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Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.
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Are you new to the online trading game? We’ve all been there; don’t fret. Every great trader was once in the same position. But you must make the best moves and decisions to get to where the most profitable gurus are today. First, seek education and spend as much time as necessary learning the basics. Then, find the best trading platform for beginners in Australia and use it to turn your financial dreams into reality.
Finding the best platform when so many service providers are available sounds nightmarish- and we understand that. To take the stress off your plate, our gurus have shouldered the unimaginable task of finding the most exceptional service provider. We’ve tested, evaluated, and compared countless brands. After labouring long and hard, our team has identified 5 of the best beginner-friendly platforms and unpacked them in this guide.
List of the Best Trading Platforms for Beginners
- eToro – Overall Best Trading Platform for Beginners in Australia
- AvaTrade – Best for Australian Beginners Seeking Extensive Educational Resources
- Plu500* – Best for Beginners Who Need an AU Platform with a Simple Interface
- Pepperstone – Best for Australian Beginners Searching for a Low-Cost Trading Platform
- FP Markets – Best for AU Beginners Seeking Multiple Asset Classes
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
In This Guide
Australian Trading Platforms for Newbies: Comparison Table
From eToro to FP Markets, we’ve listed the best trading platforms for beginners in The Land Down Under. But what makes them exceptional and better than their competitors? The answer revolves around a myriad of indispensable factors. The first is licensing and regulation. The platforms you’ll read about are licensed, authorised, and regulated by ASIC and other respected authorities.
Additionally, these platforms have tier- security, a good reputation, and free demo accounts for beginners who want to practice before getting in the thick of it. Here’s an overview of the most important factors we used to isolate these service providers from the herd.
| Best Trading Platform for Beginners Australia | License & Regulation | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| eToro | ASIC, FCA, MAS, CySEC, FSCA, SFSA ADGM, MFSA, FSAS, GFSC, SEC | 24/5 | eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart Portfolios | Credit/debit cards, Bank transfer, Klarna, PayPal, Skrill, Neteller | Yes |
| AvaTrade | ASIC, FCA, MAS, FSCA, CBI, CySEC, PFSA, B.V.I FSC, FSA, ADGM, ISA | 24/5 | WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated Trading | Credit/debit cards, Neteller, Skrill, Wire transfer, WebMoney | Yes |
| Plus500* 82% of retail investor accounts lose money when trading CFDs with this provider. | ASIC FSCA, CySEC, FCA, FMA, MAS | 24/7 | Plus500 CFD | Visa, MasterCard, PayPal, Skrill, Bank transfer | Yes |
| Pepperstone | ASIC, FCA, MAS, FSCA, DFSA, CySEC, CMA, SCB, BaFin | 24/7 | TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social trading | Visa, Mastercard, Bank transfer, Neteller, Skrill, PayPal | Yes |
| FP Markets | ASIC, FCA, MAS, FSCA, CMA, CySEC, FSA | 24/7 | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy Trading | Credit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes |
Platforms Short Overview
Don’t worry; we know how important affordable platforms with sufficient assets are to beginners. For this reason, our team checked every service provider’s fee and assets. We also pitted different brands against each other while aiming to find platforms with fees that match service quality and an impressive array of products to boost. Our gurus have summarised what you need to know about our top providers’ fees and assets in the tables below.
Fees
| Best Trading Platform for Beginners Australia | Minimum Deposit Requirement | Commission/ Spreads | Deposits/ Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| eToro | $50 | From 0% | $5 withdrawal fee | $10 monthly |
| AvaTrade | $100 | From 0.13% | Free | $50 after every 3 consecutive months of inactivity |
| Plus500* | $100 | From 0% | Free | $10 monthly |
| Pepperstone | $0 | From 0.0 pips | Free | $0 |
| FP Markets | $100 | From 0.0 pips | Free | $0 |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Assets
| Best Trading Platform for Beginners Australia | Stocks | Forex | Crypto | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| eToro | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Plus500* | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Pepperstone | Yes | Yes | Yes | Yes | Yes | Yes | No |
| FP Markets | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Our Expert Opinion about Trading Platforms for Beginners
Besides what we’ve already highlighted in our comparison tables, the best trading platforms for beginners in Australia should possess numerous qualities. For starters, they should have educational materials and resources, from long guides and short articles to courses and quizzes. They should also have a user-friendly interface and avoid unnecessary complexities that will likely overwhelm new traders. With that in mind, here’s what our chosen service provider offers beginners in Australia.
1. eToro – Overall Best Trading Platform for Beginners in Australia
Today’s king of the hill is eToro, a platform that has managed to attract over 35 million users since its foundation in 2007. It has everything newbies need to thrive, starting with educational resources. The company’s official site has a section labeled “Education.” If you hover over it, you’ll see numerous resources, from the eToro Academy to a comprehensive guide to optimising account security. We explored all available options, and here’s what we discovered.
The eToro Academy is a free learning platform you can access without any hassle. It’s tailored to help newbies who choose eToro master trading and investing. It has many excellent courses, like Investing 101, which covers basic investing concepts like Building Your Portfolio, which, as you may have already surmised, offers indispensable hacks to building the best portfolios. That isn’t all. eToro users can also enroll in hundreds of other basic and advanced trading courses.
Each of eToro’s courses comes with multiple lessons. Take Building Your Portfolio as an example. This course has 10 lessons that introduce learners to different vital concepts, from the fundamentals of stock trading and investing to tips for building balanced portfolios. Courses aside, eToro Academy users can also source indispensable knowledge and hacks from guides, tutorials, and other educational materials.
eToro trading platform’s interface is beginner-friendly. It has a simple, clutter-free design tailored to make navigation easy for new users. The company has also factored in beginner-friendliness in its fees and costs. At $50, its minimum deposit requirement is quite reasonable and pocket-friendly. Plus, the company offers zero-fee deposits.
As a beginner, you can trade with eToro while learning and earn juicy returns. How? This service provider supports copy and social trading. In other words, you can copy experienced traders and source ideas from eToro community members.
eToro
✔ User-friendly trading platform
✔ Over 6000 trading instruments
Pros & Cons
Fees
Trading Assets
Pros
- Beginner-friendly, complexity-free user interface
- Reasonable minimum deposit requirement for Australians
- Myriad learning resources are available, including free courses and guides
- Newbies can copy experienced traders
- Offers thousands of tradable products, from FX pairs to indices
- Its clients can invest in stocks and crypto
Cons
- Withdrawals are charged $5 per request
- $10 inactivity fee
eToro has a transparent fee structure that is easy to understand and helps you plan accordingly. From our analysis, we discovered the following trading and non-trading eToro fees.
| Trading and Non-Trading Charges | Details |
|---|---|
| Account Opening | $0 |
| Management Fee | $0 |
| From $50, depending on your jurisdiction | 0.6 |
| Commission | From 0% on stocks and ETF trading |
| Spreads | From 1 pip on major currency pairs |
| Deposits and Withdrawals | $5 withdrawal |
| Inactivity | $10 monthly |
| Currency Conversion | 1.5% or 3.0%, depending on the currency or payment method |
| Overnight Funding | Varies based on global market conditions |
| Copy Trading | Free |
2. AvaTrade – Best for Australian Beginners Seeking Extensive Educational Resources
Many of the best trading platforms offer diverse, quality educational materials- that’s a fact. But, when it comes to learning and education, AvaTrade has the best tools and resources. Simple guides are available on the platform. These cover basic topics like How to Trade Online, How to Trade Stocks, and Financial Derivatives. The company has also provided tutorials on the available trading software, the definition of market terms, and comprehensive guides to trading strategies, order types, etc.
That isn’t all; far from it. We also discovered top-quality trading webinars for newbies on the AvaTrade official site. With them, you can master the essentials of the financial markets and advance your trading skills to a new level. This provider’s live webinars often feature industry experts who discuss the most important forex and CFD trading topics. What’s more, AvaTrade has a blog with countless pieces you, a newbie, can use to reach new heights.
Here’s the cherry that makes AvaTrade an exceptional service provider: AvaAcademy. This is a free online Academy for AvaTrade’s clients. It has diverse educational tools and materials, including countless top courses that guide beginners on how to start trading, leverage the best techniques, and use available platforms seamlessly. The available courses cover all important markets, from forex, stock, and commodities to indices, and crypto. Also, AvaTrade is the ultimate ETF trading platform for versatility,
Courses aren’t the only items on AvaAcademy’s menu. The site also offers top guides covering numerous crucial topics, such as key online trading terms and indicators for beginners. Moreover, the platform allows beginners to test their knowledge with quizzes before diving into the high-stakes world of online trading.
AvaTrade
✔Regulated by FCA
✔The platform supports algorithmic trading
Pros & Cons
Fees
Trading Assets
Pros
- Offers free courses, tutorials, guides, and other learning materials
- Risk-free demo accounts are available
- Beginners can benefit immensely from free live webinars
- Provides multilingual, expert support
- Zero fees for basic deposits and withdrawals
Cons
- High inactivity fee
- Dormant accounts attract a $100
Our experts investigated the AvaTrade broker’s fees and charges. We first noticed that the platform has a modest minimum deposit requirement of $100. What’s more, its users pay no additional costs while depositing funds or cashing out. That makes AvaTrade an ideal broker for both cost-conscious and newbie traders who want to test their waters with small capital before going all in.
That said, AvaTrade requires dormant account holders to pay $50 after every 3 consecutive months of inactivity. Moreover, if you let your account remain inactive for over successive months of inactivity, the broker will charge you a $100 administration fee. Not to forget, AvaTrade requires traders who hold positions overnight to cover a premium.
Here’s a breakdown of the fees you should expect to encounter while trading with this service provider:
| Fees and Charges | Amount |
|---|---|
| Spreads | From 0.9 pips |
| Administration fee | $100 |
| Inactivity fee | $50 |
| Overnight premium | Yes |
3. Plu500 – Best for Beginners Who Need an AU Platform with a Simple Interface
A complicated user interface is a beginner’s worst enemy. To get started in online trading and break through the roof, you must trade with a platform offering a beginner-friendly interface with minimal complexities. This is where Plus500 shines the most.
Based in Sydney, Australia, Plus500 is one of the most newbie-friendly trading platforms today. It has a clutter-free, straightforward interface with a friendly, intuitive layout. Thanks to its design and superbly organised menus, we were able to explore the platform easily. Our team has yet to have an easier time exploring and assessing a trading platform. The service provider has also focused on making the most important elements easily accessible, from available markets to educational resources and company details.
Speaking of educational materials, Plus500 offers plenty. First on the list is a well-stocked trading academy that doesn’t charge a single dime. Its visitors and users have access to hundreds of guides, webinars, and eBooks. The platform has also provided a wide variety of educational articles on diverse financial products, from stocks and commodities to crypto, options, and forex.
We also recommend Plus500 because this service provider focuses on making trade execution quick and simple. Any beginner can easily start placing trades with its platform since the broker has incorporated clear prompts for opening and exiting a trade. Other tools are also easily accessible, including orders for setting stop-loss and take-profit limits.
Not to forget, Plus500 offers simple charting and analysis tools to beginners. This broker charges competitive spreads and commissions and offers free deposits and withdrawals to ensure cost-conscious traders have the same opportunity to thrive as their counterparts.
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Plus500
✔Easy-to-use trading platform
✔No hidden charges
Pros & Cons
Fees
Trading Assets
Pros
- A considerable range of trading learning resources
- Intuitive, well-organized user interface
- 24/7 customer support service
- Easy-to-use research and charting tools
- Simple mobile app for trading on the go
- Zero deposit and withdrawal fees
Cons
- Limited trading and investment platforms for Australians
- $10 account inactivity fee charged every month
Many traders prioritize brokers they can afford. Since fees vary with a broker, we decided to go through Plus500’s fee structure. Here are some of the trading and non-trading charges to expect when you commit to this broker.
| Trading and Non-Trading Charges | Details |
|---|---|
| Account Opening | $0 |
| Minimum Deposit Requirement | $100 |
| Commission | $0 |
| Spreads | From 0.0 pips on major currency pairs |
| Deposits and Withdrawals | $0 |
| Inactivity | $10 monthly |
| Currency Conversion | Up to 0.7% |
| Overnight Funding | Varies based on trade size |
4. Pepperstone – Best for Australian Beginners Searching for a Low-Cost Trading Platform
Our team strongly recommends Pepperstone to fledgling traders who need a low-cost trading platform. Are you worried you don’t have enough money to get started with a good broker? You can rest easy because Pepperstone has no minimum deposit requirement. Plus, the broker has zero funding and withdrawal fees.
Most trading service providers have average spreads starting from 1+pips, but not Pepperstone. This low-cost trading platform’s users enjoy rock-bottom digits. If you open a Razor Pepperstone account, you’ll have the opportunity to lower costs with tight spreads starting from 0.0 pips trading for many popular instruments, including pairs like AUD/USD, EUR/USD, and USD/CHF. Razor accounts also have low commissions, starting from 0.07% for Australian share CFDs.
Costs aside, Pepperstone offers multiple user-friendly trading platforms. First on the list is the Pepperstone Trading Platform, which facilitates seamless trading on the go. It’s easy on newbies and designed to make unnecessary complications a non-issue. Numerous third-party software solutions are hosted on Pepperstone, including MT4, MT5, and cTrader.
Pepperstone has also provided diverse educational materials. They are pretty limited compared to what other top providers offer, but that doesn’t make them useless. The educational videos, webinars, articles, etc., available on the official site are enough to introduce you to the fundamentals of online trading.
Finally, Pepperstone is dedicated to providing unparalleled customer support. Whereas other brokers’ representatives are available Monday through Friday, Pepperstone allows its users to seek professional assistance 24/7. Moreover, the company has numerous supported communication channels, including phone calls, which are indispensable in urgent situations.
Pepperstone
✔24/7 support service
✔User-friendly and navigable platform
Pros & Cons
Fees
Trading Assets
Pros
- Zero minimum deposit requirement
- Zero account inactivity penalties
- Zero deposit and withdrawal fees
- Low spreads starting from 0.0 pips
- 24/7 customer support service
- Supports third-party platforms like MT4 and MT5
Cons
- Limited learning resources compared to other platforms
- Mostly offers CFD instruments
We find Pepperstone broker to be one of the brokers with transparent fee structures. There are no hidden charges, so what you see displayed on its platform is what you will incur. This makes it easier for you to budget without worrying about overspending.
Let’s discover below some of the trading and non-trading charges at Pepperstone.
| Trading and Non-Trading Charges | Details |
|---|---|
| Account Opening | $0 |
| Management Fee | $0 |
| Minimum Deposit Requirement | From $0, depending on your jurisdiction |
| Commission | From $0.02 on US-listed shares |
| Spreads | From 0.0 pips on its Razor Account |
| Deposits and Withdrawals | Free |
| Inactivity | None |
| Overnight Funding | Varies based on global market conditions |
| Copy Trading | Free |
Note that Pepperstone charges both spreads and commissions. While spreads are charged on all accounts, commissions are only imposed on the Razor Account.
5. FP Markets – Best for AU Beginners Seeking Multiple Asset Classes
With over 10,000 tradable products, FP Markets is the best platform for beginners who need a wide variety of asset classes. Here’s what we discovered while assessing this provider. First, it offers over 60 currency pairs, including GBP/USD and EUR/USD, which are popular with beginners. Over 10,000 shares, metals, commodities, and other financial products are also available on the platform.
Not only does FP Markets offer an immense variety of products, but the available products also come with low spreads and commissions. Start trading securities like AUD/CAD, AUD/CHF, and EUR/AUD and get access to low minimum spreads starting from 0.0 pips. And you don’t have to worry about having enough to get started since this service provider has a competitive minimum deposit of $100.
We also encourage beginners to try FP Markets because the platform’s interface is 100% user-friendly. It has a wonderful design and superbly placed navigation features. If you encounter any issues while getting started, the 24/7 support team is ready to help.
Let’s not forget about learning materials and resources. FP Markets allows newbies to advance their knowledge with webinars, podcasts, and video costs. And once you are knowledgeable, you can start trading with outstanding platforms like MT4, MT5, and TradingView.
FP Markets
✔Low minimum deposit requirement
✔Hosts numerous learning and market analysis tools
Pros & Cons
Fees
Trading Assets
Pros
- Offers over 10,000 financial products
- Powerful platforms like MT4 and MT5 are available
- User-friendly interface
- Helpful support agents are available 24/7
- A reasonable selection of educational resources
- No inactivity fee
Cons
- $1,000 minimum balance requirement on Iress
- High swap rates
We reviewed the applicable FP Markets fees, and like that the broker has a transparent structure. This allows users to efficiently plan for their activities without worrying about incurring additional costs. There are no hidden charges and no price manipulation with this broker.
| Trading and Non-Trading Charges | Details |
|---|---|
| Account Opening | $0 |
| Management Fee | $0 |
| Minimum Deposit Requirement | From $50, depending on your jurisdiction |
| Commission | From 0% |
| Spreads | From 0.0 pips on major currency pairs |
| Deposits and Withdrawals | Free deposits. Withdrawal fees apply based on the payment method used |
| Inactivity | $0 |
| Overnight Funding | Varies based on global market conditions |
| Copy Trading | Free |
Trading for Beginners in Australia
Although trading is legal and highly regulated by ASIC in Australia, it is very risky. ASIC urges all first-time traders to beware of issues like FOMO (fear of missing out) that can catalyse immense losses and other problems. On the other hand, we at BrokerRaters recommend seeking education and increasing your knowledge base before dancing with this alluring but dangerous partner called online trading.
Not to forget, when you’re ready to start trading, look for a reliable broker and do all you can to avoid scammers and fraudsters. If you don’t know how to do the latter, don’t fret. We’ve outlined tips and hacks on how to open a brokerage account in Australia and, most importantly, identify the best service provider in the upcoming sections.
How to Open a Brokerage Account in Australia?
To open a brokerage account in Australia Today, follow these steps:
Step 1: Research and pick a reputable broker
Step 2: Sign up
Step 3: Verify identity
Step 4: Deposit money
Step 5: Start trading
Research and compare different ASIC-regulated online brokers. Use factors like fees, support, and asset variety to pick the best. Do not sign up or trade with an unregulated service provider, as you will be vulnerable to issues like fraud and data theft.
Visit your preferred company’s official site and click the sign-up button. Provide the required information to open your account without unnecessary complications and delays. Also, use a strong password to keep out unauthorised personnel and protect your resources.
Complete identity and address verification using proper documentation. Your broker will likely request standard documents like your Australian national ID and a copy of a recent bank statement. Give the company’s team enough time to vet everything and respond accordingly.
Analyze the list of payment methods that your chosen broker allows Australians to use. Pick one that you have access to and fund your account with it. If you want to start trading immediately, go with a funding method that supports instant transactions.
Once your capital is available, you can choose the right assets and open positions. Depending on your chosen broker, you can also leverage automated strategies like copy trading. All in all, once you have active trades, monitor everything closely or use tools like stop-loss to protect yourself from catastrophic financial outcomes.
How to Choose the Best Beginner-friendly Trading Platforms
This guide repeatedly mentioned working with ‘the best’ and ‘reliable’ platforms. But what do these terms refer to? Simply put, the best platform should have an excellent combination of services, products, features, and usability. Use the key aspects outlined below to determine if a broker is the best:
Regulation
Reputation
Asset Range
Costs
Educational Resources
Support
For a beginner-friendly trading platform to even come close to ranking with top players, it must be regulated by ASIC. That isn’t all. It should also adhere to standards and regulations set by other established authorities, like the FCA and CySEC.
Don’t commit to any platform before vetting its reputation. That may sound like a tiresome task, but it’s easy. Just read reviews and analyze ratings on Trustpilot, Google Play, the App Store, and similar independent sites. If you don’t get sufficient feedback to make an informed decision, ask other traders’ opinions on popular online trading communities and forums.
The best platforms have popular tradable assets like forex pairs, commodities, and shares. Some also allow users to invest in products like company stocks. That said, the best for you is the one that has your preferred securities and assets. Subsequently, we urge you to assess every platform’s asset range before opening an account.
As a beginner, the quickest way to end your career prematurely is by splurging needlessly. By splurging, we refer to spending enormous amounts on aspects like trading fees, spreads, and commissions. We encourage you to find a low-cost broker that will help you cut expenses and remain on the trading scene for a long time.
Being familiar with key concepts and having a wide knowledge base is the key to increasing your odds of success, especially when starting out. As a beginner, prioritise joining a platform that gives you unlimited access to vital learning tools and materials.
A platform that cares for beginners prioritizes providing excellent support. Check if every service provider is beginner-friendly by testing its representatives. Just use the supported channels to contact them. If you get help quickly, working with the involved provider is a good idea.
Risks to Trade with Trading Platforms for Beginners
While trading with the best platform for beginners, you will be exposed to a variety of risks, including:
- Market risk: Financial markets are unpredictable. Prices can fluctuate wildly and unexpectedly, which increases your odds of incurring significant losses when things don’t go as you predicted.
- Leverage risk: Many outstanding trading platforms for beginners support leverage trading. That said, as a newbie, you may be lured into using maximum leverage, which can magnify potential losses tremendously.
- Overtrading risk: The exciting nature of online trading and potential gains often open the gaping trap that is overtrading. Overtrading while you’re a newbie exposes you to increased potential losses and faulty decisions.
- Platform risk: Unfortunately, some beginner-friendly trading platforms are insecure and unreliable. As a newbie, you might fall for them and suffer the consequences, which include hefty monetary losses.
- Psychological: While trading with a platform favouring beginners, you will win and lose some. The losses and winnings often have a psychological impact and can fuel irrational decision-making.
Conclusion
We can’t conclude this piece without stating one crucial fact: as a beginner, you are highly likely to make mistakes and lose money. It’s all a part of the game, and you should be comfortable with it. However, if you don’t play your cards well, you won’t be long in this game. To avoid this fate, start with a small capital and never risk more than 2% of your stash on a single position. Most importantly, learn from your mistakes and prioritise becoming a better trader every day.
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