Finding the best CFD broker or Forex Broker in Australia is definitely a tough task as the competition in Australia is incredibly hot. The main CFD brokers have amazing enticements to get you on their books and you’ll find a range of enticing offers to get you started. By far the most popular broker offer at present is the bonus deposit. Whilst there is nothing wrong with taking up a bonus, just be aware that many of them have extremely strict criteria and will ask you to do an excessive number of trades. If that is the case, politely pass on the offer and stick to your original game plan.

From fantastic account opening offers to an extensive range of free CFD Tutorials and just think, you get all of this just for opening up and funding your CFD or Forex trading account.

With all these great giveaways on offer from your CFD & Forex broker you’d be forgiven for thinking that ‘It’s too good to be true’, but you can be rest assured the offers are genuine and these companies are doing their absolute best to get you off to a flying start. Once again, just be mindful that some require you to do 200-500 trades in a short space of time which is over trading at the best. Don’t go for it. Stick to those offers that are genuine like matching deposits or trading rebates that act like a safety net on your losses.

But nothing is for free – what is the true cost?

Your broker didn’t come down in the last shower so to speak and they understand exactly how important it is to secure your business in the highly competitive CFD & Forex broking business. They want your business and are willing to pay for it (at least initially).

The reality is you will open your trading account, receive the special and then do nothing. Unlikely. Instead, you’ll open your CFD or Forex trading account, receive the special and have flashing lights, markets moving up and down and opportunities everywhere.

Guess what…It’s time to trade.

So you dip your toe in the water and decide ‘I’ll just give it a go’. Now the fun begins. You’re in the market and experiencing first hand the trials and tribulations of winning and losing with real money. Congratulations.

Here at LearnCFDs.com we’d prefer that you get started on the right foot, so we’ve compiled a few things to think about when deciding which CFD broker is right for you.

Choosing the best Forex or CFD Broker – 5 things to look for

When choosing a CFD or Forex broker you may want to consider the following 5 key points before jumping on board.

1. Is their software easy to use? There is nothing worse than trying to navigate your way around difficult software. Be sure to open up a free demo account and see for yourself how easy it is to place trades, open a chart, amend orders and receive timely news updates.  You don’t want to be spend the first 2 months learning the software they provide. Ask your CFD broker if they have some basic CFD tutorials on using the software.

2. Is their trading platform fully featured? Are you looking for advanced charting features or just a broker to place trades easily into the market? Are you looking for advanced order placement or will the standard orders be sufficient? Do they provide daily market analysis provided by a team of professionals? Can you receive notifications when certain price points are reached via email or SMS? Do they provide a free iPhone and Android application to trade on the go?

3. Commissions are not the be all and end all but the one fixed cost all traders have is brokerage. You don’t want to be paying too much for your brokerage so be sure to ask what their Australia Share market CFD brokerage rates (for ASX Stocks) are and for Forex, Index and Commodity traders, you want to make sure the spreads are tight. In addition to that you need to ask about any other costs associated with trading through their platform. $5 minimum brokerage and 0.05% is the best standard rate we have heard of.
•    You need to ask about:
•
o    Commission charges
o    CFD Financing rates
o    Software fees
o    Accessing ASX data

4. Range of markets is a big consideration for many traders. Market Makers have the upper hand here by being able to offer you nearly all of the world’s markets from the one account including Forex, Indices, Commodities and global shares. Direct Market Access (DMA) usually focus on the local exchange and costs to trade international markets can be quite high.

5. Reputation and security has become one of the biggest factors with the likes of MF Global going bankrupt. Are they are publicly listed company? How long have they been in business? What are others saying about them on broker review sites online? Stick with those with a good reputation and that are backed by a solid financial history and you should be on the right track.

Choosing the best CFD or Forex broker is largely a matter of testing their trading platforms and ensuring you feel comfortable with them. The old saying ‘horses for courses’ is definitely true when it comes to finding the best CFD or Forex broker for your needs and the items you value highly in a trading platform may be of no interest to other traders.

So write down exactly what you believe you need with respect to your new broker and start asking questions. Jump on a trading forum and try and get some feedback. There are so many forums available now that have hundreds and thousands of reviews. Granted they are not all legitimate, but they should give you a sense of who is good and who is not.