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Online broker Superhero is bringing brokerage costs down to some of the lowest levels yet for Aussie share traders with its Basic and Live Accounts. There’s a flat $5 brokerage rate on ASX listed shares, zero brokerage when purchase ETFs and $5 when you sell, plus traders can get started with a minimum investment of just $100.
Superhero is the latest online share trading platform to hit the Australian market, offering two different accounts for Australian investors: the Basic Account (free) and the Live Account (usually $9/month, but users can get free access until June 30 2021).
Irrespective of the type of Superhero account they sign up to, users will be able to buy and sell ASX listed shares for a brokerage fee of $5, as well as buy ETFs with $0 brokerage and sell them with $5 brokerage - some of the lowest prices currently available.
And unlike the majority of online platforms which tend to require an investment of $500 or higher to get started, the minimum investment to use Superhero is just $100.
Aside from the monthly fee, there are a few differences between the accounts. The Live Account comes with live market data as well as a portfolio tracking tool and it also allows investors to place market or limit orders. On the other hand, the Basic Account only allows market orders and its market data comes with a 20 minute delay.
The good news is, if you opt for the Live Account, you'll have free access until 30 June 2021.
Users will be able to transfer money via PayID or BPAY from their regular bank account into the ‘Superhero Wallet’ (a cash management account where funds are held with NAB), which they can then use to invest.
Superhero is a streamlined, low-cost option for investing in Australian shares and ETFs, so it might appeal to new investors with lower amounts to invest or traders who are looking to reduce their brokerage costs and don’t mind not having access to some of the more advanced features available with other platforms.
Bear in mind that, at least at the present moment, the Superhero platform doesn’t provide investors with access to any international markets.
This product is not currently reviewed.