The last year saw a record number of Australians entering the retail investment space. When it comes to the world of trading platforms, the sheer variety may be confusing for beginners. In this article, we will explore the trading apps for Australians in the current market.
Fees are the biggest factor to look out for with these platforms. If you are paying a high percentage in fees, your return is going to be severely affected. Foreign Exchange (FX) fees are also usually hidden away and hard to figure out at a glance.
Commsec International, a division of one of Australia’s big four banks Commbank, is a leading and oldest share trade app. Launched in 1997, CommSec provides its users with access to global share markets including the New York Stock Exchange.
CommSec offers a variety of account options that cater to different levels of experience. While providing access to a range of international share markets, CommSec also offers stocks at NASDAQ. Traders can also sign up to receive IPO (Initial Public Offering) alerts to stay on top of the latest stock offerings.
CMC Markets is a United Kingdom based forex broker with bases in Sydney and Singapore. Launched in 1989, it is a well-established and respected trading company. It is aimed at both new traders and pros.
A defining trait for CMC is its adaptation to online trading. Such as ‘Next Generation’ (CMC’s web-based platform) and MT4 (their mobile app). Moreover, CMC provides a variety of stock offerings such as businesses, individual shares, and government bond listing. Further, they also protect traders’ accounts from suffering a negative condition.
IG Markets is an online trading platform that advertises as the world’s number 1 provider of CFDs (Contract For Differences). In addition to CFDs, they provide real stock, cash equities, and cryptocurrency.
IG markets aim at a user-friendly web and mobile interface for beginners in online trading. They offer lower fees in regards to most areas, with no withdrawal fee and inactivity fee charged after two years.
Stake is an Australian app-based trading platform launched in 2017. It provides traders in Australia and outside the United States with the chance to trade in the US share markets. They offer this without the need for an American training account.
Additionally, Stake provides other tradable assets such as EFTs (Exchange-Traded Fund). Traders of the Stake app have access to over 3,500 different stocks. (For more information on Stake click here.)
BONUS STOCK OFFER: If you sign up using this link, you will receive a bonus stock.
eToro is an online trading platform launched in 2007 and based in the United Kingdom. It acts as a graphics-intensive forex platform. It offers tools for crypto trading, CFD’s and stocks for a range of exchanges. Moreover, eToro has more than 17 million users around the world.
eToro is user-friendly and developed to help beginners with a basic understanding of cryptocurrency trading and forex. The platform features successful traders that can be copied and follow risk-control rules well, allowing new retail traders to mimic their strategies.
SIGN UP BONUS: If you sign up using this link, eToro will reward your new account a bonus (the amount varies depending on when you sign up – eToro regularly changes these sign-up bonus amounts).
| CommSec | CMC Markets | IG Markets | Stake | eToro | |
| Fees to trade in ASX | $10.00 (Up to and including $1,000) $19.95 (Over $1,000 up to $10,000 (inclusive)) $29.95 (Over $10,000 up to $25,000 (inclusive)) 0.12% (Over $25,000) | Less than 11 trades – $11 or 0.10%11 to 30 trades – $9.90 or 0.08%More than 30 trades – all are $9.90 or 0.075% | 0 to 2 trades – $8 or 0.1%More than 3 trades – $5 or 0.05% | $3 per trade | $0 brokerage fee |
| Fees to trade in US | USD $19.95 for trades up to USD $5,000 • USD $29.95 for trades up to USD $10,000 • 0.31% for trades above USD $10,000 | Not found | $0 brokerage fee (for instant currency conversion only) | $0 brokerage fee | $0 brokerage fee |
| Withdrawal fees | $0 | $0 | $ | ||
| User-friendly? Desktop | Yes, but it’s still an old platform that hasn’t been updated in some time. Not the most intuitive. The international trading part of the platform is the worst in Australia with little to no modern functionality. | Yes | Yes, easily customizable and safe | Excellent | Excellent |
| User-friendly? Mobile App | Not at all (not usable on mobile – very clunky) | Yes – designed for beginners | Yes | Good | Good |
| Tradable assets | ETF, Forex, NASDAQ, CFD, Stocks internationally, IPOs | ETF, Forex, NASDAQ, CFD, Stocks internationally | ETF, Forex, Options, CFD, Stocks in some countries, Robo-advisory in UK, IPOs | Crypto trading, stocks and CFDs |
The choice of available trading apps for Australians certainly improved over the past few years. Retail investors should look for the best options for their needs now that the choice is available. If needed, a share portfolio transfer (see our article on how to do this) is recommended to ensure you are using the right platform for your needs.
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