A reliable trading platform is what you need to get a successful trading experience. A successful trader has several characteristics and provides different services to their traders. Without having a safe and reliable forex broker, it would be difficult for traders to execute the trading. Here in this article we will discuss the top Australian trading platforms and how you can choose the best one? Also a short comparison between eTaro vs saxo bank is given at the end.
Top 12 Trading platforms:
Here is a list of top trading platforms in Australia shortlisted by Traders Union.
- IC Markets
- IG Markets
- eToro
- Interactive Brokers Australia
- Tastyworks
- ThinkMarkets
- Stake
- TradeStation
- CMC Markets
- Saxo Bank
- Swissquote
- Questrade
IC Markets:
It is a commission free broker in Australia with a spread rate of 0.1 pips. Speed of execution is 0.04 seconds which is quite fast. It is best for all time active traders or professionals. Contain tools that control the crucial process of trading. Use MT4, MT5, MTWeb Trader, and CTrader as trading platforms. It is offering three types of accounts:
- Standard account
- Raw account (MTrader)
- Raw account (cTrader)
IG Markets:
One of top trending platforms in Australia. It is best for beginners as well as professionals. They offer you a demo account to help you learn about trading. Speed of order execution is 0.014 seconds with spread rate of 0.6 pips.
eToro:
It is a well-known trader in Australia located in Sydney. It is best for beginners who don’t have much knowledge of trading because it is user friendly. They offer educational content in the form of webinars, videos and ebooks. Customer service is available 24/5.
Interactive Brokers Australia:
It is regulated by AFSL and the office is located in Sydney. It is best for traders who are active or professional. They offer lowest margin lending rate of 1.5% and facilitate their traders with prop trading through platforms like Trader Workstation, Client portal or IBKR mobile etc. Also famous for offering a broad range of assets and professional trading platforms.
CMC Markets:
Regulated by ASCI founded in Australia. They offer you to share 35k plus shares and mutual funds. They are providing access to 338 forex products along with 12 cryptocurrencies and 117 commodities. Spread rate and margin is competitive. It will charge 11$ for trades less than 11. Incase of trades between 11 and 30 this commission rate reduces to 9.9$.
Tastyworks:
Regulated by ASIC buxic and located in Australia. They don’t charge any commission on stocks. But it does charge 1$ per contract. Offering a variety of educating content like webinars, videos or research reports that help you learn about trading. They offer three types of accounts:
- Works account
- Individual account
- Joint account
Saxo Bank:
It is a trading market regulated by ASIC and located in Australia. They connect investors and traders with stocks, futures and other assets. They have prop trading platforms. Demo accounts are also available so you learn about trading and experience it. Saxo Bank provides access to 19,000 stocks. It is best for you if you are a professional and active trader. Having over 50 drawing and technical tools for professionals.
Let us have comparison of eToro vs Saxo Bank for you:
| eToro | Saxo Bank | |
| Overall rating | 4.8 | 4.5 |
| Education | 4.3 | 3.6 |
| Support | 4.2 | 4.4 |
| US Regulated | Yes | No |
| Minimum deposit | 50$ | 10,000$ |
| Trading platform | eToro | SaxoTraderG, SaxoTraderP |
| Trading assets | 1000 plus | 40,000 plus |
| Max leverage | 44682 | 1:30 |
| Account or deposit fee | No | No |
| Withdrawal fee | 5$ | No |