5 Best Trading Platforms Australia for 2024 (2024)

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Written by Sam Levine, CFA, CMT, Blain Reinkensmeyer
Edited by Carolyn Kimball
Fact-checked by Steven Hatzakis

January 19, 2024

StockBrokers.com has been reviewing online brokerages for 14 years and has helped over 20 million visitors research and compare brokers. Each year we collect thousands of data points and publish tens of thousands of words of research. Here's how we test. Our editorial content is independent and unbiased; here's how we make money.

The Australian Stock Exchange (ASX) is the 15th largest in the world, with USD $1.68 trillion in total market cap. Depending on the broker, Australians also have access to some of the largest exchanges in the world, such as the NYSE and Nasdaq.

Australians looking to trade shares in the stock market have a variety of options. Online brokers come with a diverse range of offerings, from discount to full service, while others are known for their trading tools or research. Australian brokerages are regulated by the Australian Securities & Investments Commission (ASIC).

One thing many Aussie sharebrokers do have in common is unnecessarily complex pricing. Brokers claim to be transparent, but go on to fill their pricing pages with footnotes and fine print. That isn’t what I’d call being transparent. There are some deep discount brokers with straightforward pricing, happily, but they come with narrow capabilities.

In this guide, I’ll break down the best online brokers for Australians.

Best Online Brokers Australia

Here are Australia's best online trading platforms for share trading in 2024.

CMC Markets - Best Overall
Interactive Brokers - Best for Professionals and Global Investors
IG - Best Trading Platform
CommSec - Best Bank for Share Trading
Westpac - Strong Research Presentation

CMC Markets – Best Overall

CMC was an early innovator in online investing. It wins for offering a wide array of investment products, bargain low-dollar pricing and a great browser platform. The platform is a little more awkward as regards navigation than IG’s platform (see below). CMC does have a fascinating widget that shows performance of popular chart patterns for any given asset.

CMC Markets pricing

Standard pricing includes the web platform and real-time quotes. One buy order for $1,000 or less per Australian stock per day is free. All other orders (grouped by day and listing) are the greater of A$11 or 0.1% of the trade value.

U.S., U.K., Canada and Japan markets are $0 commission but incur foreign currency exchange spreads of 0.6%. There is an inactivity fee if there is no activity in the account over the prior 12 months. A premium tier offers additional platform features, streaming quotes and discounted commissions.

Interactive Brokers – Best for Professionals and Global Investors

If you are focused on investing globally instead of primarily Australia, Interactive Brokers is my top pick. I cover Interactive Brokers’s offerings in several countries. IBKR, as it’s known, does three things very well: it’s not exy, it has a broad array of tools, and it covers 33 countries.

Trade how you like. There’s the professional-level Trader Workstation; a browser portal; and two beginner-friendly mobile apps, Global Trader and ESG-focused Impact. The tradeoffs for IBKR’s rich feature set and low costs are its USD focus and its complexity, which can be mostly avoided using the Global Trader and Impact apps.

Interactive Brokers pricing

Shares are 0.088% of trade value with a minimum ticket size of $6.60 (including GST). Tiered pricing is available, but most of us aren’t trading $3 million in a month. There are no deposit minimums and inactivity fees, but there is a $500 minimum for streaming data and some research.

IG - Best Trading Platform

IG’s browser-based trading platform is one of the most intuitive advanced platforms I’ve used. Within a few minutes of booting up, I created a multiasset workspace that gave us a solid bird’s eye view of the global markets. Widget windows are crisp and charts can be customized with popular indicators and drawing tools. Unlike other trading platforms, a quick right-click on a market can pull up a complete window with charts, news and order entry. I love it. Interactive Brokers’ Trader Workstation might offer more tools. Other platforms are easier because they have fewer features. IG balances depth and ease of use beautifully.

IG pricing

Aussie share traders with 0-2 trades the prior month pay a commission of the greater of 0.1% of the trade value or $8, whichever is higher. The commission drops to $5 or 0.7% of the trade value if the prior month had three or more trades. The ProRealTime charting and trade automation package, which offers advanced charting features and backtesting strategies, is $40 per month, but will be rebated with four or more trades in a month. An inactivity fee of $18 per month kicks in after 24 months without activity.

U.S., German, U.K.. and Irish shares are $0 commission, provided instant currency conversion is enabled at a 0.7% currency conversion spread.

CommSec - Best Bank Share Broker

CommSec is the share trading arm of Commonwealth Bank of Australia. The web platform is simple to use and offers Goldman Sachs research, a very nice feature. The charts are sufficient for most, but not for an experienced trader.

Investor education is very well organized and confidence inspiring, specifically CommSec Stock’d tab. That area shares investors’ stories, answers common investing questions and gives step-by-step instruction in small chunks.

The Pocket mobile app keeps it simple for novices by limiting choices to seven stock ETFs. With global interest rates on the high side, Pocket would be even better if it included a fixed-income ETF or two to help its customers build more diversified portfolios.

CommSec’s default setting is CHESS sponsored ownership, which allows you to directly own shares instead of the broker acting on your behalf as a custodian of your shares.

CommSec Pocket pricing

Trading on the Pocket app costs $2 per trade for amounts $1,000 and below. Anything above is 0.2% of the trade value. The ETFs charge annual management fees ranging from a negligible 0.05% to a hefty (for an ETF) 0.68%. The account minimum is $50 and there are no fees for the account.

CommSec pricing

Mathematicians and astrophysicists will find CommSec’s pricing fascinating. Anyone else – me included – will find the structure fair dinkum annoying.

Online Aussie trades of $1,000 or less that settle in your CommSec account or a margin loan are charged a flat $10 commission, while trades above $1,000 and up to $10,000 are charged $19.95. Trades above $10,000 and less than $25,000 pay $29.95, and above that is a flat 0.12%. This quirky pricing can lead to paying close to 4% round trip on a $1,001 position, which could be very challenging to overcome if you trade frequently.

CommSec offers trading in 13 countries and the fee structures vary. One positive is that the foreign exchange spread of 0.6% is charged on deposits and withdrawals, not for every trade. That savings can add up quick. Another positive: Like Pocket, there aren’t account fees, but there is a $500 minimum.

If you have big bikkies and want to trade at CommBank, check for eligibility for CommSec One, which provides a dedicated service team and access to a feature-rich trading program, IRESS ViewPoint.

Westpac Share Trading – Strong Research Presentation

Westpac is a CHESS participant and allows investing in 25 exchanges. Morningstar premium subscriptions are a low $20/month and there’s ESG information through Sustainalytics. Westpac puts heaps of company information, news, and Morningstar research opinions at your fingertips. Chart watchers will appreciate explanations of indicators and value watchers will likey the company peer comparisons.

Westpac pricing

Westpac has an account minimum of $500 and a minimum trade fee of $19.95 or 0.11%, whichever is greater. Buy one stock with $500 and sell it at the same price and you’ll be down by close to 8%.

Other Brokers Explored

Pearler

Pearler’s noteworthy strength is its ability to help you systematically invest for the long term, even with very little money. Trades are a flat $6.50 and currency conversion is 0.5%. There is a list of commission-free ETFs (provided you hold for at least a year). Pearler is a CHESS participant. The minimum initial investment is $500.

Superhero

Superhero charges $0 to buy ETFs on the ASX and a flat $5 for all other ASX trades. The minimum trade size is $100. US shares are $0. The minimum trade size is $10 and currency conversion is 0.7%. There’s no account minimum.

Online Trading Differences: Australia versus the United States

Share trading online in Australia is similar in many ways to trading as a U.S. resident in the United States. Australian investors fund an account, make a deposit, then place trades through a web or desktop platform, manage a watch list, and conduct research, just as U.S. investors do.

5 Best Trading Platforms Australia for 2024 (2)

However, there are several important considerations of which Australian investors should be aware before selecting an online broker in Australia, considerations that are not a concern in the U.S.

Commission ranges – In the states, it is rare to see an online broker offering varying commission structures, whereas in Australia most brokers have variable rates that depend on the total value of the trade. IG, SelfWealth, and Westpac are three that have fixed rates. Westpac’s is much higher than the other two.
CHESS - Some brokers participate in ASX CHESS, a share registry that keeps ownership in your name. That removes any question about who owns the shares in the highly unlikely event a broker carks it.
Paying for research – In the U.S., most brokers offer premium research from providers like Morningstar for free. In Australia, brokers are more inclined to pass the cost onto traders and offer premium research on a monthly subscription basis.
Order types – Market orders, limit hours, and stop orders are standard across the industry. However, trading U.S. stocks from Australia can vary from broker to broker in terms of what is available. This includes after-hours trading. Advanced order types, such as conditional orders, will also vary from broker to broker.

How to Choose an Online Broker

Australian brokers work hard to stand out against one another beyond branding and marketing. What really matters, though, is the trading experience you receive once you are a client with a funded account.

5 Best Trading Platforms Australia for 2024 (3)

Here’s a list of tips to keep in mind to help you select the right online broker the first time:

Read the trading costs' fine print. And budget enough time, too. Share trading fees can vary by trade amount, security type, quantity and exchange, among other factors. Before selecting a broker, view the full commissions structure and see how it fits into your portfolio size and trading frequency.
Make sure your broker offers the asset class you want to trade. If you only trade Australian stocks, then no problem; any broker will service you. However, if you want to trade international stocks, options, forex, or futures, you will need to do some research and select a broker that supports those offerings.
For active traders, read the fine print to compare potential service benefits. Discounted trades are just one perk of being an active trader. Some brokers will increase the quality of the market data being streamed into the account. Others will grant access to better research tools or offer dedicated customer support.
Customer service. When contacting a brokerage for account-related inquiries, all investors look for fast connection times and helpful representatives to assist them. Like all businesses, support quality and timeliness can vary. For a quick gauge, once you narrow down to two brokers, call both on the phone and ask them several questions. This speedy exercise may reveal a lot about what to expect as a client.

How do you trade stocks in Australia?

To trade stocks online in Australia, you must first open a brokerage account with an online stockbroker. Once your account is opened and funded, conduct research to determine which company's shares you want to buy. Then, use the trade ticket to place your trade and buy shares.

Are online stock brokers safe?

When buying and selling shares of stocks as an Australian citizen, it is crucial to use a regulated online broker. The major regulator in Australia is the Australian Securities & Investments Commission (ASIC). Using an Australian broker that is fully regulated protects investors in the case of fraud or bankruptcy. You can protect yourself even further by using a CHESS participating broker, which registers shares directly in your name.

Which trading platform is best in Australia?

Here are our picks for the best share trading platforms in Australia:

CMC Markets - Best Overall
Interactive Brokers - Best for Professionals and Global Investors
IG - Best Trading Platform
CommSec - Best Bank for Share Trading
Westpac - Strong Research Presentation

What is the best trading platform for beginners in Australia?

The best trading platform for beginners in Australia is IG. Its web platform is intuitive to use, logically laid out, and easy to customize for personal needs. Traders may pay as little as $5 a trade and, with only four trades a month, get an advanced real time charting package.

Who is the cheapest stockbroker in Australia?

There is a crop of newcomer brokers on the Australian scene that compete heavily on price. Budget-minded investors should check out Pearler, Superhero, and CMC Markets.

What is the cheapest way to buy stocks in Australia?

To keep trading costs low for buying and selling shares of stock in Australia, use a discount broker and avoid rapid trading. Australian banks are more expensive than stand-alone online brokerages. That is why our top finishers in our Best Online Brokers Australia 2024 list are not banks.

Do any Australian stockbrokers offer forex trading?

All the brokers reviewed here offer forex trading of varying depth to Australians. For a full list of regulated forex brokers, read our guide to the Best Australian Forex Brokers on on our sister site, ForexBrokers.com.

Best Online Trading Platforms Australia (Summary)

CMC Markets - Best Overall
Interactive Brokers - Best for Professionals and Global Investors
IG - Best Trading Platform
CommSec - Best Bank for Share Trading
Westpac - Strong Research Presentation

Online Broker	Best For	Mobile App	International Stocks	Cost ($10,000 trade) *As of 3/22/23	Overall Rating
CMC Markets	Best Overall	Yes	Yes	$11	5 Stars
Interactive Brokers	Best for Professionals	Yes	Yes	$8	4.5 Stars
IG Group	Best Trading Platform	Yes	Yes	$8	4.5 Stars
CommSec	Best Bank for Share Trading	Yes	Yes	$19.95	4 Stars
Westpac	Strong Research Presentation	Yes	Yes	$19.95	4 Stars

Forex Broker Reviews

Read forex reviews on our sister site, ForexBrokes.com

About the Editorial Team

Sam Levine, CFA, CMT

Sam Levine has over 30 years of experience in the investing field as a portfolio manager, financial consultant, investment strategist and writer. He also taught investing as an adjunct professor of finance at Wayne State University. Sam holds the Chartered Financial Analyst and the Chartered Market Technician designations and is pursuing a master's in personal financial planning at the College for Financial Planning. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.

Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.

Carolyn Kimball

Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

I'm Sam Levine, a seasoned financial professional with the prestigious designations of Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT), backed by over 30 years of experience in portfolio management, financial consulting, investment strategy, and academic instruction. My dedication to the field is evident through my role as a contributing editor at BetterInvesting Magazine, a contributor to The Penny Hoarder, and as an adjunct professor of finance at Wayne State University, where I also pursue a master's in personal financial planning.

Today, I'm delving into the comprehensive guide on the best online brokers for Australians, written by me and edited by a highly qualified team led by Carolyn Kimball. This article, published on StockBrokers.com on January 19, 2024, draws on the deep expertise of my colleagues, Blain Reinkensmeyer and Steven Hatzakis, who bring a wealth of knowledge in trading and research to ensure the highest quality information.

In this guide, we explore the Australian stock market landscape, dissecting the offerings of major online brokers, including CMC Markets, Interactive Brokers, IG, CommSec, and Westpac. Each recommendation is backed by meticulous research, data points, and an unbiased assessment of the broker's strengths and weaknesses. The article goes beyond mere recommendations by providing detailed insights into pricing structures, features, and nuances that distinguish each platform.

We discuss the Australian Stock Exchange (ASX) and its prominence as the 15th largest in the world, with a total market capitalization of USD $1.68 trillion. Moreover, we highlight the challenges faced by Australian traders, such as complex pricing structures among brokers despite claims of transparency. The role of the Australian Securities & Investments Commission (ASIC) in regulating brokerages is also emphasized.

Now, let's break down the key concepts and information covered in the article:

Online Brokers Reviewed:
- CMC Markets: Recognized as the Best Overall broker, CMC Markets is lauded for its innovative approach, diverse investment products, and competitive pricing. Pricing details include free buy orders for Australian stocks under $1,000 and tiered commissions for other orders.
- Interactive Brokers: Positioned as the Best for Professionals and Global Investors, Interactive Brokers stands out for its global focus, extensive tools, and coverage across 33 countries. Pricing details include a commission of 0.088% of trade value with a minimum ticket size.
- IG Group: Acknowledged for having the Best Trading Platform, IG's browser-based platform is commended for its intuitive design. Pricing details include commission structures based on trade values, with additional features available at a monthly cost.
- CommSec: Recognized as the Best Bank for Share Trading, CommSec is affiliated with the Commonwealth Bank of Australia. The article discusses CommSec's user-friendly platform, research offerings, and pricing structures based on trade values.
- Westpac: Acknowledged for its Strong Research Presentation, Westpac's CHESS participant status and access to 25 exchanges are highlighted. Pricing details include an account minimum, minimum trade fee, and access to Morningstar premium subscriptions.
Other Brokers Explored:
- Pearler: Noted for its strength in systematic long-term investing with flat trade fees.
- Superhero: Highlighted for its cost-effective approach with $0 fees for ASX ETFs and flat fees for other trades.
Online Trading Differences: Australia versus the United States:
- Commission ranges, CHESS participation, paying for research, and order types are discussed as key differences between online trading in Australia and the United States.
How to Choose an Online Broker:
- Tips for selecting the right online broker include reading fine print on trading costs, ensuring the broker offers desired asset classes, considering potential service benefits for active traders, and assessing customer service quality.
Trading Stocks in Australia:
- An overview of the process, emphasizing the need for a brokerage account with a regulated online broker, such as those overseen by ASIC.
Are Online Stock Brokers Safe in Australia:
- The importance of using regulated online brokers, particularly those participating in CHESS, to protect investors from fraud or bankruptcy.
Best Trading Platform for Beginners in Australia:
- IG is recommended as the best trading platform for beginners, highlighting its intuitive web platform, low trade costs, and advanced charting package for active traders.
Cheapest Stockbroker in Australia:
- Newcomer brokers, including Pearler, Superhero, and CMC Markets, are identified as competitors with a focus on affordability.
Cheapest Way to Buy Stocks in Australia:
- The importance of using discount brokers and avoiding rapid trading to keep trading costs low.
Forex Trading with Australian Stockbrokers:
- Confirmation that all reviewed brokers offer forex trading to Australians, with additional guidance on regulated forex brokers.
Best Online Trading Platforms Australia (Summary):
- A concise summary of the best online trading platforms in Australia, reiterating recommendations for CMC Markets, Interactive Brokers, IG, CommSec, and Westpac.

In conclusion, this guide is a comprehensive resource for Australians seeking the best online brokers, providing in-depth analysis and recommendations based on my extensive expertise, supported by the expertise of my esteemed colleagues. The commitment to independence and unbiased reporting, as outlined by StockBrokers.com, ensures that readers can make informed decisions in the dynamic world of online trading.