Best Trading Platforms in Australia: Our List of Top Platforms for 2021

What Are Trading Platforms?

What Makes a Good Trading Platform?

• Reliability: A trading platform that allows investors to trade and make safe deposits and withdrawals is considered reliable. 
• Licencing: Online trading platforms that hold a licence in a jurisdiction are regarded as more credible. This is because these jurisdictions, bodies and authorities are in place to monitor such platforms and audit the companies. It increases credibility within the online trading platform. 
• Fees: Here we look at the charges associated with accessing profits, commission rates charged by brokers for placing trades and profit growth. Higher expenses and fees mean that investors will receive reduced profits. 
• Easy navigation: Trading platforms host a lot of information that can be foreign to many beginners. Finding a platform that is well-organised and structured in a way to create ease of use and simplicity is ideal. Investors want to understand the onscreen basics, and it can also be a bonus if the platform supports mobile and desktop devices. 
• Leverage and margin requirements:  Trading platforms that offer reasonable and beneficial options in such areas are ideal. Margin requirements are defined as a percentage amount that a trader needs to pay to open a position with the relevant broker.

What Are the Best Trading Platforms in Australia?

eToro

• Easy to register and navigate.
• Stock and ETF (exchange-traded fund) trading is free.
• Low fees for forex and CFD (contract for difference) trading.
• Secure two-step login online.
• Offers analyst recommendations.

• Fees for non-trading actions, like withdrawals are high.
• There is a conversion fee for non-USD deposits.
• Only one currency per account.

Pepperstone

• No fees for deposits, withdrawals or inactivity.
• Top-class customer service.
• User-friendly.
• Digital account sign-up with no minimum deposit.
• Workspace and charts are easily customisable.

• Only forex and CFD trading is permitted.
• If you hold a position overnight, there are higher costs involved.
• High withdrawal fees for users outside Australia.

Plus500

• Customer support is known for quick response times.
• Free deposit and withdrawal.
• Fast online sign-up and low minimum deposit.
• Secure two-part login.
• Market analysis and interactive charts. 

• Only CFD trading.
• Fee charged for inactivity.

Nabtrade

• Global company with over 10,000 users.
• Low minimum deposit.
• Demo available to try the software before buying.

• Not regulated. 
• Fees charged for deposits, withdrawals and inactive accounts.
• No cryptocurrency trading.

CommSec

• User-friendly interface.
• No fees charged for inactivity.
• Monitoring and data tools included.
• Single login for Commsec and NetBank.

• Broker fees on global stocks are high.
• No online live chat support.

IG 

• Easy to understand educational tools.
• Demo version available to try.
• No withdrawal fee.
• Inactivity fees only charged after two years of dormancy.
• Low minimum deposit and no minimum deposit on bank transfers.

• Customer support is slow.
• Forex and CFD fees are high.
• High rates for financing.

Interactive Brokers

• Great research tools and a wide range of products.
• Trading fees are low.
• Free deposits and first withdrawal every month.
• Several currencies available.
• Secure login that has two steps.

• Forex fees are high.
• Complex trading platform with a complicated sign-up process.
• Debit and credit card payments not available.

CMC Markets

• Forex fees are low.
• Advanced educational and research tools.
• Web and mobile platforms work really well.
• Deposits and withdrawals are free.
• No minimum deposit.

• High fees for CFD stocks.
• The account verification process is complex.
• The product portfolio is limited.

Bell Direct

• Broker research, trading ideas and simplified tax reports.
• Multi-order pad that allows orders across multiple trades.
• One-second placement guarantee.
• The more you trade, the less you pay in fees.

• No credit or debit card payment options.
• There is a lack of international equities.

How to Begin

• Select a broker: Choose from a list of top brokers and base your final decision on finding a broker that supports your budget. 
• Choosing stocks: Buying shares from profitable companies can be expensive; therefore instead, invest in ETFs that offer less risk and are inexpensive. 
• Choose an order type: Common options to look into are market orders and limit orders. 
• Check the cost: Check all costs associated with broker commissions per trade and expense ratios associated with ETFs. 
• Trade: Once the research has been thoroughly conducted, place the trade by funding your account and picking your stock of choice and order type. 

The Benefits of Investing in Australian Trading Platforms

• Trading platforms in Australia are easy to buy and sell, thanks to online share trading. 
• There are two different ways that we can make money which are through day trading or through buying stocks from companies that issue dividends. 
• Australian trading platforms are excellent for investments that are more long-term. 
• Customers have the advantage of staying ahead of inflation if they use correct investment strategies that are more long-term. 
• Profits earned from the platforms are continuous regardless of how the markets are doing. 
• Share trading is ideal for a growing economy like Australia’s. 

In a Nutshell