A career in trading has a lot of possibilities for passive income generation. Numerous traits are shared by successful traders. They collaborate with reputable trading platforms, create unique trading plans, and conduct disciplined trade execution. They won’t allow feelings of fear or greed to influence their trading decisions. Trading is a game of probability for them.
Without a trustworthy, secure, and commission-free stockbroker, it would be challenging for a trader to carry out deals without incident. Traders Union has narrowed down the top 12 trading platforms for Australia in 2022 by evaluating them against a set of criteria that takes into account elements like dependability, safety, cheap commissions, and the availability of trading products.
How We Choose Trading Platforms
The reputation of each broker on our list for security and regulatory control is unmatched. For instance, you must utilize a forex broker with operating rights if you want to trade forex in Australia.
Only the Australian Securities and Investment Commission, or ASIC, which is in charge of overseeing the Australian financial markets, has the right to give this. From there, we combine the best-performing names while keeping an eye on costs and usability, and then rank order it.
20 Best Trading Platforms In Australia
Here are the 20 best trading platforms in Australia
Australia’s ASIC (AFSL: 491139) regulates eToro. The company’s headquarters are in Sydney, New South Wales, in Australia. Due to its user-friendly social trading and copy trading platforms, eToro is ideally suited for new traders in Australia. A sizable collection of instructional materials is available on eToro in the form of webinars, podcasts, videos, and ebooks. In Australia, eToro requires a minimum initial investment of $200. The minimum deposit drops to $50 after the initial deposit.
Trading stocks and ETFs on eToro is commission-free. It offers email, chat, and phone support around-the-clock. It offers a variety of payment methods, including PayPal, Skrill, wire transfers, and credit/debit cards. Every withdrawal from eToro is subject to a $5 fee.
The Australian Securities and Investments Commission (AFSL: 453554) oversees Interactive Brokers Australia, which has its registered office in Sydney, New South Wales, Australia. Professional and aggressive traders should use Interactive Brokers. On the trading platforms of stocks and ETFs, Interactive Brokers Australia levies a fee that ranges from 0.015 percent to 0.08 percent. Its fees for trading options vary per contract, from AUD 0.70 to AUD 1.5.
The lowest margin loan rates are available in the market from Interactive Brokers Australia. On amounts less than AUD 140,000, a margin loan rate of 1.5 percent is applied. If the sum is greater than AUD 14 million, the margin loan rate drops to 0.5%. Through its own trading platforms, including Client Portal, Trader Workstation, IBKR Mobile, and IBKR API, this brokerage supports trading. The excellent trading platforms and wide selection of assets offered by Interactive Brokers are well renowned.
#3. IG Markets
One of the best trading platforms in Australia is IG Markets. The Australian Securities and Investments Commission (AFSL: 515106) oversees its operations there. IG Markets is ideal for both inexperienced and experienced traders. In order to assist newcomers in better understanding the trading circumstances, it provides a demo account with a value of AUD 20,000. IG markets may be your best choice if you wish to trade stocks and options on the Australian Securities Exchange (ASX).
IG Markets executes orders on average in 0.014 seconds. It costs nothing to establish an account with IG Markets. It charges 0.6 pip on key indexes like the FTSE 100 and Australia 200 and 1 point on foreign exchange currency pairings like AUD/USD.
Tastyworks, an Australian company that is a fully-owned subsidiary of Tastytrade Inc., is subject to ASIC regulation (AFSL: 508867). For stocks and ETFs, Tastyworks does not charge a fee. The cost to trade options on stocks and ETFs is $1 per contract, with a cap of $10 per leg. Charges for options on futures contracts increase to $2.5 per contract.
The Works Account, Individual Account, and Joint Account are the three different account types offered by Tastyworks. It also provides a wide range of instructional materials in the form of films, studies, and training programs. A proprietary trading platforms from Tastyworks is accessible via desktop, web, and mobile devices.
ThinkMarkets is governed by ASIC and is registered in Melbourne, Australia (AFSL: 337927). More than 3,100 ASX shares and ETFs may be purchased through ThinkMarkets. To encourage users to register trading accounts on its platforms and link their bank accounts, the brokerage additionally gives out 10 free ASX promotional shares.
If the trading value is less than $200,000, ThinkMarkets levies a $8 flat fee per trade on stocks and ETFs. A brokerage fee of 0.05 percent per trade is charged if the deal amount exceeds $200,000. The trading of more than 1600 CFDs from Forex indices, commodities, and futures would be made possible by ThinkMarkets in Australia. It also provides a demo account with $25,000 in fictitious money. Trading is facilitated by ThinkMarkets on MT4, MT5, and its own platform, ThinkTrader.
Australia’s HelloStake Pty Ltd. (Stake) is a stockbroker without commission. The ASIC regulates it (487221). This brokerage makes it possible to trade more than 6,000 American equities and ETFs. Stake provides insurance up to $500,000 ($250,000 cash) through the Securities Investment Protection Corporation (SIPC), so the money you deposit with it is secure. The Standard Account and the Black Account are the two types of accounts that Stake provides. However, there is a $9 maintenance charge for the Black Account. It offers commission-free trading on both accounts to its Australian customers.
Customers from Australia and New Zealand can make deposits using their credit and debit cards. There might be a $2 charge for withdrawals from the trading platform of Stake. It only supports trading in stocks and exchange-traded funds; it does not provide trading platforms in foreign exchange, options, or futures.
The Financial Conduct Authority (FCA) of the United Kingdom has granted TradeStation a license. Australian people are able to trade in US equities and ETFs using TradeStation even though it is not authorized by ASIC. Up to 10,000 shares can be traded for $5 each transaction. If there are more than 10,000 trades, there is a fee of $0.005 per share for each additional share. On stock options, TradeStation charges $5 + $0.60 per contract, and on futures and futures options, it charges $1.5 a contract, per side.
Through its three trading platforms—the Web Platform, Mobile Platform, and Desktop Platform—TradeStation supports trading. It provides a wide variety of teaching materials and simulated trading tools that assist new traders in learning about trading and testing techniques in real-time before risking their own money.
#8. CMC Markets
In Australia, CMC Markets is governed by ASCI (AFSL: 238054). With no commission, CMC makes it possible to invest in 35,000 shares, mutual funds, and ETFs in countries including the United States, the United Kingdom, Canada, and Japan.
- By charging a low commission cost, CMC also makes it easier for investors to purchase shares of stock, warrants, and interest rate instruments on the Australian Securities Exchange (ASX).
- If less than 11 trades are made, it costs $11 or 1.10 percent, whichever is higher.
- The fee price drops to $9.90 or 0.08 percent, whichever is larger, for trades between 11 and 30.
- It charges a fee of $9.90 for transactions over 30 or 0.075 percent, whichever is higher.
- At reasonable spreads and margin lending rates, CMC also provides access to 338 Forex items, 12 cryptocurrencies, and 117 commodities.
#9. IC Markets
Australian stockbroker IC Markets is commission-free and governed by ASIC (AFSI: 335692). With IC Markets, the usual EUR/USD spread is the best in the world at 0.1 pip. IC Markets executes orders in 0.04 seconds on average.
Due to its automated trading engine, which is housed in the New York Equinix NY4 data center, IC is best suited for active traders and working professionals. Two-thirds of the more than 500,000 trades that are processed daily on the Equinix NY4 are automated trades. Its products, which include PAMM, MAM, and VPS, are essential for automating the trading process. Trading is made possible by IC Markets on MT4, MT5, MTWeb Trader, and CTrader. It offers Standard Account, Raw Account (MTrader), and Raw Account as its three different account kinds (cTrader). From one account to the next, commissions, spreads, and margin lending rates would differ.
#10. Saxo Bank
ASIC oversees Saxo Capital Markets (Australia) Limited (AFSL: 280372). Saxo Markets, a division of Saxo Group, offers access to stocks, options, forex, futures, and other asset classes for traders and investors through a single account. Saxo offers two in-house trading platforms: SaxoTraderGo and SaxoTraderPro. Additionally, it provides a demo account so that traders may practice their trading techniques before using them in a live trading environment.
Saxo provides access to 19,000 equities from 40 international exchanges. On Australian equities, it levies a minimum commission of AUD 5 and on American stocks, a minimum cost of USD 3. For U.S. listed ETFs, commissions start at $3, and for futures, commodities, and listed options, they start at $0.85 per lot. Saxo’s over 50 technical indicators and sketching tools make it ideal for seasoned and active traders.
The Swiss Financial Market Supervisory Authority, the regulatory body in its native country, oversees Swissquote (FINMA). Residents of more than 150 nations, including Australia, Hong Kong, and the United Kingdom, can use its trading services. Compared to its competitors, Swissquote levies greater fees on stocks and exchange-traded funds. On a transaction involving US stocks worth $2,000, it levies a fee of $25. It does, however, provide aggressive margin rates. Swissquote’s typical margin loan rate lies between 4 and 5 percent.
Both credit/credit cards and wire transfers are accepted for deposits at Swissquote. On credit/debit card transactions, it levies a deposit fee of about 2.5 percent. It provides a wide selection of instructional reading materials and films to aid new traders in learning about trading. Swissquote provides a unique platform called Swissquote CH eTrading that contains many of the capabilities that experienced traders often need. Additionally, Swissquote enables trading on MT4 and MT5.
Questrade’s operations are regulated by the Investment Industry Regulatory Organization of Canada (IIROC) also provide its services to australia and is a great trading platform. It provides trading services for mutual funds, ETFs, options, and stocks. Incentives for self-directed investment are promoted by Questrate, which levies a minimum commission of one cent per share. For stocks, the maximum commission per trade is $9.95. Additionally, Questrade provides portfolio management services, with management costs beginning at 0.25 percent. Questrade charges a minimum of $4.95+$075 per contract for trading options. ETFs can be purchased for no cost, but selling them costs a minimum of one penny per share. The starting spread for both Forex and CFDs is 0.8 pips.
Questrade provides a variety of account types for various service categories. For instance, traders who want to employ leverage can choose from many types of margin accounts, such as individual and shared margin accounts. Users who want to save money for retirement, on the other hand, can select a registered retirement account.
Overall, we discovered Capital.com to be the top forex broker in Australia to take into consideration right now. This platform is subject to numerous forms of regulation, including approval from the FCA, CySEC, NBRB, in addition to an ASIC license. This implies that Australian investors may utilize Capital.com in a secure setting.
Capital.com provides close to 140 forex trading pairs overall. This includes a wide range of unusual currencies in addition to all main and minor currencies. The latter will be appealing to people who want more volatility. Additionally, we appreciate that spreads on Capital.com are frequently quite competitive and that there are no commission fees.
For instance, as of this writing, the spread for trading EUR/USD is simply 0.6 pips. At Capital.com, there are no charges to sign up for an account or to deposit or withdraw money. Several trading platforms are available to registered members of Capital.com. The Capital.com web trading platforms is the first option, and it can be accessed using any regular web browser.
The trading tools, charts, real-time pricing, and technical indicators are quite complex. The external platform MT4 is also compatible with Capital.com. Downloading the Capital.com mobile app for iOS or Android can be a good idea for those wishing to buy and sell currency pairs on the go.
Users of Capital.com may access a variety of analytical tools. This consists of news, webinars, market insights, and an economic calendar. Additionally, Capital.com TV provides significant developments in financial and currency news through videos. We like that Capital.com also provides equities, commodities, indices, and cryptocurrencies in addition to FX.
Australian traders will have access to leverage of up to 1:30 when trading key pairs on this forex trading platform as it focuses on CFDs. Leverage up to 1:20 can be used to trade minors and exotics. Users may profit from rising and falling markets by choosing to open a transaction with a buy or sell order.
Starting off on this platform just takes a few minutes, and there is a $20 minimum deposit requirement whether using a debit/credit card or an e-wallet. Bank wires, on the other hand, need for a $250 minimum deposit and can take several days to clear. A Capital.com demo account is also available, and it comes pre-loaded with $10,000 in fictitious money.
Libertex is a good option for those looking for the finest forex trading app in Australia. The Libertex app, which works on both iOS and Android smartphones, is very user-friendly. It includes a large number of noteworthy trading tools, such as fully functional price charts and market mood indicators. Additionally, users have access to configurable price periods and currency trading news. Libertex is the finest app for forex trading in Australia with cheap costs, according to our research as well. For example, key pairings like as EUR/USD and GBP/USD may be traded commission-free with a 0.3 pip spread.
Even exotic pairings are priced reasonably; for example, USD/TRY is available with a 1.2 pip spread and a 0.0003 percent commission. Libertex’s ability to rapidly accept deposits through smartphone makes it one of the top forex trading apps in Australia, to some extent. Debit/credit cards, Paypal, and Trustly are all available here and may all be used without incurring any fees. Libertex provides its currency trading instruments via CFDs, much as Capital.com and eToro. Once more, this indicates that, in accordance with ASIC laws, Australians will have access to leverage of up to 1:30. Let’s not forget that Libertex also provides CFD markets on genuine shares, commodities, indices, and more.
The next platform to take into account while looking for the top forex broker in Australia is AvaTrade. Not only is this platform governed by ASIC, but also by seven other financial organizations. Opening an AvaTrade account takes less than two minutes, and Australians just need to make a $100 minimum first deposit.
On this platform, bank transfers, debit/credit cards, and other payment methods are supported. As a CFD trading platforms, AvaTrade provides leverage of 1:30 and 1:20 on majors and minors/exotics, respectively, for Australian citizens. AvaTrade has hundreds of currency markets as part of its FX service.
Spreads start at 0.9 pips, and access to every single trading pair is available without paying any commissions. Due to its interoperability with MT4 and MT5, AvaTrade may be worth considering for those who have prior forex trading expertise. Traders looking for advanced features and tools appreciate both of these platforms.
Less seasoned traders may want to think about utilizing the AvaTrade web trading platform, which is accessible through a typical web browser. AvaTrade also offers a mobile app for iOS and Android devices. Additionally, AvaTrade provides CFDs for equities, indices, cryptocurrencies, and commodities.
For individuals who want to create a raw spread account, Pepperstone is the top forex broker in Australia. Australian traders may buy and sell forex pairs with spreads starting at 0 pips using this specific account type.
Trading directly with other market players allows for this. Users of Pepperstone on this account type will pay a very reasonable fee of $3.50 for each currency lot traded in exchange for access to zero spreads. Pepperstone, on the other hand, also provides regular forex trading accounts with commission-free trading. The trader will then be required to pay a spread, which starts at 0.6 pip, for this account type. Both accounts provide Australian traders access to a wide range of platforms, regardless of the situation. This includes TradingView, MT4, MT5, and cTrader. The highest leverage limit for retail clients in Australia at Pepperstone is 1:30, and the exchange provides hundreds of major, minor, and exotic pair options.
Pepperstone accepts deposits through debit and credit cards, as well as from BPay, POLi, bank transfers, and a number of e-wallets. Pepperstone provides a large variety of additional CFD markets in addition to FX, including commodities, equities, cryptocurrencies, and indices.
Additionally, Forex.com has an extensive news and analysis section. This includes suggestions for forex trading put together by seasoned currency traders. We especially appreciate the “Week Ahead” feature, which highlights the most significant economic news to watch in the upcoming trading sessions.
The fact that Forex.com has a well regarded instructional institution is another incentive to consider it. Through interactive courses, platform lessons, and self-assessment tests, this enables total novices to master the fundamentals of forex trading. Last but not least, Forex.com is renowned for having a top-notch customer care team that is available 24/7 throughout regular currency trading hours.
From our list of the top forex brokers in Australia, XM is the next platform to take into account. This trading platforms offers three basic trading accounts that may accommodate all spending levels and monetary objectives. For example, the cent account is appropriate for people who are just getting started in the currency market.
This is so that traders may speculate on currency pairings with as little as 0.01 lots. On major pairings, this account has a minimum spread of 1 pip. Additionally, the XM ultra-low account has a 0.01 lot minimum trading requirement and spreads that begin at 0.6 pip.
In either case, there is a $5 minimum deposit requirement for all XM forex trading accounts. All accounts also provide commission-free trading. XM provides more than 1,000 financial products in total, including 55 forex pairs. CFDs on indices, equities, commodities, metals, and energy are among the many markets available here.
XM is well known for offering a large number of supported trading platforms. This includes the native XM platform for both desktop browsers and iOS/Android smartphones, as well as MT4 and MT5. Additionally, XM provides a vast array of learning and analytical tools, the latter of which also includes market insights and trading suggestions.
For Australian forex traders looking for large leverage limits, HotForex is the ideal option. This is because HotForex is offshore and has limitations higher than the typical 1:30 level. In fact, the site says that there is a leverage available of up to 1:1,000.
This implies that a trading platform of up to $100,000 can be entered for every $100 risked. Please be aware that using high leverage limits has a very significant risk of losing the entire capital. Nevertheless, HotForex gives registered consumers a choice of five trading accounts.
The micro account has a $5 minimum deposit requirement and is intended for new users and those on a tight budget. On important pairings, this gives spreads as little as 1 pip. An alternative is to create a zero spread account, which requires a minimum deposit of $200. Despite having a lower maximum leverage cap of 1:500, there are no spread fees for popular pairings like EUR/USD.
We also like that HotForex provides a fully functional demo account that replicates real-world market circumstances. Along with a number of additional CFD markets, the site provides over 50 currency pairings altogether. Metals, energies, indexes, shares, bonds, and more are included in this. This platform offers a wide range of premium trading tools that are suitable for seasoned currency investors.
It is hardly surprising that these people are still gaining their bearings given that they have just been around since 2020. For instance, they do not currently provide copy trading and are solely subject to AFSL regulation in Australia.
However, they have established a reputation for being among Australia’s most inexpensive forex trading brokers. Even while this platform doesn’t have all the bells and whistles of other platforms, it does have a very simple pricing structure that is uncomplicated (and transparent).
If you live in Australia, you may start trading for as little as $100 with a $5 flat cost. It is great for novices because it is simple and straightforward. Additionally, because it is proprietary, you cannot integrate third-party platforms like MetaTrader or cTrader. Get quick trading, simple access to reports, and a dashboard with real-time updates. Available on several devices. A tracker for tax obligations is one peculiar feature. Trading might make taxes more challenging. Based on your account balance and activity, Superhero keeps track of this for you, possibly saving you a ton of effort at the end of the tax year.