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The best options trading platforms in Australia (2023)

We've compared the fees and features of 40 trading platforms to find the best picks for options traders in Australia.

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By

Kylie Purcell

Updated

Fact checked

While options trading is hugely popular in the United States thanks to platforms like Robinhood, it's still a relatively untapped space for retail investors in Australia. That's quickly changing as more options trading platforms enter the scene offering costs that are lower than ever.

Best options trading platforms in Australia (2023)

Because the fees and features can differ dramatically from one broker to the next, we've compared 40 stock trading platforms to identify the best in Australia.

If you want to learn more about how to trade options, you can check out our full guide to options trading in Australia. Alternatively, at the time of writing, Tiger Brokers and Saxo Invested offer great demo account options to get you started before trying the real thing. Check them out below for more info.

Australia's best options trading platforms

Tiger Brokers: Easy to use mobile platform

Tiger Brokers logo
4/5 ★★★★★
Go to site Read review
Capital at risk
Cheaply invest in US, HK and AU shares
Easy access to international trading
Low-cost options trading
Tiger is rated one of Australia's best options trading platforms because it has incredibly low fees and great features. Commission fees for US options start at just US$1.99 per contract – the lowest we've seen to date. Its mobile platform is simple to use and features handy tools, such as technical analysis charts, analyst recommendations, financial reports and watchlists. Beyond options, you can also trade Australian, US and Hong Kong-listed stocks directly.
  • Low options trading fees.
  • Easy-to-use mobile platform.
  • No minimum deposits.
  • Buy stocks or trade options on one account.
  • It doesn't offer ASX options (US only).
  • Limited markets available.
  • Better suited to more experienced investors.
Brokerage fee per trade:
AU stocks: $5.50 per trade
US stocks: US$2
UK stocks: Not available
Other markets available: Details here
Options:
ASX: Not available
US: US$0.95/contract (Min. US$3 per order)
Inactivity fee: $0
Currency conversion fee: 0.53% of trade value

CMC Markets Invest: Best overall trading platform (Finder Awards)

CMC Invest logo
5/5 ★★★★★
Go to site Read review
Capital at risk
$0 brokerage for global stocks
$0 brokerage on ASX buy orders
Sophisticated research tools
CMC Markets is Finder's best overall share trading platform because it's great for new and experienced investors, has low fees and is packed full of features. You can also trade options on CMC by filling an additional options account form. Once accepted, you'll be able to trade Australian exchange traded options (ETOs) with all the features of the share trading platform, including conditional orders, stock filters, broker analysis and technical charts.
  • $0 brokerage on global stocks. CMC charges no commissions to trade stocks listed in the US, the UK, Germany or Japan.
  • A wide range of order types. You can place, buy and sell orders, amend and cancel orders and use conditional and linked orders to manage your investments.
  • Information from the market and experts. CMC Markets provides users with access to an extensive range of useful investment information to help you make the right trading decisions.
  • Customisable watchlists. It's easy to create and edit watchlists to monitor the performance of stocks.
  • Limited global markets. Only 4 global markets are commission-free to trade. Other global markets cost $59 per trade in brokerage while ASX stock trading starts at $11.
  • US options not available. You can only trade ASX exchange traded options (ETOs) on CMC.
Brokerage fees:
AU stocks: $0 brokerage (for buy orders up to $1,000) and $11 or 0.10% (whichever is greater) for all other buy and sell orders.
US stocks: US$0
UK stocks: £0
ETF brokerage fees:
AU ETFs: $0 brokerage for trades up to $1,000 (applied to the first buy order per ETF per day). $11 fee for trades up to $10,000. $15 fee for trades equal to or greater than $15,000.
US ETFs: US$0
Options:
ASX: $33/contract
US: Not available
Other markets available: Details here
Inactivity fee: $0
Currency conversion fee: 0.60% of trade value

Saxo Invested: For a long list of global markets

Saxo Invested logo
3/5 ★★★★★
Similar platforms Read review
Capital at risk
Low brokerage fees
Extensive global market access
Technical analysis tools
Through both the desktop and mobile platform, you can trade options on stocks listed in the US, the UK, Hong Kong, Europe and Singapore for a low cost. Saxo also offers enough tools to keep active and quant traders happy while also offering training resources and a demo account to try out those new skills.
  • Packed full of features including charts and advanced trading tools.
  • Offers listed options from 20 global exchanges.
  • Low options trading fees.
  • Platform may be too complex for newer investors.
  • CFDs are mixed in, which can be confusing.
  • No longer offers ASX options
Brokerage fee per trade:
AU stocks (Issuer sponsored): $8 or 0.08%, whichever is higher
AU stocks (Chess sponsored): $14 or 0.1%, whichever is higher
US stocks: US$8 or 0.06%
UK stocks: £8 or 0.10%
Options:
ASX: $5
US: US$3
Inactivity fee: $0
Currency conversion fee: 1% of trade value

Interactive Brokers: For a diverse range of trading options

Interactive Brokers Australia logo
5/5 ★★★★★
Similar platforms Read review
Capital at risk
Advanced trading features
Trade Australian and global shares
Trade OTC stocks from global markets
Interactive Brokers has been named Finder's best platform for active traders for the last few years running for good reason. Along with the most extensive list of trading tools we've seen, IB has some of the lowest fees and multiple account options to appeal to any investor. Interactive Brokers offers options on US, Canadian and Mexican stocks with trade fees starting from just $1 per order.
  • Low options trading fees.
  • Low brokerage fees for global stock trading.
  • Advanced trading tools.
  • No options available on Australian stocks.
  • Limited markets available for options.
  • Some features may be complicated for new traders.
Brokerage fee per trade:
AU stocks: $5 or 0.08% (whichever is greater) for trade values up to $3,000,000
US stocks: US$0.0035 cents per share capped at 1.0% of trade value
UK stocks: £1.00 or 0.050% (whichever is greater) for trade values up to £40,000,000
Options:
AU: $0.33/contract, min $1.10
US: US$0.25 - US$0.65/contract, min US$1.00
Inactivity fee: $0
Currency conversion fee: 0.20% (Flat US$2 for transactions below $10,000 or 0.2% for amounts above $10,000)

Westpac Share Trading: For high quality research features

Westpac Online Investing Account logo
4/5 ★★★★★
Similar platforms Read review
Capital at risk
Trusted major bank
Global stocks
Research tools
The Westpac Share Trading platform allows you to trade shares, warrants, exchange traded funds (ETFs) and exchange traded options (ETOs). While the trade costs can be higher than some other brokers, it has an easy-to-use interface and plenty of features to keep casual and active traders satisfied, including watchlists, live quotes, news and alerts.
  • Trade stocks and options from one account.
  • You can access live data, quotes and news to make investment decisions.
  • Customisable market sensitive alerts.
  • No US options available &ndash
  • ASX options only.
Brokerage fee per trade:
AU stocks: $19.95 or 0.11% of trade value, whichever is greater
US stocks: US$19.95 for trades up to US$5,000; US$29.95 for trades up to US$10,000; 0.31% for trades above US$10,000
Other markets: Details here
Inactivity fee: $0
Currency conversion fee: 0.60% of trade value

Our options trading platform methodology

We think the best options trading platforms in Australia offer low fees and advanced tools. However, the best platform for you will depend on your trading style and which markets you prefer to trade in. While most traders in Australia trade ASX-listed options, US stock options are also becoming more popular here and can be cheaper.

The options trading accounts featured below are the 5 highest rated according to our latest analysis. Finder's proprietary algorithm rates platforms highly if they have the following features:

  • Low options trading fees
  • Available on desktop and mobile
  • Technical analysis charts
  • Conditional orders
  • Margin trading
  • News feed
  • Broker analysis
  • Support options

While Finder has commercial deals with some online brokers, this does not impact the final selection of brokers. Our algorithm considers the fees and features of all stock trading platforms and narrows down the winners regardless of Finder's partnership deals.

For more information on how we rate platforms, you can check out our methodology page. Bear in mind that the brokers displayed on this page may not always be best for you and we encourage you to do your own research.

Compare your brokers

1 - 3 of 3
Updated regularly
Name Product Monthly fee Options trading fee Standard brokerage fee
CMC Invest
Finder Award
CMC Invest
$0
$33
$0
$0 brokerage on global shares including US, UK and Japan markets.
Trade up to 35,000 products, including shares, ETFs and managed funds, plus access up to 15 major global and Australian stock exchanges. Plus, buy Aussie shares for $0 brokerage up to $1,000. (Limited to one buy order per stock per trading day).
Go to site
More Info
Tiger Brokers
Exclusive
Tiger Brokers
$0
US$0.95
US$2
Finder exclusive: Get 15 commission-free trades on US or ASX equities for the first 180 days and US$50 fractional shares when you deposit at least US$500. Plus, all new customers get 1 free trade per month for the first 12 months (T&Cs apply).
Get one brokerage-free trade per month for the first 12 months for US or ASX markets. T&Cs apply.
Go to site
More Info
Webull
Webull
$0
US$0.50
US$0.25
Trade ASX and US stocks and US options, plus gain access to inbuilt news platforms and educational resources. You can also start trading for less with fractional shares.
Go to site
More Info
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Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.

How to invest in stocks

Share trading platform news: November 2023

  • ETF provider Betashares has launched a $0 brokerage investment platform that lets you buy units in individual ASX-listed ETFs or auto-invest into ETF portfolios.
  • The criminal trial against Sam Bankman-Fried (SBF), the founder of disgraced crypto exchange FTX, starts in the first week of October. SBF is alleged to have defrauded customer funds for his own use in business operations and political donations.
  • Interactive Brokers Australia has been slapped with an $832,500 fine by ASIC for failing to identify suspicious trading activity by one of its clients.
  • Sharesies has introduced a new monthly fee structure of $5, $10 or $20 per month for unlimited trades up to a certain amount. Alternatively, you can still pay as you go.
  • CommSec has launched a new global trading platform that lowers its fees for US stocks to US$5 per trade.
  • Tiger Brokers has launched an AI-powered chat bot called TigerGPT. While the feature is still in beta mode, Tiger says the AI bot will be able to access live stock data and subscription-only investment data.

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.

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2 Responses

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    HeatherSeptember 20, 2023

    Is Trade Safe a reputable trading platform?

    Reply
      AvatarFinder
      KylieSeptember 26, 2023Finder

      Hi Heather, I’m afraid I can’t find any details on this specific trading platform which is a red flag in itself. Before signing up to any trading platform make sure it holds an AFS license and is regulated by ASIC. This will ensure you’re protected under Australian laws.

      Reply
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