Best Trading Platforms in Australia

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In this guide, we go over the best trading platforms in Australia. We have analysed 174 brokers and evaluated their platforms in 8 major categories. We measured all aspects of their service including trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education, customer support and islamic account options.

Trading platforms that reached the highest scoring are considered in the following list:

Top 5 Trading Platforms in Australia

best-trading-platform-australia
  1. CMC Markets – Best trading platform overall
  2. Superhero
  3. eToro – Best for Social and Copy Trading
  4. Interactive Brokers – Great Overall Pick
  5. IG

Best Online Trading Platforms Australia

PLATFORMSCOREGENERAL INFOMINIMUM DEPOSIT
#1CMC Markets5Best trading platform overall$0
#2Superhero3.9
#3eToro4.9Best For Copy Traders $200
#4Interactive Brokers4.9Great Overall Pick$0
#5IG5


Below section breaks down the best trading platforms in Australia, beginning with the highest rated…

01. CMC Markets: Best Platform Overall

cmc-markets-rating

CMC Markets is a reputable online broker known for its award winning trading experience, excellent selection of tradable instruments and industry leading pricing. With over 12.500 tradable instruments across all asset classes, CMC is among industry leaders in market coverage. 

Their proprietary trading platform called Next Generation is reliable, fast executing and fully packed with useful trading tools and indicators. It features an impressive education and research section full of quality in-house and third party content. 

CMC Market offers the lowest commissions and fees in the industry. Low spread fees (0.73 pip on EUR/USD) are available for traders at all levels and accounts. Additional bonuses and rebates for active traders makes CMC Markets a market leader in costs and fees.


02. Superhero:

superhero-rating


03. eToro: Best Broker For Social Trading

etoro-rating

eToro is a reputable global brand and industry leading broker for copy trading. Their robust and cutting edge copy trading platform and social trading features allow users to copy trades and portfolios from professional traders and investors.

As a CFD multi asset broker, eToro allows users to trade on over 3075 different symbols including stocks, forex, cryptos, indices and commodities. Trading spreads are wide, deposits are free and account minimum is low. There are conversion and inactivity fees. eToro provides a comprehensive list of technical tools, charts, and newsfeeds. Their customer support is available through email and live chat in Arabic and English.

eToro is a well established market maker broker with a clean history record, regulated by top tier regulators.

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


04. Interactive Brokers: Great Overall Pick

interactive-brokers-rating

Interactive Brokers is a highly trusted global broker with a well-rounded offer of tradable markets, great educational content and sophisticated order type configuration. It is a high trusted and well capitalize company with an industry leading trading platform, a competitive fee structure and great global market access. Their low entry level and the Global Trader platform, which is intuitive and easy to use trading station, make this broker s great choice for beginners and advanced forex traders.

Professional and seasoned traders will appreciate the great selection of advanced trading tools and order type configurations available on their proprietary Trader Workstation desktop platform (TWS).


05. IG:

ig-rating


How To Pick The Right Platform?

The main criteria to consider when choosing a trading platform in Australia include: fees, trading platform, mobile trading, deposits & withdrawals, assets, customer support, liquidity and security.

Fees: Choose a broker with a transparent fee structure and avoid brokerage accounts with high fees on trades, overnight fees and hidden fees. Commission and spread fees are common with Australian brokerage accounts. Spreads should vary between 0.03% to 0.5% depending on your trading volume.

Trading platforms: They should be user friendly, grant access to trading tools and indicators and suitable to traders at all levels. We recommend you opt for a platform with a technical charting interface and built-in market data. A comprehensive market news feed and access to advanced features are a must.

Mobile Trading: Mobile trading apps should offer the same trading tools and charts as their web versions. Choose mobile platforms with full-screen charting options and social feeds.

Deposit & Withdrawal: Deposit and withdrawal needs to be fast and simple. Choose an broker that offers your preferred payment method and industry leading commission and fee structures.

Assets: Look for coverage of preferred assets. Australian traders are allowed to access all tradable asset classes including forex, stocks, indexes, options, FOPs, commodities, futures, indices, bonds, swaps, mutual funds, hedge funds, spot gold, ETFs and cryptos.

Regulation: Brokers with top-tier licenses follow strict rules enforced by a trustworthy regulators and offer high security standards. We recommend users to choose platforms with FCA, CySEC, and ASIC licenses and tier one regulations.

Research & education: Beginner and average traders and investors should choose a broker with research and education tools including: weekly webinars, daily news updates, personal account manager, personal training and room access.

Customer support: Beginner traders should look out for responsive and professional customer support available in their language.

*Islamic Accounts: All platforms from our list offer islamic account options. This gives users the chance to trade online in compliance to the Sharia law.

Online Trading In Australia

Australian people are active traders of the world wide forex, stock, and cryptocurrency markets. It is estimated that there are around 1,25 million Australians trading the markets on a daily basis. Australia is home to a few great brokers that offer online trading services around the globe. All of these retail brokers and investment organisations are overseen by the Australian Securities and Investments Commission (ASIC).

The Australian Securities and Investments Commission (ASIC) protects traders and investors by preventing unregulated brokers from offering their services. Any brokerage firm that wants to offer trading services to Australian citizens has to obtain an ASIC license. The ASIC has strict regulations in place and is an official tier-1 jurisdiction agency.

Australians are free to use offshore brokers, but the ASIC won’t protect their investments in this case nor will they aid in any disputes that may arise between investor and broker.

Online Trading Regulation

Online trading regulations in Australia are strict. Any broker that offers services to Australian residents without a license from the Australian Securities and Investments Commission will be penalized with a hefty fine. Cryptocurrency trading is also regulated by the ASIC and they monitor developments in the crypto-asset industry closely. Australian citizens are allowed to trade cryptocurrencies with overseas-based cryptocurrency exchanges.

Licence Verification

There are several internationally operating brokers based in Australia including IG, CMC Markets, and Interactive Brokers. The most popular overseas-based brokers for Australian traders are eToro, Capital.com, and AvaTrade. Both the Australia-based and the international brokers have valid ASIC licenses. For this reason, Australian traders can safely trade the financial markets with any of these brokers.

If you decide to trade with a different broker, we recommend checking the validity of their license before depositing any money into your trading account with them. Always make sure they have a valid ASIC license. This is done by copying the license and registration numbers available at the broker’s website and filling these in at the official ASIC website.

Conclusion

Based on our review, we consider CMC Markets as the best trading platform for Australian residents. They offer a low minimum deposit, competitive fees, advanced charting tools, social trading features and a responsive customer support.

Superhero is the second best trading platform for Australian residents, because of their low fees, advanced trading tools, copy trading features and a responsive customer support. eToro, Interactive Brokers and IG are finishing up our list of top platforms with a great overall offer and above average ratings.

FAQ

Are There Commission-Free Trading Platforms In Australia?

Yes, there are trading platforms available in Australia that offer 0% commission trading like eToro and AvaTrade.

How Much Should I Invest When Trading Online in Australia?

You should always invest at least the minimum deposit amount Australia and international brokers require you to open an account. In most cases, this is about $50.

Is Crypto Trading Available In Australia?

Yes, crypto trading is available to Australian citizens. The leading trading platforms offer Bitcoin trading via CFDs.

How To Check If A Trading Platform Has a Valid License?

You can check if a broker has a valid operating license on the ASIC official website.


Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best online brokers. Trading platform, fees, mobile trading, payments, assets, regulation, education, and research are all part of our six-month evaluation of a broker’s trading platform. The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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