What are the best CHESS-sponsored brokers?

What is CHESS sponsorship?

The Clearing House Electronic Subregister System (CHESS) is used by the Australian Securities Exchange (ASX) to keep a record of who owns what shares.

When you buy shares with a CHESS-sponsored broker, those shares are recorded in your name directly with the ASX.

In Australia, you have the choice of going with a CHESS-sponsored or custodian model platform.

How we selected the best CHESS-sponsored brokers

We use our proprietary algorithm in order to give every share trading platform a score.

Set up by Finder's data scientists and investment experts, our algorithm takes into account broker fees, trading tools, educational resources and the list of available stock markets on each platform.

Our methodology to select the best CHESS-sponsored brokers rated platforms on the following features:

• Availability of ASX CHESS-sponsored equities (Y/N filter)
• Availability of shares, ETFs, IPOs and mFunds
• Order types offered including market order, stop loss and other conditional orders
• Research tools including broker ratings, PE ratios, dividend tracking and tax reporting features
• Brokerage fees for Australian shares and ETFs
• Platform fees including withdrawal fees and inactivity fees
• Availability on desktop and mobile
• Average user rating

Finder Award Winner 2025:

4/5 ★★★★★

Finder score

Go to site Read review

Capital at risk

$3 brokerage for CHESS stocks

Trade ASX, US and HK stocks

Advanced trading tools

• Why it's great
• Pros and cons
• Fees

Moomoo is our top pick for CHESS-sponsored shares because it charges just $3 for trades of Australian (CHESS) equities and even offers access to Australia's smaller exchange, the CBOE. It's fees are also competitive for US and Hong Kong markets, over-the-counter (OTC) stocks and US options. Plus, it has great research tools and support, especially for US equities.

• Low brokerage on CHESS equities
• Demo account available
• Auto-investing feature
• CBOE exchange access

• App may be overwhelming for beginners

Brokerage fees:
AU stocks: $3 or 0.03% of transaction value (GST inclusive), whichever value is larger
US stocks: US$0.99
UK stocks: Not available

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ETF brokerage fees:
AU ETFs: $3 or 0.03% of transaction value (GST inclusive), whichever value is larger
US ETFs: US$0.99

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Options:
ASX: Not available
US: US$0.5 for fixed plan and US$0.35-$0.65 for tiered plan

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Inactivity fee: $0

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Currency conversion fee: 55 pips or 0.0055 AUD/USD

Other top CHESS-sponsored brokers:

5/5 ★★★★★

Finder score

Go to site Read review

Capital at risk

$0 brokerage for global stocks

$0 brokerage on ASX (CHESS) buy orders

Sophisticated research tools

• Why it's great
• Pros and cons
• Fees

CMC Invest remains one of top picks for CHESS-sponsored brokers in 2025. It was also named the Best Overall trading platform in the most recent Finder Share Trading Platform Awards. CMC offers clients a range of financial options for less. For those looking to trade CHESS-sponsored shares, they offer free brokerage on trades up to $1,000 (on the first buy order on each security, each day).

• $0 brokerage on ASX trades under $1,000
• Comprehensive analysis tools for Australian equities
• Access the Cboe and SSX exchanges

• Hefty phone brokerage fees
• Higher fees if you trade in some countries

Brokerage fees:
AU stocks: $0 brokerage (for buy orders up to $1,000) and $11 or 0.10% (whichever is greater) for all other buy and sell orders.
US stocks: US$0
UK stocks: £0

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ETF brokerage fees:
AU ETFs: $0 brokerage for trades up to $1,000 (applied to the first buy order per ETF per day). $11 fee for trades up to $10,000. $15 fee for trades equal to or greater than $15,000.
US ETFs: US$0

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Options:
ASX: $33/contract
US: Not available
Other markets available: Details here

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Inactivity fee: $0

---

Currency conversion fee: 0.60% of trade value

4/5 ★★★★★

Finder score

Go to site Read review

Capital at risk

Cheaply invest in US, HK and AU shares

CHESS-Sponsored stocks

Low-cost options trading

• Why it's great
• Pros and cons
• Fees

Tiger Brokers offers competitive brokerage on CHESS-sponsored shares along with an easy-to-use mobile app, no minimum deposits, trading tools and even a high interest savings account.

• Low brokerage fees
• Free market data
• Quick sign-up

• Limited educational resources

Brokerage fees:
AU stocks: $3 per trade up to $10,000, 0.03% of trade amount after that
US stocks: US$2 for trades of up to 200 shares, US$0.01 per stock after that
UK stocks: Not available
Other markets available: Details here

---

ETF brokerage fees:
AU stocks: $3 per trade
US stocks: US$2
UK stocks: Not available
Other markets available: Details here

---

Options:
ASX: Not available
US: Fixed Brokerage Plan
• US$3 for up to 4 contracts
• US$0.75 per contract for 5 or more contracts

Tiered Brokerage Plan (Monthly Contract Volume)
• US$0.90 per contract for the first 50 contracts
• US$0.75 per contract for the 51st–100th contract
• US$0.55 per contract for the 101st–300th contract
• US$0.50 per contract for the 301st–500th contract
• US$0.45 per contract for the 501st–1,000th contract
• US$0.40 per contract for the 1,001st–10,000th contract
• US$0.35 per contract for the 10,001st–50,000th contract
• US$0.25 per contract for the 50,001st–100,000th contract
• US$0.15 per contract for 100,001 or more contracts

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Inactivity fee: $0

---

Currency conversion fee: 55 pips

4/5 ★★★★★

Finder score

Go to site Read review

Capital at risk

Advanced technical tools

ASX (CHESS-sponsored) and global stocks

US options trading

• Why it's great
• Pros and cons
• Fees

Webull is a low cost, easy-to-use app that lets you trade CHESS-sponsored ASX stocks, as well as US and Asian stocks, and offers $0 on ETFs.

• $0 ETF brokerage
• Low brokerage on ASX shares
• Fractional shares

• Limited order types

Brokerage fee per trade:
AU stocks: $0.0003 X trade value (min $1.00)
US stocks: US$0.00025 X trade value (min $1.00)
UK stocks: Not available
Other markets available: Details here

---

ETF brokerage fees:
AU stocks: $0
US stocks: US$0
UK stocks: Not available
Other markets available: Details here

---

Options:
ASX: Not available
US: US$0.50

---

Inactivity fee: $0

---

Currency conversion fee: 50 bps of trade value

4/5 ★★★★★

Finder score

Compare Read review

Capital at risk

$3 brokerage fee per trade

No monthly fees for basic account

Trade ASX (CHESS) and US stocks

• Why it's great
• Pros and cons
• Fees

Stake is one of the cheapest brokers on the market for those investing in ASX CHESS stocks and ETFs, charging just $3 brokerage per trade. As such, it's no surprise it makes our list. Better still, if you refer 3 friends, you can actually get free brokerage on ASX trades for a year.

• User-friendly options
• Cheap brokerage
• Refer-a-friend bonus
• Offers both ASX and US stocks

• Having to pay for advanced tools through Stake Black
• Fewer features than others

Brokerage fees:
AU stocks: $3 (Up to and including $30,000); 0.01% (Over $30,000)
US stocks: US$3 (Up to and including $30,000); 0.01% (Over $30,000)
Other markets: Details here

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ETF brokerage fees:
AU ETFs: $3
US ETFs: US$3

---

Inactivity fee: $0

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Currency conversion fee: 55 BPS (~US$0.55 for every AUD$100 exchanged)

What are HIN and CHESS?

When you sign up with a CHESS-sponsored broker, the ASX will issue a Holder Identification Number (HIN) that is then used whenever you buy shares through that broker.

If you decide to change brokers, this HIN will follow you around as long as the next broker you join is also CHESS sponsored.

If you want to know your HIN, it will be visible on your CHESS statement. HINs start with the letter X, following by a sequence of 10 numbers.

CHESS vs custodian share trading model

When you sign up to a broker, they'll either use a CHESS-sponsored or custodian model.

A custodian model basically means the custodian is the legal owner of the shares. This means that the broker owns the shares, not you. You are still a beneficial owner though, meaning you get the same dividends and capital gains. You just don't have the voting rights of CHESS shareholders.

The upside for this model is it is usually cheaper on fees and lets you buy and sell Australian and global shares from the same trading account.

The downside of a custodian model is that you have less direct control over your investment and less access to your holdings.

Is CHESS getting replaced?

The ASX has long planned to replace CHESS with a new clearing system. CHESS was first introduced in 1994 and has understandably struggled to adapt to the increasing demands of the modern stock market.

This replacement was slated to launch in 2021, following an aborted attempt to use blockchain technology to power the new system.

In November 2024, the ASX projected the cost of phase one (known as "Release 1") of its new CHESS program to cost up to $125 million, and was still targeting a release in 2026.

The ASX also announced that it expected the second phase, called "Release 2", to cost up to $320 million, with a target date of 2029.¹

Pros and cons of CHESS-sponsored shares

Pros

There are a few key benefits to going with a CHESS-sponsored trading account:

• Direct ownership. With a CHESS-sponsored system lodged with the ASX, you're the legal owner of the shares because of your HIN.Your broker or trading platform simply acts as a middleman between you and the exchange. This means, if the broker happens to go under, your share ownership and the holdings themselves won't be impacted. You can simply shift your holdings over to another platform to continue trading.
• Voting rights on shares. Another handy reason to go with CHESS-sponsored shares is that you'll be offered voting rights. As a company owner, you have the right to attend general meetings and to make decisions on directors' remunerations and other key factors that drive business performance. On the other hand, custodial brokers decide whether they wish to pass voting rights onto you or not.
• Easier to switch brokers. If you decide to switch brokers, having your shares with a HIN can be incredibly handy. It typically means you'll just need to complete a 2-page online form and your shares will be sent, usually within a week. A custodian broker usually takes a little bit longer to sort out.

Cons

There are also some potentials downsides to choosing a CHESS-sponsored model;

• Doesn't support international markets. The CHESS model is exclusive to the Australian stock market. If you're looking to also buy global shares, you won't be able to add them to your CHESS account. In fact, most of the world's largest share markets, including the US, run off a custodial model. However, it's also worth keeping in mind that any ASX-listed ETFs that track global shares will be CHESS-compatible.
• Potentially higher fees. This will depend on which platform you use, but custodial models often have lower fees than CHESS-sponsored models. These days, there are now quite a few CHESS-sponsored platforms that offer cheap or even $0 brokerage.
• Can't buy fractional shares. Under a custodian share model, you can buy and sell fractions of shares, rather than a whole share. This can help you start out sooner especially when you're buying stocks that are hundreds of dollars per share, but isn't possible under the CHESS model. When buying CHESS-sponsored ASX shares, you'll also need to initially buy a minimum of $500 worth of shares.
• Delayed Given you aren't the holder of the shares, the custodian broker will do the administration on your behalf.

Want to compare all your options?

Here's a comparison of CHESS and non-CHESS trading platforms available in Australia:

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6 of 32 results

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Finder Score	AU Trading Fee	US Trading Fee	Available products	Rewards
Finder Rewards ExclusivePromoted Finder Score 9.6 Excellent Moomoo Share Trading Finder AwardExclusive	Finder Score 9.6 Excellent	$3	US$0.99	ASX shares, Global shares, Options trading, US shares, ETFs	ENDS SOON! $100 VISA CARD REWARD 1 Join Finder 2 Sign up to Moomoo and make a trade 3 Get card from Finder Ends by. T&Cs apply.	Finder exclusive: Unlock up to AUD$4,000 and US$4,000 in $0 brokerage over 60 days. T&Cs apply.	Invest across US, ASX (CHESS-sponsored) and Asian markets, with options trading and social trading features.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder Score 8.7 Great eToro	Finder Score 8.7 Great	US$2	US$2	ASX shares, Global shares, US shares, ETFs, Cryptocurrencies	CFD service. Capital at risk. Trade stocks, ETFs and currencies from the one account and get access to social trading.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder Score 9.8 Excellent Webull Finder Award	Finder Score 9.8 Excellent	$1.00	US$1.00	ASX shares, Global shares, Options trading, US shares, ETFs, Cryptocurrencies	Up to 3% cashback on Webull deposits or portfolio transfers when you hold for 2 years. Ends 15 Jan 2026. T&Cs apply.	Trade over 3,300 Australian and US ETFs with $0 brokerage.	Go to siteMore info Compare product selection Compare	loading
Finder Rewards Exclusive Finder Score 9.3 Excellent Tiger Brokers Finder Award	Finder Score 9.3 Excellent	$3	US$2	ASX shares, Global shares, Options trading, US shares, ETFs	ENDS SOON! $120 VISA CARD REWARD 1 Join Finder 2 Sign up to Tiger Brokers and make a trade 3 Get card from Finder Ends by. T&Cs apply.	Deposit any amount and receive $20 to trade in Tiger Brokers. Plus 4x zero brokerage trades and no FX fees on the first $2,000 you exchange every month. T&Cs apply.	Trade US, Asian and CHESS-sponsored ASX stocks and US options.	Go to siteMore info Compare product selection Compare	loading
Finder Score 9.3 Excellent IG Share Trading	Finder Score 9.3 Excellent	$0	US$0	ASX shares, Global shares, US shares, UK shares, ETFs	Trade Australian and international shares with zero commission fees and access to round-the-clock customer support. 0.7% FX fees apply to international shares.	Go to siteMore info Compare product selection Compare	loading
Finder Score 9.9 Excellent CMC Invest Finder Award	Finder Score 9.9 Excellent	$0	US$0	ASX shares, Global shares, Options trading, US shares, mFunds, ETFs, Cryptocurrencies	Trade over 45,000 shares and ETFs from Australia and 15 major global markets. Plus, buy Aussie shares or ETFs for $0 brokerage up to $1,000 (First buy order of each security, each day - excludes margin loan settled trades).	Go to siteMore info Compare product selection Compare	loading

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How we picked these

Finder Score for share trading platforms

We've scored over 30 share trading platforms assessing them for their core features, fees, customer experience and accessibility. Our experts give each platform a score out of 10.

Read the full methodology

Share trading updates: December 2025

Gold and silver prices are continuing to soar, sending ASX gold and silver stocks to new record highs. Gold heavyweights Northern Star Resources (ASX:NST) is up 36% in the last 6 months, Evolution Mining (ASX:EVN) has risen 54% and Newmont Corporation (ASX:NEM) is up over 70%. Meanwhile silver stocks Andean Silver Ltd (ASX:ASL) and Silver Mines Ltd (SVL) have rocketed over 90%.

Also read: Gold hits another record - too late to buy in?

Frequently asked questions

• Are CHESS sponsored shares safe?

  CHESS-sponsored shares are those that are registered directly in your name. This means that if anything happens to the broker or platform that you bought the shares through, your shares will be secured.

• What is the cheapest CHESS broker in Australia?

  According to our data, CMC Invest is the cheapest broker in Australia for CHESS-sponsored shares, offering $0 brokerage on ASX trades up to $1,000. Tiger Brokers lets you trade CHESS-sponsored shares with $3 brokerage, while Stake and moomoo charge $3 per trade.

• What's the difference between CHESS sponsored and issuer sponsored?

  CHESS-sponsored shares are those held in your name and allocated a HIN, whereas issuer sponsored or custodial shares are held by the broker.

• How do I sell my CHESS-sponsored shares?

  You should be able to sell your CHESS-sponsored shares via the broker or platform you bought them on, or by transferring them to a broker of your choice.

• How do I find out who my CHESS sponsor is?

  You can see which CHESS-sponsoring broker you have by checking your CHESS holding statement.

Written by

Thomas Stelzer

Journalist

Tom Stelzer is a journalist with 6 years of experience covering personal finance, specialising in investment and cryptocurrency. With a Master of Media Arts and Production and a Bachelor of Communications in Journalism from the University of Technology Sydney, Tom provides expert analysis on digital assets and market trends, helping readers navigate the fast-evolving world of finance. See full bio