Best 7 online share trading platforms for Australians in 2024

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The first step in starting an investing journey is selecting a stock trading app with access to the ASX and international markets. Unfortunately, there isn't a one-size-fits-all method for choosing a quality share trading platform in Australia. We examine some of the top-rated trading platforms that are accessible in Australia in this post.

Disclaimer: This information is general and is for educational purposes only. We do not provide financial advice nor does it take into account your financial situation. These platforms can be complex and investors should obtain professional advice from an independent financial advisor where appropriate and make your enquiries. We may receive compensation if you visit their website.

A few important characteristics need to be considered before choosing an online share trading platform from the list below. These include their standing and adherence to Australian laws, their payment options (AUD deposits and withdrawals), fees and spreads, whether they are easy to use or not, and their support for trading both US and ASX equities. Although there were more, these were the ones I considered in my assessment.

Because of its robust feature set and strict adherence to Australian legislation, eToro is on my list as the top trading platform. With its Australian Financial Services Licence (AFSL) and compliance with local laws enforced by the Australia Securities and Investment Commission (ASIC), eToro is a regulated company that provides some peace of mind for my finances.

Although I was aware that it was already a well-known copy-trading platform, it received bonus credit because it offered zero percent commissions on share trading for NYSE, Nasdaq, and ETFs.

But there are other fees including those for withdrawals, being inactive, currency conversion fees, and overnight fees, that I saw and that you should be aware of. Although there was no fixed brokerage or commission price, there were spread fees.

Having said that, I found eToro easy to use and it offered multiple options for funding my account with Australian dollars. These featured very practical methods such as credit/debit cards, POLi, bank transfers, and PayPal deposit options. On top of that, you can purchase stocks or a portion of them for as little as $10.

The level of eToro's usability and simplicity is excellent. The general public can access a wealth of educational tools and training materials, as well as practise share trading without risking any money with Tradingview Charts and a $100,000 demo trading platform which should prove invaluable if you want to try it out first without risking your capital.

In addition to shares, you can trade international indices, foreign currencies, commodities, and cryptocurrencies to diversify your portfolio. The copy exchange platform was one noteworthy aspect. This is a great benefit because the eToro platform allows you to locate and replicate the share trading tactics of profitable traders. Finding a good trader to mimic, though, can be difficult if you don't have a solid grasp of the facts.

Fees and charges

On eToro, there are no costs associated with stock trading. Other costs do, however, apply, such as a $5 FX conversion fee for deposits and withdrawals made outside of USD. For further information, see the website and eToro reviews.

Pros

Cons

Open an account with eToro Australia.

eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD.

Tiger Brokers is a multinational corporation that is listed on the NASDAQ and offers over 10 million consumers access to the stock markets across the globe. Tiger Trade is an Australian-based share trading platform that is expanding quickly. Its primary goal is to charge the fewest possible costs. "A better way to master investing" is their catchphrase.

One of the reasons I opened an account with them was because they were a new platform and were offering USD 50 in fractional shares when you funded your account with at least $500. They also offered brokerage-free trades every month for the US and ASX markets.

Additionally, they are running a special promotion wherein you will earn an additional USD 30 TSLA fractional shares if you fund your account with AUD 1,500.

Click here to claim USD 80 in free shares (T&Cs apply).

A wide variety of financial instruments are covered by Tiger Trade, such as US equities (fractional shares and options) and ASX stocks. This spread fits my investment approach of spreading my money over multiple international markets rather than solely putting it entirely in Australian companies, which makes it a genuinely global product.

The thorough news and insights features were among the noteworthy elements that really jumped out; these are excellent if you base your trading decisions on fundamental analysis. Additionally, pre- and post-market trading is accessible. Additionally, Tiger Brokers is CHESS-sponsored, which is a plus.

Similar to eToro, I found it easy to use the first time around, and it was a breeze to create an account and navigate the website and mobile app. Tiger Trade failed in that they no longer had a margin account.

Trades in stocks, ETFs, and options are subject to commissions. Trading is fairly difficult to comprehend and manage, which is a con. To put it briefly, Tiger Trade is a reliable trading platform for ASX, US, and Asian equities.

It's also important to note that Tiger Trade has received excellent ratings from reliable review sites like CANSTAR (2023), Finder Awards (2023) (strongly recommended), WeMoney (2023) (best for ETFs), and Mozo Expert Choice Awards (2022).

Fees and charges

It will cost you 0.055 per cent of the trade value to place a trade on the ASX. The brokerage fee for foreign markets, like US equities and indices, is USD 0.013 per share with a minimum order amount of USD 2. There can be additional costs, so see the website for specifics.

Pros

Cons

Open an account with Tiger Brokers.

Disclaimer: Capital at risk.

If you have some experience with advanced charting or are just starting out in trading, CMC Markets could be a wonderful fit for you. The fantastic assortment of trading instruments at reasonable costs and a broad choice of goods to satisfy traders were what we liked best about CMC.

It's probably still easy enough for most investors to use, even with all the professional trading tools for traders who have been at it for some time.

CMC tradeable instruments include shares and ETFs, indices, cryptocurrency, commodities, Forex, CFDs, and even treasuries (by opening a pro account), especially if you want to diversify your cash.

Day traders might find this appealing because of its trading platform. CMC Markets also offers a comprehensive library of training resources for share trading and strategy insights if you're still learning how to trade.

To put it briefly, if you know what you're doing, CMC is one of the best-rated ASX trading platforms. But most Australians would be better off using eToro, which is a far more user-friendly share trading platform.

Fees and charges

Free brokerage on shares from the US, UK, Canada, and Japan. Up to $1,000 in Australian share trades, there is no commission; after that, regular rates apply. It's therefore a fantastic choice if you wish to invest in shares on a regular basis. But after the first $1,000, the charge for ASX trading rises to $11.00, or 0.10 percent. Please check the website as additional costs may apply.

Pros

Cons

One of the biggest online share trading platforms in Australia, CommSec, would be included in any list of trading platforms in Australia. Part of the reason it's a reliable share trading platform is because Commonwealth Bank, one of the 'Big Four' banks, owns it.

CommSec received great marks and is still in use today to manage active share trades because it is one of the more respectable share trading platforms with CHESS-sponsored deals.

The trading website, which prides itself on being Australia's top broker, seems to cater to a variety of investors with varying degrees of expertise. It's very feature-rich with market overview data, trading tools, firm evaluation data, and dividend information.

The ability to obtain information about a specific ASX-listed stock directly from within the app, without having to navigate elsewhere, is what, in my opinion, makes CommSec user-friendly.

Apart from Australian share trading, you also have access to foreign markets such as the US, EK, Europe, and Asia. Some might find margin lending, options trading, and exchange-traded funds (ETFs) to be useful. International share trading is quite pricey, nevertheless, as overseas products have foreign conversion expenses that are 0.55% greater than usual.

Fees and charges

For a short period of time, CommSec is offering $0 brokerage on your first ten trades. The typical online brokerage cost for trading ASX equities is $29.95. On the US stock exchange, foreign shares are priced starting at USD 5 or 0.12%. Check out their website for a list of additional costs and fees.

Pros

Cons

The next trading platform on my list of the best for Australians to use is IG Share Trading.

The fact that there are no brokerage costs for trading foreign shares in the US and UK markets should not be surprising as one of the primary causes of this. Furthermore, I observed that IG's commissions for ASX trading were generally comparable to those of the other platforms on this list.

The ability to trade a wide range of financial instruments, including shares, ETFs, CFDs, futures, options, commodities, and cryptocurrencies, to lower your risk exposure to a specific market, asset, or industry was one of IG's main advantages that really jumped out. This includes several of Australia's largest corporations, including BHP, Qantas, Sun Corp., Commonwealth Bank, and many more. Although a little complicated and divided into various accounts, the share trading platforms are nonetheless very efficient.

Having said that, the Instagram user interface was quite simple to use and included a trial account with $20,000 in virtual money for experimentation. Together with the other free tools offered, this is a terrific feature to help you get acquainted with the IG trading platform.

The mobile application was simple to download and used to place trades and keep an eye on your portfolio. The TradingView Charts allow you to perform market research, view historical prices, and stay current on news and happenings.

Fees and charges

Trading foreign shares entails no brokerage costs. The commission for ASX markets is determined by the monthly volume of trades. There will be fees for 0-2 trades every month of $8/0.1%, whichever is higher. The fee charged is $5/0.05 percent, whichever is higher, for more than three trades in a month. For further information, visit the website as additional costs may apply.

Pros

Cons

Superhero is an Australian-based internet trading platform. We chose to give it a try because of its great reviews on comparison websites like Canstar, Finder, and Money Magazine. Benefits include the ability to trade ASX shares for as low as $5.

Also, Superhero offers $0 brokerage fees for U.S. share and ETF trading, if you want to diversify into foreign markets. Additionally, they have the exclusive benefit of collecting Qantas Frequent Flyer points on specific transfers and exchanges.

The Superhero trading platform's simplicity and cleanliness rank among its top features. It took me only a few minutes to get started and fund my account with AUD using PayID, which is simple to use and accepted by the majority of Australian banks. Overall, the platform is quite straightforward to use.

Additionally, Superhero offers an auto-invest function that lets you put a minimum of $100 into one of its products and dollar-cost-average your investment. I had not previously given micro-investing with small sums of money much thought.

I would say that after using Superhero for a few months, it mostly matched my expectations and wasn't too bad. Based on my rating system, it's among the top share trading platforms in Australia.

Fees and charges

Superhero is one of the least expensive share trading platforms because there are no brokerage costs on American, Australian, and ASX EFT equities. You should be informed that there is a $0.70 foreign currency cost between AUD and USD. To find out more, visit their website. There can be additional costs.

Pros

Cons

The next broker on the list that provides trading solutions comparable to the platforms mentioned above is Webull. In addition to trading margin across a variety of assets, including stocks and options, you can trade stocks from Australia, the US, China (A-Shares), and Hong Kong. Advanced trading tools, indicators, stock screeners, and analytic charting layouts are widely available.

WeBull feels more like a trading platform for investors and traders looking at US and Australian stocks, much like CMC.

Australians who wish to invest in US stocks can consider WeBull, as fractional units can be purchased for as little as $5. As an alternative, there are more than 15,000 financial marketplaces available, which will satisfy a large number of investors.

The fact that WeBull sponsors all AU stocks is one of its main advantages. This gives you the assurance that you actually possess the items you bought.

WeBull also offers the benefit of extended trading hours. Again, this is great for traders and perfectly complements WeBull's share trading software. You can place trades during extended hours to take advantage of trading possibilities during pre-open and regular trading times.

Fees and charges

WeBull provides $0 brokerage fees for US options in terms of fees. For Australian stocks and ETFs, the commission is $0.0003 times the trade amount. To learn more, visit their website. Additional costs may apply.

Pros

Cons

Visit the WeBull website.

All forms of investment carry the risk of losing money.

In the past, investing in the Australian Stock Exchange was a difficult undertaking. But as time went on, internet brokers and share trading platforms developed, and today they provide several advantages for buying and selling stocks.

Easy access to markets - Buying and selling stocks is made easier by share trading platforms, which eliminate the need for the typical phone calls to brokers. To trade while on the go, numerous platforms offer mobile apps, and all you need is an internet connection.

Availability - Online brokers have made stock trading accessible to a larger audience. It doesn't take much money to get started, and most of the time there is no minimum deposit needed (but there may be minimum investment amounts).

They tend to be cheaper - Online brokers frequently charge lower fees and commissions than traditional brokers. This can result in financial savings for day traders.

Availability of market research - These platforms usually provide a range of information, research tools, and educational materials to help investors make informed decisions. This may help you assess the benefits and drawbacks more effectively.

Updates in real-time - Share trading systems provide traders with instant access to news, market data, and stock prices. This allows you to keep informed about your investments and respond swiftly if the market conditions change.

When evaluating various share trading platforms, it's important to focus on the features that support your trading goals. For example, your needs may be more focused on lower brokerage fees and instructional resources if you're a first-time investor. But if you've been trading for a while, you might want a platform with more advanced features. Whatever your experience level, comparing prices might be a useful first step.

Having said that, the following is a list of crucial factors to consider while assessing Australian online share trading platforms:

What is their cost structure? Most trading platforms in Australia impose a brokerage fee on your transactions, however others may add monthly or inactivity fees. Check out the fee schedule to determine if it could have an impact on your trading expenses.

Variety of trading and investment assets - Take a look at the variety of tradable assets the platform provides. Certain platforms provide access to both local and overseas shares, along with options like currencies, indexes, and cryptocurrencies. Look for a platform that can accommodate your particular trading needs.

Is it easy to use? Seek a trading platform that facilitates precise and speedy trade execution. User-friendliness is crucial for successful trading. Examine the platform's capability for accessing data. Keep an eye out for features like research tools like broker analyses of certain stocks and real-time or delayed market updates. These resources can be very helpful in helping you make well-informed decisions.

Order categories - Examine the many order kinds available. Is it possible to enhance your trading flexibility by utilising alternatives such as market and limit orders or stop-loss orders? The range of order types should be reflected in your trading strategy. Examine the platform's reporting options for tracking trade performance, keeping track of profits, and facilitating tax submission to the Australian Taxation Office (ATO) during tax season.

Is customer service easily accessible and responsive? Examine your options for customer service. Customer service should be easily accessible by phone, email, and live chat on a reliable platform. Consider whether they provide 24/7 assistance in the event that you encounter trading difficulties. They should also have access to Australian landlines and local support systems.

Resources for education - Numerous platforms offer educational tools, including seminars and how-to manuals, to help you become a better trader. By utilising these resources, you may optimise the potential of your trading account.

safety precautions. Examine the protocols and security measures of the platform. Acknowledge the measures put in place to guarantee and maintain the security of your funds.

Remember that the online share trading platform you choose will ultimately depend on your unique trading preferences and objectives. Weighing these crucial factors will help you select the platform that best suits your needs.

When it comes to online trading platforms, there are three main types of brokerage fees that you could run into. The fundamental ideas covered in this part could assist you in selecting a low-fee trading platform.

Also known as commission fees, brokerage fees are linked to each purchase and sale of stocks and ETFs. The cost of a trading platform might change, usually depending on the trade value or how often you trade. Smaller transaction fees may range from $5 to $15, while bigger trading fees may reach as much as 0.1%.

Certain share trading platforms have ongoing fees that are invoiced either on a monthly or yearly basis. Some premium trading platforms charge a monthly subscription; this might be as little as $20 or as much as $80. In the event that you fulfil a minimum monthly trade requirement, some brokers may waive this fee.

Furthermore, since not all providers charge them, the frequency of these fees may change based on your trading activity. If no trades are made within a set amount of time, inactivity fines may apply. Thus, this is one cost to be aware of if you don't intend to trade frequently.

There may be fees associated with withdrawing funds from your trading account on some online share trading platforms. This may be free of charge or subject to a fee for each transaction, depending on the available payment options.

If you choose to purchase overseas shares, you can also be required to pay foreign exchange fees, especially if the shares are purchased in currencies other than US dollars. This is true while utilising well-known trading platforms such as Superhero and eToro. These fees are charged to convert AUD into the appropriate currency when you deposit money into your account to trade in overseas markets. For trading the US stock market, for instance, use USD.

It's crucial to keep in mind that brokerage fees can vary significantly between online brokers. Smaller transactions could have lower flat costs, but bigger trades usually have a percentage-based cost. It's a good idea to look for a platform with fair per-transaction fees if you day trades regularly.

Using an Australian trading platform has various advantages for Australian traders. Before creating an account, you should be aware of the following benefits.

The purpose of online share trading platforms in Australia is to give traders access to the country's stock market. These platforms offer features that address the specific requirements of traders in Australia and have experience with the Australian market.

Consequently, traders have access to research reports, analysis tools, and real-time market data that are unique to the Australian share market.

The Australian Securities and Investments Commission (ASIC) oversees Australian trading platforms. This indicates that they follow stringent guidelines that guarantee honest and open trade procedures. Traders can feel secure knowing that the platform they are utilising has fulfilled the requirements set forth by ASIC.

When compared to foreign brokers, Australian trading platforms might provide fees and charges that are competitive. As a result, traders can reduce their costs for transaction fees, brokerage fees, and other related expenses. To make it more inexpensive for traders to access the stock market, some stock trading platforms even offer zero brokerage costs on specific goods.

In Australia, trading platforms are made to be simple to use and navigate. As a result, traders will have quick and simple access to the data they require to make wise trading decisions. Additionally, a lot of platforms have mobile apps, which make it easier for traders to monitor their investments while they're on the road.

eToro, CommSec, CMC Markets, and IG Markets are a few of the most well-known trading platforms available in Australia. These platforms are popular among traders of all skill levels and provide a variety of tools and features to support users in making well-informed trading decisions.

The features available on each trading platform will differ depending on what kind of investments you want to make. However, eToro, CMC Markets, and IG stand out from the competition when it comes to an overall evaluation of the finest trading platform across broad categories like available markets, AUD deposit methods, convenience of use, low costs, and the like.

Some of the best platforms accessible in Australia for individuals interested in trading on foreign exchanges are Interactive Brokers, Saxo Markets, and CMC Markets. In addition to ASX-listed stocks, these platforms provide access to a variety of worldwide markets, such as stocks, options, futures, and more.

While there is no 100 per cent safe trading platform, for the maximum level of security when selecting a trading platform in Australia, it is recommended to utilise a broker who is overseen by ASIC, the Australian Securities and Investments Commission.

ASIC is widely recognised for its ability to protect and educate consumers in the financial industry. On ASIC's official website, you can find a comprehensive list of approved share trading platforms. By using this list, you may choose a safe trading platform and feel secure about your investment.

Saxo Markets is frequently regarded as one of the greatest platforms in Australia for individuals interested in options trading. Access to numerous international marketplaces is one of the many benefits and instruments available on this platform for options trading. The trading terminal is also quite simple to use and navigate.