for you to budget without worrying about overspending.

Let’s discover below some of the trading and non-trading charges at Pepperstone.

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
Minimum Deposit Requirement From $0, depending on your jurisdiction
Commission From $0.02 on US-listed shares
Spreads From 0.0 pips on its Razor Account
Deposits and Withdrawals Free
Inactivity None
Overnight Funding Varies based on global market conditions
Copy Trading Free

Note that Pepperstone charges both spreads and commissions. While spreads are charged on all accounts, commissions are only imposed on the Razor Account.

At Pepperstone, we discovered over 1,200 CFD and spread betting assets. The securities are in different classes, including shares, commodities, forex, indices, ETFs, and cryptocurrencies. Unfortunately, some assets like options are missing.

As we previously mentioned, there are two types of trading accounts, namely Razor and Standard, with which you can explore these securities. We also noticed that Pepperstone supports leverage trading on its featured securities. Retail traders will enjoy limits up to 30:1, while professionals are eligible for limits up to 400:1. This allows you to manage larger trades with a small capital, thus maximizing your chances of earning huge profits.

That being said, let’s break down the number of asset offerings at Pepperstone.

Asset Class Number Offered
Forex 97+ currency pairs
Shares 1000+
Indices 23+
Commodities 40+
Cryptocurrencies 30+
ETFs 48+

Disclaimer: Spread betting and CFD trading have the application of leverage attached to them. Therefore, while the activity can magnify your returns, losses are inevitable. To avoid incurring massive losses with CFD trading, understand how it works plus all the risks involved. Plus, only risk funds you are comfortable losing, considering that over 76% of retail traders lose money in this activity.

2. AvaTrade – Best AI Trading Platform for Beginners in Australia

For beginners, AvaTrade stands out as the best AI trading platform in Australia, thanks to its extensive user base and wealth of educational resources. We highly recommend AvaTrade for its comprehensive learning materials. The broker offers numerous articles that cover the basics of auto trading and its advantages, making it an excellent resource for those new to AI trading.

AvaTrade offers more than just articles. Its free trading academy, Ava Academy, is a standout feature. Here, you can access hundreds of courses, lessons, quizzes, and guides on a wide range of topics. Whether you’re interested in forex, stocks, cryptocurrencies, or indices, Ava Academy covers almost every aspect of trading.

When it comes to automated trading, AvaTrade offers two excellent solutions: AvaSocial and DupliTrade. AvaSocial is designed to facilitate seamless social trading. With this platform, beginners can follow experienced traders and copy their moves. On the other hand, DupliTrade is a third-party software that allows AvaTrade users to duplicate what experts do directly into their trading accounts automatically.

In summary, AvaTrade is an ideal choice for beginners due to its user-friendly interface, comprehensive educational resources, and robust support for MT4 and MT5.

AvaTrade

✔Regulated by FCA
✔The platform supports algorithmic trading

trustpilor logo
8,869 User Reviews
google
10,200 User Reviews
apple
25 User Reviews
financeraters logo
Our Rating
Total Rating:
19,094 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Friendly user interface optimised for beginners
  • High-calibre educational resources and materials
  • Terrific customer support service
  • Supports social and copy-trading
  • Excellent trading platforms are available, including MT4 and MT5

Cons

  • High inactivity fee for dormant accounts
  • Limited assets compared to other outstanding service providers

Our experts investigated the AvaTrade broker’s fees and charges. We first noticed that the platform has a modest minimum deposit requirement of $100. What’s more, its users pay no additional costs while depositing funds or cashing out. That makes AvaTrade an ideal broker for both cost-conscious and newbie traders who want to test their waters with small capital before going all in.

That said, AvaTrade requires dormant account holders to pay $50 after every 3 consecutive months of inactivity. Moreover, if you let your account remain inactive for over successive months of inactivity, the broker will charge you a $100 administration fee. Not to forget, AvaTrade requires traders who hold positions overnight to cover a premium.

Here’s a breakdown of the fees you should expect to encounter while trading with this service provider:

Fees and Charges Amount
Spreads From 0.9 pips
Administration fee $100
Inactivity fee $50
Overnight premium Yes

The AvaTrade trading platform’s users have access to over 1,250 financial instruments, from forex pairs and indices to commodities, options, ETFs, and more. Below is an overview of some of this service provider’s product offerings:

  • Forex: As an AvaTrade user, you can trade diverse popular currency pairs, like EUR/USD, CAD/JPY, and USD/TRY. You can also boost potential returns with leverage of up to 400:1.
  • Commodities: From crude oil to silver, corn, and platinum, countless commodities are available on the Ava trading platform. They have competitive spreads and juicy leverages for individuals who want to access larger positions with small capital.
  • Cryptocurrencies: With an AvaTrade account, you can trade crypto CFDs like BTC/USD, Ripple, and Bitcoin Gold. These assets have reasonable spreads starting from 0.10% over-market.
  • Stocks: Over 90 stocks are accessible on the AvaTrade platform, including popular products like Groupon, Apple, and Microsoft. You can trade such instruments and enjoy reasonable spreads starting from 0.13%.
  • ETFs: If you want to trade ETFs, AvaTrade has you covered. You’ll find numerous outstanding assets, such as the MSCI EAFE Index Fund, S&P 500 VIX Short-Term Futures ETN-Series B, and Energy Select Sector SPDR.
  • Indices: After opening an AvaTrade account, you’ll get uncapped access to US500, UK100, CHINA A50. The broker also allows index traders to enhance potential returns with up to 100:1.
  • Options: AvaTrade’s AvaOptions trading platform allows users to trade options. It’s also equipped with 13 strategies, including call spread, put spread, and straddle.

3. FP Markets – Best AI Trading Platform for Seasoned Australian Traders

Most platforms recommended here are suitable for professionals, but none can compare to FP Markets. This broker supports numerous powerful trading platforms, including MT4 and MT5, which are equipped with advanced tools and features to elevate your trading career. These platforms also allow you to develop and utilize sophisticated automated trading strategies.

In addition to MT4 and MT5, FP Markets provides several other platforms that can benefit experienced traders. These include WebTrader, cTrader, and TradingView. Iress, a popular platform that allows users to exploit sophisticated charting and analysis tools, is also available on FP Markets. The broker has also developed and released a powerful mobile app for trading on the go.

We consider FP Markets an incredible AI trading platform because it supports social trading. This feature enables you to find, follow, and copy the trades of high-caliber traders, helping you advance your career and potentially boost your returns without the need to learn programming or build your own systems.

FP Markets

✔Low minimum deposit requirement
✔Hosts numerous learning and market analysis tools

trustpilor logo
7,164 User Reviews
google
0 User Reviews
apple
2 User Reviews
financeraters logo
Our Rating
Total Rating:
7,166 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • MT4, MT5, and other powerful platforms are available
  • Users can follow and copy other top-performing traders
  • Sharp spreads starting from 0.0 pips
  • Cost-free deposits and withdrawals
  • Expert support is available 24/7
  • Traders have access to over 10,0000 CFD products

Cons

  • Most of the available products are CFDs
  • Limited learning tools and materials

We reviewed the applicable FP Markets fees, and like that the broker has a transparent structure. This allows users to efficiently plan for their activities without worrying about incurring additional costs. There are no hidden charges and no price manipulation with this broker.

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
Minimum Deposit Requirement From $50, depending on your jurisdiction
Commission From 0%
Spreads From 0.0 pips on major currency pairs
Deposits and Withdrawals Free deposits. Withdrawal fees apply based on the payment method used
Inactivity $0
Overnight Funding Varies based on global market conditions
Copy Trading Free

There are more than 10,000 CFD instruments at FP Markets across various asset classes. These include forex, shares, commodities, cryptos, and more. The best element about exploring these securities is that you have access to multiple platforms to choose from. Whether you prefer the MT4, MT5, cTrader, or TradingView, FP Markets has it all for you. You are guaranteed quality resources to maximize your potential.

When it comes to leverage applications, FP Markets has favorable limits for all types of traders. Retail traders can get up to 30:1, while professionals get 500:1. Moreover, we discovered multiple account types to suit every trader’s needs.

Here is a breakdown of the number of assets you will trade at FP Markets Standard, Raw, and Iress accounts.

Asset Class Number Offered
Forex 70+ currency pairs
Shares 10000+
Indices 19+
Commodities 12+
Cryptocurrencies 12+
ETFs 46+
Bonds 2+
Futures 7+

Disclaimer: CFD trading is risky, especially with the application of leverage attached. While many traders earn good profits from it, it can leave you with massive losses should a trade work out against you. Therefore, start by understanding CFD trading and all the risks involved before venturing into such securities. Remember, over 76% of retail traders lose money in CFD trading.

4. FxPro – Best AI Trading Platform for Dedicated Forex Traders in Australia

For dedicated forex traders in Australia, FxPro is our top recommendation. We highly vouch for this service provider because it allows users to take full advantage of expert advisors through MT4 and MT5 trading platforms. In addition, FxPro customers have access to cTrader Automate, an advanced solution that allows savvy traders to develop custom auto trading solutions.

FxPro also excels in offering valuable EA trading guides and other materials. These come in handy when you need refresher courses or want to increase your knowledge base. Furthermore, the platform gives you the opportunity to run your algorithmic systems on a stable VPS. FxPro’s VPS is tailored for forex traders who want to run EAs and bots throughout the day without having to keep their trading terminals running.

Over 70 major, minor, and exotic FX pairs are available on FxPro. They range from popular options like EUR/USD and GBP/USD to rare products like EUR/CHF and USD/TRY. The platform also offers other assets, including shares, metals, and futures.

FxPro

✔24/7 customer support
✔Thousands of financial instruments

trustpilor logo
508 User Reviews
google
2,550 User Reviews
apple
71 User Reviews
financeraters logo
Our Rating
Total Rating:
3,129 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Over 2,000 financial assets, including 70+ forex pairs
  • Supports MT4, MT5, and cTrader
  • Users can run EAs and bots 24-hours with the FxPro VPS
  • The support team issues rapid responses
  • No additional fees for deposits and withdrawals

Cons

  • Few educational materials
  • Focuses primarily on forex and CFD trading

Admittedly, FxPro isn’t the cheapest broker today. The company requires first-time users to make a $100 initial deposit to use a standard account, which is reasonable but can’t be termed as the lowest threshold. Also, Raw+ account holders must make an initial deposit of $500 or more. Additionally, anyone interested in the company’s Elite account offering must be ready to meet the $30k minimum deposit mandate. Please review and understand FxPro minimum deposit requirements before registering a live account.

When it comes to spreads and commissions, FxPro has juicy offerings. Everyone who opts for Raw+ or Elite gets the opportunity to enjoy sharp spreads starting from 0 pips. The numbers are higher for Standard Account owners, with the lowest spreads starting from 1.2 pips.

We have some good news for those worried about transaction fees inflating costs. FxPro doesn’t charge additional deposit or withdrawal fees. However, you may have to cover charges inflicted by financial institutions, depending on your preferred funding method.
Here’s an overview of the FxPro broker fees and charges:

Fees and Charges Amount
Minimum deposit $100
Spreads From 0 pips
Transaction fees $0
Currency conversion fee Yes

Over 2,100 assets are available on the FxPro broker platform. They range from forex pairs and energy to indices, metals, and futures. Check if this service provider supports your favorite assets before signing Up. Here’s an overview of the supported product list to help you out:

  • Forex: 70+ tradable pairs are available on the FxPro trading platform, ranging from CAD/JPY and EUR/GBP to GBP/CHF, GBP/CAD, and USD/JPY. Every category, from major to minor and exotic FX pairs, is available here.
  • Shares: With FxPro, you can trade CFDs on global shares like ALCOA CORP, Western Union Co, and Zoetis Inc. You can start trading shares from different regions, including the EU, UK, and the US.
  • Metals: If you want to trade CFDs on precious metals, FxPro is the place to be. Different products like aluminum, lead, and copper are offered here.
  • Futures: FxPro clients have access to CFD futures on agricultural commodities like wheat, energy products like natural gas, and indices. Popular products range from Cocoa U24 and Coffee Z24 to Gas U24.
  • Energy: CFDs on spot energy products like natural gas, Brent oil, and WTI are offered to FxPro users. You can trade these instruments or use them to diversify your portfolio.
  • Indices: After signing up with FxPro, you’ll get access to CFDs on myriad indices, from the Nikkei 225 Index to the Dow Jones Industrial Average and spot indices like the Australia 200 Spot Index and the China H Shares Spot Index.
  • Crypto: FxPro offers you the opportunity to trade CFDs on Bitcoin, Doge, Ether, and many other crypto assets. If you are a cryptocurrency enthusiast and want to profit from cryptos without owning the underlying crypto assets, consider trading cryptocurrency CFDs with this terrific broker.

5. eToro – Best AI Trading Platform for Australian Social Traders

If you’re into social trading, eToro is our top pick for the best AI trading platform in Australia. Social trading lets you follow and copy the strategies of successful traders, and eToro excels in this area.

On eToro, you’ll join a large community of active traders and investors. You can discover and replicate the trades of top performers, using filters to match your preferences, such as location and risk tolerance. If you are confident in your trading abilities and have a good track record, you can also join eToro’s Popular Investor program, where you’ll be rewarded for being copied by other eToro users.

eToro stands out with its impressive selection of 6,000 financial assets. You can trade everything from currency pairs and cryptocurrencies to company shares, indices, and ETFs. Unlike many platforms, eToro allows you to invest in real stocks, ETFs, and crypto assets, giving you more diverse and tangible investment opportunities.

eToro

✔ User-friendly trading platform
✔ Over 6000 trading instruments

Visit site
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider.
Read review
trustpilor logo
5 User Reviews
google
142,000 User Reviews
apple
31 User Reviews
financeraters logo
Our Rating
Total Rating:
142,036 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Offers copy traders a vibrant community with 30 million+ members
  • Gives users access to over 6,000 tradable assets
  • eToro members can copy top investors and reap handsomely
  • Real stocks, ETFs, and cryptocurrencies are offered
  • Sharp spreads and commissions starting from 0%
  • Top-tier educational resources and materials are available

Cons

  • $10 monthly inactivity fee
  • No third-party trading software like MetaTrader

eToro has a transparent fee structure that is easy to understand and helps you plan accordingly. From our analysis, we discovered the following trading and non-trading eToro fees.

Trading and Non-Trading Charges Details
Account Opening $0
Management Fee $0
From $50, depending on your jurisdiction 0.6
Commission From 0% on stocks and ETF trading
Spreads From 1 pip on major currency pairs
Deposits and Withdrawals $5 withdrawal
Inactivity $10 monthly
Currency Conversion 1.5% or 3.0%, depending on the currency or payment method
Overnight Funding Varies based on global market conditions
Copy Trading Free

We discovered that eToro allows users to trade and invest in global markets. You can go long or short in a single portfolio. Overall, there are more than 6,000 instruments, which are spread across multiple classes. Investment options are stocks, which allow you to buy and take ownership of global stocks across various sectors. Fractional share purchases are also supported at eToro. This will enable you to fill your portfolio with leading stocks from global exchanges. ETFs are also other investment assets at eToro.

When it comes to CFD trading, this broker offers it with flexible leverage limits for both new and professional traders. From our experience, retail traders get up to 1:30 leverage limit and professionals up to 1:400. With CFD assets, you can go long or short and speculate on both rising and falling asset prices.

That being said, here is the number of tradable assets available at eToro.

Asset Class Number Offered
Forex 55+ currency pairs
Shares 5558+
Indices 21+
Commodities 35+
Cryptocurrencies 100+
ETFs 680+

Note that eToro also supports options trading but is limited to US clients only. You can also explore diverse non-fungible tokens (NFTs) via its Delta platform.

Disclaimer: CFD trading is risky and complex, thus not suitable for all types of traders. This is primarily due to the application of leverage attached, which can give you good profits as well as leave you with massive losses. So far, over 76% lose their money in CFD trading. That is why it is important to conduct extensive research and understand CFD trading risks before you invest your money in it.

AI Trading in Australia

If you’re 18 or older, you can take full advantage of AI trading in Australia without legal concerns, as it is fully regulated in the country. However, it’s crucial to familiarize yourself with Australian taxation laws before you start. Keep in mind that proceeds from online trading are taxable. To safeguard your funds and protect against issues like data and identity theft, always choose an AI trading platform that is authorized and regulated by ASIC.

What is AI Trading?

AI trading allows you to automate trade execution with AI technologies, advanced algorithms, EAs, etc. Experts sometimes refer to AI trading as automated or algorithmic trading, so don’t be surprised if you come across these terms.

AI trading can either be fully or semi-automated. With full-automated AI trading, AI systems do everything without human intervention. Conversely, semi-automated systems provide recommendations and allow human users to make the final decision.

How does Automated Trading Work?

Automated trading systems analyze vast amounts of market data, including trends, historical prices, breaking news, and other data sets. They then use this analysis to make informed buying and selling decisions. The best automated trading systems are also programmed to continuously monitor market conditions and tweak strategies accordingly, which is indispensable in risk management. 

How to Choose the Best AI Trading Platform in AU

While we’ve highlighted the top 5 AI trading platforms in Australia, many other options are available, and not all are worth your time or money. To avoid platforms with poor performance, questionable ethics, or reliability issues, consider the following factors when selecting an AI trading platform:

Regulation
Performance
Reputation
Flexibility
Fees
Customer Support

Ensure every platform you trade with is regulated by ASIC in Australia. For added security, we encourage you to prioritise service providers authorised by other authorities in different regions, like the FCA in the UK and CySEC in Cyprus. An ideal platform should also have robust data encryption technologies and other cybersecurity protocols.

Before using an AI trading solution, check its backtesting history and gauge performance based on what you see. Whenever possible, you should use both proprietary or third-party tools to vet systems and strategies to avoid nasty surprises.

Visit Google Play, the App Store, and Trustpilot and assess each AI trading platform’s reputation before signing up. These reviews will give you insights into what to expect while trading with a specific service provider. Favor platforms with consistently positive feedback.

If you are a seasoned pro who wants to build custom systems and strategies, you must look for a platform that offers flexibility. The best platforms allow you to do different things, depending on your preferences, from coding EAs to tweaking multiple parameters.

Evaluate the fee structure of each platform before signing up. Consider all costs, including transaction fees, account inactivity charges, commissions, and spreads. High fees can significantly impact your potential returns, so opt for cost-effective platforms.

The best AI trading platform should offer 24-hour customer support service through various channels, like email and live chat. Test the support team to assess their response time and the quality of their assistance. Reliable and prompt customer support is crucial for a smooth trading experience.

AI Trading Risks

While AI trading offers many benefits, it also comes with certain risks. For starters, AI trading systems rely on complex algorithms. The slightest coding errors or bugs in said systems can cause issues like incorrect trade execution and, ultimately, significant financial losses. Additionally, some systems use machine learning, which can cause them to behave unpredictably under unexpected market conditions.

Another risk is overfitting. Some platforms are designed to perform exceptionally well with their training data but may struggle to make accurate predictions with new or unfamiliar data. This can limit their effectiveness in changing market environments.

Pros & Cons of Automated Trading

After extensive research and hands-on experience with automated trading, we’ve identified several key pros and cons. Consider these factors before you start live AI trading:

Pros

  • Automated trading systems can execute trades faster than humans
  • Automated trading reduces the impact of human errors
  • Automated systems can trade 24/7
  • AI trading systems are immune to emotional bias
  • AI-powered systems can multitask more efficiently

Cons

  • Technical issues can undermine an automated system’s performance
  • Unusual market conditions can lead to hefty losses in automated trading

Conclusion

An excellent automated trading platform in Australia can help minimize losses and increase potential returns. However, automated trading comes with its own set of risks. It’s crucial to understand these risks and learn how to manage them effectively. Familiarize yourself with risk management strategies to safeguard against potential losses while utilizing AI-powered trading systems.

author image
Thadeus Geodfrey

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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