7 Best Trading Platforms Australia 2023

In this article, we go over the best trading platforms in Australia in 2023.

Many brokers and trading platforms offer their services to Australian citizens. Share trading platforms have different features, fees, and trading software to name a few. The ASX or Australia Stock Exchange has a market cap of $1.44 trillion (16th in to the world – Wikipedia). Through these online brokers in Australia, Australians have access to the largest online exchanges in the world. ASIC (Australian Securities & Investments Commission) is one of the top-tier financial regulators. We have researched the most comprehensive data and options.

Best online trading platforms in Australia 2023

These are the best trading platforms Australia for 2023 according to our research:

1. eToro – Best Trading Platform Australia Overall
2. Pepperstone – Best Trading Platform Australia for Forex
3. Plus500 – Great CFD Trading Platform Australia
4. SwissQuote – Best Broker In Australia for Specialized Services
5. SaxoBank – Best Trading Platform in Australia for Professionals
6. Questrade – Great Trading Platform in Australia for Low Stock Fees
7. CMC Markets – Good CFD Broker Australia

Other Online Share Trading Platforms in Australia

• Westpac – 4.0 Stars – It is on the expensive side for Australians, but offers access to 30 international exchanges. Westpac offers the option for high-end research by Morningstar along with free reports, stock recommendations plus stock screener and great charting features.
• CommSec – 4.0 Stars – although their share trading fees are on the higher end, CommSec offers trading at 25 exchanges around the world. It is also one of the largest online brokers in AUS, offers great trading tools and market research.

There are a many things you should consider before you decide which platform you go with. The quality of its customer support, what kind of shares you can buy, instruments you can trade, how much do you have to pay per trade, and which research tools are available are just a few. For example, if you want to trade Forex in Australia you might want to pick a different broker than for CFD trading.

But before we dive into the specifics of the best brokers we will be presenting in this roundup, let us provide you with some market data about online trading in Australia.

The Australian Stock Exchange, known as ASX, is the 12 largest in the world by market capitalization. It is an important puzzle piece in Australia’s economic development. As a result, Australians have grown more interested in share trading over the years as a way to capitalize on the growth of the country’s corporations.

Information technologies have contributed to expand the scope and reach of share trading online within the country. Online trading platforms opened new markets that were inaccessible for less-experienced traders.

Buy and sell shares of businesses around the world is easier than ever. Traders can take advantage of the increasing number of share trading platforms available. Choosing the right one for your needs and demands may be exhausting, considering the wide array of options.

This guide intends to help you in your search for the right online broker in Australia by presenting you with the best available.

1 – Plus500

What's best about Plus500?

Plus500 is regulated by top-tier financial authorities. For an added layer of security and peace of mind, their company discloses their financials and is listed on a stock exchange. Plus500 offers financial products via CFDs.

What can you trade?

Plus500 offers the following financial assets:

• Stock CFDs
• Stock Index CFDs
• Commodity CFDs
• ETF CFDs
• Spot Currency Pairs
• Cryptocurrency

Fees & Commissions

Plus500 doesn't charge a commission or trading fees. The fees are built into the bid/ask spread of the CFDs. Fees charged by Plus500 are low compared to its closest competitors. First 5 withdrawals per month are free, which is a plus for small trading accounts. There is a $10 inactivity fee per quarter for accounts that are inactive for 3 months. Plus500 charges overnight funding fees for holding positions overnight.

Pros & Cons

PROS	CONS
Safe and reliable broker	Not good for long term investing (only CFDs)
Regulated in many top tier jurisdictions	No Fixed Spreads
Wide variety of CFD instruments available
Great for day trading
5 Free Withdrawals per month

2. eToro

What's best about eToro?

One of the coolest features is known as ‘social trading’. The trading platform provides a social-media like platform for traders. You can engage and exchange ideas with fellow traders, follow their activity, and copy their portfolios. If you feel their performance is good enough, you can copy their profitable financial instruments. Their platform offers typical order types and a negative balance protection. Read Full Review

What can you trade?

You can trade currencies, cryptocurrencies, stocks, commodities, CFDs, and indexes.

Fees & Commissions

eToro has 0% commissions on stocks that apply to Australian clients.

For commodity, forex, and cryptocurrency trades eToro charges a spread every time you make a trade. That is true for every online broker. A spread is the difference between the price the buyer is willing to pay and the price the seller will get. This spread varies from one instrument to the other. You should refer to their website to see how much you’ll pay for trading a specific asset.

There are other fees such as withdrawal fees, wire transfer fees, cryptocurrency transfer fees, and overnight fees. This is paid if you hold the securities for longer than a day.

The minimum deposit amount required to open an account is AUD $200.

Pros & Cons of eToro

PROS	CONS
Opening an account with eToro is fairly simple and should take no more than a few minutes.	Their educational materials are fairly limited to learning how to use the platform and not so much on trading ideas and actionable research.
They offer a wide variety of asset classes including commodities, foreign currency pairs, and stocks.	There are minimum limits on your withdrawals and you have to pay a fee for taking money out of the platform.
Their social trading feature allows you to profit from the knowledge of more experienced traders by copying their portfolios. You can also check their performance in real time.	Higher fees and spreads on certain foreign currency pairs and commodities.
They have educational materials available including podcasts, blogs, and video tutorials you can rely on to learn how to use the platform.
They are regulated by two important government agencies in Australia and the UK.

3 – SwissQuote

While based in Switzerland, the platform is available for clients in the Middle East, Malta, Europe, and Asia. It is a “global trading platform”.

What's best about Swissquote?

SwissQuote is appealing to sophisticated investors who are willing to pay above-market fees for specialized services. These services include robo-advisory, offshore banking, and asset management services.

What can you trade?

The company’s Swiss unit allows investors to trade stocks, funds, options, and futures while the UK-based subsidiary offers CFDs and forex market trades. Global accounts have access to all the products the company has to offer through all of its subsidiaries.

Fees & Commissions

The company requires no minimum deposit for Expat accounts (basic accounts). Corporate and trust accounts require a minimum deposit of USD$1,200 and USD$2,000. Stock and ETF trades pay a 0.25% fee per trade while bonds pay a higher 0.30% fee. Trade commissions on options, futures, and foreign currency trades vary depending on the location of the client.

Support

Limited to phone calls and it is available from Sunday to Thursday during office hours.

Pros & Cons of SwissQuote

PROS	CONS
Highly trusted due to its banking backing.	The user interface of its platform is a bit confusing.
The platform can be translated into various languages.	Not all research materials and tools are free.
No inactivity fees.	Above-market commissions and spreads.
Demo account available.
High-quality educational material.
The account opening process tends to be expedited.
Sophisticated services available (robo-advisory, portfolio management).

4 – SaxoBank

What's best about Saxo Markets?

SaxoBank’s extensive experience in the financial industry makes it a great choice for those with higher-than-average safety concerns. The company’s online share trading interface is qualified as the best, featuring great charting tools, order types and research materials.

What can you trade?

SaxoBank’s platform provides access to stock, bonds, commodities, futures, ETFs, CFDs, options, and foreign currency pairs. The platform advertises that it offers more than 140 different forwards and more than 182 spot forex pairs.

Fees & Commissions

The minimum amount required to open an account with SaxoBank is AUD$3,000 which puts it at the high-end of most online platforms in this particular area.

SaxoBank charges $6.99 per transaction for Australian stocks and $3 for US-listed ETFs. They earn from the spreads when it comes to CFDs, currency, and option trades and charge $0.85 per lot for futures and listed options. Fees may vary depending on the type of account selected. Inactivity fees apply.

Support

SaxoBank offers a 24/5 support platform but no live chat alternative. Certain types of accounts allow for the possibility of reaching out to Saxo’s staff of expert traders to ask for insights on potential transactions.

Pros & Cons of SaxoBank

PROS	CONS
Great reputation, banking background.	Higher than average fees on bonds, futures, and options.
Authorized and regulated by ASIC.	Higher than average minimum deposits (starting at AUD$3,000).
No withdrawal fees.	Customer support is unavailable during the weekends.
Good trading interface.	Identity checks may take longer than usual.
Broad portfolio of products to trade.
International shares are available.
Good research tools and educational materials.
Demo account available.

5 – Questrade

What's best about Questrade?

Questrade offers investors the possibility of managing their own portfolios as any other broker. They offer asset management services for those who wish to leave their funds in the hands of a professional team. This service is called Questwealth Portfolios. It offers pre-built low-priced exchanged-traded funds, which are managed investment vehicles for investors in Australia and around the world.

What can you trade?

Questrade offers investors the possibility of trading stocks, ETFs, initial public offerings (IPO), stock options, mutual funds, bonds, international equities, and precious metals.

Fees & Commissions

There is no minimum deposit to open an account on Questrade and no closing fees. Questrade stock trade price is 1¢ per trade. There is a minimum $4.95 commission and a maximum amount paid per trade of $9.95 ETF trades are free. Questwealth portfolio management fees start at 0.25% for the first $100,000 and go down to 0.20%.

Support

You can talk to a customer service rep through the phone or through a live chat feature.

Pros & Cons of Questrade

PROS	CONS
Low fees for stock investments and free ETF trades.	The account opening process takes longer than average for international customers.
Great alternative for Australia residents seeking to buy shares in the US and Canadian markets.	Non-Canadian users pay higher withdrawal fees.
High-quality customer service.	Inactivity fees apply and are higher than average.
The fees for its asset management service are below the market average.	Forex trading is not available.
Great platform interface.
Educational material for investors is available yet in an unstructured way.
Great research tools containing actionable market data.

6 – CMC Markets

What's best about CMC Markets?

This platform is a nice alternative for casual investors in Australia. It offers a 0.1% (or $11) commission for the first 10 trades every month. This means that low-frequency traders and investors can benefit from lower costs if want to buy and hold assets.

What can you trade?

CMC Markets offers a wide range of products for investors including forex pairs, commodities, CFDs, stocks, treasuries, cryptocurrencies, international shares, and indexes.

Fees & Commissions

CMC Markets doesn't have a minimum deposit amount. The first 10 trades of each month cost $11 (or 0.1% of the total), while Pro accounts offer up to 30 trades at a price of $9.99. Trading fees for CMC Markets are not disclosed. Fees tend to vary depending on the nature and instruments involved in each trade. CFD commissions vary depending on the instrument and the underlying asset. There are no withdrawal or deposit fees. There is a monthly inactivity fee for trading CFDs, but no inactivity fees for stocks.

Support

CMC Markets features a live chat. You can also reach them via phone call or e-mail.

Pros & Cons of CMC Markets

PROS	CONS
Below-market fees for most products.	Confusing fee structure.
Low fees for casual investors.	Customer service has some negative feedback.
Great platform interface.
Educational and training materials are available.
One of the best CFD and spreadbetting brokers in Australia.

Compare Australian Online Share Trading Platforms

What is the cheapest online trading site in Australia?

It is hard to determine the cheapest online trading website. There are many factors that go into calculation the final trading price.

What is the best Trading Platform Australia?

1. Plus500 – Our Top Pick – Visit Plus500 – 77% of retail investor accounts lose money when trading CFDs with this provider
2. eToro – Best Trading Platform for Beginners – Visit eToro – AFSL 491139. Capital at risk. See PDS and TMD
3. SwissQuote – Best Specialized Services – Visit SwissQuote
4. SaxoBank – Best for Professionals – Visit SaxoBank
5. Questrade – Low Fees For Stocks – Visit Questrade
6. CMC Markets – Best Platform – Visit CMC Markets

What you should look out for when picking an trading platform in Australia?

The list of variables to consider when picking a platform is extensive. That is why this guide will help you save time and effort. Here is a non-exclusive list of some of the characteristics we will be analyzing throughout this guide:

• Available markets and securities – depending on what exactly you are looking to trade you should pick your share trading platforms accordingly. You may like CFDs as they allow you to trade on virtually anything without having to commit that much money in buying the underlying asset or you may prefer ETFs to invest in broad-market indexes.
• Margin accounts – a margin account allows you to use leverage to boost your returns. Each offers a certain degree of leverage you can rely on for your transactions and it is often expressed as ratio i.e. 20:1, 15:1. This ratio means that for every dollar you put into the account you may borrow 20 or 15 from your broker to increase the size of your positions.
• Support – customer support is something you don’t think you need until you run into an issue. For that reason, the best offer top-notch customer chat support to address any issue investors may face during their journey.
• Types of orders – the availability of different types of trade orders is important to help you lock in profits even while you are not staring at the screen. This includes stop-loss, trailing stop-loss, and limit orders which are quite useful for investors.
• Security – since there will be money involved, one of the major concerns investors have is how safe their money and personal information is.
• Research tools – you are probably not going to wake up every single morning with one (or many) brilliant trading ideas. This is why research tools are something you should look for in a share trading platform.
• Education & training materials – trading is a journey, not a race. Learning is part of that journey and your broker can be of assistance in that regard by providing you with educational material you can take advantage of to enrich your knowledge and hopefully your returns.
• Cost of trading – trading platforms have different ways of charging for trading online by using their systems and it is important that you understand how much you will be paying to buy shares – or sell them – before you pull the trigger.
• Interface and ease of use – even though the best offer mobile apps and user-friendly desktop interfaces there are certain unique elements that each of their systems bring to the table that may be convenient for some while uncomfortable for others. Since you will be interacting with these interfaces on a daily basis you should make sure you are comfortable with it before deciding which broker you will sign up with.
• Extra features – each broker has its own way to present itself to traders as the ‘best’. They often do this by introducing some convenient features their competitors do not offer.

What kind of financial instruments can you trade?

Brokers tend to offer a wide range of asset classes. They may offer you the possibility of trading commodities, stocks, bonds, currencies, or cryptocurrencies, among other financial instruments, and they might do this through different investment vehicles.

For example, certain platforms allow you to buy and sell shares or bonds, while others may offer exchange-traded funds (ETF), which are investment vehicles that use a pool of capital to buy certain financial instruments based on their individual objective.

On the other hand, other platforms may offer Contracts for Difference (CFDs), which are innovative financial contracts that allow the trader to benefit from the fluctuation in the price of the underlying security without actually holding the asset.

How safe are online stock brokers?

It is safe to trade stocks online. Brokers are regulated and they do their best to eliminate threats.

While trading is an activity that involves certain risks, your trading platform should be safe. After all you trust them with your money.

One way to achieve this is to make sure your broker is registered with the Australian Securities & Investments Commission (ASIC) or a peer authority from a foreign country if they are not registered in Australia. These entities are in charge of overseeing and regulating brokers within their respective countries.

How can I start trading if I live in Australia?

Investors in Australia can engage in online share trading by opening a stock brokerage account. The minimum deposit, the time it takes to approve each account, and the tools available once the account is opened vary from one share trading platform to the other.

However, most online brokers approve new accounts in less than 5 days and accept various payment methods for depositing money into the account.

Top Beginner Friendly Share Trading Platforms in Australia

The best broker for beginners in Australia is eToro. eToro features an intuitive and easy to use trading platform. eToro social trading feature is perfect for beginner traders. Visit eToro – AFSL 491139. Capital at risk. See PDS and TMD

BROKER	BEST FOR	WEBSITE
Plus500	Our Pick for Australians	Visit Broker
eToro	Best Social Trading Platform	Visit Broker AFSL 491139. Capital at risk. See PDS and TMD
SwissQuote	Best Specialized Services	Visit Broker
SaxoBank	Best for Professionals	Visit Broker
Questrade	Low Fees For Stocks	Visit Broker
CMC Markets	Best Trading Platform	Visit Broker