Saving money on brokerage fees can be an important way to get ahead when investing. Not only can high fees erode some of your returns, it also means you can invest less money.
Cheapest share trading platforms: Top picks
According to Finder's latest analysis of brokerage fees, inactivity fees and foreign exchange fees, the cheapest brokers in Australia are:
CMC Invest was rated our best low-cost broker in Finder's latest Share Trading Awards because it offers low overall fees across different investment strategies, whether you're an active or passive trader of global or local stocks.
In terms of the cheapest CHESS-sponsored trades, CMC offers $0 brokerage for ASX trades of $1,000 or less, Tiger Brokers now offers $2.99 brokerage and Stake and moomoo are also competitive at $3 per trade.
If you don't care about CHESS-sponsored brokers, Superhero charges $2 brokerage on trades, while eToro offers US$2 brokerage.
When it comes to trading global and US stocks and ETFs, there are several brokers in Australia with a $0 brokerage offering on some international stocks, including CMC Invest, IG, Bendigo Invest Direct and Webull. moomoo charge US$0.99 for US trades, and contract fees from US$0.5 on US options contracts.
However, this will only apply to certain global markets and you'll also need to pay a currency conversion fee when trading global shares from Australia. For example, CMC Invest charge no brokerage on US, Canadian, Japanese and UK stocks but charge $59 brokerage on other global stocks.
You should always confirm the total cost to trade a certain global stock on the platform before submitting your order.
Meanwhile, for Australian ETFs, Webull, Superhero, Betashares Direct and Vanguard offer the lowest fees, charging a flat $0 brokerage fee on some or all ETF investments (buy orders only).
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.
CMC Invest was the winner of our 2024 award for best low-cost broker thanks to its competitive fees on Australian and international shares. When trading $1,000 or less on the ASX, CMC is the cheapest CHESS-sponsored broker, offering $0 commission CHESS-sponsored shares and ETFs.
$0 brokerage fees on ASX purchases under $1,000
$0 brokerage on US, Canadian, Japanese and UK stocks
High-quality research tools
CHESS-sponsored ASX stocks
Only 4 global markets are commission-free to trade, others cost $59 in brokerage
ASX stock brokerage not the cheapest out there
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 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 Options: ASX: $33/contract US: Not available Other markets available: Details here Inactivity fee: $0 Currency conversion fee: 0.60% of trade value
Superhero allows you to trade US markets for US$2 brokerage and $2 for Australian markets, although it works using a custodial model (no CHESS sponsorship). It helps retail investors in 3 main ways: it lets them start investing from $10, it offers US and ASX trading from $2 brokerage up to $20,000 and it has no monthly account-keeping or inactivity fees.
Low brokerage on ASX and US stocks
Lets you start trading from $10
$2 brokerage fees on ETF purchases
Only lets you trade the US and Australian markets
Few trading tools
Too basic for advanced traders
Brokerage fees: AU stocks: $2 for trades up to $20,000, 0.01% for trades over $20,000 US stocks: US$2 UK stocks: Not available ETF brokerage fees: AU ETFs: $2 for trades up to $20,000, 0.01% for trades over $20,000 US ETFs: US$2 Inactivity fee: $0 Currency conversion fee: 65 bps
eToro was the first trading platform to offer unconditional $0 brokerage ASX stock trades, but now charges a still-competitive US$2 fee on all stock trades.
US$2 brokerage on ASX and global stock trades
Easy-to-use platform
Plenty of tools to try out
Inactivity fee of $10 a month if you don't log in for 12 months
No ASX ETFs available
$5 withdrawal fee
Offers CFDs which can be risky
Brokerage fees: AU stocks: US$2 US stock: US$2 UK stocks: US$2 ETF brokerage fees: AU stocks: Not available US stock: $0 UK stocks: $0 Inactivity fee: US$10 per month if you don't log in for 12 months or more Currency conversion fee: 1.50% of trade value
Since August 2024, Tiger Brokers has become one of the most competitive brokers around for ASX and US trades, along with a range of additional features like free market data, trading tools and even an AI assistant.
$2.99 brokerage on CHESS-sponsored ASX trades
US$1.99 brokerage on US trades
No inactivity fees
Only 3 markets available
Brokerage fees: AU stocks: $2.99 per trade US stocks: US$1.99 UK stocks: Not available Other markets available: Details here ETF brokerage fees: AU stocks: $2.99 per trade US stocks: US$1.99 UK stocks: Not available Other markets available: Details here Options: ASX: Not available US: US$0.95/contract (Min. US$3 per order) Inactivity fee: $0 Currency conversion fee: 55 pips
moomoo offers competitive brokerage across both ASX and US stocks and ETFs, as well as US options contract fees from US$0.50 per contract.
Low brokerage fees
US options
CHESS-sponsored
Only ASX, US and Hong Kong markets available
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 ETF brokerage fees: AU ETFs: $3 or 0.03% of transaction value (GST inclusive), whichever value is larger US ETFs: $0.99 Inactivity fee: $0 Currency conversion fee: 55 pips or 0.0055 AUD/USD
Stake came to market with the plan of introducing cheap brokerage to Australia and it has done just that. Stake allows you to cheaply and easily access the US and Australian markets. It offers some of the lowest CHESS-sponsored ASX trades on the market at $3 in brokerage per trade. While its US trade fees are no longer the lowest out there at US$3 commission per trade, it remains one of Australia's cheapest brokers.
$3 brokerage on US trades
$3 CHESS-sponsored ASX trades
No inactivity fees
Limited features
You have to pay more for Stake Black
Only 2 markets available
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 ETF brokerage fees: AU ETFs: $3 US ETFs: US$3 Inactivity fee: $0 Currency conversion fee: 70 pips (US$0.70 for every AUD$100 exchanged)
IG ranks high due to its cheap brokerage, low platform fees and low inactivity fees. Along with high-quality trading tools and a range of global markets, this makes IG a great all-round trading platform.
Brokerage for ASX stocks from $5
$0 brokerage for US and global stock trades
Low currency conversion fee
No inactivity fee
ASX brokerage jumps to $8 if you make less than 3 trades a month
Appeals more to active traders than casual or new investors
Fewer global markets than some other brokers
Brokerage fee per trade: AU stocks: $5 or 0.05% if you make 3 or more trades in the previous month. $8 or 0.1% of your trade (whichever is higher) US stocks: US$0 UK stocks: £0 Other markets available: Details here ETF brokerage fees: AU ETFs: $5 or 0.05% if you make 3 or more trades in the previous month. $8 or 0.1% of your trade (whichever is higher) US ETFs: US$0 UK ETFs: £0 Other markets available: Details here Inactivity fee: if you make fewer than 3 trades during that time. Currency conversion fee: 0.70% of trade value
Methodology: How do we rate Australia's cheapest brokers?
For more information about our methodology, head to our share trading platform ratings page. Bear in mind that the brokers displayed on this page may not always be best for you and we encourage you to do your own research.
Why you can trust Finder's share trading experts
We're free
Our comparison tables are completely free to use. We link you directly to the brokers' secure application page. On a regular basis, we update the fees and conditions of all share trading platforms in our database.
We're experts
We've researched and rated 40+ trading platforms and brokers as part of our Finder Awards. We've published 100+ guides, and our in-house experts regularly appear on Sunrise, 7News, and SBS News.
We're independent
Unlike other comparison sites, we're not owned by a bank, insurer, or broker. That means our opinions are our own, and you can compare nearly every share trading platform and broker in Australia on Finder.
We're here to help
Since 2016, we've helped over 300,000 Australians find the right stockbroking account by comparing fees and account features. We'll never ask for your personal information. We're here to help you make a decision.
Expert insight
"Fees play a critical role in determining an investment's long-term returns. High fees, like those associated with actively managed funds, will eat into an investor's profits and erode the value of their portfolio over time. Most investors should just focus on low-cost, passive investment strategies, such as index funds or ETFs, that offer broad market exposure at a fraction of the cost of actively managed funds."
Chris Brycki
Founder, Stockspot
Did you know?
You could save $1,046 a year on average in brokerage fees by switching to a more suitable online broker, according to Finder research. You might even save money by having more than one platform, especially if you are investing both in Australia and internationally.
What are brokerage fees?
A brokerage fee (also called commission) is what your stockbroker charges whenever you buy or sell a share.
Basically, you'll need to pay a specific amount to the broker in return for using its service.
This fee is based on the size or value of the trade. It could be a flat fee or an amount calculated as a percentage of the transaction value. The fee is charged both when you buy and sell a share.
Brokerage fees are one of the largest expenses associated with online share trading and can have a big impact on the affordability of your investments.
If you're a frequent trader and you're paying a brokerage fee of $30 every time you buy or sell a parcel of shares, this can quickly add up to a substantial amount and eat away at your trading profits.
That's why it's essential for anyone thinking of getting started in the share market to compare brokerage fees charged by online share trading platforms and shop around for the cheapest option.
How much will you need to pay for stock brokerage?
Brokerage fees are far from identical from one provider to the next, so comparing fees is important.
Brokerage can range from $0 to $30 per trade for online share trading platforms.
Full-service brokers such as Morgans or Morgan Stanley start fees at around $80 per trade, usually charged as a percentage of the amount being traded.
Some providers have simple fee structures and others have quite complex arrangements. Brokers calculate fees using the size or value of the trade, how often you trade and in which country the stocks are listed.
Different brokerage fees often apply to phone trades and other unique trading options, so it's worth reading the fine print to find out how much extra it will cost every time you make a trade.
Free trading platforms in Australia*
While share trading platforms haven't reached the lows of some other countries, there is an emergence of "free" brokerage offers in Australia. However, although you don't need to pay a commission, this doesn't mean they're free.
Instead, you're typically charged a foreign exchange fee (global stocks only) to convert Australian dollars to the required global currency. Other fees you could be charged include account maintenance fees, account top-up fees, inactivity fees or fees to trade other types of products on the platform.
Here's our list of "free" trading platforms at the time of writing:
*Free in this case refers to brokerage or commission fees (T&Cs apply).
Trading platform deals for Nov 2024 (T&Cs apply)
Platform
Deal information
End date
moomoo
Finder exclusive: Unlock up to $4,000 and US$4,000 in free brokerage over 60 days. T&Cs apply.
30 Nov 2024
Tiger Brokers
Finder exclusive: Get 10 no-brokerage US or ASX trades in the first 180 days, plus US$30 NVDA shares (+US$30 TSLA shares ) when you deposit AU$2000 or more. Get 7% p.a. on uninvested cash for 30 days. T&Cs apply.
30 Nov 2024
Superhero
Finder exclusive: Sign up with code ‘finder24’ and get US$10 of Nvidia stock when you fund your account with $100 or more within 30 days. T&Cs apply.
Ongoing
Syfe
Finder exclusive: All Finder customers get a $60 cash credit when they sign up to Syfe, deposit minimum $1,000 and use code FINDER60 (T&Cs apply).
Ongoing
nabtrade
Sign up with a nabtrade account using the promo code PROF1000 and get up to $1,000 in free brokerage.
Ongoing
Stake
Refer a friend to Stake and get $1 off your brokerage fees for 12 months. Refer 3 friends and pay $0 brokerage fees.
Ongoing
Saxo Invested Options Trading
Refer a friend to Saxo and receive up to $500 in rewards. If you reward a customer who initially funds between $3,000 and 300,000 you will get $100, if they fund their account with $300,000 to 1.5 million you’ll get $200 and if they deposit $1.5 million or more you’ll get $500.
Ongoing
CMC Invest
Buy 1 Australian share for less than $1,000 and pay $0 in brokerage. This deal is limited to 1 trade per day.
Ongoing
Tips for finding the cheapest share trading platform
If you're looking to find the cheapest share trading platform there are a few things you'll need to consider. Of course, it all comes down to how you're intending to use it.
Here are some of the key features to look at when comparing online share trading platforms:
Fees. Almost every platform will charge you a brokerage fee (also called a commission fee) when you transact. Generally, the lower the fee if it fits your needs the better.
Other fees. Some will also charge you additional fees such as monthly fees or inactivity fees. To see more about fees click here.
What can you trade? There's no point saving on fees if you're missing out on investing where you want. Some trading platforms will let you invest in multiple countries, others just Australia. There are also trade currencies, indices, cryptocurrencies and much more to consider. Find a broker that matches your needs.
Ease of use. Again saving money isn't useful if the app is difficult to use. You should look for a platform that allows you to make fast and precise trades with minimum fuss.
Access to data. Does the platform offer dynamic, real-time or delayed market updates? Some platforms offer research and broker analysis on individual stocks that can come in handy.
Order types. Can you place orders at market and/or at limit? Are other order types such as stop/loss orders an option to add more flexibility to your trading? These should be considered when choosing a broker.
Reporting. Check the reporting tools on each platform to help you track how your trades are performing, record dividends and pass on any relevant information to the Australian Taxation Office (ATO) at tax time.
Customer support. Look for phone, email and live online chat support. Does it offer customer service 24/7 if you're having trouble placing a trade?
Education. Some platforms also feature a range of educational tools and resources, such as how-to guides and webinars, to help you get more out of your trading account. If you haven't got access to the education you need through your broker it can become an additional cost, so keep that in mind.
Frequently asked questions
If you're trading under $1,000 then CMC Invest is your cheapest CHESS-sponsored ASX broker in Australia with a $0 brokerage deal.
For larger trades, Tiger Brokers charge $2.99 on all ASX trades, while moomoo and Stake charge $3. All 3 are also CHESS-sponsored brokers. eToro charges US$2, but does not offer CHESS-sponsored shares.
The answer continues to get a little more complicated if you're investing in ETFs or overseas.
If you're an ETF investor exclusively, the likes of CMC Invest, Webull, IG and Vanguard will let you purchase ETFs on a zero dollar commission.
There are also a host of free (zero commission) brokers for US market trades. These include IG, CMC Invest and Webull who all offer the cheapest brokerage.
CMC Markets took out our award due to its strong research tools, long list of product choices and low brokerage fees that will suit most types of investors.
Although it is important to point out there's no one absolute overall best broker. You should find a broker that matches your personal needs.
Yes, some brokers let you start trading in Australia for $1 but they use a custodial model, meaning the shares are in the broker's name. These are usually as part of a fractional share.
If you want to buy Australian shares in your own name through CHESS sponsorship then you will need to invest $500 minimum.
You can buy shares listed overseas from $1 with certain brokers such as Revolut, Interactive Brokers and Douugh. Again, this means you may only own a fraction of a share.
There's nothing wrong with having multiple brokerage accounts, especially if you're taking advantage of different fees and services.
Brokers will often come to market with their own specialisation. If you're looking to trade in multiple countries and across different products you can potentially save in fees through this. For example you could purchase free ETFs with Pearler and get access to free brokerage in the US markets with IG.
You can also save on commissions, margins, advanced trading strategies and get better research tools if you have multiple brokers.
Having more than one broker could also work for those with multiple investing goals. You can have an account for example if you're looking to invest for your kids and another for retirement.
Finally it can allow you to take advantage of specials offered by a broker. Brokers often compete for business, meaning they will reduce fees or have special offers.
Of course the downside of multiple brokers is it can be more confusing. Especially the tax implications on trading through each of the brokers. So it is important to keep track of each.
Fees on trading platforms differ greatly. When it comes to the ASX you're usually looking at somewhere between $5 and $19.95 per trade depending on who you sign up with.
If you're looking to buy US or global stocks, brokerage ranges from $0 to $60 per trade, depending on the broker.
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 involve 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.
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 bio
Kylie's expertise
Kylie has written 134 Finder guides across topics including:
Tom Stelzer is a publisher and writer for Finder, covering investing and cryptocurrency.
He previously worked for Finder as a writer in Australia and the UK, covering things like personal finance, loans, investing, insurance as well as small business and business loans.
He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
I’m trying to compare ways/costs of selling deceased estate shares, is this something you have looked into ?
Finder
KylieJuly 14, 2023Finder
Hi Cate,
Selling inherited shares can be complicated and depending on the circumstances you may want to speak to a financial advisor. However, if you’re looking for some general information, you can read our guide to selling shares: https://www.finder.com.au/share-trading/how-to-sell-shares. In most circumstances, the shares will be registered with a share registry such as Computershare and you can contact them to discuss the sale or transfer of your shares to another broker. You can check which registry by searching for the stock on the ASX website and scrolling down to the ‘Share registry’ section.
Good luck.
DaveJuly 10, 2019
Your info on IG about fees is slightly incorrect. You quote 0 monthly fees however you should also advise potential customers that IG now charge $50 a quarter if you make no trades.
Finder
JoshuaJuly 11, 2019Finder
Hi Dave,
Thanks for getting in touch with Finder.
I’m sorry to hear about your experience with IG. Upon checking, I have confirmed that there’s a $50 subscription fee that you need to pay quarterly depending on your trading activity during the same quarter.
However, you can easily be exempted from the charge, if you do deal at least three times using your share trading or CFD accounts during the same quarter. Alternatively, if you hold no open positions in your share trading account at the end of the quarter, then you won’t get charged as well.
You may know more about IG by getting in touch with them or reviewing your terms and conditions.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
ThereseFebruary 7, 2019
Can I start in share market with a small budget of AU$10000 and which broker would accept me?
Finder
JoshuaFebruary 17, 2019Finder
Hi Therese,
Thanks for getting in touch with Finder. I hope all is well with you. :)
Yes, you can start trading with that budget. In most cases, you only need about $500 to start share trading.
Regarding your second question, the right broker for you is the one that meets your preferences, needs, and budget. You can choose a broker based on your trading knowledge and experience, the markets you can access, the fees involved, trading sources, and customer service. You can learn more about this from our guide to open a share trading account. On that page, you will how to open a share trading account and other helpful tips. It’s a good guide to read for beginners.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
JimiAugust 28, 2018
As a small investor with an vestment less than (10k) ,What is the cheapest platform to buy stock and hold them for 3 years?
Most platform overhear will have a quarterly $50 dollar inactivity fee , in addition to the Broker fee ( IG is one example )!
Finder
JoshuaAugust 29, 2018Finder
Hi Jimi,
Thanks for getting in touch with finder. I hope all is well with you. :)
Generally, most share trading platforms come with inactivity fees. This encourages users to stay actively using their account or motivate them to close their account instead of taking up the platform’s resources.
While we don’t have a page that specifically lists share trading platforms that don’t charge inactivity, you may still check our list on this page. You will find inexpensive stock trading platforms that might be able to meet your needs. Click on the “Go to site” green button of your desired provider and it should redirect you to their site. From there, you can know more about whether they charge inactivity or not.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
JonskiOctober 19, 2017
Hi, i’m a full time uni student with less than $5k to invest in stocks. After reading countless articles looking for the best or most suitable broker to trade aus/us stocks, i’m still undecided. Could you please give me some advice?
LiezlOctober 20, 2017
Hi Jonski,
Thanks for reaching out.
When choosing a share trading platform, you can start by comparing the commission fees, availability of advise and research options, integration with bank accounts, and access to other markets. You may refer to our guides on how to choose a good stockbroker and platforms for beginners for more helpful information.
Cheers,
Liezl
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We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
I’m trying to compare ways/costs of selling deceased estate shares, is this something you have looked into ?
Hi Cate,
Selling inherited shares can be complicated and depending on the circumstances you may want to speak to a financial advisor. However, if you’re looking for some general information, you can read our guide to selling shares: https://www.finder.com.au/share-trading/how-to-sell-shares. In most circumstances, the shares will be registered with a share registry such as Computershare and you can contact them to discuss the sale or transfer of your shares to another broker. You can check which registry by searching for the stock on the ASX website and scrolling down to the ‘Share registry’ section.
Good luck.
Your info on IG about fees is slightly incorrect. You quote 0 monthly fees however you should also advise potential customers that IG now charge $50 a quarter if you make no trades.
Hi Dave,
Thanks for getting in touch with Finder.
I’m sorry to hear about your experience with IG. Upon checking, I have confirmed that there’s a $50 subscription fee that you need to pay quarterly depending on your trading activity during the same quarter.
However, you can easily be exempted from the charge, if you do deal at least three times using your share trading or CFD accounts during the same quarter. Alternatively, if you hold no open positions in your share trading account at the end of the quarter, then you won’t get charged as well.
You may know more about IG by getting in touch with them or reviewing your terms and conditions.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Can I start in share market with a small budget of AU$10000 and which broker would accept me?
Hi Therese,
Thanks for getting in touch with Finder. I hope all is well with you. :)
Yes, you can start trading with that budget. In most cases, you only need about $500 to start share trading.
Regarding your second question, the right broker for you is the one that meets your preferences, needs, and budget. You can choose a broker based on your trading knowledge and experience, the markets you can access, the fees involved, trading sources, and customer service. You can learn more about this from our guide to open a share trading account. On that page, you will how to open a share trading account and other helpful tips. It’s a good guide to read for beginners.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
As a small investor with an vestment less than (10k) ,What is the cheapest platform to buy stock and hold them for 3 years?
Most platform overhear will have a quarterly $50 dollar inactivity fee , in addition to the Broker fee ( IG is one example )!
Hi Jimi,
Thanks for getting in touch with finder. I hope all is well with you. :)
Generally, most share trading platforms come with inactivity fees. This encourages users to stay actively using their account or motivate them to close their account instead of taking up the platform’s resources.
While we don’t have a page that specifically lists share trading platforms that don’t charge inactivity, you may still check our list on this page. You will find inexpensive stock trading platforms that might be able to meet your needs. Click on the “Go to site” green button of your desired provider and it should redirect you to their site. From there, you can know more about whether they charge inactivity or not.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi, i’m a full time uni student with less than $5k to invest in stocks. After reading countless articles looking for the best or most suitable broker to trade aus/us stocks, i’m still undecided. Could you please give me some advice?
Hi Jonski,
Thanks for reaching out.
When choosing a share trading platform, you can start by comparing the commission fees, availability of advise and research options, integration with bank accounts, and access to other markets. You may refer to our guides on how to choose a good stockbroker and platforms for beginners for more helpful information.
Cheers,
Liezl