We have combined hundreds of hours of research, thousands of hours of trading experience, and reviews from over 135,000 customers, to offer you a list of the best online brokers in Australia, 2022.
In This Guide
Here Are the Best Trading Platforms, Brokers & Apps in Australia:
- One of the Best Trading Platform: Plus500
- Best Online Broker: IG Markets
- Best Trading App: AvaTrade
- One of the Best* CFD Forex Broker: Plus500
*Investment Trends 2022
Which is one of the Best CFD Trading Platforms in Australia?
When you trade with Plus500's app, you will be using the highest-ranked trading app for both Android and iOS.
You will also gain access to some of the world's best mobile trading features and a great selection of asset classes.
✔ Easy to use mobile software
✔ Competitive spread
✔ Top rated in both app stores
✔ Limited monthly transactions
✔ Only 2,200 CFD assets on offer
✔ Easy to use mobile software
✔ Competitive spread
✔ Top rated in both app stores
✗ Limited monthly transactions
✗ Only 2,200 CFD assets on offer
Fees: Overnight Funding, Currency Conversion Fee and Inactivity fee (read more about Plus500 fees here)
Demo Account: Yes
Min Deposit: £100
CFD Assets: 2,000+
License: FCA, CySEC, ASIC, FSCA, MAS
With several prestigious awards under its belt and one of the highest-rated trading apps* of all times – both in the Google Play Store and the App Store – there is no doubt that Plus500 has one of the best trading platforms in Australia.
As if that wasn’t enough, Plus500 currently has over 1,000,000 active customers spread across Europe, Asia, and Australia. A number that only helps confirm how good this platform is.
Despite all this, there are certain things that we wish Plus500 would improve on. For example, their selection of assets is limited to only a couple of thousand (which is considerably lower than most brokers).
Also, some professional traders may find that Plus500’s selection of tools is somewhat limited.
*Best-rated Mobile App
Which is the Best Online Broker in Australia?
IG Markets is one of the oldest and biggest online brokers in the world.
This UK-based broker has been offering trading opportunities since the early 1970s.
Still to this day, IG Markets keeps trail blazing the industry and setting the standard for all other online brokers.
✔ Real stock trading of the exchanges
✔ Huge selection of international stocks.
✔ High minimum deposit.
✔ Commission on spread betting and CFD stock trading.
✔ Real stock trading of the exchanges
✔ Huge selection of international stocks.
✗ High minimum deposit.
✗ Commission on spread betting and CFD stock trading.
Fees: Low spread & commission.
Demo Account: Yes
Min Deposit: £300
Deposit Options: Visa, Mastercard, PayPal, Bank Transfer
Assets: 10,000+
License: FCA, ASIC, CFTC, MAS
Trading experts from all over the world consider IG Markets to be the king of online brokers for CFD trading, spread betting, forex, and stock trading.
With over 12,000 assets (including DMA stock trading), several platforms developed with expert traders in mind, top-shelf educational material, and over 40 years of experience, IG Markets is the best online broker in Australia.
With that being said, IG Markets is best suited for professional traders, meaning beginners can easily get overwhelmed by all the features on offer.
Also, you do have to pay a commission when trading many of the offered assets, making IG Markets a slightly more expensive option than some traders.
Which is the Best Trading App in Australia?
AvaTrade represents the top tier of online brokers.
With a combination of their own software and third-party platforms, you'll gain access to some of the best trading services and features.
✔ Easily integrated trading robots
✔ Commission-free trading
✔ A limited selection of assets
✔ Rather high spread on certain assets
✔ Easily integrated trading robots
✔ Commission-free trading
✗ A limited selection of assets
✗ Rather high spread on certain assets
Fees: 0% commission but spread on each trade
Demo Account: Yes
Min Deposit: £100
Deposit Options: Debit & Credit Cards, Skrill, Neteller, Webmoney
Assets: 1,000 assets
License: Central Bank of Ireland, ASIC, FSCA, FSA
AvaTrade has developed an app called AvaTradeGo, which is widely considered to be the best trading app in Australia. It’s compatible with both Android and iOS (iPhone & iPad), with an average user rating of 3.7 out of 5 stars in both app stores, which brings the app to the absolute top-tier of trading apps.
With the app, you can trade on several exciting markets and pick from hundreds of assets, spread across several asset classes.
The biggest downside with AvaTradeGo is that it isn’t optimal for forex trading, meaning you will have to use MetaTrader 4, in combination with the proprietary app, for the best experience.
It’s also evident that AvaTrade has focused a lot of their efforts on automatic trading software, making this a great app that favours trading robots, but not necessarily for “regular” online traders. Lastly, it wouldn’t hurt with some more assets on offer.
Which is one of the Best Forex Broker in Australia?
When you trade with Plus500's app, you will be using the highest-ranked trading app for both Android and iOS.
You will also gain access to some of the world's best mobile trading features and a great selection of asset classes.
✔ Easy to use mobile software
✔ Competitive spread
✔ Top rated in both app stores
✔ Limited monthly transactions
✔ Only 2,200 CFD assets on offer
✔ Easy to use mobile software
✔ Competitive spread
✔ Top rated in both app stores
✗ Limited monthly transactions
✗ Only 2,200 CFD assets on offer
Fees: Overnight Funding, Currency Conversion Fee and Inactivity fee (read more about Plus500 fees here)
Demo Account: Yes
Min Deposit: £100
CFD Assets: 2,000+
License: FCA, CySEC, ASIC, FSCA, MAS
Once again, we’ve included Plus500 on this list, and this time, as one of the best forex broker in Australia.
Forex trading with Plus500 gives you access to well over 60+ currency pairs, including majors, minors, and exotic pairs.
As mentioned earlier, we do wish that Plus500 had a bigger selection of other assets since many – including ourselves – prefer to combine forex trading with CFDs.
Even though Plus500 offers a professional trading account in Australia, it does leave a lot to wish for and so it seems like most opt for the more basic account, despite their experience.
Trading Guide for Australian Traders
As always, we prioritize our readers’ safety above all. That’s why our number one tip for all Australian traders is to only use regulated and licensed brokers. Otherwise, you run the risk of being scammed or even worse – such as having all your personal information stolen.
Luckily, Australia has beneficial trading laws that make trading and investing very accessible, and at the same time, incredibly protected.
In the country of Australia, it’s the Australian Securities and Investments Commission (ASIC) that oversees the financial market and that also issues licenses to brokers.
With the fact that ASIC is one of the strictest regulatory bodies in the world, getting a license from them is not an easy feat. Therefore, you can always rest assured that you are safe and protected when using a broker with an ASIC license.
Furthermore, several other highly-regarded regulatory bodies in the world also issue licenses, and since most online brokers aren’t based in Australia, all the top online brokers in Australia are licensed by other organisations.
For example, the Financial Conduct Authority (FCA) in the UK or the Monetary Authority of Singapore (MAS), to mention a few of them.
*Naturally, we would never recommend a broker that isn’t licensed and we constantly monitor our recommendations so that we’re prepared to update them in case a broker loses or gains a new license.
How to Choose the Best Platform, Broker and App in Australia
Choosing a broker does not have to be very complicated, especially if you follow our tips and recommendations.
In fact, based on our extensive experience within the industry, we’ve managed to boil down the selection process into three easy steps:
1. Remember to only use regulated brokers. We only recommend brokers with licenses and since they’re hard to obtain, brokers tend to be extremely open about the licenses they have acquired.
2. Figure out what you want to trade. The number one thing that will affect your choice is what assets or securities you want to trade.
As a stock trader, you should opt for a broker specialising in stocks, while forex traders should pick a broker with many forex pairs and analytic tools that are optimal for the forex market.
3. Compare the brokers. After completing the first two steps and checking out our list of recommended brokers in Australia above, you should have roughly 2-5 brokers that you think would suit you.
Now it’s time to dig deep and compare them. Using our comprehensive broker reviews, you can get all the information you need about a broker. And by opening a free demo account with each one, you get the opportunity to test the broker, before signing up and depositing money.
How Do I Start Trading in Australia?
Use this guide for the best online trading platforms and brokers in Australia, and to find a broker that suits you. After that, register an account with the said broker and start trading.
Obviously, you also need to learn how to trade or invest. But if you’re just looking to get started, this guide is a one-stop solution.
Is Day Trading Legal in Australia?
Yes, day trading is legal and regulated by ASIC. Just remember to pay your taxes and to only use licensed brokers and you have nothing to fear.
How Do I Start Trading Forex in Australia?
Register an account with a forex broker in Australia that is suitable for your trading needs: Plus500, or another broker that you prefer.
Then you have to verify your identity and deposit money to trade with, before you can start trading forex in Australia.
FAQs
Is Forex Trading Legal in Australia?
Yes, the forex market, as well as the best forex brokers in Australia, are all regulated by the Australian Securities and Investment Commission (ASICs).
In other words, as long as you use a regulated forex broker with a license, then forex trading is legal in Australia.
Do You Pay Tax on Forex Profits in Australia?
Yes, you pay tax on all forex profits in Australia, in accordance with the guidelines from the Australian Taxation Office (ATO).
To ensure that you’re paying the right amount of taxes, we encourage you to contact your local tax office or an accountant with knowledge about trading and investment taxes in Australia.
Is Forex Trading Tax-Free in Australia?
No. As mentioned above, all profits made from forex trading are taxed in accordance with the ATO.
Furthermore, all profits made from trading and investment, regardless of the asset you’re trading, are taxed.
There is, in other words, no such thing as tax-free trading in Australia.
Can I Use Robinhood in Australia?
No, Robinhood is only available to customers based in the United States. In case you want to trade stock and cryptocurrencies online, we suggest you check out “the best online broker in Australia” above.
How Do I Trade Forex in Australia?
Register an account with Plus500 or another regulated forex broker, verify your identity, deposit money, and start trading forex in Australia.
It’s really as simple as that, so you can be up and running later today.
Which Bank is Best for Share Trading in Australia?
We highly recommend CommSec to everyone looking for a reliable bank or broker to trade shares within Australia.
CommSec is based in Australia and offers a great selection of international and domestic stocks, as well as a large number of other securities.
Conclusion
Australia has a thriving financial sector with plenty of fantastic online brokers and trading platforms to choose from. By using this detailed guide, you can quickly find a trustworthy broker offering the assets and tools you need to excel, on any market.
Our recommendations are, as mentioned, based on hundreds of hours of research, thousands of hours of trading experience, as well as feedback from 130,000+ customers that we’ve collected from all the leading online review sites.
Trading Platforms, Brokers & Apps That We Tested:
- Markets.com
- 24Option
- IQ Option
- BDSwiss
- HotForex
- Trade.com
- Libertex
- Plus500
- XTB
- InstaForex
- IG Markets
- GKFX
- LionsFX
- Valutrades
- XM
- IronFX
- Blackwellglobal
- FPMarkets
- AmanaCapital
- Admiralmarkets
- Alvexo
- Bizintra
- Pepperstone
- Windsorbrokers
- FXPro
- ForexTime
- HYCM
- FXGrow
- TeleTrade
- Trader.online
- Marketscube
- Finmaxbo
- FXCC
- Oanda
- Forex.com
- LCG
- CMC Markets
- FXCM
- iForex
- IFC Markets
- Aaatrade
Is Trading Allowed In My Country?
Europe:
- Albania
- Bosnia & Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Kosovo
- Latvia
- Lithuania
- Macedonia
- Malta
- Moldova
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- Serbia
- Slovenia
- Spain
- Sweden
- Switzerland
- Turkey
- Ukraine
- United Kingdom
Excluded: Belgium
North America
- Belize
- Canada
- Costa Rica
- Cuba
- Guatemala
- Honduras
- Jamaica
- Mexico
- Nicaragua
- Panama
- Puerto Rico
- The Bahamas
Excluded: United States
South America
- Argentina
- Bolivia
- Chile
- Colombia
- Dominican Republic
- Ecuador
- Guyana
- Paraguay
- Peru
- Suriname
- Uruguay
- Venezuela
Excluded: Brazil
Africa
- Algeria
- Angola
- Benin
- Botswana
- Burkina Faso
- Burundi
- Cameroon
- Central African Republic
- Chad
- Democratic Republic of Congo
- Egypt
- Eritrea
- Ethiopia
- Gabon
- Ghana
- Guinea
- Guinea-Bissau
- Kenya
- Lesotho
- Liberia
- Libya
- Madagascar
- Malawi
- Mali
- Mauritania
- Morocco
- Mozambique
- Namibia
- Niger
- Nigeria
- Republic of the Congo
- Rwanda
- Sierra Leone
- Somalia
- South Africa
- South Sudan
- Sudan
- Swaziland
- Tanzania
- The Ivory Coast
- Togo
- Tunisia
- Tunisia
- Uganda
- Western Sahara
- Zambia
- Zimbabwe
Middle East
- Georgia
- Armenia
- Azerbaijan
- Iran
- Iraq
- Syria
- Lebanon
- Cyprus
- Israel
- Jordan
- Saudi Arabia
- Kuwait
- Bahrain
- Qatar
- United Arab Emirates
- Oman
- Yemen
Asia
- Afghanistan
- Bangladesh
- Cambodia
- China
- China
- India
- Indonesia
- Japan
- Kazakstan
- Kirgizistan
- Laos
- Malaysia
- Mongolia
- Myanmar
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Thailand
- Turkmenistan
- Uzbekistan
- Vietnam
Excluded: Hong Kong
Oceania:
- Australia
- New Zealand
Our Author:
Adam Jarfjord is a Swedish day trader, investor, and copywriter. He works as head of content at BullMarketz.com and has been providing editorial content within the financial sector for more than 5 years. Read more about him by visiting his LinkedIn profile or contact us directly to learn more about the team.
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