Online investing is booming; ~70% of Australians use platforms and over 40 options exist.
Millennials lead app usage with 31% investing this way, highlighting accessible entry points.
Brokerage fees vary widely from $0 to $30, often with free trades for US stocks.
Investing was once reserved for the wealthy and well-connected. But the rise of digital platforms has disrupted the financial landscape, making it possible for anyone with a smartphone and pocket change to participate.
This revolution has brought about a new era of retail investors, who are turning to digital platforms to invest in stocks, currencies, commodities and other assets.
In this guide, we'll explore some of the statistics around the trading platforms available in Australia today.
Key statistics
53% of Australians invest in the stock market via share trading platforms (Finder, 2021).
There are at least 40 online stockbrokers in Australia today (Finder, 2023).
22% of investors use micro-investment apps (Finder, 2022).
7% of Australian children under the age of 12 have a share trading account under their name (Finder, 2021).
2% of Australian investors use robo-advisors (InvestmentTrends, 2023).
A changing landscape
Online trading in Australia is still a relatively young industry.
Just over 20 years ago, only 18% of stock trades were conducted through online share trading platforms, with most investors relying on full-service brokers, according to the RBA. Back in 2001, there were just over a million Australians signed up to these platforms, with around 10 options available to choose from.
In 2023, approximately 10.2 million Australians invested in stocks and approximately 70% of Australian investors used online trading platforms to buy shares (ASX).
The number of trading platforms in Australia has grown significantly in recent years.
There are now around 40 online trading platforms, with over a quarter of them launched in just the past three years. CommSec, founded in 1997, remains the top online broker in the country, maintaining the largest customer base.
Investment app demographics
Mobile investment apps have simplified the investment process and made it easier for people to enter the stock market with a few clicks.
The following data is derived from Finder surveys between April and September 2022:
59% of Australians do not use share trading apps or invest in the stock market via any other means.
22% of Australians say they use share trading apps to invest in the stock market.
17% of Australians say they invest in the stock market but not through share trading apps.
Men (24%) are 3 times more likely than women (19%) to use share trading apps.
Between the generations, millennials (31%) are the biggest fans of mobile-based share trading, while only 37% of gen Z and 3% of baby boomers said the same.
Smartphone users have an average of 2.5 finance apps downloaded on their phone and nearly three-quarters of users (73%) regularly use an app to manage their finances.
22% of Australians invest in the stock market through micro-investment apps, such as Raiz or Spaceship.
Australian trading platforms statistics
The following figures are based on Finder's analysis from August 2023:
There are around 40 stock trading platforms available in Australia, according to Finder's latest analysis. At least 10 of these made their debut in Australia post-2020.
The biggest online stock trading platform in Australia by customer numbers is CommSec followed by CMC Invest.
Globally, Robinhood and Webull are among the largest online stock trading platforms in terms of popularity and active user base, though their exact rankings fluctuate.
As of late 2023, Approximately 95% of Australian trading platforms offer Australian stocks, 70% include US stocks, and 32% provide access to UK stocks
As of September 2024, brokerage fees in Australia still vary widely, typically ranging from $0 to $30 per trade depending on the platform and trade size. Superhero charges $0 for ETF trades and $5 for ASX trades, while Stake starts at $3 per trade. For larger platforms like CommSec, fees start at $19.95 for trades up to $10,000, scaling to $29.95 for trades up to $25,000. Meanwhile, international trading platforms often provide $0 brokerage on certain US stock trades, maintaining their appeal for cost-conscious investors.
Trading $1,000 of US-listed stocks on Australian platforms like Stake and CMC Markets often incurs no brokerage fees. Other platforms, such as Moomoo, charge as little as US$0.99 per trade, offering cost-effective ways to access US stocks from Australia
Kylie Purcell is an experienced investments analyst and finance journalist with over a decade of expertise in a wide range of financial products, including online trading platforms, robo-advisors, stocks, ETFs and cryptocurrencies. She is a sought-after commentator and regularly shares her insights on the AFR, Yahoo Finance, The Motley Fool, SBS and News.com.au. Kylie hosts the Investment Finder video series and actively contributes to the investment community as a judge and panellist. She holds a Master of Arts in International Journalism, a Graduate Diploma in Economics, and ASIC-recognised certifications in securities and managed investments.
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