1. Pepperstone – Best Overall Trading Platform

4.70 Trading Platform Score
4.6
4.2
4.9

What Our Experts Say

Pepperstone excels for traders who want to access global stock markets through CFDs with tight spreads and fast execution. Founded in Melbourne in 2010, Pepperstone offers over 1,200 share CFDs covering ASX, US, UK, German, and Hong Kong markets - all with leverage up to 5:1 under ASIC regulations.
Pepperstone main dashboard
Main Dashboard

Pros

  • Melbourne-founded with ASIC regulation
  • 1,200+ share CFDs globally
  • Multiple platform options (MT4, MT5, cTrader)
  • $0 minimum deposit
  • No inactivity fees
  • Fast execution (avg under 30ms)

Cons

  • CFDs only -- no real share ownership
  • No DMA for ASX shares
  • Limited long-term investing features

What Are the Fees and Costs?

ASX Share CFDs: 0.07% commission
US Share CFDs: $0.02 per share
UK Share CFDs: 0.10% commission
Minimum Deposit: $0 AUD
Inactivity Fee: None
Withdrawal Fee: None

Platform Flexibility: MT4, MT5, cTrader, and TradingView integration.
Execution Speed: Averaging under 30ms.
Assets: 1,200+ share CFDs covering ASX, US, UK, German, and Hong Kong markets.

Is Pepperstone ASIC Regulated and Safe?

Pepperstone Group Limited holds AFSL 414530 and is regulated by ASIC. Founded in Melbourne in 2010, client funds are held in segregated trust accounts with the National Australia Bank (NAB). Negative balance protection is provided for retail clients.

Visit Pepperstone Read Full Review

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 73% of retail CFD accounts lose money when trading CFD’s with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

2. Capital.com – Best for Commission-Free Share & Index CFDs

4.7
4.5
4.8

Capital.com is a CFD broker, not a share-dealing platform - you trade share and index price movements rather than owning stock outright. For Australians who want low-cost, leveraged exposure to ASX and global shares without a brokerage account, it's the strongest value option here: 0% commission across 3,400+ markets with the spread as your only cost. During the AUD/USD sell-off in late November, EUR/USD held around 0.7 pips through the London–Sydney overlap with no requotes.

Capital.com trading platform showing GBP/USD forex chart alongside a watchlist of popular markets
Capital.com platform displaying a GBP/USD price chart with a multi-market watchlist including Gold, US Wall Street 30, and indices

Pros

  • 0% commission CFD trading on shares, indices and forex (spreads from 0.6 pips on EUR/USD)
  • AI-powered sentiment analysis adds genuine value mid-session
  • ASIC-regulated (AFSL 513393) with a Melbourne office and local support
  • Best-in-class mobile app with seamless TradingView integration

Cons

  • Proprietary web charting lags behind TradingView - defaulted to TradingView within first week
  • No MT5 or cTrader - limits algorithmic traders
  • 0.7% currency conversion fee on non-AUD trades adds up

Why Capital.com Ranks #2

Capital.com earns #2 for traders who want CFD exposure to shares and indices rather than direct ownership: 0% commission across 3,400+ markets and a platform that's genuinely easy to use. If your goal is to own ASX shares outright, CMC Markets and the share-dealing brokers below suit better - but for low-cost, leveraged exposure to share and index price moves, Capital.com is the standout behind Pepperstone.

Founded in 2016, ASIC-regulated since 2021 (AFSL 513393). I'll be upfront: there's less local track record than IG or Pepperstone. But the platform has matured fast. TradingView integration is seamless - not the clunky bolt-on some brokers ship. The mobile app is the best I've used for placing CFD trades on the go. Melbourne office means local support during Australian hours.

Where Does Capital.com Fall Short?

The proprietary web platform's charting lags behind TradingView. I defaulted to TradingView within the first week and rarely opened the native charts after that. No MT5 or cTrader either, which limits algorithmic traders. And the 0.7% currency conversion fee on non-AUD trades adds up if you're not careful.

What Are Capital.com's Trading Fees?

Spreads verified against Capital.com's AU pricing page, February 2026. Live spreads during my testing averaged 0.7 pips on EUR/USD during London/Sydney overlap - slightly better than the 0.6 pip minimum advertised.

Fee TypeAmountNotes
EUR/USD SpreadFrom 0.6 pipsNo commission - spread is the only cost
AUD/USD SpreadFrom 0.8 pipsAveraged 0.9 pips during my Sydney session testing
AUS200 Index~1.0 pointVariable with market conditions
GoldFrom 0.30 pointsCompetitive for commodity traders
Overnight FundingBenchmark rate + 4% annualOnly on leveraged positions
Currency Conversion0.7%Applies to non-AUD base trades
Deposit / Withdrawal$0Free for all methods
Inactivity FeeNone -

What Is My Verdict on Capital.com?

For Australians who want commission-free CFD exposure to shares and indices, Capital.com is our #2 pick on platform quality and cost. If you want to own shares directly, look to CMC Markets or FP Markets below - Capital.com is CFD-only. Pepperstone takes #1 for active CFD and forex trading.

Visit Capital.com Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading spread bets and 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.

3. CMC Markets – Best for Stock Trading & Investing

4.80 Trading Platform Score
4.2
3.9
4.8

What Our Experts Say

CMC Markets delivers the most complete stock trading experience in Australia. With over 30 years of history and ASIC regulation (AFSL 238054), CMC offers access to 12,000+ instruments across ASX shares, global equities, forex, indices, and commodities. The award-winning Next Generation platform features 115+ technical indicators, pattern recognition, and customisable layouts - perfect for traders who rely on advanced charting.
CMC Markets main dashboard
Next Generation Platform

Pros

  • 12,000+ tradeable instruments
  • Award-winning Next Generation platform
  • $0 minimum deposit
  • Both CFDs and stockbroking available
  • 115+ technical indicators
  • Strong educational resources

Cons

  • $10/month inactivity fee after 12 months
  • Platform can overwhelm beginners
  • Wider spreads than ECN brokers

What Are the Fees and Costs?

ASX Share CFDs: 0.08% or $7 AUD minimum
US Share CFDs: 2 cents per share or $10 minimum
Forex Spreads: From 0.7 pips on major pairs
Index CFDs: From 1 point on Australia 200
Minimum Deposit: $0 AUD
Inactivity Fee: $10/month after 12 months

Which Platforms and Tools Are Available?

Next Generation: Award-winning proprietary platform with advanced charting
MetaTrader 4: Industry-standard platform with EA support
Pattern Recognition: Automated chart pattern scanner
Client Sentiment: Real-time trader positioning data
News: Integrated Reuters news feed

Is CMC Markets ASIC Regulated and Safe?

CMC Markets Asia Pacific Pty Ltd holds AFSL 238054 and is fully regulated by ASIC. The company is listed on the London Stock Exchange (LSE: CMCX). Client funds are held in segregated trust accounts with major Australian banks, and negative balance protection is provided for retail clients.

Visit CMC Markets Read Full Review

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 70% of retail CFD accounts lose money when trading CFD’s with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4. FP Markets – Best for ASX Direct Market Access

TIC Score: 4.6/5
4.60 Trading Platform Score
4
3.8
4.5

What Our Experts Say

FP Markets is the standout choice for Australian traders who want genuine direct market access (DMA) to ASX shares alongside CFD trading. Through the professional-grade IRESS platform, you can trade ASX-listed stocks with real market depth, live order books, and direct exchange execution - something most CFD-only brokers don't offer.
FP Markets dashboard
IRESS Platform

Pros

  • Genuine DMA for ASX shares via IRESS
  • Sydney-founded with 19+ years experience
  • Lowest forex commission at $3.00 AUD/side
  • Both CFDs and real share trading
  • No inactivity fees

Cons

  • $100 AUD minimum deposit
  • IRESS platform has additional monthly fee
  • Two separate platforms for DMA vs CFDs

What Are the Fees and Costs?

ASX DMA Shares (IRESS): 0.08% or $10 AUD minimum
ASX Share CFDs (MT4/MT5): 0.10% commission
Forex Spreads (Raw): From 0.0 pips + $3.00 AUD/side
IRESS Platform Fee: $55/month (waived with activity)
Minimum Deposit: $100 AUD

IRESS Platform: Professional-grade platform with real market depth and live order books.
Dual Offering: Access both genuine direct market access (DMA) and CFD trading.
Experience: Founded in Sydney in 2005.

Is FP Markets ASIC Regulated and Safe?

First Prudential Markets Pty Ltd holds AFSL 286354 and is regulated by ASIC. Founded in Sydney in 2005, FP Markets has a long track record serving Australian traders. Client funds are held in segregated trust accounts with top-tier Australian banks, and negative balance protection is provided for retail clients.

Visit FP Markets Read Full Review

Trading and investing involve risk. The value of your investments can go up or down, and you may lose all or part of your capital. These products may not be suitable for all investors. Please ensure you fully understand the risks involved.

5. IG Markets – Best for Research & Analysis Tools

TIC Score: 4.5/5
4.50 Trading Platform Score
4.6
4
4.7

What Our Experts Say

IG Markets offers the most comprehensive research and analysis tools of any Australian stock trading platform. With over 17,000 markets, integrated Reuters news, expert market analysis, and ProRealTime advanced charting, IG is built for traders who base decisions on deep research.
IG Markets dashboard
Web Platform

Pros

  • 17,000+ markets globally
  • Industry-leading research tools
  • ProRealTime advanced charting
  • Both CFDs and share trading
  • $0 minimum deposit
  • Excellent educational content

Cons

  • Higher share trading commissions
  • $18/quarter inactivity fee (share trading)
  • Steeper learning curve

What Are the Fees and Costs?

ASX Share Trading: $8 or 0.10% (whichever greater)
ASX Share CFDs: 0.08% commission
US Share CFDs: 2 cents per share
Forex Spreads: From 0.6 pips on majors
Minimum Deposit: $0 AUD
Share Trading Inactivity: $18/quarter after 2 years

Research: Integrated Reuters news, expert market analysis.
Platform: Proprietary platform and ProRealTime for advanced charting.
Education: Excellent educational content and demo account.

Is IG Markets ASIC Regulated and Safe?

IG Australia Pty Ltd holds AFSL 220440 and is regulated by ASIC. IG is part of IG Group Holdings plc, which is publicly listed on the London Stock Exchange (LON: IGG). Client funds are held in segregated accounts with Australian banks, and negative balance protection applies to retail CFD clients.

Visit IG Markets Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading spread bets and 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.

6. eToro – Best for Social & Copy Trading

TIC Score: 4.4/5
4.40 Trading Platform Score
4.7
4.2
4.6

What Our Experts Say

eToro revolutionises stock trading with its social trading platform and CopyTrader™ feature. Australian traders can buy real stocks commission-free (US stocks) or trade CFDs while following and automatically copying successful investors. The platform's social feed, trader statistics, and community discussions make it ideal for those who learn by observing others.
eToro dashboard
Social Trading Feed

Pros

  • CopyTrader for automatic strategy copying
  • Commission-free US stock trading
  • Social trading community
  • Intuitive mobile app
  • $50 AUD minimum deposit
  • ASIC-regulated Australian entity

Cons

  • $5 USD withdrawal fee
  • Limited advanced charting
  • $10/month inactivity fee after 12 months
  • Wider spreads on CFDs

US Stocks: Commission-free
Minimum Deposit: $50 AUD
Withdrawal Fee: $5 USD
Inactivity Fee: $10/month after 12 months

CopyTrader™: Allocate funds to mirror top performers automatically.
Social Trading: Engage with a community of traders.
Assets: Real stocks and CFDs available.

Is eToro ASIC Regulated and Safe?

eToro AUS Capital Limited holds AFSL 491139 and is regulated by ASIC. Client funds are held in segregated accounts with Australian banks. The platform uses two-factor authentication (2FA) and SSL encryption for security. eToro is also regulated by the FCA (UK) and CySEC (Cyprus), providing multi-jurisdictional oversight.

Visit eToro Read Full Review

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 51% of retail CFD accounts lose money when trading CFD’s with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

7. Interactive Brokers – Best for Global Market Access

TIC Score: 4.4/5
4.35 Trading Platform Score
4.7
4
4.8

What Our Experts Say

Interactive Brokers offers unmatched global market access with direct trading on 150+ exchanges in 33 countries. For Australian traders seeking international diversification - US stocks, European equities, Asian markets - IBKR provides institutional-grade execution at competitive rates. The platform is particularly strong for serious investors who need access to options, futures, and fixed income alongside stocks.
IBKR dashboard
Trader Workstation (TWS)

Pros

  • 150+ global exchanges
  • Ultra-low commissions
  • Professional-grade TWS platform
  • $0 minimum deposit
  • No inactivity fees
  • Options, futures, bonds access

Cons

  • Complex platform -- steep learning curve
  • Market data subscriptions extra
  • Not beginner-friendly

Commissions: Ultra-low, tiered pricing models.
Minimum Deposit: $0 AUD
Inactivity Fee: None
Market Data: Subscription fees may apply for real-time data.

Global Access: Trade on 150+ exchanges in 33 countries.
Platform: Trader Workstation (TWS) is professional-grade.
Assets: Stocks, options, futures, bonds, and more.

Is Interactive Brokers ASIC Regulated and Safe?

Interactive Brokers Australia Pty Ltd holds AFSL 453554 and is regulated by ASIC. IBKR is part of Interactive Brokers Group, Inc., which is publicly traded on NASDAQ (IBKR). Client funds are held in segregated accounts, and the broker maintains strong capital reserves well above regulatory requirements.

Visit Interactive Brokers Read Full Review

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 62.5% of retail CFD accounts lose money when trading CFD’s with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

7. Plus500 – Best for Simple Stock CFDs

TIC Score: 4.3/5
4.30 Trading Platform Score
3.8
4.2
4

What Our Experts Say

Plus500 offers the most streamlined approach to stock CFD trading. The proprietary platform strips away complexity, making it easy to trade share CFDs on major Australian and global stocks. For traders who want straightforward execution without overwhelming features, Plus500 delivers a clean, intuitive experience.
Plus500 dashboard
Web Trader

Pros

  • Clean, simple interface
  • Competitive stock CFD spreads
  • ASIC-regulated
  • Free demo account
  • No commission on CFDs

Cons

  • CFDs only -- no real share ownership
  • Limited research tools
  • No MT4/MT5 support
  • $10/month inactivity fee after 3 months

Commissions: No commission on CFDs.
Spreads: Competitive spreads on major stock CFDs.
Inactivity Fee: $10/month after 3 months.

Simplicity: Clean, intuitive interface designed for straightforward execution.
Mobile: User-friendly mobile app.
Assets: Major Australian and global stock CFDs.

Plus500AU Pty Ltd holds AFSL 417727 and is regulated by ASIC. Plus500 Ltd is listed on the Main Market of the London Stock Exchange.

Visit Plus500 Read Full Review

80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Scorecard rating the best stock trading platforms in Australia 2026
Scorecard rating the best stock trading platforms in Australia 2026

What Should You Look for in a Stock Trading Platform?

1. ASIC Regulation and Safety

Always choose a platform regulated by the Australian Securities and Investments Commission (ASIC). This ensures your broker meets strict standards for client fund segregation, negative balance protection, and fair dealing practices. You can verify any broker's AFSL on the ASIC Professional Register.

2. Trading Costs and Fee Transparency

Stock trading costs typically include commissions (percentage or fixed), spreads (for CFDs), and overnight financing (for leveraged positions). Compare the total cost of ownership, not just headline rates. Look out for hidden fees like inactivity charges, data fees, or withdrawal costs. See our guide to the cheapest online brokers for detailed fee comparisons.

3. Platform Features and Usability

Your trading platform should match your experience level. Beginners benefit from simple interfaces like eToro or Plus500, while active traders need advanced charting, technical indicators, and fast execution from platforms like CMC or Pepperstone. Test platforms with a demo account before committing real funds.

4. Market Access and Asset Range

Consider what markets you want to trade. If you're focused on ASX shares, FP Markets offers genuine DMA. For global diversification, Interactive Brokers provides access to 150+ exchanges. For forex alongside stocks, Pepperstone and IC Markets excel. Match the platform to your investment strategy.

5. Mobile Trading Capabilities

In 2025, mobile trading is essential. The best trading apps offer full functionality including charting, order management, and real-time alerts. eToro and CMC Markets lead for mobile experience, while Pepperstone supports trading via MetaTrader mobile apps.

CFDs vs Real Share Ownership: What's the Difference?

Australian stock trading platforms typically offer either CFDs (Contracts for Difference), real share ownership, or both. Understanding the difference is crucial for choosing the right approach.

Feature CFDs Real Shares
Ownership No - you trade price movements Yes - you own the underlying shares
Leverage Up to 5:1 on shares (ASIC limit) None (unless using margin lending)
Short Selling Easy - open a sell position Complex - requires borrowing shares
Dividends Dividend adjustments credited/debited Receive actual dividends + franking credits
Voting Rights None Yes - as a shareholder
Overnight Costs Yes - financing charges apply None
Best For Short-term trading, hedging Long-term investing, income

Platforms offering both: CMC Markets, IG Markets, FP Markets (via IRESS), Interactive Brokers

CFD-only platforms: Pepperstone, IC Markets, Plus500

Real stocks + CFDs: eToro (US stocks commission-free, others as CFDs)

Understanding ASIC Regulation for Stock Trading

The Australian Securities and Investments Commission (ASIC) regulates all retail stock trading and CFD providers operating in Australia. ASIC's product intervention order on CFDs, effective since March 2021, provides specific protections for retail traders.

Key ASIC Protections for Traders

Leverage Limits: Maximum 5:1 on individual share CFDs, 20:1 on indices

Negative Balance Protection: Retail clients cannot lose more than their account balance

Segregated Funds: Client money must be held separately from broker operational funds

Risk Warnings: Brokers must display percentage of retail clients losing money

Margin Close-Out: Automatic position closure when margin falls below 50%

ASIC-Regulated Stock Trading Platforms

Platform AFSL Number Australian Entity
Pepperstone 414530 Pepperstone Group Limited
CMC Markets 238054 CMC Markets Asia Pacific Pty Ltd
FP Markets 286354 First Prudential Markets Pty Ltd
IG Markets 220440 IG Australia Pty Ltd
eToro 491139 eToro AUS Capital Limited
Interactive Brokers 453554 Interactive Brokers Australia Pty Ltd
Plus500 417727 Plus500AU Pty Ltd

Australian Tax Considerations for Stock Trading

Profits from stock trading in Australia are generally subject to tax. The treatment depends on whether you're classified as an investor or a trader, and whether you're trading CFDs or real shares.

Key Tax Differences

Aspect Investor (CGT) Trader (Business Income)
Holding Period Typically longer-term Frequent, short-term
Tax Treatment Capital Gains Tax Assessable income
CGT Discount 50% if held 12+ months Not available
Losses Offset against capital gains only Deductible against all income
Franking Credits Available on dividends Available on dividends

CFD Trading: CFD profits are typically treated as either capital gains or business income depending on your trading pattern. The ATO considers factors like frequency, purpose, and whether trading is your primary income source.

Note: Tax laws are complex and individual circumstances vary. Consult a qualified Australian tax professional for advice specific to your situation. See the ATO guidance on shares for more information.

FAQs

What is the best stock trading platform in Australia?

Pepperstone is our top pick for 2026 for CFD stock and index trading, with tight spreads and fast execution. CMC Markets is the standout for direct share trading and investing, offering 12,000+ instruments, advanced charting, and both CFD and stockbroking services. For ASX direct market access, FP Markets is the standout choice via the IRESS platform.

Can I trade US stocks from Australia?

Yes. Most Australian platforms offer US stock trading either as CFDs (Pepperstone, IC Markets, CMC Markets) or real shares (eToro for US stocks, Interactive Brokers for DMA). eToro offers commission-free US stock trading, while Interactive Brokers provides the broadest access to global exchanges.

What is the minimum deposit to start trading stocks in Australia?

Several platforms have no minimum deposit including Pepperstone, CMC Markets, and IG Markets ($0 AUD). eToro requires $50 AUD, FP Markets requires $100 AUD, and IC Markets requires $200 AUD. Start small to learn the platform before committing larger amounts.

Is stock trading taxable in Australia?

Yes. Profits from stock trading are generally taxable. For investors, profits are treated as capital gains (with a 50% CGT discount for shares held over 12 months). For traders conducting business-like activity, profits may be assessed as ordinary income. Consult a tax professional for your specific situation.

What's the difference between a stockbroker and a CFD broker?

A stockbroker facilitates buying and selling of actual shares - you become a shareholder with ownership rights and dividend entitlements. A CFD broker offers contracts that track share prices - you profit from price movements but don't own the underlying shares. Many platforms like CMC Markets and IG offer both services.

Are Australian stock trading platforms safe?

ASIC-regulated platforms must meet strict standards including segregating client funds, providing negative balance protection, and displaying risk warnings. Always verify a broker's AFSL on the ASIC register before depositing funds. The platforms in this guide are all ASIC-regulated.

References