Brokerage fees are one of the most direct costs of investing — and in Australia, the range is enormous: from $0 (commission-free) to $19.95 per trade for the same ASX purchase. This guide compares brokerage fees across the major Australian investing platforms for 2026 to help you understand the cost of trading.
ASX Brokerage Comparison — Standard Trades
| Platform | ≤$1,000 | $1,001–$5,000 | $5,001–$10,000 | $10,001–$25,000 | >$25,000 | CHESS |
|---|---|---|---|---|---|---|
| CommSec | $10.00 | $19.95 | $19.95 | $29.95 | 0.12% | Yes |
| SelfWealth | $9.50 | $9.50 | $9.50 | $9.50 | $9.50 | Yes |
| Superhero (ETFs) | $2.00 | $2.00 | $2.00 | $2.00 | $2.00 | Yes |
| Superhero (Shares) | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | Yes |
| Pearler | $6.50 | $6.50 | $6.50 | $6.50 | $6.50 | Yes |
| CMC Invest (1st/month) | $0 | $0 | $0 | $0 | $0 | Yes |
| CMC Invest (subsequent) | $11.00 | 0.10% | 0.10% | 0.10% | 0.10% | Yes |
| Stake | $3.00 | $3.00 | $3.00 | $3.00 | $3.00 | No |
| Moomoo | ~$0 | ~$0 | ~$0 | ~$0 | ~$0 | No |
| IG | $8.00 | $8.00 | $8.00 | 0.08% | 0.08% | No |
| Saxo (Classic) | 0.12% (min $10) | 0.12% | 0.12% | 0.12% | 0.12% | No |
| CommSec Pocket | $2 (≤$1k) | 0.20% | 0.20% | 0.20% | 0.20% | Yes |
Fees as of May 2026. Verify current fees with each platform before trading.
US Share Brokerage Comparison
| Platform | US Brokerage | CHESS (ASX) | FX Fee |
|---|---|---|---|
| Superhero | $0 | Yes | ~0.60% FX |
| Stake | $0 | No | ~0.70% FX |
| Moomoo | $0 | No | ~0.40% FX |
| IG | $0 | No | Variable FX |
| SelfWealth | USD $9.50 | Yes | ~0.60% FX |
| Pearler | USD $6.50 | Yes | ~0.60% FX |
| CommSec | USD $19.95–$29.95 | Yes | Variable FX |
| Saxo (Classic) | USD 0.08% (min $3) | No | Variable FX |
The FX conversion fee (AUD to USD) is a real cost when investing in US-listed securities — often obscured as a spread rather than a separate line item.
Real-World Cost Examples
Scenario 1: Monthly $1,000 ETF purchase (12× per year)
| Platform | Annual brokerage (12 trades) |
|---|---|
| Superhero | $24.00 |
| CMC Invest (1 free/month) | $0 |
| Pearler | $78.00 |
| SelfWealth | $114.00 |
| CommSec | $239.40 |
Scenario 2: One $10,000 lump sum trade
| Platform | Brokerage |
|---|---|
| Moomoo | ~$0 |
| Superhero (ETF) | $2.00 |
| Superhero (Shares) | $5.00 |
| Stake | $3.00 |
| IG | $8.00 |
| SelfWealth | $9.50 |
| Pearler | $6.50 |
| CommSec | $19.95 |
Beyond Brokerage — Hidden Costs
Brokerage fees are not the only cost. Consider:
- FX conversion fees: When trading US or international shares, the AUD/USD spread is a real cost
- Management expense ratios (MERs): ETF management fees reduce your return regardless of which broker you use — see ETF MER Explained
- Capital gains tax: Frequent trading creates more CGT events — see ETF Tax Australia
- Account/platform fees: Some platforms (Saxo Black) charge monthly fees
Brokerage Compounding Over Time
Brokerage is a friction cost that directly reduces net investment returns. For a long-term investor making $1,000 monthly ETF purchases:
- CommSec at $19.95/trade: ~$240/year in brokerage
- Superhero at $2/trade: ~$24/year in brokerage
- Difference over 30 years (at 8% return): The $216/year additional cost at CommSec, compounded, represents a significant long-run drag
This reinforces why many long-term ETF investors prefer low-flat-fee platforms.
Related Articles
- Best Share Trading Platform Australia
- CommSec vs SelfWealth
- Superhero vs Pearler
- CHESS vs Custodian Explained
- ETF MER Explained
- Share Trading Platforms hub
Frequently Asked Questions
What is the cheapest broker for ETFs in Australia? CMC Invest (first trade free per month) and Superhero ($2 flat) are typically the cheapest CHESS-sponsored options for ETF purchases in 2026.
Does brokerage affect my tax? Yes. Brokerage paid on purchase forms part of the cost base of your investment (increasing it), and brokerage paid on sale reduces your capital proceeds. Both reduce your capital gain for CGT purposes.
Is $0 commission trading truly free? Commission-free platforms typically earn revenue through FX spreads, interest on cash balances, premium subscriptions, or payment for order flow. “Free” brokerage does not mean zero cost — the FX conversion fee on US trades is a real and often significant cost.
This article provides general financial information only. Brokerage fees are as of the date of publication and may have changed. For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.