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US stock trading platform Robinhood is known for being the low-cost app of choice among millennial traders and it may well be the most widely recognised online broker today.
The only problem is, Australians don't have access. Despite being regularly cited in the media, the app has not launched in Australia. So, we tracked down a list of US-stock alternatives that offer low or zero brokerage trading for Aussies.
Robinhood is a US trading platform founded in 2013 that offers zero commissions on stocks, options and ETFs. Thanks to its low fees, range of trading options and minimalist design targeting younger investors it's popular among traders.
Users of the app often trade stock options and other assets such as cryptocurrencies using leverage. This is a higher-risk form of trading because both your profits and losses are amplified. You can check out our Robinhood review from Finder US for more on the app. However, you can't access it unless you hold US residency.
eToro may well be Australia's closest app to Robinhood, with low fees and a platform angled at the next generation of traders. Like Robinhood, eToro does not charge commission on US stocks and it allows you to trade a mix of stocks, commodities and currencies using leverage.
Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.
Like Robinhood, IG offers zero brokerage trading for US stocks and ETFs. However, it adds to this with an international offering. In addition to US stocks, it offers access to Australia, Germany, Ireland and UK stock markets. Users can also trade forex, cryptocurrencies and commodities using IG's platform.
CMC Markets has among the lowest fees in Australia for both global and Australian (CHESS-sponsored) shares. The platform offers 2 account options, 1 for share trading and 1 for CFD trading. With CMC's stock trading account, you get zero brokerage on stocks from US, UK, Canada and Japan, and Australian shares starting at $9.90, plus you can apply to trade options.
Saxo Capital Markets has one of the biggest global stock offerings in Australia, with users able to trade on more than 40 global exchanges. Similar to Robinhood, you can trade a mix of stocks (including options), ETFs, forex, commodities and cryptocurrency markets.
Stake is Australia's first zero brokerage trading app for US-listed stocks. Users can trade thousands of stocks and ETFs listed on the NYSE and NASDAQ on their mobile or desktop. Unlike Robinhood, it doesn't allow trading with leverage and users don't have access to other assets such as forex or cryptocurrency.
SelfWealth is not the cheapest for US stocks, but it distinguishes itself by offering a flat $9.50 brokerage fee for CHESS-Sponsored ASX stocks. SelfWealth doesn't offer leveraged options such as CFDs or forex, however it comes with solid stock research and portfolio tools, making it suited to long-term investors.
Not what you're after? You can compare other share trading platforms in the table below.
Important: Share trading can be financially risky and the value of your investment can go down as well as up. Standard brokerage is the cost to purchase $1,000 or less of equities without any qualifications or special eligibility. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
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