Best Forex Trading Apps 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.

checked icon Fact checked
Advertising Disclosure

We may receive compensation from our partners for placement of their products or services, which helps to maintain our site. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.

The best forex trading app in Australia can unlock streams of profits right from the palm of your hand. But how can you pinpoint one among thousands of providers? The research homework isn’t a walk in the park, especially in a scams-invested industry.

The good news? We have done the harrowing work for you. Our unbiased research and tests helped compile the top 5 tightly regulated forex apps in Australia that suit your needs. Furthermore, we will guide you on choosing the best forex trading app in Australia, the risks to avoid, plus the pros and cons.

List of the Best Forex Trading Apps

  • Pepperstone – Best Forex Trading App for Multiple Trading Platforms
  • eToro – Best Overall Forex Trading App in Australia
  • Plus500* – Best Forex Trading App for User-friendly Interface and Low Trading Costs
  • FP Markets – Best Forex Trading App for Fast Execution and Tight Spreads
  • AvaTrade – Best Forex Trading App for Risk Management Tools

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

In This Guide

Compare Forex Trading Apps in Australia

The internet is flooded with forex trading apps that promise gold but deliver dust. Rather than grabbing an app and running with it, your best move is to consult experts with years of experience in the industry.

We are those experts. Our hunt for the best forex trading app in Australia considered crucial factors, including user-friendliness, regulations, fees, customer support, and available assets. After narrowing down to five providers, we compared them to identify the overall king and the apps’ unique advantages.

We didn’t take an app’s word for it during our analysis. Instead, we visited reputable review sites to inform our decisions, including Trustpilot, App Store, and Google Play. Our primary goal is to give you unbiased and honest reviews to boost your chances of scooping profits.

So, here is a brief comparison table of the best forex trading app in Australia.

Australian Forex Trading Apps: Comparison Table

Best Forex Trading App AustraliaLicense & RegulationSupport ServiceSoftwarePayment MethodDemo Account
PepperstoneASIC, FCA, DFSA, CySEC, CMAK, SCB, BaFin24/7TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social tradingPayPal, Visa, MasterCard, Bank Transfers Yes
eToroASIC, FMA, FCA, CySEC, FSCA, SFSA ADGM, MFSA, FSAS, GFSC, SEC24/7eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart PortfoliosCredit/debit cards, Bank transfer, Klarna, PayPal, Skrill, NetellerYes
Plus500*

82% of retail investor accounts lose money when trading CFDs with this provider.

ASIC, FMA, FSCA, CySEC, FCA, MAS24/7Plus500 CFDVisa, MasterCard, PayPal, Skrill, Bank TransferYes
FP MarketsASIC, CySEC, FCA, FSCA24/7MT4, MT5, cTrader, TradingView, WebTrader, Mobile Trading AppCredit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple PayYes
AvaTradeASIC, FMA, FCA, 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, WebMoney Yes

Apps Short Overview

You cannot afford to overlook an app’s fees and available tradable assets. Unreasonable charges can quickly eat into your profits, and a limited number of assets will dilute your diversification strategy. We assure you our chosen platforms care for you and your pockets:

Fees

Best Forex Trading App AustraliaMinimum Deposit RequirementCommission/SpreadsDeposits/WithdrawalsInactivity Fee
Pepperstone$0From 0.0 pipsFreeNone
eToro$50From 0%$5 Withdrawal$10 monthly
Plus500*$100From 0%Free$10 monthly
FP Markets$100From 0.0 pipsFree$0
AvaTrade$100From 0.9 pipsFree$50 after every 3 months of inactivity

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Assets

Best Forex Trading App AustraliaStocksForexCryptoCommoditiesIndicesETFsOptions
PepperstoneYesYesYesYesYesNoNo
eToroYesYesYesYesYesYesNo
Plus500* (CFDs)YesYesYesYesYesYesNo
FP MarketsYesYesYesYesYesYesNo
AvaTradeYesYesYesYesYesYesYes

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Our Expert Opinion about Forex Trading Apps in AU

Let’s dive deeper into each forex trading app in Australia to better understand them. By the end of this read, you’ll be confident enough to cherry-pick the most suitable solution for your unique trading needs.

1. Pepperstone – Best Forex Trading App for Multiple Trading Platforms

Pepperstone is a global giant in the world of forex trading apps. The broker boasts adherence to stringent regulations under licenses from reputable regulatory bodies, including ASIC, BaFin, CySEC, and FCA. Furthermore, it has maintained stability and transparency since its inception in 2010.

The platform’s top-in-class integration with diverse trading platforms will amaze you. Access the MT4 platform to experience unique features like 1-click trading, charts, and alerts. Other third-party platforms include TradingView, cTrader, WebTrader, and Capitalize.ai.

Pepperstone also offers diverse tradable instruments. Its over 90 currency pairs let you unleash your forex trading game. Other assets include commodities, indices, and stocks.

This app doesn’t lag in terms of customer support. During our testing, the support crew was available 24/7 via email, live chat, and phone. The chatbot tried to satisfy our concern before handing us over to a live agent. The wait wasn’t long.

Registration via Pepperstone was a breeze. The platform’s demo account can help you drive-test things before going for the professional accounts. Make free deposits or withdrawals via diverse payment methods, including cards, PayPal, and bank transfers. If you want to avoid the Razor account’s commission fee, opt for the commission-free Standard package.

Skyrocket your game with Pepperstone’s in-depth educational resources. These include economic events, market insights, and education about the app’s features in article and video formats. The third-party Autochartist won our hearts with its more practical strategies and tips.

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

  • Wide range of assets
  • 24/7 customer support
  • MT4, MT5, cTrader, and other reputable platforms
  • Rich educational and training resources
  • Friendly fee structures

Cons

  • Some spreads may be wider than industry standards
  • High commissions in Razor account

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. eToro – Best Overall Forex Trading App in Australia

eToro forex trading app is a darling for both beginners and seasoned traders. Our experts had the same robust experience on iOS and Android devices when using this app. Apart from supporting most of the broker’s desktop features, the app’s interface is among the best in the forex trading world. You can easily navigate to your portfolio, deposit system, and other crucial elements without wasting time.

What makes it stand out is its social trading tool called CopyTrader. From our tests, we saw that this feature allows newbies to mirror the trades of experienced traders and grasp risk management tactics. In turn, experienced traders can earn 1.5% of Assets Under Copy (AUC) monthly. Yes, it is a win-win game.

The app also gives you access to eToro Academy, a wealth of insightful articles and video guides. If you’re new to forex trading, dive into these resources to hone your skills and master the app’s features. Remember to use the demo account to exercise your knowledge. It comes with $100,000 in virtual funds for mock trading and copy trading.

Are you ready to unleash what you learned? The app provides several funding options, including bank transfers, PayPal, and cards. You can access over 6,000 tradable assets, including 40 forex pairs, stocks, ETFs, commodities, and cryptocurrencies.

eToro forex trading is appealing to cost-conscious traders. The broker works on a commission-free model, and its CopyTrading system doesn’t charge you any extra coins. While there’s a $10 annual inactivity fee, a few logins per year are enough to evade this charge.

eToro outperforms most brokers regarding customer support. You can interact with its AI chatbot or dive into the in-depth articles in the help center. Do you need more tailored help? The live chat or email ticketing system allows you to contact an advisor.

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

  • Community-focused features
  • Social trading for newbies
  • Commission-free trading
  • Intuitive and user-friendly interface
  • Over 6,000 tradable instruments

Cons

  • High inactivity fee
  • Unavailable live chat support at night

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.

3. Plus500 – Best Forex Trading App for User-friendly Interface and Low Trading Costs

Our unbiased research and tests revealed that Plus500 wins regarding user- and cost-friendliness. Thanks to the app’s clutter-free interface, your route to forex trading success is clear. The seemingly basic charts offer powerful indicators to supercharge your trading journey. And the host of risk management features helps you stay on track while avoiding pitfalls.

Plus500 is ASIC-regulated, so you can trade with peace of mind that your activities, personal details, and money are safe. It also has licenses from international bodies, including FCA and CySEC. Another boon is the app’s commission-free and spread-only model. Its forex spreads are competitive, starting from 0.6 pips.

Plus500’s customer support is another element that didn’t disappoint us. Live agents are an email or a call away if the comprehensive FAQ section doesn’t answer your unique query. Arm yourself with practical ideas from the app’s educational resources. While we found the resources basic, they were more than enough to set us on the right path.

No matter your preferred asset, the app welcomes you with a wide range of assets. You can cherry-pick from 70 forex pairs or expand your game to options, indices, cryptocurrencies, commodities, and other instruments.

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Plus500

✔Easy-to-use trading platform
✔No hidden charges

Visit site
82% of retail investor accounts lose money when trading CFDs with this provider.
Read review
trustpilor logo
14,120 User Reviews
google
102,000 User Reviews
apple
1,600 User Reviews
financeraters logo
Our Rating
Total Rating:
117,720 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • User-friendly interface
  • Commission-free forex trading
  • Competitive spreads
  • Diverse tradable assets
  • Around-the-clock support

Cons

  • Overnight fees for positions held overnight
  • High inactivity fee

Many traders prioritize brokers they can afford. Since fees vary with a broker, we decided to go through Plus500’s fee structure. Here are some of the trading and non-trading charges to expect when you commit to this broker.

Trading and Non-Trading Charges Details
Account Opening $0
Minimum Deposit Requirement $100
Commission $0
Spreads From 0.0 pips on major currency pairs
Deposits and Withdrawals $0
Inactivity $10 monthly
Currency Conversion Up to 0.7%
Overnight Funding Varies based on trade size

From our analysis, we discovered that the Plus500 trading platform lists over 2,800 assets. These assets are spread across various classes, including forex, shares, indices, commodities, cryptos, options, and ETFs. For most regions, Plus500 supports CFD trading across the featured assets. Real stock trading is available on the Plus500 Invest platform, while futures trading is only available for US citizens on the Plus500 Futures platform.

Let’s break down the number of Plus500 product selections.

Asset Class Number Offered
Forex 60+ currency pairs
Shares 1900+
Indices 29+ global stock indices
Commodities 24+
Cryptocurrencies 19+
ETFs 96+

Note that options trading at Plus500 is offered on a few stock CFDs and stock index CFDs. Thematic indices like the Cannabis Index are also available for traders.

Disclaimer: CFD trading is complex and highly risky, considering the application of leverage attached. We have witnessed over 76% of retail traders lose their money in CFD trading. It may not be a suitable activity for you. Therefore, ensure you understand how CFD trading works and the risks involved. 

4. FP Markets – Best Forex Trading App for Fast Execution and Tight Spreads

We recommend the FP Markets app for quick execution and competitive spreads. The broker boasts of being ASIC-regulated for nearly 20 years now. It also has licenses from international players for maximum security, including CySEC, FSCA, FSA, and FSC.

While our trading experience with its Standard account saw slightly higher spreads, the package has a commission-free model. The Raw account charges only $3 per lot per side commission and offers tight spreads from 0.0 pips. This app didn’t shove inactivity, deposit, and withdrawal fees down our throats.

Any beginner can easily locate crucial features because there are no steep learning curves. We recommend the demo account for traders looking to exercise their forex trading muscles. The app also provides a treasure trove of educational materials to hold your hand through the journey, including videos, guides, webinars, and market analysis.

If you’re an experienced trader, you’ll love the app’s advanced and famous third-party platforms. Access MT4 and MT5 to experience impressive features like alerts, watchlists, charts, and 1-click trading. Other power-packed platforms in the arsenal include cTrader and TradingView.

You’re spoilt for choice regarding tradable assets on this app. You can select a few pairs from over 60 forex pairs to diversify your investment. Other assets include cryptocurrencies, indices, commodities, and CFDs on shares and ETFs.

We cannot forget their friendly customer support. The 24/7 support is reachable via email, phone, and chat. While we had to wait for our calls to get through in one instance, we later realized it was due to a high peak period.

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

  • Low spreads and fast execution
  • Top-tier customer support
  • In-depth and diverse learning resources
  • Competitive spreads
  • Multiple trading platforms like MT4, MT5, and IRESS

Cons

  • High raw account’s commissions
  • Fewer proprietary tools than some rivals

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.

5. AvaTrade – Best Forex Trading App for Risk Management Tools

AvaTrade has a proprietary mobile app with a special name: AvaTradeGo. It’s where multi-layered protection, friendly charges, and diverse tools converge. For example, the app’s innovative AvaProtect minimizes risk by allowing you to insure a trade against a hedging cost.

Are you a day and position trader? The low swap charges plus a robust choice of currency pairs will delight you. Greenhorns, too, have a reason to smile–the app is an arsenal of technical analysis, copy trading, and other educational resources.

AvaTradeGo is among the safest in the industry. We rated it tier-1 here due to its multiple licenses from reputable regulatory bodies, such as ASIC, CBI, FSCA, JFSA, and ISA.

We found out that the broker runs mainly on a spread-based model, with competitive forex spreads beginning from 0.9 pips. While it has a swap fee for positions held overnight, the trades are commission-free and don’t charge deposits or withdrawals.

This app also excels in user-friendliness. Its clean interface offers clutter-free access to tools, features, and learning. Access multiple trading platforms like the popular MT4 and MT5. Want to copy a guru to gain confidence? DupliTrade and AvaSocial are your tools. And if you’re an options trader, you can benefit more from the app’s AvaOptions.

The app has over 840 tradable instruments, including 60+ currency pairs, forex options, indices, and commodities. This diversification topples the industry’s average and allows you to speculate or perform hedging.

AvaTrade’s customer support team earned huge points from our research crew’s tests. It displayed in-depth knowledge of their website, tools, and analysis. The live agents are available 24/7 via email, phone, and live chat. You can also visit the app’s comprehensive FAQ section to quench your thirst.

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

  • Risk management features
  • Access to famous platforms like MT4 and MT5
  • Diverse tradable instruments
  • Commission-free trading
  • Competitive spreads

Cons

  • Higher dormancy fee
  • Limited advanced learning resources

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.

Forex Trading in Australia

Forex Trading in Australia

Australia’s tight financial regulations and stable economy make her a lucrative forex trading market. ASIC oversees the country’s market to keep scams and fraudulent activities away. As you’ve seen earlier, our chosen platforms have extra layers of licenses on top of ASIC – other international bodies like CySEC also regulate them.

You can be a forex trader anywhere in Australia, regardless of nationality. However, as expected, the minimum age of a trader is 18 years old. Does your child want to start making young money? You can register and run a custodial account for them.

In Australia, earnings from forex trade attract a Capital Gain Tax (CGT). The exact amount depends on your entire taxable income and the period the forex asset was in your possession. Here’s the sweet part: Holding the forex option for 12+ months gets you a 50% cut off the CGT.

Explore our other guide on High Leverage Forex Brokers in Australia.

What is a Forex Trading App?

What is a Forex Trading App?

A forex trading app is a desktop or mobile application where you can trade currency pairs for profit. It’s a gateway to the forex market, the largest and most liquid financial market worldwide. Here are some of the capabilities waiting for you in a reputable forex trading app:

  • Access to a 24/5 market where currencies are traded
  • Real-time technical analysis features like charts and indicators to stay on top of market trends
  • Execution of diverse orders like limit, stop-loss, take-profit, and market orders
  • Leveraged trading to control large positions using a smaller capital

There are also tools for those looking to sharpen their skills. Examples include demo accounts, risk management tools, and educational resources. If you run into an issue, professional apps have customer support features and live agents at your service.

How to Choose the Best Forex Trading App in AU

You’re excited to venture into forex trading. But before taking the plunge, there are crucial elements to consider for each platform:

Regulatory Compliance and Security
Fees
User-friendliness
Trading Capabilities
Customer Support
Educational Resources
Asset Selection

The app’s broker should be ASIC-regulated and allowed to trade in Australia. A serious provider even goes the extra mile to acquire licenses from global regulatory bodies like CySEC to cover all insecurity loopholes. An app should also provide robust security measures like multi-factor authentication and encryption.

You aim to make money, not lose it in hefty charges. Consider an app’s available charges, such as spreads, commissions, swaps, and inactivity fees. For instance, beware of apps that entice you with commission-free models but have wider-than-average spreads and high inactivity fees.

Intuitiveness and device responsiveness are among the elements that set apps apart today. Avoid apps with cluttered interfaces where searching for crucial features is hard. Furthermore, ensure your trading journey can continue uninterrupted whenever you switch across your desktop, tablet, and mobile phone.

You want to exercise greater control like a boss. Therefore, the app should support diverse order types, including stop-loss and limit orders. It should also have charting and analysis tools to help you stay on top of your decisions. Furthermore, do the available leverage options suit your strategy and risk tolerance?

Issues happen even on the best platforms. It isn’t a matter of “if” but “when.” So exit and delete an app that doesn’t invest in robust customer support. Ensure you can reach this crucial team via live chat, email, or phone if you need their help. The app should also have an in-depth FAQ section for detailed answers to issues.

The profitable world of forex trading is also a risky one that favors only the learned. A caring app should offer a wealth of learning resources to help you sharpen your brain, like webinars, articles, videos, and tutorials. Ensure it has a demo account where you can practice your moves before risking real money.

A wider selection of currency pairs diversifies your game and spreads the risk. An app worth its salt also throws other instruments into your trading journey, such as indices, stocks, and cryptocurrencies.

Forex Trading Risks for AU Traders

What you’ve heard about forex trading is true – it’s a profitable but risky market. So, it’s important to understand the risk factors that haunt traders to help you trade from an informed position. Let’s see the most common risks that cause losses:

Market Volatility
Leverage Risks
Regulatory Risks
Liquidity Risk
Counterparty Risks

A slight change in the economy, geopolitics, or market sentiments can spark a sudden shift in currency prices. You may lose a lot of money if the market shifts against you.

While leverage boosts the chances of higher profits, an opposing market movement can lead to a margin call. Here, you’ll need to fund the trade to avoid forced liquidation of your position. An increased leverage can even cause a loss that surpasses your initial funding.

Unscrupulous brokers are always hawk-eyed, waiting to grab the next untrained victim. Unethical practices like delayed withdrawals and price manipulation are rampant in the industry. Furthermore, changing regulation laws may prevent you from getting confused or lost.

Low liquidity risk can make it hard to execute trades at the desired level because of the low volume of traders. In such a situation, huge price gaps can happen between opening and closing prices. Slippages are also common here.

The broker may default on its obligations due to insolvency or poor execution. This risk may cause negative outcomes like delays or total loss.

Pros & Cons of Trading with Forex Trading App

It’s crucial to weigh the pros of forex trading against its cons. Here we go:

Pros:

  • Access the forex market form anywhere on the go
  • Timely execution due to real-time updates
  • Easy-to-access features because of most apps’ intuitiveness
  • Diverse trading tools like indicators and charts

Cons:

  • Overtrading risks due to convenience and easy access
  • Technical and connectivity glitches can cause missed opportunities or losses
  • Limited screen size may hinder detailed analysis
  • Security risks such as hacking

Conclusion

Looking for the best forex trading app in Australia amid scammers can be daunting. But BrokerRaters team of experienced researchers has taken this headache out of the road to your dream. Now, you can go to Google, download your chosen app from the best five trading apps, and start making money. Remember to weigh their pros and cons to reduce risks.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *