Last updated: November 13th, 2024
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As the RBA increasingly hints at rate cuts in February-April 2025, CFD traders are attempting to profit from associated volatility. If you haven’t chosen your CFD broker yet, I have researched, reviewed and ranked the 10 best CFD trading platforms in Australia for 2024.
The most popular CFD brokers may appear similar on the surface but reveal important quirks once you start poking around.
I hope my research will help you spot these quirks and make the best decision faster. After all, your goal is to start making successful trades, not to spend days agonising about which Australian CFD platform is best.
1. Vantage.
Best CFD trading platform in Australia.
Vantage is a global CFD trading platform regulated by ASIC in Australia, FCA in the UK, and CIMA in the Cayman Islands.
With an office in Sydney, more than 4 million clients globally, and a comprehensive suite of trading tools, Vantage is the best (and one of the least expensive) – CFD trading platforms for Australians looking to level up their CFD trading game.
Pros.
Vantage does not waste your time with a proprietary desktop trading suite. Instead, you get to trade through pro-level, industry-standard MetaTrader 4 and 5 platforms.
Both platforms are powerhouses.
MT5, for example, offers 21 timeframes, a one-minute history, a great economic calendar and access to hedging.
Expert Tip.
You also get access to SmartTrader tools as part of the MetaTrader suite, plus forex news headlines directly from FXWire Pro and FxStreet.
That said, if you don’t need all the bells and whistles that MT4 and 5 offer, you can also use the more accessible and intuitive TradingView platform. Once you opt into its Premium Trader Tools suite, you’ll gain access to an economic calendar, Market Buzz and expert analysis.
The imaginatively named Vantage APP mobile trading app is also excellent, offering about 80% of the desktop platforms’ functionality in a clear and intuitive interface.
Like Plus500, which I’ll discuss below, Vantage offers fast trade execution to reduce slippage.
Important!
Vantage’s range of tradable instruments is slightly less extensive than that of Plus500, but the difference isn’t consequential in real terms.
For example, while Plus500 offers access to about 60 forex currency pair CFDs, Vantage offers about 45.
Apart from forex CFDs, Vantage gives you access to all the usual suspects:
- Share CFDs.
- Crypto CDFs.
- Bond CFDs.
Precious metals, commodities and indices are also on the table.
I love that Vantage offers CFD traders a choice of 3 account types, each with a different fee structure:
- Standard: This account is aimed at novice CFD traders. It is spread-only with no commissions and a low $50 minimum deposit. I don’t see many people using this account for long, as the spreads are wide. Think of it as a sandbox-style environment from which you’ll want to graduate within a month.
- Raw: ECN-style account with two levels: Classic and Premium. Aimed at intermediate to advanced CFD traders. You get very competitive variable spreads and deep liquidity, and ridiculously low commissions. The former charges $2.5 per side while the latter goes as low as $1.
- Perpetual: A crypto CFD-only account. You pay 0.1pip and 0.0025% commission per side.
- Pro: aimed at money managers and high-volume professional traders. It sidesteps Australian leverage restrictions, giving you access to 500X. Admission is very selective – you will need to jump through a number of hoops, including a means test and/or a trading competency test.
Like Plus500, Vantage makes money by charging you spreads and overnight fees – and doesn’t charge for making deposits or withdrawals.
Its spreads are very competitive – as long as you stay out of the Standard account. For example, the AUD/USD currency pair is quoted as 1.4 pips in the Standard account but averages to about 0.5 in Raw Classic.
Cons.
You can’t have your cake and eat it, too. Because Vantage focuses its offering on MT4 and MT5 software, the learning curve can be steep.
You can avoid the learning curve by sticking with Vantage’s beginner-friendly TradingView suite, but if that’s your long-term plan, you’re better off with Plus500, as its proprietary software is even more user-friendly.
Important!
In case this isn’t self-evident, Vantage is a CFD-only trading platform. This means you’ll be trading in derivatives only and won’t be able to buy the underlying assets.
Disappointingly, social trading is available via third-party providers ZuluTrade and DupliTrade in other regions, but Australians miss out.
Like Plus500 and Pepperstone, Vantage offers a range of educational resources for traders at all experience levels, including CFD trading guides, video tutorials, and webinars.
As with all platforms, they’re good without being excellent. (I don’t recommend relying on them to learn the art of trading.)
Overall.
Vantage is the best all-round CFD trading platform, particularly for Australians who want to keep sharpening their trading skills. You will hit the upper limit of your skillset long before Vantage does.
Stick with the Raw account to access the tightest spreads and $1-2.5 commissions per side – it offers some of the lowest trading costs in the industry.
Don’t be tempted by the Pro account. If in doubt, you’re not ready for it.
Expert Tip.
Keep in mind that Vantage doesn’t offer access to underlying assets. If those are must-haves for you, you need a multi-asset brokerage like Interactive Brokers.
✔ Tight spreads and low commissions on the Raw accounts
✔ MT4, MT5 and TradingView
✔ Pro account for the right people
✘ Expect a learning curve
✘ Limited to only CFDs
CFDs are complex instruments and pose a high risk of losing money rapidly due to leverage. Consider whether you can afford to take the high risk of losing your money prior to investing.
| How Vantage Stacks Up | Score |
|---|---|
| Range of Australian Stock CFDs | 5.0 |
| Range of International Stock CFDs | 5.0 |
| Range of Other CFD Instruments (forex, indices, etc). | 4.5 |
| Commissions & Fees | 4.5 |
| Mobile Trading App | 5.0 |
| Desktop Trading Platform | 4.5 |
| Suitability For Beginner CFD Traders | 4.5 |
| Suitability For Advanced CFD Traders | 5.0 |
| Customer Service | 4.5 |
| Research Tools | 4.0 |
| Social Trading | 3.0 |
| Educational Resources | 4.0 |
| OVERALL | 4.5/5 |
Trading CFDs carries significant risks and is not suitable for everyone. You may lose your capital. Please refer to PDS and TMD on our website. AFSL no. 428901.
2. Pepperstone.
Second best CFD trading platform in Australia.
Pepperstone is another top CFD trading platform that offers very competitive spreads and lightning-fast execution, making it a good option for Australian CFD traders seeking low costs and high-profit potential.
Pros.
Like Vantage, Pepperstone offers you a choice of trading accounts:
- Standard: A zero commission, high spread account aimed at novices and dabblers.
- Razor: Commission of $3.5 per side and, err, “razor” sharp threads. Sorry, couldn’t resist.
Where it differs from Vantage is its choice of trading platforms.
Yes, it gives you access to the usual third-party suspects (MT4/5, TradingView), but also – unexpectedly – cTrader and Pepperstone’s own proprietary platform.
Both are excellent – in different ways.
If you need me to explain what cTrader is, you’re probably not ready for it.
Pepperstone’s proprietary platform, meanwhile, is fresh, crisp, easy to use and impressively advanced. Very similar to Plus500’s platform, I think it’s an attempt to offer Australian traders the best of both worlds:
- New generation of traders who prefer user-friendliness will choose the proprietary platform.
- Old dogs of the trading word who grew up on MT4/5 and cTrader will stick with what they know.
Aside from its tight spreads, Pepperstone is known for its fast trade execution, which ensures you can quickly enter and exit trades as market opportunities arise.
Pepperstone also provides a range of educational resources for Australian traders, regardless of experience level.
Important!
At the risk of repeating myself, let me emphasise – even the best CFD trading platforms offer poor-quality education. Your interests are not aligned with theirs, so don’t expect them to teach you how to win. Seek out independent advice.
Cons.
I only have one complaint about Pepperstone – it offers a smaller range of tradable instruments than other CFD trading platforms on this list.
Compared to Plus500’s 2800+, for example, Pepperstone has about 2000.
A difference of 800 assets might not seem like much, but a limited array of trading instruments can restrict your options, potentially causing you to miss out on opportunities in other markets.
- This limitation could be a drawback if you like having diverse investment options.
(Related: 13 Best Share Trading Platforms In Australia).
Overall.
Pepperstone is my close second-best pick, right behind Vantage. It offers Australian traders competitive spreads, swift trade execution, access to educational resources, and a choice of top-tier trading platforms.
Traders seeking a wider range of tradable instruments will find Vantage more appealing.
That said, it still remains one of the best CFD brokers in Australia.
✔ Competitive spreads
✔ Fast execution
✔ Excellent range of trading platforms
✘ Less diverse range of tradable instruments
| How Pepperstone Stacks Up | Score |
|---|---|
| Range of Australian Stock CFDs | 4.5 |
| Range of International Stock CFDs | 4.5 |
| Range of Other CFD Instruments (forex, indices, etc). | 4.5 |
| Commissions & Fees | 4.5 |
| Mobile Trading App | 4.5 |
| Desktop Trading Platform | 5.0 |
| Suitability For Beginner CFD Traders | 5.0 |
| Suitability For Advanced CFD Traders | 5.0 |
| Customer Service | 4.0 |
| Research Tools | 4.0 |
| Social Trading | 2.5 |
| Educational Resources | 4.0 |
| OVERALL | 4.3/5 |
CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to risk losing your money.
2. Plus500.
Good alternative to Vantage and Pepperstone.
Plus500 is a global provider of CFD trading services. Listed on the London Stock Exchange, it has been in business for 14 years and is regulated in Australia by ASIC.
Since its inception, it has innovated the often stodgy world of CFD trading by introducing the first Bitcoin CFD and offering a very impressive range of CFDs on options.
Pros.
Plus500 is one of the most user-friendly CFD trading platforms I’ve encountered.
You access the markets via the brokerage’s proprietary web-based interface and mobile trading app. Both are intuitive and easy to wrap your head around, with logical navigation and minimalist design.
You also get access to a substantial range of risk management tools (e.g., guaranteed stop-loss orders and trailing stops) to help mitigate potential losses.
Important!
Plus500’s range of tradeable instruments is comprehensive without being excessive.
You get access to about 2800 CFDs, each with varying amounts of ASIC-mandated maximum leverage:
- Stocks with 1:5 leverage.
- Crypto with 1:2 leverage.
- Indices with 1:20 leverage.
- Forex with 1:30 leverage.
- Commodities with 1:20 leverage.
- Options with 1:5 leverage.
- ETFs with 1:5 leverage.
I like that Plus500 doesn’t charge deposit, trading or withdrawal fees. A $10/month inactivity does apply if you leave your account dormant for 3 months, but you can reset the period by simply logging in.
These are universal among Australian CFD trading platforms and vary from one derivative to another.
Plus500’s fees are on par with industry averages. As a rough guide, expect spreads of around 0.8 pips for the most popular CFDs.
Cons.
Ease of use comes at a cost.
Imortant!
Because Plus500’s trading platform is designed to be user-friendly, it misses out on some advanced features that experienced traders might want when implementing more sophisticated or automated trading strategies.
Yes, you get enough tools to perform reasonably robust analyses, with 13 real-time charts, 20 drawing tools, 110 indicators, an economic calendar powered by Dow Jones, and the ability to customise technical indicators.
But Meta Trader 4 and 5 offer much more power and are unfortunately unavailable on the Plus500 platform.
Given that Plus500 appears to woo less experienced Australian CFD traders, I was surprised that it doesn’t have a more comprehensive suite of educational resources.
It would be impressive to see a greater emphasis on technical analysis to help beginners expand their knowledge and improve their trading skills.
Overall.
Plus500 is a legitimate alternative to Vantage and Pepperstone.
It’s better suited to new and intermediate CFD traders than Vantage, because of its user-friendly nature, large (but not bloated) range of trading instruments, and robust (but not intimidating) range of trading tools.
Because of its focus on simplicity and ease of access, Plus500 may fall short of advanced traders’ expectations – if they need more sophisticated features and comprehensive technical analysis lessons.
If that sounds like you, you’re better off with Vantage (see below).
✔ Competitive spreads
✔ Broad range of CFDs
✔ Great risk management tools
✘ Not ideal for advanced users
| How Plus500 Stacks Up | Score |
|---|---|
| Range of Australian Stock CFDs | 4.0 |
| Range of International Stock CFDs | 4.5 |
| Range of Other CFD Instruments (forex, indices, etc). | 4.5 |
| Commissions & Fees | 4.5 |
| Mobile Trading App | 5.0 |
| Desktop Trading Platform | 4.5 |
| Suitability For Beginner CFD Traders | 5.0 |
| Suitability For Advanced CFD Traders | 3.5 |
| Customer Service | 4.5 |
| Research Tools | 4.0 |
| Social Trading | 1.0 |
| Educational Resources | 4.0 |
| OVERALL | 4.1/5 |
4. Interactive Brokers.
Most comprehensive brokerage with access to CFDs and underlying assets.
CFD Service. Your capital is at risk.
Interactive Brokers is another well-established CFD trading provider renowned for its sophisticated trading platforms, extensive range of tradable instruments, and advanced research tools.
It is quite popular among experienced Australian traders, but beginners will find it difficult to master.
Pros.
Interactive Brokers offers two advanced trading platforms, Trader Workstation (TWS) and Client Portal.
TWS is a powerful, professional-grade platform designed for experienced traders, while Client Portal is a more user-friendly, web-based platform suitable for a broader range of traders.
Both platforms are available on desktop and mobile devices, and you can use them from any device, anywhere.
They offer commission-free trades on US-listed stocks and ETFs, making it an attractive option for traders looking to build diversified portfolios.
Important!
The CFD trading platform also offers an AI-driven decision-making tool, which analyses data and provides traders with insights and recommendations.
Cons.
Interactive Brokers can be challenging for new traders to navigate. The platform offers a range of advanced features and technical trading tools, which can be overwhelming for new traders.
Overall.
In the realm of CFD trading, Interactive Brokers excels with its state-of-the-art trading platforms and an extensive array of tradable assets.
Although the steep learning curve may challenge a new trader, Interactive Brokers remains an excellent choice for traders aiming to experience a comprehensive and expert-level CFD trading environment.
✔ Advanced trading tools
✔ Wide range of CFDs for diverse investment options
✔ Low brokerage fees
✘ Platform may be complex for beginners
| How Interactive Brokers Stacks Up | Score |
|---|---|
| Range of Australian Stock CFDs | 4.5 |
| Range of International Stock CFDs | 4.5 |
| Range of Other CFD Instruments (forex, indices, etc). | 5.0 |
| Commissions & Fees | 5.0 |
| Mobile Trading App | 4.0 |
| Desktop Trading Platform | 4.0 |
| Suitability For Beginner CFD Traders | 4.0 |
| Suitability For Advanced CFD Traders | 5.0 |
| Customer Service | 4.0 |
| Research Tools | 4.0 |
| Social Trading | 1.0 |
| Educational Resources | 4.0 |
| OVERALL | 4.1/5 |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.6% of retail investor accounts lose money when trading CFDs with Interactive Brokers. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. IC Markets.
Good all-round CFD broker.
IC Markets boasts various high-volatility instruments, fast execution, very competitive spreads, and low CFD fees. Making it ideal for scalpers and high-volume intraday traders.
However, IC Markets’ customer support leaves a lot to be desired.
Pros.
IC Markets have some of the most competitive fees among CFD markets.
The platform offers competitive pricing on trades, with tight spreads and low commissions, making it an attractive option for cost-conscious traders.
What does this mean for you?
Lower fees can substantially impact your profits, allowing you to retain more of your returns and potentially enhance your long-term investment performance.
Another pro of IC Markets’ CFD trading offering is its advanced technology. The platform provides various advanced trading tools, like customisable charts, technical analysis, and automated trading systems.
- These tools will help you make more informed decisions and improve your overall trading performance.
By leveraging advanced technology, you can better analyse market data, identify trends, and execute trades more efficiently, ultimately leading to more profitable outcomes.
IC Markets also offers access to a wide variety of tradable instruments, including forex, indices, commodities, and cryptocurrencies. Its 1600+ CFD offerings are also quite impressive.
Expert Tip.
CFDs alone do not capture the entire library of trading symbols that any one platform has. For example, While Pepperstone has about 2000+ tradable instruments, only about 1000 are CFDs.
Cons.
IC Markets‘ customer support has received criticism for being slow to respond to queries.
While the platform’s low-cost structure and advanced technology are attractive, customer support is essential to any trading platform, more so when it’s a platform that’s tailored to scalpers.
What’s worse than missing a perfect setup? Not being able to enter a perfect setup because of your platform’s glitch.
Another con of IC Markets is its lack of regulation in some jurisdictions.
- While the platform is regulated by the Australian Securities and Investments Commission (ASIC), other bodies like the London Stock Exchange or New York Stock Exchange do not.
- This limitation could be a drawback if you want a platform with more widespread regulatory coverage.
Overall.
IC Markets is an excellent choice for high-volume traders and scalpers. It particularly stands out among many CFD brokers because of its very competitive fees and spreads.
You also get to leverage some of their advanced technology to make better trading decisions.
✔ Extensive range of CFDs
✔ Great technology
✔ Competitive spreads and pricing
✘ Mediocre customer support
6. AvaTrade.
Another good all-around CFD broker.
AvaTrade is a well-known CFD trading platform. It has a strong global presence and is regulated by multiple regulatory bodies, including the ASIC, FSCA, and FSRA.
It has an intuitive platform, a plethora of educational resources, and a wide range of CFDs that adequately caters to various trading preferences and strategies.
And while it should be higher up on this list, it has some hidden fees that make it less attractive compared to its direct competition.
Pros.
AvaTrade has been around for over 15 years and has had enough time to really beef up on many things.
Aside from the usual MT4 and MT5, AvaTrade has its own highly intuitive platform, AvaOptions, and its mobile trading App, AvaGo.
And then, there’s AvaAcademy, an extensive library of educational materials, including webinars, ebooks, and trading guides, designed to help traders of all experience levels improve their trading skills and knowledge.
AvaTrade is available in multiple languages, and you can trade with it in foreign currency.
Five foreign currencies, to be exact. Their customer support is also multilingual and very responsive. The support is available through live chat, email, and telephone.
Cons.
Despite these advantages, there are some cons to consider when using AvaTrade for CFD trading, especially for Australian retail investors.
For instance, the platform’s withdrawal process can be slow.
Also, while AvaTrade does offer a range of platforms, it still lacks some of the advanced tools that I have come to expect from a trading platform as big as this.
And then, there’s the fee structure.
Its spreads are higher than those of the platforms we have reviewed so far, and it charges a $50 inactivity fee every quarter. So basically, you pay for doing nothing every 4 months!
Overall.
AvaTrade’s global presence makes it an exciting option. If you’ll be doing a lot of cross-currency trading and want a very secure trading platform, look no further than AvaTrade.
Sure, the fees are high, and an inactivity fee should just be charged yearly, but it does make a compelling case with its intuitive interface, the world-class AvaAcademy, and an array of financial products.
✔ User-friendly platform with a wide range of CFDs
✔ AvaAcademy is surprisingly good
✔ Multiple platform options to suit different trading styles
✘ Slow withdrawal process
✘ High trading fees
7. Saxo Markets.
Good CFD broker for advanced Australian CFD traders.
Saxo Markets CFD, or Saxo for short, is another top CFD trading platform offering a high-quality trading environment emphasising security and a ridiculously wide variety of CFDs.
That said, Saxo’s platform has a steep learning curve for beginners and might be more suited to seasoned professionals.
Pros.
The first thing that jumps right out with Saxo in CFD trading is its broad range of tradable instruments.
Pus500’s 2800+ tradeable symbols are already impressive. But 35,0000 is borderline ridiculous.
Another pro of Saxo Capital Markets’ CFD trading offering is its advanced trading platforms, SaxoTraderGO and SaxoTraderPRO.
SaxoTraderGO is a versatile, user-friendly, web-based platform suitable for a wide range of traders, while SaxoTraderPRO is a fully customisable, professional-grade platform designed for advanced traders that offer advanced charting tools, numerous technical indicators, and support for algorithmic trading.
Both platforms are available on desktop and mobile devices,
But that’s not all. Saxo Markets CFD employs advanced security measures to protect users’ data and transactions. So you can rest assured that you’re getting top-notch security.
Cons.
A major issue with Saxo Markets is its ridiculously high minimum deposit fee of $1000. Frankly, it feels like the platform is pushing beginner traders away.
When you couple this with Saxo Capital Markets’ advanced trading features and professional-grade platforms, that has a steep learning curve for inexperienced traders, it becomes more obvious that this CFD trading platform is more suited to seasoned professionals.
- Another potential drawback of Saxo is its complex pricing structure.
The platform features different pricing tiers depending on the trader’s account size and trading volume. And it can be quite confusing.
Overall.
Saxo Capital Markets sets itself apart in the CFD trading space with its advanced trading platforms and very extensive range of tradable symbols.
Despite the potential drawbacks of a high minimum deposit fee and a steep learning curve, Saxo Capital Markets remains an attractive option for seasoned traders seeking a sophisticated and comprehensive CFD trading experience.
✔ Best range of CFDs
✔ Sophisticated platform with advanced trading capabilities
✔ Emphasis on security
✘ High minimum fee
✘ Steep learning curve for beginners
8. Blueberry Markets.
Emerging Australian CFD trading platform.
Founded in 2016, Blueberry Markets is a relatively new but rapidly growing CFD trading provider known for its customer-focused approach, competitive pricing, and user-friendly trading platform. That said, being new also has its limitations.
Pros.
Blueberry Markets prides itself on being the customer-centric CFD trading platform.
The company provides personalised support, with a dedicated account manager available to assist you with any questions or concerns.
This customer-focused approach has garnered Blueberry Markets a strong reputation in the industry and a loyal client base.
The platform offers some of the lowest trading fees in the industry, allowing traders to keep more of their profits. And its minimum deposit fee of $100 is quite appealing to beginner traders.
Cons.
Being new comes with its disadvantages, such as the number of tradable symbols you get. Blueberry Markets only supports about 300+ tradable symbols; that’s the lowest so far on this list.
Blueberry Markets does not offer its own proprietary trading platform, which may be a drawback for some traders seeking a unique and tailored trading experience.
Important!
You’re mostly limited to using MT4, which isn’t exactly a bad thing, but more options would have been much better.
Overall.
Blueberry Markets distinguishes itself in the CFD trading space with its customer-centric approach, competitive spreads, pricing, and user-friendly trading platform.
Despite the potential drawbacks of a limited range of tradable instruments and the absence of a proprietary platform, Blueberry Markets remains an appealing option for Australian traders seeking a personalised and easy-to-understand CFD trading experience.
✔ Competitive spreads
✔ Excellent customer support
✔ User-friendly platform
✘ Limited range of tradable instruments
9. Capital.com.
Very popular in the USA. Less popular in Australia.
Capital.com is a fast-growing CFD trading provider known for its innovative trading platform, extensive range of tradable instruments, and commitment to client education.
It differentiates itself from other CFD brokers with its AI-driven trading insights and educational resources that help traders make informed decisions and improve their performance.
Pros.
Capital.com utilises artificial intelligence (AI) in its trading platform to enhance user experience and provide personalised insights.
One of the AI-driven features offered by Capital.com is Investmate, an intelligent tool that provides personalised feedback and recommendations based on your trading performance.
Capital.com’s low fees and commissions are another advantage. The platform offers some of the lowest fees in the industry while having about 4000+ tradable symbols.
Like AvaTrade, Capital.com also has its own library of educational resources that are dedicated to helping its traders become much better.
Cons.
A drawback of Capital.com is its limited regulatory oversight.
The platform is only regulated by the Cyprus Securities and Exchange Commission (CySEC), which may be a concern for some traders, especially for Aussies who are used to being protected by the watchful eye of the Australian Securities and Investments Commission (ASIC).
Virtually every top CFD broker on this list supports at least MT4. But not this one. Instead, you get their proprietary platform.
This isn’t exactly bad, but many traders are used to hitting the F9 key on their MT4 when trying to create a new order.
Overall.
Capital.com’s AI-driven decision-making is a key differentiator that can potentially help traders execute profitable trades.
The platform’s low fees, a wide range of trading instruments, and user-friendly design can make it an attractive choice for traders looking.
However, you should know that it isn’t regulated by the ASIC, and there is neither MT4 nor MT5 support.
✔ AI-driven trading insights
✔ Good educational resources
✔ Wide range of CFDs
✘ Lack of support for MT4 and MT5
✘ Not regulated by the ASIC
10. CMC Markets.
Good all-round share and CFD trading platform.
CMC Markets offers an intuitive platform, excellent trading tools, and a proper commitment to customer support, making it suitable for traders of all levels.
Pros.
One of the key advantages of CMC Markets is its user-friendly interface. The platform is easy to navigate, with intuitive menus and a range of customisable charts and trading screens.
This can be particularly attractive to new traders who may be overwhelmed by more complex trading platforms like Interactive Brokers.
Alongside these, there’s access to a range of news and analysis tools, which can help traders stay up-to-date on market trends and make more informed trading decisions.
Cons.
Like any other trading platform, CMC Markets has some drawbacks you should be aware of.
It also has a limited range of trading instruments.
While it does offer a wide range of the more popular instruments, it may not be suitable for traders looking to trade less common markets or instruments. And it doesn’t allow cryptocurrency trading.
Overall.
CMC Markets is a well-established trading platform with a range of advanced trading tools and a competitive pricing structure.
However, traders should be aware of its limitations in terms of trading instruments and the lack of cryptocurrency trading options.
✔ Intuitive platform
✔ Excellent trading tools
✔ Relatively high trading fees
✘ Lack of cryptocurrency option
Factors To Consider When Choosing The Best CFD Trading Platform in Australia
Choosing the right CFD trading platform is crucial to the success of any trader.
With so many options available in the Australian market, deciding which one to use can be overwhelming. Here are key statistics of platforms that took out the top 4 spots in my review of best CFD brokers in Australia, plus seven factors to consider when choosing your #1 pick.
| CFD Trading Platform | Minimum Deposit | Accounts | Platforms | Available CFD Markets |
|---|---|---|---|---|
| Vantage | $50 | Standard, Raw Classic and Premium, Perpetual (crypto CFDs only), Pro | MetaTrader4 MetaTrader5 TradingView | Forex, Australian and International share CFDs, Indices, Crypto CFDs, Commodity and ETF CFDs. |
| Pepperstone | None | Standard, Razor, Pro | MetaTrader4 MetaTrader5 TradingView, cTrader, Pepperstone Proprietary Platform | Forex, Commodity and Crypto CFDs, Indices |
| Plus500 | $100 | Standard, Pro | Plus500 Proprietary Platform | Forex, Indices, Commodity CFDs, Options, Share and ETF CFDs |
1. Regulation And Safety.
It is important to choose a platform regulated by a reputable financial authority in Australia, such as ASIC. This ensures that the platform is safe and trustworthy.
2. Trading Products.
Different platforms offer access to different markets and instruments products, such as forex, indices, shares, commodities, and cryptocurrencies. So, choose a CFD platform that offers the products you are interested in trading.
3. Fees And Commissions.
Each platform has its own fee structure, which can include spreads, commissions, and overnight financing fees. Whatever trading platform you go for should be transparent with their fees.
4. Trading Platform And Tools.
The platform’s user interface, trading tools, and charting features can significantly impact your experience as a trader. So try to choose one that is simple or sophisticated enough for you, depending on if you are a beginner or seasoned trader.
5. Customer Service.
Reliable customer service is important when trading on a platform. So read reviews about the customer support of any platform you’re going for before fully committing.
6. Education And Resources.
The best trading platforms offer educational resources, such as trading courses, webinars, and trading guides, to help traders improve their skills and knowledge. And you’ll find this especially handy if you’re new to trading CFDs.
7. Mobile Trading.
Mobile trading has become increasingly popular among traders, and it is important to choose a platform with a mobile app that is user-friendly and offers the same features as the web-based platform.
You can maximise your chances of success in the markets by choosing a regulated platform that offers the right trading products, transparent fees, advanced trading tools, reliable customer service, educational resources, and a mobile app.
How Do Australian Regulators Protect Retail CFD Traders?
Since 2021, the Australian Securities and Investments Commission (ASIC) has introduced mechanisms that minimise risks to Aussie investors, including:
- Strict limits on leverage, ranging between 2:1 to 30:1.
- Total ban of marketing methods incentivising rushed, emotionally-driven decisions (bonuses, gifts, free stocks).
- Negative balance protection by limiting losses to funds deposited into the account. The best CFD brokers in Australia (i.e., Pepperstone and Vanguard) offer this protection, while IC Markets doesn’t.
ASIC reviewed the impact of these protections in 2022, announcing that they were a success and will remain in place until 2027.
I recommend that you take full advantage of these protections by trading CFDs only with CFD brokers that hold an Australian Financial Services License issued by ASIC. All four of my top CFD brokers hold this license as of January 2024.
Is CFD Trading Profitable?
CFD trading is a high-risk activity. Compared with the long-term nature of stock and ETF trading, CFDs are used with the intent to make significant gains quickly.
You effectively use leverage to borrow money from the CFD broker and increase your trade size. Your profits or losses are proportional to the amount of leverage.
The aggressive, highly leveraged nature of this approach means most people lose their capital. Make sure you:
- Are realistic about your skills (do you understand how to predict price movements and set margin levels?)
- Never trade more than you can afford to lose (do you have a strategy?)
- Read the disclaimers of CFD brokers carefully (best CFD trading platforms go to great lengths to warn you about the risks involved).
Is Trading CFDs Different To Stock Trading?
Yes, but let’s start with the similarities.
If you’re a beginner or an experienced share trader, you don’t need to scour the Internet for the best CFD trading platforms. Likely, the trading app or the online broker you use for share trading provides a facility for trading CFDs.
But this is where the differences end.
- When investing in shares, your broker holds the shares on your behalf. Whether you know it or not, as a shareholder, you own a part of the company and enjoy certain rights, for example, to receive potential dividends.
- Purchasing CFDs does not grant you such rights. When you purchase a CFD, you do not take delivery of the underlying asset. Instead, you take ownership of the derivative product itself (hence the name, Contract For Difference).
Bottom Line For Choosing The Best CFD Trading Platform Australia.
With this comprehensive and insightful list of the top 10 CFD trading platforms in Australia for 2024, you can now focus on trading CDFs instead of endlessly researching CFD brokers.
Each platform offers unique advantages and disadvantages, so choose the one that best aligns with your preferences and start your CFD trading journey today!
Steven
Seriously,no Etoro?
Yes, seriously. eToro’s spreads on CFDs are far from the best.