Important: If you're new to day trading, make sure you understand the risks first. Day trading is extremely difficult and less than 1% of traders remain profitable after 5 years1.
Selecting the best day trading platform is about finding a broker that offers low fees for high frequency trading along with features that keep you one step ahead of the rest.
Best day trading platforms in Australia (2024)
We use Finder's proprietary algorithm to find brokers that offer the best selection of tools and to nail down those with the most attractive fees for high frequency traders:
According to our latest analysis, Interactive Brokers is the best day trading platform in Australia thanks to its extensive list of available assets and trading tools especially designed for algorithmic traders. It also offers extremely low fees, particularly if you're looking to trade larger amounts frequently or using leverage.
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We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
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.
Australia's best platforms for day trading
1. Interactive Brokers: Best for active trading (2024 Finder Award winner)
- Low brokerage fees on global and ASX stock trades.
- Low options trading fees.
- Top quality trading tools.
- Complicated fee structure.
- Its app user rating is lower than some others.
- Its trader workstation is not for beginners.
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)
2. Tiger Brokers: Low fee options trading
- Low options trading fees.
- Trade ASX, US and HK stocks.
- No minimum deposits.
- Technical analysis tools.
- Slightly cheaper brokerage elsewhere.
- Might be tricky for newer investors.
- Limited access to global markets.
AU stocks: $2.99 per trade
US stocks: US$1.99
UK stocks: Not available
Other markets available: Details here
ETF brokerage fees:
AU stocks: $2.99 per trade
US stocks: US$1.99
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: 55 pips
3. Saxo Invested: 50+ markets
- Trade 23,000+ global stocks
- Advanced trading options
- Demo account
- Brokerage varies by market
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
4. Moomoo: Best for penny stock trading
- Extended trading hours.
- Demo account lets you practice trading stocks, options, futures.
- Level 2 market data available.
- Options and futures trading not yet available in Australia.
- May be too advanced for beginners.
AU stocks: $3 or 0.03% of transaction value (GST inclusive), whichever value is larger
US stocks: US$0.99
UK stocks: Not available
ETF brokerage fees:
AU ETFs: $3 or 0.03% of transaction value (GST inclusive), whichever value is larger
US ETFs: US$0.99
Options:
ASX: Not available
US: US$0.5 for fixed plan and US$0.35-$0.65 for tiered plan
Inactivity fee: $0
Currency conversion fee: 55 pips or 0.0055 AUD/USD
5. CMC Invest: Best for Australian stocks (2024 Finder Award winner)
- $0 brokerage on global stocks. CMC charges no commissions to trade stocks listed in the US, UK, Germany or Japan.
- Conditional orders. Along with market and limit orders, you can place a range of conditional orders to fine tune your strategy.
- Research tools. You get access to top quality research and filtering tools to help you find new opportunities.
- Technical analysis tools. You can build your own charts with CMC's technical analysis suite.
- Limited global markets. Only 4 global markets are commission-free to trade. Others are $59 per trade in brokerage.
- Leverage (CFD) trading is available on a different account to the main stock trading account.
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
6. Webull: Best for active ETF trading
- Free brokerage on ETFs
- Access to stocks from Australia, US, China (A-Shares) and Hong Kong
- US options trading at low fees
- Demo account available
- Quality technical analysis tools
- Fewer markets available than some other platforms
- No ASX options trading
- Zero commission trades are introductory only
AU stocks: $0.0003 per trade value (min $4.90)
US stocks: US$0.00025 per trade value
UK stocks: Not available
Other markets available: Details here
ETF brokerage fees:
AU stocks: $0
US stocks: US$0
UK stocks: Not available
Other markets available: Details here
Options:
ASX: Not available
US: US$0.50
Inactivity fee: $0
Currency conversion fee: 50 bps of trade value
Our methodology for the best day trading platforms
To find the platforms for day traders we analysed the fees and features of 40 platforms available in Australia. 40 features were included in the algorithm and the top rated trading platforms featured here had the highest average rating across the board.
Features included in the weightings were:
- Brokerage fees for active investors that make 30 or more trades per month
- The number of stock markets available
- Its product range, including stocks, options, currencies and futures products
- Whether it offers margin trading
- Advanced trading tools such as conditional orders and technical analysis charts
- Research tools such as stock ratings and news
- What support options are available
- Whether it's both desktop and mobile accessible
- It's appropriateness for advanced traders
For more information on how we determined our finalists, check out our full methodology.
What is day trading?
Day trading involves buying and selling financial instruments within the same trading day. Traders aim to capitalise on short-term price movements to make profits.
It's important to note that day trading can be highly volatile and risky, and it requires a good understanding of the market, technical analysis, and risk management.
If you're considering day trading, it's crucial to educate yourself, stay informed about market trends, and develop a solid trading strategy.
Keep in mind that financial markets can be unpredictable, and there are no guaranteed profits. It's recommended to start with a small amount of capital, use risk management strategies, and be prepared to handle the emotional challenges that come with day trading.
Before you start day trading
Day trading is difficult, with only 13% of traders remaining profitable over a 6-month period, and only 1% remaining profitable over 5 years1. If you're serious about becoming a day trader, it may be worth practising with a demo account for the first few months to see how you perform without risking your capital.
Many online brokers and share trading platform offer free demo or test accounts that you let you test your trading strategy without the risk of losing your money.
Checklist: What you need to start day trading
- A trading account.
- A clear strategy.
- Access to data.
- A trading goal.
- A trading limit.
As mentioned above, you'll need to have an account with an investment platform to start trading.
There's no one-size-fits-all trading strategy, so try and craft a strategy around your strengths as a trader.
Information is one of the keys to successful trading. Make sure you can access live market data and stay across any news and trends.
Set a clear profit target and be disciplined about taking money off the table if you hit your targets.
Make sure you also have a clear limit on how much capital you're willing to risk. It's extremely easy to try and chase losses and end up in a financial hole.
Advantages and disadvantages of day trading
Pros
- Potential for quick gains: Day trading offers the opportunity for rapid profit-making. Each trade decision represents a chance to earn money swiftly, which can outpace traditional investing.
- User-friendly access: Modern online brokerage platforms have made day trading accessible from the comfort of your home. Setting up your trading activities can be done conveniently through your computer and smartphone.
- Thrilling experience: Unlike long-term investments, day trading provides an exciting and dynamic environment. Researching opportunities, executing trades, and achieving successful outcomes can be a source of excitement.
- Risk mitigation: Day traders typically close their positions before the market closes, minimising the risk of overnight losses. This contrasts with regular investors who may face unexpected overnight market movements.
- Independence: For some dedicated individuals, day trading can become a full-time profession, offering the independence to work for yourself.
Cons
- High risk: Day trading is a high-risk, high-reward strategy. Making poor decisions can lead to rapid losses. Statistics in 2024 reveal a stark reality about day trading, not just in Australia but globally. A significant majority of day traders, over 80%, end up losing money within their first year of trading.
- Costs and taxation: Day trading can accumulate fees, and short-term capital gains may result in higher taxes. In Australia, selling investments held for less than a year may not qualify for the capital gains tax discount.
- Stressful nature: The fast-paced nature of markets can be stressful, especially when trades are not going as planned. Day trading can be akin to gambling and may lead to addiction, affecting one's well-being and relationships.
- Time-intensive: Successful day trading requires a significant time commitment. Extensive hours are needed for market research, tracking, and executing trades. Additionally, competition is fierce, even against professionals from major financial institutions.
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