What are trading platforms?
Trading platforms are online software that allow investors to trade financial products online. These include trading in the stock and forex markets. In this guide, we will look at the best trading platforms in Australia.
What makes a good trading platform?
Reliability: A trading platform that allows investors to trade and make deposits and withdrawals securely is considered reliable.
License: Online trading platforms that hold a license in a jurisdiction are considered more credible. Indeed, these jurisdictions, bodies and authorities are in place to monitor these platforms and audit the companies. This increases credibility within the online trading platform.
Fees: Here we look at the fees associated with accessing profits, the commission rates brokers charge for trades, and profit growth. Higher expenses and fees mean investors will receive reduced profits.
Easy Navigation: Trading platforms host a lot of information that may be foreign to many beginners. Finding a platform that is well organized and structured in a way that creates ease of use and simplicity is ideal. Investors want to understand the basics on screen, and it can also be a bonus if the platform supports mobile and desktop devices.
Leverage and Margin Requirements: Trading platforms that offer reasonable and beneficial options in these areas are ideal. Margin requirements are defined as a percentage that a trader must pay to open a position with the relevant broker.
What are the best trading platforms in Australia?
Providers that match your filters
69% of investor accounts lose money when trading CFDs
eToro is a popular and leading trading platform known to be an industry leader with millions of users. It is reputed to be the best in international real stocks and social trading. An ideal fact to note about this platform is that it also offers commission-free real stock trading
The main feature of Pepperstone is to offer free deposits and withdrawals. The platform is also known to have many great features with over 180 trading instruments and tradable assets that investors can take advantage of. It is ASIC regulated, which means it follows strict guidelines. The platform also offers low spreads.
- No fees for deposits, withdrawals or inactivity.
- Top notch customer service.
- Sign up for a digital account with no minimum deposit.
- The workspace and graphics are easily customizable.
- Only forex and CFD trading is allowed.
- If you hold a position overnight, the costs are higher.
- High withdrawal fees for users outside Australia.
Plus500 offers low forex spreads. The platform has been around for a while and is very popular in CFD trading. It has over 2,000 instruments and offers lower minimum deposit fees compared to Pepperstone and eToro. The platform is user-friendly, which is a real plus, especially for beginners. Another bonus to help newbies is the demo option that is provided. Once the investor feels confident enough to invest, they can head to the real version of the platform.