We will be exploring the top best apps for options trading in Australia, kindly read through for detailed information on these apps.
Options have always been desirable to online brokers because of their profitability. Options trading is a type of derivative trading that allows people to transact on securities in the Australian market.
What is Options Trading?
Options are the trading of instruments that gives you the right to buy or sell specific security on a particular date and at an exact price. An option is a contract linked to an underlying asset, e.g., a stock or another security.
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7 Best Apps for Options Trading in Australia 2023
Looking for the best options apps in Australia, below is a list of the top best compiled for you.
#1. Plus500
It was founded in 2008 and had its headquarters in Haifa, Israel. This is a Stock Exchange that has distinguished itself as one of the best forex trading platforms for Australians.
This is among the best apps for options trading in Australia. It is regulated by several top-tier organizations, such as the Australian Securities and Investments Commission (ASIC) UK’s Financial Conduct Authority (FCA) with CySec, MAS, and ISA authorities.
Specifications:
- Regulators: ASIC and FCA
- Minimum Deposits: 100 AUD
- No deposit fees
- Withdrawal fee: None
- Platforms: WebTrader
- Inactivity fee charged: $10 per month charged after 3 consecutive months of inactivity
Pros
- It comes with a very low trading fee
- Listed on the London Stock Exchange
- Access to over 2,000 trading instruments
Cons
- Only limited product portfolio available
- Charges inactivity fee
Along with charging no deposit fee, it provides several options for investors to deposit funds into their accounts like bank transfers, using debit/credit cards, then through PayPal or Skrill.
#2. Capital.com
Capital.com is excellent when it comes to educational tools for investors. They have state-of-the-art analysis tools and optional integrations with some of today’s hottest analytical software.
Apart from helping investors learn, it also went out of its way to create a user experience for its users like no other, whether on the web or the mobile app.
Specifications:
- Regulators: regulated by ASIC, CySEC, and FCA
- Minimum Deposits: $20
- Withdrawal fee: $0
- Platforms: MT4
- Inactivity fee charged: No
Pros
- AI-powered insights
- lots of educational tools
- Zero commission or withdrawal fees
- Available 24/7
- Easy-to-use user interface
Cons
- Complex brokerage services that take some time to get used to
- There are No two-factor authentications
#3: CMC Markets
As one of the best apps for options trading in Australia, this platform thrives on fast trades and low brokerage fees.
The unique research tools and breadth of great features provide a solid competitive advantage in the online brokerage market.
CMC Markets is a UK broker regulated through the Financial Conduct Authority (FCA), meaning they must adhere to the FCA customer assets regulation, known as CASS.
Specifications:
- Regulators: The Financial Conduct Authority (FCA)
- Trading platform: MT4, Stockbroking Pro platform, Next Generation trading platform, CMCMarkets Mobile Trading App
- Trading fee for Options: $33 up to $10,000, 0.33% above $10,000
- Standard brokerage fee: ASX shares, AUD 11 or 0.1% for the first 10 trades up to AUD 10,000
Pros
- Blistering fast trades in seconds
- Low brokerage fees
- wide range of trading opportunities
- Convenient configuration, setup, and also execution of orders
Cons
- High stock CFD and also brokerage fees
- Charges inactivity fee (15 AUD) when your account remains inactive for 12 months
#4. CommSec
CommSec (Commonwealth Securities Limited) is an Australian-based brokerage that is an entirely owned subsidiary of the Commonwealth Bank of Australia, although it is non-guaranteed.
Its trust and also brand recognition are high in Australia, given that it is among one of Australia’s four major banks.
Specifications:
- Regulations: regulated by the Australian Securities and Investment Commission (ASIC) and is also a part of the Australian Stock Exchange (ASX).
- Trading platform: proprietary CommSecIRESS trading platform for ASX-listed securities & international shares
- fee for Options trading: For the Internet, $34.95 up to $10,000 in premium; on the phone, $54.60 to $10,000 in premium
- Standard brokerage fee: it varies, but with the CommSec CDIA account, $10 for trades of Australian shares up to $1,000.
Pros
- It provides access to international stock and securities
- The entry requirements are minimal
- It is a reputable and trusted brand name in Australia
- It is simple to use with no inactivity fee
Cons
- Inactivity fee charged on all international accounts
- lacks live chat support
- If you are outside of Australia, even if you are e a citizen, you can’t be able to use CommSec
#5. AvaTrade
AvaTrade is one of the best apps for options trading in Australia for the most advanced trader. It brings options and includes forex, crypto, CFDs, and more.
Specifications:
- Regulators: Australian Securities and also Investment Commission (ASIC).
- Trading Platforms: MT4, Duplitrade, MT4, ZuluTrade, Guardian Angel
- Commission Fees: None
- Entry price: $100
This platform is based in Australia and is known for being secure, cheap, and reliable.
It is secure because of the advanced encryption of its app, and It is cheap because it has no brokerage fees outside the $100 price of entry. And it is reliable due to being under the ASIC’s watch.
Pros
- No commission fees on trades fees on earnings
- Trades in more than just options
- It enables tons of trading strategies
Cons
- Incredibly dense and challenging to navigate
- Updates are slower than some apps
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#6. Interactive Brokers
It was Founded in 1997 in the United States and is among the best apps for options trading in Australia.
Interactive Brokers is one of the oldest trading platforms in the market; and It has offices in Australia and operates in 125 global markets.
It is well regulated and fully licensed by the Australian Securities and Investments Commission (ASIC). It is also a participant of ASX, ASX 24, and Chi-X Australia.
Specifications:
- Regulations: it is regulated by the Australian Securities and Investments Commission (ASIC), a participant of ASX 24, ASX, and Chi-X Australia.
- Trading Platforms: Traders Workstation (TWS), IBKR Mobile, Client Portal, , IBKR WebTrader
- Trading fees for Options: Index options (ASX): AUD 2.00 for each contract, Stock Options: AUD 0.30 per contract
- Standard brokerage fee: (Fixed tier) 0.08% of trade value or 6 AUD (whichever is higher)
Pros
- it has a Low, transparent commission and also financing rates
- Ideal for both experienced and professional traders
- wide range of investment selections
- A single integrated account permits you access to forex, options, stocks, and futures
Cons
- It is Not tailored toward beginners
- It also Charges a monthly inactivity fee
#7. IG Markets
It was established in 1974 and boasted over 178,000 customers globally. It has built a lot of brand equity globally and has become a trusted name due to its long-standing business operations.
Specifications:
- Regulations: Regulated by at least six tier-1 jurisdictions, including ASIC and FCA
- Trading Platforms: MT4, proprietary IG trading platform
- Options trading fee: On option trades, the commission is 0.1 unit of market currency per contract, taken at open and close.
- Brokerage Standard fee: 8 AUD or 0.1% for each trade, whichever is higher.
Pros
- Competitive spreads across a wide breadth of markets
- Has Advance chart technology
- Low margin with a high leverage
- It Provides limited risk trades
- Ultra-fast yet a reliable trading platform
Cons
- This platform Charges a quarterly inactivity fee.
- The Product portfolio is limited.
- Slightly higher fees charged and spread on standard instruments such as ASX share CFDs and indices than other competitors.
FAQ
Can you Trade Options In Australia?
Options are traded over the Australian Securities Exchange (ASX) in Australia as exchange-traded options (ETOs), and these ETOs allocate 100 shares for each contract.
How do I Trade Options on ASX?
Options trades are traded via ASX-accredited brokers, and you must sign a Client Agreement form before you begin trading.
If your present broker is not active in options or accredited to advise on options, it is wise and advisable to seek out a specialist broker in this area.
Can Robinhood be Used in Australia?
This popular US share trading platform isn’t available in Australia.
Can you use Tastyworks in Australia?
Tastyworks US brokerage accounts are currently available to Australians! Visit tastyworks.com.au to open an account today.
Options do not generally have the same oversight as that stocks; therefore, investors must ensure that the options brokerage they decide to trade on isn’t unscrupulous but rather a reputable organization.
Which of the above-mentioned options trading apps have you had experience with?
In the comment section, please share your experience with us on the best apps for options trading in Australia.
Watch the video below to know the best Apps for options trading in Australia:
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