Cheapest stock brokers in Australia

Want the most affordable way to start share trading in Australia? We reviewed more than 70 products from 30+ online brokers in the Mozo database and found these to be the cheapest options for buying Australian shares.

Brokerage fees are what you pay an online trading platform when you buy or sell shares. There are several common ways these fees are structured:

• Tiered fees. Many platforms adopt a tiered fee model, charging a flat rate for trades below a certain value and a percentage-based fee for larger trades.
• Percentage fees. Other platforms charge a consistent percentage of the total trade value, typically with a minimum fee. This approach is straightforward and can mirror the tiered model in practice.
• Commission-free trading. A growing number of online brokers now offer trading without brokerage fees, though they may offset these costs through premium services or advertising.

It’s also important to be aware of other potential fees like monthly charges for access to advanced tools or foreign exchange fees for trades involving non-AUD stocks.

In the tables below, we've consulted the Mozo database to rank share trading apps that offer trades on the ASX and do not charge monthly fees. We then categorised them based on their cost-effectiveness for either small or large trades.

Cheapest share trading platforms for small trades

* Correct as at 28 August 2024

Cheapest share trading platforms for large trades

* Correct as at 28 August 2024

Apps like Robinhood in the United States have pioneered the free share trading platform, but the adoption of free services has been a bit slower down under. 

However, there are options available that provide commission-free brokerage. Keep in mind, though, that other fees might still apply, such as monthly fees or foreign exchange fees for converting your AUD into the required global currency to buy international stocks.

Here are some commission-free brokerages you may want to consider:

• CMC Invest. CMC Invest is about as close as you can get to a completely free app in Australia, offering commission-free trades on ASX transactions up to $1,000 without a monthly fee. However, trades exceeding $1,000 will incur a fee, which varies depending on the trade size.
• Spaceship. Spaceship is a US-only investing app that focuses on US stocks. It allows trades of all sizes without commission, but it does charge a $4 monthly fee and a 0.7% foreign exchange fee.
• IG. IG offers commission-free trading of US stocks, with no monthly fee. However, it does charge a 0.7% foreign exchange fee for those trades.
• Webull. Webull provides new customers with 30 days of commission-free trading and always offers commission-free trading of ETFs. There's also no monthly fee.

If you don’t want excessive fees eating into your gains, you’ll want to be on the lookout for affordable options. Here are some tips to help you find the cheapest trading app that still does what you need it to:

• Look at the brokerage fees: Most apps charge a brokerage fee, so this is the first place to look. The lower the fee, the better - provided the platform meets your trading needs.
• Watch for extra fees: Keep an eye out for other fees like monthly fees, withdrawal fees and foreign exchange fees (for buying global stocks in AUD). Sometimes these fees pay for useful features and services, but other times they might just be a sneaky way to offset low brokerage fees.
• Consider your trading activity: Different apps cater to different types of investors and are priced accordingly. What’s cost-effective for low volume traders might be different than what’s cost-effective for larger volume traders.
• Search for discounts: Keep an eye out for promotional offers, like the ones listed in the next section below.

Just make sure the app you choose offers the functionality you need. There’s no use saving money on a share trading platform that doesn’t meet your needs in the first place.

Brokerage fees can vary significantly, ranging from $0 for low-value ASX trades on basic platforms, to $20 or even higher on full-service platforms that offer more functionality and personalised service. 

Same thing with monthly fees. You can find apps with no monthly fees, and others charging as much as $99. Again, this is usually correlated to the level of service and functionality on offer. 

Additionally, there are fees tailored to specific trading activities, such as foreign transaction fees for buying international stocks.

Your best bet is to identify your trading style and what you specifically need from a platform. Compare a few apps that match these requirements and familiarise yourself with their fee structure to get a better idea of what you’ll be paying.

Utilising a comparison site like Mozo can be a helpful tool when selecting share trading platforms. By seeing the kinds of fees and options available, you’ll be able to get a good idea of the kinds of trading platforms that you’re looking for in your situation. 

You can check out share trading platforms and any sponsered deals on our main hub page or have a look at some of the providers below.