If you are an Australian trader thinking about trading the markets using CFDs, then you will need a high-quality CFD trading platform.
The best CFD trading platforms in Australia are easy to use, come with many different features to help your trading, and have low and transparent trading fees. It is also essential that ASIC in Australia tightly regulates your CFD broker and CFD trading platform.
In this thorough guide, we look at the best CFD trading platform in Australia and some of the other quality alternatives for CFD traders.
Australian traders and investors alike take massive advantage of the foreign exchange market and its ability to allow for high volume transactions, even with a small investment. The Australian Dollar is used as a global measure. This gives it a large amount of influence over other involved currencies’ values, meaning that traders from Australia can make substantial trade profits by utilising this information.
The main difference between forex trading in Australia and Forex trading in other countries is regulation. In Australia, you do not need a license to open an offshore account or to start buying or selling various currencies through CFDs. Still, it does require specific regulations for those who wish to provide financial advice on investing strategies. There are many different analysis tools available for Forex traders because there are so many different approaches to trading.
Candlestick charting
One of the more famous analysis styles is candlestick charting, which focuses on patterns that emerge from the interplay of supply and demand concerning price milestones, especially support and resistance levels.
Bullish Engulfing
The most common are bullish engulfing. A candle’s open is below its close, but then it becomes higher than its open, indicating intense buying pressure emerging at lower prices.
Bearish Engulfing
The opposite form is known as bearish engulfing. This indicates that after an uptrend, selling emerged; buyers could not keep pushing the price upwards past this point.
Fibonacci Retracement
Other valuable tools include Fibonacci retracements, which measure market volatility along horizontal lines between significant Fibonacci ratios. Fibonacci ratios are approximate numeric sequences found in nature that You can apply to financial trading because they occur very frequently. In forex trading, the most commonly used figure is 61.8%, which is where the price tends to fall back after an extended period of volatility or trend.
Fibonacci Fan
Another is the Fibonacci fan, which measures all numerical possibilities for a currency pair at a specific point, according to vital Fibonacci ratios, and allows you to measure potential price swings between significant points on both sides. The indicator itself looks like a series of diagonal lines radiating out from either side of the vertical axis common to all charts.
If you’re interested in learning more, it’s recommended to sign up for an online program like Forex Tester that provides detailed step-by-step instructions and tutorials on utilising all of these tools in your analytics platform. Before you do this, though, if you don’t already have one, it’s preferable to choose one platform and become accustomed to using it before branching out too far into others. This will ensure that you can become comfortable and proficient with what is often a very complex program.
In conclusion
The CFD trading platform and brokerage space is a competitive environment. Many different brokers offer different fee structures, different trading platforms, and different levels of support. All of these brokers offer vastly different offerings. Some have lower costs than others and have some far superior customer support.