Our top pick for
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.
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.
We've judged eToro to be the best overall broker due to:
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.
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.
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.
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.
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.
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.
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 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.
Not what you're after? You can compare other share trading platforms in the table below.
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.
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