Winners Summary
Best broker for Australians - CMC Markets
| Company |
Overall |
 CMC Markets
|
 |
CMC was an early innovator in online investing. It wins for offering a wide array of investment products, bargain low-dollar trading, and a great browser trading platform. However, it's a little more awkward in terms of navigation than some competitor platforms, like IG's. CMC does have a fascinating widget that shows the performance of popular chart patterns for any given asset.
- Tradeable assets: shares, international shares, ETFs, warrants, mFunds, options, managed funds, LICs, bonds, IPOs
- Minimum deposit: $0
CMC Markets fees: Standard pricing includes the web platform and real-time quotes. One buy order for $1,000 or less per Australian stock per day is free. All other orders (grouped by day and listing) are the greater of AUD $11 or 0.1% of the trade value.
U.S., U.K., Canada, and Japan markets are $0 commission but incur foreign currency exchange spreads of 0.6%. There is an inactivity fee if there is no activity in the account over the prior 12 months. A premium tier offers additional platform features, streaming quotes, and discounted commissions.
For more information about this broker, check out our forex review of CMC Markets on our sister site, ForexBrokers.com.
Best for professionals and global investors - Interactive Brokers
If you are focused on investing globally instead of primarily in Australia, Interactive Brokers is my top pick. I cover Interactive Brokers’s offerings in several countries. IBKR, as it’s known, does three things very well: it's geared towards professionals, it has a broad array of tools, and it covers 33 countries.
You have a lot of flexibility in platforms depending on the kind of trader you are: there’s the professional-level Trader Workstation; a retail trader-oriented Desktop app; a browser portal; and two beginner-friendly mobile apps, Global Trader and ESG-focused Impact. The tradeoffs for IBKR’s rich feature set and low cost are its USD focus and its complexity, which can be mostly avoided by using the Global Trader and Impact apps.
- Tradeable assets: stocks, options, futures, ETFs, CFDs, currencies, bonds, forex, indices, warrants
- Minimum deposit: $0
Interactive Brokers fees: Shares are 0.08% of trade value with a minimum ticket size of $6 (including GST). Tiered pricing is available, but most of us aren’t trading $3 million in a month. There are no deposit minimums and inactivity fees, but there is a $500 minimum for streaming data and some research.
Visit my full review of Interactive Brokers for a more general overview of its offerings around the globe.
Best share trading platform - IG
| Company |
Overall |
 IG
|
|
IG’s browser-based trading platform is one of the most intuitive advanced platforms I’ve used. Within a few minutes of booting up, I created a multiasset workspace that gave me a solid bird’s eye view of the global markets. Widget windows are crisp and charts can be customized with popular indicators and drawing tools. Unlike other trading platforms, a quick right-click on a market can pull up a complete window with charts, news, and order entry. I love it. Interactive Brokers’ Trader Workstation might offer more tools and other platforms may be easier because they have fewer features, but IG balances depth and ease of use beautifully.
- Tradeable assets: shares, CFDs, forex, indices, commodities
- Minimum deposit: $0
IG fees: Australian share traders with 0-2 trades the prior month pay a commission of the greater of 0.1% of the trade value or $8, whichever is higher. The commission drops to $5 or 0.05% of the trade value if the prior month had three or more trades. The ProRealTime charting and trade automation package, which offers advanced charting features and backtesting strategies, is $40 per month, but will be rebated with four or more trades in a month. An inactivity fee of $18 per month kicks in after 24 months without activity.
U.S., German, U.K., and Irish shares are $0 commission, provided instant currency conversion is enabled at a 0.7% currency conversion spread.
Check out our forex review of IG to learn more about its various offerings and platforms from a forex-focused perspective.
Best bank for share trading - CommSec
| Company |
Overall |
 CommSec
|
 |
CommSec is the share trading arm of Commonwealth Bank of Australia. The web platform is simple to use and offers Goldman Sachs research, a very nice feature. The charts are sufficient for most, but not for an experienced trader. Investor education is very well organized and confidence-inspiring, specifically CommSec Stock’d tab. That area inspires with other investors’ stories, answers common investing questions, and gives step-by-step instructions in small chunks.
The Pocket mobile app keeps it simple for novices by limiting choices to seven stock ETFs. With global interest rates on the high side, Pocket would be even better if it included a fixed-income ETF or two to help its customers build more diversified portfolios.
CommSec’s default setting is CHESS sponsored ownership, which allows you to directly own shares instead of the broker acting on your behalf as a custodian of your shares.
- Tradeable assets: shares, options, ETFs, warrants, international shares
- Minimum deposit: $500
CommSec Pocket fees: Trading on the Pocket app costs $2 per trade for amounts $1,000 and below. Anything above is 0.2% of the trade value. The ETFs charge annual management fees ranging from a negligible 0.05% to a hefty (for an ETF) 0.68%. The account minimum is $50 and there are no fees for the account.
CommSec fees: Unfortunately, I found CommSec’s pricing structure to be difficult to fully parse and just generally overly complex.
Online Australian trades of $1,000 or less that settle in your CommSec account or a margin loan are charged a flat $10 commission, while trades above $1,000 and up to $10,000 are charged $19.95. Trades above $10,000 and less than $25,000 pay $29.95, and above that is a flat 0.12%. This quirky pricing can lead to paying close to 4% round trip on a $1,001 position, which could be very challenging to overcome if you trade frequently.
CommSec offers trading in 13 countries and the fee structures vary. One positive is that the foreign exchange spread of 0.6% is charged on deposits and withdrawals, not for every trade. That savings can add up quickly. Another positive: Like Pocket, there aren’t account fees, but there is a $500 minimum.
If you will be opening an account with a large deposit and want to trade at CommBank, check for eligibility for CommSec One, which provides a dedicated service team and access to a feature-rich trading program, IRESS ViewPoint.
Strong research presentation - Westpac Share Trading
| Company |
Overall |
 Westpac
|
|
Westpac is a CHESS participant and allows investing in 25 exchanges. Morningstar premium subscriptions are a low $20/month and there’s ESG information through Sustainalytics. Westpac puts heaps of company information, news, and Morningstar research opinions at your fingertips. Chart watchers will appreciate explanations of indicators and value watchers will likey the company peer comparisons.
- Tradeable assets: shares, international shares, ETFs, bonds, warrants, options
- Minimum deposit: $19.95
Westpac fees: Westpac has an account minimum of $500 and a minimum trade fee of $19.95 or 0.11%, whichever is greater. Small investors should be wary of that trade fee. If you invest $500 in a stock and sell it at the same price, you’ll be down by close to $39.90, a loss of 8%.
Trading platforms tested
In addition to our top picks above, we explored two additional stock brokers for Australians.
Pearler: Pearler’s noteworthy strength is its ability to help you systematically invest for the long term, even with very little money. Trades are a flat $6.50 and currency conversion is 0.5%. There is a list of commission-free ETFs (provided you hold for at least a year). Pearler is a CHESS participant. The minimum initial investment is $500.
Superhero: Superhero charges $0 to buy ETFs on the ASX and a flat $5 for all other ASX trades. The minimum trade size is $100. US shares are $0. The minimum trade size is $10 and currency conversion is 0.7%. There’s no account minimum.
Best Share Trading Platforms in Australia (Summary)
| Online Broker |
Best For |
Mobile App |
International Stocks |
Cost ($10,000 trade) |
Overall Rating |
| CMC Markets |
Best Overall |
Yes |
Yes |
$11 |
5 Stars |
| Interactive Brokers |
Best for Professionals |
Yes |
Yes |
$8 |
4.5 Stars |
| IG Group |
Best Trading Platform |
Yes |
Yes |
$8 |
5 Stars |
| CommSec |
Best Bank for Share Trading |
Yes |
Yes |
$19.95 |
4 Stars |
| Westpac |
Strong Research Presentation |
Yes |
Yes |
$19.95 |
4 Stars |
FAQs
How do you choose an online broker in Australia?
Australian brokers work hard to stand out against one another beyond branding and marketing. What really matters, though, is the trading experience you receive once you are a client with a funded account.
Here’s a list of tips to keep in mind to help you select the right online broker the first time:
- Read the trading costs' fine print. And budget enough time, too. Share trading fees can vary by trade amount, security type, quantity and exchange, among other factors. Before selecting a broker, view the full commissions structure and see how it fits into your portfolio size and trading frequency.
- Make sure your broker offers the asset class you want to trade. If you only trade Australian stocks, then no problem; any broker will service you. However, if you want to trade international stocks, options, forex, or futures, you will need to do some research and select a broker that supports those offerings.
- For active traders, read the fine print to compare potential service benefits. Discounted trades are just one perk of being an active trader. Some brokers will increase the quality of the market data being streamed into the account. Others will grant access to better research tools or offer dedicated customer support.
- Customer service. When contacting a brokerage for account-related inquiries, all investors look for fast connection times and helpful representatives to assist them. Like all businesses, support quality and timeliness can vary. For a quick gauge, once you narrow down to two brokers, call both on the phone and ask them several questions. This speedy exercise may reveal a lot about what to expect as a client.
What is the best share trading platform in Australia?
CMC Markets is my pick for the best share trading platform in Australia due to its combination of low-cost trading, a diverse range of investment products, and a user-friendly browser platform. It’s particularly appealing for small trades, offering free buy orders on Australian stocks under $1,000 per day, and provides access to international markets with competitive fees. While navigation can feel clunky compared to IG, CMC’s unique chart pattern performance widget and optional premium features add real value for active traders.
What is the best trading platform for beginners in Australia?
The best share trading platform for beginners in Australia is IG. Its web platform is intuitive to use, logically laid out, and easy to customize for personal needs. Traders may pay as little as $5 a trade and, with only four trades a month, get an advanced real time charting package.
What online stock broker has the cheapest share trading fees in Australia?
Social trading leader eToro currently offers $0/share trading and no recurring account fees. It's hard to beat free. Interactive Brokers is also a low-cost broker with comprehensive trading tools and a wide choice of trading platforms.
What Australian stock brokers offer forex trading?
All the brokers reviewed here offer forex trading of varying depth to Australians. For a full list of regulated forex brokers, read our guide to the Best Australian Forex Brokers on on our sister site, ForexBrokers.com. Here are our forex broker reviews.
Our testing
Why you should trust us
Sam Levine, CFA, CMT, formerly a lead writer for StockBrokers.com, has over 30 years of investing experience and actively trades stocks, ETFs, options, futures, and options on futures. He's held roles as a portfolio manager, financial consultant, investment strategist and journalist. He holds the Chartered Financial Analyst (CFA) and the Chartered Market Technician (CMT) designations and served on the board of directors of the CMT Association.
Blain Reinkensmeyer, co-founder of StockBrokers.com, has been investing and trading for over 25 years. After having placed over 2,000 trades in his late teens and early 20s, he became one of the first in digital media to review online brokerages. Today, Blain is widely respected as a leading expert on finance and investing, specifically the U.S. online brokerage industry. Blain has been quoted in The New York Times, The Wall Street Journal, Forbes, and Fast Company, among others. Blain created the original scoring rubrics for StockBrokers.com and oversees all testing and rating methodologies.
How we tested
- We used our own brokerage accounts for testing.
- We collected multiple data points for each broker.
- We tested each online broker's website and mobile app, where applicable.
- We maintained strict editorial independence; brokers cannot pay for inclusion or a higher rating.
Our research team meticulously collected data on features with particular importance to those saving for retirement, such as trading costs, management fees, availability of fee-free funds, ease of website and app use, and retirement planning tools and resources.
At StockBrokers.com, our reviewers use a variety of computing devices to evaluate platforms and tools. Our reviews and data collection were conducted using the following devices: iPhone SE running iOS 17.5.1, MacBook Pro M1 with 8 GB RAM running the current MacOS, and a Dell Vostro 5402 laptop i5 with 8 GB RAM running Windows 11 Pro.
Each broker was evaluated and scored in seven key categories: retirement account types, IRA fees, self-directed investment options, managed investment options, retirement planning tools, rollover experience, and ease of use.
Fidelity
Merrill Edge
E*TRADE
TradeStation
Interactive Brokers
Charles Schwab
tastytrade
eToro
