Online trading has found its home in Australia. More Australians than ever before are jumping at opportunities like forex, shares, commodities or Bitcoin to begin their online trading career. However, finding the best share trading platforms Australia requires some research, which is why we created this guide to help you decide.
Below we review the top online brokers in Australia.
List of the Best Share Trading Platforms & Apps in Australia
- GO Markets – Overall the Best Trading Platform Australia 2022
- eToro – Best Online Trading App Australia
- Pepperstone – Best Australian Broker with MT4/MT5/cTrader
- XM Group – Excellent MT4/MT5 Trading Platforms
- Plus500 – Top CFD Online Broker with ASIC License
#1 eToro – Overall the Best Online Broker For Beginners 2022
eToro is the best trading platform in Australia overall because of its user-friendly services and variety of traditional forms and CFD asset classes. Over 17 million investors trade from more than 2,000 stocks and 17 marketplaces, 16 digital currencies, and 250+ EFTs.
If CFD instruments are your chosen trade, in addition to stocks, ETFs, and cryptocurrencies, you can trade CFDs in hard metals, energy, forex, and indices.
One of the reasons eToro is so popular is its selection of automated investment tools. You can use CopyPortfolios to passively invest, as eToro deciding which assets are the best to buy and sell. CopyPortfolio offers a variety of strategies for retail stocks, renewable energy, and cryptocurrency baskets. You also have a Copy Trader tool to copy other eToro trades.
This trading platform is top-rated and easy to use. You can open an account within minutes and have a variety of payment methods to choose from, including debit or credit cards, bank transfers, and e-wallet methods like PayPal, Skrill, and Neteller.
eToro is also one of the cheapest platforms currently available to Australians. There are no ongoing fees, and deposits only cost 0.5%.
Pros:
- User-friendly online broker
- Thousands of assets with tight spreads
- Funds can be deposited with debit, credit, e-wallet, or bank account
- Social and Copt trading
- Regulated by the FCA, ASIC, CySEC
- You can trade stocks, indices, ETFs, Cryptocurrencies, and more
Cons:
- Not suitable for advanced traders who prefer to perform technical analysis
#2 Pepperstone – Best Australian Broker with MT4/MT5/cTrader
Pepperstone is the best Australia based online broker. Pepperstone broker is Located in Melbourne and offers the best forex trading conditions in Australia for currency trading. One of the biggest reasons Pepperstone stands out is its ECN, no-dealing, setup. Since Pepperstone is an ENC forex broker, there is no desk-dealing intervention, so prices are sourced from liquidity providers with only the best prices available. This keeps spreads tight and your goals better aligned with the broker.
Pepperstone offers access to MetaTrader 4, MetaTrader 5, cTrader, and Web Trader. It’s primarily a forex broker but offers a range of other markets through CDFs. You can track all of your trades for forex, indices, commodities, and cryptocurrency all in one place.
The minimum deposit required is $10 and can be made through credit card, bank transfer, broker to broker, Skrill, Neteller, and more.
Pros:
- Regulated by ASIC, FCA, and BaFin
- Tight spreads
- Wide range of assets
- Strict regulation
Cons:
- Limited market analysis
- Can’t trade shares
#3 XM – Best MT4/MT5 Trading Platforms for Australian traders
XM is the best forex trading platform in Australia, specializing in CFD and forex trade. This platform is a dealing desk broker that offers trading on multiple instruments, including commodities, equities, precious metals, energy, and shares. Trading is also offered on MT4 and MT5.
XM is great for day trading and long-term trading. The number of FX pairs available is 57. The maximum leverage is 30:1 with a minimum spread of 1 pips. Their library for educational tools and market analysis is unbeatable for helping new traders get started.
Trading costs are higher than competitor markets on two of its accounts, with spreads averaging 1.6 pips on the EUR/USD pair. Trading is also more competitive on the Ultra Low accounts. Spreads start at .6 pips on the EUR/USD pair with a required minimum deposit of 5 USD.
A low minimum deposit for Standard and Micro accounts is $5 and goes up to $50 for XM Ultra-Low accounts and $100 for XM Zero accounts.
Pros:
- Regulated by CySEC, ASIC, and IFSC
- Education options
- Wide range of assets
- Withdrawals are free and safe
- Full feature platforms
Cons:
- Dealing desk
- No fixed spreads
- Inactivity fees
#4 Plus500 – Best CFD Broker and Asset Range
Plus500 is the best trading platform in Australia for forex trading because you can gain access to a variety of currency pairs with competitive fees. In addition, you can trade in the market without commission fees, so it’s worth considering if this is the right platform for you.
Plus500 offers the best-rated spread of 0.01% on pairs like EUR/USD. The trading platform is great for more than just forex by offering plenty of other markets, including cryptocurrency, CFDs, and commodities like gold, oil, and natural gas.
Supported CFD markets other than Australia include South Africa, the US, the UK, Germany, and more. Not only does the platform offer low fees, but it offers an expansive library. Traders who value leverage take advantage of the variety. The platform is great with real-time pricing charts and order types, but it lacks technical analysis.
This platform may be problematic if you prefer advanced day or swing trading because it does not support MT4, MT5, or any third-party platforms.
On the plus side, there are no withdrawal or deposit fees, or any other account fees. Creating an account only takes a few minutes after having your Australian ID uploaded and verified. From there, you are required to make a $100 minimum deposit.
Payment methods supported by the platform include debit and credit cards, PayPal, and bank transfers.
Pros:
- Commission-free policy
- Tight spreads with low fees
- Platform available on the web and in-app
- Risk management, price alerts, and trader’s sentiment
- Regulated by ASIC, FCA, MAS
Cons:
- Doesn’t support social trading
- Only offers CFDs
What is a Trading Platform?
A trading platform is software used for trading, opening, closing, and managing market positions through a financial intermediary or broker. Platforms are typically offered by brokers for free or at a discount for maintaining a funded account or making a minimum number of trades each month.
How to Choose the Best Trading Platform in Australia
Now that we have reviewed the most trusted trading platforms , we have some advice on choosing the right platform for you. Below are the key elements for finding the best one for your trading needs.
1. Regulation
All the platforms reviewed in this guide are officially and legally regulated. This is important because it guarantees you can trade assets in a secure environment.
You may come across platforms that are regulated by ASIC or FCA- two top-tier bodies. Of course, there are other regulators, so just make sure they are reputable and avoid offshore tax havens.
2. Assets
If you are interested in a particular asset, you need to ensure the platform supports it. Top rated online brokers and trading platforms typically support multiple asset classes, strategies, and leverage, but double-check the platform information to be sure.
3. Fees
All brokers need to make money. Fees vary, so check out what each platform requires when factoring prices.
Below are the most common fee types:
- Investment Fees
- CFD and Forex Commission
- Spread
- Overnight Financing
- Deposits and Withdrawals
- Inactivity Fees
- FX Charges
4. Tools and Features
Below are some of the tools and features that make a good platform:
- Fractional shares
- Education resources
- Copy trading
- Risk management
- Leverage
- Demo accounts
- Mobile app
- Payment
- Customer service
How to Start with the Best Trading Platform in Australia
After browsing our guide you might have chosen the right Australian broker and trading App for you. The only step left to take is placing your first trade.
1. Open an Account
The process for opening an account is quick and simple. You will find the ‘join now’ button on the homepage. Follow the provided instructions and supply your personal information and contact details.
2. Verify Identity
You will be required to submit legal verification documents. The documents will be verified immediately, unlike with traditional brokers, which take several days to verify documents. Acceptable documentation includes a passport or driver’s license and a recent bill or bank statement.
3. Deposit Funds
If you want to practice before trading with real money, you can start a demo account. However, if you’re ready to start with real funds, make a deposit with any of the approved payment methods.
4. Search for Market
Once you have made a deposit, it’s time to search the market. You can either search for a specific company in the asset library or browse what is available. When you have found what company you would like to make a trade with, you simply select ‘Trade.”
5. Place Trade
After you have decided to place a trade, you will be prompted to specify what trade you would like to make. You will need to fill out the field for
- Buying or selling
- The amount
- If you would like to use leverage or not
You can complete the trade with the ‘Open Trade’ button.
Conclusion
We have reviewed the best share trading platforms for Australia residents, what to look for in the best platform, and how to make your first trade to save you time with research. Now, it’s up to you to choose which of these trading platforms Australia is most appealing to you.
Keep in mind that no two are alike, so take our pros and cons list seriously. You can’t afford to trade on a platform that isn’t best suited to you, so take your time when deciding from the options on this list.
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