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Is E*TRADE available in Australia? Alternatives in 2024!

Minho Investment Association| Updated March 11th, 2024

You might already be familiar with E*TRADE, a well-established American discount broker known for its diverse financial offerings. 

E*TRADE provides an online platform for self-directed investors and traders, allowing them to trade stocks, options, bonds, mutual funds, ETFs, and more. Additionally, E*TRADE offers automated investment portfolios and retirement accounts to cater to a wide range of financial needs, all while delivering a highly regarded mobile trading app for on-the-go investors.

Want to know if E*TRADE is available in Australia and the alternatives available? We’ve got you covered!

Is E*TRADE available in Australia?

E*TRADE is unavailable in Australia, as it primarily focuses on the U.S. market, offering various investment services to U.S. residents and citizens.

E*TRADE existed in Australia until 2016 when ANZ decided to undergo a complete rebranding of the brand. Starting from that date, it was called ANZ Share Investing. Therefore, we can say that for existing customers, E*TRADE continues to exist under another name; however, new customers cannot open an account with E*TRADE in Australia because, in effect, the brand no longer exists.

E*TRADE in Australia: A Brief Overview

The situation of E*TRADE in Australia is somewhat complex, but we got you covered with a brief history!

When E*TRADE Australia was launched, it was not a subsidiary of E*TRADE: it had licensed the brand to another firm for Australian operations, being the first Australian online broker. However, over the years, the parent company eventually acquired a stake in E*TRADE Australia, but never a majority one.

The rapid interest in fintech companies increased in the late 1990s and early 2000s, also known as the dot-com bubble. After it burst, major banks realised it was time to enter the online transaction market, so ANZ (Australia and New Zealand Banking Group) acquired E*TRADE Australia in 2007 with a majority and almost exclusive stake.

E*TRADE Alternatives in Australia

The good news is, in Australia, there are lots of other options like E*TRADE that give you similar or maybe even better stuff for investing, and they won’t cost you much or anything at all. Given that, here are our suggestions:

Interactive Brokers

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 investing. Additionally, IBKR provides an easy-to-use mobile app called IBKR GlobalTrader.

eToro

Established in 2007, eToro is a fintech company that allows investors to safely invest in multiple assets such as ETFs, Stocks, Cryptocurrencies and CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies. The social-trading platform is user-friendly, comprehensive, and functional.
Disclaimer: eToro Service ARSN 637 489 466 Capital at risk. See PDS and TMD.

Saxo Bank

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 customisable SaxoTraderPRO, you can access powerful trading tools tailored to your preferences.

IG

IG is a well-known CFD IG, a popular CFD and Forex broker offering a wide range of trading instruments, including over 18,000 markets. Additionally, they are known for their high-quality research and educational resources.

Pepperstone

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.

 

Broker Minimum Deposit Products US Stock Fees Regulators
Interactive Brokers       AUD 0 Stocks, ETFs, Options, Futures, Forex, Commodities, Bonds, and Funds Between $0.0005 and $0.0035 per US share (min. $0.35). IIROC, FINRA, SIPC, SEC, CFTC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB
eToro $50 Stocks, ETFs, Cryptocurrencies and CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies 0% (commission free) FCA, CySEC and ASIC
Saxo Bank AUD 1000 Stocks, ETFs, Options, CFDs on Indices, Commodities, Forex, and Cryptocurrencies Between $0.01 and $0.02 per US share (minimum between $1 and $5 per order) ASIC, FSA, FCA, MAS, FINMA, and DFSA
IG AUD 0 for bank transfer,

AUD 100 for Cards and  Paypal deposits

AUD 10 for BPAY

CFDs on Stocks, Forex, Indices, Commodities and Cryptocurrencies Starting 2 cents per US CFD share (minimum $15) ASIC, FCA, NFA, MAS, FSCA, FINMA, FMA
Pepperstone AUD 0 CFDs on Stocks, ETFs, Forex, Indices, Commodities and Cryptocurrencies $0.02 per side  for US CFD stocks ASIC, SCB, CySEC, FCA, BaFin, and DFSA

#1 Interactive Brokers

Is E*TRADE available in Australia? Alternatives in 2024! 1
Visit Interactive BrokersIs E*TRADE available in Australia? Alternatives in 2024! 2

Interactive Brokers at a glance

Products availableStocks, futures, options, Forex, commodities, bonds, mutual funds, hedge funds, ETFs, CFDs
Minimum DepositAUD 0
Deposit MethodsWire bank transfer, Online BPAY
Fees and CommissionsLow fees but vary based on asset and order size

Interactive Brokers is an exceptional broker available to Australian traders and investors. The company was founded in 1978 and landed in Australia in 1997 through the legal entity Interactive Brokers Australia Pty. Ltd., regulated by ASIC (license number 453554). Since its arrival, the company has become one of the most reliable brokers in the world.

Due to its sophisticated and powerful tools, the wide range of products available for trading, and its low prices, Interactive Brokers normally attracts advanced traders. Additionally, the mobile app IBKR GlobalTrader is user-friendly and more suitable for beginners, simplifying investments without losing the powerful tools for which the broker is famous.

Interactive Brokers offers attractive features such as low commissions on US stocks, a demo account for practising investments, a wide range of tradable assets, and trading in AUD$.

If you want to know more about this platform, please check our Interactive Brokers review!

#2 eToro

Is E*TRADE available in Australia? Alternatives in 2024! 3
Visit eToroIs E*TRADE available in Australia? Alternatives in 2024! 2
eToro Service ARSN 637 489 466 Capital at risk. See PDS and TMD.

eToro at a glance

Products availableStocks, ETFs, Cryptocurrencies and CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies
Minimum Deposit$50
Deposit methodsBank transfer, credit card, debit card, PayPal, POLi
Fees and CommissionsNo fees for stocks and some ETFs; Withdrawal fee of $5. 0.5% fee for AUD$ bank transfers

eToro was founded in 2007. It’s famous not only for allowing investors to buy and sell financial instruments but also for its social (copy) trading features. Today, it’s one of the most well-known brokers in the world, with over 30 million users. eToro AUS Capital Limited is regulated in Australia by ASIC (license number: 491139).

On the platform, you can discuss investments, speculations, and market news with other traders – even copying their strategies. The platform offers a wide range of assets suitable for beginners and riskier assets recommended for advanced traders, such as cryptocurrencies. You can open a demo account to practice your investments before trading with real money. The mobile app offered by the broker is easy-to-use and comprehensive; you can find many educational resources that will help you make informed decisions. 

As a downside, the base currency of the platform is the USD. So you will have to pay between 0.5% and 1% currency conversion fees when exchanging between US$ and AUD$ (depositing and withdrawing using a bank transfer is the cheaper option).

#3 Saxo Bank

Saxo-logo
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62% of retail CFD accounts lose money.

Saxo Bank at a glance

Products availableStocks, Forex, ETFs, commodities, indices, options, bonds, and futures
Minimum DepositAUD 1000
Deposit methodsCredit/debit card, wire transfer, Cheque
Fees and CommissionsClassic Acc: 0.08% (min. $1); Platinum Acc: 0.05% (min. $1); VIP Acc: 0.03% (min. $1)

Saxo Bank is a subsidiary of the Danish bank with the same name founded in 1992. It operates in over 170 countries, including Australia, through the subsidiary Saxo Capital Markets (Australia) Limited (license number 280372). The broker is a reliable option for advanced traders and beginners, providing safety, fair prices, and useful tools.

The broker offers a wide range of investment products from more than 50 different exchanges, high-quality educational resources, and well-designed and comprehensive trading platforms. In particular, the mobile app SaxoInvestor and the web-based SaxoTraderGO are user-friendly and functional applications, ideal for beginners. In the applications, it is possible to practice investments in demo accounts.

In a nutshell, the broker offers low prices, great educational resources, an impressive range of tradable assets, and user-friendly trading applications.

If you want to learn more about the broker, check our Saxo Bank review!

#4 IG

Is E*TRADE available in Australia? Alternatives in 2024! 6
Visit IGIs E*TRADE available in Australia? Alternatives in 2024! 2

75% of retail CFD accounts lose money.

IG at a glance

Products availableCFDs on Stocks, Forex, Indices, Commodities and Cryptocurrencies
Minimum DepositAUD 0 for bank transfer, AUD 100 for Cards and Paypal deposits AUD 10 for BPAY
Deposit MethodsBank transfer, credit/debit cards, PayPal and BPAY
Fees and Commissions on StocksDepends on asset class

IG Group, a London-based broker founded in 1974 and listed on the London Stock Exchange. IG is regulated in Australia by the ASIC and holds an Australian Finance Services Licence (No. 2204440).

IG is essentially a CFD broker, offering over 18,000 CFDs spanning various asset classes and spreads starting at 0.6 pips. 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.

IG charges a spread or commission on trades, depending on the asset class. 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 $0.02 per USD CFD share (minimum of $15).

#5 Pepperstone

Is E*TRADE available in Australia? Alternatives in 2024! 8
Visit PepperstoneIs E*TRADE available in Australia? Alternatives in 2024! 2

74-89% of retail CFD accounts lose money.

Pepperstone at a glance

Products availableCFDs on Stocks, ETFs, Forex, Indices, Commodities, and Cryptocurrencies
Minimum DepositAUD 0
Deposit MethodsBank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more
Fees and Commissions0.02 USD per share for CFDs on US shares and ETFs and between 0.07% and 0.20% for other markets

Pepperstone is an Australian brokerage company founded in 2010 and regulated by many top-tier authorities such as the FCA or the ASIC. The broker allows you to trade on popular trading apps such as MetaTrader 4 and 5, and the trading app Pepperstone cTrader, available for iOS, Android, and Windows, is recommended by the company for all types of investors.

The company also provides a social trading platform called DupliTrade, where you can automate your investments from the MetaTrader account, coping strategies from other traders, and enjoy a demo account to practice investments.  

It is important to highlight, however, that Pepperstone, just like IG, is a CFD broker only. This is an instrument that needs to be traded with extreme care because, due to the leverage effect, losses may be magnified.

Which platform should you choose?

Some factors you should know when choosing an online broker are the fees charged if it is regulated by top-tier institutions such as the ASIC in Australia and the range of products it allows you to trade, among others.

The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!

A reminder that the above should not be seen as investment advice and should be considered information only. Investors should do their own research and diligence about the best-suited services and opportunities for their risk, returns, and impact strategy.

Minho Investment Association
Contributor

The Minho Investment Association (MIA) is a junior initiative from the University of Minho (Portugal), which aims to promote financial literacy among young people.

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