Best share trading platforms in Australia

If you’re among the growing group of Australians buying and selling shares online, or you’re interested in getting started, your choice of trading platform can make a big difference. The best share trading platform can depend on how easy it is to trade, how much you pay in fees and how convenient it is to keep track of your portfolio’s performance. Of course, which investment platform is best for your personal needs and goals will vary from person to person. Most providers offer a range of research and educational tools to help you pick stocks.

How do you pick a share trading platform?

The key to picking the right share trading platform for you is to thoroughly research the options. If you need help with your overall investing goals and strategy, you may benefit from seeking professional financial advice.

One helpful starting point could be Canstar’s Share Trading Platform Star Ratings and Awards, which recognise outstanding value providers our researchers have analysed in detail. You can also compare these on our database. The Share Trading Platform Star Ratings and Awards are assessed based on the fees (such as brokerage fees) charged by the platforms, as well as the features and services they offer to investors.

Canstar’s Awards methodology divides investors into three general groups:

Top-Rated share trading platforms on Canstar’s database for casual investors

These are the 5-Star Rated products from Canstar’s Online Share Trading Star Ratings and Awards – based on a combination of fees and features – for ‘casual’ investors (trades on average once a month). The table is sorted alphabetically by provider name.

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Source: Canstar Research, June 2024.

Top-Rated share trading platforms on Canstar’s database for active investors

These are the 5-Star Rated products from Canstar’s Online Share Trading Star Ratings and Awards – based on a combination of fees and features – for Active Investors (trades on average four times a month). The table is sorted alphabetically by provider name.
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Source: Canstar Research, June 2024.

Top-Rated share trading platforms on Canstar’s database for traders

These are the 5-Star Rated products from Canstar’s Online Share Trading Star Ratings and Awards – based on a combination of fees and features – for Trader Investors (trades on average 30 times a month). The table is sorted alphabetically by provider name.

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Source: Canstar Research, June 2024.

How to find the best online share trading platform for you

Based on the criteria used in our methodology to determine the top-rated platforms in Canstar’s Online Share Trading Star Ratings and Awards, here are three steps you could consider when deciding on the best share trading platform for you:

1. Understand what type of investor you are

The platform that ends up being the most suitable for you could be heavily influenced by your investment goals and trading habits. As an example, how frequently you buy and sell shares or other types of investment assets can have an impact on the fees you’re charged per trade. Some platforms and products also give investors access to a variety of asset classes and markets, while others offer a more straightforward suite of options.

2. Compare fees

Share trading platforms typically charge investors a fee each time they buy or sell shares, while some may also charge an ongoing account-keeping fee.

The way fees are charged can vary depending on the provider you choose. Some platforms charge a set dollar fee per trade, while for others, the fee is a percentage of the value of the trade. In some cases, the fee will be a set dollar fee for traders up to a certain value and a percentage-based fee for higher-value trades.

On top of comparing the amount charged by providers, it’s worth watching out for how these fees are charged. The way you are charged can impact your investment returns in the long term. For example, paying a set dollar fee (as opposed to a percentage-based fee) for low-value trades could end up being an expensive way to trade, whereas the opposite is true for high-value traders.

Of course, the fee level itself is just as important and can vary massively depending on the provider you choose. Similarly, there can be a huge difference between the ongoing fee levels charged by different platforms, such as account-keeping fees.

Bear in mind that some platforms may waive certain ongoing fees depending on how you use your account. For example, if you trade frequently, the ongoing fee could be reduced. The catch is that at least some of these possible savings on ongoing fees could be offset by trading costs.

3. Look at the features and services you get from the platform

The overall value you get from the platform you chose is typically determined by the fees you’re paying plus what you’re getting in return. That’s where the features and services on offer come into the equation. As a starting guide, these are a range of features that Canstar’s Researchers look at when assessing online share trading platforms:

• Opening. How easy is it to apply to open the account and get set up initially?
• Deposit and settlement. Does the provider make it straightforward to deposit funds into your account to start trading?
• Research. What tools does the platform offer to enable investors to carry out research that will help them decide how to invest? Research tools can include charting tools that let investors see the past performance of a stock or index over time, information about particular listed companies, market information and trends, dynamic trading information that updates automatically, and automated alerts with timely information.
• Trading features and tools. What markets does the platform offer access to? Does the platform give investors the ability to place conditional orders when buying or selling shares? You might want to consider whether the provider offers access to margin loans – a lending product that allows an investor to borrow money to buy shares.
• CHESS. Will the online share trading platform register your ASX share trades with the Clearing House Electronic Subregister System (CHESS) which records the transfer of a share’s legal ownership when a trade is made? Some providers offer this automatically, which can make it easier for investors to keep track of their holdings.
• Account management. How easy is it to access and use the account (e.g. through a mobile app), what security features does the platform provide and what tools does it offer if you are looking for reports to see how your portfolio is performing?
• Customer service. Does the platform offer a high level of customer support for users who need it; and what educational tools does it offer for those looking to become more informed investors?
• Closing. At the end of your journey as a user, how easy is it to settle and close your account?

Which trading platform is best for beginners in Australia?

Beginner investors in Australia often have different needs compared to established investors. This may affect which share trading platform ends up being the best for them. Beginner investors may be particularly interested in customer support and educational resources available through their platform of choice as they embark on their investment journey. Cost per trade can also be a big factor, particularly for beginners who are investing small amounts. This is because low-value trades are often subject to a set dollar amount fee, which can end up making up a relatively large portion of the trade value.

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