Locating a rdependable CFD broker for Australian traders can be a time-intensive endeavor. . To simplify your quest for a high-quality CFD trading platform, we have compiled this comprehensive guide. Our research involved an assessment of over 50 brokers, considering factors such as CFD fees, security measures, regulatory compliance, trading platforms, investment options, and more.
Below, we present the finest CFD trading brokers in Australia and viable alternatives for CFD traders.
List of CFD Trading Platforms in Australia for 2024
While we delve into detailed reviews of the top CFD brokers for Australia below, here is a quick overview of our top selections:
- eToro – eToro – Leading CFD Broker in Australia for 2024
- AvaTrade – AvaTrade – Preferred CFD Broker in Australia for Beginners
- Plus500 – Plus500 – Economical CFD Broker in Australia
- XTB – XTB – Premier Australian CFD Broker for Day Trading
- IG – IG – Prominent CFD Broker in Australia Offering Multiple Trading Platforms
Compare CFD Trading Platforms in Australia
| CFD Trading Platform | Minimum Deposit | CFD Fees | # of CFDs | Product Selection | Our Score |
|---|---|---|---|---|---|
| eToro | $200 | Low | 2000+ | Forex, Stocks CFDs, Stock Index CFDs, Commodity CFDs, Crypto | 4.9/5 |
| AvaTrade | $100 | Low | 1200+ | CFDs on: Bonds & Treasuries, Stocks, Indices, Commodities, ETFs | 4.9/5 |
| Plus500 | $100 | Low | 2000+ | CFDs on: Indices, Forex, Commodities, Crypto, Shares, Options, ETFS | 4.8/5 |
| Pepperstone | $0 | Low | 1200+ | Forex CFDs, Commodity CFDs, Cryptocurrency CFDs, Shares CFDs, ETF CFDs | 4.8/5 |
| XTB | $0 | Low | 2100+ | Forex, Indices, Commodity, Stock CFDs, ETF CFDs, Crypto | 4.7/5 |
| IG | $0 - $300 | Medium | 17000+ | CFDs on: Indices, Forex, Shares, Commodities, Cryptocurrencies, Bonds, Options | 4.6/5 |
1. eToro
eToro stands out as a highly regarded CFD broker in the Australian market, distinguishing itself with two noteworthy features: zero commissions on trades involving US-listed stocks and a premier copy trading ecosystem.
Known as a trailblazer in social trading, eToro creates a social media-like atmosphere within its platform, allowing traders to connect, exchange ideas, share past performance, and discuss trades.
For traders residing in Australia, eToro extends the benefit of free trading for US-listed stocks.
eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC derivatives involve speculation and leverage and may not be suitable for all investors. Your invested capital is at risk. Please refer to the Product Disclosure Statement (PDS ) and Terms and Conditions (TMD) for further details.
Fees
eToro, catering to Australian traders, imposes no charges for trades involving US-listed stocks, while other instruments are traded via CFDs.
The costs associated with CFD trading on eToro are as follows:
- Forex CFDs entail commissions starting at 3 pips for EURUSD.
- Commodity CFDs come with commissions starting at 2 pips for copper.
- Index CFDs involve commissions starting at 4 pips for the US Dollar Index (DXY).
- Stock & ETF CFDs incur a 0.09% commission per trade.
- Cryptocurrency trading carries a commission fee of 1% added to the spread when buying or selling crypto assets on eToro. This fee is integrated into the displayed price when users open or close a position.
Overnight fees apply if a CFD is held for more than a day, and the overnight interest rate varies per instrument. eToro also imposes a $10 monthly inactivity fee if the user fails to log into the account for 12 months or longer.
Available Markets
eToro's range of CFDs encompasses the following markets and instruments:
- 153 ETFs
- Individual stocks from 17 different exchanges
- 13 stock indexes
- 15 commodities
- 47 currency pairs
- 94 cryptocurrencies
Platform
eToro offers its proprietary platform, designed primarily for novice traders, evident in its highly user-friendly layout and straightforward interface. This broker does not support Meta Trader. eToro provides a web version and a mobile trading app, with no desktop platform available as of yet.
Both the web and mobile platforms are exceptionally well-designed and incorporate the social trading feature. The search function operates smoothly, and charting tools are available, featuring over 70 technical indicators. However, the charting tool is limited to a 6-month timeframe, which may be considered a drawback. Additionally, the news feed is restricted to tweets from traders within the platform, known as the social feed, and fundamental data is not provided for the listed stocks on the platform.
eToro's platform is accessible in 26 different languages, and traders can set price alerts and notifications for various instruments. These notifications can be delivered via push notifications to the trader's phone or web browser.
Account Opening
Opening an account with eToro is a quick process. The platform can be accessed without registration. For residents of Australia, the minimum deposit requirement is $50 for most payment methods, while bank transfers necessitate a minimum deposit of $500.
The standard account offers limited leverage, while professional accounts provide higher leverage ratios but require meeting specific minimum criteria. eToro also offers a demo account for traders who wish to test the eToro proprietary platform before committing.
Deposit & Withdrawal
eToro does not levy deposit fees, and funds can be deposited using debit/credit cards, e-wallets, or bank transfers.
Notably, eToro only offers accounts denominated in USD$, which means that Australian clients are subject to conversion fees for both deposits and withdrawals. These fees commence at 50 pips, which is approximately 0.46% of the deposited or withdrawn amount.
eToro imposes a $5 withdrawal fee, and there is a minimum withdrawal amount of $30 per transaction. Withdrawals below this amount incur a $10 fee.
Please explore the comprehensive review for detailed information.
eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. OTC Derivatives are leveraged financial products and are regarded as speculative. OTC Derivatives may not be suitable for all investors. Ownership of the underlying assets is not conferred. There is a risk of losing your entire investment. This information is of a general nature and has been prepared without considering your objectives, financial situation, or needs. Please review our Product Disclosure Statement (PDS).
Stocks via the eToro Service ARSN 637 489 466, promoted by eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Investing in shares through a managed investment scheme does not entail direct ownership of the underlying assets. Capital is at risk. Refer to the PDS and the comprehensive disclaimer.
2. AvaTrade
AvaTrade provides a diverse range of features designed to cater to both seasoned and novice traders. These offerings encompass a streamlined account opening process, a well-crafted and high-performing proprietary share trading interface, and the option to utilize third-party platforms like MetaTrader.
Fees
Trading costs with AvaTrade tend to be slightly higher, and these costs are integrated into the bid/ask spread for each instrument available on the platform.
This broker applies an average spread of 0.5 for S&P 500 index trading and an average spread of 1 for Europe 50 index trading.
The cost of trading individual stocks varies depending on the specific stock.
To illustrate, a hypothetical position of $2,000 held for a week with a 20:1 leverage ratio for stock indexes and a 5:1 leverage ratio for individual stocks would result in the following costs:
- S&P index: $0.9 per trade.
- Europe 50 index: $0.6 per trade.
- Apple stock: $4.1
Additionally, AvaTrade imposes a $50 inactivity fee on a quarterly basis if the user does not log into their account for a period exceeding three months.
Available Markets
AvaTrade's CFD portfolio encompasses:
- 20 stock indexes.
- 630 individual stocks.
- 5 ETFs.
- 17 commodities.
- 2 bonds.
Platform
AvaTrade offers a web-based, desktop, and mobile version of its proprietary platform (Webtrader), alongside MetaTrader 4 and MetaTrader 5.
Webtrader boasts a user-friendly interface that allows investors to easily browse through the available CFDs. It also provides comprehensive reports showcasing trade performance, fees paid, and other relevant information. However, it lacks support for price alerts and a two-step login feature.
The desktop version closely resembles the Meta Trader interface and supports price alerts. The mobile trading app boasts a well-designed interface optimized for the limited screen space on mobile phones. It features a functional search function and introduces a unique AvaProtect order type, designed to mitigate financial losses from trades for an additional fee. The app is compatible with both Android and iOS.
Account Opening
Account registration is straightforward and completed entirely online. AvaTrade is accessible in most countries, except where CFDs are prohibited, such as the United States, Iran, Syria, and similar jurisdictions.
AvaTrade offers four different account types, with a minimum deposit requirement of $100. However, for bank transfers, the minimum deposit rises to $500.
The ID verification process with AvaTrade is typically swift, often taking less than a day when users provide all required information promptly. A demo account is also available for traders who wish to test the platform before committing funds.
AvaTrade offers a demo account for traders who want to test the platform before depositing money on it.
Deposit & Withdrawal
AvaTrade provides five different currencies for account denominations, including the Australian Dollar (AUD), which benefits Australian residents by reducing conversion fees.
No deposit fees are levied, and debit and credit card deposits are processed instantly. Bank transfers may take a few days to clear.
Withdrawals from AvaTrade do not incur additional fees, but there is a maximum withdrawal limit of up to 200% of the last deposit if funds are returned to a debit or credit card. For bank transfers, there are no upper withdrawal limits.
Please explore the comprehensive review for detailed information.
3. Plus500
Explore Plus500 , a highly acclaimed CFD Trading Platform worldwide. Its popularity largely stems from its user-friendly approach to commencing CFD trading. The online registration process is smooth, and its fees are competitive when compared to other brokerage firms. Notably, Plus500 is listed on the London Stock Exchange, enhancing its credibility..
Please be aware that 86% of retail investor accounts lose money when trading CFDs with this provider.
Fees
Plus500 boasts some of the industry's most competitive fees, with no commission charges for CFDs. Instead, the fees are incorporated into the bid/ask spread of each instrument. The spread signifies the difference between the buying and selling prices of a CFD.
*The following represents the average spreads applied by Plus500 to some of their most popular financial instruments as of August 25th, 2021:
- USA 500 CFD: 0.7 pips.
- AAPL CFD: 1.12
- EUR/USD currency pair CFD: 0.00008
Furthermore, Plus500 imposes a 0.7% currency conversion fee for currencies other than the account's base currency. Additionally, a $10 quarterly fee is levied on accounts that remain inactive for three months or more.
Available Markets
Plus500's CFD offerings encompass a wide array of financial assets, including:
- 1,800 individual share CFDs
- 33 stock indexes CFDs
- 92 ETF CFDs
- 22 commodity CFDs
- 14 cryptocurrency CFDs
Platform
Similar to eToro, Plus500 provides a proprietary interface and does not support third-party software like Meta Trader. The Plus500 platform prioritizes user-friendliness and is primarily tailored to enhance the share trading experience.
Customization options for the web version and the mobile trading app are somewhat limited. They include a selection of 107 different technical indicators, a trader's sentiment tool for each instrument, an economic calendar, and a news feed powered by reputable providers such as Reuters and CNN. However, no fundamental information is provided for the listed stocks.
Both versions offer two-step security login, and the mobile app features biometric recognition for logging in.
Account Opening
The minimum deposit for Plus500 is $100, while bank transfers require a minimum deposit of $500.
The account opening process is straightforward, offering two account types for traders: Real Money Account and Demo Account. These come in two variations: retail and pro accounts.
The primary distinction is that pro accounts have access to higher leverage ratios, contingent on meeting specific eligibility criteria. It's important to note that professional clients forfeit their Investor Compensation Fund (ICF) rights.
Deposit & Withdrawal
No deposit fees are applied by Plus500. They offer up to five free withdrawals per month, with a $10 fee imposed for any additional withdrawals beyond that limit. The minimum withdrawal amount is $50 for e-wallet withdrawals and $100 for bank transfers.
Plus500 provides a choice of ten different base currencies for CFD trading accounts, including the Australian Dollar.
Please be aware that CFDs are complex instruments and involve a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you understand how CFDs work and whether you can afford the high risk of losing your capital.
4. XTB
XTB is a globally recognized broker headquartered in Europe, extending its services to clients in Australia. This provider imposes low fees on stock index CFD trades and offers a swift online registration process, taking only a few minutes to complete.
Furthermore, deposits and withdrawals can be conducted without incurring any additional charges, making it particularly advantageous for traders with limited capital.
Fees
XTB boasts competitive CFD fees, with average spreads as follows for some of the most popular instruments:
- S&P fees: 0.6 average spread
- Europe 50 fees: 2.2 average spread.
For individual stocks, the fees are slightly higher compared to other brokers mentioned earlier. As an illustration, for a hypothetical $2,000 long position held for one week with a leverage ratio of 5:1, the cost of CFD trading on an Apple stock would be $17.9.
Available Markets
XTB offers an array of CFD instruments, including:
- 42 stock index CFDs.
- 1,700 individual stock CFDs.
- 103 ETF CFDs.
- 18 commodity CFDs.
- 3 bond CFDs.
- 25 cryptocurrency CFDs.
Account Opening
The minimum deposit required to open a trading account is $250, with two account types available: the standard and the pro account.
The standard account features wider spreads but does not impose commission fees on CFD trades. Conversely, the pro version offers tighter spreads but entails an additional commission fee. XTB provides a variety of base currencies for its accounts, including the Australian Dollar, which is advantageous for clients in Australia as it helps reduce conversion fees.
Deposit & Withdrawal
Debit card, credit card, and bank transfers do not incur deposit fees, but a 2% charge applies to e-wallet deposits. For withdrawals, no fees are levied if the withdrawal amount exceeds $100. Withdrawals below $100 are subject to a $20 fee.
Deposits can be made via debit card, credit card, e-wallet, and bank transfer, while withdrawals are facilitated exclusively through bank transfers.
5. IG Markets
IG Markets is a UK-based broker offering access to over 16,000 different markets and competitive trading fees for Australian investors.
Fees
IG Markets' CFD trading costs vary depending on the instrument. Below are the trading fees for different underlying assets:
- Individual stock fees: 0.1% of the contract value.
- Commodity fees: 0.3% of the contract value.
- Index fees: 0.4% of the contract value.
- Cryptocurrency fees: 0.2% of the contract value.
There is also an inactivity fee of $12 per month if the user fails to log into their account for more than 24 months.
Available Markets
IG Markets offers the following number of underlying assets for its CFDs:
- 68 stock index CFDs.
- 10,500 individual stock CFDs.
- 1,900 ETF CFDs.
- 47 commodity CFDs.
- 13 bond CFDs.
- 8 cryptocurrency CFDs.
Account Opening
To open an account with IG Markets, a minimum deposit of $300 is required for debit cards, credit cards, and e-wallets. There is no minimum deposit for bank transfers.
Verifying an account with IG Markets may take an average of 3 days, which is a bit longer than with some other brokers.
Deposit & Withdrawal
IG Markets does not charge additional fees for deposits or withdrawals. Accounts in Australian Dollars are available for residents of Australia.
You can change the base currency of your account by contacting IG Markets' customer service via email.
Deposits can be made via debit card, credit card, bank transfer, or e-wallet. Withdrawals can also be made through these methods except for e-wallets, which are not supported for withdrawing funds.
