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.
We used 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 review, 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.
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.
Australia's best platforms for day trading
Interactive Brokers: Best for active trading (2024 Finder Award winner)
As Finder's best rated day trading account for the last 3 years running, it's easy to see why Interactive Brokers is hugely popular with active traders. It features a long list of trading tools including technical analysis charts, over a dozen conditional orders and a range of available assets, including stocks, options and CFDs. Interactive is also one of the only brokers to offer OTC (over the counter) stocks and futures.
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.
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)
Tiger Brokers is one of the newest entrants to Australia's market and has already made its mark thanks to low fees on US options, solid trading tools and training resources for those looking to upskill.
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.
Brokerage fees: 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
CMC Invest: Best for Australian stocks (2024 Finder Award winner)
CMC Invest is a feature rich CHESS sponsored platform without the price tag. Along with low fees on global and ASX stocks, you get access to technical tools, stock analysis, watchlists and stock filters. You can also trade options (ETOs) and CFDs on forex, commodities, indices and stocks.
$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.
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
Webull is our pick for active ETF trading because of its $0 brokerage on ASX and US ETFs. Webull also offers stocks from Australia, the US, China (A-Shares) and Hong Kong as well as US options plus margin trading for both stocks and options. Useful features include extended trading hours, technical analysis charts and probability analysis tools.
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
Brokerage fee per trade: 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: 0.50% (50 pips) of trade value
As a streamlined brokerage app, Moomoo offers low-cost access to emerging stocks, as well as advanced trading tools, swanky charts, and extended trading hours. While options and futures trading aren't yet available in Australia, you can practice trading these on the demo account and you get access to top notch tools, such as their AI-driven technical analysis charts.
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.
Brokerage fees: 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: $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
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 offer 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.
As mentioned above, you'll need to have an account with an investment platform to start trading.
A clear strategy.
There's no one-size-fits-all trading strategy, so try and craft a strategy around your strengths as a trader.
Access to data.
Information is one of the keys to successful trading. Make sure you can access live market data and stay across any news and trends.
A trading goal.
Set a clear profit target and be disciplined about taking money off the table if you hit your targets.
A trading limit.
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.
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.
Frequently asked questions
There are many great apps that do not allow you to place trades but still offer a wide range of useful features for Australian share market investors, such as share market news, company reports, financial analysis and much more. However, all the apps listed above do allow you to place trades.
Most share trading apps are available for free to customers of online share trading platforms. However, you may need to pay an ongoing membership fee when you sign up to the online trading platform.
No, day trading is not universally suitable for everyone. It is a high-risk, high-reward strategy that demands a significant time commitment and expertise in market analysis. Success in day trading is elusive for the majority of participants, and it often requires a full-time dedication to the practice. If you are looking for a quick path to wealth through day trading, you are unlikely to achieve your desired results.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, 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 involve substantial risk of loss and therefore are not appropriate for all investors. Past performance is not an indication of future results. Consider your own circumstances and obtain your own advice before making any trades.
Kylie Purcell is the senior investments editor and analyst at Finder. She has completed a Certificate of Securities and Managed Investments (RG146) and specialises in investment products including online brokers, robo-advisors, stocks and ETFs. See full bio
Kylie's expertise
Kylie has written 148 Finder guides across topics including:
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