Best Trading Platforms, Brokers & Apps in Australia 2020

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, 2020.

Here Are the Best Trading Platforms, Brokers & Apps in Australia:

Click the links in the short list above to go directly to a broker or get started with our guide using the Table of Contents below.

Which is the Best Trading Platform in Australia?

Plus500

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.

What we like

Easy to use mobile software

Competitive spread

Top rated in both app stores

What we don't like

Commission on stock trading

Limited monthly transactions

Only 2,200 assets on offer

Easy to use mobile software

Competitive spread

Top rated in both app stores

Commission on stock trading

Limited monthly transactions

Only 2,200 assets on offer

Features

Fees: 0% commission, except stocks.
Demo Account: Yes
Min Deposit: £100
Assets: 2,000+
License: FCA, CySEC, ASIC, FSCA, MAS

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

12 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

95,254 users gave the score of 4.05/5

76,4% of retail CFD accounts lose money. Plus500 has been named the best CFD provider in the UK, Spain, and Germany by the Investment Trends 2019 Leverage Trading Report in the UK and Spain. In 2018, Plus500 was named the best CFD mobile platform by the Investment Trends 2018 Australia CFD report.

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 the best trading platform 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.

Which is the Best Online Broker in Australia?

IG Markets

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.

What we like

Real stock trading of the exchanges

Huge selection of international stocks.

What we don't like

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.

Features

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

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

6 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-full star-empty

24,118 users gave the score of 4.13/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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

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.

What we like

Easily integrated trading robots

Commission-free trading

What we don't like

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

Features

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

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

4 users gave the score of 4.8/5
Total score:
star-full star-full star-full star-full star-half

6,728 users gave the score of 4.53/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

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 the Best Stock Broker in Australia?

CMC Markets

CMC Markets is a global trading service based in the UK but with customers and offices all around the globe.

A combination of great trading tools, tons of assets, and long experience in the industry make CMC Markets an excellent choice for most traders.

What we like

Huge selection of assets

Well-established broker

Top-notch trading platform

What we don't like

Complicated registration

High spread on stocks

Fees on many transactions

Huge selection of assets

Well-established broker

Top-notch trading platform

Complicated registration

High spread on stocks

Fees on many transactions

Features

Fees: 0 commission on FX and CFDs
Demo Account: Yes
Min Deposit: Zero
Assets: 10,000+
License: CySEC, FCA, ASIC

Ratings:
star-full star-full star-full star-full star-empty

Rating by our editorial team

4 users gave the score of 4.5/5
Total score:
star-full star-full star-full star-full star-empty

3,001 users gave the score of 4.08/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

In Australia, CMC Markets can be used to trade stocks as CFDs or using a Direct Market Access platform, where you place your trades directly on an exchange’s order books.

Moreover, CMC Markets provides access to thousands of domestic and international stocks, which effectively helps to keep your trading efforts exciting. And let’s not forget the 300+ forex pairs, 60+ indices, and 15 cryptocurrencies.

Although, you will have to pay commission for most stock trading, and the minimum commission on shares is $10, which is high, regardless of who you compare it to.

Lately, we’ve also had issues reaching CMC Markets’ customer service, using their live chat feature, which brings down our overall image of this broker.

Which is the Best Local Stock Broker in Australia?

CommSec
What we like

Unparalleled selection of Australian securities

Several account types

What we don't like

High commission

Not available to traders outside of Australia

Unparalleled selection of Australian securities

Several account types

High commission

Not available to traders outside of Australia

Features

Fees: Commission
Demo account: No
Min deposit: N/A
Assets: Securities from all over the world
License: ASIC

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

2 users gave the score of 4/5
star-full star-full star-full star-half star-empty

5,801 users gave the score of 3.53/5

In case you’re more of a long-term investor who wants to support Australia-based companies, we strongly recommend CommSec.

This broker offers traditional stock investments on both domestic and international stocks, as well as leverage and margin trading for those looking to maximize their exposure. You also have the option of buying warrants, ETFs, options, and fixed income securities.

However, CommSec does have several things that they need to work on. Unfortunately, they also have a complex and confusing pricing system, with several different rates on the same securities.

CommSec also doesn’t offer CFD or forex trading, which is a shame since many investors like to combine their investments with shorter, more high-risk trades.

Which is the Best Forex Broker in Australia?

Plus500

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.

What we like

Easy to use mobile software

Competitive spread

Top rated in both app stores

What we don't like

Commission on stock trading

Limited monthly transactions

Only 2,200 assets on offer

Easy to use mobile software

Competitive spread

Top rated in both app stores

Commission on stock trading

Limited monthly transactions

Only 2,200 assets on offer

Features

Fees: 0% commission, except stocks.
Demo Account: Yes
Min Deposit: £100
Assets: 2,000+
License: FCA, CySEC, ASIC, FSCA, MAS

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

12 users gave the score of 4.6/5
Total score:
star-full star-full star-full star-full star-empty

95,254 users gave the score of 4.05/5

76,4% of retail CFD accounts lose money. Plus500 has been named the best CFD provider in the UK, Spain, and Germany by the Investment Trends 2019 Leverage Trading Report in the UK and Spain. In 2018, Plus500 was named the best CFD mobile platform by the Investment Trends 2018 Australia CFD report.

Once again, we’ve included Plus500 on this list, and this time, as 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. And you have the option of adjusting your leverage levels to help manage some of the risks.

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.

Which is the Best Online Broker for Beginners in Australia?

eToro

No online broker does copy trading like eToro.

You can choose to trade on your own or copy other traders, and the social trading network is the perfect place to share experiences and learn new skills from other traders from all over the world.

What we like

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

What we don't like

Commission of CFD stocks.

High minimum deposit

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

Commission of CFD stocks.

High minimum deposit

Features

Fees: 0% commission on stocks, although not on stock CFDs.
Demo Account: Yes
Min Deposit: £200
Assets: Hundreds of stocks.
Deposit Options: Credit/Debit Cards, Skrill, Neteller, PayPal, Wire, Rapid Transfer
License: FCA, CySEC, ASIC

Ratings:
star-full star-full star-full star-full star-full

Rating by our editorial team

10 users gave the score of 4.7/5
Total score:
star-full star-full star-full star-full star-empty

50,461 users gave the score of 3.75/5

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Disclaimer: eToro AUS Capital Pty Ltd, AFSL 491139. CFDs are highly risky. Copy trading facilities cannot be construed as financial advice. You may lose more than your initial investment.

eToro is a broker with a completely unique product called the Copy Trading Platform, which allows users to copy other more successful traders. They can also share tips with, and learn from, other traders.

Copy trading helps erase some of the analytic work that’s usually needed to trade properly, making it the perfect choice for beginners, regardless of whether you want to trade CFDs or real stocks of an exchange.

Just keep in mind that eToro has some of the highest spreads in the entire industry, meaning you need to account for this when creating your first trading budget.

Also, eToro can feel somewhat limited for those looking to trade regularly and not completely rely on the copy trading feature and the social trading network offered by the broker.

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 Invest in the Australian Stock Market?

It’s suggested that you open an account with the leading local stockbroker in Australia: CommSec.

That will give you access to the local stock market where you can trade stocks and other securities listed on the Australian Securities Exchange (ASX).

How Do I Start Trading Forex in Australia?

Register an account with the best forex broker in Australia: 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.

How Do I Choose a Stock Broker in Australia?

You have two options:

  1. Use our recommendations above. Don’t forget to read our complete broker reviews!
  2. Use our “How To Find a Broker in Australia” guide above to get started on your own.

Which Stock Trading Site is Best for Beginners in Australia?

eToro is a beginner-friendly broker in Australia that has a satisfying selection of stocks on offer.

However, by registering with CommSec, you can (for a price) get professional help from an investment advisor.

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.

Note: Don’t hesitate to leave a comment below in case you have any questions regarding trading apps, safety, day trading, investments, financial systems, or anything else that might come to mind while spending time on our website. We promise to answer you as soon as possible.

Trading Platforms, Brokers & Apps That We Tested:

  • eToro
  • 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?

CFD Regulation Country by Country. The CFD trading services we are listing in this article are available in the following countries.

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:

Our Author:

Our editorAdam 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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