Top share trading platforms for beginners in 2021
A new generation of investors has flocked to the share market over the past year, looking for a home for their savings that isn’t producing negligible returns. But while share trading can be a great way to build your wealth, it’s not always easy to take the first step.
To help, we’ve compiled a list of share trading platforms that are exceptional in their own right, but could also cater to the needs of beginners particularly well.
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.
- Competitive flat $9.50 brokerage fee
- No monthly fees
SelfWealth’s friendly design and useful diagnostic tools make it a good choice for new investors. It’s also one of the cheaper options among share trading platforms we track, charging a flat $9.50 brokerage fee on trades regardless of size.
There are a number of features to help you get off on the right foot, such as the SafetyRating (which examines your holdings and lets you know if they’re sufficiently diversified) and the WealthCheck feature (which compares your portfolio against other members and grades it based on health and performance).
SelfWealth also allows US trading, giving users access to over 7,500 US stocks. Transferring money between your SelfWealth AUD cash account and your USD cash account is fairly simple, and you’ll be charged a competitive 0.60% FX spread.
- $2 per trade up to $1,000
- No account keeping fees
CommSec Pocket offers a simplified approach to investing that removes a lot of the guesswork for beginners. There are just seven investment options you can choose from, each an ETF with a specific theme. They include the Aussie Top 200, Global 100, Emerging Markets, Tech Savvy, and Sustainability Leaders.
Brokerage fees have been kept to a minimum: you’ll pay just $2 on trades up to $1,000 and 0.20% on trades over $1,000. What’s more, you’ll also have the ability to set automatic fortnightly or monthly investments, and there are plenty of handy tips and articles to boost your investing knowledge.
- $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 makes it a good choice for investors who are more interested in the broad exposure provided by ETFs than individual stocks.
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.
- $8 flat brokerage fee on trades up to $200,000
- 24 hour support
The ThinkMarkets share trading app, known as ThinkTrader, gives you access to Australian-listed shares and ETFs on the ASX and Chi-X. Brokerage is set at just $8 per trade on amounts up to $200,000 and 0.05% on larger amounts.
It also comes with a number of useful features to help you take advantage of trading opportunities as they arise, such as free live click-to-refresh prices and cloud-based alerts and triggers. And beginner investors will appreciate the trove of online resources, including reports and live webinars, aimed at sharpening their investing skills.
For a look at more quality 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.