country flag
  1. Home
  2. Day Trading In Australia 2024
  3. CFD Trading In Australia

Best CFD Brokers and Trading Platforms in Australia 2024

Contributor Image
Written By
James Barra
Contributor Image
Written By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
Contributor Image
Fact Checked By
Jemma Grist
Contributor Image
Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
Updated
Jun 18, 2024

CFD brokers in Australia should be regulated by the Australian Securities & Investments Commission (ASIC), which has strengthened its investor protections in recent years, limiting leverage to 1:30 for retail investors and taking legal action against trading platforms for over-marketing CFDs.

Explore our selection of the best CFD brokers in Australia. Every platform recommended has been exhaustively reviewed, earned the trust of our experts, and caters specifically to Aussie CFD traders.

Top 10 CFD Trading Platforms in Australia

Our tests show that these are the 10 top platforms for Australian CFD traders:

Click a broker for details
  1. 1
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  2. 2
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  3. 3
    AvaTrade
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  4. 4
    Fusion Markets
    Ratings
    3.5 / 5
    4 / 5
    3.3 / 5
    4.4 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    1.3 / 5
    4.8 / 5
    4.4 / 5
    $0
    0.01 Lots
    1:500
    ASIC, VFSC, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, cTrader, TradingView, DupliTrade
    Visa, Skrill, Neteller, Mastercard, PayPal, Bitcoin Payments, FasaPay, Perfect Money, Doku Wallet, Wire Transfer, Credit Card, Debit Card, Dragonpay, Sticpay, Ethereum Payments, TransferWise, AstroPay, PayID, JetonCash
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Fusion Markets
  5. 5
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:30
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  6. 6
    ThinkMarkets
    71.89% of retail investor accounts lose money when trading CFDs with this provider.
    Ratings
    4.3 / 5
    4 / 5
    4.2 / 5
    4 / 5
    4.3 / 5
    4.3 / 5
    4.2 / 5
    4.1 / 5
    4.8 / 5
    4 / 5
    $0
    0.01 Lots
    1:500
    FCA, ASIC, CySEC, FSCA, JFSA, FSA, DFSA, FMA
    CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only)
    ThinkTrader, MT4, MT5, TradingView, AutoChartist, TradingCentral
    Mastercard, POLi, BPAY, Credit Card, Visa, Skrill, Neteller, Wire Transfer, Google Wallet, Apple Pay
    USD, EUR, GBP, AUD, JPY, CHF
    Go To ThinkMarkets
  7. 7
    XM
    Ratings
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.5 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:30
    ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
    Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
    MT4, MT5
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF
    Go To XM
  8. 8
    CityIndex
    All trading involves risk. Ensure you understand those risks before trading.
    Ratings
    4.4 / 5
    4.5 / 5
    4.6 / 5
    4.3 / 5
    4.4 / 5
    4.2 / 5
    4.5 / 5
    4.4 / 5
    3.8 / 5
    2.8 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
    ASIC, FCA, MAS
    CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
    MT4, TradingView, TradingCentral
    PayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPal
    USD, EUR, GBP, AUD, CZK
    Go To CityIndex
  9. 9
    DNA Markets
    Ratings
    3 / 5
    4 / 5
    4 / 5
    3.9 / 5
    3.5 / 5
    3.6 / 5
    1.8 / 5
    1.6 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:30
    ASIC
    CFDs, Forex, Indices, Commodities, Stocks, Crypto
    MT4, MT5
    Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, Mastercard
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To DNA Markets
  10. 10
    FOREX.com
    20% Welcome Bonus Up To $5000
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com

Here is a summary of why we recommend these brokers:

  1. Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
  2. IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
  3. AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
  4. Fusion Markets - Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.
  5. Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 1,000+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
  6. ThinkMarkets - Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.
  7. XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
  8. CityIndex - City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.
  9. DNA Markets - DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
  10. FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Best CFD Brokers and Trading Platforms in Australia 2024 Comparison

Best CFD Brokers and Trading Platforms in Australia 2024 Comparison
Broker CFD Trading ASIC Regulated AUD Account Minimum Deposit Leverage Markets
Pepperstone logo
✔ ✔ ✔ $0 1:30 (Retail), 1:500 (Pro) CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
IC Markets logo
✔ ✔ ✔ $200 1:30 (Retail), 1:500 (Pro) CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
AvaTrade logo
✔ ✔ ✔ $100 1:30 (Retail) 1:400 (Pro) CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
Fusion Markets logo
✔ ✔ ✔ $0 1:500 CFDs, Forex, Stocks, Indices, Commodities, Crypto
Eightcap logo
✔ ✔ ✔ $100 1:30 CFDs, Forex, Stocks, Indices, Commodities, Crypto
ThinkMarkets logo
✔ ✔ ✔ $0 1:500 CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only)
XM logo
✔ ✔ ✔ $5 1:30 Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
CityIndex logo
✔ ✔ ✔ $0 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
DNA Markets logo
✔ ✔ ✔ $100 1:30 CFDs, Forex, Indices, Commodities, Stocks, Crypto
FOREX.com logo
✔ ✔ ✔ $100 1:400 Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
RegulatorFCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.

Cons

  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
Visit Pepperstone
Pepperstone Review

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
RegulatorASIC, CySEC, FSA, CMA
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Minimum Deposit$200
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.

Cons

  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
Visit IC Markets
IC Markets Review

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
RegulatorASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30 (Retail) 1:400 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Day traders can access stable spreads and zero commissions with no hidden fees
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform

Cons

  • Traders from the US are not accepted
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
Visit AvaTrade
AvaTrade Review

Fusion Markets

"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."

Jemma Grist, Reviewer

Fusion Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorASIC, VFSC, FSA
PlatformsMT4, MT5, cTrader, TradingView, DupliTrade
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Fusion Markets offers best-in-class support with very fast, friendly and helpful responses during tests and no frustrating automated chatbot to navigate.
  • The range of charting platforms and social trading features is excellent, with MT4, MT5, cTrader and more recently TradingView, catering to a wide range of trader preferences.
  • The market analysis features, Market Buzz and Analyst Views, are great tools for discovering opportunities and conveniently integrated into the client dashboard.

Cons

  • There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
  • Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
  • Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
Visit Fusion Markets
Fusion Markets Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorASIC, FCA, CySEC, SCB, CNMV
PlatformsMT4, MT5, TradingView
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
  • Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

Cons

  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
Visit Eightcap
Eightcap Review

ThinkMarkets

"With its diverse asset list, competitive fees and superb charting software, ThinkMarkets maintains its position as a top choice for most CFD traders. That said, experienced traders will particularly appreciate the range of advanced tools, including forex signals and VPS solutions."

Tobias Robinson, Reviewer

ThinkMarkets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only)
RegulatorFCA, ASIC, CySEC, FSCA, JFSA, FSA, DFSA, FMA
PlatformsThinkTrader, MT4, MT5, TradingView, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, AUD, JPY, CHF

Pros

  • In-depth educational resources for beginner, intermediate and advanced level traders, plus live webinars
  • Advanced charting package from TradingView in ThinkTrader Web - ideal for day traders
  • Unique Traders' Gym simulation tool for testing out strategies on real historical data, with multiple timeframes and custom features

Cons

  • $500 minimum deposit for ThinkZero account
  • Not many payment methods available for UK traders
  • Limited bonus offers, refer-a-friend schemes or trading competitions
Visit ThinkMarkets
ThinkMarkets Review

XM

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

William Berg, Reviewer

XM Quick Facts

Demo AccountYes
InstrumentsForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
RegulatorASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
PlatformsMT4, MT5
Minimum Deposit$5
Minimum Trade0.01 Lots
Leverage1:30
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
  • XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
  • Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins

Cons

  • PayPal deposits are not supported
  • There is weak regulatory oversight through the global entity
  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
Visit XM
XM Review

CityIndex

"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."

Tobias Robinson, Reviewer

CityIndex Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
RegulatorASIC, FCA, MAS
PlatformsMT4, TradingView, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
Account CurrenciesUSD, EUR, GBP, AUD, CZK

Pros

  • Industry-leading platforms including MT4, plus access to cutting-edge third-party tools like TradingView
  • No minimum deposit to get started
  • Excellent reputation with over 1 million account holders and tier-one regulatory oversight

Cons

  • Cryptocurrency trading not available in all locations
  • US traders not accepted
  • $15 monthly inactivity fee
Visit CityIndex
CityIndex Review

DNA Markets

"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "

Jemma Grist, Reviewer

DNA Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Indices, Commodities, Stocks, Crypto
RegulatorASIC
PlatformsMT4, MT5
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Convenient account funding is available with 7 base currencies, a $100 deposit and a wide range of payment methods
  • The broker provides 24/5 customer support with response times of <2 minutes during testing
  • After a recent upgrade, there are now over 800 assets available to trade via CFDs, with a particularly impressive range of 120+ cryptos

Cons

  • Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
  • Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
  • Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
Visit DNA Markets
DNA Markets Review

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
Demo AccountYes
InstrumentsForex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
RegulatorNFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:400
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Visit FOREX.com
FOREX.com Review

Choosing A CFD Broker in Australia

Our years in the industry and direct experience using CFD trading platforms shows there are several things to consider when selecting a broker:

Trust

We’ve selected CFD brokers we trust after verifying they are regulated by the ASIC, ensuring the highest level of safeguards for Aussie traders. We also factored in our personal observations during the testing process, looking for dependable trading platforms with an excellent industry reputation.

The ASIC is the financial authority responsible for regulating CFD trading in Australia. It’s a ‘Green-tier’ regulator, meaning it actively monitors CFD brokers and provides the best investor protections.

Notably, the ASIC requires:

  • Brokers market CFDs fairly by assessing traders’ suitability, with eToro coming under its crosshairs in 2023 for its appropriateness test.
  • Brokers cap the leverage available to retail investors on popular underlying assets like the AUD/USD at 1:30, limiting potential losses.
  • Brokers provide negative balance protection, ensuring investors can’t lose more than their account balance while trading leveraged CFDs.
  • Brokers operate segregated accounts with trusted banks like the Australia & New Zealand Banking Group, keeping client money separate from the company should the firm face difficulties.
  • Brokers should not entice CFD traders with bonuses, such as free trading credits, a practice popular in Australia during the 2010s.
Details of Australian CFD Broker Fusion Markets on ASIC Register
Fusion Markets – ASIC License
💡
You can check whether a CFD broker is regulated in Australia by running their company name or Australian Financial Services License (AFSL) number through ASIC Connect.
  • Fusion Markets (FMGP Trading Group Pty Ltd), is a highly trusted CFD broker in Australia. It’s regulated by the ASIC (AFSL #385620), headquartered in Melbourne, and operates Client Trust Accounts with the National Australia Bank (NAB).

Markets

Contracts for difference can be used to speculate on rising and falling prices across a huge range of underlying markets, from stocks and indices to forex, commodities, cryptos, and more.

For Australians, in particular, it may be worth looking for brokers with access to local markets, such as the Australian Stock Exchange and currency pairs with an AUD component.

We’ve recommended CFD trading platforms that provide access to popular Aussie markets, as well as global markets, providing an array of short-term trading opportunities for investors at every level.

Popular CFD trading assets in Australia
CFD Trading Markets Australia

The Australian economy is one of the strongest in the world and the country has not experienced a technical recession for over 27 years, the longest of any economy globally.

It is also home to the Australian Securities Exchange (ASX), the largest stock exchange in the southern hemisphere, and the Sydney Stock Exchange (SSX). Its currency, the Australian dollar (AUD), is one-half of the fourth most traded currency pair globally – AUD/USD.

The country is also heavily influenced by trade between the Association of South East Asian Nations (ASEAN), such as Singapore, Thailand and Indonesia, and is part of an economic framework agreement known as ASEAN plus six.

CFD traders interested in commodities will also find Australia an attractive market, with mining making up around 7-8% of the country’s GDP. Iron, gold and copper are among the top commodities mined in the country.

  • AvaTrade offers an excellent investment offering, especially for Australian CFD traders, with highlights including the Australia 200 Index and seven AUD currency pairs, including the AUD/USD, GBP/AUD and AUD/JPY. It also offers CFDs on gold and copper.

Leverage

The availability of leverage, which allows you to multiply your trading results (profits and losses) in return for a small outlay, known as margin, is one of the main draws of CFD trading.

However, we only recommend Australian CFD brokers that abide by ASIC’s rules which mandate retail investors can’t access leverage beyond 1:30 for major currency pairs, 1:20 for minor currency pairs, 1:10 for commodities, 1:5 for shares and 1:2 for cryptos.

Let’s say I want to go long on Telstra Corporation (TLS) following an announcement from a respected industry outlet suggesting a promising 5G rollout across Australia.

I invest 200 AUD in a stock CFD using 1:5 leverage. This allows me to control 1,000 AUD (5 x 200 AUD).

If Telstra’s stock price rises by 10%, my position increases to 1,100 AUD, resulting in a 100 AUD profit (minus any fees).

author image
James Barra
Author
Using IC Markets margin calculator to work out leverage on AUD/USD forex CFD
IC Markets – Margin Calculator
  • IC Markets offers leveraged CFDs in line with ASIC’s requirements, while excelling with its free Margin Calculator that shows you the required margin in AUD. Our experts have also traded CFDs at IC Markets using real money and praise its lightning-fast execution that caters to fast-paced strategies like day trading.

Cost

Pricing is a critical consideration for CFD traders, especially day traders executing many orders. That’s why we analyze spreads on a range of underlying assets, from forex and commodities to stocks and indices, helping us identify the cheapest CFD brokers for Australian traders.

You’ll typically pay a spread and/or commission when dealing in CFDs. Importantly, newer traders may prefer a spread-only account – these feature higher spreads but keep pricing simple with zero commissions. Alternatively, experienced day traders may favor a low-spread account with a fixed commission.

  • Fusion Markets consistently excels as one of the lowest-cost CFD brokers in Australia, with average spreads of 0.04 on the AUD/USD and an impressively low $2.25 commission per side. The ASX200 also averages 1.2, while gold (XAU/AUD) averages 2.72.

Funding

The top brokers in Australia ensure a smooth CFD trading experience by facilitating hassle-free deposits and withdrawals, with an accessible minimum investment of up to 250 USD, around 400 AUD.

We’ve researched the payment methods most important to Australian CFD traders and factored their availability into our broker ratings. For example, PayID is one of the most popular methods in Australia, with over a third of Aussies using it for an online transaction in recent years.

💡
Choose a broker with an AUD account. This will help keep conversion costs down while making managing CFD trading activity straightforward for Australians.
  • City Index stands out with its excellent selection of convenient payment methods for Australian CFD traders, notably Pay ID and BPAY, alongside traditional bank cards and wire transfers. There is also no account minimum or deposit fees.

FAQ

Which Is The Best CFD Broker In Australia?

Find the best CFD broker in Australia for your needs using our latest rankings.

Every platform recommended has been personally tested by our industry experts, accepts CFD traders from Australia, and is authorized by the ASIC.

Who Regulates CFD Trading Platforms And Brokers In Australia?

The Australian Securities and Investments Commission (ASIC) regulates CFD trading platforms and brokers in Australia.

The ASIC is widely respected for its excellent investor safeguards, notably negative balance protection, limits on leverage, and its active pursuit of brokers for their over-marketing of CFDs and failing to provide appropriate suitability tests, notably eToro in 2023.

How Much Money Do I Need To Open A CFD Trading Account In Australia?

Our analysis shows you typically need up to 400 AUD to open a CFD trading account in Australia.

That said, some brokers cater to budget traders with no minimum investment. The highest-rated are Pepperstone and IC Markets.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com