While options trading is hugely popular in the United States thanks to platforms like Robinhood, it's still a relatively untapped space for retail investors in Australia. That's quickly changing as more options trading platforms enter the scene offering costs that are lower than ever.
If you're already familiar with options trading, you can find our list of the top Australian trading platforms (and why we picked them) below:
Best options trading platforms in Australia 2024
These are the 5 best options trading platforms, according to Finder's latest analysis of 40 platforms on things like fees, available markets, trading tools and more:
If you want to learn more about how to trade options, you can check out our full guide to options trading in Australia.
Alternatively, at the time of writing, Tiger Brokers and Saxo Invested offer great demo account options to get you started before trying the real thing.
Australia's best options trading platforms
1. Interactive Brokers: Best options trading platform (2024 Finder Award winner)
Interactive Brokers has been named Finder's best platform for options trading in 2024. Along with the most extensive list of trading tools we've seen, IB has some of the lowest fees and multiple account options to appeal to any investor. Interactive Brokers offers options on US, Canadian and Mexican stocks with trade fees starting from just $1 per order.
Low options trading fees.
Low brokerage fees for global stock trading.
Advanced trading tools.
No options available on Australian stocks.
Limited markets available for options.
Some features may be complicated for new traders.
Brokerage fee per trade: AU stocks: $5 or 0.08% (whichever is greater) for trade values up to $3,000,000 US stocks: US$0.0035 cents per share capped at 1.0% of trade value UK stocks: £1.00 or 0.050% (whichever is greater) for trade values up to £40,000,000 Options: AU: $0.33/contract, min $1.10 US: US$0.25 - US$0.65/contract, min US$1.00 Inactivity fee: $0 Currency conversion fee: 0.20% (Flat US$2 for transactions below $10,000 or 0.2% for amounts above $10,000)
2. Tiger Brokers: Best mobile app (2024 Finder Award winner)
Tiger is rated one of Australia's best options trading platforms because it has incredibly low fees and great features, albeit only offering US options. Commission fees for US options start at just US$1.99 per contract – the lowest we've seen to date. Its mobile platform is simple to use and features handy tools, such as technical analysis charts, analyst recommendations, financial reports and watchlists. Beyond options, you can also trade Australian, US and Hong Kong-listed stocks directly.
Low options trading fees.
Easy-to-use mobile platform.
No minimum deposits.
Buy stocks or trade options on one account.
It doesn't offer ASX options (US only).
Limited markets available.
Better suited to more experienced investors.
Brokerage fees: AU stocks: $2.99 per trade US stocks: US$1.99 UK stocks: Not available Other markets available: Details here ETF brokerage fees: AU stocks: $2.99 per trade US stocks: US$1.99 UK stocks: Not available Other markets available: Details here Options: ASX: Not available US: US$0.95/contract (Min. US$3 per order) Inactivity fee: $0 Currency conversion fee: 55 pips
3. Westpac Share Trading: For high quality research features
The Westpac Share Trading platform allows you to trade shares, warrants, exchange traded funds (ETFs) and exchange traded options (ETOs). While the trade costs can be higher than some other brokers, it has an easy-to-use interface and plenty of features to keep casual and active traders satisfied, including watchlists, live quotes, news and alerts.
Trade stocks and options from one account
You can access live data, quotes and news to make investment decisions
Customisable market sensitive alerts
No US options available &ndash
ASX options only
Brokerage fee per trade: AU stocks: $4.95 (trades up to $1,000); $9.95 (trades $1,000 - $3,000); $19.95 (trades $3,000 - $10,000); $29.95 (trades $10,000 - $28,000); and 0.11% of trade volume (trades over $28,000). US stocks: USD$19.95 (trades up to USD$5,000); USD$29.95 (trades up to USD$10,000); 0.31% of trade volume (trades over $10,000). Other markets: Details here ETF brokerage fees: AU ETFs: $4.95 (trades up to $1,000); $9.95 (trades $1,000 - $3,000); $19.95 (trades $3,000 - $10,000); $29.95 (trades $10,000 - $28,000); and 0.11% of trade volume (trades over 28,000). US ETFs: USD$19.95 (trades up to USD$5,000); USD$29.95 (trades up to USD$10,000); 0.31% of trade volume (trades over 10,000). Other markets: Details here Inactivity fee: $0 Currency conversion fee: 0.60% of trade value
Capital 19 offers individual support from experienced traders to help you grow your trading skills and knowledge. Along with detailed portfolio reporting and advanced trading options, it's a good place for any would-be options trader.
Specialist tools
Advanced trading tools
Fees aren't the most competitive
Brokerage fee per trade: AU stocks: $15 (trades up to $10,000); 0.15% (trades above $10,000) US stocks: US$20 (trades up to 1,000 shares); US$0.02 per share (trades above 1,000 shares) AU contracts: $30 (up to 15 contracts); $2 per contract (more than 15 contracts) US contracts: US$15 (up to 7 contracts); US$2 per contract (more than 7 contracts) AU futures: $10 per contract US futures: US$10 per contract
Inactivity fee: $0
5. Saxo Invested: For a long list of global markets
Through both the desktop and mobile platform, you can trade options on stocks listed in the US, the UK, Hong Kong, Europe and Singapore for a low cost. Saxo also offers enough tools to keep active and quant traders happy while also offering training resources and a demo account to try out those new skills.
Packed full of features including charts and advanced trading tools.
Offers listed options from 20 global exchanges.
Low options trading fees.
Platform may be too complex for newer investors.
CFDs are mixed in, which can be confusing.
No longer offers ASX options
Brokerage fee per trade: AU stocks (Issuer sponsored): $3 or 0.08%, whichever is higher AU stocks (Chess sponsored): $14.9 or 0.1%, whichever is higher US stocks: US$1 or 0.08% UK stocks: £3 or 0.08% ETF brokerage fees: AU ETFs (Issuer sponsored): $3 or 0.08%, whichever is higher AU ETFs (Chess sponsored): $14.9 or 0.1%, whichever is higher US ETFs: US$1 or 0.08% UK ETFs: £3 or 0.08% Options: US: US$2 Inactivity fee: $0 Currency conversion fee: 0.25% of trade value
How we picked the best options trading platforms
We think the best options trading platforms in Australia offer low fees and advanced tools. However, the best platform for you will depend on your trading style and which markets you prefer to trade in. While most traders in Australia trade ASX-listed options, US stock options are also becoming more popular here and can be cheaper.
The options trading accounts featured below are the 5 highest rated according to our latest analysis. Finder's proprietary algorithm rates platforms highly if they have the following features:
Low options trading fees
Available on desktop and mobile
Technical analysis charts
Conditional orders
Margin trading
News feed
Broker analysis
Support options
While Finder has commercial deals with some online brokers, this does not impact the final selection of brokers. Our algorithm considers the fees and features of all stock trading platforms and narrows down the winners regardless of Finder's partnership deals.
For more information on how we rate platforms, you can check out our methodology page. Bear in mind that the brokers displayed on this page may not always be best for you and we encourage you to do your own research.
What is options trading?
Options trading is a financial strategy where traders buy and sell contracts providing the right, but not the obligation, to buy or sell an asset at a predetermined price before or at the expiry date.
Traders use options contracts for a few main purposes:
To speculate on the future price movements of stocks or other assets without having to buy the underlying asset
To hedge against another trading position or holding
To add leverage to their trades
When you buy an options contract, you're either speculating on the price of an asset going up (a "call option") or down (a "put option") during a specific timeframe. If the asset hits the pice specified in the contract (the "strike") it is considered "in the money" and can be executed. If it doesn't reach that price, the contract expires at the specified date.
It's also possible to sell an options contract before it either reaches the strike price or expiry date, and many traders do exactly that as a way to lock in profit without having to buy the underlying asset.
Share trading updates: December 2024
December: More records tumble as the S&P 500 hits 6,000 points and the Nasdaq-100 hits 21,000 points for the first time.
November: The Nasdaq-100 and S&P 500 hit new all-time highs following the results of the US election.
October: The ASX 200 posted a new all-time high in October, passing 8,300 points for the first time ever.
September: The ASX 200 and S&P 500 hit new all-time highs in late September as global stock markets continued their strong showing in 2024.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
How to invest in stocks
Frequently asked questions
There are many great apps that do not allow you to place trades but still offer a wide range of useful features for Australian share market investors, such as share market news, company reports, financial analysis and much more. However, all the apps listed above do allow you to place trades.
Most share trading apps are available for free to customers of online share trading platforms. However, you may need to pay an ongoing membership fee when you sign up to the online trading platform.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
Kylie Purcell is the senior investments editor and analyst at Finder. She has completed a Certificate of Securities and Managed Investments (RG146) and specialises in investment products including online brokers, robo-advisors, stocks and ETFs. See full bio
Kylie's expertise
Kylie has written 134 Finder guides across topics including:
Hi Heather, I’m afraid I can’t find any details on this specific trading platform which is a red flag in itself. Before signing up to any trading platform make sure it holds an AFS license and is regulated by ASIC. This will ensure you’re protected under Australian laws.
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Is Trade Safe a reputable trading platform?
Hi Heather, I’m afraid I can’t find any details on this specific trading platform which is a red flag in itself. Before signing up to any trading platform make sure it holds an AFS license and is regulated by ASIC. This will ensure you’re protected under Australian laws.