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Alternatives to Robinhood in Australia

You can't access Robinhood in Australia, so here are 6 low-cost alternatives to trade US stocks.

Popular American broker Robinhood is known for being the low-cost app of choice among millennial traders. It may well be the most widely recognised online broker today.

The only problem is, Australians don't have access to it. Despite being regularly cited in the media, the app has not launched in Australia.

So we've tracked down a list alternative platforms that offer the same low or zero brokerage fees for US stocks as Robinhood.

What is Robinhood?

Robinhood is a US trading platform founded in 2013 that offers zero commissions on stocks, options and ETFs.

The good thing about Robinhood is it's cheap. 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.

Who is our overall choice for the best Robinhood alternative?

We've judged eToro to be the best overall broker due to:

  • $0 brokerage US stock trading
  • You can protect your funds and investment insurance features
  • Social trading tools such as "copy trading"
  • Fractional share trading available
  • Cryptocurrency trades available

But don't fear, here are 6 Robinhood alternatives:

1. eToro

With an eToro trading account, you get commission-free AU, US, European and Hong Kong stock trading plus access to forex, cryptocurrencies, ETFs and commodities.

eToro may well be the closest app to Robinhood that we have available. Like Robinhood, it's a low-cost platform angled at the next generation of traders. The great thing about eToro is it does not charge commissions on US stocks and it allows you to trade a mix of stocks, commodities and currencies using leverage.

  • Brokerage fee: $0 for AU, US, EU and Hong Kong shares
  • Inactivity fee: US$10 per month if there’s been no log-in for 12 months
  • Products: AU stocks, US stocks, European stocks, US ETFs, forex, cryptocurrency and commodities
  • Access: Mobile app and desktop
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More info

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.


alternative-to-commsec-ig-markets

2. IG

An IG share trading account offers zero brokerage fees on international and US stocks.

Like Robinhood, IG offers zero brokerage trading for US stocks and ETFs, but it goes a step further and adds an international offering. It provides access to stock markets in Australia, Germany, Ireland and the UK. Users can also trade forex, cryptocurrencies and commodities using IG's platform.

  • Brokerage fee: From $5 for ASX shares; $0 for global shares
  • Inactivity fee:
  • Products: Australian and international shares, forex and CFDs
  • Access: Mobile and desktop

More info


3. CMC Invest

Zero commission on US and global shares from the mobile and desktop app.

If you're looking for low fees, CMC has you covered. It has some of the lowest fees in Australia for both global and Australian (CHESS-sponsored) shares. With CMC's stock trading account, you get zero brokerage fees on stocks and ETFs from the US, the UK, Canada and Japan, although like most platforms, you do pay a small currency conversion fee. Australian shares start at $0 brokerage for trades of up to $1,000.

  • Brokerage fee: From $0 for ASX stocks; $0 for US, UK, Japanese & Canadian stocks
  • Inactivity fee: $0
  • Products: Australian and global shares, options, managed funds and cryptocurrency
  • Access: Desktop or mobile app
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More info


4. Webull Australia

Trade US equities, ETFs and options for $0 commissions in the first month.

Like Robinhood, Webull is hugely popular in the US thanks to its low costs and relatively easy-to-use platform. Having launched in Australia in late 2022, the online broker offers US, Australian and Hong Kong stocks and ETFs plus US options.

  • Brokerage fee: $0 brokerage for the first month, then US$0.00025 X total trade amount (min. US$0.01; max. US$6.49 per trade).
  • Inactivity fee: No
  • Products: US-listed stocks, ETFs and options, Australian stocks and ETFs, Hong Kong stocks and ETFs, China (A-Shares) stocks and ETFs.
  • Access: Desktop or mobile app

More info


alternative-to-commsec-saxo-capital-markets

5. Saxo Invested

Trade over 19,000 stocks from 46 different markets, including Australia, the US, China and Japan.

Saxo Invested 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.

  • Brokerage fee: From $3 for ASX stocks; US$1 for US stocks
  • Inactivity fee: $0
  • Products: ASX-listed stocks, global stocks, forex, CFDs and stock options
  • Access: Full-service broker, desktop platform

More info


6. Stake

Stake is a minimalist zero brokerage trading app for US stocks and ETFs. It's one of the few US stockbrokers headquartered and launched in Australia.

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.

  • Brokerage fee: $0 for US stocks
  • Inactivity fee: $0
  • Products: US shares, ETFs and managed funds
  • Access: Desktop or mobile

More info


7. Selfwealth

Selfwealth is a low-cost Australian broker that offers both US and Australian shares for a flat fee of $9.50.

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.

  • Brokerage fee: US$9.50 for US stocks; $9.50 for ASX stocks
  • Inactivity fee: $0
  • Products: ASX shares, US shares and ETFs
  • Access: Desktop or mobile

More info

Compare share trading platforms

Not what you're after? You can compare other share trading platforms in the table below.

Name Product Price per trade Inactivity fee Asset class International
eToro
Finder AwardExclusive
eToro
$0
US$10 per month if there’s been no log-in for 12 months
ASX shares, Global shares, US shares, ETFs
Yes
Finder exclusive: Get 12 months of investment tracking app Delta PRO for free when you fund your eToro account (T&Cs apply).
CFD service. Capital at risk.
Join the world's biggest social trading network when you trade stocks, commodities and currencies from the one account.
CMC Invest
Finder Award
CMC Invest
$0
$0
ASX shares, Global shares, Options trading, US shares, ETFs
Yes
$0 brokerage on US, UK, Canadian and Japanese markets (FX spreads apply).
Trade over 45,000 shares and ETFs from Australia and 15 major global markets. Plus, buy Aussie shares or ETFs for $0 brokerage up to $1,000 (First buy order of each security, each day - excludes margin loan settled trades).
Moomoo Share Trading
US$0.99
$0
ASX shares, Global shares, US shares, ETFs
Yes
Finder exclusive: Get 30 days of brokerage-free trading for new accounts + 6.8% on your uninvested cash. T&Cs apply.
Trade shares on the ASX, the US markets and buy ETFs with Moomoo. Plus join a community over 20 million investors.
Tiger Brokers
US$2
$0
ASX shares, Global shares, US shares, ETFs
Yes
Finder exclusive: 10 no-brokerage US or ASX market trades in the first 180 days + 7% p.a. on uninvested cash with first deposit of any amount, plus US$30 TSLA + US$30 NVDA shares with deposits up to AU$2000. T&Cs apply.
Trade Australian, US and Asian stocks with no minimum deposit on Tiger Broker’s feature-packed platform.
Webull
US$0.25
$0
ASX shares, Global shares, Options trading, US shares, ETFs
Yes
Get 30 days of $0 brokerage fees when you open your account. Receive $50 of TSLA shares and a $50 trading voucher when you deposit $200. T&Cs apply.
Trade ASX and US stocks and US options, plus gain access to inbuilt news platforms and educational resources. You can also start trading for less with fractional shares.
Saxo Invested
US$1
$0
ASX shares, Global shares, Options trading, US shares, ETFs
Yes
Access 22,000+ stocks on 50+ exchanges worldwide
Low fees for Australian and global share trading, no inactivity fees, low currency conversion fee and optimised for mobile.
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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.

$0 brokerage for US and global shares plus get an active trader discount of $5 commission on Australian shares.

Enjoy some of the lowest brokerage fees on the market when trading Australian and international shares, plus get access to 24-hour customer support.

Robinhood IPO explained in 60 seconds

Share market update

  • 10 Feb 2024: The ASX 200 dropped by 1.06% to 7610 points influenced by declines in the tech sector and broader market reactions to global financial events. This movement reflects a shift in investor sentiment and market dynamics during the period.
  • 8 Jan 2024: The ASX 200 began the year with some fluctuations, dropping 1.4% to 7,523.2 points on the first trading day and then hovering around 7,494 the next day. However, it quickly rallied, with the index approaching its all-time high, closing at 7627.8 points, just a few points shy of its peak
  • 2 Nov 2023: The Australian stock market fell into a correction from October 30 after the S&P/ASX 200 index dropped 10% below its February peak thanks to sticky inflation and conflict in the Middle East.
  • 9 Oct 2023: The Israel-Hamas war is having an impact on markets with gold and oil prices expected to spike and the Australian Dollar falling further, dragging import stocks along with it.
  • 5 Sept 2023: Australian and US markets were flat through August as both markets wrap up reporting season.
  • 1 Aug 2023: Australian and US markets were relatively flat over July, rising around 2-3% as investors weigh upcoming earnings results in the US and easing interest rate hikes in Australia.
  • 5 July 2023: The S&P/ASX 200 index is up around 4% YTD, lagging returns seen on Wall Street. Investors are divided on when interest rates are expected to peak and recession risks.

Robinhood frequently asked questions

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.

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