Traders who operate on a “day” basis approach the financial markets in the same manner as a busy auction house.

“Goin’ for one cent, goin’ for twos!”

There’s a continuous flow of asset exchange and bartering. Gold, currency, stock, and other investments are all held by traders for a single, crucial second. Then, ideally, they make a profit when they sell.

These days it’s all done electronically, over an exchange, with the assistance of computational robo-advisors to save as much time as possible.

In this article, I provide information on some of the best trading platforms for day trading in Australia! 💨

Table of Contents:

• Day Trading Explained
• Top Day Trading Platforms in Australia
• 1. eToro
• 2. AvaTrade
• 3. Plus500
• 4. XTB
• 5. BlackBull Markets
• 6. Skilling
• 7. Interactive Brokers
• 8. Crypto.com
• 9. Self Wealth
• 10. ANZ
• Buying Guide 
• Conclusion
• FAQs

How We Choose our Platforms 📚

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You may have seen, in the Aussie news, there is an increase in anxiety around debt levels.

Privacy AU is committed to improving the lives of our readers by exploring… 1) technology, 2) expertise, 3) relationships, and 4) ways of earning income. In order to achieve this goal, we quickly collect data while keeping an eye on the authenticity, dependability, competitiveness, value, and openness of each product.

Day Trading Explained

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Trading stocks and assets many times in the space of a single day, or even within a few seconds, is known as “day trading”. It is not related to investing in the conventional sense. The strategy takes advantage of the normal, expected range of price changes that occur throughout a trading session.

The stock market and the currency market (forex: where currencies are exchanged) are the most popular places for day traders to make transactions.

Day traders have a lot of capital and a deep understanding of the nuances of trading. Many of them raise the stakes they are willing to lose by utilising leverage.

Day traders pay close attention to the news 📰 because they anticipate short-term price changes. Market expectations and market psychology have a role in the impact of scheduled announcements like the publication of economic data, business profits, and interest rate changes. 

In other words, when these expectations are realised or surpassed, the market frequently responds with fast, large movements that may be quite profitable for day traders.

Many different intraday tactics are used by day traders. To name a few of these methods:

• Scalping is a trading method that targets short-term price fluctuations in order to generate several tiny gains.
• In range trading, the trader employs price levels of support and resistance as targets for buy and sell orders.
• Profiting on the increased volatility that often surrounds news events is the goal of a trading technique known as “news-based trading”.
• High-frequency trading (HTF) is a trading strategy that takes advantage of tiny or temporary market inefficiencies by using complex algorithms.

The world is speeding up. Every second of advantage can make a difference, which is why day traders often integrate specialist robots to assist them!

Best Day Trading Platforms in Australia – Reviews 2024 📘

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• 1. 📊 eToro
• 2. 📊 AvaTrade
• 3. 📊 Plus500 
• 4. 📊 XTB 
• 5. 📊 BlackBull Markets
• 6. 📊 Skilling 
• 7. 📊 Interactive Brokers
• 8. 📊 Crypto.com
• 9. 📊 Self Wealth
• 10. 📊 ANZ 

1. eToro – Best Overall Day Trading Platform in Australia

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You can’t dispute that it’s the pioneer in consumer-level commerce. The Robinhood app 🎯 is another deserving app to be included. However, eToro is head and shoulders above the competition because of the advanced trading options it provides. The premise behind the social trading platform is that collective knowledge may be utilised to improve a user’s financial standing.

It’s worth reading more on certain stockbroker profiles and taking part in online discussion threads. It’s great to use a network that doesn’t charge you anything to do this, however, this does not imply that any costs will be incurred. Nonetheless, social trading has allowed ordinary people to participate in the market. For day trading to be lucrative, the margin difference is crucial.

Non-Professional Rates but Interesting for Beginners 

Tel Aviv, Israel is home to eToro’s main office. It has expanded rapidly since its inception and is now governed by the law in a vast array of nations around the globe.

The ‘Market Portfolios’ option might be of interest to non-active day traders. You may trade a wide variety of stocks and ETFs. Top Trader Portfolios are another key benefit. You’ll discover a group of credible, seasoned traders here who have a successful track record. As a result, you’ll be able to adjust your holdings in accordance with a certain trading techniques.

Finally, let’s discuss costs. “Fractional shares” are something that eToro makes possible. A fraction of a share may be used in place of the whole share in a transaction. As a result, the amount of money required to open a trading account is drastically reduced. 

In fact, this is why eToro has become so popular. You benefit from the following:

• No added percentage
• No dealer fees
• No management costs

You may get started with just $50.

Disclaimer:

eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Social trading. eToro does not approve or endorse any of the trading accounts customers may choose to copy or follow. Assets held in your name. Capital at risk. See PDS and TMD.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.may not suffice as basis for investment decision.

2. AvaTrade – Top Pro Day Trading Platform in Australia

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However, it does provide a wide variety of user interfaces for network access. This includes the well-known MetaTrader platforms 4 and 5, in addition to its own AvaTrade platform. Both may be used on Apple’s iOS and Microsoft’s Windows. Additionally, this day trading tool may be used directly in your browser, eliminating the need to download and install other software.

Passive Features 

It’s worth taking a few moments to learn about the copying and mirroring features available in AvaTrade, with the ability to connect both DupliTrade and ZuluTrade. While I recognise that day trading is best left to the pros, I feel obligated to point out that eToro’s copy-trading integrations are more user-friendly for newcomers. In terms of social trading, that platform is almost ubiquitous.

These are some of the most traded instruments on AvaTrade, as per my most recent count:

• Amazon
• Apple
• Tesla
• Goldman Sachs
• Netflix

While AvaTrade’s most traded currencies are:

• GBP/USD
• EUR/USD
• USD/JPY
• EUR/CHF 
• EUR/GBP

AvaTrade.com details several indicators of user engagement. I would recommend centring trade around the community and you can see the most actively traded securities by asset class and region. 

The most notable climbers and fallers are also highlighted. AvaTrade members also have access to extensive technical tools and support services for investigating the foundations of the market and individual companies. Tutorials, news articles, analytics, and social media feeds all fall under this category.

And although it’s tough to discover reliable user review sites, you can always have a glance at Trustpilot (TP). As expected, AvaTrade is the clear leader in this space. There isn’t a better day trading platform out there. There was a general consensus of 4.7 out of 5 stars when I last looked. According to TP, more than 6,000 individuals posted their opinions.

3. Plus500 – Popular Day Trading Platform in Australia

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How it Works 

The platform is available as the WebTrader (the web version) and a mobile version for Android and iOS. The system tries to consolidate all relevant data into one interface for easier processing and decision-making. You may use the interface to keep tabs on the market value, examine charts, peruse reports, and place trades. You also have the option to deposit and withdraw money.

Generally speaking, reports include both current and historical transactions to reveal the chronological sequence in which today’s orders have been placed. The charts are simple, but they enable you to see many time periods, although not all at once. The following are a few salient characteristics of leading day trading platforms to keep in mind:

✅ Financial calendars provide a condensed schedule of upcoming milestones. (It may feel like a million things are occurring at once in today’s world, what with all the conflicts and strange market happenings.) You can filter business events by category, date range, time range, and more.

✅ Send yourself an email, text message, or other notification when a trade event occurs. This lets you keep an eyes out for shifts in pricing, sentiment, or percentages.

✅ Tutorials are designed for those new to trading rather than seasoned pros. These provide short video courses with instruction on trading and assessments of your comprehension.

✅ Risk-reducing strategies, such as taking profits and losses, setting assured stops, etc. This is all important during the recession we are facing.

4. XTB  – Well-Known Day Trading Platform AU with Competitive Rates

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Useful Tools for Short Positions

The site is light on substance but does include useful tools like an economic calendar, including events such as Tesco Bank’s decision to close accounts despite high approval ratings from its clientele. Additionally, the technical indicators are robust, boasting robust, practical charts.

You can use XTB’s specialised platform, or else connect to MT4. The web-based alternative eliminates the requirement for any installation. All major browsers are supported. Awards have been given to the XStation5 software itself. It’s the broker’s own custom interface and it apparently supports a broader variety of assets than MT4.

In sum, this implies that a wide variety of user interfaces and devices may interact with the platform (MT4 and XStation5 as well as smartphones). To restate, there does not seem to be much support for long positions in XTB based on basic data. But it seems to be packed to the gills with the minute-by-minute, second-by-second technical resources required for day trading judgements. Those go far beyond just charts and indicators.

Stop-loss and take-profit levels may be marked on charts, for instance. A built-in calculator reveals prospective profits and losses. According to reports, the firm provides its consumers with an analysis of daily events and commentary on helpful indications. You may see trader behaviour filtered by instrument or mood. The following are additional characteristics:

• Backtesting systems let you examine how they could have performed in the past, giving you valuable insight into the potential success of your current strategy.
• Automated systems allow for things like quicker take-profit and stop-loss specification.

To set itself apart from the competition, XTB allows customers to establish accounts with zero initial funding. When you are ready to fund your account you can use any of the following: credit cards, debit cards, PayPal, Paysafe, or a direct deposit from your bank. XTB accepts deposits in US dollars, Euros, and British pounds.

A few closing thoughts. According to our research, XTB is a strong platform for day trading because of its fast order execution, extensive library of technical indicators, and wealth of analytical tools. Currency conversion costs are low compared to those charged by other institutions.

5. BlackBull Markets – Day Trading Platform in Australia for Students

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Day trading is an option on BlackBull Markets. You will find a variety of technical and filtering options.

You can use them for complex order placement and market-watching via customised windows, as well as other interfaces with other programs. As 2021, BlackBull Markets also integrates with TradingView.

As a firm, BlackBull Markets just been around since 2014, yet it’s already at the level of professionalism its customers expect. BlackBull Markets is completely regulated in the United Kingdom by the Financial Services Authority while having its headquarters in New Zealand (FSA). You can invest in key foreign exchange and commodities markets, among others throughout the world.

High-risk investors may use Contracts for Difference. Advanced traders may make use of robust services, such as the modifiable MetaScript. When you join up with BlackBull Markets, you’ll also have access to more than two dozen pre-built technical indicators and the capacity to handle different order types.

BlackBull Markets is, all things considered, a day trading platform that is capable of enabling efficient orders thanks to its various trading and technical tools and indicators. You’ll also have access to tools optimised for executing hedging and stop-loss orders. In general, it seems appropriate for both short- and long-term investors.

6. Skilling – Best-in-the-Business Day Trading Platform in Australia for Fees

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Starts at Just 0.1 Pips

For instance, Skilling does not charge fees on any market transactions, and its spreads are frequently the best in the business. In reality, spreads on key currency pairings begin at just 0.1 pips. In addition to foreign exchange, you may trade CFDs on stocks (📙 learn the difference) and more, even digital currencies.

All CFD markets can be traded with leverage. If you are also interested in trading on the go, Skilling provides a user-friendly smartphone app for both iOS and Android. It enables you to trade, deposit/withdraw cash, and do research. If MT4 or cTrader is better, you may download the corresponding app and connect with your Skilling account information.

Additionally, I appreciate Skilling’s low account minimums. This is just $100, which may be paid using an Australian debit or credit card, electronic wallet, or bank transfer. Although Skilling is quite new to the online trading scene, it is nonetheless heavily regulated. This contains both FSA and CySEC permits, so security should not be a worry.

Skilling is a well-known online trading platform that is ideal for all types of traders. The Skilling web-based trading platform is user-friendly for absolute beginners. Or, if you have any trading expertise, the supplier also provides MT4 and cTrader help. Skilling provides access to over 800 financial markets in a very cost-effective environment.

7. Interactive Brokers – Well-Regulated Day Trading Platform AU

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You’ll find everything from the United States, the United Kingdom, Europe, Asia, and Australia. This offers you the opportunity to construct a diversified portfolio of overseas stocks from various stock marketplaces. Interactive Brokers enables you to invest in stocks in a conventional manner or through CFDs.

Although not absolutely well-regarded by users, this leading Australian online brokerage platform is suited for both long- and short-term plans. 

Interactive Broker also provides hundreds of ETFs and investment funds if you prefer the former. In addition, there are pre-selected portfolios that span a range of risk levels and financial objectives.

At first appearance, Interactive Brokers’ pricing structure might be a little puzzling in terms of costs. In addition to the asset you desire to trade, your fee will also depend on the account type you have. Nonetheless, Interactive Brokers allows commission-free purchases of US-listed equities and ETFs.

This means that you may purchase Amazon, Facebook, Tesla, IBM, etc. stocks and shares without incurring any costs. Regarding security, Interactive Brokers has provided financial trading services for more than four decades. As a broker located in the United States, it is strictly regulated.

8. Crypto.com – Good Day Trading Platform in Australia for Crypto

The firm offers cryptocurrency credit cards, a decentralised exchange, an all-in-one integrated crypto wallet, and an NFTs marketplace. Additionally, you may earn up to 14.5% interest by storing your bitcoin in a Crypto.com wallet for a certain amount of time.

In addition to supporting over 250 currencies for spot trade, Crypto.com offers a subset of them for staking. It is hard to list all supported currencies, but you should be able to trade the majority of the most-traded currencies. 

CRO, Crypto.com’s own cryptocurrency, is also available. Significant shareholders are rewarded by CRO with lower trading costs, increased staking interest rates, and enhanced credit card benefits.

9. Self Wealth – Fixed-Rate Day Trading Platform in Australia

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So, for micro-investors and regular day traders who don’t need leverage, Sealth Wealth offers a solid platform to directly own derivatives.

When you buy and sell shares, you become a partial owner of the firm. As a minority shareholder, you have ownership rights, and that includes dividends. Trading CFDs does not entail ownership of the underlying asset, but rather speculation on whether the price will increase or decrease.

SelfWealth’s trading platform is rapidly gaining a reputation within the market for its inexpensive options.

You will only be charged $9.50. This cost is set, unlike the fees charged by certain stockbrokers who grow as more shares are purchased. You are not charged commissions while purchasing stocks with SelfWealth.

Currently, more than 78,000 Australian investors use SelfWealth’s platform, which allows them to trade both Australian and US equities. In addition, there is a useful function called ‘Wealth check’. This tool allows you to compare your portfolio to that of other investors.

10. ANZ – Popular Day Trading Platform in Australia Without Minimum Deposits

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The Australian Stock Exchange (ASX) is a major stock market where investors may buy and sell shares of firms. Trading in stock options and exchange-traded funds (ETFs) are additional services provided by ANZ.

What makes ANZ stand out is the wide range of trading platforms it offers. Long-term investors using ANZ’s standard trading platform have access to a wide range of analytical tools, including market charts, headlines, and watchlists. Morningstar’s Pro trading platform provides cutting-edge tools for active traders in addition to real-time analysis.

However, there are extremely limited trading alternatives on mobile devices. This is a shame, because ANZ’s core offering is its mobile banking platform. Still, you can check your ANZ investment account balance and move money to and from other ANZ accounts. But you can’t check out technical charts or make trades with the ANZ app on your mobile device.

• Read 📚: 10 ASX Dividend Stocks for 2024

Top Day Trading Platform in Australia – Buying Guide

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Buying and selling securities inside a single trading day is the definition of “day trading.” Before the markets close for the day, if you engage in online day trading, you will close out your position to finalise the outcome of the deal. Additionally, you may initiate and exit many deals during a single trading session.

Brokers have varying definitions of “active” and “day traders.” Their judgement is often influenced by the number of transactions a customer opens or closes per month or per year. Some companies even refer to “hyper-active traders,” which is a step above “active traders.”

Utilising trading tactics to capitalise on modest price fluctuations in highly liquid equities or currencies is typical for day trading. But let’s further investigate what the life of a day trader is like.

Day Traders. So, Who Are They?

Speed is everything 🚀

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Day traders engage in fast-paced, proactive and aggressive trading of stocks, bonds, futures, options, currency, cryptocurrencies, and other assets. 

It may be a mix of these or a just single option. Day traders distinguish themselves by playing hot potato with these financial tickets — orders are issued and cancelled by the hour, by the minute, and in certain instances (sometimes including AI-powered computers) by the second.

Before the market closes for the day, each item is often returned to the market, much like a fish released back into the ocean. Thus, the term “day trader” implies that all of the focus and tension a day trader experiences occur during the day. Once a day ends in this fast-paced reality of money, everything resets; they either survive or perish.

For a day trader, time is the most important factor…

You cannot wait for the market to demonstrate its worth in days, weeks, or months. Everything occurs in the moment, during a single day. So, like a jet fighter manoeuvring against hostile planes, day traders have reflexive, finely-tuned respond-and-react muscles. In addition, since they trade on the margins, day traders are adept at balancing profit potential against market and platform charges.

Overall, they are very time-sensitive, quick-witted, and decisive. Day traders must be adept at balancing risk and return.

Make Money, Don’t Lose It

Rule number one: never lose money.

Warren Buffett

Experienced traders often have a percentage rule dictating how much of their entire pot they are willing to utilise for market speculation at any particular moment. 

Traders survive by exercising more discipline than their competitors. The 1% rule is a frequent figure you may have heard before. This approach suggests that traders risk no more than 1% of the entire value of their portfolio on any one deal. 

For instance, suppose you have a total of $40k in the bank. Your largest single transaction would total $400. As a trader, this type of discipline is essential for survival. It is especially true in day trading, when emotions can run high and a few poor decisions can result in a total loss.

Setting profit-taking and stop-loss points may also be utilised to limit risk. This eliminates a significant amount of uncertainty and makes it simpler to build a system or strategy based on statistical probability and clearly defined procedures. Typically, a trader would establish their method after many years of arduous study and experience. The objective is to accumulate little victories into bigger ones.

How Robo-Advisors Help 🤖

Similar to copy trading, robos help to automate certain trading processes. This is a crucial aspect of being time-sensitive. 

There are various factors to consider when picking a robo-advisor, and each individual will have a unique best choice.

Your individual investing plan is byfar the most essential factor. Choosing the top-rated robo-advisor in 2024 will not assist if your investment strategy is not compatible with it. The leading companies all adopt similar strategies, but execute them differently. The two basic investment strategy categories are:

• ✔️ Passive
• ✔️ Proactive 

Once you’re a day trader, you’re leaning heavily into strategy 1, unless you have a powerful system or network already set up where accurate signals accurately feed into your account (strategy 2). 

Today’s leading robo-advisors have a noteworthy track record of consistent returns in both bull and down markets, as well as high client satisfaction. In addition, they can be dependable in some contexts and have good investing methods and objectives.

In terms of fees, a competent robo-advisor will charge fair and transparent fees. Most charge a specified percentage of the total assets under management. There are few others with a set monthly fee, but they are uncommon and often give investors a worse return.

Several automated investment advisors provide a free trial period. During this period, you may assess the service’s fit for your needs by monitoring its real operation.

How Much Do Day Traders Make?

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Considering how much the typical day trader earns, this is a difficult question. The data is just not immediately accessible. (For similar reasons, for instance, it is difficult to know the most-used VPN based on real user accounts; despite our evaluation of innumerable service providers.)

Therefore, we can use as many unambiguous references as feasible, but the remainder must be inferred. One such indication is provided by Glassdoor. In 2021, the average day trader pay was estimated to be $109,000 AUD. Still, there is a great deal of variation; some earn well over six figures while others incur a loss.

Rarely would a day trader share his or her financial information with anybody but tax regulators. Moreover, results vary greatly. This is due to the variety of trading techniques, approaches to risk management, and investment capital quantities.

We are also aware of how simple it is to lose money. In reality, the only difference between day trading and gambling is the expertise and acumen of individual traders. Terence Odeons and Brad Barber of the University of California discovered that many investors do not diversify their portfolios and that their active transactions are speculative and often unfavourable.

Conclusion

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Day trading is neither a pastime nor a side employment unless you have terrific networks. To establish a viable approach involves tremendous concentration, maybe a team of other professional contacts, and years of dedication.

The leading day trading platforms listed in this article provide demo accounts that enable you to practise the procedure. Demo accounts allow you to invest virtual currency on a live, real market. Remember that the boundary between gambling and professionalism exists.

Best Day Trading Platform AU 📙 – FAQs

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How does Algo day trading work?

“Black-box” or “automated” trading is another name for algorithmic day trading. A computer is used to carry out a predetermined series of steps, which is meant to replace a human’s ability to react instantly.

Specific conditions are taken into account while writing the instructions. The basic premise of this concept is that computers can outperform people at finding opportunities. Market point movements, volume, mathematical models, and timing may all be used to trigger predetermined instructions.

What is the typical income of a day trader?

As mentioned above, Glassdoor and other sources put the annual salary at about $109,000 AUD. A great deal of variation exists It’s possible to earn anything from $35k to $350k per year.

A word of caution: it seems that day traders only disclose their personal financial data to the tax authorities. It’s hard to acquire reliable benchmarks. And a day trader’s success will be unique to their own method, skills, risk preferences, and available capital.

In your opinion, how much success do day traders have?

Success rate information for day trading is elusive. Even so, it’s reasonable to argue that the margin is rather small. Day trading success percentages range from 5 per cent to 20 per cent, depending on the source. Some figures say 95% of people fail to make a livelihood.

Day traders work for themselves, right?

Independent day traders may be found in the industry (self-employed). But banks, building societies, and hedge funds all employ different kinds of financial advisors.

Since the trader is paid to do what they do, they often invest other people’s money. This might provide them with additional capital to put to use. In addition, these companies will provide these investors with cutting-edge information and tools. The net profits of the company are used to determine the trader’s real compensation. Trading fees, commissions, and a “seat commission” (for four people to use the trading firm’s facilities) are all subtracted from the total.

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