Many traders in Australia use mobile apps to trade. Many brokers operate in this country, each offering their own platform. Before making a choice, it is important to evaluate apps to find the one that perfectly suits your goals and strategy. TU analysts compared Top 5 mobile apps. You will be able to choose the Best Options Trading App in Australia for 2024, based on our assessments.
eToro is an international broker for trading and investing in assets, copying trades of experienced market players and earning income on offering your own successful strategy. The activities of eToro are controlled by European financial regulators: CySEC and FCA. The broker offers its clients the opportunity to trade indices with a maximum leverage of 1:20 and ETF instruments with a leverage of 1:5. Size of leverage in eToro can also vary depending on the regulation of the division of the broker you work with.
eOption is regulated by the following financial institutions: FINRA and SIPC. The next trading instruments are available to the clients of the company: stocks, options, ETFs, bonds, as well as fixed-income instruments. eOption fees are lower than those of competitors. In addition, a section with professional analytics is available on the official website of the broker. The eOption broker is a regulated broker focused on active US traders who prefer to trade options.
Swissquote is a broker that targets primarily large investors. The company is licensed by the reputable regulator FINMA and that ensures reliable protection of funds and interests of clients or investors in the event of disputes and conflicts. But for ordinary traders, Swissquote is not very convenient due to its unattractive working conditions. Swissquote is worth considering for those looking to invest from $1 million. If you are one of them, send us an email, and we will consult with you separately and help you do everything as quickly and reliably as possible. For ordinary traders, however, Swissquote is significantly inferior to its competitors in all respects.
DEGIRO has a high reputation and is a trusted broker for stocks, bonds, funds, options, and ETFs. DEGIRO provides its clients access to more than four world's largest stock exchanges. Trading is carried out through a convenient platform that allows you to track the quotes of the trading instruments you are interested in real-time. Commission fees in DEGIRO are low compared to competitors. DEGIRO is a regulated broker suitable for experienced and professional traders in the Eurozone who prefer to invest in stock market assets.
SaxoBank is a Danish broker designed for professionally active and passive trading.
1
Best Options Apps in Australia - eToro
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA.
👍 Advantages of trading with eToro for traders in Australia:
•High level of reliability ensured by the licenses of respected regulatory authorities and participation in the compensation funds.
•Wide selection of assets quoted at stock exchanges in the UK, U.S., Australia and Asia.
•An opportunity to combine active trading with social trading and passive investing.
•Zero-fee trading of a number of stocks.
•Access to ready-made diversified asset portfolios with various risk levels.
•Provision of leverage, educational materials on various markets and user-friendly trading platforms that can run on any device.
•Zero fees for portfolio management, depositing funds and account maintenance.
👎 Disadvantages of eToro for traders in Australia:
•High minimum deposit for users of a number of countries.
•No live chat on the website for quick connection to customer support.
2
Best Options Apps in Australia - eOption
The eOption broker (eoption.com) is an American stockbroker headquartered in Glenview, Illinois. It has been operating since 2007 and is a member of FINRA (CRD#: 7297/SEC#: 8-21765) and SIPC. It specializes in options trading and also acts as an intermediary in trades involving the popular securities classes. The company offers low trading commissions, super-fast execution of orders, and modern platforms with an advanced set of analytical tools. In 2020-2021, eOption was recognized as the best options broker by several resources such as Investopedia, The Tokenist, Benzinga, Investormint, and NerdWallet.
👍 Advantages of trading with eOption for traders in Australia:
•Low commissions for options trading — $0.10 per contract plus $1.99 per trade.
•No minimum deposit requirements for cash trading accounts opened by US residents.
•FINRA membership and the protection of clients’ funds are available through Securities Investor Protection Corporation (SIPC).
•Access to professional trading platforms such as DAS and Sterling Trader Pro are developed by third-party software developers for the proprietary eOption terminal.
•An affiliate program with high rewards.
•Compensation for commissions for funds or assets from other brokerage firms and institutions transfer.
•Prompt support by phone and online chat in the trading platform during company business hours.
👎 Disadvantages of eOption for traders in Australia:
•The narrow range of choice of investment solutions to generate passive income.
•You cannot trade Pink Sheet and Bulletin Board stocks.
•There is no online chat on the company's website.
3
Best Options Apps in Australia - Swissquote Bank SA
The Swissquote brokerage firm has been operating in the Forex market since 1996. The company is regulated by the Swiss Financial Markets Authority (FINMA). The company is a member of the Swiss Bankers Association. It has offices in many financial capitals of the world: Zurich, London, Dubai, Hong Kong and is moderately popular among traders. The company falls short in the category of customer service when compared to other top companies and is significantly inferior to popular Forex brokers in many other respects also. This is reflected in its place in the Forex broker ratings. Swissquote has prioritized reliability, while paying less attention to indicators that are important for each trader, such as the size of the minimum deposit, trading conditions, deposit conditions, and its rules on withdrawing funds. The quality of Swissquote Bank's customer support is also at a satisfactory level, but lower than that of the top brokers.
👍 Advantages of trading with Swissquote Bank SA for traders in Australia:
•availability of a license from an authoritative regulator;
•a wide range of financial services;
•a large selection of deposit currencies.
👎 Disadvantages of Swissquote Bank SA for traders in Australia:
•not very informative and slow working site;
•high spreads and commissions;
•large deposit;
•lack of multilingual support in the live chat;
•few promotions, bonuses, contests, or other special offers;
•a very complicated registration procedure that requires mandatory verification.
4
Best Options Apps in Australia - DEGIRO
DEGIRO is a Dutch investment company operating since 2008. The broker has been providing online services since 2013. Today DEGIRO is headquartered in Amsterdam and has offices in 18 European countries. Its activities are controlled by the Financial Conduct Authority (FCA, 574048), as well as regulators in the Netherlands: Financial Markets Authority (AFM, 12048408) and Central Bank (DNB, R128868). DEGIRO was awarded over 86 international awards: financial publications of Germany, France, Denmark, and the Netherlands have repeatedly recognized the company as the best stock market broker. How to open a DEGIRO account
👍 Advantages of trading with DEGIRO for traders in Australia:
•Low brokerage fees for trading stock market assets;
•The ability to open transactions on European and American exchanges;
•Simple trading platform functionality.
👎 Disadvantages of DEGIRO for traders in Australia:
•There is no online chat on the company's website.
5
Best Options Apps in Australia - Saxo Bank
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority (1149). After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. In 2017, the SaxoTraderGO terminal was recognized as the best trading platform for active trading according to FX Week’s e-FX Awards and ADVFN International Financial Awards. Can you trade options with Saxo Bank?
👍 Advantages of trading with Saxo Bank for traders in Australia:
•favorable trading terms for professional traders with at least 1 year of experience;
•over 71 thousand instruments for trading;
•the opportunity to invest in ready-to-use long-term portfolios managed by professionals.
👎 Disadvantages of Saxo Bank for traders in Australia:
•Cent accounts are not available.
•You can trade through proprietary platforms; access to the MT4 and MT5 terminals is not provided;
•a ban on algorithmic trading for traders from abroad;
•you cannot contact support in the online chat on the company's website.
Best Options Trading App in Australia 2024: Education for Investors
When choosing the app, it is important to consider educational tools offered by brokers. TU analysts prepared a comparison of educational programs.
eToro - Education for Investors
Investment Education Online
eToro pays special attention to the education of traders. The broker’s website features information about what copy trading, leverage and margin are. There are also descriptions of how to buy and sell various types of financial instruments.
Upon completion of registration, any trader can create a free demo account with a virtual deposit of $100,000 and practice trading in an entirely risk-free environment.
eOption - Education for Investors
Investment Education Online
There is a Training section on the website. There, you can find some useful information to help you make you take your first steps in trading. Also, there is a blog with articles on the stock market to help novice traders.
The eOption broker offers Paper Trading, an educational tool to study the platform and test the trading terms of the broker and your trading strategies.
Swissquote Bank SA - Education for Investors
Investment Education Online
Information
Videos, e-books, and training webinars are available on the Swissquote website.
All these instruments can be tested only on a real trading account before use, which is a disadvantage and may result in losses.
DEGIRO - Education for Investors
Investment Education Online
An extensive “KNOWLEDGE” section has been created on the DEGIRO website to help novice investors. It is full information about the basics of trading in the stock market, various types of analysis and charts of the world's stock exchanges.
The broker doesn’t offer a demo account, since theoretical knowledge can be immediately applied in the real market.
Can you learn trading with DEGIRO?
Saxo Bank - Education for Investors
Investment Education Online
There is a "Training" section to support traders. The materials for novice traders and professionals are in English.
You can apply your knowledge using a demo account.
Summary
In this review, you had an opportunity to learn about the features of 5 brokers, which traders in Australia choose the most. However, now you need to choose the best of them. You can do it using the scores given by the Traders Union. Check out the score table that will help you choose the Best Options Trading App in Australia 2024.
| eToro | eOption | Swissquote Bank SA | DEGIRO | Saxo Bank | |
|---|---|---|---|---|---|
|
Overall score |
9.4 |
9.3 |
6.76 |
9.6 |
7.48 |
|
Execution of orders |
9.1 |
9 |
4.37 |
9.3 |
8.15 |
|
Investment instruments |
9.7 |
9.6 |
9.76 |
9.9 |
6.74 |
|
Withdrawal speed |
9.5 |
9.4 |
5.14 |
9.7 |
7.57 |
|
Customer Support work |
9.3 |
9.2 |
8.44 |
9.5 |
6.54 |
|
Variety of instruments |
9 |
8.9 |
8.02 |
9.2 |
9 |
|
Trading platform |
9.8 |
9.7 |
4.84 |
10 |
6.87 |
|
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FAQ
Is it possible to register with a broker using the mobile app?
Yes. Brokers provide an opportunity to open an account and pass verification directly in the mobile app.
Do I need to pay for downloading the app?
Brokers do not charge a fee for downloading their mobile app. They are provided for free.
Are there updates for the apps of brokers?
Yes. Mobile apps of brokers are regularly updated and it is very important to update them in the view of proper operation of services.
If I remove the app from my phone and then reinstall it, will I lose the information?
No. The information is stored in the user account on the server. You will need to enter your username and password, pass two-factor authentication (if applicable) and you will have full access to your information.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.