Best ASX Trading Platforms Australia – Compare Top ASX Trading Platforms Australia
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
ASX, or the Australian Stock Exchange, is one of the world’s largest stock exchange groups. Founded in 1987, ASX is now preferred by traders all around the world. One of the most dominant stock exchanges in the Asia-Pacific region, ASX provides numerous investment vehicles, including stocks, exchange-traded funds (ETFs), options, warrants, and futures, among others.
If you want to trade ASX-listed assets, all you need to do is sign up with a regulated broker that provides access to this stock exchange. Below, we will review the top choices if you are an Australian citizen, and provide you with a straightforward step-by-step guide to quickly register with an online broker and start trading right now.
Table of Contents
#1 ASX Trading Platform in Australia – eToro
1
Mobile AppYes
Best ASX Trading Platforms Australia – List of Top ASX Trading Platforms Australia
To help you choose the right broker for your needs, we have reviewed the top ASX trading platforms in Australia and listed them below. Scroll down for a full review of each of them, including their strengths, weaknesses, and safety.
The best ASX trading platforms in Australia are:
- eToro – Overall Best ASX Trading Platform Australia – Visit now.
- AvaTrade – Best ASX Trading Platform Australia for Experienced Traders
- Commsec – Top ASX Trading Platform Australia for
- Capital.com – Best ASX Trading Platform Australia for Low Budgets
- Interactive Brokers – Best ASX Trading Platform Australia for Shares
Best ASX Trading Platforms in Australia – Full Reviews
There are endless options for Australian citizens. However, not all ASX trading platforms are created equal – they differ in terms of cost structure, assets availability, markets covered, and interface. Below, you will find out the top ASX trading platforms in Australia.
1. eToro – Best Overall ASX Trading Platform Australia
At the end of Q2 2021, eToro boasted more than 23 million registered users, making it one of the most popular brokers nowadays. With a global presence, the intuitive trading platform comes with a large array of assets, including stocks, bonds, commodities, and indices.
For ASX assets, conservative users can simply invest in the ASX 200 index via CFDs (contracts-for-difference). This is a derivative that allows you to speculate on market price movements, so you can earn when the entire ASX market increases (via long positions) or decreases (via short-selling).
One of the main drawbacks is that eToro’s base currency is USD, which is convenient due to its global presence. However, this means you will have to cover a conversion fee when you deposit your AUD capital. Also, the list of ASX stocks available on eToro is limited; however, most large Australian corporations are also listed on the American exchanges, which gives you the same exposure to the stock.
All you need is US$50 to start trading on eToro, so it’s a great choice for any budget. Also, the broker has a low-fee structure, so you don’t pay any commissions when trading stocks and cryptocurrency, among others.
Pros
Cons
67% of retail investor accounts lose money when trading CFDs with this provider.
2. AvaTrade – Best ASX Trading Platform Australia for Experienced Traders
For more experienced traders seeking advanced technical analysis tools, AvaTrade is a great choice. It is highly recommended if you want to start trading with one of the world’s most popular third-party trading platforms – MetaTrader 4 or 5. Additionally, AvaTrade is also compatible with ZuluTrade, which is a social trading platform, similar to eToro’s copy trading feature.
Apart from forex trading, AvaTrade provides you with access to the stock market, bond market, commodities, and many more. Also, investors with a derivative-based strategy can go for AvaOptions, an online trading platform that allows you to use advanced options tools and features. Just like eToro, AvaTrade is regulated by the ASIC (Australian Securities & Investments Commission).
Pros
Cons
67% of retail investor accounts lose money when trading CFDs with this provider.
3. CommSec – Top ASX Trading Platform Australia for ASX Stocks
Since 1995, CommSec has established itself as the largest and most reputable Australian trading platform. It may be the right choice for you if you want to trade mainly ASX-listed stocks since its asset availability is more restricted than the brokers discussed above. There are also a few ETFs and options available.
Unlike eToro, however, CommSec charges you commissions for each trade. These range between US$10 and US$29.95 – these fees are for trading any type of assets, whether it is stocks, options, or ETFs.
This more expensive business model may be worth the additional cash if you want an online trading platform packed with advanced analysis tools. For beginners, CommSec provides the Self-Managed Super Fund Solutions, which means that a team of specialists will help you create a diversified portfolio.
Pros
Cons
67% of retail investor accounts lose money when trading CFDs with this provider.
4. Capital.com – Best ASX Trading Platform Australia for Low Budgets
If you are a newbie, Capital.com is perhaps the best way to start your trading journey. With a minimum deposit of only US$20, you can start building your wealth with ease on this top-rated Aussie trading platform. One of the best highlights that will help you meet your trading objectives is its dedicated mobile phone app that contains several investing/trading courses.
Next, Capital.com has a beginner-friendly cost structure, and the trading platform is neat and simple. You don’t need to worry about technical jargon – the layout is beginner-friendly, so you can buy or sell assets with maximum convenience.
Some of the main assets you can trade on Capital.com are CFDs on cryptocurrency, stocks, indices, and commodities. The fees associated with forex trading (known as spreads) are quite competitive, too.
Pros
Cons
67% of retail investor accounts lose money when trading CFDs with this provider.
5. Interactive Brokers – Best ASX Trading Platform Australia for Shares
Finally, Interactive Brokers is yet another global online broker that provides access to 135 markets. You can trade CFDs on stocks or real assets from Australia, the UK, the US, Asia, and more. This makes it suitable if you prefer to have a shares-based portfolio with assets from a broad range of industries and countries.
However, Interactive Brokers may come across as confusing if you want to fully understand its fee structure. Commissions depend on the type of account to choose and the asset you want to trade. Only US-listed assets come with a $0 commission.
Pros
Cons
67% of retail investor accounts lose money when trading CFDs with this provider.
How to Find the ASX Trading Platform in Australia
Now that you are familiar with the best ASX trading platforms in Australia, it’s important to know how to select the best one for your needs. Since they are all different, some of them may suit different trading styles better. Let’s discuss what you should consider before signing up.
Regulation and Security
The good news is that all of our recommended brokers are regulated, so you can enjoy peace of mind if you choose one of them. In most cases, our online brokers provide global access, which means that they are regulated by several authorities at the same time.
It’s important to choose a regulated, safe broker to ensure your protection. For instance, eToro, our top pick, is not only regulated by the ASIC but also the FCA in the UK and CySEC in the EU.
Payment Methods
If you have a favourite payment method, such as PayPal, for instance, you need to check whether your broker supports it. Some trading platforms like Interactive Brokers only allow bank transfers – which can come with higher fees on your side, along with a waiting time of 3-5 business days until you can see the funds in your trading account.
However, if you want instant transfers via debit/credit card or e-wallets, eToro is one of the many online brokers that allows you to pick from a long list of payment methods.
Supported Markets
It is not surprising if you have already decided which assets you want to trade. If you want to invest only in ASX stocks, a trading platform like CommSec will suit your needs. However, this broker has a more expensive fee structure compared to eToro.
On the other side, signing up with eToro allows you to invest in dual-listed stocks, like BHP for instance. This corporation is also listed on the New York Stock Exchange, so signing up with eToro provides you with access to the same stocks, but listed on a different exchange. It means you can invest in the same assets while bypassing the high commissions charged by other brokers like CommSec.
Leverage and Short-Selling
If your capital is relatively low or you simply want to earn more, you can use leverage to amplify your transactions. Short-selling refers to borrowing assets from your broker to sell them at the market price.
Leverage
If you have a higher risk appetite, you are a seasoned trader, or you want to dive deeply into the world of trading, you’ll want to pick a trading platform that provides leverage.
In Australia, there is a maximum leverage limit of 1:30, but this is lower in the case of different assets. This means you can trade 30 times the amount you have in your trading account – for instance, if you have A$1,000 in your account, you can make trades worth a maximum of A$30,000.
Short-Selling
Experienced traders use short-selling to generate profits when prices decrease. Nowadays, the easiest way to short-sell an asset is to short-sell CFDs. These are derivative contracts between you and your broker; in other words, it’s like an agreement you make when you think the price of an asset will decrease. Thus, you borrow the assets from your broker at the current price and you close your position when the price decreases. If you are correct, the difference between the higher initial price and the smaller final price will be your profit.
Platform Fees
Fees are extremely important when you choose your broker. If you want to buy assets now and sell them in 15 years, fees per trade may not be too relevant for you.
However, if you want to buy and sell assets several times per month, week, or day, platform fees can quickly add up. Let’s discuss the main types of platform fees you should check, depending on your strategy.
Payment Fees
Payment fees are charged when you deposit or withdraw funds. Most online brokers do not charge you any money when you make these operations or, in most cases, the amount is negligible.
For instance, eToro allows you to make free deposits, while the withdrawal fee is only US$5. Also, if you withdraw in AUD, you need to keep in mind that you have to cover the conversion fees. Your funding provider (i.e., the receiving bank or the debit/credit card provider) may charge you, too.
In the case of eToro, the conversion fees for bank transfers, Sofort, iDEAL, and Trustly in AUD is 50 pips, while others (e-Wallets like PayPal, credit cards, and local online banking) are 100 pips for deposits and 50 pips for withdrawals.
Because of these higher charges, it is recommended to plan your deposits and withdrawals accordingly. For instance, you can schedule your withdrawals when you reach a certain amount (i.e., at every A$500 or higher), based on your starting capital and trading strategy.
Commissions
Most Australian brokers charge steep commissions when trading. If you plan to buy-and-hold, these may not be significant; however, if you frequently buy and sell assets, they can quickly add up.
For instance, if you pay $29.95 in commissions, you have to cover this fee regardless of whether you buy $1,000 worth of stocks or invest only $100. For small retail investors, these commissions can make trading quite expensive.
If you want to trade for zero commissions, eToro allows you to buy real stocks, ETFs, and even cryptocurrency without charging any fees. Also, there are no other account maintenance fees or costs that could increase your expenses. For instance, if you want to buy $1,000 worth of bitcoin, you will get $1,000 worth of bitcoin, as there is no extra cost.
Overnight Financing
Forex and CFDs come with extra fees known as overnight financing. These are leveraged assets and the trading platform will charge you a fee for keeping the position open overnight.
For example, if you buy and sell a forex pair during the same trading day, there is no overnight financing. However, you will have to cover these fees if you keep the position open for a week. Overnight financing fees depend on your chosen broker, leverage, how long you keep the position open, and the size of your transaction, among others.
Research and Analysis
Most platforms provide access to basic research and analysis tools. Some Australian trading platforms may require you to pay extra for such features. However, online brokers like eToro do not charge you anything in exchange for its features, although traders with a higher capital will be able to access more advanced features.
Copy Trading
If you want to start trading and you don’t have the time (or skills) for research, copy-trading features are a real lifesaver. eToro, for instance, has hundreds of verified master traders. You can browse them, verify their loss or return, portfolio composition, and strategy. If these meet your objectives, you can simply track their entire portfolio, so yours will be automatically adjusted whenever they sell or buy new assets.
Customer Service
Customer service is often necessary regardless of your experience. If there is any issue with your account, it means you can easily get the help you need.
Usually, it’s recommended to choose a trading platform with a live chat feature, but phone support is also a quick solution. Support tickets or email can be much slower, taking from a few hours to a few days to receive the help you need.
Mobile App
Mobile apps make trading more convenient for us. We can trade whenever we want – whether we are travelling to work, on our lunch break, or we simply prefer mobile phones rather than using laptops. eToro is an excellent choice if you want to opt for a safe, easy-to-use mobile phone app for trading while enjoying the same functionality and tools as the web-based version.
How to Get Started With the Best ASX Trading Platform Australia
Now that you are fully equipped to make an educated decision regarding the best trading platform for your needs, all you need to do is register. Below, we put together a quick guide illustrating how you can sign up with our top pick, eToro, in only a few minutes.
Step 1: Open a Trading Account
Access the broker’s homepage and click on the “join now” button. This will redirect you to a quick form, where you need to add in your username and password, along with your first and last name, and your email.
Step 2: Complete the KYC Process
Next, the on-screen prompts will ask you to confirm your identity. This is a compulsory step as eToro is a fully regulated broker. Upload your documents, then the broker will automatically verify your documents. Other brokers may require you to wait 3-5 business days until your documents are manually verified.
Step 3: Deposit Funds
If you want to start practising first and see if eToro is suitable for your needs, skip this step and go straight for the demo account by clicking on “Switch to Virtual” at the bottom of the left-side menu. When you are ready to create your portfolio, deposit your funds via your preferred payment method by clicking on “deposit funds”, above the virtual account button.
Step 4: Choose Trading Market
Use the search bar at the top to look for assets. Each listed market (or asset) will open a new page where you can see price charts, statistics, and what other traders discuss about the chosen asset.
Step 5: Place Trading Order
To place a trade, click on the “trade” button and add in the amount of money you want to invest in your chosen asset. Cryptocurrency requires a minimum of US$25, while stocks and other assets have a minimum limit of US$50.
Best Trading App in Australia – Conclusion
This article introduced you to the best ASX trading platforms in Australia. If you want to start investing right now, choose one of our recommended brokers and open an account.
Alternatively, you can use the top considerations and factors we’ve discussed above to select a broker that suits your needs. Some trading platforms are built to cater to a specific type of trader, while others like eToro come with a full package that suits every trading need.
#1 ASX Trading Platform in Australia – eToro
1
Mobile AppYes
FAQs
What is a dual-listed company?
What are fractional shares?
Which ASX trading platform in Australia offers short-selling?
What is the ASX 200 index?
Can you trade on ASX trading platforms in Australia at any time?
