In this article, we will talk about the best CFD trading platform in Australia. We will also talk about what to look for when choosing the right CFD trading platform for you.
There are hundreds of CFD trading platforms out there for Australians but most of these platforms are not great. There are only a few CFD trading platforms that are great.
Some of these CFD trading platforms are scams as well. It is important to know how to avoid these scam CFD trading platforms. Now, let’s briefly look at what CFDs are. If you already know what CFDs are, you can skip this section.
CFDs is the acronym for “Contract For Differences”. CFDs allow you to go long or short on the market. You could trade the following financial instruments as CFDs.
What to look for in a CFD Trading Platform
When choosing the right CFD trading platform there are several things that you should consider. These are regulations, software, trading fees, customer support, assets available for trading, minimum deposit, and methods of payments. Now, let’s discuss what things you must consider when choosing the right CFD platform in Australia.
When choosing a CFD platform in Australia, it must be regulated by Australian Securities and Investment Commission (ASIC). ASIC is a top-tier financial regulator that regulates financial services providers and enforces laws to protect customers in Australia. This helps you trust to Australian trading platform provider more. We always tell new traders to never ever choose a trading platform that is not regulated by ASIC in Australia.
Trading Software Provided
This is the next most important thing to consider. It is always a good idea to go with a good trading software provider. This mainly depends on several factors like whether you prefer trading on a mobile device or desktop and whether you do algorithmic trading or not.
If you trade on a mobile device you need to choose a CFD platform provider, that provides you with a good mobile application for trading.
If you do algorithmic trading, you need to choose a provider that provides you with a MetaTrader 4 or 5 trading software platform. These platforms are the best for algorithmic trading.
If you like social trading, then you should choose a platform provider that provides you with social trading features.
The usual trading fees come under commission and spreads. You should choose a broker who has tight spreads and charges you very low commissions/ no commissions per trade.
This can be an essential part of selecting a good CFD trading platform. Choose a platform that has 24-hour support so that you can contact customer support at your convenience.
Some trading platforms do not offer certain CFD assets that you can trade. It is important to choose a platform that has the asset class you want to trade. If you are a new trader we recommend you to trade forex as there are a lot of advantages to trading forex.
Some CFD trading platform providers require a larger deposit than others. If you don’t have much capital to start with, it is a good idea to choose a platform provider that doesn’t require much capital.
Usually, some CFD trading platform providers have different account types that you can choose from depending on the amount of capital you have to trade with them. If you have a lot of capital to invest you can get an account with more premium benefits.
Methods of Payments
This is also another important thing to consider. Some of these platform providers won’t accept certain types of payment methods.
But if you trading in Australia, it is a good idea to open an Australian bank account for trading. Most Australian trading platform providers will accept bank wire transfers, credit cards, and debit cards.
Even though it is good to be aware of how to choose the best CFD trading platform, we have done the hard work for you. We have reviewed a lot of trading platforms and narrowed them down to a few great ones that you can choose from.
Now, let’s talk about the best CFD trading platform in Australia, and also we will talk about 2 more alternatives to this CFD trading platform.
Best CFD trading platform in Australia
XM Trading Platform
XM best CFD trading platform right now in Australia. XM trading platform is regulated by a tier 1 regulator ASIC (Australian Securities and Investment Commission). With over 5 million clients worldwide, XM is an award-winning broker.
XM broker provides you with trading platforms to trade on the web, on your desktop, or on your mobile device. To sign up with XM Broker click the button below.
For mobile trading, XM broker provides you with a good mobile app. Figure 2 shows this mobile trading app. This app is downloaded by over 1 million users worldwide and it has 4.3 stars out of 5. With the XM mobile app, you can trade on the go.
If you are more interested in trading on the web, XM broker provides you with a web trader based on the MetaTrader 4 and MetaTrader 5 platforms. These platforms also work on PC and Macs.
XM broker also provides you with 24/5 customer support similar to that of AvaTrade. You can contact XM customer support through email, phone, and live chat.
This broker requires a minimum deposit of $5 and the spreads can go low as 0.6 pips for major currency pairs. XM broker does not charge any commission per trade.
Other Top CFD trading platforms in Australia
AvaTrade is another great alternative trading platform to XM. AvaTrade is regulated by the Australian Securities and Investment Commission (ASIC) and six other financial regulators. AvaTrade provides you with trading platforms that work on mobile, web, and on desktop. To trade CFDs with Avatrade click the button below.
For mobile trading, AvaTrade has a mobile trading app called AvaTrade. This is an award-winning mobile trading platform that works on both Android and IOS. Figure 3 below shows the AvaTrade Go mobile trading app.
If you want to trade on the web, AvaTrade provides you with a web trading platform. If you prefer to trade on your desktop or you want to run your algorithmic trading robot, AvaTrade provides you with the Metatrader 4/5 trading platform. Figure 4, shows the AvaTrade web trading platform.
AvaTrade does not charge a commission per trade and has spread around 0.9 for the EURUSD pair. AvaTrade also provides you with 24/5 customer support. You can contact AvaTrade customer support through WhatsApp, email, and phone.
AvaTrade requires a minimum deposit of $100. And AvaTrade accepts a range of payment methods. These include credit cards, visa, skrill, bank wire transfers, and Netteller.
There are other great alternatives to AvaTrade as well. Now, let’s talk about 2 other alternatives to the AvaTrade broker.
eToro Trading Platform
eToro is another great CFD platform provider that provides traders with a great web trading platform and a mobile trading platform. eToro is also regulated by the Australian Securities and Investment Commission (ASIC).
eToro’s mobile trading platform is downloaded by more than 10 million users worldwide. eToro is also known for its social trading feature. If you are interested in social trading, eToro will be a great CFD platform for you. Figure 5 shows the eToro mobile trading platform.
eToro has a web trading platform as well that has the same features and is based on their mobile trading platform. eToro does not provide you with the MetaTrader 4 or 5 platform. This means you won’t be able to do algorithmic trading with eToro. Figure 6 shows the eToro web trading platform.
eToro requires a minimum deposit of US $50. eToro customer support is based on support tickets. You can contact eToro customer service by opening support tickets and they will get back to you through email.
That’s it for this article. In this article, we talked about the best CFD trading platform for trading in Australia. We also discussed how to choose the right CFD trading platform.
If you haven’t signed up with any of these trading platforms, sign up below. Also, if you are interested in learning about how to trade forex step by step, check out our free guide here.