Last updated: 15th Apr 2024
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 huge ranges of tradeable assets.
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. eToro.
The best overall share trading platform.
eToro has taken out the #1 spot in my review of best trading platforms in Australia because it doesn’t charge commissions on stocks and ETFs and has a fantastic user interface with 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 invest/trade in stocks and ETFs and enjoy not having to pay commissions (but pay a 1.5% currency conversion fee – more on this shortly).
- 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.
As well as giving you access to hundreds of ASX, US, UK and Euro stocks and ETFs, eToro offers 79 crypto coins.
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.
In net terms, this translates to about 3% in fees on all stock and ETF purchases forever.
Expert Tip.
Stick with eToro if you plan to build a multi-asset portfolio centered around equities, crypto and ETFs. But if your trading strategy involves speculating mainly or exclusively on CFDs, go with a serious CFD-centric trading platform like Plus500 or Vantage.
Overall.
eToro is my top share trading platform with its unique social trading features, zero trading fees on stocks and ETFs, demo account, intuitive WebTrader platform, and a sea of assets for you to trade.
- It’s not the cheapest CFD trading platform, making it a poor fit for traders who apply a lot of leverage.
- Its reasonable non-trading fees make it a great fit for infrequent share investors. Just buy a stock at least once per year, and you won’t pay a cent.
Despite some shortcomings, eToro is my top pick for investors looking to build a diversified international share and ETF-focused portfolio by leveraging its excellent copy trading capabilities.
Ultra-experienced traders and investors can use eToro to make extra commissions by allowing novices to copy their moves.
Beginner and intermediate investors who want a no-frills, low-cost trading platform should consider Webull (see below).
✔ 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 Up | Score |
|---|---|
| Market Access | 4.5 |
| Fees | 4.5 |
| Trading Platform & App | 4.5 |
| Ease Of Use | 5.0 |
| Customer Service | 4.5 |
| Research & Analysis | 4.0 |
| OVERALL | 4.5 |
2. Webull Australia.
Best low-cost share trading platform in Australia.
Webull is a low-fee share trading platform offering access to Australian shares plus US shares and options. Access to shares in emerging Asian markets is also available.
ASIC regulates the platform in Australia, while the SEC, FINRA and SIPC do the same in the United States.
Compared with eToro, Webull offers a limited range of features, asset classes and order types (i.e., no copy trading, leveraged trading or access to crypto, commodities or forex).
Pros.
Webull is one of the few low-cost Australian trading platforms offering CHESS-sponsored shares.
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.
But Webull’s biggest differentiator is its focus on low trading fees. While eToro slaps you with currency conversion fees without charging commissions, Webull does the opposite.
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!
Webull won’t charge you any commissions on US Options for the first 30 days. If investing in options is part of your plan, you can build out a chunk of your portfolio for free.
Last, Webull will give you $50 worth of Nvidia shares if you deposit $200 into your account and make one trade. Deposit $1,000, hold the balance for 30 days and you’ll get another $150 of Nvidia hares.
Plus, you’ll earn up to 5.3% p.a. yield on your US cash account (see T&Cs for details).
Cons.
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.
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.
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 that focus 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 the 30-day no-commission window on US options. You can use it to build a big chunk of your options 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.
✔ 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 Up | Score |
|---|---|
| Market Access | 4.0 |
| Fees | 5.0 |
| Trading Platform & App | 4.5 |
| Ease Of Use | 5.0 |
| Customer Service | 4.5 |
| Research & Analysis | 4.0 |
| OVERALL | 4.5 |
3. Interactive Brokers.
Most comprehensive share trading platform in Australia.
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.
Among the 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.
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.
Unlike eToro, which offers one web-based interface and one mobile app, Interactive Brokers offers 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 be happy with:
- Trader Workstation – crème de la crème of online trading platforms platform 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.
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).
You set it when opening your account (AUD, USD, GBP and EUR are available to Australian traders), but you can change that later with a few clicks.
As with eToro, you can buy fractional stocks, trading in select US, Canadian and European shares and ETFs.
Expert Tip.
Interactive Brokers’ range of tradeable assets and markets is mind-boggling, and beats other brokerages by a long shot.
Cons.
You know how your smartphone has dozens of features that 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.
A form of distraction, even.
But 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. You won’t find MT4 and MT5.
Overall.
Interactive Brokers is the most comprehensive trading platform in Australia.
Apart from trading shares, you get access to hundreds of options, futures, forex, cryptocurrencies, bonds, and funds in 150 markets.
In addition, you get four trading platforms, two pricing tiers, access to margin loans and a bottomless inventory of research tools.
Some may never take full advantage of the platform’s features (and may even find them to be a distraction), while others will feel right at home.
Important!
Interactive Brokers’ fee structure is quite complex, but can be summarised as follows: the fees are low to begin with, 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 you hit high trading volumes).
Novice traders are probably not IB’s core target audience, but they will appreciate the intuitive design and simplicity of its Client Portal platform and Global Trader app.
✔ Huge range of assets
✔ Very low commissions
✘ Lots of options means lots of distractions
✘ Complex fee structure
| How Interactive Brokers Stacks Up | Score |
|---|---|
| Market Access | 5.0 |
| Fees | 5.0 |
| Trading Platform & App | 4.5 |
| Ease Of Use | 4.0 |
| Customer Service | 3.5 |
| Research & Analysis | 5.0 |
| OVERALL | 4.5 |
4. Selfwealth.
Great for passive investing in stocks & ETFs.
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.
When you buy US shares, you’ll get charged the fee in US Dollars. When you buy Aussie shares, you’ll get charged in Aussie 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.
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.
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.
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 talk about the limitations of these 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.
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.
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 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).
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
5. Superhero.
Good share trading platform for ASX stocks and ETFs.
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.
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.
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.
Yes, it is true, but you’ll also cop Superhero’s high currency conversion fee of 0.7%.
Superhero charges this fee in USD, so in net Aussie dollar terms, it translates to almost 1%. And 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 – like Tiger Brokers – is able to keep its fees low because it operates on a shared HIN (custodian) model.
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.
✔ 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.
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.
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.
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.
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.
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.
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.
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.
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?).
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.
The range of assets is wider than what’s available on its low-cost rivals like Superhero, Pearler and Selfwealth.
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.
✔ 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.
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?
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.
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.
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.
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 range of US financial instruments
✘ Controversial custodial model
✘ Limited customer support
3 Factors To Consider When Choosing The Best Share Trading Platform In Australia.
Don’t get distracted by shiny objects. Here are the top factors that make or break a platform.
1. Range Of Assets.
Your appetite for risk 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.
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 Choosing The Best Share Trading Platform Australia.
People have consistently asked me the following questions about trading on the Australian stock market.
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.
| Platform | Brokerage Fee | Tradeable Assets | Signup Bonus | Tradeable Indices |
|---|---|---|---|---|
| eToro | Doesn’t charge commissions on stocks and ETFs. 1% fee on crypto assets, 1.5% currency conversion fee | Stocks, ETFs, crypto assets | None | NYSE, NASDAQ, ASX, LSE, HKEX |
| Superhero | $5 flat fee on ASX stocks and ETFs, $0 on US stocks, 0.5% FX conversion fee | Stocks and ETFs | $10 of Tesla stocks for $100 | ASX, NYSE and NASDAQ |
| Tiger Brokers | 0.055% or $5.5 minimum for ASX trades, 0.013 USD/share or $2 minimum for US trades | Stocks, ETFs, options and futures | $50 of fractional shares | ASX, NYSE, NASDAQ, HKEX and more |
| CMC Markets | From $9.90 or 0.075% for ASX trades, from US$10 or 2c per share for US trades, 0.6% FX conversion fee | Stocks, ETFs, CFDs and forex | None | ASX, NYSE, NASDAQ and more |
| IG | From $8 or 0.1% for ASX trades, from US$10 or 2c per share for US trades, 0.7% FX fee | Stocks, ETFs, CFDs and forex | None | ASX, NYSE, NASDAQ and more |
| Pearler | From $9.50 per trade for ASX stocks and ETFs | Stocks and ETFs | None | ASX |
| nabtrade | From $14.95 or 0.11% for ASX trades, from US$14.95 or 0.11% for US trades, up to 0.6% FX fee | Stocks and ETFs | None | ASX, 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 ETFs | None | ASX, NYSE and NASDAQ |
| ThinkMarkets | From $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 forex | 5 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.
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
