14 best share trading platforms Australia – ranked (2024)

As an investor, it's important to find a trading platform that's right for you. A great trading platform doesn't just save on costs, it'll give you access to your favourite stocks and ETFs and offer features that match your investment approach.

But no two investors are the same. That's why we've curated a list of categories that covers beginners, day traders, long-term investors and options traders.

We also know that some stock traders prefer one market over others, so we've included out top picks for US stocks, Aussie stocks and global stocks (multiple markets).

• 1. Best trading platform (overall): CMC Invest
  2. Best low-cost broker: CMC Invest
  3. Best trading platform for beginners: Sharesies
  4. Best platform for auto-investing: Syfe
  5. Best platform for active traders: Interactive Brokers
  6. Best trading platform for US stocks: CMC Invest
  7. Best trading platform for Australian stocks: CMC Invest
  8. Best trading platform for global stocks: Interactive Brokers
  9. Best options trading account: Interactive Brokers
  10. Best ETF trading platform: CMC Invest
  11. Best copy trading platform: eToro
  12. Best paper trading app: IG
  13. Best mobile trading app: Tiger Brokers
  14. Best for penny stocks: moomoo

  Read the full methodology for our share trading platform awards

1. CMC Invest

The best trading platform in Australia (overall)

2. CMC Invest

The best low-cost share trading platform

Best trading platforms by investment approach

If you're new to investing, you likely want a trading platform that has lower costs for casual investing and an easy-to-use platform.

Meanwhile, advanced or active traders will generally prioritise trading tools and a good product range. Whatever your approach or level of experience, the following categories should help to narrow down your options.

3. Sharesies

The best share trading platform for beginners

4. Syfe

The best platform for auto-investing

5. Interactive Brokers

The best platform for active traders

Best trading platforms by region

Do you prefer to trade Australian or US stocks? Perhaps you'd rather find a platform that offers stocks from right around the world? In the categories below we compared the fees and features of 40 trading platforms for investors that want to focus on Australian equities, US equities or a mix of global equities.

6. CMC Invest

The best share trading platform for US stocks

7. CMC Invest

The best share trading platform for ASX stocks

8. Interactive Brokers

The best international share trading platform

Best trading platforms for stock or ETF type

Not all stock trading platforms specialise in stocks alone. Some are better suited to options, commodities, ETFs or penny stock investors. Check out the categories below if you're looking for a platform with low fees and great features for investing in your preferred type of equity.

9. Interactive Brokers

The best options trading account

10. CMC Invest

The best ETF trading platform

11. eToro

The best copy trading platform

12. IG

The best paper trading app

13. Tiger Brokers

The best mobile trading app

14. moomoo

The best platform for penny stocks

Compare share trading platforms to find the best deal

Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.

About trading platforms in Australia

A few decades ago, Australians who wanted to invest in the stock market needed to go through a personal stock broker. This typically meant you would need to call your broker to place a trade and you would be charged high fees to do it.

These days, most Australian investors (70%) buy and sell shares through online share trading platforms (online brokers), according to research by the Australian Sercurities Exchange (ASX).

While you can still hire an adviser or full-service stock broker to place trades for you, the costs are typically much higher. For instance, you might pay $100 for a single trade through an adviser as opposed to $10 via an online trading platform.

According to Finder's latest analysis of 40 online brokers, CMC Invest is the best overall share trading platform in Australia thanks to its long list of trading tools, availability of global stock markets and low fees.

But unfortunately choosing a broker isn't exactly a one-size-fits-all approach.

To find the best trading platform for you, try to find tools and features that align to your personal investing approach.

For example, if you're a new investor your needs might be tailored towards educational resources and lower brokerage fees. Meanwhile, if you've been trading for years, you might want a platform that has more advanced tools.

Regardless of your experience, one place to start can be comparing fees. Finder research found that the average share trader could save approximately $1,048 in brokerage fees each year by switching to a more suitable online broker (calculated on 7 trades per month of $1,000).

Tips for finding the best trading platform

• Find out the fees. Almost every platform will charge you a brokerage fee (also called a commission fee) when you transact. Some will also charge you additional fees such as monthly fees or inactivity fees.
• What can you trade? Some trading platforms will give you access to both Australian and international shares. Others will also allow you to trade currencies, indices, cryptocurrencies and much more. Find a broker that matches your needs.
• Is it easy to use? You should look for a platform that allows you to make fast and precise trades with minimum fuss.
• Access to data. Does the platform offer dynamic, real-time or delayed market updates? Some platforms offer research and broker analysis on individual stocks that can come in handy.
• Order types. Can you place orders at market and/or at limit? Are other order types such as stop/loss orders an option to add more flexibility to your trading? These should be considered when choosing a broker.
• Reporting. Check the reporting tools on each platform to help you track how your trades are performing, record dividends and pass on any relevant information to the Australian Taxation Office (ATO) at tax time.
• Customer support. Look for phone, email and live online chat support. Does it offer customer service 24/7 if you're having trouble placing a trade?
• Education. Some platforms also feature a range of educational tools and resources, such as how-to guides and webinars, to help you get more out of your trading account.
• Security. How secure is the platform? What measures are in place to ensure the safety of your funds?

Expert insight

"How often and in what market you intend to trade is key to your broker choice. You want the one that's going to deliver the best deal for your particular trading profile – and personality."

Nicole Pedersen-McKinnon

Author, finance columnist

"If you're looking to get into share trading, picking the right platform for your needs is essential. Everyone's needs are different, but features like demo accounts, real-time news feeds and educational resources can all help you gain an edge and minimise your exposure."

Tom Goodwin

Editor

Facts and figures about trading platforms in Australia

• There are at least 40 online stockbrokers in Australia today according to Finder data
• 53% of Australians invest in the stock market via share trading platforms
• 95% of the trading platforms offer Australian stocks, 70% offer US stocks and 32% offer stocks from the UK (Finder)
• Unlike in the US where many trading platforms charge $0 brokerage fees, the fees to buy and sell Australian stocks range anywhere from $0 to $40 per trade. The average brokerage fee to purchase $1,000 of stock from an ASX-listed company is around $10 as of September 2024, based on Finder analysis¹
• The average brokerage fee to purchase $1,000 of stock from a US company on an Australian trading platform is $12.13 as of July 2024, although several brokers now offer $0 brokerage fees for US stocks
• Just over 2 decades ago (2001), 18% of trades in Australia occured via an online share trading platform (RBA). Today around 70% of investors use a trading platform to buy shares (ASX)

What type of investor are you?

The trading platform you choose should suit your investment style. Once you know which category of investor you fall into, you'll be able to more easily pick the best share trading app for you. For example, there are casual traders, active traders and long-term investors. Ask yourself the following questions:

• How often will I trade? If you buy or sell shares once or twice a month (or even less), you're a casual investor. You may want to avoid brokers that have an inactivity fee or charge higher broker fees for less frequent trades. If you intend to buy and sell shares multiple times in a day, you're an active trader so advanced trading features may be the priority.
• How will I place trades? Will you be placing all your trades online, via a mobile app or over the phone? Make sure the app offers your preferred choice. Check the fees as well.
• What will I be trading? Do you want to trade Australian shares, US shares or other international markets? Some online brokers also offer other markets such as global currencies and cryptocurrencies. Depending on your priorities, you may wish to get a broker that offers all of the above or several different brokers – 1 for each market.
• How much money am I trading? Do you intend to invest a lump sum of $5,000 into the stock market or would you prefer to make several small trades of a few hundred dollars? Brokerage fees sometimes differ depending on the amount you're buying and selling per month, per year or by trade.

There are 3 main fees that commonly apply when you use online share trading platforms:

• Brokerage fees. Brokerage fees (also called commission fees) are the charges that apply to each buy and sell transaction of stocks and ETFs. They usually vary depending on the size of your buy or sell order or how often you trade.
• Ongoing fees. These apply monthly or annually, but not all providers will charge ongoing fees. This may depend on how frequently you trade. For example, inactivity fees are often charged if you don't place any trades within a certain period of time.
• Withdrawal fees. Some brokers charge a fee to withdraw money from your account.
• Foreign exchange fees. If you want to buy US or other global shares, you'll need to pay an exchange fee when you deposit money into your account to convert your Australian dollars to the applicable currency.

Brokerage fees vary between providers but typically start at around the $5–$15 range. For large transactions, fees of around 0.1% and up usually apply. If you're planning on making lots of trades, you'll want to keep an eye out for a platform that offers low per-trade fees.

Robinhood pioneered zero brokerage trading in the US, and these days many trading platforms also offer free brokerage on stock trading as a way to attract users. Whilst this can be a cost-effective way to invest for beginners, there may be trade-offs you aren't aware of, such as other hidden fees or larger spreads.

Some providers will not charge any monthly fees at all. However, more advanced trading platforms and those that offer premium services often charge a monthly fee that could be as high as around $80 per month. A number of brokers waive this fee if you perform more than a certain number of trades each month.

Finally, remember that many brokers offer different membership levels – for example, gold, silver and platinum – which have different features and attract varying fees.

What are the risks of using trading platforms?

Most types of investments come with some risk, but there are a few specific to online share trading that you should be aware of:

• Cybersecurity: Online platforms are vulnerable to hacking and cyberattacks. This can lead to sensitive information being stolen and unauthorised trades being executed.
• Market risk: Share prices can fluctuate rapidly and unpredictably, leading to potential losses for traders.
• Platform failure: Technical glitches and system failures can cause temporary disruptions or errors in trade execution.
• Liquidity risk: Some less-established companies may have low trading volume, making it difficult to quickly buy or sell shares at a fair price.
• Regulatory risk: Trading platforms may be subject to government regulations, which can change without notice and impact the ability to trade certain securities.
• Counterparty risk: When using a platform to trade with other individuals, there is a risk that the counterparty may not fulfill their obligations, leading to losses.
• Misleading information: Inaccurate or misleading information can lead to poor investment decisions, leading to losses.

Frequently asked questions

• CMC Invest offers $0 commission ASX trades on investments of less than $1,000. For larger trades, Tiger Brokers ($2.99), Stake ($3) and moomoo ($3) offer the lowest commissions on CHESS-sponsored ASX shares.

  If you're looking to invest in the US, then IG, CMC Invest and Webull all offer zero-dollar brokerage fees. Instead you'll pay currency conversion fees.

  According to Finder's latest Share Trading Awards, IG is the best low-cost broker because it offers $0 commission US stock trading, has a low currency conversion fee, the lowest ETF brokerage fee and ASX commission fees that start from $5, according to our database.

  If you want to compare cheap brokers, see our cheapest broker guide here.

• According to Finder's Investment Awards the best trading account for beginners is Sharesies.

  Whether you want to pick your own AU and US stocks or take a more hands-off approach, Sharesies caters to all types of beginners.

  To compare with other platforms, check out our beginner comparison guide.

• CMC Invest is the best overall trading account in Australia, according to Finder's proprietary algorithm. With a combination of cheap brokerage, a range of options and markets, CMC ticks a lot of boxes when it comes to trading accounts.

  That being said, the best trading account will vary depending on your individual needs.

• CMC Invest is the best ASX trading platform, according to our latest analysis. With $0 brokerage on all ASX trades up to $1,000, live market data and strong research tools, CMC won our Best ASX Trading award.

• eToro is the best share trading platform with direct access to cryptocurrency trading, according to our algorithm.

  But if you're looking to buy crypto directly from an exchange, Kraken and Coinbase are rated as 2 of the best exchanges according to data from the 2024 Finder Awards.

• moomoo is rated as the best platform for penny stock trading because of its low fees for active trading, range of OTC stocks and advanced analysis and research tools.

  You can read more about our methodology here.

• Any broker that is regulated by ASIC is likely to be safer.

  If you're looking for the safest trading platform, check out ASIC's site. It provides a full list of approved share trading platforms.

  ASIC has one of the strongest reputations in the world when it comes to trading. It is known for protecting and educating consumers.

  As such, an ASIC-regulated broker should be considered.

• CMC Invest is the best CHESS-sponsored broker in Australia according to our latest algorithm rating.

  It won multiple awards in Finder's 2024 Share Trading Awards.

  The cheapest CHESS-sponsored broker in our database, at the time of writing, is Tiger Brokers, offering $2.99 brokerage for ASX CHESS-sponsored trades. CMC Invest also offers $0 brokerage on ASX CHESS-sponsored trades of less than $1,000.

• Interactive Brokers.

  IB's trading Workstation features, long list of global stocks, CFDs and forex and its low brokerage cost make it ideal for more experienced traders. You can read more about why we rate IB as the best platform for active traders in our methodology page.

• For most share trading platforms, signing up won't cost you a thing.

  However, you will start paying fees once you begin trading. This is known as a brokerage fee.

  Watch out for additional fees such as inactivity and subscription fees.

• No trading platform is truly free, but there are some brokers in Australia that offer $0 brokerage trading. These include the following:

  • IG
  • CMC Invest
  • Webull

  Among the $0 brokerage platforms, CMC Invest is the only broker not to charge commission for ASX stocks (of less than $1,000).

• CommSec.

  The oldest and largest share trading platform is the best among the Big Four banks according to our algorithm.

Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.

Written by

Kylie Purcell

Investments analyst

Kylie Purcell is the senior investments editor and analyst at Finder. She has completed a Certificate of Securities and Managed Investments (RG146) and specialises in investment products including online brokers, robo-advisors, stocks and ETFs. See full bio

Kylie's expertise

Kylie has written 148 Finder guides across topics including:

• Investment strategies
• Financial platforms
• Stockbrokers
• Robo advisors
• Exchange traded funds (ETFs)
• Ethical investing
• ASX stocks
• Stock and forex markets