Best Brokers Australia
Richard Montana | August 4, 2022
Australia’s major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987.
The Australian Securities Exchange (ASX) sits comfortably in the top ten equity markets in the world measured by market capitalisation and has a reputation for integrity and for attracting international investors. Australia has become an attractive investment destination for global investors as well as home to many major multinational financial services providers.
Australian traders have lots of choice when it comes to choosing a trading broker. Australia is a popular destination for brokers, with some of the very best headquartered there. If you are overwhelmed with the options available to you or just don’t know where to start, then you have come to the right place.
Here you will find the best Australian brokers according to the many hours of research, testing, analysis and comparison that we have conducted across hundreds of brokers. By having all of the best brokers listed in one place, we aim to make it quick and easy for you to identify the best broker in Australia according to your own individual needs.
Top 10 Brokers Australia
In order to be included within our best brokers in Australia list, the broker should be regulated and offer top trading conditions, including tight spreads, low fees, lots of liquidity and rapid execution speeds. They should have a choice of easy to use yet powerful trading platforms and trading apps along with a wide selection of quality trading tools for comprehensive market analysis and to assist you with your daily trading activities.
Other factors that we consider to be important when choosing the best Australian broker include the variety of account types, funding options provided, reputation within the industry, customer support and range of financial instruments available to trade online. We also like to see enough educational resources provided to help beginners learn more about trading and investing online.
That being said, we have chosen these as the best brokers for Australians as they meet our criteria and are regulated by the Australian Securities and Investments Commission (ASIC). They have passed our strict broker reviews with flying colours and been awarded a top broker rating for the excellent range of trading and investing services that they provide.
ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA
Min $100 Deposit
2006
1:400
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
Min $250 Deposit
1974
1:200
AvaTrade
AvaTrade has been an innovative pioneer in online trading since 2006. The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders. Since then, they have grown to become one of the best brokers for trading and investing online. They have a good range of financial instruments for you to trade across different asset classes including forex, commodities, stocks and cryptos. There are zero commission fees and forex spreads are relatively low overall.
The broker supports manual and automated trading on modern and intuitive platforms. For those of you who do not have the time or skills to trade by yourself, there is also a good selection of copy trading platforms. AvaTrade are also one of the most well-regulated brokers you will find serving Australian traders.
IG
IG are one of the best CFD brokers in Australia if you are looking to speculate on rising and falling markets. With them, you can trade on cutting-edge platforms, get expert trade ideas and around-the-clock support. You have a huge selection of financial instruments to choose from. You can trade Australian and international shares with low commissions with an IG Share Trading account.
If you are new to trading you will find comprehensive education and a demo account with AUD$20,000 of virtual funds. For those of you who are experienced traders, you can get convenient access to trade with tight spreads, fast execution and very low fees overall.
They have all of the resources that you need to make informed trade decisions with advanced trading tools and articles from the IG expert global team. You can keep your finger on the pulse in-platform, with live Reuters and Twitter feeds.
IC Markets
Based in Sydney, IC Markets is the largest true ECN forex broker in Australia offering spreads from 0.0 pips, no requotes, best possible prices and no restrictions. They are a market-leading global online retail trading platform offering superior execution, low spreads and unrivalled liquidity from a deep pool of liquidity providers. You can trade currencies, stocks, commodities, futures, bonds, and digital assets with a globally regulated broker.
IC Markets’ carefully selected range of products, platforms, and account types give you access to the most popular and liquid markets across the world, for ample trading opportunities 24/5. IC Markets Global offers a wide range of Stock CFDs on MetaTrader 5 platform. Traders can access an impressive range of over 1600 stocks across Australia and United States.
IC Markets is one of the top choices for automated traders, high-volume traders and scalpers. Their order matching engine located in the New York Equinix NY4 data centre processes over 500,000 trades per day with over two thirds of all trades coming from automated trading systems.
They are one of the best forex brokers you can find who are regulated by the Australian Securities and Investments Commission (ASIC) and offer quick account funding with excellent 24/7 customer support.
City Index
City Index Australia is a leading provider of trading services to individuals. They offer instant access to thousands of markets worldwide through Contracts for Difference (CFDs) and margined foreign exchange. To stay at the forefront of this fast growing market they combine innovative trading technology with the best in customer service. When you trade with City Index you can get access to free educational tools, including regular seminars, webinars and the latest market analysis direct from the experts. From real-time market commentary to an integrated Reuters newsfeed, they deliver actionable insight to help you identify potential opportunities.
City Index is part of the StoneX Group, a Nasdaq-listed Fortune 100 company with a proven track record in providing retail and institutional clients with trading services. They are fully licensed and regulated in Australia since 2006 and hold the highest industry standards of accountability and transparency. City Index has been helping clients navigate financial markets since 1983 and is a world-leading provider of financial services. Forex.com is another trading broker under the same umbrella which further emphasises the size of the company.
FP Markets
FP Markets have developed a proud reputation as a broker in Australia. They have relationships with leading tier one financial institutions which mean they can provide deep liquidity and tighter spreads for forex traders. Combined with an ECN Pricing model, traders can consistently trade from 0.0 pips on major currency pairs such as the EUR/USD, USD/JPY and GBP/USD.
Although trading Forex is a key component of their business, FP Markets also offer CFD trading in Shares, Metals, Commodities, Indices, Bonds & Digital Currencies. Traders can access more than 10,000+ tradable instruments across global financial markets using Iress, an advanced online trading software specifically designed for CFD trading.
CFD trading with an online broker allows you to access the biggest global exchanges and indices, including the Standard & Poor’s, NASDAQ and the New York Stock Exchange (NYSE) in the United States, and the Australian Stock Exchange (ASX).
Overall, they are a top broker for Australian traders who want to trade some of the world’s largest companies and other financial instruments with plenty of tools at your disposal. They can cater for both retail and institutional clients alike, whilst they also integrate with some innovative copy trading platforms.
GO Markets
Founded in 2006, GO Markets is an Australian trading broker offering over 600 financial instruments for you to trade online. They provide powerful trading platforms with a range of trading tools and dedicated educational centre to assist traders.
Eightcap
Eightcap is a regulated Australian broker offering over 200 CFD trading instruments on the user-friendly MetaTrader platforms including Forex, Stocks, Indices, Cryptos and Commodities. The broker has low commission fees, tight spreads, flexible leverage, rapid execution speeds, fast and free funding options, trading tools, educational materials, managed accounts and industry leading customer support.
Blueberry Markets
Blueberry Markets is an online broker based in Australia providing online trading via the easy to use MetaTrader platforms with tight spreads, low fees and fast execution speeds. They offer commission free accounts, along with a Free VPS.
TradeDirect365
TradeDirect365 (TD365) is a regulated broker that offers Forex, Crypto, Indices, Commodities and Stock trading online with very competitive trading conditions, including no commission fees, tight fixed spreads and fast trade execution speeds. You can trade on user-friendly platforms with plenty of tools for in-depth market analysis.
Fusion Markets
Fusion Markets are a CFD broker offering user-friendly trading platforms, low fees, tight spreads and reliable execution speeds. They offer a range of deposit and withdrawal options along with a selection of useful trading tools to assist with your market analysis.
Choosing an Australian Broker
The most important factor for us to consider when choosing the best Australian brokers was that the brokers are regulated in Australia by the Australian Securities and Investments Commission (ASIC) to provide online trading services to traders in Australia. We then conducted many hours of thorough research and analysis into the quality of the brokers services. From there, we were able to collate what we consider to be amongst the most important factors to consider when choosing the best brokers and allocated them an unbiased broker rating based on our findings.
Regulation
Any trading broker that is offering services to traders in Australia should be authorised and regulated. Using a regulated broker can give investors some protection that unregulated brokers cannot. I would always prefer to use a regulated broker as it gives me the peace of mind that they will be operating in an open and honest manner at all times. This is because they need to follow rules and procedures implemented by the respective regulators.
It is worth mentioning that there are some non-Australian stock brokers that still solicit clients located within Australia. There are also Australian brokers who offer online stock trading services to clients located in some countries outside of the Australia. In this instance, it would be a considered a sensible idea to ensure that the broker in question has the relevant regulation within the jurisdiction that they operate from.
Australian Securities and Investments Commission (ASIC)
To make it into our list of the best brokers Australia, each broker has to be authorised and regulated by the Australian Securities and Investments Commission (ASIC). Established in 1998, ASIC’s role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. ASIC reports to the treasurer and administers legislation for the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009.
If a broker has been licensed by ASIC, they should be provided with a registration number as proof that they are registered. This number is usually located on the brokers website, near the footer where they state who they are regulated by. You should check on the ASIC website to validate the current status of the broker registration to ensure that it is valid and up to date. It has been known for some scam brokers to fake regulation, some even going as far to clone another brokers website. When you are looking up the registration number, you should find details of the brokerage firm including their website, contact details and if they have any cases brought against them.
Trading Platforms
The brokers should have a variety of different trading platforms for multiple devices including desktop, web and mobile trading apps. The trading platforms should be user friendly, with plenty of trading tools and advanced functionality for all types of trading strategies. I like it when a platform is easy to navigate and can be fully customised to be as simplistic or complex as you need it to be. You will find that there are lots of MetaTrader brokers which is one of the most user-friendly platforms that gives convenient market access for manual and automated trading strategies.
Trading Instruments
The brokers should provide Australian traders and investors with a wide range of trading instruments across multiple asset classes including Forex, Commodities, Cryptocurrency, Stocks, Indices, Options, ETFs, CFDs and Futures. The more choice that the broker has, the easier it would be to expand your portfolio in the future, should you wish to do so.
Spreads
When you place a trade position with a broker, you will usually need to pay the spread which is the difference between the bid and ask prices at the time of executing your order. In general, the lower the spreads, the cheaper the trading costs can be and the better the prices you may have your trade executed at. Although, this can also be dependent on other factors such as the brokers liquidity, slippage and execution model.
Commission
Many Australian brokers will charge a small commission fee for each trade that you place with them. The lower the commission fee per trade, the lower your overall trading costs can be in the long term. Some trading strategies actually depend on low commissions. Thus, the best Australian brokers should have the most competitive commissions.
Fees
In addition to the spreads and commissions that brokers may charge, there can be additional fees. These include overnight swap fees, funding fees, platform fees, trading tool fees, educational resource fees, etc. Any other fees charged by the broker should be competitive and transparent to the trader. If you are looking to save as much as possible on your trading costs, you can take a look at our best discount brokers.
Execution Speeds
The execution speed can determine the price your order will be executed at. Instant execution should mean that the order is placed as close to your desired price as possible. The best Australian brokers should have rapid execution speeds with minimal slippage so that traders get the best available prices more often than not. Some trading strategies such as scalping are dependent on reliable execution speeds.
Liquidity Providers
The best brokers in Australia should have top liquidity providers (LPs) with deep liquidity pools so that they can offer competitive bid/ask prices along with reliable trade execution speeds.
Trading Tools
Whilst the trading platforms offered by brokers will usually have more than enough trading tools for the average trader, there are some brokers who offer additional trading tools such as economic calendars, trading calculators, market analysis, trading signals and more. The best brokers will usually offer some additional trading tools to support traders with their daily trading activities.
Educational Resources
Educational resources can help traders to improve their trading skills and knowledge. They also encourage informed trading. The best brokers will usually offer clients a range of free educational materials such as tutorial videos, trading guides, eBooks, trading glossary, FAQs, webinars and seminars. If you are new to trading and need as much guidance as possible, you might want to explore our best brokers for beginners.
Account Types
Trading brokers can have a variety of different account types that are designed to cater to the differing needs of clients. The accounts can vary according to the minimum deposit required, leverage offered, execution type, spreads, commissions, instruments, additional services and more.
The best Australian brokers should have a selection of account types for different experience levels and trading strategies. Demo accounts can be useful to practice trading online with virtual funds whilst Islamic accounts that comply with Sharia law support Muslim traders.
Account Funding Options
In order to trade online, you will need to be able to deposit and withdraw funds to and from your Australian broker account. Brokers can offer a range of different account deposit and withdrawal methods. This will often include bank transfers, credit/debit card and online payment processors such as Skrill, Neteller and PayPal. The best brokers in Australia should have a variety of convenient funding options. It is worth considering the time taken and any fees involved for processing funds.
Customer Support
Most Australian brokers can be reached via telephone, email and live chat. It is worth ensuring that the broker can be reached in a way that is convenient for your needs. The brokers customer support team should be prompt, polite and efficient in their responses to all clients general and technical questions. You may wish to consider if there is any different between your time zone and the brokers support hours, as this could have an impact on response times.
Conclusion
Whilst this article covers what we consider to be amongst the most important things to consider when choosing a broker in Australia, it can differ depending on your individual preferences. Thus, it is important that you choose a broker that meets your needs and use this information only for educational purposes and not as advice. Take your time to research brokers and conduct your own due diligence. You can even test a broker with a free demo account to see if they are suitable before making a commitment. Please feel free to use our broker comparison tool if you are looking for some further inspiration to help you choose a broker.
About the Author
Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.
Review Methodology
For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.