Best Online Brokers in Australia: Image: Adobe stock
Online trading is challenging but fulfilling at the same time. As an online trader, you have to learn how to react to changing market conditions while still keeping your wits and maintaining a positive outlook for the future. This can be easier said than done, but one thing that will help make your trading life much more convenient is choosing the right online broker.
Your broker is your link to the financial markets and the primary tool that allows you to navigate the trading world. Furthermore, online brokers have lowered the entry bar for most traders by making trading convenient and easier to navigate than traditional brokers. But as the number of online brokers increases in the Australian online space, how do you choose the best one? Here is a link to some of the best online brokers in the country, and keep reading to learn more.
eToro is one of the early online brokers that popularised online trading. It first went live in 2007, and today it’s in two tier-1 jurisdictions, meaning it’s a safe and well-regulated platform. The platform supports social copy trading for forex and CFDs, a helpful feature for beginner and intermediate traders. Furthermore, the platform allows cryptocurrency trading if you’re looking for more investment opportunities.
eToro also has mobile app support for Android and IOS, with a user-friendly user interface. In addition, the platform offers insurance coverage for up to £1 million in regions such as the UK, EU, and Australia.
Pluss500 is a CFD broker that began operations in 2008. The broker enjoys certification from governmental bodies such as the Financial Conduct Authority in the UK and the Australian Securities and Investment Commission (ASIC) and a listing on the London Stock Exchange. Furthermore, Pluss500 was among the first platforms to offer cryptocurrency trading and to introduce Bitcoin CFDs.
The platform has an easy-to-navigate user interface that allows you to set up stop-loss orders and create watch lists for your trading. However, Pluss500 customer support service is limited, but you will barely run into any issues on this excellent platform.
Interactive Broker is a low-cost trading platform that offers access to financial instruments such as stocks, currencies, futures, and options. It currently has a 60% margin rate, lower than the industry standards, but the brokerage is steadily improving its standing. The platform is sophisticated enough to cater to any professional trader’s needs but simple enough for anyone to use.
Interactive Broker also offers a host of free trading tools to assist you in your trading, as well as comprehensive reporting to ensure you’re up to date for the best decision-making.
CMC Market is an online brokerage offering access to shares trading, spread betting, CFDs, and forex in various global markets. It was founded in 1989 and has been one of the most reliable platforms in the industry. Moreover, it provides free brokerage for up to $1,000 for Aussie shares, a welcome benefit in Australia. The award-winning platform has won Canstar’s broker of the year twice. We also tend to agree because it has one of the best user experiences in the industry.
Furthermore, it’s compatible with Android and IOS devices and grants access to 15 international markets.
City Index is a trading platform regulated in three tier-one jurisdictions, making it one of Australia’s safest forex and CFDs brokers. The platform has one of the best UI designs that manage to integrate useful trading and research tools in an easy-to-use and intuitive way. Like other brokers in Australia, City Index offers spread betting, CFDs, forex options, and crypto trading.
The platform is excellent for beginner traders looking to hone their skills. Their fee structures are in line with industry standards, and you will find it easy and not too taxing to trade on the platform as a newbie.
The online trading industry is fast developing in Australia. There seem to be new brokers that crop out every day, and finding one with excellent tools you can trust is getting more challenging. Furthermore, brokers are an essential part of your trading and finding the right one can make all the difference in your success. However, we hope our list makes your search easier and you find the right broker to help you reach your investment goals.
ALSO READ: Travel Smart: How to Find the Ideal Accommodation