The Most Profitable Trading Platforms in Australia for 2024

WORDS: Ocean Road Magazine Editorial Staff PHOTOGRAPHY Supplied

Traders. Improve your trading experience with platforms designed for success.

Trading platforms offer traders access to financial markets, enabling them to analyse charts, execute trades, and gather the relevant information needed to be profitable. The effectiveness of trading largely depends on the platform’s features and user-friendliness. This article explores the leading trading platforms tailored for traders in Australia for 2024.

Top Trading Platforms in Australia

Brokers often provide trading platforms at no cost or a reduced price in return for keeping an account or completing a certain number of monthly trades. A cursory Google search for “top trading platform Australia” should present options that offer robust features with low fees. Here are some platforms from our research worth considering to achieve excellent trading outcomes.

MetaTrader 5 (MT5)

MT5 is the newest version of MetaTrader’s acclaimed trading platform series. Developed by MetaQuotes Corporation in 2010, MT5 is an upgrade from MetaTrader 4. However, due to users’ familiarity with MT4, transitioning to MT5 has posed challenges. Many users still prefer MT4 for its simplicity. Consequently, MetaQuotes continues supporting MT4 and MT5 while gradually encouraging brokers to adopt this version through licensing agreements.


  • The charting features have been upgraded to include additional indicators and drawing tools. MT5 offers 38 indicators, 44 graphical tools, six pending orders, and 21 timeframes for enhanced analysis.
  • Added support for various instruments such as stocks, futures, and options.
  • Introduction of advanced order types and risk management tools.
  • Robust algorithmic trading capabilities through the MetaEditor IDE.
  • Multi-threaded strategy testing and optimization.
  • Features Depth of Market.


  • MT4 users will find the interface more straightforward to use.
  • The platform has expanded its coverage to include markets beyond forex.
  • It boasts improved speed and execution and tools for developing and testing trading strategies.
  • Users can use the MQL5 language, which is more efficient and straightforward. The language reduces the amount of code needed and removes duplicate functions.


  • Currently, fewer brokers are offering MT5 compared to MT4.
  • Some users might face challenges in mastering some of its features
  • Customization options for the user interface and charting capabilities are limited.

MetaTrader 4 (MT4)

MetaTrader 4 (MT4) is a leading trading platform for traders of all skill levels. Launched in 2005, MT4 has established itself as the industry standard with excellent features and tools for trading success.


  • An easy-to-use interface with customizable layouts and charts.
  • Advanced technical analysis tools.
  • Automated trading functions with Expert Advisors (EAs) and custom scripts.


  • MT4 is highly intuitive and user-friendly for beginners.
  • It boasts excellent community support with many online resources.
  • MT4 includes a built-in MetaEditor to develop trading strategies within the platform.
  • Users can also incorporate applications written in MQL4 and support from MQL5.
  • The platform is known for its reliability, stability, and regular updates.
  • Traders can backtest their strategies using historical data.


  • Compared to other platforms, MT4 has limited customization options. Its basic functionality is restricted to 30 indicators, 31 graphical objects, and four types of pending orders.
  • It is built mainly for FX trading.


TradingView is a charting platform that has gained popularity among traders due to its technical analysis features and social trading functionalities. It was created to help traders improve their analysis and decision-making processes.


  • Advanced drawing options and customizable chart layouts.
  • Social trading components for idea sharing and community discussions.
  • Integration with top brokers and support for various asset classes.
  • Scripting capabilities for developing customised indicators and strategies.


  • Comprehensive technical analysis tools and charting features.
  • A cloud-based platform accessible on any device with internet connectivity.
  • Active trading community with social trading functions.
  • Abundant educational materials and trading insights.


  • Limited order execution and trade management functions.
  • Has a subscription-based pricing model for advanced features.


Spotware Systems introduced cTrader in 2011 as a robust trading platform for FX traders. It focuses on offering solutions and building a social trading community within the industry.


  • Advanced charting tools and technical indicators.
  • Customizable charts and interface for maximum trading experience.
  • Market depth feature.
  • Automated trading capabilities.
  • A copy trading option for replication of successful strategies.


  • Widely supported by numerous forex brokers.
  • Suitable for traders at all skill levels.
  • Offers various trading options and efficient order management tools.
  • Employs powerful features to enhance trading efficiency.


  • There is a steep learning curve for beginners to master the platform.
  • It uses a unique programming language compared to other platforms.


OANDA offers a unique trading platform tailored to meet traders’ diverse requirements. Developed by OANDA Corporation, this platform seamlessly integrates vital trading tools, ensuring a smooth and effective trading journey.


  • Customizable layouts and charting features.
  • Comprehensive technical analysis tools and indicators.
  • The platform offers automated trading functions through OANDA’s API and connections to third-party services.
  • Robust risk management tools and advanced order options.


  • The broker is well known.
  • Follows standards with a commitment to transparency.
  • Various materials and trading resources are provided for traders of all levels of expertise.
  • Competitive pricing on spreads for currency pairs.
  • Reliable trading infrastructure ensuring fast execution speeds.


  • Some traders might find the user interface outdated or cluttered.
  • Smaller online community.

Selecting the Ideal Trading Platform

While no trading platform is flawless, those mentioned here represent some of the finest options for trading in Australia. Newbies must choose a platform that aligns with their trading strategy and caters to beginners. After understanding the basics, you can improve your skills with more complex tools. Best of luck with your investments.