The cheapest share trading platforms and stock brokers in Australia

It’s all well and good if the stocks and assets you choose to invest in perform strongly, but if the platform you use has high fees it could easily erode away your returns.

Here is a list of online share trading platforms on our database that have some of the best lowest trading fees on offer. Although, bear in mind that often you get what you pay for. In some cases, the lower fees could mean the broker provides less functionality and features. Check out this article if you are unsure of how to choose an online share trading platform.

Online share trading platform trading fees

Typically, the most common fee you will incur is the brokerage fee, which is charged when you make a trade. Also, more often than not, this fee will change depending on how much you are looking to trade. In the tables below, we have compared fees based on a $15k trade and this should give you a rough idea of how much you’ll likely have to be in brokerage fees.

Bear in mind, brokerages fees are not the only fees you are likely to encounter. So to get a full picture of the fees each online share platform charges, you should do your research.

What are brokerage fees?

The fee structure of online share trading platforms vary from product to product and are often dependent on a few things, including the number of trades a customer is executing and also the amount of brokerage fees they are accruing, for example. Due to this, Canstar’s Research team breaks it down into three categories: casual investor, active investor and trader.

As most of our readers are likely to be either casual or active traders that’s what we’ll focus on. Here’s our breakdown below:

What is a casual share trader?

Casual investors trade shares about eight times per year with an average transaction value of $15,000 per trade. Casual investors should look for user-friendly client services and support, and general education resources, since they are the most likely to use this. Casual traders should also look for cheap brokerages because fees on trading small amounts can be as much as 40-60% of the amount.

Online share trading brokers with the lowest fees (on Canstar’s database for casual investors)

The comparison table below displays some of our Online Partners’ online share trading platforms on Canstar’s database. The products displayed are based on an investor that makes on average one trade per month on the Australian Securities Exchange (ASX). The results are sorted by ‘Fees for a $15K trade’ (lowest to highest), then by provider name (alphabetically). Canstar may earn a fee for referrals.

Company	Fee for $15K trade 1	Ongoing fees 2	CHESS Sponsorship 3
Stake	$3.00	N/A	Yes
Superhero	$5.00	N/A	No
Think Markets	$8.00	N/A	Yes
Pearler	$9.50	N/A	No
SelfWealth	$9.50	N/A	Yes

1. Online brokerage fee for a $15,000 trade based on the number of transactions specified in the search inputs
2. Ongoing fee for the account. There may be waivers or discounts subject to account use
3. Clearing House Electronic Subregister System (CHESS) is used by the ASX to record shareholdings and manage the settlement of share transactions. CHESS sponsorship involves an arrangement whereby the CHESS Sponsor (usually your stockbroker) operates your holdings on the CHESS subregister on your behalf. CHESS Sponsorship does not change your legal ownership of the shares.

What is an active share trader?

Active investors trade shares about 40 times per year with an average transaction value of $15,000 per trade. Active investors may trade managed funds as well as direct shares. Active investors should look for detailed company and market information, and a dynamic trading platform.

Online share trading brokers with the lowest fees (on Canstar’s database for active investors)

The comparison table below displays some of our Online Partners’ online share trading platforms on Canstar’s database. The products displayed are based on an investor that makes on average four trades per month on the Australian Securities Exchange (ASX). The results are sorted by ‘Fees for a $15K trade’ (lowest to highest), then by provider name (alphabetically). Canstar may earn a fee for referrals.

Company	Fee for $15K trade 1	Ongoing fees 2	Chess Sponsorship 3
Stake	$3.00	N/A	Yes
Superhero	$5.00	N/A	No
Think Markets	$8.00	N/A	Yes
Pearler	$9.50	N/A	No
SelfWealth	$9.50	N/A	Yes

1. Online brokerage fee for a $15,000 trade based on the number of transactions specified in the search inputs
2. Ongoing fee for the account. There may be waivers or discounts subject to account use
3. Clearing House Electronic Subregister System (CHESS) is used by the ASX to record shareholdings and manage the settlement of share transactions. CHESS sponsorship involves an arrangement whereby the CHESS Sponsor (usually your stockbroker) operates your holdings on the CHESS subregister on your behalf. CHESS Sponsorship does not change your legal ownership of the shares.

Note: The brokerage fees may not change between a casual and active investor, but the Star Rating and other aspects may vary for some products. Learn more about our methodology here.

How much will I need to pay for brokerage fees?

Not every online share trading platform is created equally, so comparing fees for each platform is important. Fees can range from $0 to $30 per trade, but this can be much higher for full-service brokerage platforms. Different brokerage fees and structures may apply. Although not as common as trading fees, there are other brokerage costs you might encounter such as: fail fees, ongoing fees, off-market transfer fees, SRN fees and phone brokerage fees. Also, some online share trading platforms have multiple products that may also vary in fees. Therefore, it’s generally a good idea to do your research before deciding on the right online share trading platform for you.

Follow Investor Hub on Facebook and Twitter for regular investment updates.

Cover image source: Grimed (Shutterstock.com)

Thanks for visiting Canstar, Australia’s biggest financial comparison site*

This article was reviewed by our Content Producer Isabella Shoard before it was updated, as part of our fact-checking process.

Marissa Hayden

Content Producer

Marissa is the Content Producer for the Wealth team at Canstar, and specialises in investment content. She enjoys simplifying complex financial concepts and jargon for the ‘everyday’ Australian investor. Follow Canstar Investor Hub on Facebook.

In this article