Best Day Trading Platform in Australia in 2021
Which is the best trading platform in Australia? Is the best trading platform also best for beginners and day trading?
We have, in July-Aug 2020, reviewed a great number of online trading platforms and found the answer in the list below. A few of the best platforms that didn’t make the list were trading platforms from Tradefred, BDSwiss, Nord FX, HotForex, CMC Markets and Saxo Bank. The winner from our comparisons and these reviews: AvaTrade’s trading platform is the best trading platform in Australia. AvaTrade is also great for day trading, whereas we would say that eToro has the best trading platform for beginners. MarketX and Plus500 also made the top four trading platforms in the Australian market.
The wonderful news for you as a trader is that all the ten trading platforms in the list below are completely free. The 9 best trading platforms in Australia are:
- AvaTrade Trading Platform, great for day trading.
- eToro Trading Platform, great for beginners.
- Plus500 Trading Platform, great for trading in multiple markets.
- BlackBull Markets Trading Platform
- MarketsX Trading Platform, great combination of technical indicators and fundamentals information.
- Trade Nation Trading Platform
- Pepperstone Trading Platform, offering many different platforms.
- FXCM Trading Platform
- AxiTrader Trading Platform
- City Index Trading Platform
Of course, all the top ten trading platforms are run by brokers that are correctly regulated and thus you can feel safe about your money. All are regulated by the Australian Securities & Investments Commission, ASIC. However, as always with trading, never invest more than you can afford to lose. Below you can read our more in-depth reviews of the best ten trading platforms for the Australian market.
1. AvaTrade Trading Platform
AvaTrade supports a wide variety of trading platforms. The brokers’ proprietary client-side AvaTrader trading platform works on Windows XP, Vista and 7, and a Macintosh version is also available. Of course, all of them are very easy to download and install directly on your desktop or laptop computer.
The screenshot below shows the extensive functionality of AvaTrader, including technical and fundamental analysis, reports, tutorials and account management features.
Also, the AvaOptions Web platform and the MT4 WebTrader allow you to sign in to your AvaTrade account using any Internet browser without having to install it on your computer. Lastly, the AvaTradeGo app allows you to trade in an AvaTrade account using an iPad, iPhone or Android phone and/or tablet so you can manage and view your AvaTrade trading account while away from home. Read more about the AvaTradeGO app here.
In addition to its own AvaTrader trading platforms, AvaTrade nicely also supports the following trading platforms: Metatrader 4, Metatrader 5. DupliTrader, and ZuluTrade. For those already using MetaTrader, AvaTrade also offers their own version of this popular forex trading software to make your account installation easier.
2. eToro Trading Platform
eToro has designed an original financial trading platform that incorporates graphic trading scenarios depicted as a race between currencies or a tug of war. That platform is available as a downloadable program. The company also has a professional trading application called “Expert Mode”, as well as a web-based trading platform called “WebTrader”. A screenshot of the software can be viewed here.
eToro also offers customers a mobile app that can be downloaded from the Apple App Store for the iOS version and from Google Play for the Android version. Read more about eToro’s excellent trading app here. The eToro platforms only allow you to trade in U.S. Dollars because a unified currency is required for transparency purposes on their global network.
The eToro trading platform is great for beginners both as it is really easy to start trading with and also because of its Copy Trading. Copy Trading is the bread and butter of the operation. At the center of the scheme stands the Copy People screen, which offers you several ways to locate traders who match your needs/trading style. The Popular Investor section is the display case of the Popular Investor program. Through this program, the broker rewards traders who are copied, thus offering them another way to monetize their trading skills. Everyone can become a Popular Investor, including you.
The Social Newsfeed seems to be the pride of the eToro platform. Through it, you as a trader can interact, open discussions, follow the moves of your peers, etc.
Notifications are also fed to you on the web platform as well as mobile. Every time a followed trader makes a move or posts something, you as the follower will be notified.
3. Plus500 Trading Platform
The trading platforms offered by Plus500 are very simple to operate and seem especially suitable for those interested in dealing in multiple markets. From one single screen, traders can obtain quotes in real-time for any of these asset markets and can execute transactions as well.
The Plus500 trading platform is available in a desktop version called Windows Trader and a web-based version called Web-Trader. In addition, a popular mobile version of the Plus500 platform is available that works on Apple devices like the iPhone, iPad, iPod Touch and Apple Watch. Plus500 apps also exist for mobile devices using the Android and Windows Phone operating systems. Read more about the Plus500 mobile trading app here.
The screenshot shown below displays the functionality of the Plus500 CFD trading platform, which includes trade execution, market pricing overview, a basic chart, position and account balance reports. The platform also has fund management capabilities, which give you as a trader the ability to make deposits and withdrawals from your trading account.
In addition to being able to watch various markets and execute trades, Plus500’s trading platform lets traders easily review past transactions and keep track of current positions. The software also includes a rather basic charting facility with multiple time periods available. Unfortunately, only one chart can be displayed at a time since the system does not support the simultaneous display of multiple charts.
In addition to the functionality provided by offering different versions of the Plus500 trading platform, the broker has also made some nice extra tools available for you as a trader.
One such tool is the Economic Calendar and the platform also offers a Trade Alerts service, as well as a Trader’s Guide.
Nicely there are also several tools available for risk management. Plus500 supports Guaranteed Stops and Trailing Stops, as well as Close at Profit and Close at Loss rates. For your convenience, these tools and their peculiarities are thoroughly explained at the broker’s website.
4. BlackBull Markets Trading Platform
BlackBull Markets offers three trading platforms.
- MT4 is a fully customizable online trading environment most traders know and love. The broker has made it available in a range of versions for Windows, Mac, iOS, and Android.
BlackBull’s version of the platform offers an institutional-grade experience. It supports EAs (Expert Advisors), and together with the VPS service the broker also offers, this sets the stage for profitable algorithmic trading.
Like most of its other features, MT4’s EAs are fully customizable. You do have to be handy with MetaScript, however, if you intend to program your custom EAs.
In addition to EAs and superb charting/technical analysis tools, BlackBull’s MT4 supports multiple order types and analysis tools. Other noteworthy features/functionalities of the platform are enhanced order execution capabilities and a market watch window.
- MT5 is another popular MetaQuotes trading platform, covering slightly different needs than MT4.
MT5’s main strengths are fast order processing, support for advanced pending orders and hedging, as well as a bevy of trading tools and technical indicators.
The version available for download at the BlackBull Markets website comes equipped with more than 30 preinstalled technical indicators, covering more than 20 time frames. The platform also features an integrated economic calendar to help with fundamental analysis.
Traders looking to access MT5 need to talk with the BlackBull Markets support first and obtain permission.
- The BlackBull Markets Web Trader is a simplified version of the MT4 platform. Its trading interface is intuitive, and it offers a great selection of drawing tools and technical indicators.
According to the broker, its Web Trader delivers all the benefits of MT4, in a highly compatible no-download package.
5. MarketsX Trading Platform
The go-to trading platform of MarketsX is a proprietary web trader. Besides being surprisingly powerful charting and analysis-wise, this platform is also available in mobile versions, for Android- as well as iOS-based devices.
Scores of technical indicators are included in the MarketsX package and there is a unique feature called a trading cube too. Real-time news feeds are also delivered for those keen on trading the fundamentals in combination with technical analysis.
MT4 is also part of the MarketsX platform offer. The world’s most popular (and arguably: best) trading platform hardly needs an introduction. It offers superb charting and analysis, with scores of technical indicators pre-installed in the freely downloadable version. Traders are free to add additional indicators and those so inclined, can even code their own.
MT4’s favorite feature is its support for EAs and for EA creation. EAs work best when coupled with a proper VPS service.
6. Trade Nation Trading Platform
Trade Nation’s bespoke trading platform is the embodiment of simplicity. According to the broker, it features everything traders need and nothing they do not.
Signing up for a practice account takes a few seconds. On a computer, the app launches through a browser, presenting a simple, almost barren trading interface.
On the left, there is a section presenting the tradable asset categories. Using the search tool, traders can look for their preferred tradable assets. The main section taking up most of the interface features a wide range of information on the listed assets. Using this interface, traders can gain a quick idea about the price of the asset, the direction of the price change, and the daily lows and highs. Users can open trades and orders directly from this interface.
They can also:
- Check additional information on trading hours, margin requirements, commissions, spreads, market expiry, etc.
- Set trading alerts with just a couple of clicks.
- View charts.
- Create watch lists and add assets to them.
Charting is surprisingly powerful. As traders click on the chart icon of their preferred asset, the platform opens a new window. This window can then be maximized.
The chart supports scores of technical indicators and time frames. An impressive number of drawing tools are also available. Launching trades is possible directly from the charts.
7. Pepperstone Trading Platform
Pepperstone offer some 11 trading platforms to their users. MT4 is arguably the centerpiece of this offer. MT4 comes with all the bells and whistles one may expect from it, and yes, that includes support for EAs and VPS. The platform also features an impressive number of technical indicators, as well as one-click trading straight off the charts. MT4 is available in Windows- and Mac-based versions.
In addition to MT4, Pepperstone offers MT5 as well as an MT4-based web trader, which is indeed the easiest to access and to use. Despite its no-download nature, this web trader is surprisingly powerful and capable. It too offers access to technical indicators and various trading tools.
The trading platforms are all available to you on iPhone, iPad and Android versions.
cTrader comes in three versions as well: there’s a downloadable, Windows-based version, a web trader, as well as a mobile platform.
8. FXCM Trading Platform
The trading platform selection of the broker is superb. It does not feature countless choices. Its two platform options cover all possible needs.
Trading Station is the proprietary web-based platform of the broker that anyone can launch in seconds. The broker offers a superb Demo account, with 50,000 units of virtual money. FXCM considers Trading Station to be its ‘main platform’. Unlike other proprietary trading platforms you might encounter, Trading Station is surprisingly powerful. If features scores of technical indicators, superb charting, and outstanding trading tools, such as Trader Sentiment, Market Depth, and Real Trading Volume indicators.
The platform is fully customizable. Users can add an impressive array of widgets and they can optimize the layout of their trading interface. Trading Station features support for automated trading strategies. In addition to strategy optimization, the platform also offers back-testing for various strategies. Through the Trading Station interface, users can trade directly off the charts. They also have access to technical- as well as fundamental data concerning the asset of their choice.
MT4 is the well-known and liked workhorse of the online FX/CFD trading industry. Charting- and features-wise, MT4 is certainly unbeatable. Those who download FXCM’s version are free to use any trading strategy, like scalping. The broker supports EAs as well as the VPS needed for the proper functioning of the Expert Advisors.
MT4 is also a fully customizable trading environment. Users can download and install it in a few seconds. The broker offers a Demo option for this platform as well.
As far as trading tools go, FXCM is probably one of the top destinations. In addition to access to Trading Central, the broker also offers trading tools such as:
- Social Trading
9. AxiTrader Trading Platform
Axi’s platform offer is built almost entirely around MetaQuotes’ MT4. The award-winning platform has been made available in a staggering array of versions, covering just about every device capable of running the software.
There are versions for PC, Mac, iOS, Android and there is a WebTrader too, which is a no-download, browser-based variant.
MT4 can be downloaded directly from the Axi website, in all its supported versions, for free.
In addition to the above-mentioned variants, MT4 NextGen and MT4 Multi Account Manager (MAM) versions are also available, together with MT4 Trading Signals.
MT4 hardly needs to be described for traders. It is by far the best trading platform for charting and live technical analysis. Axi’s version covers 61 currency pairs, and it supports EAs (Expert Advisors). It is available in a free Demo version as well as in a full, real money version.
Pretty much everything about MT4 – including charts, technical indicators, EAs and scripts – can be customized.
The NextGen version offers sentiment-based trading, in addition to advanced management tools and enhanced ordering.
The MAM platform allows account managers to trade block orders from a single master account. MAM supports no fewer than 6 allocation methods and as many order types, unique as well as normal.
As far as trading tools are concerned, the broker aims to cater to those using EAs. EAs work best with a proper VPS service, and Axi has this angle covered. Its VPS service is provided by 3rd party partners, such as ForexVPS and MetaTrader VPS. Commercial network services are also available.
Another interesting tool in the Axi arsenal is AutoChartist. AutoChartist looks for trade opportunities all the time, alerting traders whenever it happens upon a profitable setup.
The tool plugs seamlessly into MT4. It is available in a limited Demo version, which features a 5-candle delay. The range forecast feature of the tool lets traders set proper stop losses and take profits for their trades, based on statistical data.
PsyQuotation is a premium trading platform option, to which all newly registered Axi clients gain access for lifetime – as long as the offer stands.
The platform offers premium trading tools, scores of powerful technical indicators and it allegedly does better when it comes to forecasting and trading signals.
PsyQuotation is available in a Demo version as well.
Axi supports a number of 3rd party trading signal providers. Traders can use ZuluTrade, MyFXBook as well as Tradency and DupliTrade.
10. City Index Trading Platform
City Index supports three primary trading platforms as follows
- Advantage Web – this is a very customizable Web trading platform that won an award from ADVFN in 2017 for being the “Best Spread Betting platform”. The platform is straightforward to operate and offers twelve useful chart types and more than 80 technical indicators. In addition, it provides a Reuters news feed and a research portal with trading ideas that utilize both fundamental and technical analysis.
- AT Pro – this platform was intended for professional traders and offers advanced functions and a customizable interface. AT Pro lets users create their own templates using .NET, C# and Visual Basic programming languages, in addition to letting them select from various existing templates. The platform also offers charts that can be augmented with more than 100 indicators, as well as a back-testing tool that works with Excel to help traders analyze the success of their trade plan using historical data. The software also provides some useful trading strategy system choices like a moving average crossover system, an MACD line crossover system, and the Heikin-Ashi reversal system that uses candlesticks.
- MT4 Trading Platform – traders who enjoy using the ever-popular MT4 platform are supported by City Index, which combines its numerous trading tools with competitive variable dealing spreads. The standard platform has customizable indicators, advanced charting features and its Expert Advisor capability that lets you automate your own trading strategies or use an off the shelf trade signal or trading robot package.
The screenshot below demonstrates the functionality of City Index’s proprietary Advantage Web platform, which lets you monitor your account and offers support for technical and fundamental analysis. Both Advantage Web and AT Pro provide users with a very valuable Reuters news feed for high quality financial news and prompt economic data release announcements.
Also, the City Index allows you to trade on the go with their mobile trading platform that has apps suitable for both Android and iOS Apple mobile devices.
In addition to the mentioned platform features, the broker also offers an Economic Calendar and a Trading Signal service. The service delivers trading alerts via SMS, for free. All traders need to do is to manually subscribe to the service. Access to Trading Central is included with all supported account types.
Please share all the comments you might have on these online trading platforms in the comment field below. Which is the best trading platform in Australia according to you? And would you say that the same platform is also best for beginners?