More and more Aussies are looking for the best online brokers.
The Australian Securities Exchange (ASX) trading platform has massively gained in terms of financial income. However Australian traders are also looking to invest in international shares and ETFs.
From share trading platforms and tools to funding methods, see below the best trading platforms in Australia.
Best Share Trading Platforms in Australia
- Pepperstone – Best Platform Overall
- eToro – Best For Social Trading
- IG Group
- Interactive Brokers
- CMC Market
- Bell Direct
I love Pepperstone. They have everything you should be looking for in a CFD broker: The platform, the support team, the number of assets are all great. And the best part is that Pepperstone is actually based in Australia (Melbourne).
With Pepperstone, you enjoy the low spreads. This broker is FCA and ASIC Australia regulated. Across all accounts scalping and hedging is allowed. The available leverage is up to 30:1, or even higher for pro traders.
eToro is the best trading platform for most people. It is the world’s leading social trading platforms with over 10 Million users. They offer real shares trading with zero-commission.
You can choose from over 2000 shares, from 17 exchange. A big drawback is that they do not offer any shares from the Australian ASX exchange yet. If you are interested in buying Australian shares, you should look for another broker.
If you are interested in international shares, then eToro is a fantastic choice.
nabTrade, offered by the National Australia Bank, provides over 10,000 exchanges across different instruments. Be it shares or bond, nabtrade has got you covered. The brokerage fee is at $19.95 for trades between $10,000 and $20,000. For trades at $5,000 nabtrade charges $14.95.
At this competitive price, nabtrade appeals to investors interested in both domestic and international trading. Through the company’s research and charting, spotting a good investment opportunity is simple.
Additionally, Nabtrade provides educational resources. If you are a beginner this is perfect as you get to learn about the market and investment strategies.
Like any other broker, they give you trading news and insights. You can easily access your portfolio through mobile, desktop or iress viewpoint.
The features and services offered make it difficult to look away from nabtrade if you are after a good trading platform
Commonwealth Securities is Australia’s largest platform when it comes to online stockbroking. It is run by the Commonwealth Bank of Australia. Headquartered in Sydney, the firm offers over 25 exchanges worldwide.
You can invest as little as $50 on Commsec Pocket. The brokerage fee is $10 for trades below $1,000. Commsec offers mobile trading and a research platform for stock recommendations.
With Commsec One, you’ll receive support, exclusive offers and priority access tailored for you.
Using margin loans, you can invest and take advantage of rising opportunities. Commsec afford you regular income through Fixed Income Securities.
CommSec is CMC Market’s closest competitor in the online trading platform.
5. IG Group
IG Group has grown to become one of the largest online trading brokers since its establishment in 1974. As of 2014, IG Group started providing stockbroking to retail traders. You can now, make both international and domestic trades on IG Markets.
This UK-based company is regulated by the Australian Securities and Investment Commission in Australia. With trading available for indices, forex, and shares, IG is one of the leading brokers that offers Contract for Difference (CFD) trading.
The brokerage fee is $8.00 or 0.1% per trade on Australian shares (the higher amount is used). IG additionally offers a demo account to traders who want to practice and get familiar with how the platform operates.
6. Interactive Brokers
Interactive Brokers LLC (based in Greenwich, Connecticut) is a brokerage firm that brokes funds, EFPs, stocks, options, bonds, and forex. It has offices in Sydney to cater for the Australian online trading market.
It’s a complex platform, hence not suited for first time traders and investors. For professional traders, however, it is the perfect platform. It provides low commission and spreads. Interactive Brokers offers diverse investment options (65 different order type).
The firm also provides resourceful tools and advanced technology through the Traders Workstation Platform. Despite being unideal, it gives a better comprehension of the online trading market to new investors.
7. CMC Market
The Currency Management Corporation Market is a hard to miss choice when you are after the best trading platform. At great prices, CMC Markets provide forex and contract for difference (CFDs) trading services. Next Generation is CMC’s forex trading platform.
Their classic brokerage fee stands at $11 or 0.1% for the first 10 trades not exceeding a value of $ 11,000. The active investor and premium trader brokerage fees are both $9.90.
CMC affords you margin trading and also the ability to trade over the web. The corporation offers over 300 currency pairs with tight spreads. This makes trading in Asia-Pacific currencies cheaper.
To beginners, CMC provides various charting options, client and research services. CMC has earned Canstar’s Broker of the Year award for the past 8 years.
8. Bell Direct
If you are looking to invest in domestic trades, Bell Direct is your platform. The brokerage fee is just $ 15 for the first 10 trades up to $10,000 with no monthly fee charged. Unlike other platforms backed by bankers, it is backed by brokers.
Bell Direct allows you to trade on all ASX listed securities with a one-second placement guarantee. They include ASX equities, warrants, managed funds (via mfund), exchange-traded funds (ETFs) and Initial Public Offerings (IPOs).
You get credible research resources & tools from Bell Potter as well as daily trading ideas. Additionally, you get free advanced conditional orders and interactive charting technology.
Bell Direct offers premium services such as platinum live streaming ($27.50 per month) and Integrated iress viewpoint ($79 per month).
How To Find the Best Trading Platform
Arriving at the best share trading platform depends on your particular demands. This is because there many good platforms each operating differently.
Therefore, it is only smart to understand what you are after and the online broker that can provide it best. Some of the key aspects to keep in mind are:
- Charges & Costs incurred: Some platforms have free brokerage. Most popular stockbrokers, however, charge a brokerage fee. You probably want the cheapest share trading platform which perfectly suits you.
- Market range: Some platforms don’t support international share trading. If you’re looking to trade in more than domestic stock, you need to find a platform that has international stock trading.
- User Interface: While platforms are designed for general usability, some are complex. They have features designed for expert traders. If you are a beginner, best go for one that you can easily use.
- Security: It is advisable to choose a platform that provides security and privacy to your funds or data. One that has the best security policy. After all, no one wants their trading data leaked or maliciously used.
- Customer Services accessibility: Keep in mind the reliability and efficiency of the platform’s customer support. It comes in handy when you encounter a problem or need to inquire about something.
The choice on which broker you prefer remains solely dependent on you.
Top Online ASX Trading Brokers in Australia
With an average daily turnover of A$4.685 billion, ASX currently sits 12th in Major Stock Exchange groups. ASX has a market capitalization of A$ 1.9 trillion according to Wikipedia. With such figures, it is clear how large the stock trading arena is.
As a trader looking to dive into the stock market, it is best to consider your options regarding trading platforms.