10 Best Share Trading Platforms In Australia For 2024

4.8
(58)

(58 votes, average: 4.8 out of 5)

Share trading platforms execute trades based on your orders. Without a good trading platform, you can't trade stocks, futures, commodities, indices, crypto, ETFs or derivatives. I've spent two weeks analysing your options to select the best online share trading platforms in Australia for 2024. Below are the pros, cons and quirks of each platform to help you make the right decision and start trading in the stock market sooner.


Last updated: June 5th, 2024

Best overall share trading platform

Interactive Brokers

Interactive Brokers is a powerhouse trading platform offering low brokerage fees, fantastic charting tools, fast trade executions and access to 150 global stock markets. Suitable for absolute beginners and veteran traders alike.

Visit Interactive Brokers

Interactive Brokers AFSL 453554. Interactive Brokers Australia Pty Ltd. The risk of loss in online trading of stocks, options, and forex can be substantial.

Best budget trading platform

Webul

Webull is hard to beat on price. You’ll pay zero commissions for the first 30 days, then rock-bottom fees starting at $4.9 per trade. Unfortunately the range of assets is limited to ASX and US stocks, ETFs, US options and emerging Asian markets

Visit Webull

Webull AFSL 536980. All forms of investment carry the risk of losing money. The value of your investments may go up or down. Your capital is at risk.

Best trading platform for social trading

eToro

eToro is the best online broker in Australia for social trading. Fees are moderately high, but the social and copy trading features are unbeatable. Plus you get access to a huge range of assets on Australian and international markets.

Visit eToro

eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. See PDS and TMD.

Opinions in this review are based on my personal experience with the products. Brands don’t get to offer editorial input nor see the review before it goes live, but may compensate me at no cost to you, if you choose to purchase a product on this page. Can you trust this review? Read the financial and editorial disclaimers.


Last updated: June 5th, 2024

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The Australian stock trading landscape has evolved significantly in the last few years. Dozens of online share trading platforms, aimed at experienced traders and novice investors alike, compete for your attention.

Hoping to become your share trading platform of choice, they lure you with reduced or nonexistent commissions, advanced trading features, multiple account types, and a huge range of tradeable assets.

You can avoid analysis paralysis with my guide.

I started dabbling in share trading last year. My first platform of choice was nabtrade – because I already use NAB for everyday business and personal banking.

Like many Australian beginner traders, I quickly realised that nabtrade is not the best share trading platform.

The fees are exorbitant, and the user interface reminds me of Windows 95.

Important!

In my search for a better alternative, I read all other (surprisingly rubbish) online share trading platform reviews, opened many trading accounts, compared their fees and features, and then used my discoveries to write the last trading platform review you’ll need to read.

Here’s my list of the 10 best share trading platforms in Australia for 2024, ranked from best to worst. Choose one and start your international share trading journey today.

1. Interactive Brokers.

Best overall share trading platform in Australia.

Who Is Interactive Brokers Best For?Why?
People who want all-in-one platform capabilities, to avoid switching accounts later.Because Interactive Broker has multiple apps for beginners to advanced investors, and allows you to upgrade when you feel comfortable.
Experienced investors focused on research and analysis to underpin their decision-making.Because the platform’s fundamental, technical research and reporting tools are robust. Powered by Morningstar, they offer high-resolution insights and live market data.
Buy-and-hold investors looking to lower their costs.Because Interactive Brokers boasts low commissions, no penalties for no activity on your account, no minimum deposit amount, and free withdrawals.
Who Should Avoid Interactive Brokers?Why?
Stock market investors who value straightforward brokerage fee structures.Because you’ll get a headache trying to understand Interactive Broker’s fees across multiple plans and asset types.
People hoping to engage with an expert peer community.Because the platform lacks social trading features.
New or low-touch investors overwhelmed by too many options.Because Interactive Brokers covers a huge variety of asset types, markets and extra features like ESG investing and earning interest on returns.

Traditionally the weapon of choice for active day traders and sophisticated investors, Interactive Brokers has recently improved its features to make itself more appealing to novice and intermediate share investors and traders.

Key improvements are its simple Global Trader mobile app, an easy-to-use online Client Portal trading platform (more about them shortly) and the ability to earn up to 3.57% interest on cash balances above AU$15,000.

ASIC-regulated and listed on the NASDAQ, Interactive Brokers is the oldest stock brokerage in this review.

Founded 48 years ago in 1978, it’s a fully blown multinational brokerage firm that allows Australians to trade shares, futures, options, currencies and bonds.

Pros.

Most share trading platforms offer one one-size-fits-all web-based interface and one mobile app. Interactive Brokers, meanwhile, caters to investors of all levels by offering no less than four options.

Beginners get:

  • Client Portal – a simple-to-use web-based interface.
  • Global Trader – a simple trading app.

Advanced users with a thirst for pro-level features will love:

  • Trader Workstation – crème de la crème of online trading platforms aimed at algorithmic and day traders.
  • IBKR Mobile – a fully featured mobile app.

All four platforms have clear, minimalist, modern interfaces with dark and light skins.

And the research tools are excellent.

You’ll find all the usual tools like charts and candlestick graphs, but more impressively, Interactive Brokers allows you to formulate a solid trading plan with deep-dives into:

  • Company research with Morningstar ratings and P/E ratios.
  • Company financials and ownership information (did you know that James Murdoch owns $32m of Tesla stock?).
  • Analyst forecasts, market commentaries, and ESG and Economic Moat scores.

Reporting features are equally outstanding.

Professional-grade performance summaries, trade logs, cash balances, and fee summaries give you a bird’s-eye view of your investing strategy and allow you to course-correct.

Zero monthly inactivity and low brokerage fees make Interactive Brokers especially appealing to cautious buy-and-hold investors.

You get a choice of two fee pricing plans: fixed and tiered.

Both plans have some of the lowest commissions in the industry (expect to pay AU$8.80 to buy $10,000 worth of shares – and the same again to sell them), but professional and serious traders will be better off choosing tiered.

Important!

As you’ll see in the table above, your brokerage fee will drop by about 30% (from 0.088% to 0.055%) once your monthly trading volume exceeds $3m.

Unfortunately, the fee system gets complicated once you start trading in multiple share markets (more on this shortly).

IB doesn’t lock you into a base currency (unlike, say, eToro).

You can set it when opening your account (AUD, USD, GBP, and EUR are available to Australian traders), but you can change it later with a few clicks.

As you’d expect from a top-tier share trading platform, you can buy fractional stocks. US, Canadian, and European shares and ETFs are also available.

Expert Tip.

Interactive Brokers’ range of tradeable assets and markets is mind-boggling and beats other brokerages by a long shot.

Cons.

Do you know how your smartphone has dozens of features you rarely use? Interactive Brokers is a bit like that.

Apart from trading shares, currencies, commodities and stocks, you get access to:

  • ESG investing options.
  • Ability to earn interest of up to 3.57% on cash balances over AU$15,000.
  • Scan the globe for undervalued stocks with a feature called GlobalAnalyst.
  • Compare the prices and metrics of global stocks in the same currency. 
  • Earn extra income (not much – likely less than 0.3%) by agreeing to lend your assets to IB as part of their Stock Yield Enhancement Program.
  • Access over 1 million bonds via IB’s Bond Marketplace.
  • Access over 48,000 funds with IB’s Mutual Fund Marketplace.

Will you ever use these features? Possibly, though not likely.

I look at it this way – to get an edge in the heavily contested share trading industry, Interactive Brokers packed their platform with the equivalent of iPhone’s Siri and Screen Time features.

They’re nice in theory but not consequential to your life.

A form of distraction, even.

However, my biggest gripe with Interactive Brokers is its fee structure. It is clunky, making it difficult to forecast your costs. 

Important!

Stocks, options, forex and futures have different fee structures. But it gets worse when you realise that each of these structures has different sub-structures for each geographical region.

For example, trades of Australian shares are based on monthly trading volume, while trades of US, Canadian and Mexican stocks are based on brokerage fees per stock.

Remember that IB runs proprietary platforms only. Algorithmic day traders who are used to MT4 and MT5 will be disappointed.

Overall.

Interactive Brokers is Australia’s best – and most comprehensive – trading platform.

Rock-bottom brokerage fees mean you get to keep more of your money.

The range of assets is equally outstanding.

In addition to trading shares, you can access hundreds of options, futures, forex, cryptocurrencies, bonds, and funds in 150 markets.

Market access is via one of IB’s four proprietary trading platforms, matched to your skill level and preference for desktop vs mobile.

Oh, and you can leverage margin loans and a bottomless inventory of research tools.

This flexibility is both a blessing and a curse.

Some may never take full advantage of the platform’s features (and may even find them distracting), while others will feel right at home.

Important!

The fee structure of Interactive Brokers is complex but can be summarised as follows: the fees are low initially, and the more you trade, the lower they become.

Professional day traders will love Interactive Brokers for its power, flexibility and ultra-low fees (especially once they reach high trading volumes).

Novice buy-and-hold investors will love it for the same reasons, plus zero inactivity fees and the intuitive Global Trader app.

Interactive Brokers FeatureWhy Should You Care?
Low Fees You Can Benefit From0.08% of trade value (or a minimum of AUD$6) for Australian stocks and ETFs. Depending on your trading volume, US share commissions start from as low as US$0.0005%.
Costs To Factor InYou’ll need the equivalent of USD$2,000 in your account to access margin lending.
Available Markets150 global markets, including 90 stock markets.
Available Crypto MarketsSpot Bitcoin ETFs are available to eligible investors
Available Forex Markets27 currency pairs.
SupportWeb-based help centre, email, phone and online chat.
Trading PlatformsModern and fully-featured desktop and mobile apps are available for both beginners and more advanced traders (4 platforms in total).

✔ Huge range of assets
✔ Very low commissions
✘ Lots of options means lots of distractions
✘ Complex fee structure

How Interactive Brokers Stacks UpScore
Market Access5.0
Fees5.0
Trading Platform & App4.5
Ease Of Use4.0
Customer Service4.0
Research & Analysis5.0
OVERALL4.6

2. Webull Australia.

Best low-cost share trading platform in Australia.

low-cost-australian-share-trading-platform

Webull is a low-fee share trading platform that offers access to Australian shares, US shares, and options. It also offers access to shares in emerging Asian markets.

ASIC regulates the platform in Australia, while the SEC, FINRA and SIPC do the same in the United States.

Compared with Interactive Brokers, Webull offers a more limited range of features, asset classes and order types (i.e., no social trading, leveraged trading or access to crypto, commodities or forex).

But, you do get rock-bottom fees, decent trading tools and a generous sign-on bonus (see below for details).

Pros.

Webull is one of the few low-cost Australian trading platforms offering CHESS-sponsored shares.

(Selfwealth and Tiger Brokers are the others – scroll down for detailed reviews of each).

The usability is excellent, with an easy-to-use, intuitive and modern web-based desktop interface and mobile app.

Australians planning to build a portfolio focused on Australian and international equities, as well as ETFs and options, will be impressed with the range of tradeable assets:

  • Australian stocks and ETFs.
  • US stocks, ETFs and options.
  • Hong Kong Stocks.
  • Chinese A-Shares.

Fractional shares on US stocks and ETFs are available, and give you additional flexibility in diversifying your portfolio.

However, Webull’s biggest differentiator is its focus on low trading fees. You’ll pay about the same fees as at Interactive Brokers (although an exact head-to-head comparison is tricky due to their different tier structures.

And while eToro (below) slaps you with marked-up currency conversion fees, Webull does the opposite.

You won’t pay currency conversion fees, but you will have to pay a commission for each trade.

Thankfully, Webull’s fees are some of the lowest fees I’ve come across in the industry. Australian stocks, for example, will cost 0.0003 x trade value, with a $4.9 minimum. 

Expert Tip.

On trades of about $16330 and below, you’ll pay the mandatory minimum of $4.9 per side. Higher amounts will attract a proportional rate. For example, buying $25,000 worth of BHP shares will cost you $7.5.

Fees on US stocks are also very competitive but harder to calculate precisely:

  • Buy orders on stocks and ETFs cost 0.00025 x trade volume (i.e., buying $10,000 of shares will cost US$2.5).
  • Sell orders attract (borderline negligible) SEC and FINRA fees.

They add up to a sell commission of 0.00043 x volume (i.e., Webull will charge you US$4.3 to sell $10,000 of US shares).

Purchases of stocks in Emerging Asian (Hong Kong And Chinese) markets will attract the least competitive fees.

Even though the rate matches Australia’s at 0.0003 x trade volume, the transactions trigger a (relatively) hefty $15 minimum flagfall.

Important!

For a limited time, Webull is not charging brokerage fees for the first 30 days. It means you can build out your initial portfolio without paying a cent in commissions.

Plus, you’ll earn up to 5.3% on idle USD in your cash account (see T&Cs for details), a great incentive to keep your USD account funded.

Did You Know?

I’ve missed plenty of trading opportunities (e.g., April’s MSFT dip to $389) because I forgot to fund my USD account. Most share trading platforms take about two days to convert and clear USD, and the trading opportunity is often gone by the time the funds arrive.

And if you transfer your stocks from another share trading platform, Webull will give you some trading vouchers. The bigger the transfer, the bigger the bonus:

$5,000-$19,999$100
$20,000-$99,999$500
$100,000 and above$1,000

To qualify for the bonus, you must keep your funds on Webull’s platform for over 90 days. Transferring your money to Webull, taking the bonus, and running away will not work.

Cons.

While Interactive Brokers offers you four trading platforms, Webull offers you just one – a mobile trading app.

This won’t be a stumbling block for casual traders and Gen Zs, but older folks and more sophisticated investors will likely miss the ability to trade via a desktop interface.

Unlike eToro, Webull doesn’t offer any copy or social trading features.

You get access to a “global community of traders”, but these are likely to be other retail investors looking for tips and offering advice you can’t sanity check.

Important!

I’ve already mentioned this, but let me reiterate – leveraged trading isn’t available on Webull. For this, you’ll need Vantage or Pepperstone.

Webull will give you access to margin lending as a consolation prize, but their 9.6% interest rate is hardly competitive.

Again, go elsewhere if you want to get fancy and buy assets with borrowed funds.

Interactive Brokers, for example, offers margin lending at between 5.6% and 6.6%.

I’ve seen complaints about Webull’s less-than-stellar educational materials, and I agree. All you get is a blog that explains common trading terms and shows you how to perform technical analysis.

However, I don’t see it as a stumbling block, as you must not rely on brokers for your education anyway.

Their interests are not aligned with yours, and they won’t teach you to invest in ways that lead to success.

Besides, most share trading platforms’ training materials are publicly available. No one will stop you from trading on Webull while helping yourself to eToro’s Academy.

Important!

I’m not allowed to provide investing advice, but if you want to learn, leave a comment below. I’ll email you details of educators who I trust.

Overall.

Webull Australia is an excellent low-cost share trading platform. You get a user-friendly interface with a shallow learning curve, low commissions and a surprisingly powerful suite of research tools.

It’s the best platform for beginner and intermediate investors looking to build investment portfolios focusing on Australian and US shares and ETFs without paying hefty fees.

US options and Asian shares are on the menu for people with an appetite for more exotic asset classes.

Expert Tip.

Remember to take advantage of Webull’s 30-day no-commission window. You can use it to build a big chunk of your portfolio for free. After that, you’ll pay $4.9 (or so) per side – one of the lowest commissions in Australia.

Unfortunately, you miss out on copy and social trading features. If those are non-negotiable, eToro is still your best option. 

CHESS sponsorship offers an extra layer of security, while the $50 of bonus Tesla shares are a nice touch.

✔ Trade ASX, US, HK and Chinese stocks
✔ Ultra-low commissions with first 30 days free
✔ CHESS sponsorship with your individual HIN
✘ No copy trading or social trading features
✘ No leveraged trading

How Webull Stacks UpScore
Market Access4.0
Fees5.0
Trading Platform & App4.5
Ease Of Use5.0
Customer Service4.5
Research & Analysis3.5
OVERALL4.4

3. eToro.

The best share trading platform for social trading.

best trading platform australia
Who Is eToro Best For?Why?
Time-poor, medium-to-long-term share/ETF investors with limited time to research companies.Because you can leverage the expertise of advanced traders (helpfully rated for past success/risk) via its top-notch copy trading features.
Budget-conscious investors who want to build a diversified stock portfolio with low levels of turnover.Because eToro doesn’t charge commissions on stock and ETF trades.
Beginner and intermediate investors ready to explore a broader range of assets.eToro offers over 3,000 tradeable instruments, has a great demo account, and allows you to spend less to buy fractional shares.
Who Should Avoid eToro?Why?
Experienced investors with a higher frequency of trades.You can find more competitive currency conversion, spread, and account fees on platforms aimed at day traders.
Investors who want control and are keen to deepen their technical analysis skills.Because eToro’s excellent copy trading feature is such a draw, you won’t get the same value if you don’t need it. Plus, its research tools are less sophisticated.
People investing with very small sums of money.Because eToro’s fee structure is complex, complicated by the fact that it operates in US dollars (you’ll incur a currency conversion fee every time you add/withdraw funds in AUD).

eToro has taken out the #3 spot in my review of best trading platforms in Australia because it has a fantastic user interface, a huge range of tradeable assets and class-leading social trading features.

You can use these features to follow, interact with, and copy the strategies of more experienced traders. But I’m getting ahead of myself.

(Related: eToro Review: Pros, Cons, Fees & Ugly Details).

Pros.

eToro excels at catering to two types of users:

  • Novices and intermediates who want to build their first stock and ETF portfolio.
  • Advanced traders who want to benefit from eToro’s Popular Investor program by sharing their moves with less experienced traders.

eToro’s proprietary desktop trading platform and mobile app are remarkably friendly and easy to figure out.

In my experience, both do a fantastic job of not scaring off novices while providing sufficient research and reporting features to reasonably experienced users.

Expert Tip.

eToro’s trading platform isn’t as advanced as MT4 and MT5, but is nowhere near as intimidating.

Copy trading features are some of the best in the game:

  • First, you get access to the historical performance of experienced private traders through eToro’s CopyTrader function. Once you’re comfortable with their skills, you can copy their moves.
  • Second, you can delegate your investment decisions to eToro’s Smart Portfolios. Curated by professional investors, they give you the ability to invest in diversified classes of stocks or target particular sectors (e.g., mining and financial services).

Because practising with Monopoly money is fun and inconsequential, eToro provides a free demo trading account with $100,000 in virtual funds.

You are not restricted to stock markets, either.

eToro offers 79 crypto coins and gives you access to hundreds of ASX, US, UK, and Euro stocks and ETFs.

Expert Tip.

You’ll find a wider range of tradeable assets on Interactive Brokers, but in my personal experience, the increase in options is not always worth it – unless you plan to become a serious trader.

Cons.

The first downside of the eToro share trading platform is its comparatively high non-trading fees.

These will sting if you have a (bad) habit of making frequent withdrawals and/or going MIA from trading for long periods:

  • Withdrawal fee is $5.
  • Inactivity fee is $10/month if you go missing for 12 months.

Because eToro’s base currency is USD only, you must convert all of your Aussie dollars, copping a 1.5% fee in the process.

You’ll need to do the same in reverse, too.

In net terms, this translates to about 3% in fees on all stock and ETF purchases forever.

You will get a 25%, 50% or 100% discount on these fees if you hit deposit thresholds of $5,000, $25,000 or $250,000, respectively.

Expert Tip.

If your trading strategy involves speculating mainly or exclusively on CFDs, this review is not for you. Pick a serious CFD-centric trading platform like Vantage or Pepperstone.

Overall.

eToro is my top pick for investors who want to dabble in copy and social trading. Its intuitive WebTrader platform and a sea of tradeable assets make it a compelling proposition.

  • Its brokerage fees are competitive but not cheap. Day traders should look elsewhere (e.g., Interactive Brokers).
  • Its reasonable non-trading fees make it a great fit for infrequent share investors.

Ultra-experienced traders and investors can use eToro to make extra commissions by allowing novices to copy their moves.

But beginner and intermediate investors who want a no-frills, low-cost trading platform should consider Webull.

eToro FeatureWhy Should You Care?
Costs To Factor In1.5% currency conversion fee from AUD to USD (discounts of 25%, 50% and 100% apply once your balance reaches thresholds of $5,000, $25,000 and $250,000, respectively).
Available Markets17 major exchanges, including ASX, NASDAQ, NYSE, LSE, HKEX, TSX and Euronext
Available Crypto Markets79 coins
SupportTicket only (usually takes 1 business day to respond).
Trading PlatformsProprietary desktop app. Fully featured mobile app for iOS and Android.

✔ Copy trading features and Smart Portfolios
✔ Big fat no commissions on stocks and ETFs
✔ Demo account for consequence-free practice
✘ USD base currency
✘ Currency conversion fees sting (unless you qualify for a discount)

eToro Service ARSN 637 489 466 operated by Gleneagle Asset Management ACN 103 162 278 AFSL 226199 and promoted by eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Investing in shares via a managed investment scheme does not result in direct ownership of the underlying assets. The scheme has legal ownership, the investor has beneficial ownership i.e. the shares are held on your behalf. As the scheme has legal ownership, you have no rights in the securities, including voting rights. Shares are non-transferable. Refer to the Product Disclosure Statement and Target Market Determination. See PDS and TMD before transacting. See full disclaimer.

How eToro Stacks UpScore
Market Access4.5
Fees4.0
Trading Platform & App4.0
Ease Of Use5.0
Customer Service4.5
Research & Analysis3.5
OVERALL4.3

4. Selfwealth.

Great for passive investing in stocks & ETFs.

asx trading platform

Selfwealth is an Australian CHESS-sponsored online trading platform founded in 2012.

Since its launch, it has become popular among Australian investors due to a healthy range of Australian and international markets and rock-bottom, flat-fee pricing.

You pay a very predictable, low, $9.5 per side. But I’m getting ahead of myself. Again.

Pros.

Selfwealth’s fees are always predictable and easy to calculate – regardless of your trade size.

The platform will give you a (very reasonable) $9.5 haircut when you buy shares – and the same amount again when you sell them.

When you buy US shares, you’ll be charged the fee in US Dollars. When you buy Australian shares, you’ll be charged in Australian dollars. Simple.

Important!

The only exception to this rule is the (quite reasonable) 0.6% currency conversion fee you’ll need to cough up when buying US stocks.

selfwealth vs etoro fees

As someone allergic to complexity, I find this fee structure a welcome breath of fresh air.

In contrast, I’ve been using (and reviewing) Interactive Brokers for almost a year, and I still haven’t fully wrapped my head around their fee structure.

To be fair, Selfwealth has fewer features than “big boy” trading apps like Interactive Brokers, eToro, IG and CMC.

I’ll talk about those shortfalls below.

Access to the HK stock exchange is an unexpected bonus, and allows you to get exposure to emerging Asian markets.

The platform’s interface strikes a nice balance of simplicity and sophistication.

Important!

Don’t expect MetaTrader level of analysis – because that’s not the point.

The mobile app allows you to place orders, create watchlists and monitor your portfolio’s performance in real-time.

As you’d expect, company research is also available within the app, and is surprisingly detailed.

Income, balance and cashflow projections will satisfy Benjamin Graham-inspired value investors among you.

(Until you realise that pinching into a balance sheet on a small screen can be clunky, and start using the desktop app for meaningful stock analysis instead).

Note to self:

  • The mobile app is for dopamine hits.
  • The desktop app is for strategy.

Thankfully, the latter is also excellent, and definitely built with value investors in mind.

You get a built-in company event calendar, news, financials, ratios, basic performance charts, yield and Refinitiv buy-and-sell ratings. I’ll discuss these limitations in the “Cons” section below.

Last but not least, you get in-app live chat support. I’ve used it a few times, and it’s brilliant.

Operators appear to be offshored, but are quick to respond, earnest and competent.

I’ve already hinted at Selfwealth’s CHESS sponsorship, but let me emphasise this feature, as cheaper Australian brokerages rarely offer it.

Selfwealth will hold in your name using a unique-to-you Holder Identifier Number (HIN).

Theoretically, this feature offers you more security than the alternative custodial model, although this topic is hotly debated online.

Expert Tip.

What is my opinion? If I were investing spare change, I’d be comfortable with a custodial model. But for building substantial portfolios, I will insist on CHESS sponsorship every time.

Cons.

Selfwealth doesn’t have every stock under the Sun.

You get access to all the main assets and quite a lot of obscure ones, but you won’t find penny stocks, brand-new IPOs or very obscure companies.

I’ve never not found a stock that I wanted to buy on Selfwealth, but I did come across a couple of exotic ETFs that were not available.

Remember that Selfwealth doesn’t offer “fancy” features like margin trading, leverage, copy trading, Euro stocks, commodities, crypto or forex.

In other words, Selfwealth is great for defensive, buy-and-hold investors interested in getting exposure to Australian and US stocks and ETFs.

While Selfwealth’s reporting is good, it misses out on stock screeners, advanced charting and pricing alerts.

While quasi-social trading feature is available (you can watch and follow portfolios of other Selfwealth members), it’s only free for 90 days, after which you’ll need to pay $29/month.

Important!

Selfwealth Premium costs relatively little – if your portfolio is $100,000. But if you’re investing $1,000, the $29 fee will erode 30% of your capital in one year. Be careful. Thankfully, Selfwealth doesn’t auto-enrol you into the paid program.

Overall.

Selfwealth is one of my favourite low-cost brokerages in Australia because of its CHESS sponsorship, clear pricing and low costs.

You don’t have to wrestle with tiers, pay pass-through fees or calculate percentages of trades.

Just pay $9.5 per trade (plus 0.6% currency conversion on US trades).

It’s definitely NOT for aggressive day traders who want to use leverage, nor is it great for technical analysis deep dives.

But it is a great choice for buy-and-hold investors who want to build a portfolio by investing spare cash into US and Australian stocks at the end of each month.

✔ Simple fee structure
✔ Low brokerage fees
✔ Great interface on desktop and app
✘ Free research and analysis tools could be better

How Selfwealth Stacks UpScore
Market Access4.5
Fees3.5
Trading Platform & App4.5
Ease Of Use5.0
Customer Service4.5
Research & Analysis3.5
OVERALL4.2

5. Superhero.

Good share trading platform for ASX stocks and ETFs.

what is the best share trading platform australia

Superhero is one of the newer fintech disruptors, fighting for dominance in the Australian online trading market since 2020.

It competes directly with Tiger Brokers, Stake, SelfWealth and – to a lesser extent – eToro, to give you access to the share market at rock-bottom fees.

Pros.

Commitment to affordability is Superhero’s key differentiator. You pay $0 on ETF purchases (but cop $5 when you sell them) and $5 on ASX share transactions, both ways.

Zero account-keeping and inactivity fees continue to impress, and will appeal to investors who like to buy and HODL.

Start trading US shares, however, and fees will start to add up (more on this shortly).

Speaking of America, Superhero supports fractional share trading on US stocks, but not on the ASX.

Fractional shares become useful if you want to time the purchase of a company’s stock, but don’t have enough money saved up to buy an entire share.

The desktop user interface and the mobile app are very simple to use, while the signup process is quick and easy.

  • As someone who hates admin, I was pleasantly surprised to discover that Superhero offers a sophisticated tax reporting function.
  • Instead of forcing you to wade through spreadsheets, it allows you to export pre-compiled reports that you simply pass on to your accountant.

I also love the comprehensive customer support available through live chat and email.

Cons.

Unlike eToro and other online share trading platforms, Superhero doesn’t offer access to CFDs, crypto or commodities.

While this is great if you plan to build a portfolio centered around ASX stocks and ETFs, you’ll be forced to switch to a more comprehensive platform if you decide to play around with leverage or diversify.

Don’t fall for Superhero’s “zero brokerage on US stocks” offer.

Yes, it is true, but you’ll also cop Superhero’s high currency conversion fee of 0.7%.

Superhero charges this fee in USD, which translates to almost 1% in net Aussie dollar terms. You’ll need to pay it again when you transfer your money back.

  • This is hefty compared to eToro, which charges 0.5% currency conversion per side. That said, eToro charges this on ALL transactions (because it operates solely in USD), while Superhero does on US shares only.

By the way, Superhero can keep its fees low because it operates on a shared HIN (custodian) model.

Last but not least, Superhero doesn’t have any copy trading features. If this is a must-have for you, go with eToro.

Overall.

You’ll get the most out of Superhero if you stick to the ASX and reduce the sting of the $5 brokerage fee by resisting the urge to make small, frequent trades.

US stock investors will be better off with a more holistic platform like eToro, which is just as easy to use and gives you access to free copy trading features.

That said, Superhero is a great, low-cost option for novice and intermediate traders who want a straightforward and affordable way to get into the Australian share market.

✔ Low-fee ASX trading
✔ Pay zero brokerage fees for US fractional shares and ETFs
✔ No monthly fees
✘ Limited reporting, analysis and charting
✘ Custodian model is not for everyone

6. IG.

Good all-round share trading platform.

best for professional investors

IG is another custodial broker, like TigerBrokers and Superhero, which allows it to keep its brokerage fees at rock-bottom prices.

It has existed for over 45 years and has established itself as a trusted and reliable choice for traders worldwide, with offices in Sydney and Melbourne and headquarters in London.

This ASIC-registered share trading platform is known for its wide range of markets (e.g., over 13,000 shares and ETFs) and advanced trading tools.

Pros.

IG offers an extensive selection of financial instruments.

You can trade shares, ETFs, CFDs, futures, options, commodities, and cryptocurrency and diversify your capital evenly across them, thus minimising your risk exposure to a specific market, asset or sector.

  • Traders get access to top-notch market research tools.

You have IG’s in-house IGTV, Reuters financial news, an economic calendar, weekly market forecast, and daily blog updates.

Important!

Advanced trading tools like customisable screens, auto-charts, auto pattern recognition, and others make IG worthwhile for advanced traders.

Aside from that, the 60,000-strong IG community brings together fellow investors and helps them to learn from one another.

Fees are also quite reasonable.

You can trade US and UK shares with 0% brokerage fees and Australian stocks for as little as $5 – as long as you’ve made three trades during the previous month.

New traders also get a fully functioning demo brokerage account with $20,000 worth of virtual assets.

Important!

IG also offers an extended-hours trading feature that lets you trade certain US shares before and after market hours.

The top-notch mobile trading app makes trading on the go very easy. The app is fully featured, offering desktop-like features (e.g., market analysis and auto-syncing charts), and functions properly with no bugs.

Cons.

IG charges inactivity fees and a fee for guaranteed stop orders, which kind of sucks when you consider that stop orders are free on many other trading platforms.

  • The inactivity fee is steep, at $50 per quarter for those making less than 3 monthly trades.
  • And there’s a relatively high 0.7% currency conversion fee.

Last but not least, I found IG customer support slow and unresponsive, with the live chat function offline frequently during business hours.

Overall.

IG is a noteworthy online share trading platform, especially for advanced traders.

The top-notch trading interface, competitive fees and wide availability of financial instruments are IG’s key differentiators. But the complexity of the platform could be a turnoff for newbies.

✔ Top-notch mobile trading platform
✔ Solid market research news
✔ Great demo account
✘ High fees on small trades
✘ Can get overwhelming for beginners

7. nabtrade.

Share trading platform for anxious people who only trust big banks.

share trading platform australia

nabtrade is a trading platform founded in 2011 and backed by NAB, one of Australia’s Big Four banks.

The platform offers access to over 10,000 stocks and ETFs at stock exchanges in Australia, the USA, Germany, Hong Kong and the United Kingdom.

Pros.

nabtrade gives you good expert analysis, market news, and company reports.

In addition to the comprehensive data, nabtrade offers integrated banking services for NAB customers, simplifying the process of transferring funds and managing investments.

I personally bank with NAB and can testify to the efficiency of this setup. Even though nabtrade is separate from your main NAB online banking account, the integration between the two platforms is seamless.

You can send money back and forth without any delays.

NAB’s brand value is also hard to ignore. If you’re anxious about leaving your money with global platforms like eToro, nabtrade is a good option.

Cons.

The first disadvantage of nabtrade is its user interface, which I find more clunky than Windows 95. Compared with newer trading platforms like eToro and Superhero, it looks like it belongs in the stone age.

Small screen elements, confusing menus and a lack of a good mobile app add unnecessary friction to the process.

The second issue I have with nabtrade is its fee structure.

The 0.5% inactivity fee, triggered when you don’t make trades for 12 months, is outrageous.

Important!

If you have a $50,000 portfolio that stays dormant, you’ll cough up $250 per year in inactivity fees alone.

The same fees on eToro, charged at $10/month, add up to $120, while low-cost brokers like Superhero and Tiger Brokers charge zero inactivity fees.

  • nabtrade brokerage fees are tiered and range between $9.95 and $19.95 up to $20,000 and switch to 0.11% of trade value above $20,000. This is comparatively high, again.
  • International share purchases attract an additional currency conversion fee between 0.5% and 0.8%, which is far from ideal.

Overall.

nabtrade is a reputable trading platform suited to NAB customers who want to keep their finances under the roof of a trusted Australian institution.

Because nabtrade is backed by the National Australia Bank, you’ll sleep well knowing your money is as safe as it can be.

But you will pay for this with high fees and time lost navigating its unintuitive interface.

✔ Solid brand reputation
✔ Comprehensive research tools
✘ Clunky platform
✘ No mobile app

8. Tiger Brokers.

Good low-fee share trading platform.

low cost trading platform
Who Is Tiger Brokers Best For?Why?
Investors with a smaller budget or moderate investment volumes, keen to create a balanced stock portfolio.Because Tiger Brokers has competitive brokerage costs and no minimum deposit amount (compared to minimums of $50-$100 on similar platforms).
Investors at all experience levels looking to hold stocks medium to long-term.Because the platform has no inactivity or ongoing maintenance fees.
Investors looking to diversify through US stocks.Because Tiger Brokers makes it cost-effective to own ‘expensive’ big-name stocks through fractional US shares.
Who Should Avoid Tiger Brokers?Why?
Stock investors who also want to trade across other assets.Because the platform differs from many standard share trading apps in not supporting forex, CFDs, indices or crypto.
Beginners looking for tips and camaraderie through a shared community.Because most people using its app post poor quality content simply to earn ‘Tiger Coins’.
Investors serious about high-level insights to guide their decisions.Because Tiger Brokers interface strikes a balance between ease of use and advanced tools, without being exceptional at either.

Tiger Brokers is a rapidly growing, ASIC-regulated share trading platform with over a million users worldwide and a strict focus on low fees. 

Aimed primarily at investors rather than traders, it offers a very attractive signup bonus, a reasonably sophisticated trading platform and one of the best mobile trading apps in the business.

Pros.

First, it gives you access to a competitive range of assets, including ASX, HK and US shares and ETFs, plus US options.

Important!

This enables a decent amount of diversification without adding complexity.

Second, you can take advantage of Tiger Brokers’ signup bonus by funding your account with AU$500 and getting US$50 of US fractional shares.

Tiger Brokers used to offer a 90-day fee-free period (which was a great way to build a portfolio without paying any fees at all), but that was scrapped in 2024. 

You’ll pay:

  • 0.055% of trade value for ASX shares, with a minimum of AU$5.5 per trade.
  • US$0.013 per US share with a minimum of US$2 per order.

This makes ASX fees very competitive, especially if you’re investing less than $20,000 a pop. 

Beyond that, a flat fee structure of Selfwealth begins to be far more cost effective.

If you invest $100,000, for example, Tiger Brokers will charge you a hefty $55, while Selfwealth’s fee will always be limited to $9.5.

US fees switch to a per-share pricing model (hello, complexity) and attract (relatively minor) regulator fees.

In practical terms, this model is very cost-effective when buying expensive shares (e.g., Visa or Hubspot). You’ll rarely pay more than $2 per side.

But if you decide to buy $10,000 worth of a cheap stock like Reneo Pharmaceuticals (roughly $1.6/share – and no, this is not a stock tip), you’ll suddenly be up for $81.

Finally, Tiger Brokers has switched from a custodial to a CHESS sponsorship model.

Important!

This has been one of my consistent criticisms of the platform, and I’m happy to report that as of 15th January 2024, all new accounts will be CHESS-sponsored. 

Unfortunately, the old accounts will remain under the custodial model.

 Oh, and you get a clean, attractive desktop interface and mobile app.

  • Absolute novices will find the interface more complex than eToro’s, but the design is intuitive and easy to learn.
  • Intermediate investors will feel right at home.

Expert Tip.

Fractional share investing in US companies is available, but copy trading features aren’t. If the latter is a deal-breaker for you, eToro is the better choice.

Cons.

Tiger Brokers has gone to great lengths to shake off some of the “Chinese brokerage” stigma and build an aura of trust around its brand. 

However, throughout 2023, Tiger Brokers has consistently landed in hot water with regulators. 

It was forced to pay $900,000 in New Zealand for breaches of anti-money-laundering laws and had its licence cancelled by NZX. 

The media also reported on some eyebrow-raising staffing issues.

This is a relatively young company, and these could be nothing more than “growing pains”. Most new businesses step on regulators’ toes in their early years (remember Uber?).

The difference, of course, is that you’re not investing your life savings with Uber.

Whether this track record concerns you is a decision you’ll need to make yourself, weighing it up against Tiger Brokers’ (admittedly excellent) features and fees.

Important!

Crypto trading is not available on Tiger Brokers. If you plan to add these assets to your portfolio, consider eToro instead.

Overall.

Tiger Brokers offers rock-bottom pricing and a nice user interface.

The trading platform is a great fit for investors who want to build a portfolio of ASX shares and ETFs, diversify it with some US shares and have the option to trade regularly or hold for long periods.

Very motivated to earn your business, the company is offering one of the best signup bonuses I’ve ever seen. 

The range of assets is wider than what’s available on its low-cost rivals like Superhero, Pearler and Selfwealth.

Unfortunately, I hesitate to rank Tiger Brokers highly because of the company’s recent legal issues. It’s a shame, as the product itself is very compelling.

If the company manages to stay out of the media and the courts throughout 2024, I’ll be happy to recommend it as one of the best share trading platforms in Australia.

Tiger FeatureWhy Should You Care?
Low Fees You Can Benefit From0.025% commission on buying/selling ASX stocks and ETFs (or minimum of AUD$6.45 per trade). For US stocks, the cost if USD$0.0099 per share (minimum of USD$1.99 per order).
Available MarketsAustralian and US shares/ETFs, HK stocks, US options and futures.
SupportWeb-based help centre, email and phone available 5 days a week during business hours.
Trading PlatformsDesktop and mobile apps for iOS and Android.

✔ Easy to use platform and app with great UX
✔ Very impressive signup bonus for newly funded accounts
✔ No ongoing fees
✘ A few legal bumps

9. Pearler.

Good share trading platform for passive investors.

share trading platforms

Pearler is an innovative Australian online trading platform that has gained much traction since its launch in 2018.

The platform focuses on providing a user-friendly experience, and it is one of the best stock trading platforms for young investors just beginning their investment journey.

Pros.

Pearler is quite easy to use. The share trading platform was designed to get out of your way and accomplishes just that.

No superficial features, needless clutter, obtrusive icons or buttons. Just a simple platform that new investors will find quite appealing.

  • nabtrade – are you paying attention?
Pearler’s main focus is on long-term, passive investing, and it accomplishes this using automated investment plans and fractional investing to help users build and maintain diversified portfolios.

You can set up a regular investment plan to automatically purchase shares of selected ETFs each month, so your portfolio effortlessly grows over time.

Pearler also does not charge inactivity fees, making it suitable for users who may not trade frequently.

Important!

Additionally, like eToro, Pearler offers social insights through its platform, allowing users to follow and interact with like-minded investors.

Cons.

Pearler currently only offers access to ASX-listed shares and ETFs. This could constrain and/or turn off Australian investors who want to trade other financial instruments or access international markets.

Another potential downside of Pearler is the absence of advanced trading tools and research resources that some experienced Australian brokers might expect.

Overall.

Pearler is a user-friendly and accessible trading platform primarily geared toward novice investors and those interested in long-term, passive investing.

With automated investment features, it’s an ideal next-generation trading platform for casual traders.

✔ User-friendly and intuitive UI
✔ No inactivity fees
✔ Auto-invest feature that actually works
✘ Limited research tools

10. Stake.

Good trading platform for buying US equities.

share trading platforms

Stake is a relatively new Australian fintech specialising in providing commission-free US stock market access.

The platform is designed for new and experienced traders looking to invest in Australian and US equities.

Pros.

Stake offers a $3 flat trading fee on trades up to $30,000 making it a popular choice for several traders looking to save costs on trading fees.

Also, Australian shares bought on Stake are CHESS-sponsored, meaning they are registered with the ASX.

Additionally, Stake offers access to a wide range of US equities, including stocks and exchange-traded funds (ETFs).

This extensive selection enables users to diversify their portfolios by investing in US markets. So if you’re looking to capitalise on opportunities in the US market, you can leverage Stake’s platform.

Cons.

While Stake does trade some Australian equities, the platform focuses more on US equities, which can be limiting for traders looking to invest in other markets or asset classes.

Another drawback of Stake is its limited customer support service.

There is no live chat option. So you can only contact the customer support service via email, which can take over 24 hours.

Overall.

Stake is a solid choice for traders seeking a simple and affordable way to own a few Australian stocks, but intends on majoring in US stocks.

✔ Low fees!
✔ Good rangeintendingftoamajorstruments
✘ Controversial custodial model
✘ Limited customer support

3 Factors To Consider When Choosing The Best Share Trading Platform.

Don’t get distracted by shiny objects. Here are the top factors that make or break a platform.

1. Range Of Assets.

Your risk appetite is the biggest predictor of your asset needs:

  • Riskier portfolios typically include CFDs on stocks, forex, crypto and ETFs.
  • Commodities such as gold, coal and titanium are often used as a hedge against this risk.
  • Market volatility of specific regions (e.g., APAC, North America) can be absorbed by investing in stocks on respective exchanges.

This is why sophisticated investors who set out to build balanced portfolios choose trading platforms that offer access to a large range of markets.

2. Fee Structure.

Trading platforms use fees strategically to attract and repel certain types of investors. Choose a platform that best matches your trading style.

For example:

  • Interactive Brokers is home to professional (or otherwise serious) investors who move high volumes frequently. Its fees are tiered, with only 0.025% on trading sums above $100 million.
  • Other platforms, meanwhile, use its “zero fees on stocks and ETFs” policy as a loss leader. They lose money on those products but make up for it with market-rate fees on CFDs and crypto.

3. Ease Of Use.

Are you surprised to see this as a key prerequisite? Don’t be. You’re less likely to interact with a clunky, unintuitive platform.

Good software gets out of your way, eliminating friction and allowing you to place trades on the fly from your mobile device.

Some platforms (e.g. CMC Markets) offer the well-regarded but complex Meta Trader package, while others (e.g. eToro) opt for proprietary software.

Expert Tip.

Do a test drive using a demo account to ensure you gel with the software – before depositing funds.

Frequently Asked Questions About Share Trading Platforms.

People have consistently asked me the following questions about trading on the Australian stock market.

What fees do Australian online brokers charge?

Fees are calculated in a variety of ways including percentages, flat rates and based on volume — which can make it harder to understand and compare costs.

Reasonable fees per buy/sell order vary from a minimum of around AUD$5-10.

Some brokers have a no-commission model, but beware that these platforms make money through fees charged on currency conversions, spreads when you apply leverage, and costs related to using your account (e.g., withdrawing money, inactivity).

Are online brokerages safe?

Thousands of Australians safely invest and trade every day using the reputable, established, and regulated share trading platforms compared in this article.

Reasonable fees per buy/sell order vary from a minimum of around AUD$5-10

If you’re keen to directly hold your shares for added protection in case of a broker’s insolvency, you might prefer a CHESS-sponsored broker compared to a broker with a custodial model.

What Are The Risks Of Investing In Shares?

When you buy shares from an online broker, you spend money without guarantee of a return.

You also accept the chance that you could lose all of your capital.

While Australian and international markets tend to add value over the long term (in a broad sense), individual stocks can be volatile.

Each company’s share price depends on a huge variety of macro, performance-based and consumer-led factors.

Important!

Even well-run companies can be overtaken by competitors or lose relevance due to changing trends.

What Is CHESS Sponsorship?

CHESS stands for Clearing House Electronic Subregister System, and it’s the software the Australian Securities Exchange (ASX) uses to manage and record a change of ownership in shares when they’re bought or sold.

Important!

When you use a CHESS-sponsored broker, you’ll have peace of mind that your shares are securely registered as belonging to you via ASX’s settlement system.

Your ownership is represented by a unique Holder Identification Number (HIN) you’ll receive from your broker.

How many Australians invest in the share market?

According to Deloitte, investing on the Australian Stock Exchange (ASX) puts you in good company – over 30% of Australians own assets listed on an exchange.

These include shares, bonds, ETFs, managed funds, warrants, options and futures.

Which trading platforms in Australia have the lowest fees?

The table below compares the fees of 9 share trading platforms in Australia. Remember to place these into context.

For example, look for low, percentage-based commissions if you’re a high-volume trader. Look for zero inactivity fees if you’re a passive investor.

PlatformBrokerage FeeTradeable AssetsSignup BonusTradeable Indices
eToro1% fee on crypto assets, 1.5% currency conversion feeStocks, ETFs, crypto assetsNoneNYSE, NASDAQ, ASX, LSE, HKEX
Superhero$5 flat fee on ASX stocks and ETFs, $0 on US stocks, 0.5% FX conversion feeStocks and ETFs$10 of Tesla stocks for $100 ASX, NYSE and NASDAQ
Tiger Brokers0.055% or $5.5 minimum for ASX trades, 0.013 USD/share or $2 minimum for US tradesStocks, ETFs, options and futures$50 of fractional sharesASX, NYSE, NASDAQ, HKEX and more
CMC MarketsFrom $9.90 or 0.075% for ASX trades, from US$10 or 2c per share for US trades, 0.6% FX conversion feeStocks, ETFs, CFDs and forexNoneASX, NYSE, NASDAQ and more
IGFrom $8 or 0.1% for ASX trades, from US$10 or 2c per share for US trades, 0.7% FX feeStocks, ETFs, CFDs and forexNoneASX, NYSE, NASDAQ and more
PearlerFrom $9.50 per trade for ASX stocks and ETFsStocks and ETFsNoneASX
nabtradeFrom $14.95 or 0.11% for ASX trades, from US$14.95 or 0.11% for US trades, up to 0.6% FX feeStocks and ETFsNoneASX, NYSE and NASDAQ
Selfwealth$9.50 flat fee per trade for ASX stocks and ETFs, $9.50 flat fee per trade plus FX fee of 0.6% for US stocks and ETFs Stocks and ETFsNoneASX, NYSE and NASDAQ
ThinkMarketsFrom $8 or 0.08% for ASX trades, from US$9.95 or 2c per share for US trades, up to 1% FX fee Stocks, ETFs, CFDs and forex5 free ASX trades (T&Cs apply)ASX, NYSE and NASDAQ

Which share trading platform in Australia is best for beginners?

Beginners should look for a trading platform that offers the following features, as a minimum:

  • Demo account with virtual money.
  • Easy to use web interface and mobile app.
  • Strong customer support (preferably with live chat).
  • Low costs per trade (beginner traders are more likely to make small deposits).

Yes, I recommend eToro as the best platform for novice traders and investors – because it scores very highly across all of the criteria above.

Customer support is its main weakness, as eToro doesn’t offer live chat to its Australian users.

HIN vs custody: does it matter?

A custodial model allows the comingling of assets under the same HIN.

Each system has its pros and cons, but I believe that separate HINs are better for serious investors – because it gives you direct ownership of your shares.

  • Getting your shares back if a custodial broker goes bust could be difficult and time-consuming.

If you’re simply dabbling in share trading, or have a small portion of your net worth tied up in stocks, a custodial model is less of an issue.

Expert Tip.

CHESS (Clearing House Electronic Subregister System) is a system used by the Australian Stock Exchange to enable the transfer of shares between buyers and sellers. A HIN is a tracking number used by CHESS to track your trades and holdings.

Bottom Line For Choosing The Best Share Trading Platform In Australia.

In conclusion, the Australian share market offers plenty of opportunities for investors and traders.

Before you begin, learn the basics of investing – and choose a share trading platform that suits your trading style.

The perfect trading platform doesn’t exist. You must choose the best trading platform for your needs by understanding the respective strengths and weaknesses of each.

Steven

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