When you talk of Best Day trading platforms Australia for beginners, you should be talking about those platforms which simplify trading for newbies by helping you invest and make profits. We would be comparing some of the best platforms for day trading Australia to help your decision-making. Day trading can be complicated for beginners because it involves making quick and frequent trading decisions within a single trading day to capitalize on short-term price movements. Getting a good day trading platform helps to boost the beginner’s chance of success.
Not all Day trading platforms are suitable for beginners, as some are more complex, with advanced tools and high fees. Beginners need a trading platform with an easy-to-use interface, easy-to-navigate functions, and low fees. This article will examine the 7 best day trading platforms in Australia for beginners.
What is Day Trading Australia?
Day trading in Australia is a financial trading strategy where individuals buy and sell financial instruments like stocks, currencies, commodities, or derivatives within the same trading day. The goal of day trading is to profit from short-term price movements in these assets. Day traders typically do not hold positions overnight; they close out all their positions before the market closes for the day.
Is Day Trading Allowed in Australia?
Yes, day trading is allowed in Australia. Individuals in Australia can engage in day trading activities within the bounds of regulatory guidelines and legal requirements. The Australian Securities and Investments Commission (ASIC) regulates day trading activities in Australia. ASIC has laid down rules and regulations to ensure the fair and transparent operation of financial markets, including rules related to trading practices, market integrity, and investor protection.
To offer day trading services professionally, you may need to obtain the appropriate licenses and registrations from ASIC.
Best Day Trading Platforms Australia For Beginners
Below are the best day trading platforms Australia for beginners. Comparing the best platforms for day trading Australia.
1. eToro – Overall Best Day Trading Platform for Beginners
By our investigations, eToro is currently the best day trading platforms Australia for beginners and is highly suitable for active traders ready to learn and succeed. This broker supports more than 300 stocks from over a dozen exchanges. It charges a minimum investment of $10 and does not charge brokerage trades fees making it the best platform for day trading in Australia. You can deposit a minimum of $200 to begin trading on the platform.
Additionally, it has advanced tools and gives you access to international stocks. You can easily trade on forex, crypto, CFDs, and more on eToro. eToro provides a demo account with $100k of play money to enable your practice before you enter the main deal, which helps you build your strategy.
Also, eToro has a trading academy as an excellent resource for new investors. They get access to learning tools and education to help them grow their understanding of the market.
2. Syfe – Best Robo-advice Online Broker
Syfe is the second best platform for day trading Australia for beginners due to its robo-advice feature and diversified portfolios, designed to your time horizon and risk tolerance.
You only need a minimum of $1 to start on this platform. Syfe lets you purchase directly from US and Australia stock markets, cryptocurrencies, and ETFs. It charges low fees and helps first-time investors to make more secure and reliable decisions. This is why it is named among one of the best day trading platforms Australia for beginners
With Syfe, you can from the comfort of your home invest in the stock market in Australia, the US, and Singapore and make your profits. It is one of the largest day trading platforms in Australia to ever think of trusted by thousands of investors using the platform.
3. Superhero – Best for Long-term Investment
Superhero is a new day trading platform that came into the market in 2021 with a user-friendly platform that charges no deposit, withdrawal, or inactivity fees, making it a low-cost budget and suitable for a beginner.
It comes with a lot of highly quality tools that are suitable for investors that are just beginning day trading. You need a minimum of $100 deposit, and you can start investment with just $10 a trade, and each Australian share is only $5 per trade.
Superhero is completely free when you choose to trade with US shares and $5 for Aussie shares. The company also provides tailored learning resources that provide financial knowledge and how to build generational wealth.
4. Interactive Brokers Australia – Best Broker for Educational Resources
One of the best day trading platforms in Australia for beginners is Interactive Brokers Australia, known for its endless supply of helpful tools. Also, it allows you to track high-performing portfolios and get inspired just as top investors do.
Australian Securities and Investments Commission ASIC regulates it. It does not charge withdrawal fees, inactivity fees, and deposit fees. This makes it a low-cost brokerage platform for you. They only charge a brokerage fee of $5 or 0.08%.
Additionally, it offers options for both ASX and Forex. Still, a few features are not accessible by Australian investors and are highly customized, so you might find it overwhelming trying to navigate at first.
5. SelfWealth – Best Domestic Trading Brokerage Platform
SelfWealth is perfect and the best platform for day trading Australia for first-time investors. With SelfWealth, you do not need to worry about any fee as it charges no deposit or withdrawal fee. It gives you access to live pricing and stock analysis, but the trade offers are only in US and AU markets.
SelfWealth has a flat-fee structure for all trades, and all shares have a fee of $9.50. the account’s funds are secured, and you can choose the number of accounts you want, and you have the option open one for your kid.
SelfWealth has a helpful community that you can benefit from as a first-time investor, and you can quickly contact their customer service via email, live chat, and more.
6. Pearler – Best for Round-ups and Micro-investing
Pearler is the best choice if you are looking for an intuitive platform as a first-time investor. Pearler makes investing fun and simple with its collection of excellent tools, like its micro-investment feature that allows you to round up and invest the spare change in any portfolio you want.
Pearler is a good combination for investors that wants to set a strategy of “set and forget” with automated investment and the ability to purchase ETFs, US stocks, and Australian stocks directly.
7. Douugh – Best for Seamless Trading
For beginners who want to invest without fuss, Douugh offers one of the best easy-to-use and simple platforms with low fees and helpful handy tools.
It is regarded as one of the best day trading platforms Australia for beginners. One of the most outstanding features of this platform is its automated investment feature that allows you to set up a recurring payment into any portfolio of your choice. Also, you can directly buy US stocks for just $1 per trade.
What Trading Platform to Use in Australia?
There are lots of trading platforms you can use in Australia. The best of them according to our review starts from eToro, Syfe, Superhero, Selfwealth, and Douugh among others. The seven above-listed ones are the best for beginners. We have advanced ones like the IG, CMC Market, CommSec, etc. However, if you are a beginner, there are certain things you need to know about before you can choose any of the trading platforms to use.
One such is your investment style. There are a lot of share trading strategies and skills, and as a beginner, you need to try out some to pick out the one that works best for you. Also, you must decide whether to be an active or passive trader, trade individual shares, or exchange-traded funds. The category you belong to will help you to choose the one trading platform to use.
Additionally, you need to ask yourself how you will place your trades. Will you use a phone or a laptop? Not all online trading platforms can be accessed via mobile phone. Furthermore, you need to ask yourself where you want to buy shares and how much money you will put into trading. Some online trading platforms give you access to global markets, while the market scope is restricted in others. The amount of money you are willing to invest must be considered, as trading platforms have minimum deposits, and they vary. Some are as slow as $100, and some as high as $500.
Effectively analyzing these questions will help you choose the best online trading platform to use in Australia.
What is the Largest Trading Platform in Australia?
CommSec is Australia’s largest and most well-known trading platform that does not charge subscription or account-keeping fees. CommSec is an online trading platform offered by the Commonwealth Bank of Australia, one of the country’s largest and most prominent financial institutions. Its industry-standard minimum initial trade is $500, giving you access to the ASX and 25 international markets.
Additionally, you are given access to a wide range of educational resources, a user-friendly interface, and financial instruments, including stocks, options, exchange-traded funds (ETFs), and more.
Which Online Trading Platform is Best in Australia?
The best online trading platform in Australia is CommSec, a widely used and user-friendly platform offered by the Commonwealth Bank of Australia. It helps you access various financial instruments, research tools, and educational resources.
Also, CMC Markets is another reliable online trading platform and one of the best in Australia. It is user-friendly and offers a wide range of trading instruments and tools. Additionally, you have access to advanced charting, technical analysis, and access to global markets.
For comprehensiveness, you can go for IG, which gives you access to various markets, including shares, forex, indices, and features like advanced charting, research, and analysis tools.
What is the Cheapest Trading Platform in Australia?
eToro is regarded as the cheapest Australian on commission fees alone. They do not charge brokerage fees on both Australian and global stock trades. While for as a trade, Stake is the cheapest broker, and they are CHESS sponsored.
In choosing the best day trading platforms Australia for beginners, you must carefully consider factors like cost, market scope, tools, trading resources, availability of demo accounts, customer care service activeness, and currencies supported. Analyzing these will help you t choose the best one for you.