Compare 4 best CFD trading platforms in Australia 2024

We review 63+ of the best CFD trading platforms in Australia to find the most secure brokers with low spreads.
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Updated: Apr 11, 2024
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This detailed guide is the result of our extensive research. We’ve picked out the top CFD trading platforms that offer the best service to help you start your investment journey by CFD trading in Australia.

To identify the best services, we created a checklist of key criteria that an Australia CFD broker must meet in order to earn a high ranking. The features it must offer include:

  • Regulatory approval from the ASIC, the financial regulator in Australia
  • A low-cost way to trade CFDs in Australia
  • A free demo account for beginners
  • A significant number of available trading instruments, including stocks, forex, commodities, and crypto CFDs where available

The results are clear: Our panel recommends eToro as the best CFD broker in Australia for 2024.

Best CFD brokers Australia

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Alongside eToro , a number of other Australia CFD brokers impressed the experts. We rank these platforms highly, as CFD trading platforms in Australia that offer a secure, simple, and low cost trading experience.

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1
Min. Deposit
$ 100
Best offer
User Score
9.9
Invest/buy real stocks and ETFs with 0% commission fees
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Start Trading
Payment Methods:
Debit Card, PayPal, neteller, Credit Card, Wire Transfer, WebMoney, Yandex, UnionPay, skrill
Full Regulations:
ASIC, CySEC, FCA

eToro Service ARSN 637 489 466. AFSL 491139. Capital at risk. See PDS and TMD.

2
Min. Deposit
$ 100
Best offer
User Score
9.9
Trade +2000 CFDs on Shares, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads with up to 1:5 leverage
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Visa, Mastercard, American Express, Trustly, Apple Pay, Google Pay, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill
Full Regulations:
ASIC, FCA, FSA, MAS, CySEC #250/14

Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3
Min. Deposit
$ 100
Best offer
User Score
9.7
Open an MT5 account to go long or short on 250 of the largest US, Australian, and European stocks
Instruments in 21 time-frames and 80 pre-installed indicators
Multi jurisdiction regulation by ASIC and VFSC
Start Trading
Payment Methods:
PayPal, neteller, Credit Card, Wire Transfer, Cryptocurrencies, skrill
Full Regulations:
ASIC, CySEC, FCA
74-89% of retail CFD accounts lose money

Our top 4 best CFD trading platforms in Australia, reviewed & compared

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1. eToro. Best for beginners, copy-trading & demo-account

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0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because you can trade more than 3,000 stocks, commission free. When you buy stocks on eToro, you’re buying the underlying asset, which means you can earn dividends. Or you can trade fractional shares, which means you can invest in even the most expensive stock from just $10.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the stock market every day, browse the latest analyst opinion about every one of those stocks, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: Stock and ETF trades are commission free. Stock CFDs are charged a 0.15% spread and overnight fees can apply. You can deposit money for free but you have to pay $5 per withdrawal, and there’s a minimum withdrawal of $30. A $10 per month activity fee is charged if you don’t log in for a year.

Highlights

Visit eToro eToro Review

eToro Service ARSN 637 489 466. AFSL 491139. Capital at risk. See PDS and TMD.

2. Plus500. Best for international CFD trading*

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From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 2000 stocks.

Plus500 has something for all types of stock trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting.

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding depending on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3. Eightcap. Best online broker for choice of trading platform

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Up to $3.5 RT

Fees

$100

Minimum deposit

800

No. assets

Yes

Demo/virtual account

Pros & Cons

Low trading fees for CFDs Trade directly from the TradingView platform Regulated by top-tier authorities Leverage up to 1:500 Partnered with multiple proprietary trading firms
Some markets are not available to all regions Customer support does not operate 24/7

Overview

We love Eightcap because you have several trading platforms to choose from. You can choose between MetaTrader 4, MetaTrader 5, and TradingView. All of these platforms are favourites among retail traders. With the MetaTrade suite of platforms, you can access lots of technical indicators, custom tools, and expert advisors. 

TradingView with Eightcap allows you to trade directly from your charts while accessing the hundreds of tools and features available. Eightcap has over 900 markets available including stocks, forex, indices, commodities, and cryptocurrencies. 

The fees: Eightcap is a CFD broker and charges spreads, commissions, or a combination of both. There are two account types available, RAW, and Standard. The RAW account has ultra-low spreads starting from 0.0 pips but charges $3.5 RT per lot. The standard account is commission-free for most assets and spreads start from 1 pip.

Highlights

Visit Eightcap Eightcap Review
74-89% of retail CFD accounts lose money

4. IG Markets: Best for trusted and transparent CFD trading

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...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Intuitive web trading platform Excellent demo account available Variety of deposit and withdrawal options Wide variety of useful educational tools Trading platform tutorial to get you started
High fees for CFD trading Slow account opening process Limited product portfolio

Overview

We love IG because it’s one of the most established and reputable names in the online trading industry, known for its reliability, comprehensive market offerings, and strong regulatory compliance. IG offers CFD trading in stocks, indices, ETFs and more, with plenty of useful plugins and integrations to improve the trading experience.

One of the key strengths of IG Markets is its seamless integration with MetaTrader 4 (MT4), a popular third-party trading platform favored by many traders for its advanced charting tools, automated trading capabilities, and custom indicators. This integration allows users to leverage MT4’s sophisticated features while benefiting from IG Markets’ competitive pricing, reliable execution, and extensive market access.

Beyond its product range and platform integrations, IG Markets stands out for its commitment to education and customer support. The company offers a wealth of educational resources, such as webinars, tutorials, and market analysis, which help traders of all levels improve their knowledge and skills.

The fees: Each stock trade is charged a commission, which varies depending on whether it’s a US, UK, or European stock. In each case, a minimum charge applies, so every US stock trade is charged $15 commission or 2 cents per side of the trade, whichever is greater.

Highlights

Visit IG Markets IG Markets Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

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Yes, you can legally trade CFDs in Australia. However, certain aspects of CFD trading are regulated by the ASIC. The restrictions generally work in your favour, as they are designed to protect retail traders from large, unexpected losses.

Primarily this means there are limitations on the amount of leverage that CFD brokers in Australia can offer, capped at 30:1, along with a limit on the maximum losses any retail customer account can experience. In addition, they must clearly warn traders of the risks involved so you can make informed trading decisions.

How to find a reliable CFD broker in Australia

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The key features that separate the best CFD broker in Australia from the rest are security, cost, the range of markets available. Keep those in mind and you won’t run into too many problems. 

If you need more help making up your mind, use this short Q&A to find the best CFD trading platform in Australia.

Are CFD brokers in Australia regulated?

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Yes. The Australian Securities and Investments Commission (ASIC) regulates CFD trading in Australia. CFD trading platforms in Australia must own an Australian Financial Services License (AFSL), issued by ASIC, in order to offer CFD products.

Many of the rules were introduced in 2021 to reduce the risk to Australian CFD traders and to restrict how Aussie CFD brokers can promote their products.

In 2022, ASIC announced that these regulations would stay in place until at least 2027.

Primarily, these restrictions serve to limit the amount of leverage available on CFDs to 30:1 and to ensure all CFD services must offer negative balance protection to control the maximum losses any individual trader can make.

How else do CFD trading platforms in Australia protect me?

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The top CFD brokers in Australia offer risk management tools to prevent beginner CFD traders from losing more money than they have in their account.

This is called ‘Negative Balance Protection’ and every platform must offer this feature to protect Australian traders. Indeed, no Australian CFD trading platform can get an AFSL license from ASIC without it.

This form of insurance is particularly useful if you use leverage or short CFDs, as it’s possible to lose significantly more than the initial value of your trade.

A Australian CFD broker should also protect you by providing Two Factor Authentication (2FA) to secure your account and with a customer service line that’s always open and available to help. 

What types of Australian CFD brokers are there?

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Most of the time, you’re going to be dealing with market makers. A market maker is a CFD broker in Australia that effectively creates a market for any asset at all times, so you can always buy or sell.

Other forms of Australia CFD brokers include direct market access (DMA) brokers or STP/ECN brokers. These offer faster trade execution or allow you to buy and sell from other traders directly, rather than through an intermediary. Though the truth is that these services are geared towards professional or high volume traders, rather than casual users.

How much do CFD brokers in Australia cost?

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Most CFD brokers in Australia offer no-commission trading, so you don’t have to pay each time you make a trade. However, the costs come elsewhere, usually in the form of the spread.

The spread is the difference between the buy and sell price of a contract for difference (CFD). The best Australia CFD trading platforms make money by taking a cut of that difference, so you can compare the costs of using different platforms by comparing the spreads. The lower the difference between the buy and sell price, the more cost-effective a platform is.

Do I have to pay tax on CFDs in Australia?

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It depends. If you only trade occasionally as a hobby, then according to the tax regulations laid out by the Australian Taxation Office (ATO) you don’t have to pay tax. If you trade CFDs with the view of making a profit, you’re classed as a speculator and your earnings are taxable. If you are a professional trader, you have to pay tax on CFDs.

There is some uncertainty over how much you have to trade to be classed as a speculator rather than a hobbyist. If you trade regularly, or with the specific aim of making a profit, then you are a speculator and should pay tax. If you only do so occasionally, like gambling on a sports event, you may not have to.

Keep a record of your transactions and ask the advice of a qualified tax professional to establish whether you have to pay tax or not.

Which assets can I trade through an Australia CFD broker?

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Any CFD broker in Australia will offer currency and commodity markets. CFDs are the most common way to trade forex and commodities like gold and oil.

You can also trade stock CFDs, though the range of markets on offer can vary. You can trade any stock that lists on the ASX (the Australian Securities Exchange, based in Sydney), and most large US companies. But share CFDs from other countries may not be available with every broker.

Currently, in Australia you can trade:

  • Commodity CFDs
  • Crypto CFDs
  • Forex CFDs
  • ETF CFDs
  • Indices CFDs
  • Stock CFDs

Though the regulation for crypto CFDs, in particular, can change rapidly. Crypto CFDs are currently permitted by ASIC, but we have seen regulators in other countries restrict this form of trading, so it’s worth checking in regularly to make sure it’s still available.

To buy and sell the underlying assets, rather than using CFDs, consider using the best share trading platforms in Australia, the best forex brokers in Australia, or the best Australian crypto exchanges.

Can I use leverage to trade CFDs in Australia?

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Yes, it’s common and legal to trade CFDs with leverage in Australia. The maximum permitted leverage is set by the ASIC, and all CFD brokers in Australia must abide by those rules.

In reality, each CFD broker in Australia also offers differing leverage on different assets. Currency pairs offer the most leverage, as it’s a vital part of successful forex trading, while stock and crypto CFDs generally offer the lowest.

Are there any other ways to trade?

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Yes, one of the most appealing aspects of CFD trading for beginners is the fact you can use CFDs to trade for and against the market. Shorting is when you place a trade on an asset or market to fall in value, and is a very popular way to trade.

Because of that, you can also use CFDs to hedge other trades that you have open. This is where you place a trade on the opposite position to one you made previously. It’s used as a risk management strategy to minimise losses or lock in profit in case something changes.

Do CFD platforms in Australia offer professional trading accounts?

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Yes, generally they do, although the qualifications can be steep. Most of the best trading platforms in Australia offer a retail account to all users, then provide faster execution speeds or lower spreads to high volume users who must meet certain capital requirements.

These accounts are only accessible to a small number of people, who have both significant starting funds and a high annual turnover. Unless you can supply the equivalent of at least 500,000 AUD as a qualifying deposit, it’s unlikely you’ll be able to sign up to a professional account with any Australian CFD provider.

How to start trading CFDs in Australia

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Follow this guide to learn how to use a CFD trading platform in Australia and to place your first CFD trade.

Step 1. Create an account

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Choose the best CFD broker in Australia and sign up with your email and contact details. You may be asked to supply some photo ID to meet ASIC regulations.

Step 2. Deposit some money

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Fund your account with your favoured payment method. Most CFD brokers in Australia accept bank transfers, card payments, and some e-wallets like PayPal, Zip, Up, and Beem It

Step 3. Choose what to trade

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Search for the asset you want to trade. Stock CFDs can be found by searching for the correct ticker symbol, and the same is true for currency pairs, commodities, and crypto CFDs as well.

Step 4. Decide whether to go long or short, and set your position size

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Choose whether to buy (go long) or sell (short) the asset. Then enter how much you want to trade (this is known as the ‘margin’) and how much leverage you want to use.

Step 5. Finalise the trade

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Check the details and execute the trade once you’re happy with it. After that, keep monitoring the position regularly until you’re ready to close it out. Consider setting stop-loss limits to protect you from unexpected swings in the market.

Choose a CFD broker

To summarise

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CFD trading is a popular and accessible way to trade for all Australia users, but there are a few risks as well. Australian CFD providers give you access to ASX stocks, global markets and a greater range of trading options, so you can back markets to go both up and down.

However, using leverage can lead to significant losses and, with CFDs, you don’t own the underlying assets themselves, so you have less investor protection than – for example – company shareholders.

This guide picks out the 4 best CFD brokers in Australia, based on their cost, accessibility, and the range of products available. Once you fully understand the pros and cons, choose any of the top CFD trading platforms above to get started with. It only takes a few minutes to start trading CFDs in Australia. 

FAQs

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Which CFD broker in Australia has the lowest spreads?
Which CFD broker in Australia has the most stocks to trade?
Which CFD trading platform in Australia has the best mobile app?
Which CFD broker in Australia has the best leverage & margin rates?


Sources & references
Risk disclaimer
James Knight
Editor of Education

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.