Top Share Trading Apps in Australia

Our evaluation process meticulously ranks the leading share trading platforms available to Australian investors by considering multiple criteria. We examine the range of tradable stocks, AUD payment options, user interface, transaction fees, and security measures. Additionally, we verify each platform's compliance with regulations set forth by ASIC and AUSTRAC. After this comprehensive review, we have found the top five share trading platforms in Australia.

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1. eToro

eToro has earned its reputation as the best overall share broker in Australia thanks to its user-friendly interface suitable for beginners and advanced traders. The platform provides various financial instruments, including shares, digital currencies, and commodities, allowing for a diversified investment portfolio. One of its standout features is the "CopyTrading" system, which enables users to mimic the trades of successful investors automatically. This not only simplifies the trading process but also serves as a learning tool. 

  • Fees: Deposits are free, withdrawals are $5, and there are 0% brokerage fees on share and ETF trading. Conversion fees apply.
  • ID Requirements: Full AML/KYC to onboard a personal or company account.
  • Deposit Methods: Bank Transfer, POLi, Osko, Debit Card, Credit Card, and PayPal.
  • Supported Assets: 3,000+ Shares, Fiat Currencies, Commodities, ETFs, Digital Currencies and Indices.
eToro

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2. Moomoo

moomoo is a US-based stock investing platform that offers services to Australians plus 18M+ investors worldwide. The platform offers a myriad of asset classes with over 11,000 US Stocks and ETFs, plus stocks from ASX. And it's one of the few trading apps to provide real-time Level 2 US-Market Data for free. moomoo offers an extensive range of tradeable assets, making it the go-to platform for traders looking for variety. From stocks and ETFs to options and futures, it provides a comprehensive list of investment options. 

  • Fees: 0.088% of transaction value, min A$8.8 per order. Deposits and withdrawals vary depending on the method.
  • ID Requirements: Full AML/KYC to onboard a personal or company account.
  • Deposit Methods: PayID & Bank Transfer.
  • Supported Assets: 11,000+ US & AU Shares and ETFs.
moomoo.

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3. SelfWealth

SelfWealth is an Australian-based trading platform that has gained popularity for its flat-fee trading structure. Unlike other platforms that charge a percentage of the trade value, SelfWealth offers a fixed fee, making it cost-effective for small and large trades. The platform also provides a unique social trading feature, where users can compare their portfolios with those of top-performing traders in the SelfWealth community. This fosters a sense of community and provides valuable insights into successful trading strategies.

  • Fees: $9.50 flat fee per trade. Deposits vary depending on the method, and withdrawals are free.
  • ID Requirements: Full AML/KYC to onboard a personal or company account.
  • Deposit Methods: Osko, Bank Transfer, BPAY & EFT.
  • Supported Assets: 2000+ Shares & ETFs.
SelfWealth

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4. Stake

Stake is an excellent platform for those who are new to the world of trading. It offers a simplified, easy-to-navigate interface that doesn't overwhelm beginners with too much information. Stake specialises in U.S. stocks, providing Australians with access to one of the world's largest markets. The platform also offers fractional shares, allowing beginners to start investing with a smaller capital. Educational resources and customer support are readily available, making it easier for newcomers to get started and build their trading skills.

  • Fees: 0% brokerage fees on US stocks, 0.7% foreign exchange fee on AUD deposits.
  • ID Requirements: Full AML/KYC to onboard a personal or company account.
  • Deposit Methods: Bank Transfer, Credit Card, POLi, Apple Pay & Google Pay.
  • Supported Assets: 8000+ Shares.
Stake

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5. IG Markets

IG Markets is renowned for its expertise in Contract for Difference (CFD) trading. The platform offers various CFDs, including those for forex, indices, and commodities. With its advanced trading tools and analytics, IG Markets suits traders looking for a more complex trading environment. The platform is also regulated by several financial authorities, adding an extra layer of security and trustworthiness. Its educational resources are top-notch, providing traders with the knowledge they need to succeed in the volatile world of CFD trading.

  • Fees: 0.7% forex fees for AUD to USD conversion.
  • ID Requirements: Full AML/KYC to onboard a personal or company account.
  • Deposit Methods: Credit Card, Debit Card & Bank Transfer.
  • Supported Assets: 17000+ Shares, ETFs, Traditional Currencies, Options & CFDs.
IG Markets

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Is Share Trading Legal in Australia?

Yes, it is legal to buy, sell, and trade shares in Australia. Shares represent a legal form of ownership in a company and are governed by a robust regulatory framework to ensure transparency, fairness, and investor protection. The Australian Securities and Investments Commission (ASIC) serves as the primary regulatory body overseeing share trading, while the Australian Securities Exchange (ASX) is the main platform where shares are bought and sold. 

Companies must adhere to stringent listing requirements, disclosure obligations, and corporate governance standards to be eligible for public trading. Investors are protected through a series of laws, such as the Corporations Act of 2001, which mandates accurate financial reporting and timely disclosure of material information. This well-regulated environment fosters trust and confidence in the Australian share market.

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Do I have to Pay Tax on Shares?

The taxation of shares in Australia remains a complex subject that varies based on several factors, such as the type of investor, the duration of share ownership, and the nature of the gains or losses. Generally, profits from selling shares are subject to Capital Gains Tax (CGT). If you've held the shares for over 12 months, you may qualify for a 50% CGT discount. 

Dividends received are also taxable and should be included in your annual income tax return. These dividends may come with franking credits, which can be used to offset your tax liability. The financial year in Australia typically runs from July 1 to June 30 of the following year, and individual tax returns must be submitted by October 31. It's essential to consult a tax advisor for personalised guidance, as the information provided here is general in nature.

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Conclusion

To wrap up, choosing the right share trading platform in Australia is crucial for a secure trading experience. Our review highlights top platforms that are ASIC-compliant and cater to various trading needs. eToro is the best overall broker with a user-friendly and offering a diversified trading experience. moomoo offers a wide array of assets, ideal for portfolio diversification. SelfWealth appeals to budget-conscious traders with its flat-fee structure. Stake is perfect for beginners, simplifying access to the U.S. market. IG Markets is the top choice for advanced CFD trading.