Who is the cheapest broker in Australia?

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 $3 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.

What is the best trading account in Australia?

According to the most recent Finder Share Trading Awards, CMC Invest is the best overall broker in Australia. CMC Invest 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.

Should you have your money with more than one broker?

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.

How much does a trading platform charge in brokerage?

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.