Many platforms are free or available at a discount if you have a funded account or make a certain number of trades each month. Some platforms offer access to analytical tools and educational resources. There is a range of different stock markets and trading options available. Similarly, there are many different trading platforms, each one with unique features and benefits. An important factor in choosing your trading platform is your level of trading expertise, but there are other factors to consider too. In this article, you will learn the key points to consider when choosing a trading platform and gain information on the top 13 trading platforms in Australia. eToro (reviewed here) is a world-leading copy trading broker. It is ideal for social traders who want to copy trades made by other investors. It also offers trader matches tailored to your trading style and needs. The web and mobile platforms are user-friendly and include some options for customization. There is no desktop platform. eToro offers zero-commission stock trading. It enjoys a reputation for being the best social trading platform. Users can only trade in US dollars. Fees for CFD and forex trading are low. Withdrawal fees and inactivity fees apply. The account opening process is quick and easy, but the quality of customer service is lower than that offered by other similar platforms. You can access customer support via live chat or by completing a web-based ticket. The social news feed features notifications and active discussions. It has limited educational resources, although demo accounts are offered. Users can opt into using eToro’s safe two-step login process. This offers additional account security. eToro does not have a banking licence or public information on its financial performance. It is licensed by the ASIC under its trading name eToro AUS Capital Pty Ltd. eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD. 80.2% of retail investor accounts lose money when trading CFDs with this provider. Founded in 2010, Pepperstone has been quick to adapt to the social copy trading trend, providing plenty of tools for traders to share and mimic trading styles. With over 1,200 instruments, it offers two account types:
Standard – The Standard account comes with market average spreads and zero commission Razor – This account operates on a commission basis but with exceptionally low spreads
Pepperstone offers TradingView, MT4, MT5 and cTrader platforms, as well as supporting DupliTrade for copy trading. It normally recommends a minimum of 100 to 200 USD to start trading with. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.8% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000. Instruments include:
Metals Commodities Stocks FX Options Oil ETFs Options Crypto currencies CFDs Indexes Shares Spread betting Indices Forex Bonds
AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium. Mínimum deposit of $100, no withdraw limit and no fees.
City Index offers straightforward account setup with a low minimum deposit and withdrawal fees. The web platform is easy to use and customize, although the desktop version is less intuitive. Demo accounts, video guides and tutorials are available for educational purposes. Phone and chat support is available 24/7. Email support is available, but not as fast. There are three account types available, depending on your needs:
Trader Premium trader Professional trader
You can choose from a wide range of order types and it is easy to set up alerts and notifications. Regulated by the ASIC, City Index’s Parent company, StoneX Group Inc., is listed on the Nasdaq Stock Exchange.
Although it does not offer services to traders in Hong Kong, New Zealand and a few other countries, FXCM is well regulated by FCA, ASIC, CySEC and FSCA. FXCM has a long history, founded in 1999 – and although there have been some legal problems in the past, it is considered to be a reliable broker. With FXCM you can trade the following instruments:
45 currency pairs 15 stock index CFDs 7 cryptocurrency CFDs 12 commodity CFDs 219 Stock CFDs 1 bond CFD
There are two types of account – a Standard account with a minimum deposit of $50, or an Active Trader account that must maintain at least $25,000. The only real difference between these account types is that the cost of the spread is slightly better for the trader with an Active Trader account. FXCM does not charge a commission, and the cost of trading is built into the spread. There are also no fees to open an account, deposits are free from bank accounts as well as credit and debit cards, and although there is an inactivity fee, it doesn’t kick in until the account has been untouched for more than 12 months. Withdrawals are free to a credit or debit card, but you can expect withdrawal fees if you are moving funds to your bank account. FXCM works with some of the most popular trading platforms, like MetaTrader 4, ZuluTrade and NinjaTrader, but it has a decent proprietary platform that is available as a web and desktop trader as well as a mobile app. The Trading Station web platform is simple and user-friendly, with great customisation and search facilities. You can make several different order types on this platform, including time orders. However, you cannot receive any price alerts or notifications, and the research tools are not integrated – you need to open another web page to use them. The desktop platform is just as easy to use, but there are a lot more order types available and you can set price alerts and notifications. The mobile version of Trading Station is available for both iOS and Android. It too is simple to use, but the search function is a bit clunky and doesn’t have the most intuitive interface – and surprisingly, it does not support any notifications or price alerts. One of the best parts of the FXCM platform is the wealth of educational materials. Alongside the useful demo account, there is an extensive library of video, webinar and downloadable PDF content that has all the information a beginner needs to feel confident in trading. The research provided includes charts, technical analysis and a news feed. There is also a market screener and great trading ideas. FXCM might have limited instruments, but with low fees and no commission with good education and research, it is a great broker for beginner traders.
XTB is a forex and CFD broker that is suitable for both novice and professional traders. Forex fees are low, but CFD fees are high. There is also an inactivity fee. The mobile, web and desktop platforms all have a user-friendly interface that is easy to customize. The platforms offer a great search function which includes a range of ways to browse asset categories and product types. However, there is no option for two-factor login on any of the platforms. You can set up biometric authentication using your fingerprint on devices that support this. It is a quick and simple process to set up an account online; you will be able to begin trading the same day. Customer service is fast, reliable and available 24/7. You can contact XTB via email, phone or live chat. Educational resources include high-quality videos, tutorials and written guidance. They are categorized in a helpful way, allowing users to easily find what they are looking for. Portfolio and fee reports are clear and easy to understand, with the option to receive daily email reports. XTB’s news feed was awarded Best EMEA FX Forecaster by Bloomberg during 2018. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The parent company of SwitchMarkets.com (Royal ETP) is regulated by ASIC and CySEC as well as some other lower-tier jurisdictions, while client funds are segregated in Tier 1 banks – which makes it more secure. With SwitchMarkets.com you can trade:
62 Forex pairs 8 metals 21 indices 86 share CFDs 4 cryptocurrencies
There are just two account types available, which makes getting started a breeze – you can decide to go for a Standard account that offers zero commission and spreads as low as 0.6 pips, or a Pro account which has spreads from 0.0 pips and a $7 per lot round turn commission instead. Each account has a minimum deposit of just $50. For international traders, and those that want flexibility in both deposits and withdrawals, there are multiple options – from the usual credit and debit card to PayPal and eWallets like Neteller and Skrill, for example. Deposits and withdrawals are simple, fast and free. The education available on the platform is also simple – several ‘cheat sheets’ covering all you need to know about trading, from terms to strategy, all in downloadable PDF formats and all for free. There are several tools available on the platform to improve your trading strategy, including a Market Heat Map, lot size and Forex profit calculators, and even EA tools. As a relatively new broker, traders will find many offers to entice them to sign up – from a free VPS to a credit bonus.
CMC Markets (also reviewed here) offers a somewhat limited portfolio with low forex trading fees but high fees for CFD. It offers detailed analytical resources and excellent education resources. Also, customer service is good and available via phone, email or live chat. The web and mobile platforms are visually pleasing, customizable and simple to navigate. A desktop platform is available but is not very easy to use. CMC Markets is not regulated by the ASIC and it does not have a banking licence. However, all money deposited is stored in a segregated bank account. 77% of Retail CFD or Spread Betting Accounts Lose Money. AvaTrade (also reviewed in-depth here) is a forex, cryptocurrency and global CFD only broker. There is no option to trade bonds, real stocks or mutual funds. AvaTrade offers several different trading platforms: WebTrader, MetaTrader 4, MetaTrader 5 and AvaOptions. The MetaTrader platforms offer technical analysis, charting, market updates and automatic trades. The platforms are relatively user-friendly, although with limited customizability, and have a reasonable search function. AvaTrade also offers the AvaProtect order type, which is designed to help protect against losses. Account opening is fast and straightforward, with a low minimum deposit. There is no option for a two-step login. Inactivity fees are higher than other platforms. AvaTrade is regulated by the ASIC. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This global trading provider offers access to Australian and international shares. It charges low brokerage fees, but there are high forex and stock fees. IG (reviewed here) only offers web and app platforms; there is no option for desktop trading. User-friendly and easy-to-customize, you can access high-quality educational content. There is also a discussion forum, where you can share knowledge and seek support from your peers. Account setup is free with a low minimum deposit. However, the setup process and customer support can be slow – it can take up to three days to open an account. Still, phone, email and live chat support are available. Plus, the deposits and withdrawals processes are simple. Regulated and authorized by the ASIC, IG keeps all client monies in a segregated bank account.
With some of the lowest fees available, this platform brokers in bonds, stocks and cryptocurrency. It has useful research tools and some of the best educational resources available to registered members. There are desktop and mobile platforms. Both are known for being difficult to navigate, so Interactive Brokers is not recommended for beginners. The account opening process is reportedly complicated and there are high monthly inactivity fees. Interactive Brokers Group (reviewed here) is authorized and regulated by the ASIC. Users of the mobile app can log in with fingerprint or face recognition. The platform uses secure two-factor login.
Capital.com is a regulated broker with an award-winning trading platform. It has expanded rapidly outside Europe and it recently launched its services in Australia under the Australian Securities and Investments Commission license (ASIC). Capital.com offers zero commission CFD trading and covers all fees related to deposits and withdrawals. It has also introduced perks like low overnight fees and extended trading hours. Unlike other brokers, it doesn’t charge an inactivity fee. The platform is a great tool for beginners, giving them access to free unlimited trading education that includes online resources, webinars, trading guides, a Youtube channel, and also a top-rated educational app, Investmate. Creating an account with Capital.com is simple, yet there are some steps all new traders need to follow before they can start trading. They need to answer a questionnaire about the risks involved and they are also required to submit proof of identity and proof of address in a thorough security process. 75.26% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. The analytical tools available will depend on the platform’s target audience: Platforms targeted at experienced traders usually have more in-depth analytical tools; platforms aimed at beginners tend to offer only basic analytical tools.
Educational Resources
These could include videos, webinars and online courses. Some platforms offer demo accounts so you can experiment with the features before committing to the platform. Platforms for beginners tend to offer more educational resources. However, platforms aimed at experienced traders may have better quality educational tools.
Real-Time Feed and News
Up-to-date information is vital to profitable trading. Whether you need real-time information is determined by what you are trading and your trading schedule. Day traders and forex traders benefit most from a high-quality, real-time feed and news service. If you intend to swing trade or hold positions overnight, this is unlikely to be such a priority.
Customer Support
This varies between platforms. Some have a 24/7 support service; others only offer an email support function. If you find technology difficult, you may wish to opt for a platform that offers a higher level of support and a phone-based service.
Ease of Use
Choose a platform that you find simple to navigate and visually appealing. Markets can change fast, so you will need to be able to find your way around the platform easily. The best way to test this is to set up a demo account or sign up for a trial period.
Types of Investment
Consider if you will be focussing on forex or want to be able to access all types of trading. Also, decide if you want to trade in overseas markets or just Australia. If you plan to focus on two or more types of trading, you might wish to choose specialist platforms for each trading type. The other option is to choose one broad platform to cover all types of investment.
Alerts
Trading can be time-consuming. In an ideal world, you would be able to check your trading platform constantly throughout the day (although this may not be healthy for you). A platform that will send you alerts and execute orders for you is a good choice if you have a lot of other commitments.
Security
Trading is a risky business, so it is important to choose a platform that offers protection. Once you have found a platform offering all the features you need, check the login options. Biometric recognition (fingerprint or face) and two-factor authentications are the most secure options. It is advisable to check if the platform is regulated by the ASIC (Australian Securities and Investments Commission). You will need to choose a platform that is capable of managing the trades you intend to make. In addition to effectively managing your trades, it will need to have an intuitive interface. This will ensure you are comfortable with navigating it in pressurized situations. Remember, many platforms offer free demo accounts or trial periods. These can be a helpful way to ’try before you buy’. Take advantage of these offers by using them to test out a few different platforms. You will be able to carry out some practise trading activities and experiment with the features of each trading platform. WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
