Best Online Brokers Australia 2026: Shares, ETFs & Trading Platforms Compared

Brokerage fees quietly destroy returns. A $19.95 trade on a $1,000 ETF purchase means you're already down 2% before the market moves. In 2026, you genuinely don't need to pay that. Several CHESS-sponsored brokers now offer $3 or even $0 per trade — and they're regulated, legitimate, and used by hundreds of thousands of Australians.

We've reviewed six of the most popular platforms across fees, CHESS sponsorship, US market access, platform quality, and who each broker actually suits. Here's the straight answer.

Quick Verdict

• Cheapest CHESS broker overall: Stake ($3/trade ASX + US)
• Best free ETF investing: Webull or CMC Invest ($0 brokerage on ETFs)
• Best for beginners: Webull (CHESS, $0 ETFs, clean app)
• Best for active traders: Interactive Brokers (ultra-low fees at scale)
• Best for international diversification: CMC Invest (45,000 global stocks)
• Most trusted / bank-backed: CommSec (but fees are hard to justify)

Comparison Table: Online Brokers Australia 2026

*Webull: $0 brokerage on ASX ETFs and shares (conditions apply). Check webull.com.au for current terms.

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1. Stake — Best Overall for Cost-Conscious Investors

ASX brokerage: $3 flat | US brokerage: $3 USD flat | CHESS: Yes

Stake changed the Australian brokerage game when it launched and keeps winning on price. A flat $3 per trade for both the ASX and US markets is hard to beat — especially with CHESS sponsorship, meaning you own your Australian shares directly in your name (not held in a custodial structure).

For a $5,000 ETF purchase, you're paying $3. CommSec charges $10. SelfWealth charges $9.50. That's a $7 difference per trade — which adds up fast if you're dollar-cost averaging monthly.

US access is strong: you can buy S&P 500 ETFs, individual US stocks, and there's no per-trade FX fee (Stake charges 55 basis points when you fund in AUD, converted to USD up front). Once you're in USD, US trades are effectively free at the $3 flat rate.

What Stake doesn't do well: the research and data tools are basic. It's a clean, simple app — not a Bloomberg terminal. If you want charting, screeners, and news feeds, look at Webull or Interactive Brokers.

Who it's for: Buy-and-hold investors who want low-cost ASX and US access, without complexity.

Stake at a Glance

• ✅ $3 flat brokerage ASX + US
• ✅ CHESS-sponsored ASX holdings
• ✅ Clean, fast mobile app
• ✅ No account fees or minimums
• ❌ Basic research tools
• ❌ No options, bonds, or crypto

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2. Webull — Best Free Brokerage for ETF Investors

ASX brokerage: $0 ETFs + shares* | US brokerage: $0* | CHESS: Yes

Webull arrived in Australia relatively recently and immediately became the go-to platform for cost-obsessed ETF investors. CHESS-sponsored with $0 brokerage on ASX ETFs and a growing list of ASX shares — this is legitimately free investing for the average buy-and-hold investor.

The platform is also far more feature-rich than its price suggests. You get advanced charting, real-time data, technical indicators, a paper trading mode, and one of the best mobile trading UIs in the Australian market. It's the rare combination of free + actually good.

US market access is similarly $0 for most US stocks and ETFs (conditions apply — check the Webull pricing page for the current list). No account fees, no inactivity fees, no minimum deposit.

The CHESS sponsorship is the real differentiator here. Unlike some international brokers that use custodial structures, Webull holds your Australian shares under your own HIN number. If Webull ever went under, your holdings would still be directly in your name on the ASX register.

What Webull doesn't do well: asset coverage is narrower than CMC Invest or Interactive Brokers. No managed funds, limited bonds, and no derivatives trading.

Who it's for: Beginner to intermediate investors building an ETF or blue-chip share portfolio, who want a powerful app without paying brokerage.

Webull at a Glance

• ✅ $0 brokerage on ASX ETFs and shares
• ✅ $0 US stock/ETF brokerage
• ✅ CHESS-sponsored ASX holdings
• ✅ Advanced charting and real-time data
• ✅ No account fees or minimums
• ❌ Narrower asset range than IBKR or CMC
• ❌ No managed funds or bonds

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3. CMC Invest — Best for Global Stock Access

ASX brokerage: $0 first trade/day (under $1k) or $11 | US brokerage: $0 | CHESS: Yes

CMC Invest has won the Finder Award for Best Overall Trading Platform four years running, and for good reason: you can access 45,000 stocks and ETFs across 15 global markets from a single account. The US coverage alone is extraordinary — 10,000+ US stocks and ETFs with $0 brokerage.

The ASX pricing is slightly more nuanced: your first ASX trade per day under $1,000 is $0. Everything else is $11 per trade. For DCA investors making small regular purchases, this is genuinely excellent — one free buy per day is often all you need. For larger or multiple trades, $11 starts to bite.

CHESS sponsorship is confirmed for ASX holdings. The platform interface is functional rather than slick — one review aptly called it "the Skoda of investing" — but it does everything you need reliably.

Where CMC Invest earns its stripes is international diversity. Want to buy Tokyo Stock Exchange stocks? German DAX companies? Hong Kong-listed shares? CMC has you covered in a way that Stake and Webull simply don't.

What CMC Invest doesn't do well: the fee structure is genuinely confusing for anything beyond basic share/ETF trading. CFD and forex products sit alongside the invest account and the complexity spills over into the UI.

Who it's for: Investors who want wide international diversification, or DCA buyers making small daily purchases who can use the free first-trade offer.

CMC Invest at a Glance

• ✅ 45,000 global stocks across 15 markets
• ✅ $0 brokerage on first ASX trade/day (under $1k)
• ✅ $0 US stocks and ETF brokerage
• ✅ CHESS-sponsored ASX holdings
• ❌ $11/trade for second+ ASX trades per day
• ❌ Complex interface and fee structure

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4. SelfWealth — Best for Larger ASX Trades

ASX brokerage: $9.50 flat | US brokerage: $9.50 USD flat | CHESS: Yes

SelfWealth's flat $9.50 fee looks expensive next to Stake's $3 or Webull's $0 — but the maths flips at higher trade sizes. For a $50,000 trade, CommSec charges $50 (0.10% above $10k). SelfWealth is still $9.50. That's a $40.50 saving on a single trade.

SelfWealth is now owned by Syfe (a Singapore-based investment platform), which has expanded the product range. The community feature — showing anonymised portfolio benchmarking against other SelfWealth investors — remains unique in the Australian market.

CHESS-sponsored, simple interface, no hidden fees. It's not flashy, but it's solid. For investors making larger lump-sum trades (think $10,000+), it's still the most cost-effective flat-fee CHESS option alongside Stake.

What SelfWealth doesn't do well: for smaller regular trades, $9.50 is expensive. A $500 monthly ETF purchase costs 1.9% in brokerage — that's painful. Webull or CMC's free tier is better for small regular buys.

Who it's for: Investors making larger, less frequent ASX trades ($5,000+), and those who value CHESS sponsorship with a transparent flat fee.

SelfWealth at a Glance

• ✅ Flat $9.50 regardless of trade size
• ✅ CHESS-sponsored ASX holdings
• ✅ Community benchmarking feature
• ✅ Clean, simple platform
• ❌ Expensive for small trades
• ❌ Limited research tools
• ❌ No options or derivatives

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5. Interactive Brokers — Best for Active Traders and Global Portfolios

ASX brokerage: 0.08% (min $6) | US brokerage: $0.005/share (min $1 USD) | CHESS: Custodial

Interactive Brokers is the heavyweight choice for serious traders and investors who want the broadest possible asset coverage at the lowest fees when trading at volume. The global reach is unmatched: ASX, NYSE, NASDAQ, LSE, Tokyo, Hong Kong, Frankfurt — over 150 markets accessible from one account.

The fee structure rewards larger trades and volume. For ASX trades, 0.08% with a $6 minimum is competitive at trade sizes above $7,500 (where that minimum no longer binds). At $50,000, you pay $40. At $100,000, you pay $80. Still cheaper than CommSec's percentage-based fee.

For US shares, $0.005 per share with a $1 minimum is extremely competitive for active traders buying individual stocks. If you're buying 100 shares of a US stock, you're paying $0.50. If you're buying 1,000 shares, $5.

The critical trade-off: Interactive Brokers does NOT offer CHESS sponsorship in Australia. Your ASX holdings are held in a custodial structure — you don't get your own HIN. For most retail investors, this is a significant negative. If IBKR experienced financial difficulties, your shares would be part of a pooled custody arrangement rather than directly registered in your name.

The platform complexity is also real. IBKR is genuinely powerful — options, futures, forex, CFDs, bonds — but the interface overwhelms beginners. Budget time to learn it.

Who it's for: Experienced, active traders who value global market access and ultra-low fees, and are comfortable with custodial (non-CHESS) share ownership.

Interactive Brokers at a Glance

• ✅ Ultra-low fees at scale
• ✅ 150+ global markets
• ✅ Options, futures, forex, bonds, CFDs
• ✅ Extremely low FX conversion fees
• ❌ No CHESS sponsorship (custodial structure)
• ❌ Complex platform — steep learning curve
• ❌ $6 minimum per ASX trade hurts small investors

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6. CommSec — Familiar, But Hard to Justify on Fees

ASX brokerage: $5 (under $1k) / $10 ($1k–$10k) / 0.12% above | CHESS: Yes

CommSec is Australia's most popular broker — almost certainly because most people already bank with CBA and the account linkage is seamless. It's also the most beginner-friendly: research is solid, the app is polished, and support is a phone call away.

But on fees, it doesn't hold up against the alternatives. $10 for a $3,000 trade is 0.33%. Webull or Stake charges $3 or $0 for the same trade. That's not a rounding error — it's a meaningful drag on returns over time.

CommSec makes sense if you are:

• A CBA customer who deeply values integration with your bank account
• Someone who needs hand-holding and values phone support
• Making very small trades (under $1,000, where CommSec's $5 fee is actually competitive with SelfWealth's $9.50)

For everyone else? The research tools and familiarity don't justify paying 3–4x more in brokerage than modern alternatives.

CommSec at a Glance

• ✅ Excellent research and market data
• ✅ Seamless CBA bank integration
• ✅ CHESS-sponsored holdings
• ✅ Strong phone support
• ❌ Expensive fees vs modern alternatives
• ❌ Basic app vs Webull or Stake

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What is CHESS Sponsorship and Why Does It Matter?

CHESS (Clearing House Electronic Sub-register System) is the ASX's system for registering share ownership. When you hold CHESS-sponsored shares, you have your own Holder Identification Number (HIN) and your shares are legally registered in your name on the ASX register.

With a custodial broker (like Interactive Brokers), your shares are held in the broker's name, and you have a beneficial interest. If the broker becomes insolvent, your shares are part of a larger pool and recovery is more complicated — though still protected under Australian financial services law.

For most Australian retail investors, CHESS sponsorship is the standard expectation and strongly preferable. All brokers in this guide except Interactive Brokers offer CHESS sponsorship for ASX-listed securities.

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How to Choose the Right Broker

I want to invest in Australian ETFs with zero fees

→ Webull or CMC Invest. Both offer $0 brokerage on ASX ETFs and are CHESS-sponsored. Webull wins on interface; CMC wins if you also want international exposure.

I want the cheapest flat-fee broker for ASX + US shares

→ Stake at $3/trade. Simple, CHESS-sponsored, works for both markets.

I invest large lump sums less frequently

→ SelfWealth for ASX at $9.50 flat is still excellent at $20,000+ trade sizes. Interactive Brokers if you want global markets too.

I'm a complete beginner

→ Webull for the combination of $0 fees, CHESS, and a well-designed app. Or CommSec if you're already with CBA and value hand-holding over cost.

I want to trade US stocks, options, and global markets actively

→ Interactive Brokers. Nothing else comes close for asset coverage and fee efficiency at scale.

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Fee Comparison: $5,000 ASX Trade

Fee Comparison: $50,000 ASX Trade

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Frequently Asked Questions

Is my money safe with these brokers?

All brokers in this guide hold an Australian Financial Services Licence (AFSL) and are regulated by ASIC. Client funds are held in segregated trust accounts. CHESS-sponsored brokers register your shares directly in your name on the ASX register — meaning your shares aren't at risk if the broker fails. Custodial brokers (IBKR) hold shares in their name on your behalf, which is still regulated but involves a different risk profile.

Do I need to pay tax on share trading profits in Australia?

Yes. Share trading gains are subject to Capital Gains Tax (CGT) in Australia. If you hold shares for more than 12 months, you're entitled to the 50% CGT discount. ETF distributions are also taxable income. Consult a tax advisor for your specific situation.

Can Australians buy US shares directly?

Yes. Stake, Webull, CMC Invest, SelfWealth, Interactive Brokers, and CommSec (via CommSec International) all provide access to US markets. Stake and Webull are the cheapest options for most retail investors.

What's the difference between a broker and a robo-advisor?

A broker lets you buy and sell individual shares and ETFs yourself. A robo-advisor (like Stockspot or Vanguard Personal Investor) builds and manages a diversified portfolio for you automatically. Robo-advisors charge annual management fees (0.3–0.8%); brokers charge per trade. For hands-on investors, brokers are cheaper at scale.

Should I use CommSec just because I bank with CBA?

Only if you value convenience above all else. The integration is seamless — but over a 10-year investing horizon, paying $10 per trade vs $3 (Stake) or $0 (Webull) adds up to thousands in avoidable brokerage. It's worth the 10-minute account setup to switch.

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Our Pick

For most Australians — whether you're starting out or have been investing for years — Webull is the best broker in 2026. Zero brokerage on ASX ETFs and US stocks, CHESS sponsorship, and a genuinely good platform. It's hard to argue against free when the quality matches paid alternatives.

If you prefer the simplicity of a flat fee and want both ASX and US access in one account, Stake at $3/trade is the next best pick.

Don't overthink the broker choice. Any CHESS-sponsored, low-fee platform on this list beats paying CommSec rates. The best broker is the one you'll actually use consistently.

Fees current as of April 2026. Always verify pricing on each broker's website before opening an account.