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.
For our top picks, we compared our Finder partners using a proprietary algorithm beginning in 2023. We update the list every 3 months. Keep in mind our top picks may not be the best for your individual circumstances and we encourage you to compare for yourself. Read our full methodology here to find out more.
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 one of 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 fees on stocks from the US, the UK, Canada and Japan. Australian shares start at $11.
Brokerage fee: From $11 for ASX stocks; $0 for global stocks
Inactivity fee: $0
Products: Australian and global shares, options, managed funds, forex, commodities and cryptocurrency
Trade US equities, ETFs and options for $0 commissions in the first 3 months.
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 stocks, options and ETFs, although Australian equities are reportedly coming soon.
Brokerage fee: $0 brokerage for the first 3 months, then US$0.00025 X total trade amount (min. US$0.01; max. US$6.49 per trade).
Trade over 19,000 stocks from 46 different markets, including Australia, the US, China and Japan.
Saxo Invested Australia 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
Vanguard Investment Australia was found to have made false or misleading representations about ESG exclusionary screens applied to its index fund product in a greenwashing case brought against it by ASIC.
Australian investment app Spaceship has launched a US investing service with $0 brokerage across a range of US stocks and ETFs. Investors can get started for a low $10 minimum.
Australian trading platform Superhero has added a new AI feature that quickly summarises ASX company announcements selected by users.
ETF provider Betashares has launched a $0 brokerage investment platform that lets you buy units in individual ASX-listed ETFs or auto-invest into ETF portfolios.
The criminal trial against Sam Bankman-Fried (SBF), the founder of disgraced crypto exchange FTX, starts in the first week of October. SBF is alleged to have defrauded customer funds for his own use in business operations and political donations.
Interactive Brokers Australia has been slapped with an $832,500 fine by ASIC for failing to identify suspicious trading activity by one of its clients.
Sharesies has introduced a new monthly fee structure of $5, $10 or $20 per month for unlimited trades up to a certain amount. Alternatively, you can still pay as you go.
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.
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.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, 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. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
