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.

1. eToro

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
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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.


2. IG

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
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More info


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
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More info


4. Saxo Capital Markets

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

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5. Stake

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
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6. 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 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
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More info

Compare share trading platforms

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

Name Product Standard brokerage fee Inactivity fee Markets International
eToro (global stocks)
US$10 per month if there’s been no login for 12 months
Global shares, US shares, ETFs
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.
Superhero share trading
ASX shares, ETFs
Pay zero brokerage on all Australian ETFs.
Trade ASX stocks with a flat $5 commission fee and a low minimum investment of just $100.
Bell Direct Share Trading
Finder AwardExclusive
Bell Direct Share Trading
ASX shares, mFunds, ETFs
⭐ Finder Exclusive: Get 5 free stock trades and unlimited ETF trades until July 31, 2021 when you join Bell Direct.
Bell Direct offers a one-second placement guarantee on market-to-limit ASX orders or your trade is free, plus enjoy extensive free research reports from top financial experts.
IG Share Trading
Finder Award
IG Share Trading
$50 per quarter if you make fewer than three trades in that period
ASX shares, Global shares
$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 shares, international shares, plus get access to 24-hour customer support.
Saxo Capital Markets (Classic account)
ASX shares, Global shares, Forex, CFDs, Margin trading, Options trading, ETFs
Acess 19,000+ stocks on 37 exchanges worldwide
Low fees for Australian and global share trading, no inactivity fees, low currency conversion fee and optimised for mobile.
CMC Markets Stockbroking
ASX shares, Global shares, mFunds, ETFs
$0 brokerage on global shares including US, UK and Japan markets.
Trade up to 9,000 products, including shares, ETFs and managed funds, plus access up to 15 major global and Australian stock exchanges.

Compare up to 4 providers

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.

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.

Robinhood IPO explained in 60 seconds

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.

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