Best Trading Platforms in Australia 2024

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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By 2021, over 1.25 million Aussies were active online traders. The number has increased significantly since then. If you plan to join this community and trade financial instruments like shares and currency pairs, we are here to help you out. We’ve been in the online trading space for decades and have learned many indispensable lessons along the way. First and foremost, the right trading platform is crucial to every trader’s success.

With that in mind, we’ve compiled this guide to help you find the best trading platform in Australia. We know you don’t have enough time to vet and test all Australian service providers. That is why we decided to do that on your behalf. Our experts gauged countless platforms, compared top performers, and picked 5 companies that tower over the competition.

List of the Best Trading Platforms

  • eToro – Overall Best Trading Platform Australia
  • Plus500* – Best Platform for CFD Trading in Australia
  • Pepperstone – Best Platform for Active Australian Traders
  • FP Markets – Best Forex Trading Platform in Australia
  • AvaTrade – Best Trading Platform Australia for Beginners

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

In This Guide

Australian Trading Platforms: Comparison Table

At BrokerRaters, we are committed to helping you find and trade with the most reliable and competitive trading platforms in Australia. To that end, we have introduced you to 5 top trading platforms in Australia. How did we choose these service providers?

Our team spent multiple days researching and evaluating the service providers that accept Australians. After incessant toiling, we identified a couple of trustworthy brands with a good track record. But our team didn’t stop there. We also compared the chosen platforms using specific factors, from licensing and regulation to listed fees and the availability of support representatives.

In the table below, we’ve listed the primary factors that our experts used to compare different service providers and identify the pack leaders. Use this information to gauge the suitability of each of the recommended brands.

Best Trading Platform AustraliaLicense & RegulationSupport ServiceSoftwarePayment MethodDemo Account
eToroASIC, FCA, MAS, CySEC, FSCA SFSA ADGM, MFSA, FSAS, GFSC, SEC24/5eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart PortfoliosCredit/debit cards, Bank transfer, Klarna, PayPal, Skrill, Neteller Yes
Plus500*

82% of retail investor accounts lose money when trading CFDs with this provider.

ASIC, MiFID, FSCA, CySEC, FCA, FMA, MAS24/7Plus500 CFDVisa, MasterCard, PayPal, Skrill, Bank transferYes
PepperstoneASIC, FCA, MAS, FSCA, DFSA, CySEC, CMA, SCB, BaFin24/7TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social tradingVisa, Mastercard, Bank transfer, Neteller, Skrill, PayPalYes
FP MarketsASIC, FCA, MAS, FSCA, CMA, CySEC, FSA24/7MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy TradingCredit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay Yes
AvaTradeASIC, FCA, MAS, FSCA, CBI, CySEC, PFSA, B.V.I FSC, FSA, ADGM, ISA24/5WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated TradingCredit/debit cards, Neteller, Skrill, Wire transfer, WebMoneyYes

Platforms Short Overview

In our books, the best trading platforms charge affordable fees and have a reasonable collection of financial instruments. Having said that, we also checked every service provider’s fees and assets while searching for the best Australian trading platforms. We’ve highlighted what we discovered in the comparison tables below.

Fees

Best Trading Platform AustraliaMinimum Deposit RequirementCommission/ SpreadsDeposits/ WithdrawalsInactivity Fee
eToro$50From 0%$5 withdrawal fee$10 monthly
Plus500*$100From 0%Free$10 monthly
Pepperstone$0From 0.0 pipsFree$0
FP Markets$100From 0.0 pipsFree$0
AvaTrade$100From 0.13%Free$50 after every 3 consecutive months of inactivity

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Assets

Best Trading Platform AustraliaStocksForexCryptoCommoditiesIndicesETFsOptions
eToroYesYesYesYesYesYesYes
Plus500* (CFDs)YesYesYesYesYesYesNo
PepperstoneYesYesYesYesYesYesNo
FP MarketsYesYesYesYesYesYesYes
AvaTradeYesYesYesYesYesYesYes

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Our Expert Opinion about Trading Platforms in AU

If you don’t pay close attention, you might be duped by the shoddy and unscrupulous trading platforms out there. Never sign up with any service provider before conducting diligent research and confirming everything based on ratings and testimonials on Google Play, the App Store, and Trustpilot. Also, choose one of the reputable and reliable trading platforms reviewed below to make your work easier and reduce the odds of signing up with a malicious or inferior broker.

1. eToro – Overall Best Trading Platform Australia

Our top pick is eToro, a platform that also happens to have over 30 million registered users. Millions of people prefer this trading platform, including yours truly, because it’s well-designed and incredibly simple to use. If you are new to online trading, rest assured you’ll have no difficulties navigating the eToro platform or understanding the broker’s terms and conditions.

Before trading with eToro, new users are required to fund their accounts with $50. This is an impressively low figure compared to other brokers’ minimum deposit requirements. Moreover, eToro users enjoy free deposits, which are vital in keeping costs at an absolute minimum.

We were also impressed by eToro’s dedication to ensuring traders are educated and knowledgeable. The broker has provided an exceptional trading academy with innumerable indispensable courses, guides, tutorials, and many other learning materials. In addition, the platform has a bustling trading community where beginners and novices can learn from experienced traders.

When it comes to assets, eToro has no equal. This broker offers over 6,000 financial assets to its users. As a trader, joining eToro will give you uncapped access to diverse instruments, including forex pairs, indices, and commodities. Most importantly, you can diversify your portfolio and magnify potential returns by investing in real company stocks and ETFs.

eToro

✔ User-friendly trading platform
✔ Over 6000 trading instruments

Visit site
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider.
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5 User Reviews
google
142,000 User Reviews
apple
31 User Reviews
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Our Rating
Total Rating:
142,036 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Intuitive, beginner-friendly user interface
  • Over 6,000 tradable financial instruments
  • Traders can invest in stocks, ETFs, and crypto
  • Beginners can copy top-performing traders and investors
  • Extensive learning resources, including free courses and tutorials
  • Helpful expert support representatives

Cons

  • Offers proprietary trading platforms exclusively
  • $5 withdrawal fee per request
  • $10 monthly 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

We discovered that eToro allows users to trade and invest in global markets. You can go long or short in a single portfolio. Overall, there are more than 6,000 instruments, which are spread across multiple classes. Investment options are stocks, which allow you to buy and take ownership of global stocks across various sectors. Fractional share purchases are also supported at eToro. This will enable you to fill your portfolio with leading stocks from global exchanges. ETFs are also other investment assets at eToro.

When it comes to CFD trading, this broker offers it with flexible leverage limits for both new and professional traders. From our experience, retail traders get up to 1:30 leverage limit and professionals up to 1:400. With CFD assets, you can go long or short and speculate on both rising and falling asset prices.

That being said, here is the number of tradable assets available at eToro.

Asset Class Number Offered
Forex 55+ currency pairs
Shares 5558+
Indices 21+
Commodities 35+
Cryptocurrencies 100+
ETFs 680+

Note that eToro also supports options trading but is limited to US clients only. You can also explore diverse non-fungible tokens (NFTs) via its Delta platform.

Disclaimer: CFD trading is risky and complex, thus not suitable for all types of traders. This is primarily due to the application of leverage attached, which can give you good profits as well as leave you with massive losses. So far, over 76% lose their money in CFD trading. That is why it is important to conduct extensive research and understand CFD trading risks before you invest your money in it.

2. Plus500 – Best Platform for CFD Trading in Australia

We vetted numerous CFD trading platforms and, based on our findings, consider Plus500 better than the rest. While exploring this platform, we discovered thousands of CFDs on shares, forex pairs, and commodities. Additionally, we realized that this broker also offers CFDs on crypto, options, ETFs, and indices.

As a CFD trader, you might encounter numerous issues while trading your favourite assets. For instance, you might miss golden opportunities due to login problems. Or, your withdrawals and deposits may delay when they are supposed to go through almost instantly. However, such issues will have minimal impact if you trade with Plus500. This broker’s knowledgeable support agents are available 24/7; always ready to help traders address the most pertinent issues.

If you are unimpressed by the standard services offered by most trading platforms, Plus500 has a premium platform you can use to take things to the next level. It’s reserved for the most valued customers and offers numerous exclusive boons, from a dedicated manager to external trading webinars and much more.

Plus500 hasn’t sidelined beginners and novices. If you belong in any of these categories and need to advance your knowledge, this broker has an excellent academy you can use. It has diverse educational resources, including eBooks, webinars, and how-to videos.

Note: 82% of retail investor accounts lose money when trading CFDs with this provider.

Plus500

✔Easy-to-use trading platform
✔No hidden charges

Visit site
82% of retail investor accounts lose money when trading CFDs with this provider.
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14,120 User Reviews
google
102,000 User Reviews
apple
1,600 User Reviews
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Our Rating
Total Rating:
117,720 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Impressive selection of CFDs on forex, commodities, etc.
  • 24/7 customer support service
  • Offers a terrific free academy with guides, tutorials, etc.
  • Zero deposit and withdrawal fees
  • Easy-to-navigate platform interface

Cons

  • $10 monthly inactivity fee
  • Fewer trading platforms than its peers

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

From our analysis, we discovered that the Plus500 trading platform lists over 2,800 assets. These assets are spread across various classes, including forex, shares, indices, commodities, cryptos, options, and ETFs. For most regions, Plus500 supports CFD trading across the featured assets. Real stock trading is available on the Plus500 Invest platform, while futures trading is only available for US citizens on the Plus500 Futures platform.

Let’s break down the number of Plus500 product selections.

Asset Class Number Offered
Forex 60+ currency pairs
Shares 1900+
Indices 29+ global stock indices
Commodities 24+
Cryptocurrencies 19+
ETFs 96+

Note that options trading at Plus500 is offered on a few stock CFDs and stock index CFDs. Thematic indices like the Cannabis Index are also available for traders.

Disclaimer: CFD trading is complex and highly risky, considering the application of leverage attached. We have witnessed over 76% of retail traders lose their money in CFD trading. It may not be a suitable activity for you. Therefore, ensure you understand how CFD trading works and the risks involved. 

3. Pepperstone – Best Platform for Active Australian Traders

Are you an active trader who buys and sells different financial products multiple times a day? You should consider trading with Pepperstone. Why? For starters, this outstanding platform has some of the lowest spreads and commissions out there. The broker offers 2 types of accounts: Razor and Standard. Razor accounts have low raw spreads starting from 0 pips. You can also open a Pepperstone standard account and enjoy zero commissions and competitive variable spreads.

We also recommend Pepperstone due to its fast execution speeds, which hover around 30ms in Aussieland. Such excellent speeds are indispensable in minimizing slippage and ensuring you are better positioned to capitalize on small price movements.

Our experts also discovered one noteworthy aspect while exploring and evaluating Pepperstone. This broker offers diverse powerful trading platforms to its users. The first one is the Pepperstone Trading Platform, an excellent proprietary software that allows users to trade on the go and take things to a new level with specs like Quick Switch, public watchlists, and superior charting functionalities. Pepperstone clients also have access to cTrader, MT4, MT5, and TradingView, the most popular third-party platforms today.

Finally, going with Pepperstone is a splendid idea because this broker has no minimum deposit requirement for new users. You can sign up and kickstart your trading career with anything within your means. And you won’t have to fret over transaction charges or inactivity fees since these elements are non-existent on Pepperstone.

Pepperstone

✔24/7 support service
✔User-friendly and navigable platform

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2,817 User Reviews
google
4,480 User Reviews
apple
1 User Reviews
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Our Rating
Total Rating:
7,298 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • No minimum deposit requirement
  • Free deposits and withdrawals
  • Zero inactivity fees
  • 24/7 phone and email support
  • Exceptional platforms like MT, MT5, and cTrader
  • Low spreads and commissions

Cons

  • Scant educational resources
  • Limited financial instruments compared to its peers

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.

At Pepperstone, we discovered over 1,200 CFD and spread betting assets. The securities are in different classes, including shares, commodities, forex, indices, ETFs, and cryptocurrencies. Unfortunately, some assets like options are missing.

As we previously mentioned, there are two types of trading accounts, namely Razor and Standard, with which you can explore these securities. We also noticed that Pepperstone supports leverage trading on its featured securities. Retail traders will enjoy limits up to 30:1, while professionals are eligible for limits up to 400:1. This allows you to manage larger trades with a small capital, thus maximizing your chances of earning huge profits.

That being said, let’s break down the number of asset offerings at Pepperstone.

Asset Class Number Offered
Forex 97+ currency pairs
Shares 1000+
Indices 23+
Commodities 40+
Cryptocurrencies 30+
ETFs 48+

Disclaimer: Spread betting and CFD trading have the application of leverage attached to them. Therefore, while the activity can magnify your returns, losses are inevitable. To avoid incurring massive losses with CFD trading, understand how it works plus all the risks involved. Plus, only risk funds you are comfortable losing, considering that over 76% of retail traders lose money in this activity.

4. FP Markets – Best Forex Trading Platform in Australia

Thousands of Australians are active forex traders. If you are one of these people and have yet to trade with FP Markets, make the effort today. This broker has over 60 currency pairs you can sample, from AUD/CAD and AUD/JPY to EUR/AUD, GBP/JPY, and USD/CAD/. The best part is that most available pairs have low spreads starting from 0.0 pips. You can also boost your profit potential with flexible leverages of up to 30:1.

You’ll never have to worry about issues like deposit delays derailing your trading endeavours while using the FP Markets platform. That is because the company has an award-winning multilingual team available 24/7. After signing up with this broker, you can forward any questions and concerns via phone or email and receive rapid assistance.

Different trading accounts and solutions are also available to forex traders using FP Markets. You can trade with the broker’s WebTrader or mobile trading app. And if you’re a fan of third-party products, you can go with MT4, MT5 TradingView, or cTrader.

Besides, FP Markets stands out among forex brokers with many other assets through which traders can diversify their portfolios. These assets range from shares and precious metals to indices, ETFs, and bonds. You can test FP Markets with a demo account before committing for the long haul.

FP Markets

✔Low minimum deposit requirement
✔Hosts numerous learning and market analysis tools

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7,164 User Reviews
google
0 User Reviews
apple
2 User Reviews
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Our Rating
Total Rating:
7,166 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Zero spreads on many popular currency pairs
  • Rich selection of assets for portfolio diversification
  • MT4/5, cTrader, and TradingView are hosted
  • Professional support is available 24/7
  • Excellent copy trading functionalities

Cons

  • Few educational materials
  • $1,000 Iress minimum deposit

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

There are more than 10,000 CFD instruments at FP Markets across various asset classes. These include forex, shares, commodities, cryptos, and more. The best element about exploring these securities is that you have access to multiple platforms to choose from. Whether you prefer the MT4, MT5, cTrader, or TradingView, FP Markets has it all for you. You are guaranteed quality resources to maximize your potential.

When it comes to leverage applications, FP Markets has favorable limits for all types of traders. Retail traders can get up to 30:1, while professionals get 500:1. Moreover, we discovered multiple account types to suit every trader’s needs.

Here is a breakdown of the number of assets you will trade at FP Markets Standard, Raw, and Iress accounts.

Asset Class Number Offered
Forex 70+ currency pairs
Shares 10000+
Indices 19+
Commodities 12+
Cryptocurrencies 12+
ETFs 46+
Bonds 2+
Futures 7+

Disclaimer: CFD trading is risky, especially with the application of leverage attached. While many traders earn good profits from it, it can leave you with massive losses should a trade work out against you. Therefore, start by understanding CFD trading and all the risks involved before venturing into such securities. Remember, over 76% of retail traders lose money in CFD trading.

5. AvaTrade – Best Trading Platform Australia for Beginners

After vetting countless service providers, we can’t confidently declare that AvaTrade is the best trading platform in Australia for beginners. Several aspects have encouraged us to develop a deep liking for AvaTrade, with Ava Academy coming first on the list. This is an online site that offers unlimited courses, lessons, and other materials to newbies. Here’s the capstone: the invaluable learning materials on Ava Academy are 100% free.

Additionally, AvaTrade has excellent customer support. Our experts consider that to be an indispensable quality since newbies often need professional guidance and assistance. AvaTrade is dedicated to ensuring every one of its users receives excellent support, especially beginners. We tested the broker’s supported channels, from phone to email, and received expert assistance almost instantly.

AvaTrade’s user interface is simple and easy to navigate. The broker has made everything easy to find and understand, which is crucial in optimising newbie traders’ experiences. Moreover, AvaTrade users have access to multiple excellent trading solutions, including MT4 and MT5.

AvaTrade

✔Regulated by FCA
✔The platform supports algorithmic trading

trustpilor logo
8,869 User Reviews
google
10,200 User Reviews
apple
25 User Reviews
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Our Rating
Total Rating:
19,094 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Quality courses, guides, tutorials, and other learning materials
  • Excellent support service
  • Super-friendly, intuitive user interface
  • MT4 and MT5 are available
  • Beginners can begin trading in demo mode

Cons

  • Fewer financial assets than other top brands
  • Higher inactivity fees than its competitors

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

The AvaTrade trading platform’s users have access to over 1,250 financial instruments, from forex pairs and indices to commodities, options, ETFs, and more. Below is an overview of some of this service provider’s product offerings:

  • Forex: As an AvaTrade user, you can trade diverse popular currency pairs, like EUR/USD, CAD/JPY, and USD/TRY. You can also boost potential returns with leverage of up to 400:1.
  • Commodities: From crude oil to silver, corn, and platinum, countless commodities are available on the Ava trading platform. They have competitive spreads and juicy leverages for individuals who want to access larger positions with small capital.
  • Cryptocurrencies: With an AvaTrade account, you can trade crypto CFDs like BTC/USD, Ripple, and Bitcoin Gold. These assets have reasonable spreads starting from 0.10% over-market.
  • Stocks: Over 90 stocks are accessible on the AvaTrade platform, including popular products like Groupon, Apple, and Microsoft. You can trade such instruments and enjoy reasonable spreads starting from 0.13%.
  • ETFs: If you want to trade ETFs, AvaTrade has you covered. You’ll find numerous outstanding assets, such as the MSCI EAFE Index Fund, S&P 500 VIX Short-Term Futures ETN-Series B, and Energy Select Sector SPDR.
  • Indices: After opening an AvaTrade account, you’ll get uncapped access to US500, UK100, CHINA A50. The broker also allows index traders to enhance potential returns with up to 100:1.
  • Options: AvaTrade’s AvaOptions trading platform allows users to trade options. It’s also equipped with 13 strategies, including call spread, put spread, and straddle.

Trading in Australia

Trading in Australia

Trading is legal in Australia and regulated by ASIC. If you are an Aussies aged 18 and above, you can start trading instruments like forex pairs, shares, and commodities today. But be warned; this activity exposes you to significant financial losses. Also, many shoddy trading platforms expose traders like yourself to issues such as data theft and fraud. Tread carefully and avoid service providers with red flags like negative user ratings and reviews.

You should also research the taxation laws and stipulations for Australian traders. Most proceeds from online trading are subject to tax in this region. If you don’t familiarize yourself with applicable mandates, you may break some laws, which will expose you to issues like hefty fines and penalties.

What is a Trading Platform?

A trading platform allows you, a trader, to open, manage, and close positions related to different financial instruments. Two main types of trading platforms are available today: commercial and proprietary. Commercial trading platforms are primarily designed for retail traders and investors like yourself. On the other hand, proprietary trading solutions are developed by firms and companies for their own use.

How to Choose the Best Trading Platform in AU

As mentioned earlier, shoddy and fraudulent trading platforms are abundant in Aussieland. You must be careful and do everything you can to avoid their trap. That includes vetting every service provider based on the following before signing up:

Licensing and Regulation
Range of Tradable Instruments
Fees and Costs
User Interface
Customer Support
Educational Resources
Online Reputation

Always verify if a platform is regulated by ASIC before offering up your data and money. The most secure and credible service providers adhere to mandates set by this authority. They are also licensed and governed by other authoritative bodies, like the FCA and CySEC. Never trade with unregulated platforms since your chances of losing money and falling victim to identity theft will be significantly higher.

While assessing a trading platform’s suitability, examine its range of tradable assets. The best brokers offer popular instruments like forex pairs, shares, and commodities. They also put their users in a better position to diversify their portfolios with hundreds, if not thousands, of outstanding financial products.

Before signing up, vet your chosen service provider’s trading fees and costs. Examine everything, from spreads to commissions and overnight charges. After that, check if the platform has non-trading costs associated with aspects like currency conversion charges and account inactivity fees. Choose a service provider with affordable fees to avoid high expenses that will reduce potential profits.

Experts can trade with complex platforms. However, if you’re a beginner, you must look for a platform with a user-friendly interface. Ideally, it should be intuitive, well laid out, and optimised to be 100% beginner-friendly.

To ensure you receive timely assistance, especially in times of dire need, find a trading platform with excellent customer support. We strongly encourage you to avoid taking brokers’ promises at face value. Instead, test every service provider’s support quality and responsiveness. Give top priority to companies with responsive, knowledgeable agents available 24 hours a day, especially during weekdays.

Beginners can’t succeed without adequate knowledge. If you’re a beginner, find a trading platform with quality educational materials and resources. Depending on your preferences, they may range from courses and quizzes to video tutorials and webinars. Also, prioritise joining a platform that allows you to practice and test yourself with virtual funds before committing your hard-earned money.

Visit Google Play, the App Store, and Trustpilot before opening a trading account. Check most, if not all, of the platform’s published user reviews and testimonials. If your chosen service provider has more glowing compliments than negative remarks, you can sign up. If not, find a platform with better ratings and testimonials.

Trading Risks for AU Traders

Online trading offers Aussies unlimited profit-generating opportunities, no doubt. But this activity also carries multiple noteworthy risks, including:

  1. Market volatility

The prices of different financial assets often change rapidly and without warning. Moreover, extreme price fluctuations can sometimes happen, courtesy of factors like geopolitical events like regional conflicts or sudden shifts in market sentiment.

  1. Leverage risk

Leverage lets you control larger positions and maximize your profit potential with small capital. But this element can also magnify your losses and compromise your trading career in the long run.

  1. Platform reliability risk

The best platforms, like the ones recommended here, are well-designed. Unfortunately, they are not immune to occasional issues like technical glitches and transaction delays. Such problems can cause missed opportunities and other complications.

  1. Fraud risk

Many trading platforms have been compromised by cyber criminals and lost vast sums and sensitive customer data. To this day, unscrupulous entities keep targeting trading platforms since they carry invaluable trader data and millions of funds.

Pros & Cons of Trading with Trading Platform

Allow us to walk you through some of the pros and cons of trading with trading platforms in Australia before you take the final leap and open a live account:

Pros:

  • Trading platforms are highly regulated and supervised by ASIC
  • Outstanding platforms have top-tier security
  • Australian trading platforms give you access to a wide variety of instruments
  • Traders can leverage powerful tools on trading platforms
  • The best platforms have extensive educational materials for beginners

Cons:

  • Some platforms have high fees and charges
  • There are many unregulated trading platforms

Conclusion

We encourage beginners to learn the basics before searching for a trading platform and committing financially. Also, plan your finances well and set aside a reasonable amount of money for your online trading endeavours. Never trade with all of your income or funds set aside for crucial purposes like paying rent. That is because if your predictions fail, you will lose your money. Finally, keep an eye out for fraudsters and scammers, who often target innocent online traders.

author image
Thadeus Geodfrey

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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