The 5 Best CFD Trading Platforms In Australia For 2024

CFD trading platforms allow Australian traders to access various financial markets without owning the underlying assets. To trade CFDs, you need to open a broker account, which offers the tools and execution services needed to speculate on the CFD markets.

I reviewed over 40 CFD brokers authorised by the Australian Securities and Investments Commission (ASIC) to choose the best CFD trading platform for Australian traders. I tested each broker based on key factors like regulation, trading costs, range of markets, trading platforms, and customer service, which I think are solid metrics for a top broker. 

After reviewing the brokers, I narrowed my choices to six, highlighting their best features below.

Top 5 CFD Trading Platforms In Australia

1. DNA Markets — Best CFD Trading Platform
2. Eightcap — Great Broker with Most Crypto Markets
3. Pepperstone — Zero-Spreads Trading Platform
4. IC Markets — Lowest Spreads Trading Platform
5. IG Group — Widest Range of Markets

1. DNA Markets — Best CFD Trading Platform

DNA Markets is one of the newest Australian CFD brokers.

Founded in 2020, it has quickly made a name for itself with some of the best trading conditions. I put the broker at the top of my list because it offers the lowest commissions at $2.25 per lot traded with spreads from 0.0 pips on its MT4/MT5 platform, making it a true low-cost broker.

Pros of DNA Markets

• Access to top MT4 and MT5 platforms
• Lowest commissions at AU$ 2.25 on Raw account
• Trade major forex pairs
• Access copy trading with Signal Start

Low Commission on Raw Accounts

In my testing, I was impressed with DNA Markets’ low commission for its Raw account: $2.25 per lot traded.

This commission is roughly 35% lower than most other brokers charge, typically around $3.50 per lot, from my tests, saving you a lot of money over time.

In addition to the low commission, I found the Raw account spreads tight, starting from 0.0 pips, making the broker a standout choice for low trading costs.

Broker	Account Types	Commission (AUD)	Minimum Spread	Average Spread (EUR/USD)
DNA Markets	Raw	$2.25	0.00 pips	0.1
Eightcap	Raw	$3.50	0.00 pips	0.06
Pepperstone	Razor	$3.50	0.00 pips	0.1
IC Markets	RAW	$3.50	0.00 pips	0.02
FP Markets	Raw	$3.50	0.0 pips	0.1
CMC Markets	FX Active Trader	$2.50	0.10 pips	0.5
BlackBull Markets	ECN Prime, ECN Institutional	$3.00	0.10 pips	0.23

DNA Markets also offers a Standard account with variable spreads starting from 1.0 pips on EUR/USD and is commission-free. This account is a good alternative if you want a simple pricing structure without the commissions, allowing you to focus on your trading and not your costs.

Offers MetaTrader 4 & MetaTrader 5

As a MetaTrader specialist broker, DNA Markets offers both MT4 and MT5 platforms, giving you access to two of the most versatile trading platforms. 

MetaTrader 4 is a solid option with 30+ indicators and drawing tools, but you can expand this choice through custom indicators and expert advisors (EAs). Developing custom indicators lets you fine-tune the platform with personalised strategies that not many other platforms allow, while using EAs lets you automate them easily.

I prefer MetaTrader 5 because it offers more advanced tools for trading during the day. For example, the platform has an economic calendar that I can customise and receive alerts for, which is helpful for day trading to avoid volatile times. 

Copy Trading with Signal Start

DNA Markets enhances its MetaTrader platforms by integrating Signal Start, a social trading plugin that automatically follows and copies experienced traders.

I think a tool like Signal Start is a great way to capitalise on markets like forex without needing to analyse the markets or know how to trade. You’re leveraging the experience and proven track record of a professional trader who can do all the analysing and risk management, while Signal Start will mirror the trades for you.

My Verdict on DNA Markets

With some of the lowest commissions in the market, DNA Markets is a worthy nomination for best Australia Forex broker.

The Raw account has a spread from 0.0 pips and the lowest commissions I’ve tested, making it an attractive option if you are an active trader. I like that the broker offers MetaTrader 4 and MT5, as I think these platforms’ charting tools and customisation appeal to various trading styles.

2. Eightcap — Great Broker With The Most Crypto Markets

Eightcap offers Australian traders a range of trading platforms, from MT4 to TradingView, while providing tools to help you automate your trades using Capitalise.ai.

I placed Eightcap on my list because it has low spreads and a solid choice of 800+ markets, including 95 crypto markets, the most out of the brokers tested.

Pros of Eightcap

• Tight spreads on its Raw account
• Most cryptocurrency markets available
• Great choice of trading platforms
• Capitalise.ai offers a no-code automation tool

TradingView is great for Technical Analysis

Eightcap offers a range of trading platforms including MetaTrader 4, MT5, and TradingView to suit different trading styles. 

I’m a fan of TradingView, and I think it has the best charting package compared to the other platforms. Plus, I like that the platform is always updated with new features. For example, the platform constantly extends its range of 110+ default technical indicators, bringing new ways to analyse the markets without downloading specialist tools or programs. 

Eightcap also has MetaTrader 4 and MT5 platforms, which are top alternatives to TradingView if you automate your trades, as this is a key feature TradingView lacks.

No-Code Automation with Capitalise.ai

A feature that impressed me is Eightcap’s integration with Capitalise.ai, a no-code automation platform that opens up automated trading to those who do not know how to program expert advisors. 

When I tried the platform, you had an interactive tutorial to follow, and within FIVE minutes, I had already prepared my first strategy. This was easy to achieve thanks to the simplicity of typing my strategy rules in English, and the AI developed the automation, which can be used on the MetaTrader platform.

Low Spreads with Widest Choice of Cryptocurrencies

Eightcap was also impressive with its low trading costs for both trading accounts.

In my tests, the Standard account starts from 1.00 pips spread on EUR/USD, which is on par with the rest of the industry. The Raw account had much tighter spreads, starting from 0.00 pips on EUR/USD, with commissions of $3.50 per lot traded.

While reviewing Eightcap’s selection of markets, I found the broker’s lineup of 95 crypto markets to be the largest I’ve come across. These markets offer major cryptocurrencies like Bitcoin, Ethereum, and XRP, as well as more volatile alt-coins, giving you one of the best choices for crypto trading on my list. 

Pairing this range of cryptos with Eightcap’s other markets, including 56 forex pairs, 586 stock CFDs, 16 indices, and five commodities, gives you plenty of markets to trade.

Broker	Number of Crypto	Avg Spread of Bitcoin	Number of Forex Pairs	Raw Average Spread(EUR/USD
Eightcap	95	12.26	56	0.2
Pepperstone	19	25	62	0.16
IC Markets	18+	42	61+	0.19
FP Markets	11	21	63	0.2
easyMarkets	20	85 (Fixed)	62	85 (Fixed)
Axi	11	25	72	0.38

My Verdict on Eightcap

Eightcap is one of the best forex trading platforms, offering multiple options, including TradingView, MT4, and MT5, with low spreads from 0.0.

I found Capitalise.ai a top feature Eightcap offers, as it allows you to automate your trading strategies, which few brokers offer. I also appreciate the 95 crypto markets available, giving you the best choice from the brokers I’ve tested.

3. Pepperstone — Zero-Spreads Trading Platform

Pepperstone is among the most popular brokers, with over 400,000 traders using its services and processing $12.55 billion in daily trading volume.

I think its popularity is due to its excellent trading conditions, including offering 0.0 pips, fast execution speeds, and over 3,000+ markets to trade. The broker also offers the best choice of trading platforms, including cTrader, MT4/MT5, and TradingView.

Pros of Pepperstone

• Consistent 0.0 pip spreads on FX major pairs
• Access TradingView, cTrader, MT4, and MT5 platforms
• Fast execution speeds 
• Advanced trading tools for MT4/MT5 platform

Zero-Pip Spreads on Majors & Fast Execution Speed

Pepperstone has some of the best execution speeds of all brokers. According to tests, Pepperstone will complete limit orders in 77 ms and market orders in 100 ms. These impressive speeds help ensure you get your order at the target spread and avoid slippage. 

Execution Speed Tested Results
Broker	Limit Order Speed (ms)	Market Order (ms)
BlackBull Markets	72	90
Pepperstone	77	100
TMGM	94	129
IC Markets	134	153
FXCM	108	123
FP Markets	225	96
City Index	95	131
Axi	90	164
Eightcap	143	139
XM	148	184

Pepperstone spreads are often 0 pips, which means you only have a commission of $3.50 with the Razor account. This makes Pepperstone a cost-effective broker. 

Great Choice of Trading Platforms

In addition to providing excellent trading conditions, I found Pepperstone offers one of the best trading platform choices for Australian traders. You can choose between MT4, MT5, cTrader, and TradingView, covering every popular platform for various trading styles.

I think MetaTrader 4 and MT5 are probably the best fit for most trading styles, allowing you to develop custom indicators and expert advisors to automate your strategies. Interestingly, Pepperstone provides Smart Trader Tools with 28 additional tools to help improve the functionality of the default MetaTrader platforms.

These tools are helpful if you need better trade management or automated indicators like high-low indicator showing yesterday’s high and low prices, useful for breakout trading.

cTrader offers features similar to MT5, including automated trading and advanced tools like depth of markets, but also offers 60+ technical indicators and drawing tools. However, I think one of its standout features is its direct integration with Autochartist.

This tool provides automated technical analysis that allows you to review and trade off the analysis on the cTrader platform.

TradingView is a versatile trading platform available on mobile and desktop devices. It provides one of the best charting packages with over 110+ indicators, including automated support and resistance levels. 

My Verdict on Pepperstone

I think Pepperstone offers one of the best trading conditions in the industry with its fast execution speed, low trading costs, and great range of trading platforms.

Pepperstone’s Razor account is my top CFD account after achieving consistent 0.0 pip spreads in the tests, making it a top option if you are a scalper.

4. IC Markets — Lowest Spreads Trading Platform

Based in Sydney, IC Markets is one of the largest brokers on the list, with over 29 billion forex trades processed daily.

I placed IC Markets on my list as they achieved the lowest average spreads (0.73 pips) in the industry for the Standard account, helping you achieve lower trading costs. The broker also supports you with multiple trading platforms like cTrader, TradingView, MetaTrader 4, and MT5, and a solid choice of 2,250+ markets to trade.

Pros of IC Markets

• Lowest spreads for Standard account
• Advanced trading tools available
• Cheapest cTrader broker
• Solid range of financial instruments

Lowest Spreads on Standard Accounts

IC Markets proved to be the lowest spread broker in my tests, averaging 0.73 pips on EUR/USD on its Standard account. With the lowest spreads, IC Markets is one of the most cost-effective brokers on the list, especially considering that the Standard account doesn’t charge commissions.

The Raw account is equally impressive, recording average spreads of 0.19 pips in EUR/USD, putting it on the lower end than its competitors. However, you have to pay a $3.50 per lot commission to access the tighter spreads.

What I like about IC Markets is that it doesn’t matter which account you choose. Using the Raw or Standard account is a decent option to lower your trading costs.

Average Spread Test Results For Standard Accounts
Broker	Average Spread  Standard (EUR/USD)	Average Spread Standard (AUD/USD)	Average Spread Standard (GBP/USD)	Average Spread RAW (EUR/USD)	Average Spread RAW (AUD/USD)	Average Spread RAW (GBP/USD)	Combined Average Spread
IC Markets	0.73	0.82	1.15	0.19	0.23	0.27	1.03
Pepperstone	1.21	1.24	1.5	0.19	0.19	0.41	1.46
FP Markets	1.19	1.28	1.42	0.2	0.31	0.31	1.47
CMC Markets	0.8	0.77	1.08	0.44	0.68	0.9	1.11
Eightcap	1.16	1.34	1.49	0.2	0.48	0.44	1.51
BlackBull Markets	1.34	1.69	1.78	0.46	0.85	0.96	1.82
Axi	1.45	1.59	1.83	0.43	0.67	0.95	1.71
Go Markets	1.34	1.38	1.59	0.38	0.37	0.59	1.49

cTrader Platform has Lower Commissions

IC Markets, like Pepperstone, offers a solid variety of trading platforms, including MT4, MT5, cTrader, and TradingView.

While testing the broker, I think cTrader maximises the broker’s advanced features like direct market access and automated technical analysis from Trading Central.

I found that cTrader’s commissions are cheaper at $3.00 per lot traded (versus $3.50 on MT4), and these savings can stack up if you trade frequently.

Using cTrader, I could access IC Markets’ full range of markets, including forex, commodities, share CFDs, and cryptocurrencies, making it a top choice for day trading with lower fees. 

My Verdict on IC Markets

IC Markets had the lowest spreads in my tests, making it an easy choice to recommend.

Although it has the lowest spreads, I like that IC Markets doesn’t sacrifice its services, offering a solid range of markets and trading platforms. If you are looking for one of the lowest trading accounts, the cTrader Raw account is a solid option.

5. IG Group — Widest Range Of Markets

Founded in 1974, IG Group is one of the oldest forex brokers in the world. It leverages its 50 years of trading experience to provide great trading conditions.

IG Group made my list because it offers 17,000 products with low spreads from 0.60 pips, making it one of the largest ranges of financial instruments available.

The broker offers an excellent user-friendly online trading platform, as well as MT4 and ProRealTime (if you prefer to customise your trading platforms).

Pros of IG Group

• 17,000 financial instruments to trade with weekend trading
• Low spreads from 0.60 pips with no commissions
• Decent web platform and mobile trading app
• No minimum deposit required

Solid Trading Platform & App

I’m a fan of IG Group’s trading platform, and I think they’ve done a good job simplifying the charting experience.

The interface is clutter-free and easy to navigate between markets, while the charts have an impressive 60+ indicators, including advanced indicators like Fibonacci and Ichimoku.

The platform comes with some interesting tools, like the Signal Centre, which provides automated technical analysis on your platform. You can trade the signals directly from the alert, a great quality-of-life feature that makes it faster to follow the signal without manually placing the trade.

I found the mobile app has the same features as the web platform, which I like because it means you are not penalised for trading on a mobile device. The IG Group Trading App is available on Apple iOS and Google Android devices.

Widest Range of Markets with Low Trading Costs

In my opinion, IG Group stands out as one of the best CFD brokers if you day trade and seek access to global markets like the ASX or FTSE 100.

With over 17,000 markets covering equities, indices, forex, commodities, interest rates, and ETFs, IG Group provides plenty of opportunities to find volatility daily.

If you have long-term views of specific equities, share trading is also available, and you can buy and hold Australian shares, saving you money on CFD financing charges.

Share trading is also available, allowing you to access Australian shares and build a stock portfolio while trading CFDs. A unique feature of IG Group is that it allows you to trade indices over the weekend, capturing volatility from news flow on Saturday or Sunday.

My Verdict on IG Group

One of the reasons why I think IG Group has lasted over 50 years is its competitive spreads and the variety of markets available to trade. I think the broker is a solid pick if you day trade as you can switch between markets like stocks and forex with a single account, consolidating costs while making it easier to trade. 

How To Choose The Best CFD Trading Platform

Based on testing 40+ brokers, here are some factors to consider when choosing the best CFD trading platform:

• Execution Speed
  It’s important to choose a platform with fast execution speed, as slow brokers can cause you to miss pricing and cause slippage, which can be very costly.
• Low Trading Costs
  A natural way of choosing a broker is by how cheap they are; the lower the costs, the more profit you get to keep. 
• Range of Markets
  You want to choose a CFD broker that covers various asset classes.
• Regulation
  You have to choose a regulated broker. Fortunately, all Australian brokers are regulated by ASIC, so you’ll be protected under their license.
• Choice of Trading Platforms
  Look for a broker with your trading platform choice. If you are unsure, you can open a free demo account to try the platforms out.

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