- Spread Fee – AUD/USD
- Guaranteed Stops?
- Ease Of Use
- Speed of Execution?
- Unlimited Free Demo Account?
- Promotional Bonus?
- MetaTrader Supported?
- Minimum Deposit?
- Compatible Devices
- Regulated By
- Payment Methods
There are a plethora of Forex brokers out there but not all of them are right for beginners.
Beginners need to grasp the Forex trading basics before experimenting with elements such as high leverage.
In 2017 below we compared the best forex trading Australia providers for beginners below.
In April 2017 Compare Forex Brokers, Australia’s leading forex broker comparison website, found Plus 500 to be the best CFDs provider in Australia for risk averse beginners. This was due to factors such as:
Please note, we decided to select Plus 500 as our CFDs provider of choice for beginners with little tolerance for risk despite OANDA offering far less leverage. However, the reason we chose Plus 500 is due to the presence of guaranteed stops which OANDA could not match unfortunately. Guaranteed stops allow traders to limit their losses if market forces turn against them by selling a currency pairing at a predetermined limit. Without this absolute limit, losses can severely deplete trader capital.
Plus 500 offers fairly average priced spread fees starting a roughly 2.0 pips for the AUD/USD currency pair while Easy Forex spread fee is fixed at 1.8 pips and does not charge any sort of commission for withdrawal. While 2.0 pips seems quite high, especially for beginners, the fact that Plus 500 affords forex trading Australia participants an easy to use trading platform and guaranteed stops is the reason why we recommended the company to risk averse beginners.
A real feature of Plus 500’s business is that they offer state of the art services to all customers, ticking all the trading forex basics boxes. We compared the Plus 500 software with other forex trading Australia providers’ platforms and found the company’s trading platform to be highly intuitive and quite sophisticated. They offer two different types of trading platforms; a downloadable application and a web trader which allows users to access Forex markets online without the need to download any additional software. An unlimited free demo account is also available for those beginners just learning the forex trading basics in Australia. Demo accounts are incredibly important for beginners as it affords them a risk free introduction into the world of Australian Forex trading. After some time most brokers restrict users access to their demo accounts, ushering them towards opening up a live account. However, this is definitely not the case with Plus500; they are committed to assisting users grasp the trading forex basics, no matter how long it takes them to master.
Plus500 also gives traders the ability to continue trading when they are away from their desks with trading on smart phones readily available. While trading on a mobile phone is often not as comfortable on a mobile phone in comparison with a computer, traders are still able to do all the necessary forex trading basics on a mobile phone.
We always like to bring to the attention of our customers, that every single broker that appears on this site is licenced. Plus500, although based overseas, is no different with the Australian subsidiary operating out of Sydney. It is listed in London with it’s share price here.
Plus 500 cares about their traders and this is why they offer payment methods for deposits and withdrawals that suits any trader. Traders can transfer money in or out of their accounts via Visa or MasterCard debit/credit cards (there may be further limitations depending on your region), PayPal, Skrill and direct bank to bank funds transfer. Deposits are always made available to traders on the same day while the time frame for processing a withdrawal request is normally 1-3 business days, in order to allow us to complete various security checks before initiating payment. The time frame for receipt of the payment, is dependent upon the payment method and processing time of the third party remitter.