Best Australian Online Stock Brokerage Investing Platforms Compared in 2023

Comparing Online Investing Brokers for Australian Stock Market

Investing in the stock market can be confusing, but it doesn’t have to be. In this blog post, we will compare 15 of the most popular online investing brokers for the Australian stock market. We will focus on important factors such as brokerage fees, security, and other key features. By the end of the post, I will reveal my top three favorite online investing brokers. Let’s get started!

Important Factors to Consider

When choosing an Australian broker, there are two important factors to look out for:

• Brokerage fees: These are the fees you pay for buying or selling stocks on the platform. It’s crucial to find a broker that offers competitive fees to save money in the long run.
• Chess sponsorship: This refers to the broker’s ability to directly transfer ownership of shares to the Australian Securities Exchange (ASX). Chess sponsorship provides an extra layer of security and more flexibility in managing your shares.

Brokerage Fees

Brokerage fees are a crucial factor to consider, especially for beginner investors. The more you invest, the more brokerage fees you will be charged. It’s important to find a broker that offers lower fees to maximize your profits.

Chess Sponsorship

Chess sponsorship adds an extra layer of security to your shares and allows for easy transfer to another broker. It also provides more options, such as setting up a dividend reinvestment plan. However, please note that chess sponsorship is specific to the Australian market only.

Big Four Banks

The big four banks in Australia (Commonwealth, NAB, Westpac, and ANZ) each have their own in-house online brokers. While they may have higher brokerage fees, they are often perceived as safer options due to their reputation and backing by a big bank.

Commonwealth Bank (CommSec)

CommSec is the largest online brokerage platform in Australia and is owned by Commonwealth Bank. While it has higher fees, it offers excellent research tools and is chess sponsored. Consider opening a CDIA account for cheaper brokerage fees.

NAB (Nabtrade)

Nabtrade is the online broker owned by NAB. It offers slightly cheaper brokerage fees compared to CommSec. However, its research platform may not be as robust.

Westpac

Westpac offers discounted brokerage fees if you open a Westpac Cash Investment Account. Without the account, the fees are higher. Consider this option if you are already a Westpac customer.

These are just a few examples from the list of brokers. For a comprehensive comparison, please refer to the full blog post.

Here is a list of brokers that offer chess sponsorship:

• CMC Markets: Zero brokerage fees to buy Australian shares up to $1,000 a day. $11 per trade or 0.1% for amounts above $1,000. $15 per month inactivity fee.
• Stake: $3 per trade for up to $30,000, 0.01% for trades over $30,000. Offers promotions for up to 10 free trades per month through referrals or transferring shares from another broker. No inactivity fee.
• SelfWealth: $9.50 flat brokerage fee. No inactivity fee.
• Pearler: $6.50 flat brokerage fee. Offers auto-invest feature and reduced fee with prepaid credits. No inactivity fee.
• Saxo Markets: $8 per trade or 0.08% without chess sponsorship, $14 per trade or 0.1% with chess sponsorship. No inactivity fee.
• ThinkMarkets: $8 flat brokerage fee for up to $200,000, 0.05% for amounts above $200,000. No inactivity fee.