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Top 10 Best Stock Trading Platforms in Australia for 2024
By
Will Ellis
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Last Updated on October 15, 2024
Edited by
Adam Turner
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Fact checked and reviewed
Trading is so popular these days, it can be difficult to find the right stock trading platform in Australia. With so much choice, it’s hard to narrow it. I want to know that I’m choosing the safest trading platform, but I also need to know I’m getting the features I need.
I know this can be a difficult decision for many people. So, to help, I’ve put together a comprehensive guide of the best share trading platforms. I’ve covered the pros and cons, key features, user experiences, and pricing structures. From that, it will be much easier to make the best decision on the best share trading platforms and best trading account.
Table of Contents
- TL;DR
- Criteria Breakdown Summary
- Comparison Table
- eToro
- Ava Trade
- Pepperstone
- Pocket Option
- Zengo Wallet
- Interactive Brokers
- CMC Markets
- Selfwealth
- Superhero
- IG
- Notable Mentions
- Frequently Asked Questions
- Final Thoughts
TL;DR
- Interactive Brokers offers the widest range of global markets and advanced tools.
- eToro stands out for social and copy trading features.
- Avatrade is best for copy trading and educational resources.
- Pepperstone offers low-cost forex and CFD trading conditions.
- Pocket option offers binary trading options.
- Zengo Wallet offers secure crypto storage.
- CMC Markets offers competitive pricing and extensive market access.
- Selfwealth provides low-cost CHESS-sponsored trading.
- Superhero focuses on low fees and fractional investing.
- IG is best for advanced traders seeking a wide range of products.
- Nabtrade integrates well with NAB banking services.
- Tiger Brokers offers low fees and access to Asian markets.
- Pearler caters to long-term passive investors with auto-invest features.
Comparison Table
Criteria Breakdown Summary
While searching for the best trading platform in Australia, I put together a set of key criteria. I used this criteria to rate each share trading platform. My criteria included features, fees and commission, available markets, asset classes, regions, user experiences, and prices. I also looked at regulation to ensure a safe experience. From this, I rated each best trading platform out of five.
eToro
Best Known for Social Trading
eToro is a popular share trading platform with a good reputation. In particular, it’s famous for its social trading feature, which allowed me to copy and follow successful trades of other investors. This is a great feature for new users especially. Moreover, the platform is very easy to use and there are many assets on offer.
These include stocks, cryptocurrencies, CFDs, and ETFs. I found eToro’s fee structure competitive for many assets, butI would recommend being cautious about hidden fees. This is especially true in forex and CFD trades.
Features
Without a doubt, eToro’s most standout feature is the social trading focus. This goes beyond just copy trading as it encourages a community-feel where investors share ideas, discuss trends, and learn. I’d highly recommend eToro for beginners because of this alone but it’s ideal for advanced learners to add to their skillset too. For this reason, I rate eToro as the best trading platform for learning and development.
Additionally, eToro offers fractional shares, which allow me to buy portions of expensive stocks. There are plenty of educational resources; I particularly enjoyed the webinars and video tutorials. On top of this, eToro offers several account types, including a Professional Account with high leverage and extra features.
Pros
- Intuitive platform suitable for beginners
- Unique social and copy trading features
- Wide range of assets available
- Commission-free stock trading
- Fractional shares available
Cons
- Higher fees for some products, especially CFDs
- Limited research and analysis tools compared to traditional brokers
- Withdrawal fees may apply
- Not all assets available in all regions
Criteria Evaluation
- Fees and commissions: 4/5
- Available markets: 4/5
- User interface: 5/5
- Research tools: 4/5
- Customer support: 3/5
- Security: 4/5
Community Reviews and Expert Recommendations
eToro generally receives positive reviews from users, especially for customer service and added benefits. Most users rate it as a good trading platform and mention the social and copy trading aspects, along with the large number of assets. However, advanced traders often mention the limited advanced tools.
“I’ve had a great experience with the eToro platform. My account manager, Aziz Touma, has given me valuable insights that have helped me adjust my investment strategy. He is professional and knowledgeable, and his guidance has been crucial in helping me make well-informed decisions.” – Nazim via Trustpilot
“I like to trade with Etoro because it is very simple and straightforward. I also like the fact that if you are an Etoro Club member you have a lot of benefits like being invited to special sports events where you also get financial presentations by their specialists, meet other traders and investors and have a lot of fun as well.” – Damian Ghitulescu via Trustpilot Industry experts recommend eToro to beginner investors in particular and those who want to learn more. However, they feel advanced traders may lack some important features. See our eToro review for more information.
Pricing
eToro offers commission-free stock and ETF trading for many markets. However, there are spreads to consider, especially for CFDs and forex. Cryptocurrency trading incurs a 1% fee. Inactivity fees may apply after 12 months without login activity.
AvaTrade
Best Known for Copy Trading and Education
The next stock trading platform I reviewed is AvaTrade. This is widely known for its educational resources and it’s another platform that offers copy trading. As a result, I highly recommend it for beginner trades once more. The AvaSocial app allows me to follow and copy the trading strategies of other trades automatically.
Additionally, there are many assets included with this platform, including cryptocurrencies, forex, CFDs, and commodities. Another standout is strong regulatory oversight in several jurisdictions. This gave me peace of mind and makes it a reliable share trading platform for all traders.
Features
The standout feature of AvaTrade is certainly AvaSocial. I found this to be very easy to use and tried copy trading. AvaProtect is another great addition. This is a risk management tool that provides additional insurance against potential losses.
In addition, many educational resources are offered, including webinars. There is also a free demo account with virtual funds, which I’d highly recommend for new traders. I could also choose between MetaTrader 4 and 5, with all the extra features that go along with them.
Pros
- Excellent educational resources for beginners
- Copy trading through AvaSocial app
- Wide range of asset classes available
- Comprehensive risk management tools like AvaProtect
Cons
- No tiered pricing for high-volume traders
- Research tools are less extensive compared to some competitors
Criteria Evaluation
- Fees and commissions: 4/5
- Available markets: 5/5
- User interface: 4/5
- Research tools: 3/5
- Customer support: 3/5
- Security: 5/5
Community Reviews and Expert Recommendations
Overall, AvaTrade has many positive reviews from users. Most appreciate the educational resources and how easy the platform is to use. The AvaSocial app also gets many positive mentions, along with AvaProtect for peace of mind. However, some experienced users believe the educational tools are more focused toward beginners.
“Quick service to verify the accounts and transfer the funds with Alev. Alev my account manager Notified about AVASOCIAL – Copy trading – AVAPROTECT – Protection on your trades for forex pairs – gold and silver. The mobile app is a very good tool to have. It’s very user friendly.” – Sam Gray via Trustpilot
“AvaTrade company has got all the tools needed for everyone who wants to start trading, providing educational and efficient trading platforms as well as many other helpful services.” – Maan Yassin via Trustpilot
Industry experts recommend AvaTrade for beginner and intermediate traders in particular. They feel that more advanced traders may find better resources elsewhere.
See our AvaTrade review for more information.
Price
AvaTrade does not charge commissions on trades but makes money from spreads. AvaProtect incurs a small fee to insure trades. There may be inactivity fees if an account is left dormant.
Pepperstone
Best Known for Low-Cost Forex and CFD Trading
Pepperstone is a well-known trading platform in Australia that offers ultra-low spreads and fast execution speeds. This is especially true for forex and CFD markets. Pepperstone is very popular with beginners and professional traders because of its low-cost route in particular. However, it is also because it has direct integration with MetaTrader 4 & 5, along with cTrader. This gives a flexible approach to trading.
There are a wide range of assets on offer, including cryptocurrencies, forex, indices, and commodities. I would recommend Pepperstone as one of the best trading platforms simply for its low-cost approach.
Features
The main feature of Pepperstone is its low-cost approach to forex and CFD trading. It also integrates extremely well with third-party platforms like cTrader and MetaTrader, opening up even more features. There are many asset types available, and it was very easy for me to diversify my portfolio.
The demo account is a great addition for beginner traders. There are several account types to choose from in general. Overall, I feel Pepperstone is a high-quality option for both beginner and advanced traders alike.
Pros
- Tight spreads and competitive pricing
- Fast execution speeds
- Integration with MetaTrader and cTrader platforms
- Comprehensive risk management tools
Cons
- Limited research and market analysis tools
- No proprietary trading platform
Criteria Evaluation
- Fees and commissions: 5/5
- Available markets: 4/5
- User interface: 4/5
- Research tools: 3/5
- Customer support: 4/5
- Security: 5/5
Community Reviews and Expert Recommendations
Most users rate Pepperstone for its fast execution speeds and low-cost approach. This is especially true for forex and CFD markets. Users also appreciate how easily the platform integrates with cTrader and MetaTrader. Additionally, excellent customer service is also a common mention. However, some users mention that the research tools aren’t as wide-ranging as some of its competitors.
“A technical issue occurred where I unfortunately lost some money on my trading account. When I reached out to Pepperstone, they said they’d review it. They did! And also refunded the money I lost! In my view, the best action oriented customer care is definitely Pepperstone! They are fast, and do what they say! Keep it up Pepperstone! A very satisfied client here.” – Nakamya Joanita via Trustpilot
“Trustworthy broker. Very low spreads and fair swap fees (many other brokers charge unfair overnight swaps, while not crediting for positive ones). But most importantly, there is never an issue with withdrawals. They don’t hold onto your money trying to make withdrawals hard, an issue I had with other brokers.” – MM via Trustpilot
Industry experts recommend Pepperstone for budget-conscious traders who like speed and efficiency. However, they believe the platform could benefit from deeper market research tools.
See our Pepperstone review for details.
Price
Pepperstone offers spreads starting at 0.0 pips on Forex trades. Commission fees vary by account type and trade volume. There are no deposit fees, but withdrawal fees may apply.
Pocket Option
Best Known for Binary Options Trading
The next platform I tried was Pocket Option. This is one of the most popular stock trading platforms and it is well-known for its binary trading options. It also offers many payout structures and expiration times. Overall, I found this platform very user-friendly, and it’s accessible for both beginner and experienced traders.
Moreover, the platform regularly offers bonuses and achievements to encourage active trading.
Features
Pocket Option has many features and when it comes to its binary options trading, these have payouts up to 92%. However, the standout for me is the social trading feature. This allowed me to increase my potential for gains by copying successful trades. It’s also a great opportunity to learn, so it’s ideal for beginners.
Overall, the platform has a simple interface and many trading assets on offer, including forex and cryptocurrencies. The mobile app is extremely easy to use and features price alerts and one-click trading. Additionally, the regular bonuses are a nice incentive to trade a little more frequently.
Pros
- High payouts on successful trades
- User-friendly platform with simple navigation
- Social trading and copy trading features
- No deposit fees
Cons
- Limited asset classes compared to other platforms
- High risk associated with binary options trading
Criteria Evaluation
- Fees and commissions: 3/5
- Available markets: 3/5
- User interface: 5/5
- Research tools: 2/5
- Customer support: 4/5
- Security: 3/5
Community Reviews and Expert Recommendations
Most users praise Pocket Option for how easy the platform is to use and the potential for high payouts with binary options. The social trading features is also something that is regularly mentioned, along with quality customer support.
“It is great to work on this platform. Everything about it is special. It is worth trying for beginners and professionals in the trade field. I recommend it 100%.” – Emad Alkhteeb via Trustpilot
“This platform is in my honest opinion the best binary option platform. The support is phenomenal. With a variety of assets to choose from and very high returns I love Pocket Option.” – Marcus Smith via Trustpilot
Industry experts feel Pocket Option is best suited to experienced traders who understand the risks associated with binary option trading.
Read our Pocket Option review for details.
Price
Pocket Option does not charge commissions on trades, but profits and losses depend on the success of binary options predictions. There may be fees for withdrawals and deposits depending on the payment method used. Additionally, there are no fees for opening an account, but traders should be mindful of any inactivity fees after a period of non-use.
Zengo Wallet
Best Known for Passwordless Crypto Wallet
Next, we have Zengo Wallet, a platform renowned for being a secure crypto wallet, cutting out risks associated with passwords and private keys. This platform uses high quality technology, including advanced cryptography and facial recognition to keep assets as secure as possible. I found this platform very easy to use and I’d recommend it for both beginner and experienced crypto traders.
Zengo Wallet supports many cryptocurrencies so it’s also a good choice for anyone looking to store and trade digital assets.
Features
Zengo Wallet is an excellent passwordless cryptocurrency wallet in my opinion. With facial recognition technology and secure multi-party computation, it’s an extremely secure option to safeguard assets. There is also an integrated exchange for quick trading between different cryptocurrencies.
Ultimately, the blend of strong security and ease-of-use makes Zengo Wallet one of the best trading platforms in Australia for cryptocurrencies.
Pros
- Highly secure passwordless login
- Supports a wide range of cryptocurrencies
- User-friendly interface suitable for beginners
- Integrated DeFi access
- Simple backup and recovery solution
Cons
- Limited support for advanced DeFi tools
- May not appeal to users who prefer traditional seed phrase backups
Criteria Evaluation
- Fees and commissions: 3/5
- Available markets: 4/5
- User interface: 5/5
- Research tools: 3/5
- Customer support: 4/5
- Security: 5/5
Community Reviews and Expert Recommendations
Overall, users rate Zengo Wallet highly for its ease of use, especially by beginners. Most appreciate its passwordless access and the advanced security features. The fact that the platform also integrates with DeFi apps is also mentioned. However, advanced users feel that it lacks the full set of features in that regard.
Industry experts recommend Zengo Wallet for traders who focus on security and ease of use. They feel it is a good choice for beginner cryptocurrency traders.
Our Zengo Wallet review provides more information.
Price
Zengo Wallet charges network fees for transactions. Trading fees are included when swapping cryptocurrencies within the app. There are no fees for accessing or storing cryptocurrencies in the wallet, and no monthly charges.
Interactive Brokers
Best Known for Global Market Access
Interactive Brokers is one of the most popular trading platforms in Australia, with access to countless global markets. With this broker, I could trade in over 150 markets across 33 countries. It’s the top choice for traders looking for international exposure. I particularly enjoyed the competitive fee structure, and this is a big bonus for high-volume traders.
Moreover, there are many advanced trading tools and research options. However, I feel these would be overwhelming for total beginners.
Features
Overall, Interactive Brokers has a huge number of features for different needs. This makes it a good choice for diverse investors in particular.
The Trader Workstation (TWS) platform is very easy to use, and I could customise it to my particular needs. It also has plenty of tools that hit professional level. However, there is also the IBKR mobile app and Client Portal web platform that offers a more simplified experience.
With over 100 order types available, Interactive Brokers offers some of the best share trading accounts for various users.
Pros
- Extensive global market access
- Competitive fees, especially for high-volume traders
- Advanced trading and research tools
- Robust mobile and web platforms
- Strong regulatory oversight and financial stability
Cons
- Complex platform can be intimidating for beginners
- High minimum deposit for some account types
- Limited phone support hours
- Inactivity fees may apply to smaller accounts
Criteria Evaluation
- Fees and commissions: 5/5
- Available markets: 5/5
- User interface: 4/5
- Research tools: 5/5
- Customer support: 4/5
- Security: 5/5
Community Reviews and Expert Recommendations
Interactive Brokers receives very high praise from users, making it one of the best stock trading platforms in Australia. Most users enjoy the low fees and extensive market access the most. However, advanced traders mention the advanced tools and large number of order types.
“I love this broker for online trading. They handle practically all instruments, at least the ones that interest me. The TWS is overloaded with features and I get dizzy just trying to learn everything.Finance is a lifelong process of learning so I’m very excited.” – Gregory Gonzalez via Trustpilot
“I have had a very good experience using the platform and also with the team members I’ve had the opportunity to chat with. Everything has been quick and smooth.” – Andres via Trustpilot
Industry experts recommend Interactive Brokers overall but believe it fits advanced traders better. This is due to the sheer number of features that may be overwhelming to beginners.They also feel it is a good choice for advanced traders looking for diversification.
Price
Interactive Brokers offers a tiered pricing structure that can be very cost-effective for high-volume traders. For US stocks, fees start at $0.0035 per share with a $0.35 minimum per order. Options trades are priced at $0.65 per contract with no base fee. IBKR Lite account holders get commission-free trades on US stocks and ETFs.
CMC Markets
Best Known for Competitive Pricing
CMC Markets is a well-established platform and, when comparing brokers, one of the best in Australia. With more than 30 years of experience, there’s peace of mind from the get-go. There are more than 10,000 trading instruments, including forex, commodities, indices, and shares.
I found the advanced charting capabilities very high-quality and there some great risk management tools. While CMC Markets is mostly focused on CFD trading, it offers share dealing services in some regions, making it a good trading platform to explore.
Features
The standout feature of CMC Markets is its advanced charting capabilities. There are over 80 indicators and drawing tools, customisable watchlists, and countless order types. The CMC mobile app is also very easy to use and does a lot of what the desktop platform does. I found it easy to trade on-the-go, as you would expect from one of the best trading platforms in Australia.
CMC Markets also offers various educational resources, including tutorials and webinars. Additionally, there is a demo account for beginners to practise trading.
Pros
- Competitive spreads and fees
- Extensive range of tradable instruments
- Advanced charting and analysis tools
- Robust educational resources
- Regulated by multiple top-tier authorities
Cons
- Complex platform may intimidate beginners
- Limited phone support hours
- Higher minimum deposits for some account types
- No US clients accepted for CFD trading
Criteria Evaluation
- Fees and commissions: 4/5
- Available markets: 5/5
- User interface: 4/5
- Research tools: 4/5
- Customer support: 4/5
- Security: 5/5
Community Reviews and Expert Recommendations
In general, CMC Markets receives positive reviews from users, particularly those who focus on forex and CFD trading. Most users enjoy the competitive pricing and number of available markets.
“I started with a demo account which was very intuitive to use, and CMC has loads of useful advice to help novices like me! I have now progressed to a live account, and I’m very happy with the platform. I can highly recommend CMC, in fact I recommended a friend who is now practising on his own demo account.” – Matt Polley via Trustpilot
“CMC is a decent broker with good spreads and good execution for the regular trader. The best thing is the data accuracy that is second to none. The platform however is limited in its drawing tools and is not as feature rich as TradingView.” – Parish via Trustpilot
Industry experts believe CMC Markets is a reliable option, thanks to its years of experience. They rate it as one of the best trading platforms and also mention its high regulatory standing and number of educational resources.
Price
CMC Markets offers competitive spreads starting from 0.7 pips for major forex pairs. Share CFDs are charged at 0.10% commission with a minimum of $10. For share dealing, commissions start at $11 or 0.10% of the trade value, whichever is greater.
For detailed pricing information and to open an account, visit CMC Markets.
Selfwealth
Best Known for Low-Cost CHESS Sponsorship
Selfwealth offers low-cost, CHESS-sponsored share trading, giving an extra layer of security. Moreover, the platform is very easy to use and transparent. I knew exactly how much my trades would cost, thanks to the flat-fee approach. I would recommend this platform for beginner and experienced investors. While it’s known mostly for ASX trading, it has expanded to US markets recently.
This makes it one of the best trading platforms in Australia for flexibility.
Features
I appreciated Selfwealth’s simple approach, mirrored in its platform design. The result is a straightforward trading experience. Both the web platform and the mobile app give real-time market data and basic charting tools. I could place market and limit orders on both.
Also, there is a community aspect to Selfwealth, which allowed me to compare my portfolio performance against other users. This is a particularly good platform for anyone interested in US markets, as there are a number of US stocks and ETFs available.
Pros
- Low, flat-fee brokerage for ASX trades
- CHESS sponsorship for ASX-listed securities
- Transparent fee structure with no hidden costs
- Access to both Australian and US markets
- No minimum account balance
Cons
- Limited research tools compared to full-service brokers
- Basic charting capabilities
- No fractional shares available#
- Limited customer support hours
Criteria Evaluation
- Fees and commissions: 4/5
- Available markets: 3/5
- User interface: 4/5
- Research tools: 3/5
- Customer support: 4/5
- Security: 5/5
Community Reviews and Expert Recommendations
As one of the popular stock trading platforms, many users appreciate Selfwealth. Common mentions include its long-term, low-cost investing approach. They also enjoy the extra security provided by CHESS sponsorship. Additionally, the community approach is also something many users enjoy, although some find it distracting rather than motivating.
“So far, so good. A bit messy getting it all set up for SMSF (that probably occurs wherever you go). Having no phone contact makes it frustrating when you are looking for quick answers. But emails are responded to reasonably quickly – however, using the chat line is the best to use for quick accurate responses. In summary, a good product once you get going.” – David via Trustpilot
“Easier to save a whole lot more on large orders rather than the % based fees of the banks. Haven’t had poor support when trying to get holdings transferred. Exceptional service. They even considered smaller things via email. Love that they are very transparent with a “roadmap” burger style plan. SelfWealth is becoming something very big. Catchy name.” – DaModernDaVinci via Trustpilot
Industry experts recommend Selfwealth for budget-conscious traders who enjoy direct ownership over their ASX holdings. However, they also feel that the lack of advanced features might make it less suitable for advanced traders.
Price
Selfwealth charges a flat fee of $9.5 per trade for ASX-listed securities, regardless of the trade size. US trades are charged at US$9.5 per trade. There are no monthly fees or inactivity charges.
Superhero
Best Known for Low-Cost ASX Trading
Budget-conscious traders will certainly enjoy Superhero. I found its trading fees some of the lowest around. The platform is also very easy to use. Although this is a relatively new platform (launched in 2020), it has quickly gained a lot of attention. There is a flat fee of $5 for ASX shares and free trades on most EFTs. The downside is that CHESS isn’t available and this broker uses a custodian model.
However, there is still protection within that. With recent expansion to US markets, this is a flexible choice for anyone looking to diversify internationally.
Features
I found the Superhero platform very easy to use and it has a simple design. Both the web and mobile interfaces are clear and intuitive, so they’re ideal for beginners. There are no advanced charting or research tools, but the basic trading and portfolio management tools are.
Additionally, the instant funding tool is useful, which meant I could start trading immediately after depositing funds. There are also many educational resources and market news in the platform itself.
Pros
- Very low trading fees for ASX shares and ETFs
- No minimum account balance
- User-friendly platform suitable for beginners
- Instant funding options available
- Access to both Australian and US markets
Cons
- Not CHESS sponsored for ASX trades
- Limited research and analysis tools
- No phone support available
- Relatively new platform with less established track record
Criteria Evaluation
- Fees and commissions: 5/5
- Available markets: 3/5
- User interface: 4/5
- Research tools: 3/5
- Customer support: 4/5
- Security: 4/5
Community Reviews and Expert Recommendations
Overall, Superhero is a popular platform that has many users, especially younger investors. Most enjoy its low fees and modern interface, and praise the platform’s simplicity. The ability to start trading with low amounts is also mentioned as an advantage. However, advanced traders mention they would prefer CHESS sponsorship for ASX trades.
“I’m new to the stock market but found Superhero to be very easy to use. Great platform with just $2 fees. I would recommend this platform. But they don’t send email confirmation of sell/buy which I found a little weird.” – VJ via Trustpilot
“Really easy to use and intuitive. I tested each element before loading too much. It’s easy to send money to your wallet (arrives instantly) and easy to buy. I see lots of ppl complaining about withdrawing. It worked seamlessly for me. I used the live chat to ask about tax forms. I got a real person who could help pretty quickly. Only problem is, it’s so easy to check prices, I need to learn to put it down and remind myself it’s a long-term prospect.” – Peter Oke via Trustpilot
Industry experts recommend Superhero for beginner traders in particular, or those who want to make regular, small trades.
Price
Superhero offers $5 flat-fee brokerage for ASX share trades and free trades on a wide range of ETFs. US stock trades are charged at US$0 per trade. There are no account keeping or inactivity fees.
IG
Best Known for Wide Range of Trading Products
IG is a well-established global broker, having been around since 1974. They offer a large number of tradable instruments, including cryptocurrencies, shares, indices, forex, and commodities. This platform is a good choice for both beginner and advanced traders, and there are several account types to choose from.
I particularly enjoyed the large amount of educational resources from the IG Academy. This broker is a good choice for spread betting and CFD trading in particular. However, it’s important to remember that these are risky and not suitable for beginners.
Features
IG has a large number of features suitable for different types of traders. I particularly liked their web trading platform, with its advanced charting capabilities and real-time news feeds. There is also a wide range of order types.
Advance users will find the L2 Dealer platform very useful. This offers direct market access and an advanced order routine option. In addition, there are mobile apps for both iOS and Android, for trading on-the-go.
Pros
- Wide range of tradable assets and markets
- Advanced trading platforms and tools
- Robust educational resources
- Regulated by multiple top-tier authorities
- Competitive spreads for larger account sizes
Cons
- Higher minimum deposits for some account types
- Complex fee structure for some products
- Limited support for third-party platforms
- High-risk products like CFDs may not be suitable for all investors
Criteria Evaluation
- Fees and commissions: 4/5
- Available markets: 5/5
- User interface: 4/5
- Research tools: 5/5
- Customer support: 3/5
- Security: 5/5
Community Reviews and Expert Recommendations
IG receives mostly positive feedback from users, especially experienced traders who enjoy the advanced trading tools. Most users mention educational resources and market analysis too. The fact this broker has a long history gives a lot of peace of mind, which is evident in many reviews. However, some beginners find the platform a little overwhelming at first.
“I have been trading using IG for almost 15 years. Throughout the trading years, I have seen IG improve a lot from customer service, charting provider and platform stability. The primary satisfaction for me is the timely customer service response. Whenever I face technical issues, I can simply email, live chat, or make direct phone calls to them and they will help me to solve those problems asap. Thumbs up to customer service.” – Sun Jia Neoh via Trustpilot
Industry experts recommend IG for experienced traders in particular, although they do note the educational resources available.
Price
IG’s pricing varies by product and account type. For share trading, commissions start at $8 or 0.1% of trade value, whichever is greater. Forex spreads start from 0.6 pips for major pairs. CFD trading incurs overnight holding costs and spread charges.
Notable Mentions
The ten best stock trading platforms I’ve mentioned are top quality, but these also deserve a notable mention.
Stake
Stake is a good option for traders and offers commission-free trading for US stocks and ETFs. The app is user-friendly and they recently expanded to offer ASX trading.
GO Markets
GO Markets are mainly focused on forex and CFD trading, but they are a good option for beginners and advanced traders. They also offer share trading with competitive fees.
moomoo
moomoo is a relatively new stock trading platform on the market and one that offers a low-cost trading experience. It has many advanced charting tools and it’s popular for its social trading features.
EasyEquities
Finally, EasyEquities is known for its educational focus and fractional share offerings. It’s a great choice for beginner investors.
FAQs
What factors should I consider when choosing a stock trading platform?
When choosing a stock trading platform, it’s important to think about several elements. These include fees and commissions, available markets and products, ease of use, user interface, research and analysis tool, customer support, and security measures. Additionally, think carefully about your investment goals and experience level. Some platforms are better for beginners, while others are more suited to advanced traders. Our feature on the best MetaTrader brokers gives some useful insights. Additionally, check out our guide on how to open a brokerage account once you do make a decision.
How do CHESS sponsored brokers differ from custodian model brokers?
CHESS stands for Clearing House Electronic Subregister System. These sponsored brokers register ASX-listed securities in your name, giving you full legal ownership. As a result, you hold a unique identification number, called a HIN, and you can view your holdings with the share registry. On the other hand, custodian model brokers hold securities on your behalf, although you are the beneficial owner. Both options have a certain amount of protection, but CHESS sponsorship has a little more thanks to added security and transparency.
Are there any tax implications I should be aware of when trading stocks in Australia?
There are tax implications when trading stocks in Australia. In particular, Capital Gains Tax (CGT) applies to any profits made from selling shares. However, if you hold shares for more than 12 months, you might be eligible for a 50% discount on this tax. Dividends are taxable and usually come with franking credits. These can reduce your tax bill. For these reasons, it’s important to keep accurate records and consult with a tax professional. It’s also a good idea to learn more; our guide on how crypto is taxed is a good starting point.
How do I start investing with a small amount of money?
It’s a good idea for beginners to start investing with a small amount of money first. This is increasingly possible with many platforms offering low or no minimum account balances. Look for brokers that offer fractional shares as these allow you to invest in expensive stocks with small amounts. Additionally, ETFs can also be a good option.
Remember to do your homework on different platforms to find the one that suits you best. Our resource on the best trading platforms for beginners is a good starting point.
What security measures should I look for in a stock trading platform?
When choosing a stock trading platform, security is key. Focus on things like two-factor authentication, regular security audits, and encryption of sensitive data. It’s also important to check they’re regulated by ASIC and have additional international regulations in place. If you’re interested in ASX trading, CHESS sponsorship gives extra security, so that’s something else to look for. Additionally, identify platforms that have fraud protection and unauthorised account access insurance.
At Privacy Australia, we have a range of features to help you find a safe and secure online experience. For instance, our ‘is eToro safe’ feature is a good place to start if you’re considering this platform.
Final Thoughts
After reviewing the best stock trading platforms in Australia, I’ve been left with a lot of food for thought. It’s true that there is no one-size-fits-all approach to trading, and it’s important to assess carefully to find your ideal fit. Even then, it may not be perfect.
Each of the platforms I’ve reviewed have their pros and cons. It’s important to remember that low fees are important but they shouldn’t be the only factor in your decision. Remember to consider the importance of CHESS sponsorship for ASX trades, and look for a platform with a simple interface. In addition, research tools and educational resources are invaluable for beginners in particular.
Despite all this, regulatory oversight and security are two of the most important factors in choosing a stock trading platform.
Here at Privacy Australia, we’re committed to helping you on your journey to successful trading. We have a range of resources available, including a beginner’s guide to derivatives, and resources on how to start a share portfolio. You can also learn more about commodity trading in Australia on our site. Moreover, we believe in protecting your digital assets whilst online trading. We research the best VPNs, even the best open source privacy tools, and more.
Ultimately, every trader’s journey will be different. But with plenty of knowledge and careful decision-making skills, it should be a positive and hopefully profitable one.
