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Intro and winners
Top 5 picks for best international online brokers in Australia in 2023:
- Interactive Brokers is the best international online brokers in Australia in 2023. - Low trading fees. Wide range of products. Many great research tools.
- eToro - Free stock and ETF trading. Seamless account opening. Social trading.
- Saxo Bank - Great trading platform. Outstanding research. Broad product portfolio.
- Capital.com - Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
How did we select the best international online brokers in Australia in 2023?
- We checked whether the broker is regulated by a trusted regulator,
- Compared fees (including spreads, withdrawal fees, commissions),
- We checked and compared every aspect of their services,
- Opened an account and tested the platform (charting, features, usability) with real money.
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
Now let's jump straight to the results.
Best international online brokers in Australia in 2023
International online brokers' key info
While many international online trading brokers offer an excellent service, the ones in our toplist go the extra mile. These international online trading platforms offer a broad range of markets and asset classes and are suitable for beginners and experienced traders alike.
| Interactive Brokers | eToro | Saxo Bank | Capital.com | Alpaca Trading | |
|---|---|---|---|---|---|
| Overall score | 4.9 stars | 4.9 stars | 4.8 stars | 4.6 stars | 4.7 stars |
| Minimum deposit | $0 | $10 | $2,000 | $20 | $0 |
| Time to open account | 1-3 days | 1 day | 1 day | 1 day | 1 day |
Best international online brokers in Australia in 2023
Fee comparison of the best online brokers in Australia
In most cases, the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important fees for you in the table below.
| Interactive Brokers | eToro | Saxo Bank | Capital.com | Alpaca Trading | |
|---|---|---|---|---|---|
| US stock | $1.0 | $0.0 | $10.0 | - | $0.0 |
| UK stock | $3.4 | $0.0 | $9.0 | - | - |
| EURUSD spread | 0.1 | 1.0 | 0.7 | 0.6 | - |
| US stock index options | $6.5 | - | $30.0 | - | - |
| Mutual fund | $15.0 | - | $0.0 | - | - |
| S&P 500 index CFD fee | $3.3 | $3.1 | $3.1 | $2.5 | - |
Best international online brokers in Australia in 2023
Other fees at international online brokers
Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.
| Interactive Brokers | eToro | Saxo Bank | Capital.com | Alpaca Trading | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | No |
| Withdrawal fee | $0 | $5 | $0 | $0 | $0 |
| Deposit fee | $0 | $0 | $0 | $0 | $0 |
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Best international online brokers in Australia in 2023
Market regulation and safety in Australia
Brokers operating in Australia are overseen by the Australian Securities & Investments Commission (ASIC). ASIC is Australia's corporate, markets and financial services regulator. It is an independent Australian Government body. It regulates financial services, consumer credit and authorized financial markets operating in Australia and its mandate includes rooting out fraudulent activities and scams among services providers.
The nation's currency is the Australian dollar (AUD), which ranks among the top five most traded currencies globally. The AUD exchange rate is highly volatile as the currency's value is closely linked to commodity prices (Australia is rich in natural resources), which also fluctuate quite widely. The Australian Securities Exchange (ASX) is the largest stock market in Australia. It is headquartered in Sydney and is the 11th largest stock exchange in the world by market capitalization. ASX offers trading in major stocks, ETFs, derivatives, fixed income, commodities and energy, and holds more than 80% of the market share of the Australian cash equity market.
The Australian Securities Exchange (ASX) is the largest stock market in Australia and the 11th largest stock exchange in the world by market capitalization. ASX offers trading in major stocks, ETFs, derivatives, fixed income, commodities and energy, and holds more than 80% of the market share of the Australian cash equity market.
Best international online brokers in Australia in 2023
Taxation of trading in Australia
In Australia, you need to pay tax on profits you made from trading. This is called a capital gains tax (CGT), and under Australian law it is part of your income tax. The rate of tax varies depending on the type of trading activity and your tax bracket.
The CGT rate ranges from 19% to 45% for resident taxpayers. Non-residents are subject to tax of 32.5% levied on the first AUD 120,000 of their income, while any remaining amount is taxed at rates ranging from 37% to 45%.
Best international online brokers in Australia in 2023
Our assessment of best international online brokers for residents in Australia in 2023
At BrokerChooser we do our best to make it easier for you to compare and select the best broker for your needs. Here is a summary of our scores in the most important aspects of these trading platforms' services.
| Interactive Brokers | eToro | Saxo Bank | Capital.com | Alpaca Trading | |
|---|---|---|---|---|---|
| Overall score | 4.9 stars | 4.9 stars | 4.8 stars | 4.6 stars | 4.7 stars |
| Fees score | 4.5 stars | 4.2 stars | 3.0 stars | 4.3 stars | 4.8 stars |
| Mobile platform score | 3.5 stars | 4.9 stars | 5.0 stars | 4.9 stars | 4.2 stars |
| Deposit and withdrawal score | 3.0 stars | 3.8 stars | 4.8 stars | 4.5 stars | 1.8 stars |
| Account opening score | 3.2 stars | 5.0 stars | 4.3 stars | 5.0 stars | 4.8 stars |
If you are unsure how brokerage fees are charged, check out this article on the various fees, charges and costs.
And now, let's see the top international online brokers for 2023 for residents in Australia in detail one by one, starting with the winner, Interactive Brokers.
#1 Best international online broker in Australia in 2022
Interactive Brokers
Recommended for traders looking for broad market access and a professional trading environment
| Interactive Brokers snapshot | |
|---|---|
| Minimum deposit | $0 |
| Fees class | Low |
| Deposit method | Bank transfer |
| Withdrawal method | Bank transfer |
| Withdrawal fee | $0 |
| Time to open account | 1-3 days |
| Inactivity fee | No |
| Read review | For a detailed analysis of Interactive Brokers services, check out our review for 2023 |
#2 Best international online broker in Australia in 2022
eToro
Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero commission stock trading
| eToro snapshot | |
|---|---|
| Minimum deposit | $10 |
| Fees class | Low |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, China UnionPay, Klarna, POLi, iDEAL |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, China UnionPay, Klarna, POLi, iDEAL |
| Withdrawal fee | $5 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of eToro services, check out our review for 2023 |
#3 Best international online broker in Australia in 2022
Saxo Bank
Recommended for investors and traders looking for a great trading platform and solid research
| Saxo Bank snapshot | |
|---|---|
| Minimum deposit | $2,000 |
| Fees class | Average |
| Deposit method | Bank transfer, Credit/debit cards |
| Withdrawal method | Bank transfer |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of Saxo Bank services, check out our review for 2023 |
#4 Best international online broker in Australia in 2022
Capital.com
Recommended for investors and cfd traders looking for a great trading platform and excellent customer service
| Capital.com snapshot | |
|---|---|
| Minimum deposit | $20 |
| Fees class | Low |
| Deposit method | Bank transfer, Credit/debit cards, Apple Pay, PayPal |
| Withdrawal method | Bank transfer, Credit/debit cards, Apple Pay, PayPal |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of Capital.com services, check out our review for 2023 |
#5 Best international online broker in Australia in 2022
Alpaca Trading
Recommended for traders interested in algorithmic stock trading
| Alpaca Trading snapshot | |
|---|---|
| Minimum deposit | $0 |
| Fees class | Low |
| Deposit method | Bank transfer |
| Withdrawal method | Bank transfer |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of Alpaca Trading services, check out our review for 2023 |
Best international online brokers in Australia in 2023
FAQ
Which is the cheapest broker in Australia?
There is no such thing as the cheapest broker in Australia. Brokers charge many types of fees and their amount varies from broker to broker. There is strong competition among brokers in terms of fees and some focus specifically on low fees. Low cost brokers in Australia include Stake and eToro.
Which broker is the best in Australia?
The top brokers in Australia are:
- Interactive Brokers - Low trading fees. Wide range of products. Many great research tools.
- eToro - Free stock and ETF trading. Seamless account opening. Social trading.
- Saxo Bank - Great trading platform. Outstanding research. Broad product portfolio.
- Capital.com - Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
