Are you one of those traders living in Australia? Are you looking for good trading platforms? Your whole trading experience will be determined by the trading platform you choose. So choosing a good forex broker should be your first priority. Here in this article we will discuss the best trading platform Australia.
What is a trading platform and how to choose the best one for you?
It is a system that is used to perform online trading. It allows investors to invest in the trading market and earn profit.
Here are few things you must look in a trader before choosing it:
- Choose a reliable broker.
- Check if it’s licensed and regulated.
- Check customer services and customer reviews.
- Learn about spreads and swaps.
- Choose a broker with good speed of order execution.
- As a beginner you should choose a broker that is offering a minimum deposit rate.
- Select the broker that is stable so that it can pay you in any conditions.
- Know about money withdrawal and replenishment.
- Last but not the least have a complete view on company history in the trading market.
A Guide to buy Stocks in Australia
Buying stocks is an easy step but few people might find difficulty in it so here we will explain few easy steps:
- Select a reliable and trustable forex broker and start by getting yourself registered.
- Before investing in real time trading you should start with a demo account. It allows you to understand about trading business, its policies, strategies etc.
- Link your bank account with a broker to deposit the fund.
- Once depositing is done you can make a watchlist of desired stocks. Atleast make a list of 50 stocks to watch regularly.
- Pick up the stock from your watchlist and decide the number of shares you are buying.
- After buying you can now make a purchase.
eToro vs Saxo Bank:
Here is a comparison between eToro vs Saxo Bank. So that you can get a good idea about which of them is good for trading and you can choose one for yourself.
- eToro is highly licensed and regulated while Saxo Bank offers up to 40 thousand trading assets.
- Trading conditions are favorable for traders with 1 year experience in case of Saxo Bank while eToro mobile apps for trading.
- Your eToro funds will be held in a licensed UK bank while Investment is managed by professionals in Saxo Bank.
Safety and protection:
- eToro is regulated by US regulators like FCA, CySec, ASIC while Saxo Bank is not regulated by it.
- eToro offers a minimum deposit of 50$ while Saxo Bank requires a minimum deposit of 10000$.
- eToro has 1000+ trading assets while Saxo Bank has 40000+ assets.
- eToro uses the trading platform of eToro while Saxo Bank uses SaxoTraderGo, SaxoTrader Pro.
Deposit and withdrawal:
- They both offer bank transfer and credit card transactions.
- Electronic platforms are not available.
- Crypto is available for eToro only.
Research and education:
- News feed, chart analysis, trading ideas, and fundamental data is available for both.
- Both are offering customer care services for 24 hours 5 days a week.
- Phone and chat option is available for both.
- Email option is only available in case of eToro.
Hence it is advised to look for the reliability of the broker before choosing. Check the basic features like basic trading conditions, assets, commission rate, customer services and reviews. Depending on whether you are a novice or professional you can choose a trading platform accordingly. For novice traders it is advised to start with a demo account so that you can learn about trading and then switch to real time trading.