Finder makes money from featured partners, but editorial opinions are our own.

Alternatives to Robinhood in Australia

You can't access Robinhood in Australia, so here are 7 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.

Who is our overall choice for the best Robinhood alternative?

We've judged eToro to be the best overall broker due to:

  • $0 brokerage US stock trading
  • You can protect your funds and investment insurance features
  • Social trading tools such as "copy trading"
  • Fractional share trading available
  • Cryptocurrency trades available

Here are 7 Robinhood alternatives:

1. eToro

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
  • Access: Mobile app and desktop
Go to site

More info

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.


alternative-to-commsec-ig-markets

2. IG

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
  • Access: Mobile and desktop

More info


alternative-to-commsec-cmc-markets

3. CMC Invest

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
  • Access: Desktop or mobile app
Go to site

More info


4. Webull Australia

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).
  • Inactivity fee: No
  • Products: US-listed stocks, ETFs and options
  • Access: Desktop or mobile app

More info


alternative-to-commsec-saxo-capital-markets

5. Saxo Invested

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
  • Access: Full-service broker, desktop platform

More info


6. Stake

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.

  • Brokerage fee: $0 for US stocks
  • Inactivity fee: $0
  • Products: US shares, ETFs and managed funds
  • Access: Desktop or mobile

More info


7. Selfwealth

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
  • Inactivity fee: $0
  • Products: ASX shares, US shares and ETFs
  • Access: Desktop or mobile

More info

Compare share trading platforms

Not what you're after? You can compare other share trading platforms in the table below.

Name Product Price per trade Inactivity fee International
eToro
Finder AwardExclusive
eToro
$0
US$10 per month if there’s been no log-in for 12 months
Yes
Moomoo Share Trading
US$0.99
$0
Yes
Tiger Brokers
US$2
$0
Yes
CMC Invest
Finder Award
CMC Invest
$0
$0
Yes
Saxo Invested
US$1
$0
Yes
loading
$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.

Robinhood IPO explained in 60 seconds

Share trading platform news: June 2024

  • The first Australian Bitcoin ETF under new crypto licensing rules launched on 4 June 2024.
  • Roaring Kitty returned to Reddit for the first time in 3 years to post a screenshot of his apparent US$116m open position on GameStop (GME), spurring another flurry of trading activity on the stock.
  • GameStop and other so-called "meme stocks" are back in the news after the dramatic return of Roaring Kitty, the internet investor whop helped inspire the infamous GME short squeeze in 2021.
  • Superhero has dropped its brokerage fee from $5 to $2 for trades up to $20,000 on ASX-listed shares.
  • 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.

Robinhood frequently asked questions

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.

Written by

Kylie Purcell

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. See full profile

More guides on Finder

Ask a Question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site