Australia has always had a forward-looking forex sector attractive to both brokers and traders. Apart from a market-friendly and competitive regulatory environment, the Australian Securities and Investments Commission (ASIC) is known for implementing innovative technologies faster than most other markets. For instance, the ASIC-regulated Australian Stock Exchange (ASX) became one of the first stock exchanges to announce a partnership with a fintech firm in 2019, in order to move its current exchange platform onto distributed ledger technology. This move will allow the ASX to improve trade settlements, scalability, and security, making the Australian equity market more efficient.
Forex traders fully appreciate the importance of fast and secure trade executions for long term trading success. Some of the best online forex trading platforms in Australia are responsible for the attractiveness of the country for foreign brokers and traders. ASIC regulated forex brokers aim to remain at the forefront of the global forex technology revolution, leveraging on the strength of the Australian Dollar as a global commodity currency and its vast use in carrying trades.
Here’s an overview of the best trading platforms in Australia offered by regulated brokers.
MetaTrader 4 (MT4)
MetaQuotes’ MT4 dominates the retail forex trading market today. Its unparalleled reputation is on account of its diversity, for both brokers and traders. It has all the features a trader needs for forex trading:
Countless charting tools
Multiple execution modes and order types
50+ technical indicators and 24 analytical objects
1,700+ trading robots for automated trading
Mobile trading on iOS and Android
Financial news and customisable alerts
Live price streaming
With one-click trade execution, intuitive UI, and interactive charting capabilities, MT4 can take the stress out of forex trading and empower traders to gain comprehensive visibility into the market. It can further enhance the trading experience when offered by a broker that provides deep market liquidity, tight spreads, and transparent commissions.
MetaTrader 4 is an intrinsic part of the global FX industry today, and millions of traders rely on it.
MetaTrader 5 (MT5)
While the ubiquitous MT4 has dominated the forex technology platform market for 15 years now, MetaTrader 5 is not far behind. With its multi-asset accessibility, enhanced scalability, and user experience, MT5 is a true all-rounder trading platform. One of the best online trading platforms, it allows brokers in Australia to have one server and let traders access multiple asset classes and liquidity pools in a streamlined manner. Through multiple routing and aggregation methods, brokers can cater to different client types. For traders, the advantages are numerous, with features like:
2,500+ readymade algorithmic applications
Multi-asset trading from a single platform
Exchange trading allowed
Trading alerts with e-mail and push notifications on mobile devices
Improved strategy tester for Expert Advisors (EA)
Multi-device accessibility for iOS, Android and Windows
Iress Suite of Tools
Iress is one of the best online forex and equities trading platforms given to the world by Australia. It has 500,000 users today, across the world. Formerly known as webIRESS, it is a comprehensive live-streaming, web-based trading and market analysis platform, created for active traders and financial advisers.
Traders can choose from two different suites: Iress Trader or Iress ViewPoint. Iress also specialises in global market data, order management, FIX based order routing, direct exchange connectivity, and portfolio management. The Iress Investor platform is a web-based solution that enables multi-product portfolio management and contingency solutions. Some highly coveted Iress trading tools include:
59 technical indicators and 50+ drawing tools
Comparison of multi-asset price action
Access to genuine exchange pricing and market depth
Ability to set alerts on trade execution, news and price levels
Ability to trade pre and post-market trade auctions
Access to the market heat map
Access to real-time financial news
Keeping pace with technological advancements in the retail FX market, Australia has made efforts to keep up its platform diversity. These robust platforms have been important in offering a smooth trading experience and enhanced security while helping preserve market integrity. They have also enabled sound liquidity management and customised offerings on the broker side, allowing them competitive advantages.
However, traders who are interested in online forex trading in Australia should do their own research to choose the best platform suited to their experience and needs.
FP Markets is an Australian regulated broker established in 2005 offering access to Derivatives across Forex, Indices, Commodities, Stocks & Cryptocurrencies on consistently tighter spreads in unparalleled trading conditions. FP Markets combines state-of-the-art technology with a huge selection of financial instruments to create a genuine broker destination for all types of traders.
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FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.