Best CFD Trading Platform Australia 2023
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If you are an Australian trader that is thinking about trading the markets using CFDs, then you are going to need a high-quality CFD trading platform.
The best CFD trading platforms in Australia are easy to use, come with many different features to help your trading, and have low and transparent trading fees. It is also important that your CFD broker and CFD trading platform are tightly regulated by ASIC in Australia.
In this thorough guide, we look at the best CFD trading platform Australia as well as some of the other quality alternatives for CFD traders.
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- Buy shares and ETFs with 0% commission
- Social and copy trading network
- Invest and trade crypto with low fees
74% of retail investor accounts lose money when trading CFDs with this provider.
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- Supports MT4 & MT5
- Very competitive fees
- Fast execution & premium liquidity
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- No spreads
- Educational content
- User-friendly platform
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.3% of retail investor accounts lose money when trading CFDs with this provider.
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Best CFD Trading Platform Australia 2023 List
A little further down the page, we review the best CFD trading platforms Australia, but before we go further into it, here’s a quick guide to the top CFD trading platform Australia and some other great brokers to consider.
- eToro – Overall Best CFD Trading Platforms Australia
- AvaTrade – Top CFD Trading Platform in Australia for Customer Support
- Plus500 – Best CFD Broker Australia for Low Costs
- Trade Nation – Top CFD Trading Platform in Australia with Fixed Spreads
- CMC Markets – Best CFD Brokers Australia for Regulation
- IG Markets – Best Australian CFD Broker for Multiple Trading Platforms
Best CFD Trading Platform Australia Reviewed
Now let’s dig a little deeper and take a look at Australia’s best CFD trading platforms for 2023.
1. eToro – Overall Best CFD Trading Platform Australia
After carrying out an in-depth review, eToro came out on top as the best CFD platform in Australia.
The eToro trading platform offers a huge range of markets available to trade. These include over 2,400 stocks ETF’s, cryptocurrencies like bitcoin, Forex, indices, oil, Gold, and Silver. You can also trade all of these markets and assets commission-free.
Unlike many other brokers, eToro does not make its money from charging you commissions. eToro makes its money by charging you a spread for each trade.
When trading using CFD’s derivatives through eToro in Australia you are able to use leverage. A retail trader with eToro can use up to 30:1 leverage on certain markets. Note: some trading instruments markets will allow you to use more leverage than others.
One of the most popular features of eToro is its social trading platform and copy trading function.
The way copy trading works is by letting you follow and invest in other successful traders, who trade forex assets such as EUR/USD and AUD/USD. You can then make money from their profitable trades. You can choose to follow and invest in as many other traders as you like which can help spread your risk.
The trading platform that eToro offers is their own in-house platform they have built and it is very easy to use. The platform can be accessed via the web on your desktop or through any of your mobile devices.
The eToro platform is easy to use and when you are ready to place a trade you will it very straightforward and simple. Even before you enter your trade the eToro platform will show you the exact potential profit or loss that you could make. This ensures you are not going to make any nasty mistakes. You can also open a demo account.
eToro is an internationally regulated CFD broker. This includes being regulated by the Australian Securities and Investments Commission (ASIC) in Australia. eToro also holds other tier-one licences including with the FCA in the UK making it a very safe CFD provider.
eToro is one of the cheapest Australian CFD trading platforms that let you trade with leverage and no commissions. Their CFD platform is very easy to use and you can use it on desktop or mobile. When you are ready they have a range of deposit and withdrawal options that include e-wallet, bank transfers, and debit/credit cards.
Pros:
- Social and copy trading.
- Zero commission on stocks and ETFs.
- Very large range of countries accepted.
- Small minimum deposit.
- Quick and easy to open an account.
- Fast and helpful customer support.
Cons:
- Only have their own platform and no Metatrader 4.
- Educational resources not as great as others.
Your capital is at risk.
75% of retail investor accounts lose money when trading CFDs with this provider.
2. Avatrade - Top CFD Trading Platform in Australia for Customer Support
AvaTrade has a very extensive range for Australian traders and has now been offering their products since 2006.
AvaTrade is regulated in many jurisdictions and this includes being regulated in Australia by ASIC.
With this CFD provider, you get access to multiple trading platforms. These include; MT4, MT5, AvaTradeGo, and webtrader. You can use these CFD platforms on both desktop and mobile.
AvaTrade offers zero commission CFD trading meaning the only costs you will pay to enter your trade is the spread that they charge.
This CFD broker has a huge amount of markets that you can trade that include thousands of stocks, Forex, cryptocurrencies, indices, ETF's and options.
All of AvaTrade's content is available in 30 x different languages and they have different account types to suit each type of trader including Islamic accounts.
Pros:
- They allow many different trading techniques.
- Many CFD assets.
- Excellent educational resources
- They offer Islamic accounts.
Cons:
- Minimum deposits sizes.
- Inactivity and overnight fees.
- US and Belgian customers are not accepted.
Your capital is at risk.
72% of retail investor accounts lose money when trading CFDs with this provider.
3. Plus500 - Best CFD Broker Australia for Low Costs
Plus500 has been a large player in the CFD space for many years now having been formed back in 2008.
This CFD trading provider has its own in-house and custom-built CFD trading platform that is easy to use and can be used on desktops and all of your mobile devices.
Plus500 offers zero commission trading on their CFD products, but they do have other fees you should keep in mind such as conversion and rollover fees.
When trading CFDs on Plus500's platform you will get access to their leverage. You can leverage your positions by 30:1. Note: some markets and financial products will have different leverage limits so make sure to check these before placing your trade.
Plus500 has a huge range of markets you can trade on their platform. These include; Forex, thousands of stocks, cryptocurrencies, options, and even ETF's.
Plus500 offers many different account types with no minimum deposit level.
Pros:
- No minimum deposit.
- Commission-free
- Many CFD assets available for online trading
- Tight spreads.
- They offer Islamic accounts.
Cons:
- Do not offer PayPal to deposit or withdraw.
- Some countries not accepted as clients.
72% of retail CFD accounts lose money.
4. Trade Nation - Top CFD Trading Platform in Australia with Fixed Spreads
Trade Nation is another excellent CFD trading platform to consider if you are looking for allow cost, reliable option in Australia. Trade Nation is based in the UK but caters to traders around the globe. The platform provides some of the best CFD and spread betting services and has even been accepted as a Sponsor for England's Aston Villa FC team this year.
Trade Nation users can trade CFDs through Meta Trader 4. Over 1000 financial instruments are available to trade on margin. This makes it possible to sell short and profit when the market is going down. The MT4 platform provides an extensive range of charting tools and features that can be used for advanced technical analysis.
As well as supporting technical analysis, Trade Nation provides users with accurate signals that can be used to inform day trading decisions. The Signal Centre signals provider is fully regulated by the Financial Conduct Authority, making it the only regulated signals provider available.
New users can practice trading with Trade Station through the free demo account. There are also plenty of educational resources available to help traders improve their skills and knowledge.
Pros:
- Over 1000 CFDs to trade.
- Margin trading allows traders to trade CFDs with leverage.
- Very low spreads and fees.
- Unlimited demo account available.
- Trade Nation offers market-leading signals.
- Compatible with MT4.
Cons:
- No social or copy trading.
- Trade Nation does not support crypto assets.
84% of CFD clients lose money
5. CMC Markets – Best CFD Brokers Australia for Regulation
CMC Markets was founded in 1989 and is a market maker style CFD broker.
This CFD broker has offices in Australia, Singapore, and also the UK.
CMC is a strong player in the CFD trading space and is also listed on the London Stock Exchange.
If you are an Australian trader thinking about trading CFDs, CMC is regulated by the Australian regulator ASIC.
The platform they offer is their own custom build platform. On this platform, you can trade a large range of markets. These include Forex, stocks, indices, commodities, treasuries, and cryptocurrencies.
When trading CFDs on CMC's platform you can gain access to leverage to boost your position size. CMC is definitely not the cheapest CFD broker on the market and they have a few different fees you will want to keep in mind such as commissions, spreads and rollover costs to trade contracts for difference.
Whilst they are not the cheapest, CMC does offer one of the more advanced CFD trading platforms. Their educational content that is also free is also of a very high standard.
Pros:
- Huge range of financial instruments and markets to trade
- Very good educational resources
- Supports algorithmic and expert advisor trading
- Platforms available include MT4
- Offer mobile platforms for iOS and Android
Cons:
- No social or copy trading
- Do not accept US traders
Your capital is at risk.
75% of retail investor accounts lose money when trading CFDs with this provider.
6. IG Markets – Best Australian CFD Broker for Multiple Trading Platforms
IG Markets has been a dominant force in the CFD trading space for a long time. This broker is a truly international broker with regulations throughout the world including in Australia through ASIC.
IG Markets is one of the oldest and most highly respected brokers in the world today having been formed way back in 1974.
IG Markets offer you a solid range of different forex trading platforms. These platforms include; Metatrader, IG's own platform, and also ProRealTime.
A major reason that IG is so popular is because of the endless amount of trading opportunities they offer you through their huge amount of markets available to trade.
IG Markets allow trading on over 17,000 different markets. This different range of CFD products includes everything from; Forex, indices, shares, cryptocurrencies, ETFs, and commodities.
With the huge range of CFD products, the global regulation, including in Australia, great customer support, and CFD platforms, it is easy to see why this broker has been around for so long.
You can open an account with IG markets today using the button below.
Pros:
- Accept traders from right around the world.
- Global regulation
- Extensive range of platforms.
- First-class customer support.
- Unrivalled number of markets to trade.
Cons:
- Some markets have higher trading costs.
- Minimum first deposit higher than some other brokers.
Your capital is at risk.
75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Best CFD Trading Platforms Fees Comparison
Wondering how the best CFD providers in Australia fees compare? We have you covered. Many CFD trading costs can change depending on the market conditions. In the table below we have included a range of different fees to give you a good idea of how each CFD broker compares.
| Trading Platform Fees | Spread or commission? | Amazon | GBP/USD | Overnight fees |
| eToro | Spread | 0.09% (applies to all stocks) | 2 pips | Yes, Overnight fees for all CFD instruments. |
| CMC Markets | Commission and spread | 0.09% | 0.9 pips | Yes. Taken at end of each trading day at 5 pm New York time, which may be positive or negative. |
| AvaTrade | Spread | 0.13% | 1.6 pips | For CFD assets an overnight fee is taken at end of each trading day at 9 pm GMT as interest, which may be positive or negative. |
| IG Markets | Commission for stocks, spread for other assets | 2 cents per share for all US stocks, 0.10% for all UK and EU stocks | 1.4 pips | Yes. Applies to forex, stocks, commodities, and indices. |
How to Choose the Best CFD Trading Platform Australia for You
There is a large range and many different options when it comes to CFD trading in Australia.
It is important you think about some of the key factors that will help your CFD trading success when choosing your broker and trading platform.
Some of these factors are critical no matter what platform and broker you go with. Some of these include making sure that the CFD platform and broker you are using is ASIC regulated in Australia, you have flexible options for deposits and withdrawals, and that the customer support offered is first-rate.
The main benefits you should always look for in your stock broker and share trading platform include;
Regulation
Whether you are just starting out or you are at a more advanced level in your trading regulation is important.
Trading with a CFD broker that has strong regulation is extremely important.
Regulation continues to change, however, there are what are known as tier one regulators.
For Australia the tier one regulator is ASIC.
It is important that your CFD trading platform and broker is regulated by ASIC if you are an Australian trader.
Assets
It goes without saying, the more CFD products you have to choose from, the more opportunities you have to make profitable trades.
Not all brokers provide a great range of CFD products for you to trade.
The very best CFD trading platforms and brokers offer an extensive range of markets for you to trade both in Australia and internationally.
These CFD platforms will offer markets that include;
- Commodities
- Cryptocurrencies
- Forex
- Stocks
- Bonds
- ETFs
- Indices
Fees
CFD fees can often be hard to understand.
Some CFD brokers will hide their fees or they just will not be transparent with them.
You will find the best CFD brokers are very transparent with their fees. When placing your trade you will know exactly what the cost is.
The less you are paying out in fees to make your trades, the more money that stays in your pocket so this is something to really keep in mind.
Commissions and spread and the two most common forms of fees you will find when trading.
Brokers like eToro will charge zero commissions, but they will charge a spread. Other brokers will charge you a commission.
Some other CFD trading fees to keep in mind are:
- Overnight or rollover fees: When trading CFDs and holding your trades overnight, then you will be subject to an overnight financing fee.
- Account funding Fees: You may get charged a deposit or withdrawal fee by some brokers.
- Account inactivity Fees: Some Australian CFD brokers will charge you monthly inactivity fees if your account goes inactive for a certain amount of time.
Trading Tools & Features
The better the trading tools and features your broker provides, the better your chance of trading success.
The trading tools and features that each broker provides vary wildly from broker to broker.
Some of the best features you should keep an eye out for include social or copy trading and virtual / demo trading accounts.
The best copy trading feature is provided by eToro. This is an industry-leading tool that lets you copy other professional traders. Using their copy trading feature you can make money from the exact same trades other professional traders are making.
Another very important tool you want in your broker is the ability to use a CFD demo or virtual trading account. A demo or virtual account lets you practice on the CFD trading platform without risking any real money. This type of account also lets you practice your trading strategies before going into a live account.
Education, Research & Analysis
Many trading strategies benefit from up-to-date daily market analysis and investment education.
If you can get access to quality daily market research and analysis, then it can be a crucial edge over the rest of the market when CFD trading.
Often you will see the biggest moves in the markets come after major news or economic announcements. The best CFD brokers will give you access to quality research and analysis to help you stay ahead of the curve.
User Experience: Easy to Use CFD Trading Platform
The Australian CFD trading platform you choose to use is going to play a huge role in your trading success.
Ideally, your CFD platform is going to be easy to use and have a quick trade execution time.
What you really do not want is a trading platform that is hard to use or overly complicated. An overly complicated trading platform will leave you unable to make and manage your trades quickly when you need to.
The industry-leading CFD trading platforms like eToro's platform have everything built right into them and can be used on both desktop and mobile platforms.
With the eToro platform, you have the ability to see everything before you even place your trade. This includes details such as the amount you could profit or lose and the exact trade parameters.
Mobile App
Whilst in an ideal world you would always be at your desktop making your trades, sometimes this will not be possible.
For this reason, it is important that you have access to a high-quality mobile app for your trading.
A high-quality mobile trading app will help you exit or manage your trades quickly and on the run if you need to and it will also let you check in on your account to make sure everything is running smoothly.
Payment Methods
I am sure you have your favorite payment methods that you trust and are comfortable with.
Not all brokers will accept your desired method for deposit and withdrawal.
It is important your CFD broker has the payment method you are comfortable with and that this method is fast and easy to use.
Customer Service
Customer service can be a real letdown with some brokers.
Some brokers can be hard to get hold of and others have support staff that has very limited knowledge.
The customer support you need with your CFD trading platform will be easy to contact, they will have multiple ways to talk to them such as phone and live chat and they will have a thorough understanding of the markets.
What is the cheapest CFD trading platform?
After taking a look at the different CFD trading platforms available to Australian traders, we have found that the cheapest platform is Pepperstone. Pepperstone offers low spreads, no commissions, and has no funding or withdrawal fees. Additionally, they offer leverage of up to 500:1 and have a range of trading instruments available for clients to trade on their platform.
eToro is another low cost option that you could consider. eToro charges various fees depending on the activity being performed. For instance, there are no fees for opening or closing a trade, but they do charge a spread on each trade. The spread varies depending on the asset being traded and can range from as low as 0.75 pips for major currency pairs to as high as 5% for some cryptocurrencies. In addition, eToro charges an overnight fee for positions held open overnight, which is calculated based on the size of the position and the asset being traded. Other fees to consider include a withdrawal fee of $5 and an inactivity fee of $10 per month after 12 months of inactivity.
How to Get Started with the Best CFD Broker Australia
So far in this in-depth guide, we have discussed how you can find the very best CFD trading platform in Australia and the crucial factors you should take into account.
Now we are going to go through a step-by-step walkthrough on exactly how you can signup and make your first CFD trade.
For this walkthrough, we are going to be using our number one CFD trading platform in Australia, eToro.
Step 1: Open an Account and Upload ID
Whether opening a demo, investor, or copy trading account, the first thing you will need to do is go to eToro here and begin the process of opening an account.
You will then be asked to fill out your username, name, email, phone number and create a password.
75% of retail investor accounts lose money when trading CFDs with this provider.
Step 2: Confirm Identity
eToro is strongly regulated by ASIC in Australia. With this regulation comes strict rules. One of these rules is they must confirm your identity. Confirming your identity takes only a few moments and it also makes sure the deposit limits are lifted and any profits you make can quickly be withdrawn without any hassles.
To get verified you will need;
- Valid passport or driver’s license
- Utility bill or bank account statement (issued within the last 3 months)
You will find that after uploading the correct documents eToro will automatically approve your account. If this does not happen for you, then they will reach out and ask for the required documents to complete this step.
Step 3: Deposit Funds
The next step in the process is to make a deposit so you have funds to start trading with.
The eToro deposit methods include;
- Debit cards
- Credit cards
- E-wallets (Paypal, Skrill, or Neteller)
- Bank transfer
Towards the bottom left you to find the 'Deposit' button. Once you click on this you can make your first deposit. The minimum deposit for eToro is $200.
Step 4: Start Trading
Once you have made a deposit you are all ready to start making trades.
The quickest way to make trades on the eToro CFD platform is to first search for the market you want to make a trade on. Up the top you will find the search bar. Type in here the market you want to use to place your trade and hit enter.
When you have found your market, hit the trade button.
75% of retail investor accounts lose money when trading CFDs with this provider.
Now a box will pop up that will allow you to change all the required parameters.
After filling all of these out with the required inputs you will be able to see your potential profit and loss before making a trade. Double-check that all the details are correct and you can go ahead and place the trade.
Best CFD Trading Platform Australia - Conclusion
The CFD trading platform and brokerage space is not a competitive environment.
There are many different brokers that offer different fee structures, different trading platforms, and different levels of support.
All of these brokers offer vastly different offerings. Some have lower costs than others and have some far superior customer support.
After our in-depth review of some of the very best CFD trading platforms in Australia eToro came out on top for almost all categories.
The reason eToro is our number one selection is because they offer an extensive range of markets, they are strongly regulated by ASIC in Australia, there are no commissions when trading CFD's and their customer support is top notch.
eToro – Best CFD Trading Platform with 0% Commission
75% of retail investor accounts lose money when trading CFDs with this provider.
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