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Superhero review: ASX share trading app
Pay zero brokerage for ETFs and a $5 flat fee for ASX stocks.
Update March 9, 2021: Superhero's account options have recently changed. Instead of a 'Basic' and 'Live Account', there is now just one account with no monthly fees.
Superhero is a share trading broker which charges a flat $5 brokerage fee for all ASX stocks and zero brokerage for exchange traded funds. With no monthly account fee for the Basic account and no inactivity fees either, Superhero is one of the cheapest share trading brokers in Australia.
Another key benefit of Superhero is you can invest as little as $100 per trade, which is much lower than the standard $500 minimum deposit for ASX trades.
AUD $5
Standard brokerage fee
ASX
Available markets
Email, Live chat
Support
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Details
| Type of broker |
Online Mobile |
|---|---|
| ASX products |
Shares Exchange traded funds |
| Available markets |
ASX |
| Standard brokerage | AUD $5 |
| Support |
Email Live chat |
Superhero Key features
Flat $5 brokerage fee for stocks
There's a low brokerage fee of just $5 for each trade you make. This is a flat brokerage fee too, so it's the same regardless if you make 1 or 100 trades in the month. It's also the same fee regardless of the value of your trade.
Zero brokerage ETFs
You don't need to pay a commission fee to invest in exchange traded funds (ETFs) through Superhero, making it one of Australia's only share trading platforms to offer zero brokerage on ASX products.
Access more than 2,500 ASX stocks and ETFs
You can trade all ASX listed stocks and ETFs with Superhero. This includes ASX listed property shares and listed investment companies (LICs) too. You can't trade any international stocks.
Invest with as little as $100
You can invest in Australian stocks and ETFs with a minimum investment of just $100. This is much lower than the standard minimum investment amount of $500 for Australian companies, as set by the ASX. Superhero is the first Australian broker to allow you to invest in ASX stocks from just $100.
Cash funds are held with NAB
Your Superhero Wallet within the app is used as your cash management account. This is where you can transfer funds so they're ready to then be used to place trades. The money in your Superhero Wallet account is held with NAB.
You can transfer money into your cash account via bank transfer using PayID, or via BPay.
Tax reporting
Superhero offers comprehensive reporting of all transactions and current stock holdings as well as comprehensive tax, performance, dividend and franking credit details.
Real time prices
You get live stock pricing on charts and when you place orders. This stands out from other trading platforms that typically charge a monthly account fee to access live prices.
Fees and features breakdown
| Brokerage fee per trade | $5 for stocks, $0 for ETFs |
|---|---|
| Monthly account fee | $0 |
| Inactivity fee | $0 |
| Minimum investment | $100 |
| Reporting | Basic reporting of your transactions and current holdings as well as comprehensive tax, performance, dividend and franking details on your holdings. |
| Order options | Market order and limit order |
How does it work?
Superhero's proprietary system is unique from other brokers. It allows them to reduce the minimum investment needed (normally $500) for ASX stocks to $100.
Essentially, Superhero uses a custodian model which is fairly common among brokers including Vanguard Personal Investor and IG, as well as by micro-investment apps such Raiz and Spaceship. This means shares bought on Superhero are beneficially held in your name.
According to Superhero's CEO John Winters, the custody model still uses the CHESS system however it utilises a single HIN on ASX’s CHESS system. Superhero’s tech consolidates settlements at the end of the trading day to reduce costs.
Pros and cons of Superhero
Pros
- Cheap flat brokerage on shares at just $5 per trade
- $0 brokerage on Australian ETFs
- No monthly fees
- Start investing with just $100 per trade
- Live pricing
Cons
- Minimal trading features
- Can't trade international stocks or ETFs
How to open a Superhero account
You can open an account in just 10 minutes by following these steps:
- Go to the website. Head to the Superhero website.
- Register your details. Enter your name, email and phone number to start your account registration.
- Verify your identity. You'll need to supply your Australian passport, driver's license or Medicare card details.
- Fund your account. Once Superhero has verified your identity, you can transfer money to your Superhero Wallet via BPay or PayID and start trading. You'll find these details by navigating to your Wallet in the app.
Superhero has also launched a mobile app version of the platform for iOS and Android users.
