The Cheapest Online Stock Brokers in Australia

The most annoying thing about brokers in Australia are their high commissions. But did you know that you can buy real stocks with zero commissions? Thanks to some innovative trading platforms you can now trade stocks from all over the world and save a fortune in fees.

Here are the cheapest ways to buy stocks in Australia:

Stake – Zero Commissions on U.S Stocks

Stake lets you invest directly into the U.S stock market with no commissions. Using Stake you can make an unlimited number of commission free trades. Stake offers a number of account types. The most basic lets you buy and sell stocks while the more premium account gives you access to advanced order types as well as the ability to trade using unsettled funds which is great for day trading.

Currently Stake is my favourite way to buy U.S stocks. They offer thousands of stocks that you can invest in. And you're not trading a CFD or other complex financial instrument. You are buying the actual stock. There are no fees to trade and there are no fees to hold stocks.

Stake makes money on the FX conversion between AUD to USD when you deposit. Unlike most platforms, you only get charged this on deposit and withdrawal and not on each trade. Stake is also a local company and offer local deposit options including POLi.

If you invest in U.S stocks, then you could save a lot of money by using Stake.

Find out more about Stake

eToro – Zero Commissions on U.S Stocks

eToro also offers commission free trading on U.S listed stocks. eToro has some differences to Stake. They offer a range of different trading products not just stocks. You can trade forex, crypto and commodities as well.

Cheapest stock broker online etoro

You can start buying stocks with as little as $50 on eToro. They offer fractional shares. This means you don't need to buy a full share. You can invest any dollar amount over $50. This is especially useful for investing in company like Alphabet which has a stock price of over $1000!

Find out more about eToro

IG – $5 per trade on ASX Stocks

To compete with new companies like Stake, IG has recently introduced zero commission trading of U.S and UK stocks. They are also the cheapest broker for ASX listed stocks. You can trade Australian stocks for just $5.

IG does have some drawbacks. Access to the platform is by subscription, but this fee is waived if you make a certain number of traders per month. So if you're an active trader then IG could be for you. IG also doesn't offer fractional investing like eToro and Stake does. So you'll need a larger amount of capital to get started.

Commsec Pocket – $2 on Selected ETFs

Commsec Pocket is a new investing app from Commsec (Commonwealth Bank). The brokerage fees are just $2, but the big downside is you can only invest into a limited set of ETFs. This product is definitely designed for casual or first time investors who are looking to get into stocks but don't know where to begin.

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