Best 10 Trading Platforms in Australia
A list of the Top Trading Platforms Australia
Trading platforms are software designed to help traders independently manage their trades. They can be web-based, mobile or desktop platforms. You can access your chosen platform at a place and time to suit you – all you need is a laptop, smartphone or tablet.
Many platforms are free or available at a discount if you have a funded account or make a certain number of trades each month. Some platforms offer access to analytical tools and educational resources.
There is a range of different stock markets and trading options available. Similarly, there are many different trading platforms, each one with unique features and benefits.
An important factor in choosing your trading platform is your level of trading expertise, but there are other factors to consider too.
In this article, you will learn the key points to consider when choosing a trading platform and gain information on the top trading platforms in Australia.
Description of the Best Trading Platforms in Australia
Here are the top 10 trading platforms in Australia:
1. Pepperstone
Pros:
Extensively regulated
No minimum deposit
Low fees and mostly free withdrawals
Good customer service
Cons:
No investor protection for clients outside UK, EU and EEA
Withdrawal fee for clients outside EU and Australia
CFDs only
Recommended for: Safety and regulation, low-cost processing, fast execution speed, perfect for algo-traders, EAs, etc.
Pepperstone is an Australian-based company, providing Australian traders with a local point of contact and support, which can be particularly beneficial for addressing account-related queries or concerns.
Pepperstone is regulated by the Australian Securities and Investments Commission (ASIC), one of the most respected financial regulators in Australia. This regulation enhances the platform's credibility and security for Australian traders.
Pepperstone offers accounts denominated in Australian Dollars (AUD), making it convenient for local traders to manage their accounts and avoid currency conversion fees.
Pepperstone has been quick to adapt to the social copy-trading trend, providing plenty of tools for traders to share and mimic trading styles.
With over 1,200 instruments, it offers two account types:
Standard – The Standard account comes with market average spreads and zero commission
Razor – This account operates on a commission basis but with exceptionally low spreads
Pepperstone offers TradingView, MT4, MT5 and cTrader platforms, as well as supporting DupliTrade for copy trading.
It normally recommends a minimum of 0 USD to start trading with.
75.2% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
2. eToro
Pros:
Regulated by FCA, ASIC
0% commission on stocks
Social and copy trading
Cons:
More expensive than most of its competitors
No MetaTrader platforms
Best for: Beginners
eToro is a world-leading copy trading broker.
It is ideal for social traders who want to copy trades made by other investors. It also offers trader matches tailored to your trading style and needs.
Toro is regulated by the Australian Securities and Investments Commission (ASIC), ensuring that the platform operates within the legal framework of Australia's financial industry.
eToro provides access to a wide spectrum of tradable assets, including stocks, cryptocurrencies, forex, commodities, and indices. This variety enables Australian traders to diversify their portfolios within one platform.
The eToro mobile app allows Australian traders to stay connected to their investments and execute trades from anywhere, providing convenience and flexibility.
eToro's fee structure includes spreads and other charges, which can impact the overall profitability of trades. It's important for Australian traders to understand these costs.
3. AvaTrade
Pros:
Worldwide regulated
Multiple platforms – MT4, MT5, etc.
Negative balance protection
20% welcome bonus
Educational content
Wide range of payments methods
Fixed spreads
Cons:
You can’t buy stocks
Quarterly and annual inactivity fees
Customer support is not available 24/7
No bonus for EU-based clients
No US clients accepted
Imitated crypto assets
AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.
AvaTrade is regulated by the Australian Securities and Investments Commission (ASIC), providing Australian traders with a secure and regulated trading environment that aligns with local financial standards.
It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.
Instruments include:
Metals
Commodities
Stocks
FX Options
Oil
ETFs
Options
Cryptocurrencies
CFDs
Indexes
Shares
Spread betting
Indices
Forex
Bonds
Australian traders can benefit from AvaTrade's support for advanced trading platforms like MetaTrader 4 and MetaTrader 5, which offer powerful charting and analysis tools.
Australian traders can receive customer support during local business hours, ensuring timely assistance for inquiries and technical issues.
Minimum deposit of $100, no withdrawal limit and no fees.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4. IG Group
Pros:
Highly regulated
MetaTrader 4 (MT4)
Over 10,000 instruments
Available in the UK
24/7 customer support
Cons:
High fees
No copy-trading
Inactivity fees
Best for: Experienced traders looking for a simple platform
This global trading provider offers access to Australian and international shares. It charges low brokerage fees, but there are high forex and stock fees.
IG only offers web and app platforms; there is no option for desktop trading.
User-friendly and easy-to-customize, you can access high-quality educational content. There is also a discussion forum, where you can share knowledge and seek support from your peers.
Account setup is free with a low minimum deposit. However, the setup process and customer support can be slow – it can take up to three days to open an account.
Still, phone, email and live chat support are available. Plus, the deposits and withdrawals processes are simple.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
5. XTB
Pros:
Regulated by the FCA
Low forex fees
Fast withdrawal and deposit with no fee
Live chat customer service
Cons:
Limited product portfolio
High fees for stock CFDs
Best: All-rounder
XTB is regulated by the Australian Securities and Investments Commission (ASIC), offering Australian traders a secure and compliant trading environment in line with local regulations.
XTB provides Australian traders access to a diverse array of tradable instruments, including forex, indices, commodities, cryptocurrencies, and more. This diversity enables traders to explore various markets.
XTB is a forex and CFD broker that is suitable for both novice and professional traders. Forex fees are low, but CFD fees are high. There is also an inactivity fee.
The mobile, web and desktop platforms all have a user-friendly interface that is easy to customize. The platforms offer a great search function, which includes a range of ways to browse asset categories and product types.
However, there is no option for two-factor login on any of the platforms. You can set up biometric authentication using your fingerprint on devices that support this.
It is a quick and simple process to set up an account online; you will be able to begin trading the same day.
Customer service is fast, reliable and available 24/7. You can contact XTB via email, phone or live chat.
Educational resources include high-quality videos, tutorials and written guidance. They are categorized in a helpful way, allowing users to easily find what they are looking for.
Portfolio and fee reports are clear and easy to understand, with the option to receive daily email reports. XTB’s news feed was awarded Best EMEA FX Forecaster by Bloomberg during 2018.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
6. Admiral Markets
Pros:
Highly regulated
Advanced trading tools
Account protection
Low trading fees
Cons:
No US clients
Inactivity fee
Minimum deposit of $250
Best for: Advanced trading tools
Admiral Markets, rebranding to 'Admirals', describes itself as a ‘full-spectrum financial hub’.
In practice, Admirals is a broker that offers several forex and CFD trading instruments in most currencies.
Admirals holds an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia and offers traders access to both MetaTrader 4 and 5, with the opportunity to have several active accounts with different base currencies to take advantage of price instability.
There are several account types available, depending on the platform that you want to use.
On MT4, you can choose a standard account known as Trade.MT4. The minimum deposit for this account is 100 USD/EUR/GBP or equivalent, and you can trade 37 currency pairs as well as metal, energy, future, stock and bond CFDs.
In this account, the trading fees come from the spread, apart from with single share or ETF CFDs, which have a standard commission of 0.02 USD.
The Zero.MT4 account offers tighter spreads, with more currency pairs (45) but fewer CFD options.
The commission on forex and metal CFDs is 1.8 to 3 USD per lot, cash indices are 0.5 to 3 USD per lot, and energy CFDs are 1 USD per lot.
If you prefer the upgraded MT5, you can also have an Invest.MT5 account, alongside the Trade.MT5 and Zero.MT5. MetaTrader 5 accounts have access to more trading instruments in both Trade and Zero, but the Invest.MT5 is designed purely for buying stocks and ETFs, with more than 4,350 stocks and 200 ETFs available and a minimum deposit of 1 EUR/USD/GBP.
Deposits are free using bank transfer, card, PayPal or Klarna, but there is a 0.9% fee (or $1 minimum) for deposits made using e-wallets like Neteller or Skrill. You can have one free withdrawal a month as a bank transfer, but two if you use PayPal or e-wallets.
Admirals is available as a trading app on mobile as well as web and desktop, and the user interface and real-time trading that is available across platforms offer a seamless user experience.
The research and analytics are extensive, with technical and fundamental analysis alongside trading news, market sentiment and a market heat map. Access to MetaTrader Trading Central and a weekly trading podcast is also provided.
In terms of education, there are articles and tutorials, eBooks, trading videos, webinars and seminars as well as a FAQ and a handy glossary.
Admirals takes learning seriously with two separate courses aimed at beginner traders. The Zero to Hero course consists of 20 video lessons, a Q&A and a live session as well as a well-crafted trading strategy.
Forex 101 is a three-stage course to take beginners through to experts using a structure that includes a video lesson with detailed notes and a quiz to check knowledge.
If you are not a UK resident, the conditions might change depending on the regulation. Please, check the Admirals website for details.
Please, be aware that if you want to see UK conditions but you don't have a UK IP address, then you must select Admirals Markets UK at the bottom of the home page.
Investments involve risks and are not suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. EU residents are not able to register with Admirals.
7. Switchmarkets.com
Pros:
Regulated by ASIC
Low minimum deposits
No deposit fee
No inactivity fee
Free VPS
Social trading
Tight spreads
Useful trading tools and research
Cons:
Not FCA regulated
Founded in 2019, SwitchMarkets.com styles itself as 'the place traders come to trade', and with an enormous range of trading instruments available through MetaTrader 4 and a proprietary platform, SwitchMarkets.com has a lot to offer.
Switch Markets is regulated by the Australian Securities and Investments Commission (ASIC), which ensures that the platform operates within the legal framework of Australia's financial industry.
With SwitchMarkets.com you can trade:
62 Forex pairs
8 metals
21 indices
86 share CFDs
4 cryptocurrencies
There are just two account types available, which makes getting started a breeze – you can decide to go for a Standard account that offers zero commission and spreads as low as 0.6 pips, or a Pro account which has spreads from 0.0 pips and a $7 per lot round turn commission instead. Each account has a minimum deposit of just $50.
For international traders, and those that want flexibility in both deposits and withdrawals, there are multiple options – from the usual credit and debit card to PayPal and eWallets like Neteller and Skrill, for example. Deposits and withdrawals are simple, fast and free.
The education available on the platform is also simple – several ‘cheat sheets’ covering all you need to know about trading, from terms to strategy, all in downloadable PDF formats and all for free.
There are several tools available on the platform to improve your trading strategy, including a Market Heat Map, lot size and Forex profit calculators, and even EA tools.
As a relatively new broker, traders will find many offers to entice them to sign up – from a free VPS to a credit bonus.
Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.
8. CMC Markets
Pros:
No minimum deposit
Wide range of trading instruments
Low forex fees
High level of regulation, both UK and globally
Extensive range of trading tools
Mobile app for trading on the go
Cons:
High CFD fees on shares and ETFs
Can only trade with CFDs or spread betting
Does not lead to ownership of trading assets
Best for: Advanced cryptocurrency traders
CMC Markets is regulated by the Australian Securities and Investments Commission (ASIC), one of Australia's top financial regulatory bodies. This regulatory oversight ensures that the platform operates in compliance with local laws and regulations, providing Australian traders with a secure trading environment.
CMC Markets offers a somewhat limited portfolio with low forex trading fees but high fees for CFD.
It offers detailed analytical resources and excellent education resources.
The web and mobile platforms are visually pleasing, customizable and simple to navigate. A desktop platform is available but is not very easy to use.
Australian traders have access to customer support during local business hours, ensuring prompt assistance for inquiries and technical issues.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
9. FXCM
Pros:
Low minimum deposits
Wide range of trading platforms
Volume discounts
Cons:
Limited products
Higher than average spreads
FXCM, also known as Forex Capital Markets, is a well-established trading platform that offers forex and CFD trading services. It has a presence in various regions, including Australia, where it provides trading opportunities for local traders.
FXCM has a long history, founded in 1999 – and although there have been some legal problems in the past, it is considered to be a reliable broker.
With FXCM you can trade the following instruments:
45 currency pairs
15 stock index CFDs
7 cryptocurrency CFDs
12 commodity CFDs
219 Stock CFDs
1 bond CFD
There are two types of accounts – a Standard account with a minimum deposit of $50, or an Active Trader account that must maintain at least $25,000.
The only real difference between these account types is that the cost of the spread is slightly better for the trader with an Active Trader account.
FXCM does not charge a commission, and the cost of trading is built into the spread. There are also no fees to open an account, deposits are free from bank accounts as well as credit and debit cards, and although there is an inactivity fee, it doesn’t kick in until the account has been untouched for more than 12 months.
Withdrawals are free to a credit or debit card, but you can expect withdrawal fees if you are moving funds to your bank account.
FXCM works with some of the most popular trading platforms, like MetaTrader 4, ZuluTrade and NinjaTrader, but it has a decent proprietary platform that is available as a web and desktop trader as well as a mobile app.
The Trading Station web platform is simple and user-friendly, with great customisation and search facilities.
You can make several different order types on this platform, including time orders. However, you cannot receive any price alerts or notifications, and the research tools are not integrated – you need to open another web page to use them.
The desktop platform is just as easy to use, but there are a lot more order types available and you can set price alerts and notifications.
The mobile version of Trading Station is available for both iOS and Android. It too is simple to use, but the search function is a bit clunky and doesn’t have the most intuitive interface – and surprisingly, it does not support any notifications or price alerts.
One of the best parts of the FXCM platform is the wealth of educational materials. Alongside the useful demo account, there is an extensive library of video, webinar and downloadable PDF content that has all the information a beginner needs to feel confident in trading.
The research provided includes charts, technical analysis and a news feed. There is also a market screener and great trading ideas.
FXCM might have limited instruments, but with low fees and no commission with good education and research, it is a great broker for beginner traders.
10. Interactive Brokers
Pros:
Regulated
Wide range of offerings
Low commission
Socially responsible
24/5 customer support across multiple channels
Cons:
No additional platforms
Inactivity fees
Best for: Advanced traders who are looking for a professional trading environment
Interactive Brokers (IBKR) is a well-known global brokerage that offers trading services to traders and investors in Australia.
Renowned for its extensive range of financial instruments and advanced trading technology, IBKR presents several benefits for Australian traders.
Interactive Brokers is regulated by the Australian Securities and Investments Commission (ASIC), one of Australia's prominent regulatory bodies.
With some of the lowest fees available, this platform brokers in bonds, stocks and cryptocurrency.
It has useful research tools and some of the best educational resources available to registered members.
There are desktop and mobile platforms. Both are known for being difficult to navigate, so Interactive Brokers is not recommended for beginners.
The account opening process is reportedly complicated and there are high monthly inactivity fees.
Users of the mobile app can log in with fingerprint or face recognition. The platform uses secure two-factor login.
Key Points to Remember When Choosing a Trading Platform
Analytical Tools
Analytical tools help traders track their trading activity. You can use them to view information such as profit and loss statistics or learn about general market activity.
The analytical tools available will depend on the platform’s target audience:
Platforms targeted at experienced traders usually have more in-depth analytical tools; platforms aimed at beginners tend to offer only basic analytical tools.
Educational Resources
These could include videos, webinars and online courses.
Some platforms offer demo accounts so you can experiment with the features before committing to the platform.
Platforms for beginners tend to offer more educational resources. However, platforms aimed at experienced traders may have better quality educational tools.
Real-Time Feed and News
Up-to-date information is vital to profitable trading. Whether you need real-time information is determined by what you are trading and your trading schedule.
Day traders and forex traders benefit most from a high-quality, real-time feed and news service.
If you intend to swing trade or hold positions overnight, this is unlikely to be such a priority.
Customer Support
This varies between platforms. Some have a 24/7 support service; others only offer an email support function.
If you find technology difficult, you may wish to opt for a platform that offers a higher level of support and a phone-based service.
Ease of Use
Choose a platform that you find simple to navigate and visually appealing.
Markets can change fast, so you will need to be able to find your way around the platform easily.
The best way to test this is to set up a demo account or sign up for a trial period.
Types of Investment
Consider if you will be focussing on forex or want to be able to access all types of trading. Also, decide if you want to trade in overseas markets or just in Australia.
If you plan to focus on two or more types of trading, you might wish to choose specialist platforms for each trading type.
The other option is to choose one broad platform to cover all types of investment.
Alerts
Trading can be time-consuming. In an ideal world, you would be able to check your trading platform constantly throughout the day (although this may not be healthy for you).
A platform that will send you alerts and execute orders for you is a good choice if you have a lot of other commitments.
Security
Trading is a risky business, so it is important to choose a platform that offers protection.
Once you have found a platform offering all the features you need, check the login options.
Biometric recognition (fingerprint or face) and two-factor authentications are the most secure options.
It is advisable to check if the platform is regulated by the ASIC (Australian Securities and Investments Commission).
Final Thoughts
With so many different trading platforms available, it can be difficult to decide which one to use.
You will need to choose a platform that is capable of managing the trades you intend to make.
In addition to effectively managing your trades, it will need to have an intuitive interface. This will ensure you are comfortable with navigating it in pressurized situations.
Remember, many platforms offer free demo accounts or trial periods. These can be a helpful way to 'try before you buy'.
Take advantage of these offers by using them to test out a few different platforms. You will be able to carry out some practice trading activities and experiment with the features of each trading platform.