Imagine an industry where $1 million can be made or lost in a split second. That’s a lot of money, yet it’s what excites and thrills anyone who is involved in forex trading.
Those who immerse themselves in the world of trading require immediate and up-to-date market information in order to drive their trading decisions. New Zealand’s Prime Minister John Key once had a career as a currency trader and this documentary highlights the intense pressure which comes with making these split-second decisions. Thankfully the weird hairstyles and blocky computers are a thing of the past and now technology has become more advanced, meaning traders have more information at their fingertips than ever before.
Hobby trading is growing in popularity. Australia has a stable government, economy and the Australian dollar is one of the most heavily traded currencies in the world making trading an attractive prospect for Australians looking to hedge their bets and try to make some money successfully predicting market fluctuations in the market. The initial investment required is quite small, markets are open 24 hours a day and on average, turnover is around $5 trillion a day.
So what does it take to be a trader? One trader identified two essentials to success. The first is you need to have a good grasp of how the market works. There is a wealth of information online about this, from websites and forums through to apps and even social media accounts which give minute by minute information, predictions and insights straight from the trading floor. The second is you must have a good trading platform to work off.
Here are our picks for the top five forex trading platforms.
1. CMC Markets
CMC has grown into a reliable financial derivatives trader throughout the world. Founded by Peter Cruddas in 1989, the company now operates throughout the world on computers, tablets and as a phone App. The modules of charts available are impressive and there is a lot of helpful ‘how to’ guidelines on the CMC Markets website for people starting out in forex trading.
2. Axi Trader
The company is informally known in the industry as the trader’s trading platform. Axi Trader’s software has low spreads, fast execution and flexible leverage. It can pair up a range of currencies and depositing and withdrawing funds is quick and easy.
It’s amazing to think Pepperstone is only six years old. The company has been an absolute powerhouse in the forex market, winning multiple awards, with transaction levels climbing high into the billions. In 2015, they won the Australia FX Report Award for Client Satisfaction.
4. Think or Swim
For those of you who are into comprehensive forex data analytics and information, Think or Swim contains a wealth of stats throughout its platform. Industry insiders say it’s a great platform to trade AUD and USD.
If you are a seasoned professional in this industry, Dukascopy might be your go to platform for currency trading. This platform has the ability to handle transactions of $2 million in one click. Transparency, fairness and great customer service make them a force to be reckoned with.
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