With a tightly regulated market, a stock exchange, and a plethora of stockbrokers, Australia is a fantastic country for anyone looking to trade stocks. Whether you’re looking to trade domestic stocks or want to venture out into the international stock market, there are plenty of options.
To help you find the best stock broker in Australia for your specific needs, our team has done a detailed review of the Australian stock market with the intention to find and rank the best of the best.
So sit back and enjoy, while we present to you the top Australian stockbrokers in 2023.
In this guide
Best Stock Brokers in Australia
Compare Best Stock Brokers in Australia of 2023
- 1. IG Markets – Overall Best Broker for Stock and Share in Australia
- 2. CMC Markets – Best Stock Trading Broker with Free Minimum Deposit in Australia
- 3. Interactive Brokers – Best CFD Stock Broker in Australia
- 4. eToro – Best Stock Broker for Beginners in Australia
- 5. Oanda – Overall Cheapest Stock Broker in Australia
- 6. ThinkMarkets – Best Broker for Penny Stock in Australia
- Who Regulates Share Trading in Australia?
- Does Australia Have Its Own Stock Market?
- How to Choose the Best Stock Broker in Australia
How we test?
OnlineTrading aims to provide quality, simple, and proven information to its readers. Our team of financial experts carefully checks every detail to provide a unique and comprehensive guide to safe trading around the world.
Feedback from regular users is very important to us, so we try to consider the opinions of reviews and feedbacks from several trusted platforms. We spend about 100 – 250 hours analysing and collecting information on each trading platform to ensure our recommendations are reliable.
Naturally, we always remain impartial, honest and recommend only licensed and reliable brokers.
Compare Best Stock Brokers in Australia of 2023
In order to compile this list of the best stockbrokers in Australia, our team of experts spent many hours testing and reviewing each available broker in the country. Based on those tests, they later zeroed in on the 6 brokers that performed the best in all tests.
Below is a chart that summarizes the brokers and their offerings. Continue reading to learn more about stockbrokers in Australia and why these 6 qualify as the best ones.
1. IG Markets – Overall Best Broker for Stock and Share in Australia
IG Markets is a legendary online broker with a history that spans more than 45 years. It offers one of the largest and most varied selection of stocks in Australia and is licenced and fully regulated by the Australian Securities and Investment Commission (ASIC).
With 17,000 assets to choose between and three trading platforms – L2 dealer, ProRealTime, and MetaTrader 4 – you can customize your trading experience after your needs.
Furthermore, IG offers access to both the Australian and international stock markets and, if you trade CFDs, is completely commission-free.
IG Markets Pros and Cons:
- 17,000 assets (mostly stocks) available for trading
- Three platforms on offer, including MT4 and L2 dealer
- Advanced trading tools for experienced traders
- Can be quite expensive when trading on certain markets
- Mainly suitable for pros and not beginners.
2. CMC Markets – Best Stock Trading Broker with Free Minimum Deposit in Australia
CMC Markets offers 10,000 assets, 35,000 shares, and has more than 1 million active customers, making it one of the top online stock brokers in Australia and the rest of the world.
The broker also has no minimum deposit limit, meaning you can open a new trading account with as much or as little money as you want to. Combine that with the wide array of awards that CMC Markets has gotten over the years, and you have one of the best and cheapest stockbrokers in Australia.
As an Australian-based trader, you have three different account types and several ways to trade stocks with. For example, you can trade stocks using CFDs or directly from the exchanges.
CMC Markets Pros and Cons:
- 10,000 financial instruments and 35,000 stocks on offer
- Multiple broker awards from all over the world
- A newly launched trading app that allows you to trade whenever and wherever you are
- Rather high fees on certain markets
- The platforms can feel too advanced for beginners
3. Interactive Brokers – Best CFD Stock Broker in Australia
Interactive Broker is a US-based broker that – based on numerous tests and reviews – qualifies as the top CFD stockbroker in Australia. IBRK is one of the most well-established online brokers in the game with a reputation of being fair and providing trading tools for beginners as well as experienced traders.
Similar to many online brokers, Interactive Brokers allows you to trade on a range of different markets using the same account, meaning you can trade forex and stocks under the same roof.
Besides being regulated in Australia by the ASIC, IBRK has broker licenses in several of the toughest markets, including the United States, Canada, and the European Union.
Interactive Brokers Pros and Cons:
- A well-established brand with a great reputation globally
- Fully licenses in Australia, the US, the UK, and the EU
- Educational material to help traders excel, regardless of their experience
- IBRK charges a commission for all share CFDs
- Too many analytic tools available making it difficult to find the best one
4. eToro – Best Stock Broker for Beginners in Australia
Based on the number of active users (20+ million and counting) eToro is not only the best stockbroker for beginners in Australia but also one of the biggest stockbrokers in the entire world.
Much of eToro’s popularity is thanks to their groundbreaking copy trading platform where you can interact with other traders and even copy some of the best-performing ones. This limits the amount of analytic work that you need to perform to trade and invest in stocks efficiently.
Unfortunately, eToro is expensive with a high minimum deposit limit and spreads, meaning beginners wanting to use eToro to trade stocks in Australia must have a decent-sized trading budget.
eToro Pros and Cons:
- The best copy trading platform in the world
- Great reputation with more than 20 million users
- A highly-ranked mobile trading app
- High spreads and a $250 minimum deposit limit
- Not as many assets on offer as their competitors
5. Oanda – Overall Cheapest Stock Broker in Australia
Oanda is another US-based broker with an international reach. Due to strict trading laws, Oanda only offers forex trading in the US. However, in the rest of the world, Oanda is a multi-market broker offering forex, stocks, commodities, and much more.
Being the fact that Oanda does not have a minimum deposit level and fair spreads and fees, makes it one of the cheapest stockbrokers in Australia. As required by law, Oanda is registered and regulated by the Australian Securities and Investment Commission (ASIC). The license gives Oanda the right to offer CFD and forex trading to Australian traders.
Today, Oanda provides access to MetaTrader 4 as well as their own platform which you can adjust and tailor after your needs and trading style. This creates a dynamic trading experience that we really enjoy.