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Is Hot Forex Safe? Top Forex Trading Platforms in Australia

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Foreign investors and locals can find opportunities in the Australian foreign exchange market. The Australian Securities and Investments Commission regulates foreign exchange brokers in Australia (ASIC). Brokers that carry the ASIC’s regulatory stamp of approval have met the organization’s stringent requirements. 

Any business in Australia is subject to ASIC’s scrutiny. Foreign exchange (Forex) trading is done using online terminals. The Australian Securities and Investments Commission (ASIC) oversees the banking and investment industries.

Is HFM safe?

With an overall Trust Score of 85 out of 99, Hot Forex is in the middle of the risk spectrum. Although HFM has the authorization of one tier-1 (high trust), three tier-2 (average trust), and one tier-3 (low trust) regulator, it is not publicly traded and does not run a bank (low trust). Tier-one authorities have granted HFM a license.

Forex Trading in Australia: Top Platforms

Don’t get duped by a broker’s enticing fees, bonuses, websites, or marketing. As a trader, it is your job to research a broker to ensure they are legitimate.

When dealing with a broker who is ASIC regulated, you know your money is protected. With this off your mind, you’ll have more room to consider the state of the market and formulate an action plan. Finding the appropriate broker in the intricate Forex market might put you ahead of the game.

See our top best Australian forex brokers below. These suggestions are based not on personal experience but on research and reputation.

1. Pepperstone

Pepperstone is an excellent option for Australians who want to participate in foreign exchange trading. A wide variety of tools are available on the platform for both novice and expert traders.

As a result of its stellar reputation, Pepperstone is the platform of choice for many traders. The ASIC and the FCA are top-tier regulatory agencies that monitor things. BaFin, CySec, DFSA, SCB, and CMA are the agencies overseeing the platform. Foreign exchange, Contracts for Difference, cryptos, and commodities are all tradable assets. 

The minimal costs are the main selling point for most potential investors. Pepperstone charges neither withdrawal nor inactivity fees. Bear in mind that Pepperstone’s fees are lower than those of many other Australian forex brokers. This is one of the platform’s most appealing features, and it attracts a lot of investors.

Pepperstone provides newcomers with numerous learning tools, such as its own YouTube channel. Users can practice with virtual funds in a “demo account,” allowing them to make trades while learning the platform’s ins and outs.

2. eToro

First launched in Tel Aviv in 2006, eToro quickly became a social trading phenomenon. Users can learn to trade by watching and mimicking the platform’s most successful users, thanks to the platform’s popular social trading features. The company now provides its 11 million customers in 140 countries with access to the world’s largest social network of FX, CFD, stock, and commodities traders.

Regardless of the asset type most commonly traded, eToro is the best option.  Since this is the case, eToro’s forex spreads are more expensive than its rivals, starting at 3.0 pips for major currency pairs and climbing as high as 50.0 pips for exotic currency pairs.

Help for customers is slender. Users can check the site’s help section for information or use the service’s live chat feature. Users can take advantage of an e-course, webinars, and a specialized teaching center at eToro’s Trading Academy to learn the ropes of forex and CFD trading.

3. IG

A trusted forex broker since its inception in 1974, IG is heavily regulated in six top-tier nations. Traders of all skill levels can benefit from IG’s comprehensive suite of trading platforms and tools.

Because of its massive size, IG can offer highly competitive pricing for all its products. However, the active trader’s prices available to traders with Forex Direct accounts stand out as particularly attractive.

Traders have access to a wide variety of high-quality market research from the company’s in-house experts, such as IGTV and various external providers. Traders have a 5,000 USD balance or more in their IG account, for instance, gain access to Real Vision TV, a premium research service.

4. Saxo Bank

Saxo Bank was founded in 1992 and is regulated in 15 countries, including Australia, the United Kingdom, and Denmark. Saxo’s powerful trading platforms, over 40,000 products, competitive pricing, in-depth research, and solid customer support are worth the higher minimum deposit of USD 10,000 for traders.

If you need more than $200,000 or $1,000,000 to invest, IG could be a better option than Saxo’s VIP account. The EUR/USD pair has an average spread of 0.6 pips, and the bank places a premium on offering spread-only pricing to its clients, which comes with no commission fees. However, the 0.5 pip commission that is the default, thanks to its volume-based pricing, may be justified for heavy traders.

Traders who put a premium on research will have a positive experience thanks to the third-party information sources used to compile internal reports. Regarding customer service, this provider is right up there, with an average response time of under 1 minute and generally valuable responses.