Like many types of trading, the goal of Forex trading is to make a profit by exchanging one currency for another. Therefore, choosing the best Forex broker is essential to make sure your goal is achieved. But, with a very saturated market for Forex brokers, how would you choose the best one? Don’t worry, because in this article we will give you three recommendations on the best Forex broker Australia 2022.
The name of the company stands for ‘Olsen and Associates’. Founded in 1996, OANDA is the oldest online Forex trading company in the world. Like many trading companies, this US-based trading company offers its users a wide variety of financial services in various countries around the world. Currently, OANDA is regulated in four jurisdictions. The UK Financial Conduct Authority (FCA) is the primary regulator of the broker.
Despite being very old, OANDA offers its clients many advantages by using their service. For instance, the minimum deposit of this trading company is extremely low, with a minimum of 1 dollar. In addition to that, OANDA also offers a wide variety of popular trading instruments, such as FX, indices, bullion, commodities, and cryptocurrencies. However, be aware that their service is mainly directed towards English-speaking clients.
The next recommendation on the best Forex broker Australia 2022 is Interactive Brokers. Founded in 1977, this trading company is one of the most prominent US-based investment companies. Interactive Brokers is currently regulated by the Australian Securities and Investment Commission (ASIC), along with five other authorities in tier-1 jurisdiction, including the SEC, FINRA, and FCA.
The broker had received several accolades in the past, including the Best Online Broker 2020 by Barron’s and The Best Investment Broker 2021 by Traders Union. The company is widely known for its friendliness to beginner traders. On top of that, Traders Union also offers infinite access to 135 markets in 33 countries. For that reason, it is not surprising that the broker becomes the best Forex broker Australia 2022.
Paperstone.com was launched in Melbourne back in 2010. The creation of this trading company is fueled by traders’ dissatisfaction with the quality of most Forex brokers. As a result, Paperstone’s main focus was to avoid their competitors’ disadvantage by incorporating low commissions, fast execution of orders, and many more. The company’s main focus also lies in its effort to improve its technological component.
The effort can be seen from their performance today. By offering more than 150 trading instruments, Paperstone creates an attractive trading condition for both beginners and professionals. On top of that, the broker is also regulated by ASIC and FCA. As a result, Paperstone became one of the most reliable and secured brokers on the planet.
So, those are the three recommendations for the best Forex broker Australia 2022. Choosing the best broker is one of many essential steps in Forex trading. Not only handle your trade, but brokers are also responsible to educate beginner traders on their Forex trading journey. So, when choosing a Forex broker, choose the one that’s not only responsible for your trade but also the one that is willing to give guidance.