Financial markets present an opportunity for trading and investment, and the key to maximizing this opportunity lies in having a reliable and efficient trading platform that aligns with your specific needs. Beyond basic functionalities, the best trading platforms offer a range of additional features that are highly valued by traders. These include fast and seamless order execution at optimal prices, the ability to monitor customized instrument watchlists, instant alerts for important events, and access to real-time news updates.
However, in Australia, where a wide range of trading platforms are available, finding the one that meets your requirements can be challenging. Each platform comes with its own unique features, tools, and services, making the selection process quite complex.
In this article, we aim to simplify your search by carefully examining and comparing the best trading platforms in Australia. Our comprehensive analysis will delve into platform features, trading tools, pricing structures, customer support, and security measures. So, if you’re looking for the perfect trading platform tailored to your needs, look no further. Keep reading to discover our curated list of the top trading platforms in Australia.
Best Trading Platforms in Australia
Interactive Brokers | Best overall
Interactive Brokers offers a comprehensive range of trading platforms. Their investment platform, Trader Workstation (TWS), is an advanced desktop platform designed for active investors who engage in multi-product trading. Additionally, IBKR provides an easy-to-use mobile app called IBKR GlobalTrader.
eToro | Best for social trading
eToro stands out as a leading social trading app. It offers zero-commission stock and ETF trades, a user-friendly mobile platform, and the ability to automatically follow and copy the trades of other successful traders. It offers other products, including Cryptocurrencies.
Disclaimer: eToro Service ARSN 637 489 466 Capital at risk. See PDS and TMD.
Saxo Bank | Best for powerful trading tools
Saxo offers a range of trading platforms suitable for different needs. From the simple and fast SaxoInvestor platform to the award-winning SaxoTraderGO and the fully customizable SaxoTraderPRO, you can access powerful trading tools tailored to your preferences.
IG | Best for CFD trading
IG is a popular CFD broker offering a wide range of trading instruments, including over 18,000 markets with various trading platforms. Additionally, they are also recognised for their high-quality research and educational resources.
Pepperstone | Best for MetaTrader4 (MT4) and MetaTrader5 (MT5)
Pepperstone is a popular broker that offers several trading platforms like TradingView, MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader, which are well-suited for social trading and copy trading features, allowing users to replicate the trades and strategies of successful traders automatically.
Best Trading Platforms in Australia compared
|Stocks, ETFs, Options, Futures, Forex, Commodities, Bonds, and Funds
|ETFs, Stocks, Cryptocurrencies
|Stocks, ETFs, Options, CFDs on Indices, Commodities, Forex, and Cryptocurrencies
|CFDs on Stocks, Indices, Commodities, Forex, Futures, Options and Cryptocurrencies
|CFDs on Stocks, ETFs, Forex, Indices, Commodities and Cryptocurrencies
|AUD 0 for bank transfer,
AUD 100 for Cards and Paypal deposits
AUD 10 for BPAY
|Bank transfer, credit/debit cards, PayPal, Skrill, and other electronic wallets
|Bank transfer, and credit/debit cards
|Bank transfer, credit/debit cards, PayPa and BPAY
|Bank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more.
|1 free withdrawal per month
|USD 5 per withdrawal
|Fees on stocks
|Between $0.0005 and $0.0035 per US share.
Between 0.015% and 0.08% for AU shares.
|Between 0.03% and 0.08% for US share (minimum of $1 per order)
Between 0.03% and 0.08% for AU stocks (minimum AUD 3 per order)
|$0.02 per side for US CFD shares
0.08% per side for AU shares (minimum AUD 7)
|$0.02 per side for US CFD shares
0.07% per side for AU CFD shares (minimum AUD 5)
In the following reviews, we discuss the features of each trading platform, where each broker differs in terms of pricing, accessible markets and instruments, and other special features.
Best trading platforms in Australia reviewed
1# Interactive Brokers
Interactive Brokers at a glance
Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators with no minimum deposit requirement.
Interactive Brokers Australia supports various account base currencies, including AUD, USD, EUR, and other major currencies. However, funding these accounts is limited to bank transfers. They offer one of the tightest spreads in the market, ensuring favorable trading conditions, but their commission is tier-based, meaning it varies depending on your monthly trading volume. Interactive Brokers does not charge any inactivity fee, and account holders are entitled to one free withdrawal each month.
Interactive Brokers offers a comprehensive range of trading platforms to cater to the diverse needs of traders. These platforms include the web-based Client Portal, the GlobalTrader Mobile app, and the professional-grade Trader Workstation (TWS), offering a wide array of features and tools to meet the diverse needs of traders.
The web-based Client Portal is designed to be user-friendly, making it accessible to both beginners and experienced investors. It provides real-time monitoring, customizable watchlists, alerts, and a range of advanced features, such as over 120 technical indicators for advanced technical analysis. Traders can create personalized templates, access advanced charting tools, utilize various order types, and benefit from Smart Routing, which selects the optimal trading route for each trade.
Best Trading Platforms in Australia – IBKR Web App
For traders who prefer to trade on the go, Interactive Brokers offers the IBKR Mobile app providing convenience and advanced functionality. A notable feature of IBKR Mobile is the chatbot IBot, which allows users to quickly access basic information and execute or close orders directly through the chat interface. IBot serves as a natural language trading interface, enabling traders to complete key trading tasks in TWS using plain English commands. This feature enhances the user experience and simplifies trading activities.
IBKR GlobalTrader is another mobile trading app offered by Interactive Brokers that allows traders to engage in simple and worldwide trading. The app offers the flexibility to trade in fractions and invest with as little as $1, making trading accessible to traders of all levels. You can also open a simulated trading account to practice trading before opening a live account and gain access to $10,000 in simulated cash to trade in a simulated trading environment.
On the downside, you might be overwhelmed by the number of buttons and features available on each platform, especially if you are new to trading. However, Interactive Brokers offers a lot of educational materials and video tutorials to assist you in navigating and utilizing their platforms effectively. These resources can be beneficial regardless of the specific platform you are trading or using.
eToro is another exceptional trading platform in Australia that has been well-known for its social trading feature, where you may copy the trades of other successful investors and discuss current market news with a reasonably large investor community of over 30 million users.
eToro provides an extensive selection of more than 5,000 financial instruments, including stocks, ETFs, and cryptocurrencies. The platform also offers the opportunity to invest in pre-made investment portfolios known as Smart Portfolios, which group together multiple assets or traders based on specific themes or strategies. Additionally, you can choose the most suitable verified trader to follow and copy, considering factors such as past Return on Investment (ROI), risk profile, and other relevant criteria.
The web platform is user-friendly for beginners and has an intuitive layout with many features that enhance your trading experience, such as one-click trading, limit orders, and advanced charting tools. Another feature is the eToro Research Tab, powered by TipRanks, which helps you enhance your knowledge to make better-informed investment decisions.
Best Trading Platforms in Australia – eToro Dashboard Overview
While eToro is a user-friendly platform that appeals to beginners, it may not be the optimal choice for day traders or experienced investors due to higher spreads on some products. Furthermore, there is a $5 fee per withdrawal request, and the only account currency available is USD. You can check our detailed eToro review for further analysis.
3# Saxo Bank
62% of retail CFD accounts lose money.
Saxo Bank at a glance
Saxo Bank is a distinguished multi-asset broker renowned for its exceptional trading platform experience and extensive range of over 72,000 tradable instruments. It was founded in 1992 and offers a comprehensive suite of trading tools, in-depth research capabilities, and premium features.
Saxo Investor Trading Platform
Saxo offers a range of trading platforms designed to meet the diverse needs of investors.
- SaxoInvestor, their simple and fast investment platform, is ideal for beginners. It provides curated stock lists, trending investment themes, and easy access to a variety of asset classes such as stocks, mutual funds, ETFs, bonds, and managed portfolios. You can conveniently manage your investments on your phone, tablet, or computer;
- For more experienced traders, SaxoTraderGO is an award-winning platform with advanced features. It offers enhanced trade tickets, comprehensive charting tools, options chains, performance analysis, fundamental and technical analysis tools, and a detailed account overview. It supports both mobile and desktop access, allowing traders to set up a one-screen layout or utilize a second screen for charting;
- SaxoTraderPRO is their fully customizable, professional-grade platform, equipped with features like algorithmic orders, one-click trading, options chains, and advanced charting packages. You can fully customize the workspace across multiple screens and benefit from advanced workspace management and multi-channel linking between modules.
Saxo also provides connectivity to third-party platforms, allowing you to extend your capabilities through custom tools that suit your specific trading requirements. These tools include asset-specific analysis tools, advanced strategy backtesting, and hyper-responsive charting. Saxo ensures best-in-class execution and competitive pricing across all their platforms, and traders can connect to Saxo’s capital markets infrastructure through FIX API or OpenAPI for tailored multi-asset liquidity and seamless access to market data.
Saxo Bank lets you open an account in a wide range of currencies, including AUD, USD, EUR, GBP and several other major currencies. However, it is important to note that the minimum initial funding requirement is AUD 1,000, which may be higher than some other brokers.
75% of retail CFD accounts lose money.
IG at a glance
IG Group is a London-based broker founded in 1974 and listed on the London Stock Exchange. It offers access to an extensive range of trading instruments, with over 18,000 CFDs spanning various asset classes. It is perfect for both beginners and professional traders. For instance, their free educational resources through its IG Academy help traders improve their understanding of financial markets and trading skills. Furthermore, IG’s news and analysis section provides professional insights to keep traders updated on market-moving events.
When trading with IG, you can choose from various trading platforms. The IG trading platform is available on iOS and Android devices. It also offers a progressive web app, allowing traders to access their accounts from any device with internet access. For more advanced traders, IG offers ProRealTime and MetaTrader4, two platforms known for their advanced charting capabilities and customization options. For those looking to trade with Direct Market Access (DMA), IG offers L2 Dealer, a platform designed for professional traders that provide direct access to exchange order books and market depth.
Depending on the asset class, IG charges a spread or commission on trades. For example, spreads on major CFD currency pairs start at 0.6 pips, while on major indices, spreads start at 0.8 points and 0.1 points on commodities. As for share CFDs, commission fees start from AUD 7 or 0.08% for Australian-listed shares.
In addition to spread and commission fees, there may be other potential charges and factors that could influence how much your trading costs. These fees are only applicable when they apply to your trades, such as overnight financing charges or fees for guaranteed stops. IG has a very transparent fee structure, and you can check all the details and examples on its website, allowing you to calculate the cost of your trades accurately.
Opening an account with IG is free of charge. However, you should note that there is a monthly account charge of AUD 18 if you haven’t used your account for two years or more. It’s important to keep this in mind to avoid any unexpected charges. The required minimum deposit depends on your funding method. For example, there is no minimum for a bank transfer, but there is an AUD 100 minimum for credit/debit card deposits and Paypal deposits, AUD 10 for BPAY.
74-89% of retail CFD accounts lose money.
Pepperstone at a glance
Pepperstone was established in 2010 and currently serves more than 300,000 traders across the globe. It is an excellent choice for Australian traders seeking to utilize the popular MetaTrader while enjoying free deposits and withdrawals. Additionally, Pepperstone provides access to trade CFDs across various asset classes, including shares, indices, commodities, ETFs, and currency indexes.
With Pepperstone’s range of trading platforms, you can access reliable technology, fast execution, and diverse tools to enhance your trading experience. Whether you prefer the popularity of MetaTrader 4 (MT4), the advanced functionality of MetaTrader 5 (MT5), the intuitive design of cTrader, or the integrated power of TradingView, Pepperstone has a platform to suit your trading needs. Here’s a brief description highlighting the main features of each platform.
- MetaTrader 4 (MT4): It is the renowned Forex trading platform where you can customize the platform to match your trading style, create and execute expert advisors using MQL4, identify high probability trades with Autochartist, and utilize a wide range of 28 indicators and expert advisors with Smart Trader Tools;
- MetaTrader 5 (MT5): The platform offers enhanced functionality, advanced features and easy coding with MQL5. It provides faster processing, 38 inbuilt indicators, 21 timeframes and advanced customization options;
- cTrader: An intuitive and user-friendly trading platform designed to provide advanced features allowing you to control slippage and order fills. You can benefit from FIX API connectivity and coding in C# with cTrader Automate, and it offers powerful charting and extensive customization options. TradingView is easily integrated with Pepperstone through cTrader, where you will get access to the web-based social network for traders. It enables interaction and facilitates the sharing of trading ideas among a large trading community.
Pepperstone allows account opening in multiple currencies, including AUD, USD, EUR and more. In addition, you can benefit from significant leverage of up to 1:30, although it is essential to consider the potential risks associated with higher leverage.
What Makes a Good Trading Platform?
A well-designed and efficient trading platform can significantly enhance your trading experience and improve your chances of success in the financial markets. Here are some key factors that make a trading platform stand out:
- User-friendly interface: Intuitive and easy-to-navigate interface that enables smooth and seamless trading with a clear and organized layout;
- Order execution: Fast and efficient order execution with minimal slippage and a platform that supports various order types to suit different trading strategies, including market orders, limit orders, stop orders, and others;
- Regulation: Regulation by reputable financial authorities such as the Australian Securities and Investments Commission (ASIC) to ensure compliance with industry standards and protect investor interests;
- Customization and personalization: Ability to save and customize watchlists, create personalized trading templates, and set up custom alerts. If you are a professional trader, you might be looking for a platform that is highly customizable;
- Excellent customer support: Availability of multiple channels of support, such as live chat, email, and phone, with knowledgeable and responsive support representatives;
- Products available: A diverse selection of assets allows you to explore various markets, diversify your portfolio, and take advantage of different investment opportunities. You might want to consider a trading platform that includes the main products you want to trade.
The Bottom Line
Identifying the best trading platforms in Australia can be challenging, given the numerous options available. In this review, we have highlighted the key features of the top trading platforms in Australia, which are summarized below:
Best Trading Platforms in Australia
|Best for social trading
|Best for powerful trading tools
|Best for CFD trading
|Best for MT4 and MT5
To discover the most suitable broker for your needs, our “Help Me Choose” tool is at your disposal. Additionally, you can refer to our comprehensive comparison table, which offers an in-depth analysis of the essential features provided by different global brokers. Additionally, you can check our reviews for an in-depth analysis of each broker and its platform
Whether you are a new investor or a seasoned professional, we hope this article helped answer a few of your concerns. When choosing a trading platform, we recommend opening a demo account and testing the features before making the final decision.
What is the minimum balance to start trading in Australia?
Many brokers do not have any minimum balance requirement, so you can start trading with as low as $1.
Is Robinhood available in Australia?
Unfortunately, Robinhood is not yet available in Australia. However, you can check our list of Robinhood alternatives in Australia for more info.
Can I trade options in Australia?
Yes, you can trade options in Australia. You can check our article on the best options brokers in Australia, which provides an in-depth comparison and analysis of various options brokers.
Can I trade multiple asset classes on trading platforms in Australia?
Yes, many trading platforms in Australia offer access to multiple asset classes, including stocks, bonds, commodities, and Forex.
Can I use demo accounts on trading platforms in Australia to practice trading before investing real money?
Yes, many trading platforms offer demo accounts that allow you to practice trading strategies and familiarize yourself with the platform without risking real money. All the trading platforms mentioned in this article offer demo accounts.