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1
eToro
On eToro’s Website
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2
Saxo Markets
On Saxo’s Secure Website
Minimum trade
No minimum trade
Market Access
ASX, as well as more than 40 international markets.
Account Fees
No monthly account or subscription fee for classic account.
AFSL 491139. Capital at risk. See PDS and TMD
Our Pick Of the Best Trading Platforms and Online Brokers 2023
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CommSec
4.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
Minimum $500 initial purchase
Market Access
ASX, as well as 25 international markets across US, EK, Europe and Asia
Account Fees
No monthly account or subscription fee
Minimum trade
Minimum $500 initial purchase
Market Access
ASX, as well as 25 international markets across US, EK, Europe and Asia
Account Fees
No monthly account or subscription fee
Why We Picked It
CommSec is Australia’s largest online trading platform, offering users no monthly account-keeping nor subscription fee. It has the industry standard minimum initial trade of $500, and access to both the ASX and 25 international markets.
Additionally, CommSec has a wide-range of educational tools available to its users, helping beginner traders and seasoned investors learn more about their investment decisions—whether in the Australian market or further afield.
Pros & Cons
- Access to international markets
- No account fees
- CHESS-sponsored share trades
- High international trading fees
- Currency conversion fees
- Limited introductory offers or discounts
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CMC Markets
4.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
Minimum of $500 for first trade
Market Access
ASX and nine international markets: United States, United Kingdom, Canada, Germany, France, Spain, Italy, Sweden, and Japan
Account Fees
No monthly account or subscription fee
Minimum trade
Minimum of $500 for first trade
Market Access
ASX and nine international markets: United States, United Kingdom, Canada, Germany, France, Spain, Italy, Sweden, and Japan
Account Fees
No monthly account or subscription fee
Why We Picked It
CMC Markets offers a wide range of trading options for its users beyond simply trading shares. There is a minimum of $500 for the first trade, with users also able to trade in CFDs, forex, commodities, indices, options, cryptocurrencies and sharebaskets (some securities require higher buy-ins).
There are also many educational resources available via CMC Markets, including demo accounts to practice trading and even junior accounts available to kids.
Pros & Cons
- CHESS-sponsored share trades
- Option to trade crypto and many other securities
- Many educational resources
- Foreign transaction fees
- Only nine international markets accessible
- No special offers available
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NABtrade
4.2
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
Minimum $500 initial purchase
Market Access
ASX, as well as international markets in the US, UK, Hong Kong and Germany
Account Fees
No monthly account fee. For an entry level account, there are no subscription fees, however, higher level subscriptions are available which do incur fees
Minimum trade
Minimum $500 initial purchase
Market Access
ASX, as well as international markets in the US, UK, Hong Kong and Germany
Account Fees
No monthly account fee. For an entry level account, there are no subscription fees, however, higher level subscriptions are available which do incur fees
Why We Picked It
The nabtrade platform is available to all Australians with no monthly or subscription fee, however, for keen traders looking for a more premium model, there are higher service levels which do incur subscription fees. This higher tier provides access to premium charting and comparisons, as well as instantaneous company announcement and alerts to keep you up to speed with market changes.
Regardless of the tier of subscription, traders are required to put forth a minimum $500 for the initial purchase, and have access to the ASX as well as four international markets: the US, UK, Hong Kong and Germany.
Pros & Cons
- Consistent fees across ASX shares, ETFs and international trades
- Ability to trade warrants, options and managed funds
- CHESS-sponsored ASX trades
- Premium subscription fees
- Limited international market access
- Complicated tiered fee structure
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eToro
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
US$50
Market Access
ASX, as well as 17 international markets across US, UK, Europe and Asia
Account Fees
No monthly fee but there is a monthly inactivity fee when account has been inactive for more than 12 months, which is $10 per month
On eToro’s Website
Minimum trade
US$50
Market Access
ASX, as well as 17 international markets across US, UK, Europe and Asia
Account Fees
No monthly fee but there is a monthly inactivity fee when account has been inactive for more than 12 months, which is $10 per month
Why We Picked It
While eToro is a highly regarded share trading platform, its fee structure is not straight-forward and can catch inexperienced traders by surprise. While there are no set brokerage or commission fee for ASX, international or ETFs trades—nor any management or subscription fees—you may have to pay withdrawal, inactivity, conversion fees, overnight and spread fees. You can read more on eToro’s dedicated fees page.
The eToro platform allows users to not only trade in shares and ETFs, but also crypto, commodities, foreign exchanges and indices, and offers a multitude of training and educational resources for novice through to advanced investors. Notably, the ability to ‘copy trade’ other more experienced and successful traders is a big drawcard.
Pros & Cons
- Low minimum fee
- Wide range of trading resources
- Ability to trade in other securities
- Currency conversion fees from AUD to USD.
- Account inactivity fee
- ASX trades are not CHESS-sponsored
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GO Markets
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
Minimum deposit amount is $99 (must deposit this minimum to start the account)
Market Access
ASX only
Account Fees
No monthly account or subscription fee
Minimum trade
Minimum deposit amount is $99 (must deposit this minimum to start the account)
Market Access
ASX only
Account Fees
No monthly account or subscription fee
Why We Picked It
For traders not interested in overseas markets, GO Markets as a share trading platform is a reasonable choice: it only offers access to the ASX, and has a flat fee of $7.70 up to $100,000 for share trading and EFTs. It is also possible to trade in forex, and commodities.
Additionally, while there are video tutorials, a trading glossary, and a blog with market insights and analysis, GO Markets does not provide access to research on stocks by fund managers.
Pros & Cons
- Low ASX trading fees
- ETF, forex and commodity trading
- Low minimum deposit
- No international trading
- No access to research by fund managers
- Limited educational resources
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Interactive Brokers
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
There are no account minimums for individual, joint, trust and org accounts
Market Access
ASX, as well as more than 150 international markets in 33 countries
Account Fees
No monthly account or subscription fee
Minimum trade
There are no account minimums for individual, joint, trust and org accounts
Market Access
ASX, as well as more than 150 international markets in 33 countries
Account Fees
No monthly account or subscription fee
Why We Picked It
The big draw card for Interactive Brokers is its minimum and clear brokerage fee structure, alongside access to more than 150 international markets and the ability to trade in bonds, stocks, options, futures, funds, CFDs, and foreign exchange.
There are no account minimums for individual, joint, trust and org accounts, nor any monthly account or subscription fees, but there are other caveats that users must be aware of before signing up. For one, ASX trades are not CHESS-sponsored. Instead, your shares are held in a custodial model. You also can’t access live pricing data unless you sign up for a more premium account, and cryptocurrency trading is not available to Australian customers.
Fees are calculated in the currency that a trade is executed in, with Interactive Brokers Australia supporting five currencies—AUD, USD, GBP, EUR, HKD.
Pros & Cons
- No minimum trade to open certain accounts
- 150 international markets
- Supports AUD as a base currency
- Trades are not CHESS-sponsored
- Must pay for live pricing
- No cryptocurrency trading for Australians
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Saxo Markets
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
No minimum trade
Market Access
ASX, as well as more than 40 international markets across, US, EK, Asia and Europe
Account Fees
No monthly account or subscription fee for classic account. There are fees if the user wants to subscribe to live pricing and other capabilities
On Saxo's Secure Website
Minimum trade
No minimum trade
Market Access
ASX, as well as more than 40 international markets across, US, EK, Asia and Europe
Account Fees
No monthly account or subscription fee for classic account. There are fees if the user wants to subscribe to live pricing and other capabilities
Why We Picked It
For investors willing to put forward a higher initial trade than the industry standard ato receive extra benefits, Saxo Markets could be a reasonable option. While $1,000 is a high minimum investment, Saxo Markets does then allow its users to trade in shares, bonds, cryptocurrencies, CFDs, and foreign exchange, and in more than 40 international markets.
There is access to research by various fund managers, as well as learning resources such as webinars, articles, videos, and detailed guides on trading and investing. Unfortunately, the prices in the market are 20 minutes delayed, unless the user subscribes to live pricing for the relevant exchange.
Pros & Cons
- Option to trade many different securities
- Cryptocurrency trading
- 40 international markets
- High minimum investment
- Must pay for live pricing
- Complex brokerage fees depending on securities and markets
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Stake
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
The initial minimum trade is $500. After that, it's $20
Market Access
ASX, US, UK, Hong Kong
Account Fees
No monthly account or subscription fee
Minimum trade
The initial minimum trade is $500. After that, it's $20
Market Access
ASX, US, UK, Hong Kong
Account Fees
No monthly account or subscription fee
Why We Picked It
Stake offers low fees and a simple brokerage structure, helping traders gain a clear picture of their costs when it comes to trading both in Australia and overseas. After the initial minimum trade of $500 (which is standard for the industry), investors only have to put forth a minimum $20 for each trade. On top of that, the brokerage fee is $3 ($US3 if trading internationally) or 0.01% for trades over $30,000 Australian dollars.
These fees are consistent across shares and buying and selling ETFs, but those securities are the only ones that investors have access to with Stake—and only in a limited number of international markets compared others to the industry.
Pros & Cons
- Low standard trade following initial purchase
- Simple brokerage fee structure
- CHESS-sponsored trades
- Only able to trade shares and ETFs
- Limited international market access
- No extra benefits
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Pearler
3.9
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
Minimum initial investment of $500 for AU shares, with subsequent buy-ins for same share being a minimum $100. There is no minimum for US shares
Market Access
ASX and US
Account Fees
No monthly account or subscription fee
Minimum trade
Minimum initial investment of $500 for AU shares, with subsequent buy-ins for same share being a minimum $100. There is no minimum for US shares
Market Access
ASX and US
Account Fees
No monthly account or subscription fee
Why We Picked It
Pearler only provides access to the Australian and US markets for its users, but it does offer a flat fee of $6.50 AUD regardless of whether you’re trading here, on the NYSE, Nasdaq or even in ETFs. There’s a 0.5% flat fee per currency conversion charge between AUD and USD.
Additionally, while research from fund managers is minimal on the Pearler platform, it does have a social investor community and podcast available to its users. It also has an option to explore ‘kids’ investing’, allowing for younger generations to learn more about trading too.
Pros & Cons
- No minimum investment for US shares
- Flat fee structure
- Low currency conversion
- Can only trade shares and ETFs
- Limited fund manager research
- Live pricing only available at checkout
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Superhero
3.9
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum trade
$100
Market Access
ASX and US
Account Fees
No monthly account or subscription fee
Minimum trade
$100
Market Access
ASX and US
Account Fees
No monthly account or subscription fee
Why We Picked It
Superhero is an Australian startup company, offering investors low, set fees across Australian and US markets. There is no monthly account or subscription fee, and regardless of whether you are trading on the ASX or US shares, the brokerage fee is a flat $5 for each trade.
What’s more, Superhero allows you to earn Qantas points when you link your frequent flyer account, and whenever you make a trade on the ASX.
Pros & Cons
- $5 flat fee for ASX and international trades
- $0 brokerage fee on ETF purchases
- Ability to earn Qantas points
- Only access to ASX and US markets
- Shares aren’t CHESS-sponsored
- No access to research by fund managers
Our Methodology
In order to develop our best share trading platforms Australia list, Forbes Advisor compared more than 20 of the most popular share trading platforms.
Our methodology consisted of breaking down certain factors of each platform, for an easy contrast and comparison. These factors included, but were not limited to:
- Whether there was a minimum trade: including whether it was an initial minimum investment, or a minimum figure for every trade
- Any account management fees
- In the absence of account fees, if the platform charges subscription fees for different subscription levels that may offer more premium features or functions
- How the brokerage fees are set out for ASX trades
- Whether these brokerage fees are the same or different for ETFs
- If there are fees for international trades
- On top of international trade fees, if there are any currency conversion fees
- What market access the platform gives you, and whether you can access the ASX
- If you can also access international markets and, if so, which ones
- Whether or not the platform provides its users with access to trade additional securities other than shares, such as cryptocurrencies, commodities, bonds and more
- If the ASX shares are CHESS-sponsored and, if not, how they are secured
- The live pricing capabilities of the share trading platform
- What trading and investment guidance is offered to users, such as demo platforms to practice or online tutorials
- If there is access to research on stocks and the market by fund managers
- Whether there are any discounts available, often being promotions for new users that lessen the initial minimum investment
- Any bonuses users can access via the platform, such as whether you can earn Qantas frequent flyer points via trading
- Who the platform is best suited for after considering the above factors.
This data research was compiled with each share trading platform then receiving a ranking out of 5. The top 10 scoring were what made the best share trading platforms list as seen above.
A Note on Star Rankings
You will note that we have included a star rating next to each product or provider. This rating was determined by the editorial team once all of the data points above were considered, and the pros and cons of each product attribute was reviewed. The star rating is solely the view of Forbes Advisor editorial staff. Commercial partners or advertisers have no bearing on the star rating or their inclusion on this list. Star ratings are only one factor to be considered, and Forbes Advisor encourages you to seek independent advice from an authorised financial adviser in relation to your own financial circ*mstances and investments before you decide to choose a particular financial product or service.
Data Research: Mia Dunn
Featured Partner Offer
1
eToro
On eToro’s Website
All your investments in one place
Join 30M users and explore stocks and ETFs
2
Saxo Markets
On Saxo’s Secure Website
Minimum trade
No minimum trade
Market Access
ASX, as well as more than 40 international markets.
Account Fees
No monthly account or subscription fee for classic account.
AFSL 491139. Capital at risk. See PDS and TMD
Frequently Asked Questions (FAQs)
What is the best stock trading platform for beginners?
This entirely depends on your investment needs and risk-tolerance. However, many beginners opt for Pearler, as it offers a flat fee structure of $6.50, so investors aren’t caught out with complicated fee tiers, along with a range of educational tools to help guide individuals on their investment journey.
It also has an option to explore ‘kids’ investing’, allowing for younger generations to learn more about trading as well. This is just one of many share trading platforms that beginners may be interested in.
Which share trading platform should I use?
To find the right share trading platform for you, consider some key factors of what you would like your investment journey to look like: how much are you willing to invest, what type of investments are you looking to make, do you want to be able to see pricing updates live?
Considering these factors will enable you to find a share trading platform that suits you best. Our pick of the favourites include CommSec, CNC Markets and NABtrade, but it’s worth testing a few out and seeing what works for you.
What is the best share trading platform in Australia?
Forbes Advisor Australia ranked a wide range of share trading platforms above, using a meticulous analysis in order to do so. Among our favourites are CommSec, NABtrade and CMC Markets. Nevertheless, our top picks may not necessarily be right for you and your investment goals.
It’s best to do your own research before deciding which platform to use.
Which type of share trading is best?
Many commentators claim that intraday trading—whereby you buy and sell shares in the same day—is the best way to maximise profits. However, this is predicated on an excellent ability to time the market as well as a knowledge of the right stocks to buy. Very few, if any, traders have this sixth sense. In reality, the best way to ensure returns in the long-run is investing for the long-term—and being willing to ride out any market dips.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Sophie VenzEditor
Sophie Venz is an experienced editor and features reporter, and has previously worked in the small business and start-up reporting space. Previously the Associate Editor of SmartCompany site, Sophie has worked closely with finance experts and columnists around Australia and internationally. Sophie grew up on the Gold Coast and now lives in Melbourne.
As an experienced financial analyst and enthusiast in the realm of share trading platforms and online brokers, I bring forth a wealth of knowledge garnered through years of hands-on experience and a deep understanding of the intricate mechanisms that drive the financial markets. My expertise extends across various platforms and brokerage services, allowing me to navigate through the complexities of trading with finesse and precision.
Delving into the details of the article, it's evident that the landscape of share trading platforms is diverse, with each offering a unique set of features and benefits tailored to different investor preferences. Let's dissect the key concepts and components mentioned:
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Minimum Trade Requirements: Many platforms impose a minimum trade threshold, ranging from $50 to $500 for initial purchases. This criterion varies across different platforms and often influences the accessibility of trading for various investors.
-
Market Access: Access to markets is a crucial aspect, with platforms offering access to the ASX (Australian Securities Exchange) and a myriad of international markets spanning the US, UK, Europe, Asia, and beyond. The breadth of market access impacts the diversity of investment opportunities available to traders.
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Account Fees: The presence or absence of account fees significantly influences the cost-effectiveness of trading on a particular platform. While some platforms waive monthly account or subscription fees, others may charge fees based on account tiers or usage.
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CHESS-Sponsored Share Trades: CHESS-sponsored share trades provide an added layer of security and transparency by ensuring that shares are held in a secure, electronic sub-register.
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Educational Resources: Educational tools and resources play a pivotal role in empowering traders with the knowledge and skills necessary to make informed investment decisions. Platforms offering comprehensive educational resources cater to both novice and seasoned investors alike.
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Pros & Cons Analysis: A thorough evaluation of the pros and cons associated with each platform aids investors in assessing the suitability and alignment of platform features with their investment objectives and risk tolerance.
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Fee Structures: Fee structures encompass brokerage fees, foreign transaction fees, currency conversion fees, inactivity fees, and other charges incurred during trading activities. Understanding the fee structure is essential for managing trading costs and maximizing returns.
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Trading Options: Beyond traditional share trading, platforms may offer a diverse array of trading options, including CFDs (Contracts for Difference), forex, commodities, indices, options, cryptocurrencies, and managed funds.
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Access to Research and Market Insights: Access to research reports, market insights, and analysis by fund managers empowers investors to make data-driven decisions and stay abreast of market trends and developments.
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Platform Usability and Features: User experience, platform functionality, and additional features such as live pricing, demo accounts, and trading tools contribute to the overall trading experience and efficiency of the platform.
By dissecting and analyzing these fundamental components, investors can navigate the dynamic landscape of share trading platforms with confidence and discernment, aligning their investment strategies with their financial goals and risk profiles. As the financial markets continue to evolve, staying informed and adaptable remains paramount in achieving long-term investment success.
