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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.
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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
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 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
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
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.
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
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.
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
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.
IG Share Trading
$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.
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
Unfortunately, Robinhood is not available to Australian investors. You can't sign up to the broker from here.
However, if you were to travel to Australia, the platform states it should work. According to Robinhood, its platform should work in all countries, with the exception of Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine.
If you're looking for a low-cost broker that allows you to trade in the US, there's actually a stack of options available to Australian investors. eToro might be the closet broker to Robinhood as it does not charge commission on US trades, has a mix of investment options and will also let you trade crypto assets.
Robinhood became one of the more popular US brokers due to its retail trader-friendly features including low costs and an easy-to-use trading app.
CommSec is Australia's largest online trading platform. it is also the oldest share trading platform is the best among the Big Four banks according to our algorithm.
There is no single trading platform that will fit all your needs or perfectly fit your individual circumstances. But consider reading our 'best trading platform for beginners' guide to get the relevant information.
You can start investing in Australian shares from as little as $500 if they are CHESS sponsored and as little as $10 at a time into US stocks – depending on your online broker. If you choose to have a custodian model of ownership, you start buying Australian shares for even less.
Regardless of what or where you choose to invest, you'll need to follow the same steps. You will need to research businesses that you would like to buy, sign up to a broker and purchase the shares.
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.
Kylie Purcell is the senior investments editor and analyst at Finder. She has completed a Certificate of Securities and Managed Investments (RG146) and specialises in investment products including online brokers, robo-advisors, stocks and ETFs.
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