Finding the right stock broker in Australia can significantly impact your investment returns, especially when trading fees and charges eat into your profits. This comprehensive guide examines the cheapest stock brokers in Australia, focusing on five leading platforms: eToro, Interactive Brokers, Moomoo, SelfWealth, and Stake.
Understanding Stock Broker Fees in Australia
Before diving into specific brokers, it’s essential to understand the various fees that can affect your trading costs:
- Brokerage fees: Charged per trade execution
- Platform fees: Monthly or annual subscription costs
- Currency conversion fees: Applied to international trades
- Inactivity fees: Charged for dormant accounts
- Withdrawal fees: Costs for transferring funds out
The Cheapest Stock Brokers in Australia
After a comprehensive analysis of stock brokers available to Australian traders, we have picked out the cheapest ones. Here is our list of the cheapest stock brokers in Australia
Top Australian Brokers
- Pepperstone - Top Australian broker - Read our review
- eToro - Invest in ASX and international shares - Read our review
Broker |
Min deposit |
Fees |
Markets |
| eToro | US$ 50 | $2 per trade on Australian shares
$2 per trade on US shares, varies by country of user |
5000+ instruments |
| Interactive Brokers | $0 | 0.08% of trade value on Australian shares (min A$6)
Zero commission on US shares |
170+ markets |
| Moomoo | $0 | A$3 per trade or 0.03% of transaction value on Australian shares
US$0.99 per trade on US shares |
26,000+ shares and ETFs |
| SelfWealth | $0 | A$9.50 per trade on Australian shares
US$9.50 per trade on US shares |
10,000+ shares and ETFs |
| Stake | A$50 | A$3 per trade on Australian shares
Zero commission on US shares |
12,000+ securities |
eToro: Social Trading Platform
eToro has gained popularity in Australia for its social trading features and competitive fee structure.
eToro Fee Structure
- Australian shares: $2 per trade
- US shares: $2 per trade
- International shares: $2 per trade
- Currency conversion: 0.5% spread on AUD conversions
- Withdrawal fees: $5 USD per withdrawal
- Inactivity fees: $10 USD monthly after 12 months of inactivity
eToro Key Features
- Copy trading functionality allowing users to replicate other traders
- Fractional share investing available
- Low minimum deposit
- Social trading community with performance tracking
- Mobile and web-based trading platforms
eToro Avantages and Disadvantages
Advantages |
Disadvantages |
| $2 fee for US stocks | Limited research tools |
| Social trading features | Higher spreads on some instruments |
| User-friendly interface | Withdrawal fees apply |
| Educational resources | Limited Australian market coverage |
Interactive Brokers: Professional Trading Platform
Interactive Brokers (IBKR) caters to serious traders and investors with comprehensive market access and competitive pricing.
Interactive Brokers Fee Structure
IBKR offers two pricing plans: IBKR Lite and IBKR Pro.
IBKR Lite:
- US stocks: Zero commission
- Australian shares: 0.08% of trade value (minimum $6 AUD)
- Options: $0.65 USD per contract
- No platform fees
- Currency conversion: 2 basis points above benchmark
IBKR Pro:
- US stocks: $0.005 per share (minimum $1 USD)
- Australian shares: 0.08% of trade value (minimum $6 AUD)
- Monthly platform fee: $10 USD (waived if commissions exceed this amount)
- Currency conversion: 2 basis points above benchmark
Interactive Brokers Key Features
- Access to over 150 markets globally
- Advanced trading tools and analytics
- Portfolio margin capabilities
- Extensive order types available
- Professional-grade research and data
Interactive Brokers Advantages and Disadvantages
Advantages:
- Extremely competitive rates for active traders
- Comprehensive market access
- Advanced trading tools
- Strong regulatory oversight
Disadvantages:
- Complex platform for beginners
- Monthly fees on IBKR Pro accounts
- Minimum activity requirements
- Limited customer support hours
Best For: Frequent Traders
Interactive Brokers IBKR Pro offers the most competitive rates for active traders, especially those trading large volumes or requiring access to multiple markets. Serious traders may also benefit from exploring day trading strategies to maximize their platform’s advanced features.
Moomoo: Low Cost ASX, US Share Trading
Moomoo has entered the Australian market with a competitive fee structure, and advanced charting tools.
Moomoo Fee Structure
- Australian shares: A$3 per trade or 0.03% of transaction value (GST inclusive), whichever is greater
- US shares: US$0.99 per trade (excluding pass-through fees and other service fees)
- US Options trading: US$0.50 per contract
- Hong Kong shares and ETFs: HK$3 per trade or 0.03% of transaction value, whichever is greater, plus a HK$15 platform fee per trade
- Currency conversion: Competitive rates with transparent pricing
- No platform fees
- No inactivity fees
Moomoo Key Features
- Advanced charting and technical analysis tools+
-
24-hour US stock trading
- Real-time market data included
- Paper trading functionality
- Community features and market insights
- Mobile-first platform design
Moomoo Advantages and Disadvantages
Advantages:
- 24 hour US stock trading
- Advanced charting tools included
- No platform or inactivity fees
- Strong mobile application
Disadvantages:
- Limited international market access
- Newer platform with shorter track record
- Limited research coverage
Best For: Trading the Australian market
Moomoo offers low cost trading on Australian shares, making them a perfect choice for investors who are focused on ASX listed companies.
SelfWealth: Flat-Fee Australian Broker
SelfWealth focuses specifically on the Australian market with a simple flat-fee structure.
SelfWealth Fee Structure
- Australian shares: $9.50 AUD per trade (regardless of trade size)
- US stocks: $9.50 USD per trade
- No platform fees
- No inactivity fees
- Currency conversion: Competitive rates through third-party provider
SelfWealth Key Features
- Flat-fee pricing structure
- Australian-focused platform
- Social trading elements
- Portfolio tracking and analysis
- Educational content and webinars
SelfWealth Advantages and Disadvantages
Advantages:
- Simple, transparent pricing
- No percentage-based fees benefit large trades
- Australian-focused service
- Strong customer support
Disadvantages:
- Higher costs for small trades
- Limited international market access
- Basic trading tools
- No fractional share investing
Best For: Larger trades
SelfWealth offers a transparent flat-fee pricing structure. Perfect for investors that are trading larger amounts.
Stake: US Market Specialist
Stake specializes in US market access for Australian investors with competitive pricing.
Stake Fee Structure
- US shares: Zero commission trading
- Australian shares: $3 AUD per trade (under $30,000 trade value)
- Large Australian trades: 0.01% for trades over $30,000
- Currency conversion: 0.70% on AUD to USD conversions
- No platform fees
- No inactivity fees
Stake Key Features
- Focus on US market access
- Fractional share investing available
- Real-time market data
- Educational content and market insights
- Clean, intuitive mobile interface
Stake Advantages and Disadvantages
Advantages:
- Zero commission US trading
- Low Australian trading fees
- Fractional investing available
- User-friendly platform
Disadvantages:
- Limited to US and Australian markets
- Currency conversion fees
- Basic research tools
- Limited order types
Best For: Beginner Investors
Stake provides excellent entry points with zero-commission trading and user-friendly interfaces suitable for new investors.
Cheapest Stock Brokers Comparison
Trading Costs Comparison
Broker |
For $1,000 Australian Share Trade |
For $10,000 Australian Share Trade |
For US$1,000 US Share Trade |
| eToro | $2.00 | $2.00 | $2.00 |
| Interactive Brokers | $8.00 (min fee) | $8.00 | $0.00 (IBKR Lite) |
| Moomoo | $3.00 | $3.00 | $0.99 |
| SelfWealth | $9.50 | $9.50 | US$9.50 |
| Stake | $3.00 | $3.00 | $0.00 |
Platform Features Comparison
Broker |
Research & Analysis Tools |
Market Access |
| eToro | Basic tools with social insights | Major international markets |
| Interactive Brokers | Comprehensive professional tools | 150+ global markets |
| Moomoo | Advanced charting and Moomoo AI | Australia, US and HK markets |
| SelfWealth | Basic Australian market research | Australian and US markets |
| Stake | Limited research capabilities | Australian and US markets |
Additional Considerations
Regulatory Protection
All featured brokers operate under Australian financial regulations, providing investor protection through:
- Australian Securities and Investments Commission (ASIC) oversight
- Compensation schemes for eligible investors
- Segregated client funds
Account Minimums
Most brokers have eliminated minimum deposit requirements, making them accessible to investors with limited capital.
Customer Support
Consider the availability and quality of customer support, especially if you’re new to trading or require assistance with complex transactions.
Conclusion
The cheapest stock brokers in Australia offer various advantages depending on your trading style and requirements. Moomoo currently provides a low cost solution for both Australian and US trading. Interactive Brokers suits serious traders requiring comprehensive market access and advanced tools. eToro appeals to social traders interested in copy trading features. SelfWealth benefits those making larger Australian trades with its flat-fee structure. Stake excels for US market access with competitive Australian trading fees.
When selecting a broker, consider not only the trading costs but also the platform features, market access, research tools, and customer support that align with your investment goals and trading frequency. Understanding trading psychology can also help you make better decisions regardless of which platform you choose.
