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eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.

Best 12 Trading Platforms in Australia

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eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.

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 12 trading platforms in Australia.

Top Trading Platforms Australia

Here are the top 12 trading platforms in Australia:

1. eToro

Pros

  • Regulated by FCA, MiFID, ASIC
  • 0% commission on stocks
  • Social and copy trading

Cons

  • More expensive than most of its competitors
  • No MetaTrader platforms

Best for: Beginners

eToro (reviewed here) 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.

The web and mobile platforms are user-friendly and include some options for customization. There is no desktop platform.

eToro offers zero-commission stock trading. It enjoys a reputation for being the best social trading platform. Users can only trade in US dollars. Fees for CFD and forex trading are low. Withdrawal fees and inactivity fees apply.

The account opening process is quick and easy, but the quality of customer service is lower than that offered by other similar platforms. You can access customer support via live chat or by completing a web-based ticket.

The social news feed features notifications and active discussions. It has limited educational resources, although demo accounts are offered.

Users can opt into using eToro's safe two-step login process. This offers additional account security.

eToro does not have a banking licence or public information on its financial performance. It is licensed by the ASIC under its trading name eToro AUS Capital Pty Ltd.

Visit eToro

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.

2. 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.

Founded in 2010, 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 does not have its own platform but offers the complete MT4, MT5 and cTrader solutions, as well as supporting DupliTrade for copy trading.

It normally recommends a minimum of 100 - 200 USD to start trading with.

Visit Pepperstone

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. 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.

3. City Index

Pros

  • Regulated by FCA
  • Low forex fees
  • Low minimum deposit
  • Good trading and research tools
  • Social and copy trading

Cons

  • No customer service during weekends
  • Inactivity fee
  • High commission for shares CFD trading

Best for: Low forex fees and useful research toolkit

City Index offers straightforward account setup with a low minimum deposit and withdrawal fees.

The web platform is easy to use and customize, although the desktop version is less intuitive. Demo accounts, video guides and tutorials are available for educational purposes.

Phone and chat support is available 24/7. Email support is available, but not as fast.

There are three account types available, depending on your needs:

  • Trader
  • Premium trader
  • Professional trader

You can choose from a wide range of order types and it is easy to set up alerts and notifications.

Regulated by the ASIC, City Index's Parent company, StoneX Group Inc., is listed on the Nasdaq Stock Exchange.

Visit City Index

4. FXCM

Pros

  • Low minimum deposits
  • Wide range of trading platforms
  • Volume discounts

Cons

  • Limited products
  • Higher than average spreads

With the mantra of 'Client First. Trader Driven', FXCM is a British zero commission broker that offers trading in shares, CFDs and Forex for clients around the globe.

Although it does not offer services to traders in Hong Kong, New Zealand and a few other countries, FXCM is well regulated by FCA, ASIC, CySEC and FSCA.

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 account – a Standard account with a minimum deposit of 50,oranActiveTraderaccountthatmustmaintainatleast50, 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.

Visit FXCM

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 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.

Visit XTB

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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. 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

  • No customer support during weekends
  • 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.

The parent company of SwitchMarkets.com (Royal ETP) is regulated by ASIC and CySEC as well as some other lower-tier jurisdictions, while client funds are segregated in Tier 1 banks – which makes it more secure.

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 7perlotroundturncommissioninstead.Eachaccounthasaminimumdepositofjust7 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.

Visit Switchmarkets.com

7. 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 (also reviewed here) offers a somewhat limited portfolio with low forex trading fees but high fees for CFD.

It offers detailed analytical resources and excellent education resources. Also, customer service is good and available via phone, email or live chat.

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.

CMC Markets is not regulated by the ASIC and it does not have a banking licence. However, all money deposited is stored in a segregated bank account.

Visit CMC Markets

69% of Retail CFD or Spread Betting Accounts Lose Money.

8. AvaTrade

Pros

  • Highly regulated
  • Free deposit and withdrawal
  • No commission
  • Low minimum deposit
  • Social and copy trading

Cons

  • Inactivity fees

Best: MetaTrader platform for CFD and forex trading

AvaTrade (also reviewed in-depth here) is a forex, cryptocurrency and global CFD only broker. There is no option to trade bonds, real stocks or mutual funds.

AvaTrade offers several different trading platforms: WebTrader, MetaTrader 4, MetaTrader 5 and AvaOptions.

The MetaTrader platforms offer technical analysis, charting, market updates and automatic trades.

The platforms are relatively user-friendly, although with limited customizability, and have a reasonable search function. AvaTrade also offers the AvaProtect order type, which is designed to help protect against losses.

Account opening is fast and straightforward, with a low minimum deposit. There is no option for a two-step login. Inactivity fees are higher than other platforms.

AvaTrade is regulated by the ASIC.

Visit AvaTrade

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.

9. 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 (reviewed here) 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.

Regulated and authorized by the ASIC, IG keeps all client monies in a segregated bank account.

Visit IG Group

Top 8 Trading Platforms in Australia
Top 12 Trading Platforms in Australia

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

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.

Interactive Brokers Group (reviewed here) is authorized and regulated by the ASIC.

Users of the mobile app can log in with fingerprint or face recognition. The platform uses secure two-factor login.

Visit Interactive Brokers

11. Capital.com

Pros

  • Regulated by FCA, CySEC and ASIC
  • Tight spreads
  • No deposit or withdrawal fees
  • Useful educational resources
  • Negative balance protection
  • 24/7 customer support
  • Low minimum deposit for standard account

Cons

  • No social trading

Best for: Beginners and seasoned traders alike

Capital.com is a regulated broker with an award-winning trading platform. It has expanded rapidly outside Europe and it recently launched its services in Australia under the Australian Securities and Investments Commission license (ASIC).

Capital.com offers zero commission CFD trading and covers all fees related to deposits and withdrawals. It has also introduced perks like low overnight fees and extended trading hours. Unlike other brokers, it doesn’t charge an inactivity fee.

The platform is a great tool for beginners, giving them access to free unlimited trading education that includes online resources, webinars, trading guides, a Youtube channel, and also a top-rated educational app, Investmate.

Creating an account with Capital.com is simple, yet there are some steps all new traders need to follow before they can start trading. They need to answer a questionnaire about the risks involved and they are also required to submit proof of identity and proof of address in a thorough security process.

Visit Capital.com

75.26% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

12. Revolut

Pros

  • Regulated by the FCA
  • No withdrawal fees
  • No minimum deposit
  • No inactivity fee
  • Set price alerts
  • Offers fractional shares
  • User-friendly interface

Cons

  • Limited commission-free trades depending on chosen plan
  • No demo account
  • Limited product offering
  • Lacks educational resources
  • Limited customer support

Best for: Mobile trading

Suitable for novice traders, this is a free, user-friendly mobile trading app.

Revolut does not offer web or desktop platforms.

You will need to have a bank account with Revolut to use the mobile app. Users have access to a limited portfolio with only cryptocurrency available for trading.

There are no inactivity fees and it is quick and easy to open an account, with no minimum deposit. The mobile app does not offer two-step authentication.

There are limited education and research features. However, the educational information that is available is useful for inexperienced traders.

Analytical information and reporting features are basic. Customer support, accessed by a chatbot, phone or live chat, is very limited. There is no option for email support.

Revolut is authorized by the ASIC.

Visit Revolut

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 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 practise trading activities and experiment with the features of each trading platform.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD.


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