Alternatives to Robinhood in Australia
You can't access Robinhood in Australia, so here are 5 low-cost alternatives to trade US stocks.
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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 here, 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.
What is Robinhood?
Robinhood is a US trading platform founded in 2013 that offers zero commissions on stocks, options and ETFs. It's popular among traders thanks to its low fees, range of trading options and minimalist design targeting younger investors.
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. For more on the app you can check out our Robinhood review from Finder US, bearing in mind you wont be able to access it unless you hold US residency.
With an eToro trading account, you get commission-free US, European and Hong Kong stock trading plus access to forex, cryptocurrencies, ETFs and commodities.
eToro may well be the closest app Australia has 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.
- Brokerage fee: $0 for US, EU and Hong Kong shares
- Inactivity fee: US$10 per month if there’s been no login for 12 months
- Products: US stocks, European stocks, US ETFs, forex, cryptocurrency, commodities
- Access: Mobile app and desktop
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.
An IG share trading account offers zero brokerage on international stocks as well as US stocks.
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.
- Brokerage fee: From $5 for ASX shares, $0 for global shares
- Inactivity fee: $50 per quarter
- Products: Australian and international shares, forex, CFDs
- Access: Mobile and desktop
3. CMC Markets
Zero commission on US and global shares from your mobile and desktop app.
CMC Markets has among the lowest fees in Australia for both global and Australian (CHESS-sponsored) shares. The platform offers two account options, one for share trading and one for CFD trading. With CMC's stock trading account, you get zero brokerage on stocks from US, UK, Canada and Japan, as well as Australian shares starting at $9.90, plus you can apply to trade options.
- Brokerage fee: From $11 for ASX stocks, $0 for global stocks
- Inactivity fee: 0
- Products: Australian and global shares, options, managed funds, forex, commodities, cryptocurrency
- Access: Desktop or mobile app
Trade over 18,000 stocks from 46 different markets, including Australia, the United States, China and Japan.
Saxo Capital Markets has one of the biggest global stock offerings in Australia, with users able to trade on up to 36 global exchanges. Similar to Robinhood, you can trade a mix of stocks (including options), ETFs, forex, commodities and cryptocurrency markets.
- Brokerage fee: From $6.99 for ASX stocks, US$9.90 for US stocks
- Inactivity fee: $0
- Products: ASX-listed stocks, global stocks, forex, CFDs, stock options
- Access: Full-service broker, desktop platform
Stake is a minimalist zero brokerage trading app for US stocks and ETFs and is one of the few US stock brokers 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, managed funds
- Access: Desktop or mobile
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 on the list for US stocks but it does distinguish 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, ETFs
- Access: Desktop or mobile
Compare share trading platforms
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” fee is the cost to trade $1,000 or less of ASX-listed shares and ETFs without any qualifications or special eligibility. If ASX shares aren’t available, the fee shown is for US shares. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
eToro (global stocks)Zero brokerage share trading on US stocks with trades as low as $50.
Join the world’s biggest social trading network when you trade stocks, commodities and currencies from the one account.
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