With the rise of investment banking around the world, it’s no wonder that options trading platforms have started taking off in Australia. While having more options is good, it can also make it more difficult for Aussie investors to compare and contrast trading platforms and choose the one that best suits their investment goals.
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Luckily, we have highlighted the best options trading platform available in Australia and compared it to several trusted competitor companies.
Let’s dive in!
The Top 5 Best Options Trading Platforms in Australia
- Plus500 – Best Options Trading Platform Overall
- eToro – Best for Novice Traders
- CMC Markets – Best for Advanced Research Tools
- Ava Trade – Best Low Brokerage Fees
- IG Trading – Best for trading CFDs globally
Australian Options Trading Platforms: 2022 Review
Bellow are listed comprehensive reviews for the top five options trading platforms in Australia with their advantages and disadvantages formulated in tables.
Disclaimer: Always take into account your own individual circumstances before making any investment decisions, and don’t rely on the information presented here alone. We highly suggest that you consult with an expert before applying for any product or service mentioned on our site.
Let’s begin!
1.Plus500 – Best Options Trading Platform Overall
- RATING: 5/5
- Regulators: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC).
- Minimum Deposits: $100
- No Deposit Fees
- Withdrawal fee: None
- Platforms: WebTrader
- Inactivity fee charges: US$10 per month
Plus500 was founded in 2008 and was initially based on Windows OS. In 2010, a website was launched, allowing macOS and Linux to use the online trading platform. Opening your account is done within a day with a minimum deposit.
The number of base currencies is 16, including USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK and SGD. Additionally, some of the services they offer are Forex, CFD, and Real stocks. Lastly, aside from the inactivity fee of $10 after three months of no activity registered, there are no trading, withdrawal or deposit fees.
Customers can find charting tools and market analysis in the research section. On top of that, there’s a demo account, videos, and articles for beginners. This trading platform is certified and regulated by financial authorities such as the FCA and ASIC.
Their customer service is available 24/7, and you can contact them through a live chat, WhatsApp, or email. By checking all of our boxes, Plus500 makes its way to the top of our list as the best trading options platform in Australia.
Beginners are advised to start trading with the demo account.
2. eToro – Best for Novice Traders
- RATING: 4.5/5
- Regulators: Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), Australian Securities & Investments Commission (ASIC), the Seychelles Financial Services Authority
- Minimum Deposits: $50
- No Deposit Fees
- Withdrawal fee: $5
- Platforms: CopyTrader
- Inactivity fee charges: $10 per month
eToro was launched in 2007, and ever since, it has been updating its trading platform. In 2009, WebTrader was introduced, and fast forward to 2022, they have expanded their services by introducing the eToro mobile app, Smart Portfolios, and a wide selection of stocks and cryptos.
PROS:
- Low trading fees
- Great customer support
- Easy to use and navigate
CONS:
- Average research and educational tools
As the best share trading app in Australia, eToro is the best option trading platform in Australia for novice traders as it provides excellent resources for diving into the trading world through the eToro Academy. Moreover, a deeper market analysis is available with the eToro Plus section and the podcasts from The Bull Club. Furthermore, upon registering to eToro, you get access to a virtual demo account with $100,000 that you can use for practising trading.
eToro’s zero-commission policy means that no broker fee will be charged when trading. Nevertheless, an FX fee of $5 is applied on non-USD deposits and withdrawals. In addition, you will be charged a monthly $10 fee after one year of no activity.
Customer support can be reached through their email, website, and telephone number. Additionally, their Help Centre page provides answers to the most frequently asked questions.
Read our full review on the social trading platform, eToro.
Good education section
Low fees
Various tools
Limited customer service
3. Ava Trade – Best Low Brokerage Fees
- RATING: 4.8/5
- Regulators: The Financial Futures Association of Japan, Cyprus Securities and Exchange Commission (CySEC), Israel Securities Authority, Investment Industry Regulatory Organisation of Canada, Abu Dhabi Global Markets Financial Services Regulatory Authority, Central Bank of Ireland, British Virgin Islands Financial Services Commission, South Africa’s Financial Sector Conduct Authority, Australian Securities and Investments Commission
- Minimum Deposits: $100
- No Deposit Fees
- Withdrawal fee: none
- Platforms: Web Trading, AvaTradeGo, MetaTrader 4, MetaTrader 5
- Inactivity fee charges: US$50 per quarter
Since 2006, AvaTrade has made over 300,000 traders happy. The secret to their success is the low brokerage fees with a minimum deposit of $100. The reliability of this Australian options trading platform lies in the fact that it’s regulated in Europe, Australia, Japan, the British Virgin Islands, UAE and South Africa.
AvaTrade offers approximately 1000 trading options, including Forex, Cryptocurrencies, Stocks, Commodities, and Indices trading. Additionally, there is a desktop, mobile, and web version of its platforms in more than 20 languages.
All things considered, regardless of whether you are currently learning the essentials of trading or have already dabbled in online trading, this platform is perfect to help you become trader. To hone your trading skills, you can check out their free Youtube videos, e-books, articles, and analyses. Webinars in different languages for different levels of traders, starting from beginners to experts.
Their customer service is excellent, as the support team is available by phone, email, and live chat. They also offer an Account Manager upon making your first deposit of $1,000 so that you will have no issues making the first trading steps.
4. CMC Markets – Best for Advanced Research Tools
- RATING: 4.5/5
- Regulators: Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organisation of Canada (IIROC), Monetary Authority of Singapore (MAS), Financial Markets Authority (FMA) of New Zealand, and the Financial Conduct Authority (FCA)
- Minimum Deposits: zero
- Standard brokerage fee: $11 or 0.10% for ASX shares
- Withdrawal fee: None
- Platforms: Next Generation platform, MetaTrader 4 Platform, Share trading standard platform, Share trading Pro platform
- Inactivity fee charges: AU$15
Launched in 1989, CMC Markets has 30 years of experience in CFD and spreads betting. Their native mobile apps and web-based trading platforms have earned them over 50 awards in the last two years.
Good customer service
Low brokerage fees
Numerous trading strategies
The App is not easily navigated
Their Next Generation platform comes with numerous features and tools, such as 12 chart types, 35 drawing tools, and 80+ overlaps/indicators. In addition, it offers a user guide, so using it will be a walk in the park.
On this option trading platform in Australia, you can trade Forex, indices, cryptocurrencies, commodities, shares, share baskets, treasuries, and ETFs. From their economic calendar, you can check the latest news and get a market analysis from experts, while their Learn section is quite thorough with materials.
Finally, CMC Markets allows you to choose between 3 membership options which include the Classic tier, Active Investor, and Premium Trader tier. Nevertheless, to be able to trade, you will need a CMC Markets Stockbroking account.
5. IG Trading – Best for Trading CFDs Globally
- RATING: 4.5 /5
- Regulators: Japanese Financial Services Agency (JFSA) for Securities and Currencies, the Ministry of Economy, Trade and Industry (METI) for Hard Commodities, and the Ministry of Agriculture, Forestry and Fisheries (MAFF) for Soft Commodities.
- Minimum Deposits: $450 by credit/debit card or PayPal
- Deposit Fees: 1% charge for Visa and 0.5% charge for MasterCard
- Withdrawal fee: none
- Platforms: MetaTrader 4
- Inactivity fee charges: $18 if inactive for 24 months
IGTrading has been in the trading industry since 1974, with an aim to serve clients from around the world. You will be able to deal in over 18,000 global markets with reliable execution.
Fast trades
Long time experience
Useful research tools
High brokerage fees
Aside from the high fees for Forex and stock CFDs, IG trading charges no fees for funding and withdrawing money. When it comes to products, it offers ETF, over 80 Forex currency pairs (making it one of the best Forex brokers in Australia), Options, CFD, Stocks, Robo-advisory, and IPOs.
The country where you reside will determine the type of account you can open. For example, in Australia, you can only trade stocks, Forex, and CFD. The overall available currencies include USD, GBP, AUD, EUR, SGD, and HKD.
For beginners, IG trading offers trade analytics tools, trading psychology podcast series, and a glossary of trading terms. In case you have a dilemma, or a question, their email, phone support, and live chat can provide you with guidance.
Buyer’s Guide: How To Choose The Best Options Trading Platform
Choosing the right options trading platform can be a nerve-wracking process. Luckily, we’ve made a buyer’s guide to help you make a wise choice in regard to options trading platforms in Australia.
Great educational tools
Numerous global markets
No withdrawal and deposit fees
Limited products
Here are some things that you need to look out for if you’re an experienced trader or someone who’s first-time dibbing their toes in trading.
Before choosing one of the options trading platforms, get a better knowledge of the options advantages and how options differ from other financial derivates.
Regulation and Safety
Depending on where you’re residing, check whether your preferred trading platform complies with local laws and regulations. Some trading platforms require the trader’s identity to be known, while others are strict about the types of products and currencies that can be traded online.
Trading Platform Fees
Most trading platforms charge inactivity fees, annual fees, research, and data for beginners. Some online brokers require a minimum deposit of $500 just to get started. Moreover, a single fixed commission fee or no commission fee would be the best for beginner traders. Experienced traders could find a tiered pricing plan more affordable.
Trading Tools & Features
The most important part of an options trading platform is its trading tools. Hence, it’s important to look for the basic charting to help identify exit and entry points, screening tools, updated quotes feed, and the option to analyse potential risks and rewards. For advanced users, deeper analytical trade features are needed, which could also cost more.
Demo Account
Demo accounts are especially important for beginners as it allows them to experiment with trading before activating their account. It’s a kind of virtual trading during which you can choose the amount of capital you want to trade with. The amount can be very large, oftentimes a lot bigger than what the beginner user has in their actual account.
Customer Service
There’s no point in subscribing to an options trading platform without good customer service. That’s why it’s important to have access to reliable customer service that will be available most of the time. To see how responsive and helpful customer service is, contact them yourself and see if they fit your needs. Another way is to check customer reviews mentioning their customer service experience.
Mobile App
If you’re planning on managing your assets and products on the go, then a trading platform with a mobile version is a must. It’s a highly efficient way to operate and navigate your trading. Furthermore, the mobile app can help you manage several accounts at the same time and engage in multitasking.
Bottom Line
Entering the trading world can be intimidating and confusing if you don’t know which platform should be your stepping stone. Our selection covered five options trading platforms, and we highlighted the best options trading platform in Australia. Hopefully, you now have a better idea of where you should start your trading journey.
1.What is the best trading platform for beginners in Australia?
eToro was our pick when it came to the best Australian options trading platform for beginners. Their well-developed education section with video tutorials, webinars, and articles makes it incredibly useful for any novice trader.
2.Why does an Australian options trading platform need to be regulated?
Options trading platforms, in general, need to be regulated in order to ensure secure and fair trading between brokers, the market, and consumers. To see if your trading platform is regulated, type in its name on the FCA’s website.
3. Are Australia’s trading platforms safe?
Most trading platforms in Australia are safe because they’re regulated by the Australian Securities and Investments Commission. However, to be sure of your preferred platform’s safety, check their website for confirmation.
4. How much money do you need to trade options?
Keeping in mind the options trading platform mentioned above, the minimum deposit fee can be up to $500. To see the minimum deposit fee for all of the options trading platforms on our list, scroll back to the previous sections in our “Best Options Trading Platform in Australia” guide.
