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Stock trading and investing in Australia is becoming increasingly popular and lucrative. Many Australians are eager to explore this field but may not know where to start. As professionals in this field, we recommend beginning with a solid understanding of how the stock market operates and selecting a broker that enhances your trading experience.
We understand how challenging it can be to find the best stock brokers in Australia 2024. Therefore, we have prepared this guide featuring top choices that have been rigorously tested and vetted. Our guide also provides insights on selecting the right broker and offers tips on getting started with stock trading and investing.
- Australian brokers offer access to a diverse range of stocks, including popular ones like Netflix, Google, Tesla, Apple, and more.
- When selecting an online stock broker Australia, consider the features that align with your trading needs for an optimal experience.
- For traders on the go, mobile apps can provide convenient and seamless management of your trading activities.
- Stock trading and investing involve risks. Be familiar with the market and the risks involved before investing your money.
- The best stock broker in Australia should be licensed and regulated by the Australian Securities and Investment Commission (ASIC). Additional regulatory oversight is a bonus. Choose a broker whose fees and costs fit within your budget to avoid financial strain.
- At Invezty, we take our research process seriously. We conduct thorough market research before making any recommendations.
List of the Best Stock Brokers
- Interactive Brokers – Overall Best Stock Broker in Australia
- eToro – Stock Broker With Beginner-Friendly Features
- AvaTrade – Best Stock Broker For Mobile Users in Australia
- FP Markets – Best Option For Professional Aussie Stock Traders
- Plus500*- Best CFD Stock Broker in Australia
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Compare Stock Brokers in Australia
You might be curious about how we determined the best stock brokers for Australian traders and investors. Well, we are professionals with years of experience in the financial landscape. With our expertise, we conducted thorough market research that took hours to complete.
Our research involved thorough testing and comparison of various brokers. We evaluated several key factors, including regulatory status, charges and fees, platform performance, and customer support.
To ensure our recommendations are unbiased, we also reviewed user testimonials on Trustpilot, Google Play, and the App Store. We combined these insights with our test results to compile our list of the best stock brokers in Australia.
For a detailed comparison, refer to the table below, which highlights the features that set these top brokers apart.
| Best Stock Broker AU | License | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| Interactive Brokers | ASIC, SEC, CFTC, FCA, CIRO, MAS, FSA | 24/5 | IBKR Desktop, IBKR Trader Workstation, IBKR Mobile, IBKR GlobalTrader, IBKR Client Portal | Bank or wire transfers | Yes |
| eToro | ASIC, CySEC, FSCA, FCA, FSAS | 24/5 | eToro investing platform, Multi-asset platform, Copy Trader | Credit/debit cards, PayPal, Bank transfer, Neteller, Skrill, eToro Money, Online Banking | Yes |
| AvaTrade | FCA, CySEC, ASIC, CIRO, FSCA | 24/5 | MT4, MT5, AvaSocial, DupliTrade, AvaOptions, AvaTradeGO | Bank transfers, Skrill, WebMoney, Neteller, credit/debit cards | Yes |
| FP Markets | CySEC, ASIC, SEBI | 24/7 | MT4, MT5, cTrader, Iress, | Credit/debit cards, Bank transfer, PayPal, Neteller, Skrill, PayTrust FasaPay | Yes |
| Plus500* 82% of retail investor accounts lose money when trading CFDs with this provider. | FCA, CySEC, ASIC, FSCA, MAS, FSA | 24/7 | Plus500 Webtrader, Plus500 Pro | Bank Wire Transfer, Credit/debit cards, Paypal, Skrill | Yes |
Brokers Overview
As an Australian trader or investor, choosing a stock broker with features that align with your needs is crucial. Key factors to consider include fees and asset offerings. We understand how challenging it can be to research a suitable and affordable stock broker. To help, we’ve provided overviews of the fees and assets offered by our top stock brokers. Compare these details to make an informed choice.
Fees
| Best Stock Broker AU | Minimum Deposit Requirement | Commission/Spreads | Deposits/Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| Interactive Brokers | A$0 | A$0.0005 to A$0.0035 per share on US stocks | Free | None |
| eToro | A$100 | From 0.15% on stock CFDs | A$5 withdrawals | A$10 monthly |
| AvaTrade | A$100 | From 0.13% | Free | A$50 quarterly |
| FP Markets | A$100 | From 0.0 pips | Free | None |
| Plus500* | A$100 | From 0.0 pips | Free | A$10 monthly |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Assets
| Best Stock Broker AU | Stocks | Forex | Cryptocurrencies | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| Interactive Brokers | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| eToro | Yes | Yes | Yes | Yes | Yes | Yes | No |
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| FP Markets | Yes | Yes | Yes | Yes | Yes | Yes | No |
| Plus500* | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Our Opinion about the Best Stock Brokers
After extensive testing and comparison of stock brokers in Australia, we’ve compiled a list of top recommendations. Each broker review is based on our hands-on experience to ensure you can make a well-informed decision for an enjoyable trading or investing experience.
1. Interactive Brokers – Overall Best Stock Broker in Australia
We tested Interactive Brokers (IBKR) and found several standout features that earned it our top spot. For instance, IBKR has a powerful desktop platform with quality trading tools that help traders enhance their trading experience. Plus, its IBKR Mobile and GlobalTrader apps are user-friendly and customizable. The broker welcomes newbies to test it via its free trial version before committing.
As the best stock platform in Australia, IBKR boasts an impressive selection of over 37,000 stocks from more than 90 global markets. You have the flexibility to trade or invest in shares, with the option to buy fractional shares, making it accessible for those on a budget. Commissions range from A$0.0005 to A$0.0035 per share on US stocks, and there is no minimum deposit requirement.
Besides stocks, IBKR offers a range of other assets you can use for your portfolio diversification. These include forex, ETFs, indices, bonds, and more.
✔Accepts clients in over 200 countries globally
✔Powerful trading platforms
Pros
- Commission-free real stocks investment
- No minimum deposit requirement
- Plenty of quality learning and research materials
- Lists over 37,000 stocks to trade and invest in
Cons
- Its desktop platform can be challenging for newbies to navigate
- The team response rate via email can be improved
We find IBKR to be one of the most affordable brokers in the financial landscape. For starters, the broker has no minimum deposit requirement. This makes it easier for traders to start trading or investing with any amount they can afford.
Additionally, trading US-listed stocks and ETFs is commission-free on its IBKR Lite account. Other trading assets also attract low commissions, thus making the broker an option for low-budget traders. For accounts with a net asset value of at least $100,000, IBKR allows you to earn interest of up to 4.83% on cash balances.
When it comes to Interactive Brokers margin rates, they are among the lowest. We compared it to others and discovered that its lowest tier has a rate of 6.83% at IBKR PRO and 7.83% at IBKR Lite. Transactions with this broker are also free. Moreover, you will not incur any inactivity fee should your account remain dormant. However, it is essential to stay active if you want to quickly become an independent and successful investor.
2. eToro – Stock Broker With Beginner-Friendly Features
eToro is highly recommended for new Aussie stock investors and traders for several reasons. Firstly, the broker offers a user-friendly and modern trading platform. Its A$100,000 virtually funded demo account allows you to test the broker and its offerings without risking real money. In addition, we noticed that eToro lists plenty of learning tools beginners can benefit from, including articles, guides, webinars, and seminars.
eToro allows users to trade and invest in over 4,500 stocks across 20+ exchanges. With a low minimum trade amount of only A$10, Australian investors can purchase the shares in fractional amounts. Moreover, you can explore additional assets with eToro. These include forex, commodities, indices, cryptos, and more. It also features an award-winning social trading platform that allows you to socialize with other trades and replicate the strategies with higher profit potential.
✔ 5,000+ instruments
✔ Features social and copy trading
Pros
- Low minimum deposit requirement
- Plenty of learning and research materials
- An award-winning social and copy trading platform
- Additional asset classes offered for portfolio diversification
Cons
- No third-party platforms like the MetaTrader
- Stock CFD trading spreads are high compared to some of its peers
eToro doesn’t charge any account registration or deposit fees. We signed up and funded our account without incurring any costs. Of course, we had to adhere to eToro’s minimum deposit requirements, which vary depending on geographical location. For instance, the minimum amount you can deposit in your eToro account is $100 in the US or the UK. On the other hand, people in countries like Germany and Greece can deposit as little as $50. Visit eToro’s minimum deposit page to find out more.
That said, we encountered several eToro fees and expenses during our exploration, including:
- A $5 fixed withdrawal fee: According to eToro, this fee is indispensable in covering international money transfer costs.
- Currency conversion fees: All eToro accounts are USD-centered. If you fund your account or withdraw money using any other currency, expect to pay conversion fees. The charges vary depending on PIPs and payment methods. Luckily, traders can join the eToro club and enjoy significant discounts.
- A $10 monthly inactivity fee: If you fail to log into your account for 12 or more months, you will incur a monthly $10 fee.
- Crypto fees: eToro requires crypto investors to pay a 1% buy/sell fee. As an investor, you must also cover market spreads, which vary depending on market conditions. Transferring crypto to your eToro Money digital wallet also attracts a 2% fee. The crypto asset transfer fees are capped at 1$ minimum and a $100 maximum.
- CFD spreads: Like many other brokers, eToro has CFD spreads that vary depending on assets and instruments.
3. AvaTrade – Best Stock Broker For Mobile Users in Australia
While analyzing user testimonials on Google Play, the App Store, and Trustpilot, we noticed that AvaTrade consistently stands out as one of the highest-rated trading apps. Also known as AvaTradeGO, it has an intuitive interface that is easy to navigate. Downloading the app on our mobile devices and signing in to our trading accounts was a breeze, and the app effectively mirrors the functionality of its desktop counterpart.
AvaTrade offers access to over 1,000 shares from various global markets. Although you can only trade stocks as CFDs, expect to enjoy flexible leverage limits up to 20:1. Moreover, AvaTrade allows you to trade in real-time from live charts and supports setting various orders, stops, and limits to manage your risk and control your portfolio. The broker has a minimum deposit requirement of A$100 and offers free transactions.
✔Low minimum deposit requirement
✔Features automated trading on its copy trading platform
Pros
- A highly rated stock trading app on Google Play, the App Store, and Trustpilot
- Low minimum deposit requirement
- Low stock trading fees
- Multiple platforms to choose from, including MT4, MT5, AvaSocial, Automated Trading, AvaSocial, and more
Cons
- Limited product offerings compared to its peers
- You can only trade AvaTrade’s shares as CFDs. No buying and taking full ownership
AvaTrade charges low fees for trading and non-trading services. When we started with the broker, we found the first deposit requirement of $100 or its equivalent to be low. Plus, all deposits and withdrawals at AvaTrade are free.
Commissions and spreads at AvaTrade are also low in our opinion. For instance, trading forex attracts low fees from 0.9 pips on major currency pairs. We also tried trading stocks and incurred low charges from 0.2 pips.
On the downside, AvaTrade charges a high inactivity fee of $50/£50/€50. This depends on your account currency. The fee applies should your account remain inactive for over three months. Plus, there is an annual administration fee of $100/€100/£100 after 12 months of inactivity. Other fee to expect with this broker is overnight charges for positions left overnight. Its margin rates are also low, from 3.33%, depending on your jurisdiction.
It is important to note that while AvaTrade offers social trading, accessing this feature via the DupliTrade and ZuluTrade platforms can be costly for low-budget traders. You are required to deposit at least $2,000 for DupliTrade and $200 for ZuluTrade platforms.
4. FP Markets – Best Option For Professional Aussie Stock Traders
The thing we like the most about FP Markets is its wide selection of global stocks. You can easily diversify your portfolio with over 10,000 listed stocks across international markets. Moreover, FP Markets offers multiple platforms for trading stock through CFDs. These include the Iress, MT4, MT5, TradingView, cTrader, and WebTrader. All these platforms are loaded with quality market analysis tools for developing solid trading strategies.
FP Markets prides itself on providing Direct Market Access (DMA). You can also earn dividends on long positions and trade stocks through CFDs. The broker offers different types of trading accounts including the standard and raw accounts with a minimum deposit requirement of A$100. With spreads from 0.0 pips and a leverage limit of up to 500:1 for Australian clients, FP Markets is worth a try.
✔Free deposits and withdrawals
✔No inactivity fees
Pros
- Low minimum deposit requirement
- Over 10,000 stocks to trade at low spreads
- Multiple platforms to choose from
- Quality learning and research resources
Cons
- Offers only CFD assets
- No negative balance protection under ASIC regulations
The outstanding perks of using FP Markets include free deposits or withdrawals. This broker goes above and beyond by covering all internal bank fees arising from international transfers. Moreover, you can start your journey with a free demo account before switching to a live account. Keep in mind that FP Markets’ minimum deposit requirement is $100.
The other commendable thing is this broker has reduced non-trading costs and charges. Take inactivity fees as an example. Unlike many of its peers, FP Markets doesn’t penalize dormant accounts. So, you can stay logged out of your account for as long as you like without fretting over accumulating fees.
That said, we encountered numerous other FP Markets fees and costs. Although you can open a Standard account, which comes with 0 commissions, you’ll still face variable spreads, starting from 1.0 pips. On the other hand, IRESS, FP Markets’ sophisticated premium platform, has commissions that vary depending on geographical location. IressTrader/ViewPoint also has a mandated $60 fee. Luckily, there are free alternatives like MT4 and MT5, which have no platform fees.
5. Plus500 – Best CFD Stock Broker in Australia
For traders looking for a reliable stock CFD broker, Plus500 stands out. We found its account setup process to be seamless, and depositing and withdrawing funds was straightforward, with options including credit/debit cards, PayPal, Skrill, online banking, and Apple Pay. Plus500 has a low minimum deposit requirement of A$100 and offers a range of learning and research resources suitable for traders of all experience levels.
Plus500 provides access to over 1,000 CFDs on stocks, including major names like Rio Tinto, Telstra, Alphabet, Apple, and more. The best part about CFD stock trading with this broker is that there are no commissions. Spreads are also low, starting at 0.0 pips. Plus, it lists additional CFD assets for portfolio diversification. These include forex, commodities, indices, ETFs, and more. With the Plus500 Pro platform for expert traders and a virtually funded demo account for newbies, Plus500 accommodates all types of CFD traders.
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
✔Available in 50+ countries
✔Easy account registration and setup
Pros
- Low spreads from 0.0 pips on stock trading
- Free deposits and withdrawals
- Additional assets for portfolio diversification
- A user-friendly platform with a modern design
Cons
- Limited CFD asset offerings
- It does not support the buying and taking full ownership of the featured assets
One thing we love about Plus500 is that the platform offers most of its services without charging a dime. Moreover, the company practices optimum transparency regarding any costs or charges. While trading on Plus500, we enjoy free deposits and zero internal withdrawal fees.
However, we had to incur reasonable charges, courtesy of the buy/sell spreads. The good thing is this broker lets you choose between dynamic and fixed spreads. We preferred fixed spreads since they allowed us to minimize risk during high volatility periods, especially when we were trading with smaller stakes. But, if you are a fan of swing trading and often deal with higher balances, you can check Plus500’s variable spreads. And don’t worry about paying commissions because Plus500 supports commission-free trades.
Depending on your trading activities on Plus500, you may also incur the following fees and costs:
- Overnight funding: If you open a position and fail to close after a specific cut-off time, otherwise known as the Overnight Funding Time, Plus500 may add or subtract a certain amount of overnight funding from your account. Plus500 uses this formula to determine the exact amount of overnight funding to charge you: Trade Size x Position Opening Rate x Point Value x Daily Overnight Funding %.
- Currency conversion fee: While trading on Plus500, you will incur currency conversion charges every time you dabble with an instrument whose currency denomination differs from your trading account’s currency. During our test, Plus500’s currency conversion fee was up to 0.7% of each trade’s net profit and loss.
- Guaranteed stop order: Plus500 has a unique order type that guarantees the stop loss level even in highly volatile markets. You can use it to minimize losses and maximize returns, but it’ll cost you money. The fee comes in the form of a wider spread.
- Inactivity fee: Suppose your Plus500 trading account stays dormant for over three months. Your company will charge you up to $10 per month. This fee enables Plus500 to cover the costs of maintaining your inactive account.
Stock Trading in Australia
Stock trading in Australia is skyrocketing. Many traders are eager to explore this opportunity using the best online platforms like the ones we recommended above. Stock trading in Australia is primarily conducted online through desktop or mobile devices, so a stable internet connection is essential for seizing every opportunity that arises.
The Australian stock market is regulated by the Australian Securities and Investments Commission (ASIC), which ensures that traders’ funds are protected and that platforms operate with fairness and transparency.
Trading stocks in Australia involves risks, particularly due to market volatility. As a trader, understand such risks and develop a solid plan to minimize your losses. Most importantly, learn how the stock market works to make informed trading decisions.
How to Choose the Right Stock Trading Platform in AU
Many Australians struggle with choosing the best stock trading platform Australia. Here are some tips to help you select the best platform for your needs:
The foremost aspect to consider in your research is confirming the legality of a stock trading platform in Australia. Ensure the broker is licensed and regulated by the Australian Securities and Investment Commission (ASIC). Note that there are many fraudulent brokers in Australia. Therefore, such regulations ensure your funds remain protected in a segregated account and ensures that the broker adheres to high standards of fairness and transparency.
Select a stock trading platform that fits your budget. Check for the broker’s minimum deposit requirements, commissions or spreads, inactivity fees, and transaction costs. Make sure the broker’s fees align with your budget to avoid risking more than you are comfortable with.
Make sure the broker supports the types of trading you’re interested in, whether it’s direct stock investments or stock CFDs. Plus, confirm the availability of additional asset classes like forex, commodities, ETFs, and more. Remember, portfolio diversification can help you mitigate massive losses. You do not have to risk all your funds in a single asset since the stock market can be unpredictable.
Choose a stock trading platform that is user-friendly and has an intuitive design. Also, confirm the availability of market analysis and educational tools to enhance your trading experience. For experienced traders, ensure the platform offers advanced tools. Beginners should also confirm the availability of demo accounts to test the broker’s features before investing real money.
Reliable customer support is crucial. Whether you’re new to trading or an experienced trader, you’ll likely encounter challenges. A responsive support service can help resolve issues quickly and minimize disruptions to your trading activities.
Reviewing user feedback on reputable platforms like Google Play, the App Store, and Trustpilot is also important. Understand what other users think based on their experiences with the broker. With user testimonials, it’s easy to learn a broker’s strengths and weaknesses, helping you make a more informed decision that suits your trading needs.
How To Register an Account with a Stock Brokers AU
If you are new to stock trading in Australia, getting started can seem daunting. Here are the simple steps to register an account and begin trading or investing in stocks:
Start by visiting a broker’s website. Before proceeding to create an account, understand the broker’s terms and conditions. If you are always on the move, install the broker’s app on your mobile device for added convenience.
Click the “Register” or “Create Account” button to begin the sign-up process. Here, most ASIC-regulated brokers will ask you to fill out a form with personal details such as your name, email, phone number, location, and more. Some brokers may also require you to complete a brief assessment to determine your trading knowledge.
ASIC regulations mandate that all brokers verify the identity and location of new users to prevent fraud. Therefore, your broker will require you to share a copy of your original ID card to verify your identity. You will also need to share a copy of your recent monthly utility bill or bank statement to verify your address. The verification process may take a few hours or days. Your broker will notify you once your trading account is fully activated.
Make a deposit on your broker’s platform ensuring that it is more than the broker’s minimum deposit requirement. Many ASIC-regulated brokers, including the ones we have recommended above, offer quick and easy deposit options. You can make your deposits using a variety of payment methods, such as credit/debit cards, e-wallets like PayPal and Skrill, and bank transfers. However, ensure that the broker supports your preferred payment methods.
Your broker will confirm your deposit and redirect you to its dashboard, where you can view all available assets. Choose your preferred stocks and develop a trading strategy. It’s crucial to implement risk management controls to minimize potential losses in case a trade does not go as planned.
Conclusion
After reviewing numerous stock brokers in Australia, we found the options listed above to be among the best. These brokers are ASIC-regulated and offer excellent trading platforms and tools. However, not all brokers will meet your specific needs. Comparing their features can help you find the best fit for your trading requirements.
Note that having the best stock broker in Australia does not guarantee success in trading. Understanding the assets you trade and their price movements is essential. Most importantly, be strategic by conducting thorough market analysis and applying risk management controls. With patience and careful decision-making, you can enhance your chances of success and become an independent trader.
