Best Online Trading Platform Australia – Whether you’re one of the 9 million Australians currently investing in the ASX share market or thinking of starting, the platform you choose to buy and sell shares can have a huge impact on long-term performance. From your wallet.
Ideally, you want to find a platform that charges the lowest fees, has an easy-to-use interface, and allows you to check important information about any company you choose.
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Now, all Australian stock trading platforms come with their ups and downs, which is why we’re reviewing the best stock trading platforms for Australians looking to invest this year.
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Before we dive into the review, it is very helpful to find out what type of trader you are before trying to make a decision about any of the platforms in the review below. Depending on how often you try to buy and sell stocks and how much money you want to invest at any given time, different platforms may better suit your needs.
A casual investor is someone who invests regularly as part of a long-term investment strategy, but does not spend hours following the market and focusing on charts. If you prefer a ‘set and forget’ style of investing or only make one or two trades each month, you most likely fall into the casual investor category.
A regular investor is someone who buys and sells stocks periodically while staying up-to-date with relevant market information. Regular investors want more advanced research tools so they can check all the important details of different companies. So, if you find yourself doing 5-10 trades per month and stuck with good financials, you fall into the category of a typical investor.
A trader is someone who invests almost daily and wants the ability to interact with relatively complex financial instruments such as derivatives. Since traders usually do more than 50 transactions a day, finding a platform with low fees and all the necessary bells and whistles is very important.
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Now that you’ve figured out which investor category you belong to, let’s start figuring out which stock trading platform is the best fit for you and your investment portfolio in 2022.
For anyone already banking with Commonwealth, Westpac, NAB or ANZ, the best way to reduce financial confusion is to keep all your money in one place. While stock trading platforms offered by the Big Four banks charge higher fees compared to independent trading platforms, the ease of moving money in a single app can be a big plus for investors who want to keep things simple.
Commsec is the Commonwealth Bank’s premier stock trading platform and is definitely a great option for anyone who uses the Commonwealth Bank to manage their finances. The integration between the Commbank and Commsec platforms makes it easy for users to transfer money to and from their stock trading account.
The Commsec platform is available on desktop and via a mobile app, both of which are very easy to use and offer great educational tools for beginners. A major disadvantage of Commsec is that investors can only trade on the Australian Stock Market (ASX), as international stocks (the US stock market) are not immediately available to new users.
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Commsec, one of the big four banks, is definitely more expensive in terms of fees. You can find the Commsec rates listed here:
Westpac Stock Trading is Westpac Bank’s stock trading platform and is a good option for anyone who already uses Westpac to easily manage their finances. Integration between the Westpac Banking and Westpac stock trading platforms makes it easy for users to keep their money in one place.
Ease of use of Westpac’s stock trading platform is on par with the other big four banks, offering a highly intuitive experience on both desktop and mobile apps. Like others, users must apply separately to trade international stocks, meaning most users are limited to trading ASX-only stocks.
As Westpac is a member of the big four Australian banks, users can certainly expect relatively high fees. Westpac charges its users the following fees.
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NABtrade offers some of the lowest fees of the Big Four. NAB’s stock trading platform is very similar to its main competitors and offers a good quality experience on desktop and mobile apps.
Like other banks, users have to create a separate app to trade international stocks, meaning everyone is initially limited to trading ASX stocks, a major disadvantage if you want to pick individual US stocks, such as Amazon, Tesla or Facebook.
NAB, another big four bank, offers slightly lower fees to its users than its top three competitors and NAB charges its users the following fees.
The ANZ stock trading platform is one of the least user-friendly and most expensive of the big four stock trading platforms. As a result of ongoing feedback, ANZ has decided to move its users to CMC Markets, an independent equity trading platform (reviewed below).
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Unfortunately, information regarding fees associated with ANZ’s transition to the CMC Marketplace branded platform is not entirely clear. If ANZ continues to charge its internal fees for using the CMC Markets platform, it would make sense for users to join CMC Markets and transfer their portfolio to gain access to much lower fees and wider investment options.
Whether you’re just starting out investing or looking for a low-cost alternative to the Big Four, independent stock trading platforms may be a great way to build an efficient and profitable long-term investment portfolio. If you trade frequently or want to save a lot on fees, choosing one of the platforms below is definitely a good option.
CMC Markets is Australia’s most comprehensive equity trading platform, offering investors immediate access to a range of international markets including the US, UK, Canada and Japan. It also offers more advanced trading tools if you want to trade forex, commodities and cryptocurrencies.
With a wide range of features, CMC Market offers all the tools that casual investors and active traders alike are looking for, making it one of the best overall stock trading platforms for Australians.
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The only major downside of CMC Markets is that the user interface on both the desktop and mobile app is a bit clunky and not really that user-friendly. This means that stock trading beginners may find it difficult to navigate the platform, which is a major drawback of a solid trading platform.
Selfwealth offers the best overall user experience and relatively low fees compared to other industry competitors. The platform also offers investors access to the Australian and US markets, making it a great option for investors looking to gain exposure to a wider range of stocks without being overwhelmed by other, more technical options.
Selfwealth’s main advantage is that it offers unique and powerful tracking tools that show investors key information about their investment portfolio and allow users to benchmark their performance against other leading investors in the market. Offering transparency into the stock portfolio of other industry leaders is a great tool to help casual investors improve their investments.
The only major downside to Self Wealth is that they don’t offer the most competitive rates in the Australian stock trading market. Here are the Self Wealth Fees:
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IG Trading offers investors one of the widest ranges of international markets to choose from, including Australia, the US and the UK, while also offering the lowest fees. IG Trading offers cryptocurrency trading and access to sophisticated financial instruments.
Like CMC Markets, IG Trading also suffers from a rather clunky user interface, which means the user experience for beginners can be a bit intimidating. What the platform lacks in intuitive design, it makes up for in the very low fees it offers across the board, making it a great choice for any investor looking to trade occasionally.
Superhero is a mobile app based trading platform that makes it easy for its users to navigate the platforms in the industry. The app is extremely beginner friendly and is a great way to get to grips with investing without being intimidated by a bunch of complicated charts and technical jargon.
The main downside of Superhero is that it only offers the ASX as an investment option – if you want to trade US stocks, you’ll have to use a different platform. However, for those of you
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