Online Brokers In Australia 2022 – Comparison & Reviews

Modern investors looking to access the financial markets can do so through an online platform. However with an overwhelming selection, we’ve listed the best online brokers in Australia below to help with your search. We also explain how to complete your own comparison, considering fees, leverage, regulation, product range and more.

Online Brokers In Australia

  1. Reliable and affordable trading since 2009. Join over 900,000 others trading on 1000+ CFD products. Trade Forex CFDs from 0.0 spreads on our RAW account through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account less than 2 minutes.

    Instruments
    CFDs, forex, indices, shares, commodities, cryptocurrencies
    Regulator
    ASIC, FCA, CIMA
    Platforms
    MT4, MT5
    Min. Deposit
    $200
    Min. Trade
    0.01 Lots
    Leverage
    1:500
  2. Established spread betting, forex and CFD broker with over 30 years in the business. Regulated around the globe.

    All trading involves risk. Ensure you understand those risks before trading.

    Instruments
    CFD, Forex, Stocks, Crypto, Options, Commodities
    Regulator
    ASIC, FCA, MAS
    Platforms
    MT4
    Min. Deposit
    £/$100 (varies by location)
    Min. Trade
    0.01 Lots
    Leverage
    1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
  3. Pepperstone offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.

    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.

    Instruments
    CFD, Forex, Indices, Crypto, Currency Indices, ETFs, Shares, Commodities, Spread betting
    Regulator
    FCA, ASIC, DFSA, CMA, BaFin
    Platforms
    MT4, MT5, cTrader
    Min. Deposit
    $500 recommended
    Min. Trade
    0.01 Lots
    Leverage
    1:30
  4. FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trade executions, leverage up to 1:500 and $0 commissions.

    Instruments
    Forex, Indices, Metals, Energies, Crypto
    Regulator
    CySEC
    Platforms
    MT4
    Min. Deposit
    $0
    Min. Trade
    0.01 lots
    Leverage
    1:500
  5. Leading forex and CFD broker since 2006, regulated in Ireland, Australia, Canada, Japan, Abu Dhabi, and South Africa. AvaTrade offers multiple trading platforms, including MT4/5, Web Trader, Mobile App, Vanilla options and Social Trading. +1250 Financial Instruments, Educational content and multilanguage customer support active 24/7. 20% Welcome bonus available on allowed countries.

    Instruments
    CFD, Forex, Stocks, Crypto, Options, Commodities
    Regulator
    CBoI, ASIC, FSA, FSCA, FSB
    Platforms
    MT4, MT5
    Min. Deposit
    $100
    Min. Trade
    $.01
    Leverage
    1:400
  6. Fusion Markets offers low-cost forex and CFD trading via tight spreads. Copy trading, 1:500 leverage plus multiple account types are also available.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, metals, energies
    Regulator
    ASIC, VFSC
    Platforms
    MT4, MT5
    Min. Deposit
    $0
    Min. Trade
    0.01 lots
    Leverage
    1:500
  7. ThinkMarkets is a multi-regulated forex and CFD broker

    71.89% of retail investor accounts lose money when trading CFDs with this provider.

    Instruments
    Forex, CFDs, ETFs, Futures, Shares, Commodities, Cryptocurrencies, Spread Betting (UK Only)
    Regulator
    FCA, ASIC, FSCA, CySEC, JFSA, FSA Seychelles
    Platforms
    MT4, MT5
    Min. Deposit
    $0
    Min. Trade
    0.01 lots
    Leverage
    1:500
  8. Deriv.com offers CFDs and multipliers with 1:1000 leverage. Get access to volatility indices exclusively at Deriv.

    Instruments
    CFDs, Multipliers, Forex, Stocks, Indices, Commodities
    Regulator
    MFSA, LFSA, VFSC, BFSC
    Platforms
    MT5
    Min. Deposit
    $5
    Min. Trade
    0.01 Lots
    Leverage
    1:1000
  9. BDSwiss offer 250+ Shares, Indices, Forex, Commodities and Cryptocurrencies markets via CFDs. With spreads from 1 pip and an award winning app, they offer a great package.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    FSC, FSA
    Platforms
    MT4, MT5
    Min. Deposit
    100 $/€/£
    Min. Trade
    0.01 Lots
    Leverage
    1:30
  10. XM

    XM.com offers a range of account types and a $5 minimum deposit to appeal to all levels of trader. With 1000+ markets and low variable spreads XM.com provides an excellent trading experience.

    Instruments
    Forex CFDs, Commodity CFDs, Equity Indices CFDs, Precious Metals CFDs, Energy CFDs, Stocks
    Regulator
    IFSC, DFSA, CySEC, ASIC, FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, FI
    Platforms
    MT4, MT5
    Min. Deposit
    5 $/€/£
    Min. Trade
    0.01 Micro lots
    Leverage
    1:500
  11. Eightcap is a multi-regulated FX and CFD broker offering MT4 and MT5. The brand provides award winning trading platforms, zero commissions, free education and low spreads.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    ASIC, VFSC
    Platforms
    MT4, MT5
    Min. Deposit
    £/€/$100
    Min. Trade
    0.01 lots
    Leverage
    1:30
  12. Trade Forex on 0.0 pip spreads with the world's leading True Raw forex broker - IC Markets.

    Instruments
    CFD, Forex, Crypto, Futures, Commodities
    Regulator
    ASIC, CySec, FSA
    Platforms
    MT4, MT5, cTrader
    Min. Deposit
    $200
    Min. Trade
    0.01 Lots
    Leverage
    1:30
  13. Axi

    Axi is a global online FX and CFD trading company, trusted by investors around the world. Highly leveraged trading opportunities plus a $0 minimum deposit make it popular with beginners and seasoned traders.

    81.6% of retail investor accounts lose money when trading CFDs with this provider

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    FCA, ASIC, DFSA, FMA
    Platforms
    MT4
    Min. Deposit
    0 $/€/£
    Min. Trade
    0.01 Lots
    Leverage
    1:30 - 1:400
  14. LegacyFX is a multi-asset broker offering an MT5 download & free signals.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, stocks
    Regulator
    CySEC, FCA, VFSC, NBRB
    Platforms
    MT5
    Min. Deposit
    $500
    Min. Trade
    0.01 lots
    Leverage
    1:200
  15. Quotex offers a proprietary web platform that has digital options and trading signals.

    Instruments
    Digital Options
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $10
    Min. Trade
    $1
    Leverage
    -
  16. IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.

    Instruments
    Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting
    Regulator
    FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin
    Platforms
    MT4
    Min. Deposit
    £250
    Min. Trade
    0.1 lots
    Leverage
    1:30
  17. CMC Markets is headquartered in London and listed on the LSE (FCA Regulated). It offers competitive spreads on a global range of assets via its Next Generation platform.

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% (April-June 2022) of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

    Instruments
    Indices and ETFs > CFDs, Spread Betting, Indices, Forex, Commodities, Stocks, ETFs, Treasuries, Custom Indices
    Regulator
    FCA, MAS, ASIC, IIROC
    Platforms
    MT4
    Min. Deposit
    £0
    Min. Trade
    0.01 Lots
    Leverage
    1:30
  18. FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads and online CFD trading.

    Instruments
    CFDs, Forex, Indices, Commodities, Cryptocurrencies, Shares
    Regulator
    FSC
    Platforms
    MT4, MT5
    Min. Deposit
    $100
    Min. Trade
    0.01 lots
    Leverage
    1:200
  19. easyMarkets.com - Simply Honest. Trade CFDs on Forex, Commodities, Indices, Shares & Cryptos With a Top Rated Forex Broker

    Instruments
    CFD, Forex, Stocks, Crypto, Commodities
    Regulator
    CySec, ASIC, BVI
    Platforms
    MT4
    Min. Deposit
    €100
    Min. Trade
    Varies by asset
    Leverage
    1:30
  20. FBS

    FBS is a top online broker offering MT4 & MT5 trading across a range of popular markets. Multiple account tiers and loyalty bonuses are available.

    Instruments
    CFDs, forex, indices, shares, commodities, cryptocurrencies
    Regulator
    ASIC, CySEC, IFSC, FSCA
    Platforms
    MT4, MT5
    Min. Deposit
    $1
    Min. Trade
    0.01 lots
    Leverage
    1:30 EU and restricted countries, 1:3000 rest of the world
  21. PrimeXBT is a Bitcoin-based platform offering highly leveraged trading in FX, indices, commodities, & cryptocurrencies.

    Instruments
    Forex, indices, commodities, cryptocurrencies
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    0.001 BTC
    Min. Trade
    0.01 contract
    Leverage
    -
  22. Pocket Option is a global binary options broker with a sleek proprietary trading platform and competitive range of assets.

    Instruments
    Stocks, Crypto, Commodities
    Regulator
    IFMRRC
    Platforms
    MT5
    Min. Deposit
    $50
    Min. Trade
    $1
    Leverage
    -
  23. NordFX offer forex trading with specific accounts for each type of investor. Spreads start from 0.0 pips while minimum deposits start at $10.

    Instruments
    Forex, CFDs, indices, commodities, cryptos, stocks
    Regulator
    VFSC
    Platforms
    MT4
    Min. Deposit
    $10
    Min. Trade
    $1
    Leverage
    1:1000
  24. IQCent is an offshore binary options and CFD broker with 10+ payment methods and a $250 minimum deposit. Clients benefit from copy trading tools and in-depth market analysis.

    Instruments
    CFDs, Binary Options, Forex, Stocks, Indices, Commodities, Cryptocurrencies
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $50
    Min. Trade
    $0.01
    Leverage
    1:500
  25. BitMEX offer the largest market liquidity of any cryptocurrency exchange. The platform also offers low trading costs and minimum deposit requirements.

    Instruments
    Crypto
    Regulator
    Republic of Seychelles
    Platforms
    Own
    Min. Deposit
    $0.01
    Min. Trade
    Varies upon the crypto traded and amount of leverage
    Leverage
    -
  26. NinjaTrader offer investors futures and forex trading. Use auto-trade algorithmic strategies and configure your own platform while trading with the lowest costs.

    Instruments
    Forex, Stocks, Crypto, Futures, Options, Commodities
    Regulator
    NFA, CFTC
    Platforms
    Own
    Min. Deposit
    $50
    Min. Trade
    Varies by asset
    Leverage
    -
  27. EagleFX is an ECN/STP trading broker offering a low starting deposit and high leverage.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    -
    Platforms
    MT4
    Min. Deposit
    $10
    Min. Trade
    0.01 lots
    Leverage
    Up to 1:500
  28. An investor with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Commodities, Cryptocurrency (Availability subject to regulation), Options and Indices. With tight spreads and no commission, they are a leading global brand.

    79% of retail CFD accounts lose money.

    Instruments
    CFDs
    Regulator
    FCA, MAS, CySec, ASIC, FSA
    Platforms
    Own
    Min. Deposit
    $100
    Min. Trade
    Varies by asset
    Leverage
    1:30
  29. Axiory is a regulated forex & CFD broker offering tight spreads & leveraged trading.

    Instruments
    Forex, CFD indices, commodities
    Regulator
    IFSC Belize
    Platforms
    MT4, MT5, cTrader
    Min. Deposit
    $10
    Min. Trade
    0.01 lots
    Leverage
    1:777
  30. VT Markets is a multi-asset broker with ultra-fast trade executions, spreads from 0.0 pips, 24/5 support, and user-friendly trading platforms.

    Instruments
    Forex, commodities, cryptocurrencies, stocks, indices
    Regulator
    ASIC, FSCA, SVGFSA
    Platforms
    MT4, MT5
    Min. Deposit
    $200
    Min. Trade
    0.01 lots
    Leverage
    1:500

How To Choose Online Brokers In Australia

The top online brokers in Australia provide a number of assets to trade, including forex, cryptocurrencies and stocks and shares.

But, when selecting a broker, there’s more to the decision than what to buy and sell. Traders should also consider their investment style, how often they intend to trade and the tools available. Here are some key considerations when comparing options.

Fees

Pricing structures vary across online brokers in Australia. However, the main costs to consider are spreads and commissions. Traders who place frequent orders, such as day traders, should opt for low execution fees while investors with a long-term strategy may look at annual account fees and one-off charges.

You should also be aware of any additional fees. Online brokers in Australia may impose deposit and withdrawal fees, inactivity fees, or currency conversion fees if AUD is not offered as a base currency.

Minimum Deposit

Another important factor to note is the minimum deposit requirement. Some online brokers in Australia require a significant initial payment to open an account, while other providers don’t require any capital. These online brokers are suited to beginners who may not have a large sum of cash and do not require margin trading.

Online Broker Trading

Markets

There is a wide range of financial markets you can get involved in, but not every broker will offer every option. With that said, the best online brokers in Australia should offer a good selection of assets, especially if you want a diverse portfolio. Among the most popular markets for traders from Australia are:

  • Forex – The top AUD pairs are AUD/USD, EUR/AUD, AUD/CAD and AUD/CHF. Trading forex is legal in Australia, but unlike some countries with less stringent requirements, brokers must be regulated by the Australian Securities and Investments Commission (ASIC).
  • ETFs & stocks – There are over 2,500 equities listed on the Australian Stock Exchange (ASX). If you’re looking to buy or sell shares in a major publicly traded company in Australia, you’ll need to find a broker which offers exchange access or CFDs on equities.
  • Indices – The S&P/ASX 200 is Australia’s most popular index. Other indices include the ASX All Ordinaries and S&P/ASX 300.
  • Cryptocurrencies – Investing in Bitcoin and other cryptocurrencies is legal in Australia. These assets are treated as property and are subject to the AML/CTF Act of 2006. Digital currency exchanges must also be registered with AUSTRAC.

Tools

A broker’s platform is where you’ll spend most of your time, which makes it an important consideration when choosing online brokers in Australia. The interface should offer a good selection of tools and technical charts that matches your skill level and strategy. For example, you may opt for a platform that offers copy trading and automated investing features.

To trade effectively, the platform you select should be easy to navigate. Investing in stocks and forex requires a quick response to market changes. Therefore, it’s vital the platform allows you to place fast and precise trades with complete ease. It should also have useful reporting tools that help you track your trades. In addition, a selection of order types, such as stop/loss orders and market/limit orders are useful for flexible investing. Finally, a mobile version of the platform will allow you to manage your trades on the go.

Regulation

While not mandatory, it is highly recommended you choose a regulated online broker in Australia.

The chief regulatory body for online brokers is the Australian Securities and Investments Commission (ASIC), which has been operating since 1998. ASIC is an independent commission of the Australian Government whose role is to regulate financial service companies and enforce laws to protect Australian traders.

The top online brokers in Australia are fully regulated by ASIC, which protects you from fraud and broker insolvency. It also imposes restrictions on brokers that will limit retail trader risk. You can check whether your broker is licensed and regulated by searching the ASIC register.

ASIC Logo

Customer Support

Good customer support should be responsive to any account or technical issues. Make sure to look up operating hours – it is vital lines are open during standard market operating hours. The best online brokers in Australia will allow you to contact customer support by telephone, email or live chat. You should also expect them to respond within a few minutes for easy queries or up to two business days for those that require investigation.

Leverage

As one of the most stringent global authorities, ASIC regulated online brokers in Australia must cap leverage rates in line with the below.

  • CFDs referencing an exchange rate for a major currency pair – 1:30
  • CFDs referencing an exchange rate for a minor currency pair, gold or a major stock market index – 1:20
  • CFDs referencing a commodities or a minor stock market index – 1:10
  • CFDs referencing cryptocurrencies – 1:2
  • CFDs referencing stocks and shares – 1:5

While leverage can multiply profits, it can also amplify losses. All regulated online brokers in Australia will offer clients negative balance protection. This protects retail traders against losses that exceed their initial deposit.

Demo Account

A risk-free way of trialling online brokers in Australia is through a free demo account. Most top providers allow you to explore the platform and test out tools with virtual funds. When you’re ready to upgrade, you can simply open a real-money account.

Security

Traders should feel confident that the broker protects client funds and sensitive data. Trustworthy online brokers in Australia will be transparent about their security processes. Firstly, you want to make sure the website is SSL encrypted. SSL is used to secure credit card transactions, data transfer and login information. This will also reduce the likelihood of your account being hacked by third parties.

Another indicator of a secure broker is keeping client funds in segregated bank accounts. This means if the company goes bankrupt, client funds will remain safe. All regulated online brokers in Australia will segregate client funds, so look out for ASIC regulation. Accounts with illegitimate brokers also come with the risk of slow withdrawals or restrictions that make it difficult for you to access profits.

Trading Taxes In Australia

Before you start investing with an online broker in Australia, you should be aware of all tax obligations. Taxes in Australia are monitored and collected by the Australian Taxation Office (ATO). Taxes are also generally differentiated by the type of client: trader or investor.

If you are an investor who produces profits over the long term, your profits and losses are considered capital gains. These are taxable at your marginal rate. You may also be eligible for a capital gains tax discount. For example, if you hold the investment for more than 12 months, you are only taxed for 50% of all gains. However, 100% of profits earned on an investment in the first 12 months are taxable. As cryptocurrencies are treated as property in Australia, they are also subject to capital gains tax.

On the other hand, if you are a full-time day trader who engages in short term activities, your gains and losses are treated as business income. Traders who are eligible for trader tax status (TTS) can deduct expenses such as capital losses. If you are a sole trader who earns below the $18,200 threshold, you are also exempt from being taxed.

It may be worth consulting a tax advisor before you get started to understand your obligations.

Final Word; Online Brokers In Australia

There is a multitude of online brokers in Australia to choose from. However, the best one will depend on individual factors, such as capital, investing style, asset choice and platform preferences. Once you’ve refined your priorities, you can begin the search for your perfect broker. Our comparison table above provides a good starting point and our top recommendations.

FAQs

What Is The Best Online Broker In Australia Today?

The best online broker is likely to vary by individual needs. However, CMC Markets is regarded as one of the top online brokers in Australia. CMC offers a wide range of products with low fees and innovative tools to suit most traders.

Who Are The Top Online Stocks And Shares Brokers In Australia?

Online stocks and shares brokers should provide access to the Australian Securities Exchange and global equities. The IG Group and Interactive Brokers are examples of online platforms with positive reviews. These providers come with low broker fees and a long list of stock options.

Who Regulates Online Brokers In Australia?

The major regulator for online brokers is the Australian Securities and Investments Commission (ASIC). This regulatory body has been operating since 1998 and continues to protect traders and investors from fraud and broker insolvency. It is highly recommended that you trade with a regulated online broker.

What Are The Best Online Forex Brokers In Australia?

The best online forex brokers in Australia include IG, Saxo Bank, eToro and CMC Markets. These providers come with low average spreads on major FX pairs and are ASIC regulated. However, each of these brokers come with varied minimum initial deposit requirements. For example, you don’t need any capital to trade with CMC Markets, while Saxo Bank calls for a deposit of up to $10,000.

Which Online Brokers In Australia Are Suitable For Beginners?

As a beginner who will likely start with less capital, you should look for online brokers in Australia with a low to zero minimum initial deposit requirement. Furthermore, ensure the broker has a responsive customer support team to answer any queries. Finally, check that their platform and tools are simple and intuitive. Some suitable online brokers in Australia include eToro, ThinkMarkets and Interactive Brokers.