Top share trading platforms for beginners in 2023
Share trading can seem intimidating if you’re a new investor. Lots of charts and numbers can make you feel like you need to be a maths whiz to even get started. But share trading can be a good (albeit volatile) way to build your wealth over a long time.
To help you decide, we’ve compiled a list of share trading platforms that are exceptional in their own right, but also offer features and insights that beginners might appreciate.
That means low brokerage fees, easy-to-navigate apps, and plenty of tools and resources to make your foray into share trading as smooth as possible. As always, there are risks involved in share trading, so make sure you do your research before diving in.
Superhero
- $0 brokerage when you buy ETFs ($5 when you sell)
- Flat $5 brokerage on ASX listed shares
- $100 minimum investment
The biggest drawcard of Superhero is the low fee structure. You won’t be charged any brokerage fees when buying ETFs and all other trades cost just $5. This could appeal for investors who are more interested in the broad exposure provided by ETFs than individual stocks.
You’ll also have the chance to earn 100 Qantas Points per trade on full $5 brokerage trades as well as 1 Qantas Point per US $5 transferred from AUD to USD (T&Cs apply).
However, it bears mentioning that Superhero is only able to offer such cheap brokerage by bundling members under a single Holder Identification Number (HIN). This means investors have fewer protections* than if they were issued a HIN individually, as is typical of other brokers, so make sure you read the PDS carefully before signing up.
Tiger Brokers
- $0 brokerage on U.S. and ASX trades for first 3 months (T&Cs apply)
- Standard brokerage fee of 0.05% of the trade value ($2.50 minimum)
Low brokerage costs and access to Aussie, US and Hong Kong stocks and ETFs are the name of the game with Tiger Brokers. For the first three months you’ll pay $0 brokerage on U.S. and ASX trades (T&Cs apply), and 0.05% of the trade value ($2.50 minimum) thereafter. Just keep in mind that there’s also a $3.99 platform fee and a 0.03% settlement fee, both charged per order.
eToro
eToro is a social investing platform that gives you access to shares in both Australian and global markets. Aside from shares, you’ll also get access to a broad range of asset classes such as ETFs, cryptocurrencies, and foreign currencies.
If you’re a new investor, eToro has a virtual demo account with $100,000 so you can practice investing without actually spending any money. This can be helpful to give you an idea about how buying and selling works as well as the volatility that you may experience in the stock market.
When it comes to fees, you’ll pay zero brokerage fees on share trades. However, you’ll still need to pay fees when converting from AUD to USD, so keep this in mind if you intend to invest in the US market. Also, if you’ve not logged in for 12 months, you’ll have to pay an inactivity fee so make sure to stay active.
Syfe
If you’re looking to get access to over 12,000 Australian and US stocks & ETFs, then Syfe could be a good choice. You’ll also be able to buy Australian stocks with a minimum of one share, or a US share at a minimum of $1. Syfe also has a “smart baskets” feature that lets you purchase multiple pre-selected ETFs based on your risk tolerance and time horizon.
So what about fees? US shares have a $1.49 (USD) brokerage fee while Australian shares under $20,000 have a $4.99 fee. Any Aussie shares over $20,000 have a brokerage fee of 0.025%. Syfe also gives you access to cryptocurrencies and forex which come with their own transaction fees.
One thing to be mindful of is that Syfe operates under a custodial model, so you won’t have a direct ownership of your shares. This model is the reason why you can purchase Australian stock at a minimum of one share instead of paying the usual $500 minimum.
For a look at more top share trading platforms, browse the list of winners in this year’s Mozo Experts Choice Online Share Trading Awards.
*Investors who have not been issued an individual HIN do not have direct ownership of their shares, and are not protected under the ASX administered National Guarantee Fund (NGF) if the broker faces bankruptcy. Please review the PDS carefully before making any decisions.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.