Top 10 brokers for retail investors

I. What to look for in a broker

Choosing a broker is a bit like choosing a gym – they’ll all help you get in shape (financially, in this case), but each has different equipment, fees, and vibes. Here are important factors to think about:

• Fees: Brokers can charge per trade (a flat fee or percentage). Traditional platforms might charge ~$10–$20 per trade, while some newer ones offer free or very low-cost trades. Remember, high fees can eat into your returns fast. For example, one popular low-cost broker, SelfWealth, charges a flat $9.50 per trade (regardless of size), whereas a bank-owned platform might charge $19.95 or more. Look for a broker that fits the size and frequency of trades you plan to make.
• Ease of use: Especially if you’re new, a clean, intuitive interface is your gold. Some apps are as simple as a few taps to buy shares (great for beginners), while others have complex dashboards (preferred by traders who want detailed charts).
• Product range: Do you only want to trade Australian stocks, or also U.S. stocks, ETFs, maybe even crypto or foreign exchange? Platforms like CommSec and Nabtrade offer access to the ASX and some international markets, whereas apps like eToro or Interactive Brokers let you invest globally (U.S., Europe, etc.) easily.
• CHESS sponsorship vs custodial: Speaking of CHESS, in Australia this is the system that registers you as the direct owner of shares (with a HIN – holder identification number). Many Aussie brokers (especially bank ones and some fintech like SelfWealth or Pearler) give you CHESS-sponsored shares, which lots of investors prefer for the sense of security (as the shares are in your name). Other brokers (like some international ones or those offering zero commission) might use a custodian model where your shares are held on your behalf.
• Research and tools: Do you want in-app research reports, stock screeners, or news? Full-service brokers like CommSec or CMC Markets come with hefty research tools, analyst reports, and maybe even free seminars. Simpler apps might offer just basic price charts. If you plan to do analysis, consider a platform that supports that. For example, Westpac’s broker has strong company info and research offerings, while newer apps keep it minimal.
• Customer support: When things go wrong (or you have a question), can you talk to a human? Big brokers have call centers; some apps might only have email support. Especially when your money is on the line, good support is valuable.

Now, let’s get into the top contenders in Australia and what sets each apart.

II. The heavyweights: big bank brokers

The “Big Four” banks in Australia each have their brokerage arms, which many investors use out of familiarity and trust. They’ve been around for decades and generally offer robust, reliable services as this is where traditional meets technology... though sometimes at a higher cost.

1. CommSec (CBA Group):

By far the most popular, CommSec is actually Australia’s largest online trading platform​ with a massive customer base. It’s been around since 1995, and lots of investors (young and old) gravitate to it because it’s linked with Commonwealth Bank.

Pros: Very stable and trusted, CHESS-sponsored, great educational content (CommSec Learn and their “Stock Doctor” resources), and good research including Goldman Sachs reports. The interface is a bit dated but solid, and their mobile app is pretty user-friendly. They also offer CommSec Pocket, a separate app for micro-investing in ETFs (with as little as $50).

Cons: Fees are $19.95 up to $1,000 trade (and 0.11% for larger trades)​. Not the cheapest at all. But for that, you get full service. If you already bank with CBA, linking your account is seamless.

Ideal for: Beginners who want a reputable platform and don’t mind paying a bit more, or those who value rich features and support over rock-bottom fees.

2. Nabtrade (NAB):

Nabtrade offers competitive research and a clean platform.

Pros: CHESS-sponsored, access to international markets (5 global exchanges), and decent flat fee (around $14.95 up to $5k trades, tiered beyond that). They often run promotions for new users. The website interface is modern, and it integrates with NAB internet banking for easy transfers.

Cons: Some have noted the mobile app isn’t as smooth as others, and the fee structure, while better than CommSec for mid-size trades, is still higher than discount brokers.

Ideal for: NAB banking customers or those wanting a well-rounded platform with global reach and bank backing.

3. Westpac Share Trading (via BT/Charles Schwab):

Westpac’s platform, once run with BT, is now in partnership with Charles Schwab for international trading.

Pros: Strong company research and data visualisation. It’s praised for robust info on stocks​. Good for investors who want to dive into fundamentals. CHESS-sponsored for ASX shares.

Cons: Fees on the higher side (around $19.95 per trade). The interface can feel a little more old-school compared to flashy new apps.

Ideal for: Research-oriented investors who don’t mind paying for better data, or Westpac loyalists.

4. ANZ Share Investing (now powered by CMC Markets):

ANZ sold its direct trading platform to CMC a few years back, so ANZ’s service now is basically CMC’s brokerage branded for ANZ. We’ll talk about CMC in the next section (spoiler: it’s one of our top picks). If you bank with ANZ, you can use their portal, but you’re getting CMC’s platform (which is a good thing).

Pros: CHESS, good tech (since CMC’s backend), bank integration.

Cons: Fee structure might differ slightly via ANZ, and some features of full CMC account might not be available.

Ideal for: ANZ customers who want the convenience of seeing investments with their banking.

Why consider a bank broker? Trust and one-stop-shop convenience. Also, some have perks. For example, CommSec gives access to IPOs for CBA customers at times, and NAB/Westpac’s research can be a plus if you value that. The trade-off is cost; they’re rarely the cheapest. But if you plan to make larger, infrequent trades, the difference in fees might be minor in the grand scheme.

III. The disruptors: low-cost, new age

In the past few years, a wave of fintech brokers has emerged across Australia, often with lower fees and more innovative features. Here are the notable ones:

5. CMC Markets:

CMC isn’t new (est. 1989), but it’s both a heavyweight and a low-cost leader. They were an early innovator in online investing and currently shine as one of the best for Australian investors.

Pros: Highly competitive fees. For ASX trades, $11 or 0.1% (whichever higher) for most trades, and they even have an offering of one free investment up to $1,000 per day (great for small investors to build positions fee-free). Outstanding trading platform with advanced charting, plus a simpler web interface for everyday use. Global market access is there (US, UK etc with low FX fees). Basically, CMC offers almost everything: diverse products (shares, ETFs, options, warrants), premium tools, and CHESS sponsorship. It consistently ranks highly in broker comparisons for value.

Cons: The sheer number of features can overwhelm inexperienced investors (though you can ignore the fancy stuff). Also, after an initial period, inactive accounts may incur fees (if you don’t trade for a year, there’s a small fee).

Ideal for: Cost-conscious investors who still want a full-featured platform from newbies to advanced traders. Many consider CMC a sweet spot between banks and newer apps.

6. SelfWealth:

An Aussie success story, SelfWealth launched with a unique flat-fee model.

Pros: Flat $9.50 per trade (no percentage, so especially great for larger trades)​. CHESS-sponsored. Very straightforward interface with social features (you can see how other investors’ portfolios perform in aggregate - anonymously - to gauge sentiment). They also introduced U.S. trading (USD $9.50 flat fee). SelfWealth often wins customer satisfaction awards for value. They have about 130,000 active portfolios on the platform​, showing that many have embraced this low-cost approach.

Cons: No fancy bells and whistles - research is limited, and charting is basic. Also, no live chat support (purely email-based). And if BetaShares enters with zero fees, SelfWealth’s flat fee might see pressure.

Ideal for: Long-term investors who trade semi-regularly and want predictable low fees. If you’re building a portfolio of ETFs or blue chips and maybe trade a few times a month, SelfWealth can save you a lot in brokerage over a bank broker.

7. Stake:

Originally known for $0 commission U.S. stock trading for Aussies, Stake has expanded to offer ASX trading now.

Pros: For U.S. stocks, Stake was a game-changer with no commission, just a currency conversion fee. It made buying Apple or Amazon as easy as buying Aussie shares. In 2022, Stake launched ASX trading with CHESS sponsorship. Their ASX fees are unique: they offer a free plan where trades cost $3 (for trades up to $30,000) but you pay a monthly fee for live prices if you want them, or a paid plan with live pricing and $0 trades up to a limit. It can be very cost-effective depending on your usage. The app has a slick user experience that is very modern, easy to use, and popular among younger investors. They also have cool features like fractional investing in U.S. stocks and curated collections (e.g., “Green Energy Stocks” list, etc.).

Cons: The pricing model for ASX can be confusing (free vs paid tiers). No phone support (email only). And, while U.S. trades are technically $0 commission, the 0.5% FX fee on each transfer is how they make money – something to consider for frequent traders.

Ideal for: Investors who strongly want U.S. market access with low fees, and Australians who prefer a mobile-first, modern app experience for ASX trades. Stake has a bit of a “cool factor” and is great for those who like simplicity and don’t need integrated banking.

8. Pearler:

A newer platform aimed at the FIRE (Financial Independence, Retire Early) community.

Pros: CHESS-sponsored, flat fee ($9.50) like SelfWealth for ASX, but the kicker: free brokerage on ETF investments if you hold them for a year or more. They encourage long-term investing by partnering with ETF providers to waive your brokerage (e.g., if you buy and chill, it’s free). They also have an “auto-invest” feature that lets you set up regular investments (dollar-cost averaging) into certain shares or ETFs, making it easy to stick to a plan. The idea is all about long-term wealth building rather than frequent trading. They even let you track progress to a target portfolio value and see others’ journeys (anonymously) for motivation.

Cons: No international stocks yet (ASX/Chi-X only). The platform is still growing, so not as polished or feature-rich as some others. Fewer research tools on site.

Ideal for: Long-term investors, especially those following a passive investing or FIRE strategy. If your plan is to regularly invest in ETFs or a set of stocks over years, Pearler is literally built for you (and can save you on fees while nudging good habits).

9. eToro:

A global platform famous for “social trading” and crypto, eToro also serves Australian investors with stock trading.

Pros: $0 commission on stocks (they make money on slightly wider spreads and other product fees) - this sounds great for cost, especially if you trade international stocks. They offer a copy trading feature: you can allocate money to automatically mirror other successful traders’ portfolios (be cautious, but it’s a unique learning tool). The interface is gamified and community-driven, with users discussing trades in-app. eToro also has a wide range – from stocks to crypto to CFDs – if you want to dabble in multiple assets on one platform.

Cons: No CHESS (stocks are held in custody on your behalf). The $0 commission applies to “real” stock trades, but if you use leverage or short, you’re dealing with CFDs which carry costs. Also, there’s a currency conversion (USD base for U.S. stocks). While the social aspect is cool, following others blindly can be risky.

Ideal for: Those who want an easy way to access U.S. and global markets with zero ticket fee, and who might enjoy a community vibe. Also, if you’re curious about crypto, eToro allows small buys within the same app. New investors should be careful not to get carried away with the more speculative features, but for straight stock buying, it’s a simple, low-cost option.

10. Interactive Brokers (IBKR):

The choice of many serious traders and globetrotters, now increasingly used by retail investors too.

Pros: Ultra-low fees on international trading (often $0.003 per share in the US, etc.), and recently IBKR even introduced $0 commissions for certain trades to compete with newcomers. Access to 33 countries’ markets​ - if you want to buy stocks in Canada, Japan, London - IB has you covered. They have advanced tools and multiple trading platforms (from an inexperienced-friendly app to a professional desktop software). Strong forex rates and the ability to hold cash in multiple currencies. Basically, if you want the world at your fingertips, IBKR is unmatched.

Cons: The platform was traditionally built for pros, meaning the learning curve can be steep. They’ve simplified account opening and have an “IBKR Lite” interface now, but it’s still less “cute” than, say, Stake or SelfWealth. Also, no CHESS for ASX: it’s custodian (they are U.S.-based). Some features can be complex if you’re just starting.

Ideal for: Investors who want global diversification or plan to trade frequently and want rock-bottom costs. Also good if you eventually want to trade more sophisticated instruments. If you’re tech-savvy and cost-sensitive, IBKR is phenomenal. If the thought of a complex interface scares you, you might stick to a more user-friendly app for now.

Honorable mentions: Superhero - offers $2 flat ASX trades (custodial, not CHESS) and $0 on ETFs; very app-driven and simple. Bell Direct - mid-tier fees but known for good customer service and research, plus SMSF-friendly. HSBC Online Share Trading - another bank option often overlooked, competitive rates especially for international trades.