Share Trading Platforms Australia — Broker Comparison and Reviews (2026)
This article provides general information only and does not constitute financial advice. For advice tailored to your situation, consult a licensed financial adviser. Learn more.
Contents
Choosing a share trading platform is the first practical step for Australians who want to invest in ASX shares, ETFs, or international markets. The right platform depends on your investment style, trade frequency, preferred features, and whether you prioritise CHESS sponsorship or the lowest possible brokerage fee.
What Is a Share Trading Platform?
A share trading platform (also called an online broker) allows individual investors to buy and sell shares, ETFs, and other listed securities directly on a stock exchange. In Australia, this primarily means the Australian Securities Exchange (ASX) and, for some platforms, the Chi-X exchange (now Cboe Australia).
To open an account, you need:
- An Australian bank account
- A Tax File Number (TFN) — not mandatory but withholding tax applies without one
- A verified identity (passport or driver’s licence, plus a selfie in most cases)
CHESS vs Custodian: The Most Important Distinction
The single most important structural difference between Australian brokers is whether they offer CHESS sponsorship or use a custodian model.
CHESS-sponsored: Your shares are registered in your name on the ASX’s CHESS (Clearing House Electronic Subregister System). You hold a Holder Identification Number (HIN) that is portable — you can transfer your shares to another CHESS broker without selling. Your shares are legally yours, not the broker’s. If the broker fails, your shares are unaffected.
Custodian model: The broker (or a related custodian entity) holds shares in a pooled account on your behalf. You have a beneficial interest in the shares but they are not registered in your name. If the custodian fails, shares in a properly structured custody arrangement should still be protected — but recovery can take time and involve legal complexity.
Who uses each:
- CHESS-sponsored: CommSec, NAB Trade, SelfWealth, Pearler (optional), moomoo (dual)
- Custodian: Stake (US and ASX), eToro (international), Raiz, Spaceship (managed)
Brokerage Fee Comparison (2026)
| Platform | ASX brokerage | Min brokerage | CHESS | International |
|---|---|---|---|---|
| CommSec | $10–$29.95 (tiered) | $10 | Yes | Yes (CommSec International) |
| NAB Trade | $9.95–$19.95 | $9.95 | Yes | No |
| SelfWealth | $9.50 flat | $9.50 | Yes | US (custodian) |
| Superhero | $2 (ETFs free) | $2 | Yes | Yes |
| Pearler | $6.50 flat | $6.50 | Yes | Yes |
| Stake | $3 AUD | $3 | Yes (ASX) | Custodian (US/UK) |
| moomoo | $0–$3.88 | $0 (promo) | Yes (optional) | Yes |
Brokerage rates change frequently. Always verify on the platform’s current fee schedule.
How to Choose the Right Platform
The right broker depends on your situation:
For beginners: Superhero or Pearler offer low flat-rate brokerage ($2–$6.50), CHESS sponsorship, and clean interfaces designed for long-term ETF investors. CommSec is backed by the Commonwealth Bank and is the most widely recognised — suitable if you want a familiar, established provider.
For frequent traders: moomoo offers competitive brokerage and advanced charting tools for investors who trade more actively. SelfWealth has a flat $9.50 rate that becomes competitive at higher trade sizes.
For US market access: Stake provides Australian investors with access to US-listed shares and ETFs (NYSE, NASDAQ) through a custodian model. SelfWealth and CommSec also offer international trading.
For passive, long-term ETF investors: Pearler is purpose-built for buy-and-hold ETF investors, with auto-invest features and a CHESS-sponsored structure. Superhero is similar but allows free ETF trades above a minimum amount.
Platform Suitability by Investor Type
| Investor type | Suggested platforms |
|---|---|
| First-time investor, small amounts | Superhero, Pearler |
| ETF-focused, long-term | Pearler, Superhero, SelfWealth |
| ASX active trader | moomoo, SelfWealth |
| US shares focus | Stake, SelfWealth |
| Prefer bank-backed provider | CommSec, NAB Trade |
Frequently Asked Questions
Is CHESS sponsorship important in Australia? CHESS sponsorship means your shares are registered in your name on the ASX’s CHESS system. This gives you direct legal ownership — your shares are portable between brokers and unaffected if your broker fails. Custodian-model platforms are generally safe, but CHESS ownership provides greater legal certainty. For long-term investors, CHESS sponsorship is generally preferred.
What is the cheapest broker in Australia? As of 2026, Superhero charges $2 per ASX trade (ETF trades can be free), and moomoo offers competitive rates with promotional periods. The cheapest option depends on your trade size — flat-rate low-cost brokers favour smaller trades.
Can I transfer shares between brokers in Australia? If your shares are CHESS-sponsored, you can transfer your HIN to another CHESS broker without selling your shares — this is called an off-market transfer and may attract a small administrative fee. Custodian-held shares generally cannot be transferred without selling and rebuying (potentially triggering CGT).
Share trading platform fees and features change frequently. Always verify current fee schedules directly with the provider before opening an account. This page provides general information only — it is not a personal recommendation of any platform. For advice tailored to your situation, speak with a licensed financial adviser via MoneySmart.