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The best options trading platforms in Australia (2024)

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

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.

But first. let's understand some basics.

What is options trading?

Options trading is a financial strategy where traders buy and sell contracts providing the right, but not the obligation, to buy or sell an asset at a predetermined price before or at the expiry date. Here's a more simplistic explanation:

Imagine you're planning to buy a new smartphone that will be released in a few months, but you're unsure about its future price. To secure the current price and have the option to buy it later, you pay a small fee to the store owner for a "pre-order ticket."

Call option example:

  1. You pay a small fee (option premium) to the store owner for the right, but not the obligation, to buy the smartphone at today's price within the next three months.
  2. If the smartphone's price goes up, you can still buy it at the lower, pre-ordered price, saving money.
  3. If the price drops or you change your mind, you're not obligated to buy, but you forfeit the initial fee you paid for the option.

Put option example:

  1. Alternatively, you pay a small fee for the right to sell your smartphone to the store owner at today's price within the next three months.
  2. If the smartphone's price falls, you can sell it at the higher, pre-ordered price, avoiding losses.
  3. If the price rises, you're not obligated to sell, but you lose the initial fee you paid for the option.

Key takeaways:

  • Options give you flexibility. You're not forced to buy or sell but have the choice.
  • Small upfront cost. You pay a fee for the option, not the full price of the smartphone.
  • Managing risk. Options can help protect against price changes in the market.

Remember, this is a simplified analogy, and options trading involves complexities that traders should thoroughly understand before getting involved.

Best options trading platforms in Australia (2024)

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 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 Invest 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 Invest 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 ★★★★★
Go to site 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): $3 or 0.08%, whichever is higher
AU stocks (Chess sponsored): $14.9 or 0.1%, whichever is higher
US stocks: US$1 or 0.08%
UK stocks: £3 or 0.08%

ETF brokerage fees:
AU ETFs (Issuer sponsored): $3 or 0.08%, whichever is higher
AU ETFs (Chess sponsored): $14.9 or 0.1%, whichever is higher
US ETFs: US$1 or 0.08%
UK ETFs: £3 or 0.08%

Options:
US: US$2

Inactivity fee: $0

Currency conversion fee: 0.25% 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 Share Trading 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: $4.95 (trades up to $1,000); $9.95 (trades $1,000 - $3,000); $19.95 (trades $3,000 - $10,000); $29.95 (trades $10,000 - $28,000); and 0.11% of trade volume (trades over $28,000).
US stocks: USD$19.95 (trades up to USD$5,000); USD$29.95 (trades up to USD$10,000); 0.31% of trade volume (trades over $10,000).
Other markets: Details here

ETF brokerage fees:
AU ETFs: $4.95 (trades up to $1,000); $9.95 (trades $1,000 - $3,000); $19.95 (trades $3,000 - $10,000); $29.95 (trades $10,000 - $28,000); and 0.11% of trade volume (trades over 28,000).
US ETFs: USD$19.95 (trades up to USD$5,000); USD$29.95 (trades up to USD$10,000); 0.31% of trade volume (trades over 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.

News update: May 2024

  • Economic and market outlook. Softer-than-expected US CPI data for April has prompted hopes of a Fed rate cut and led to rallies in the US and Australian stock markets, gold and Bitcoin. The S&P 500 hit a record high and is now up 11.92% for the year (as of 16 May 2024).
  • Sector-specific performances. Uranium and other energy stocks remain some of the best performing sectors so far in 2024, with the Betashares Global Uranium ETF up 79.64% in 12 months (as of 16 May 2024).
  • Options trading activity. The return of meme stock poster boy Roaring Kitty to social media prompted a huge rally in GameStop (GME) and other meme stocks, along with a "suspicious" surge in GME call options, according to Interactive Broker's chief market strategist Steve Sosnick.1

Compare your brokers

Name Product Monthly fee Options trading fee Standard brokerage fee
CMC Invest
Finder Award
CMC Invest
$0
$33
$0
$0 brokerage on US, UK, Canadian and Japanese markets (FX spreads apply).
Trade over 45,000 shares and ETFs from Australia and 15 major global markets. Plus, buy Aussie shares or ETFs for $0 brokerage up to $1,000 (First buy order of each security, each day - excludes margin loan settled trades).
Tiger Brokers
Exclusive
Tiger Brokers
$0
US$0.95/contract (Min. US$3 per order)
US$2
Finder exclusive: 10 no-brokerage US or ASX market trades in the first 180 days + 7% p.a. on uninvested cash with first deposit of any amount, plus US$30 TSLA + US$30 NVDA shares with deposits up to AU$2000. T&Cs apply.
Trade Australian, US and Asian stocks with no minimum deposit on Tiger Broker’s feature-packed platform.
Saxo Invested
Saxo Invested
$0
US$2
US$1
Access 22,000+ stocks on 50+ exchanges worldwide
Low fees for Australian and global share trading, no inactivity fees, low currency conversion fee and optimised for mobile.
Go to site
Webull
$0
US$0.50
US$0.25
Get 30 days of $0 brokerage fees when you open your account. Receive $50 of TSLA shares and a $50 trading voucher when you deposit $200. T&Cs apply.
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.
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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.

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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

    Default Gravatar
    HeatherSeptember 20, 2023

    Is Trade Safe a reputable trading platform?

      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.

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