Day Trading platforms allows you to rapidly open and close trades, as well as trade using unsettled funds. Platforms like Commsec aren't the best for day trading – but there are still plenty of great options for day trading in Australia.
Here are some of the platforms that I've used and found to work for day trading:
eToro – Best Overall
eToro is the platform I use most often for day trading. Why? Because I can trade shares from all over the world and I don't pay any commissions. eToro recently real stock trading for U.S shares (meaning you own the underlying asset). What's more, you can trade fractional shares. This is perfect for day trading as you can open multiple smaller positions.
Because eToro doesn't charge commissions on U.S stocks I can open and close lots of trades during a day. It's also great for longer term trading strategies. Unlike platforms like Plus500 you aren't charged any overnight or weekend fees for holding unleveraged long positions.
On eToro you can trade stocks and ETFs, forex, commodities, indices and crypto. They have by far the biggest range of assets of the platforms listed here.
I also like the Copy Trading features on eToro. If you are a good trader, then people can copy you and you'll earn money for sharing your trades. If you're a newer trader, you can automatically copy the trades made by more experienced traders. You don't pay any extra fees for copy trading.
All in all eToro is currently my pick as the best day trading platform.
What I like about eToro
- Huge Range of Assets – Trade stocks from the U.S, Europe and Asia. You can also trade forex, crypto, commodities and more.
- Trade with just $50 – you don't need to be rich to start trading on eToro. You can get started with as little as $50.
- Copy Trading – Automatically copy the trades made by other traders.
- Great Interface – Good looking trading platform. Easy to learn and understand.
- Deposit using PayPal – One on the few platforms where you can deposit funds using a PayPal account.
Stake is a relatively new platform for trading U.S stocks in Australia. They are aiming to be the Robinhood for Australians. Stake doesn't charge any commissions on stock trades. This means you can open and close as many trades as you want.
Stake makes money from the FX conversion fee when you transfer AUD into your stake account and it gets converted into USD. This fee is very reasonable and way better than what Australian banks charge. I've found you don't even notice the fee.
The great thing about Stake is you can trade over 3700 listed stocks and ETFs. They also add new stocks on the day of their IPO so you can get access to prime trading opportunities.
Stake has fractional stock trading just like eToro. This means you can invest in stocks with as little as $5.
If you're a serious trader, you can upgrade to a “Black” stake account. This gives you access to advanced order types as well as the ability to trade on unsettled funds – which is perfect for day trading. The Black account costs $19 a month. This is a great deal for traders.
Personally I've been using the free account and have found it to work out really well.
Tip – Get a free stock worth up to $100 on Stake when you sign up using this link and transfer funds!
XM – Best for Forex
XM is a forex and CFD trading platform that has been around for a long time. If you're a forex trader then you'll love XM. They have really tight spreads and zero requotes. While beginners might struggle on XM, pros will love it.
XM uses the MetaTrader software for trading. I find this to be a bit outdated compared to a platform like eToro, but it is currently the market standard.
Tip – you can get $30 free (no deposit needed) when you signup to XM using this link.
EasyMarkets – Great Resources for Learning
I think EasyMarkets has the best resources for learning how to trade. If you're new to trading, they have a complete step-by-step course that takes you through all the terminology as well as help for coming up with a strategy.
You can take the EasyMarkets course here. Don't worry it's free and you don't need to deposit anything to begin.
EasyMarkets also has some unique trading features that make it a worthwhile trading platform. In particular I really like the DealCancellation feature. This lets you cancel a losing trade for free. Have you ever opened a trade before a big event, only to find the market moves in the opposite direction? Well with DealCancellation you can cancel the trade up to 6 hours after!
The other cool feature is 2% interest on deposits. This is much higher than the interest offered by banks. So if you're a day trader who likes to have a large amount of accessible capital sitting in your account, EasyMarkets could be a good option for you.
FTX – Best for Crypto
FTX is a relatively new trading platform for crypto. It's backed by Binance, one of the biggest names in the crypto world. In my opinion its the most reliable platform for crypto trading.
You can trade a huge range of assets on FTX as well as a huge range of derivatives and tokens. There is even a token for the U.S presidential election! FTX is an innovative company and they are constantly pushing the boundaries of what you can trade.
But FTX is also a great platform for just trading Bitcoin and Ethereum. You can trade with or without leverage. Although you can buy crypto through FTX, it's just as easy to deposit from an external wallet. You can deposit a huge range of digital assets including USDT and USDC.
In Conclusion – The Best Day Trading Platforms:
I use eToro the most. I think it's the best due to its unique copy trading and social trading features. Let me know in the comments what day trading platforms you're using.
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