Best Free Trading Platforms in Australia: Mitrade vs Webull and Others

So, you just started trading and are looking for a trading platform that does not charge brokerage fees? This can help keep your trading costs down, but if you are new to investing, you must find a platform that doesn’t just promise blanket free trading with hidden fees. Some platforms charge spreads, currency conversion fees, subscription fees, and overnight financing, which can all affect how much you pay.

The other consideration is what you can actually trade. Some platforms let you buy and own shares in Australian companies, while others offer access to financial markets through contracts for difference (CFDs). These products work differently, carry different risks and suit different trading goals. This guide explains what to look for in a trading platform, how different services compare and where Mitrade fits if you are considering CFD trading.

A free trading platform is an exchange that allows its users to access financial markets without paying a fee. However, in most cases, only a charge associated with trading is removed. This might mean no traditional brokerage commission on a stock transaction, no platform subscription fee or no commission on a CFD trade.

So, the important question is what the platform means by free, as providers use different pricing models. Overall, you should look beyond the headline claim to understand the full cost of placing and maintaining a trade on such platforms. These are usually the structures:

Commission-Free Trading 

Commission-free trading means the provider does not charge a separate commission for a qualifying transaction. It does not automatically mean that every aspect of the service is free.

For example, a stock trading platform may offer zero brokerage on certain transactions but charge for premium features, currency conversion, or other services. A CFD provider may not charge a traditional trading fee but incorporate a cost into the spread between the buy and sell prices.

Demo Trading

A demo account lets you practise using virtual funds rather than real money. It can help you learn the platform's interface, test order types and understand how prices move without risking your own capital.

However, a demo account is best treated as a learning tool, not proof that a strategy will be profitable.

Several platforms available to Australians offer $0 brokerage or commission-free trading on selected investments. Some focus on ASX shares and exchange-traded funds (ETFs), while others offer access to international markets or commission-free CFD trading. The best choice depends on what you want to trade, how frequently you expect to trade and which other costs apply.

1. Mitrade: Commission-Free CFD Trading

Mitrade offers commission-free trading on CFDs across the instruments available on its platform. Rather than buying and owning company shares, traders speculate on price movements through contracts for difference. This can appeal to people interested in actively trading markets such as shares, indices and other available instruments.

Mitrade also provides charting tools and a demo account for practising with virtual funds. However, commission-free does not mean cost-free: spreads and applicable overnight financing fees can affect trading results. CFDs may also involve leverage, which magnifies potential gains and losses. Mitrade is therefore better suited to readers exploring active CFD trading than those looking to build a portfolio of shares they own.

Open a Free Trading Account

      “Trade CFDs with an ASIC-regulated broker. Fast AUD funding via PayID. ”  

2. Betashares Direct: $0 Brokerage on ASX Shares and ETFs

Betashares Direct offers $0 brokerage on buying and selling eligible ASX-listed shares and ETFs, with no platform fees for opening an account, depositing or withdrawing funds. This may appeal to investors who want to make regular investments without paying brokerage on each eligible transaction.

The platform is particularly relevant to people investing in ETFs, including funds that track markets or follow particular investment strategies. However, zero brokerage does not remove the underlying costs of investing. ETF management fees may apply, and other charges, including transfer-out fees, may be relevant depending on the transaction.

3. IG: Commission-Free Share Trading

IG offers commission-free trading on eligible Australian shares and ETFs, as well as US and UK shares. Its international market access may appeal to investors who want to diversify beyond the Australian market through a single provider.

Before trading overseas shares, consider currency conversion costs and any other charges that apply. IG's advertised 0% commission does not necessarily mean every transaction is free. Check the current pricing and eligibility conditions, particularly if you expect to trade frequently or invest in multiple currencies.

4. CMC Invest: Free Eligible Share Purchases

CMC Invest offers $0 brokerage on qualifying first ASX share or ETF purchases valued below $1,000 per security, per day. This can suit investors who prefer to build a portfolio through smaller purchases rather than placing large orders.

The offer has conditions, and brokerage may apply to other transactions. Investors should check whether their intended order qualifies before placing it. CMC Invest may be worth comparing if you want to invest in individual Australian companies or ETFs while keeping brokerage costs down on eligible purchases.

5. Webull: Low-Cost Access to Selected Markets

Webull Australia offers $0 brokerage on eligible US shares and selected ETFs. Its platform also includes market data and research tools that may help users follow securities and review price movements.

Not every transaction qualifies for zero brokerage. Australian share trades can attract brokerage, while currency conversion or other applicable charges may affect international transactions. Check the current fee schedule for the specific security you plan to trade rather than assuming the offer covers the entire platform.

6. Vanguard Personal Investor: Free Vanguard ETF Purchases

Vanguard Personal Investor charges $0 brokerage when buying Vanguard ETFs through its platform. This can be appealing to long-term investors who want exposure to diversified funds and plan to make regular investments rather than trade frequently.

The platform is more limited than a general share-trading service if you want to trade a broad range of individual stocks. Selling Vanguard ETFs incurs a fee, and fund management costs still apply. It is worth considering for investors whose goals align with Vanguard's investment range and longer-term approach.

Mitrade is well-positioned as one of the best CFD trading platforms for Australians interested in actively trading financial market movements, rather than a conventional broker for buying and holding shares. On Mitrade, you can:

• Trade market movements: Use CFDs to speculate on price changes rather than purchase the underlying asset.

• Explore available markets: Check financial instruments on the ASX and supported global stock markets to see which are available.

• Analyse price movements: Use the platform's charting tools to examine market activity.

• Practise first: Explore the platform through a demo account before committing real funds.

• Compare trading costs: Review spreads and applicable overnight financing fees, rather than judging the service on commission alone.

However, if your goal is to own ASX shares or ETFs as part of a long-term investment portfolio, a conventional investing platform may be more appropriate. CFDs do not give you ownership of the underlying shares.

What Does Commission-Free CFD Trading Mean on Mitrade?

Mitrade offers commission-free CFD trading, but this should not be confused with trading without costs. Traders are charged a spread, and overnight financing fees may apply when a position is held beyond the specified rollover time.

For example, if a CFD has a quoted buy price of $10.05 and a sell price of $10.00. The spread is $0.05 per unit. If you opened and immediately closed a position using those same quotes, the spread charge would be $0.05 per unit, but you’ll pay no trading commission.

How to Trade With Zero Commission on Mitrade

Getting started only takes a few steps:

1. Open a Mitrade account within a few minutes.

2. Complete identity verification to activate your account.

3. Fund your trading account using your card, PayID, POLi, bank transfer, or digital wallets like Skrill and Neteller. 

4. Search for your preferred asset.

5. Analyse the market using Mitrade's charting tools and place your trades with risk management in focus.

Open a Free Trading Account

      “Trade CFDs with an ASIC-regulated broker. Fast AUD funding via PayID. ”  

While hoping to save costs using free trading platforms, here are a few things to look out for before choosing a platform.

1. Regulation and Client Protections

As an Australian player, check whether the provider is licensed and regulated by the Australian Securities and Investments Commission (ASIC). You should also read the account terms carefully, including how client funds are handled, what complaint processes are available, and which protections apply to your account.

2. Markets and Products Available

Not every platform offers the same products. Some focus on ASX-listed shares and ETFs, while others provide access to international shares, currencies, indices, commodities or other instruments through derivatives. Consider the markets you want to access and confirm that the platform offers the specific instruments you need.

3. The Full Trading Cost

A fair cost analysis should include the full fee breakdown, including:

• Spreads: The difference between the quoted buy and sell prices.

• Brokerage or commission: A transaction fee that may apply to certain products or account types.

• Overnight financing: A charge that may apply when leveraged CFD positions remain open overnight.

• Currency conversion: A fee or exchange-rate adjustment when trading in a currency different from your account's base currency.

• Other account fees: Potential charges for particular services, withdrawals or premium features.

Not every provider charges every fee. Review the current fee schedule and product disclosure documents for the platform you are considering.

4. Trading Tools and Ease of Use

A platform should make it easy to find relevant market information, monitor positions and manage orders. Depending on your experience and strategy, useful features may include charting tools, technical indicators, price alerts, risk-management orders and an accessible mobile app.

Beginners may also value educational material and a demo account. More experienced traders may prioritise chart customisation, order functionality and the range of available instruments.

Online trading involves financial risk, even when a platform offers educational resources or tools for managing positions. Market prices can move unexpectedly in response to economic data, company announcements, interest-rate decisions and geopolitical events.

CFDs carry additional risks because they are derivatives and may involve leverage. A relatively small market movement can produce a substantial loss in relation to the funds committed to a position. Spreads can also change with market conditions, while financing charges can affect positions held overnight.

Risk-management tools, including stop-loss orders where available, may help traders manage exposure, but they cannot eliminate all risk. Prices can move quickly, and execution may differ from the price expected.

Final Thoughts

The best trading platform depends on what you want to do. If you are interested in actively trading financial market movements through CFDs, Mitrade is a top option. The platform combines CFD market access with charting tools, demo account functionality and commission-free trading. 

Before opening a live account, review the available instruments, understand the spreads and any applicable overnight financing fees, and consider whether leveraged trading suits your financial circumstances.

However, CFDs are complex, leveraged financial products that carry a high risk. Ensure you have a trading strategy and use risk management tools such as stop-loss and take-profit to manage risk and reward.

Trading in Global Markets

Enjoy simple and fast trading

Flexible leverage options available

Follow real-time trading strategies

Demo account with $50,000 virtual funds

Start Now