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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.
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 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.
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.
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 and commodities using IG's platform.
CMC Markets has among the lowest fees in Australia for both global and Australian (CHESS-sponsored) shares. 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.
Saxo Capital Markets has one of the biggest global stock offerings in Australia, with users able to trade on up to 40+ global exchanges. Similar to Robinhood, you can trade a mix of stocks (including options), ETFs, forex and commodities 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.
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 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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Important: Share trading can be financially risky and the value of your investment can go down as well as up. Standard brokerage is the cost to purchase $1,000 or less of equities without any qualifications or special eligibility. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
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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