The best day trading platform in Australia provides traders with a number of features that can make their trading experience more efficient and profitable.
These platforms offer a variety of tools and resources that can be used by traders to make better decisions.
If you are looking for a day trading platform that can give you an edge in the market, then you should definitely check out the 10 best day trading platforms in Australia.
- Top 10 trading platforms for Australia in 2022
- Answers to some frequently asked questions on trading platforms for Australia in 2022
10 Best Day Trading Platform In Australia
More factors than only costs come into play when choosing a share trading platform. The most incredible trading platform for you will rely on your skill level, the markets you invest in, and how frequently you trade.
1. Interactive Brokers Australian
The Australian Securities and Investments Commission (ASIC) is a regulatory body in Australia (AFSL: 453554) that oversees Interactive Brokers Australia, its registered office in Sydney, New South Wales, Australia. Professional and aggressive traders should use Interactive Brokers.
Interactive Brokers Australia levies fees range from 0.015% to 0.08% on trading stocks and ETFs. Its prices for trading options vary per contract, from AUD 0.70 to AUD 1.5.
Interactive Brokers Australia has the lowest margin loan rates in the market. On amounts less than AUD 140,000, a margin loan rate of 1.5 percent is applied. If the sum exceeds AUD 14 million, the margin loan rate drops to 0.5%.
This brokerage supports trading through its trading platforms, including Client Portal, Trader Workstation, IBKR Mobile, and IBKR API. The excellent trading platforms and wide selection of assets offered by Interactive Brokers are well renowned.
- A Variety Of Training Resources
- Access To 33 Nations And 135 Markets
- A Very Broad Range Of Trading Instruments
- Just A Partial Translation Of The Website Interface Is Available In Additional Languages
- A Fee For An Inactive Account Is Required
- Lengthy And Difficult Registration Process
- For New Traders, There Are No Accounts.
Tastyworks, an Australian company that is a fully-owned subsidiary of Tastytrade Inc., is subject to ASIC regulation (AFSL: 508867). For stocks and ETFs, Tastyworks does not charge a fee.
The cost to trade options on stocks and ETFs is $1 per contract, with a cap of $10 per leg. Charges for options on futures contracts increase to $2.5 per contract.
The Works Account, Individual Account, and Joint Account are the three different account types offered by Tastyworks.
It also provides various instructional materials in films, studies, and training programs. A proprietary trading platform from Tastyworks is accessible via desktop, web, and mobile devices.
- No required down payment. The amount of the client’s deposit into the trading account is their decision alone.
- A vast selection of learning resources for which the broker has designated a unique platform it calls the Tastytrade
- Customers can select from a choice of flexible trading accounts provided by the organization. The trader can choose the account that best suits him from the three types.
- The user must complete a time-consuming registration process and supply the broker with a list of requested papers to access trading.
- A customer must have an open account with an American bank to create a trading account and begin working.
- Clients may use only a genuine account to test out trading with the broker.
Australia’s elloStake Pty Ltd. (Stake) is a stockbroker without commission. The ASIC regulates it (487221). This brokerage makes it possible to trade more than 6,000 American equities and ETFs.
Stake provides insurance for up to $500,000 ($250,000 cash) through the Securities Investment Protection Corporation (SIPC), so the money you deposit with it is secure.
The Standard Account and the Black Account are the accounts that Stake provides. However, there is a $9 maintenance charge for the Black Account. It offers commission-free trading on both versions to its Australian customers.
Customers from Australia and New Zealand can make deposits using their credit and debit cards. There might be a $2 charge for withdrawals from the trading platform of Stake. Stocks and ETFs are the only assets in its asset class.
- For long- and medium-term strategies, the minimum deposit amount is available.
- Several governments, like the FCA, have regulations.
- Free limitless trading on stocks, ETFs, and ADRs, listed on American exchanges.
- Convenient trading platforms.
- The capacity to invest in stocks.
- Quick and entirely digital account opening.
- Every new customer who deposits money within 24 hours of creating an account will receive one free stock.
- Having a charge for converting GBP to USD (and vice versa) for deposits and withdrawals.
- The number of nations whose people can use the broker’s services is restricted. Residents of the United States cannot register.
- Both online chat and telephone help are not offered.
4. I.C. Markets
Australian stockbroker I.C. Markets is commission-free and governed by ASIC (AFSI: 335692). With IC Markets, the usual EUR/USD spread is the best in the world at 0.1 pip. I.C. Markets executes orders in 0.04 seconds on average.
Due to its automated trading engine housed in the New York Equinix NY4 data center, I.C. is best suited for active traders and working professionals. Two-thirds of the more than 500,000 trades processed daily on the Equinix NY4 are automated.
Its products, which include PAMM, MAM, and VPS, are essential for automating the trading process. Trading is made possible by I.C. Markets on MT4, MT5, MTWeb Trader, and CTrader. It offers Standard Account, Raw Account (MTrader), and Raw Account as its three different account kinds (cTrader).
- Favourable trading circumstances
- A wide selection of working tools—more than 90
- Low spreads starting at 0 pip
- High order execution speed
- Several analytical training resources are available
- Trading from a mobile device capability
- The employment of trading advisors is permitted
- Additional resources that are helpful include spread monitoring, risk depth, risk calculators, and others
- The capacity for scalping and hedging
- Islamic accounts are accessible
- Excellent client service.
- No extra perks or competitions for traders
- A couple of days’ worth of payment delays
- No trading on weekends.
5. I.G. Markets
One of the best trading platforms in Australia is I.G. Markets. The Australian Securities and Investments Commission (AFSL: 515106) oversees its operations there. I.G.
Markets is ideal for both inexperienced and experienced traders. To assist newcomers in better understanding the trading circumstances, it provides a demo account with a value of AUD 20,000. I.G. markets may be your best choice if you trade stocks and options on the Australian Securities Exchange (ASX).
I.G. Markets executes orders on average in 0.014 seconds. It charges 0.6 pip on critical indexes like the FTSE 100 and Australia 200 and 1 point on foreign exchange currency pairings like AUD/USD.
- Reliability. The I.G. group, established in 1974, includes I.G. Markets. The British authority FCA, the monetary authority of Singapore (mas), and the American leaders CFTC and NFA all grant licenses to its subsidiaries.
- 16,000 trading tools, IPO and exchange-traded fund investments
- Generally, good spreads, ranging from 0.6 to 1 pip, depending on the instrument
- 24/7 customer service
- High entry threshold that prevents newbie private traders
- The verification process is complex and unpleasant. There are instances where opening an account is refused due to unverified or low income.
- According to reports from traders, order execution has technical issues.
- There are no passive investing options and no incentive program is offered.
- An inactive account is charged a fee
Australia’s ASIC (AFSL: 491139) regulates eToro. The company’s headquarters are in Australia, Sydney, and New South Wales. Due to its user-friendly social trading and copy trading platforms, eToro is ideally suited for new traders in Australia.
A sizable collection of instructional materials is available on eToro in the form of webinars, podcasts, videos, and ebooks. In Australia, eToro requires a minimum initial investment of $200. The minimum deposit drops to $50 after the initial deposit.
Trading stocks and ETFs on eToro is commission-free. It offers email, chat, and phone support around the clock.
PayPal, Skrill, wire transfers, and credit/debit cards are among the payment options available. Every eToro withdrawal is subject to a $5 charge.
- The copying transaction minimum is one dollar.
- Convenient features for passive investing
- Governed by impartial watchdogs
- Purchases of contracts for fractional shares are available (that is, to invest amounts less than the cost of one share)
- On the U.S. stock markets, shares (not CFDs) may be purchased simultaneously.
- Broad spreads
- Infrequent technical issues with order execution
- The absence in Europe and the CIS of the most popular platforms, such as MetaTrader 4 and MetaTrader 5
- A commission is charged when you withdraw money.
- Rude support personnel
- Unpractical webpage.
Incentives for self-directed investment are promoted by Questrate, which levies a minimum commission of one cent per share. For stocks, the maximum commission per trade is $9.95.
The portfolio management service from Questrade has a management charge that starts at 0.25%. Questrade charges a minimum of $4.95+$075 per contract for trading options.
ETFs can be purchased for no cost, but selling them costs a minimum of one penny per share. The starting spread for both Forex and CFDs is 0.8 pips.
Questrade provides a variety of account types for various service categories. For instance, traders seeking leverage can choose from many margin accounts, such as individual and shared margin accounts.
- Access to 18 different countries’ stock markets and a large selection of products.
- The Canadian IIROC oversees the broker’s compliance.
- Instruments for investing passively.
- Professional traders use several platforms.
- ETFs with low fees.
- Quick account opening, particularly for Canadians.
- Commissions for forex traders are relatively high.
- Restrictions for customers who are not Canadians.
- Limited options for deposits and withdrawals in terms of payment systems.
The Swiss Financial Market Supervisory Authority, the regulatory body in its native country, oversees Swissquote (FINMA). Residents of more than 150 nations, including Australia, Hong Kong, and the United Kingdom, can use its trading services.
Compared to its competitors, Swissquote levies more significant fees on stocks and exchange-traded funds. On a transaction involving U.S. stocks worth $2,000, it levies a cost of $25. It does, however, provide aggressive margin rates. Swissquote’s typical margin loan rate lies between 4% and 5%.
Both credit/credit cards and wire transfers are accepted for deposits at Swissquote. On credit/debit card transactions, it levies a deposit fee of about 2.5%, nevertheless. It provides a wide selection of instructional reading materials and films to aid new traders in learning about trading.
- A license is available from a reliable regulator
- Several different financial services
- A wide range of currencies is accepted as deposits.
- Sluggish operating and not very useful site
- Hefty commissions and spreads
- Hefty deposit
- The live chat’s lack of language support
- Few competitions, incentives, promotions, or other unique offerings
- A complicated registration process needs to be verified to proceed.
9. Saxo Bank
ASIC oversees Saxo Capital Markets (Australia) Limited (AFSL: 280372). Saxo Markets, a division of Saxo Group, offers access to stocks, options, forex, futures, and other asset classes for traders and investors through a single account.
Saxo offers two in-house trading platforms: SaxoTraderGo and SaxoTraderPro. Additionally, it provides a demo account so traders can practice their trading techniques before using them in a live trading environment.
Saxo provides access to 19,000 equities from 40 international exchanges. On Australian equities, it levies a minimum commission of AUD 5, and on American stocks, a minimum cost of USD 3. For the U.S. listed ETFs, commissions start at $3, and for futures, commodities, and listed options, they start at $0.85 per lot.
- Advantageous trading conditions for experienced professionals with at least one year of trading
- More than 40.000 trading instruments
- The chance to invest in professionally managed, ready-to-use long-term portfolios
- There are no Cent accounts accessible
- The down payment requirement is $10,000 or higher
- Access to the MT4 and MT5 terminals is not given; however, you can trade using private platforms
- Algorithmic trading is prohibited for foreign traders, and there is no help available through the website’s live chat feature.
10. CMC Markets
In Australia, CMC Markets is governed by ASCI (AFSL: 238054). With no commission, CMC makes it possible to invest 35,000 shares, mutual funds, and ETFs in the United States, the United Kingdom, Canada, and Japan.
By charging a low commission cost, CMC also makes it easier for investors to purchase shares of stock, warrants, and interest rate instruments on the Australian Securities Exchange (ASX).
- For less than 11 trades, there is a fee of $11 or 1.10%, whichever is greater.
- The fee rate drops to $9.90 for trades between 11 and 30, or 0.08%, whichever is higher.
It charges a fee of $9.90 for transactions over 30 or 0.075%, whichever is higher.
- A variety of assets
- The high degree of security and payment should the firm be found to be illiquid
- Extremely sophisticated proprietary platform
- Customer service representatives utilize English on the website and on the website.
- Visa and MasterCard cards are the only accepted payment and withdrawal options
- The official website has an incredible quantity of information, although it lacks information on the minimal amount of startup capital or trade speed
- For each kind of trading asset, a fresh account must be created
A trustworthy trading platform will simplify your trading process and increase your return on investment. There are several brokerage options available to Australian citizens.
However, consumers must research before signing up with the stockbroker. It is crucial to verify brokers’ claims because most of them make exaggerated statements about commissions, approvals, and client service.
Is Day Trading Possible In Australia?
Day trading is legitimate in Australia, yes. Even so, you must be sure you’re dealing with a reputable, licensed supplier. For instance, the Australian Securities and Investments Commission approves and oversees I.G. (ASIC).
How Much Do Day Traders Make In Australia?
Top Australian traders who are adept at managing many funds may potentially make up to $576,000 a year. On the other hand, the annual take-home pay for a typical day trader ranges from $100k to $175k.
How Much Money Do You Need To Day Trade In Australia?
In Australia, there is no prerequisite for opening a trading account. Several online brokers only need a minimum deposit of $100.
How Are Day Traders Taxed In Australia?
The tax rate is based on your total income, which includes company revenue, and ranges from 25 to 30% for corporations and personal income tax for single proprietors. For income over $180,000, the highest individual tax rate is now 45 cents in the dollar.
How Do I Day Trade For Living In Australia?
Do extensive research on the marketplaces you may day trade in Australia and become familiar with their operations.
Choose a course of action. Before you play with real money, practice your chosen approach on a demo brokerage account or share market game (like the ASX game). To start trading on live markets, open a share trading account.
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