The best stockbroker for you will depend on the exchanges you want to access, your current trading experience, how often you want to trade and the overall fees you will be paying.
You will also need to decide whether you want an online stockbroker or a full-service broker.
To find the best stockbroker that suits your circumstances you'll need to compare your options. Read on for tips and advice on how you can find the best stockbroker for you.
For our top picks, we compared our Finder partners using a proprietary algorithm in 2023. Keep in mind that our top picks may not always be the best for you. You're encouraged to compare for yourself to find one that works for you. Read our full methodology here to find out more.
Full-service brokers vs online brokers
Before you start comparing stockbrokers, it’s first important to understand that there are broadly 2 different types of brokers available: full-service brokers and online brokers.
Full service brokers
High-level investments service
Handle all buying and selling of stock and other assets
After assessing your goals will provide investment advice for you
Have higher fees than online brokers
Examples: Morgans, UBS
Online brokers
Also known as share trading platforms
Don't offer personalised advice
Allow you to do the trading yourself
Access to overseas markets
Tech-centric platforms and tools including charts, data and analysis
Examples: CommSec, eToro
Online vs full-service stockbrokers: How to compare
You may be starting to realise that choosing between a full-service stockbroker and an online broking service isn't always a clear-cut decision.
Your investment. If you only have a small amount to invest, you may decide that it might not be worth your while to pay a full-service broker's fees.
How much do you know about investing? Consider whether you may benefit from the tailored expert advice that a full-service broker may offer.
Cost. Consider how the brokerage fees charged by full-service and online brokers will affect your investment budget. How much control do you want to have over your investments? Would you prefer to have full control over where your money is invested, or do you want a broker who can take care of all your buy and sell trades for you?
Do you need more than 1 broker? Some investors use multiple brokers to access expert advice on different investment sectors.
Finder survey: What investment options do Australians use?
Response
I do not use any investment services
47.34%
Share trading platform
32.84%
Financial advisor
10.74%
Micro-investment app
8.91%
Cryptocurrency exchange
7.86%
Portfolio management service
3.93%
Robo-advisor
3.84%
Full-service stock broker
2.97%
Other investment app
2.88%
CFD trading platform
2.45%
Source: Finder survey by Pure Profile of 1145 Australians, December 2023
How much do stockbrokers cost?
For online brokers, you will be paying between $3-$30 per trade in brokerage fees. In some instances you can get cheaper brokerage, with things like what country you invest in and who you've signed up with changing the fees greatly.
Full-service brokers also vary but will be more expensive, with brokerage fees typically starting from around $70–$200. Brokerage fees are usually charged as a percentage of the total buy or sell transaction amount.
How to choose a full-service broker
If you’ve decided you want a full-service stockbroker to help you make the right share trading decisions, consider these factors when comparing brokers:
What you can buy and sell
Compare the investments that different brokers can advise you on and help you trade, such as shares, warrants, options, futures and more.
Fees
Compare the fees charged by stockbrokers for the services they offer. Is there a flat fee or a fee charged as a percentage of the transaction amount? Does the fee vary depending on the size of the transaction? Fees for full-service brokerages can range enormously, anywhere from $70 – $300 per transaction.
Services
Make sure you’re fully aware of the services your broker provides. Will they offer advice and then execute the trades you instruct them to, or will your broker be authorised to trade on your behalf.
Specialist expertise
Some broking firms may have specialist areas of knowledge, for example, the resources sector, which may be worth considering if you are looking to concentrate your investments in specific industries.
Minimum investment amount
There may be a minimum amount that you must invest before you are eligible to access a broker’s services.
The broker’s questions
Before a full-service broker can offer advice, they must first take the time to understand your financial situation and investment goals. Look for a broker that shows an in-depth interest in your investment needs and asks all the right questions to form a complete picture of your requirements.
Regular contact
Finally, consider how you can contact your broker if you ever have a question about your portfolio. Will you be contacted regularly with updates on the performance of your portfolio? How often will your broker monitor it and will you be informed of any adjustments that need to be made? You can also use the ASX’s find a stockbroker tool to help you get in touch with the right broker for your needs.
What full-service brokers are available in Australia?
There are plenty of full-service brokers available in Australia, some of which also have online share trading platforms if you choose that route. Some of the most popular of these include:
If you’ve decided to sign up for an online broking service, keep the following factors in mind when comparing the benefits and drawbacks of different share trading platforms:
Brokerage fees
Compare the fees you will need to pay each time you buy or sell a parcel of shares. This could be a flat fee or a percentage of the transaction amount and it could also vary depending on the size of the trade.
Ongoing fees
It’s free to maintain a basic account with many online share broking services, but some charge ongoing membership fees. Many providers will also allow you to access regular company news, research and analyses if you pay an ongoing monthly fee.
What you can trade
Can you trade shares on the ASX and a selection of other global stock exchanges? Can you trade anything else other than shares through your online account?
Trading limits
Check to see whether the trading platform imposes minimum and maximum limits on your trading transaction amounts.
Ease of use
How easy is each provider’s trading platform to use? Is it simple and intuitive or is it too confusing to place a trade? Many brokers offer free demo accounts that can help you answer these questions.
Research and analysis
Compare the market analysis and stock recommendations you can access through each online broker. Will you need to pay an additional fee to access these services?
Flexible trading options
Can you take advantage of options such as stop-loss orders to create a more advanced trading experience?
Additional access
Does the provider offer a smartphone and/or tablet app to allow you to trade on the go? Is phone trading also available and, if so, does it attract any extra fees?
Customer support
Finally, make sure you can access the help you need if you ever have a problem with your account or a particular transaction.
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.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
Hi Kevin, the broker you choose to sell your shares with depends on what type of shares you hold and your personal circumstances. For more information on this, check out our guide: https://www.finder.com.au/how-to-sell-shares
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I need to sell my Commonwealth Bank shares. Can you give me a stockbroker’s name and number therefore i can go ahead with my transaction.
Hi Kevin, the broker you choose to sell your shares with depends on what type of shares you hold and your personal circumstances. For more information on this, check out our guide: https://www.finder.com.au/how-to-sell-shares