5 Online Brokers Australian Investors Are Comparing in 2026

CommSec is a subsidiary of the Commonwealth Bank of Australia and has operated as Australia's largest retail stockbroker by active accounts for over two decades. The platform holds AFSL 238814 and offers access to ASX-listed equities, international shares across 25+ markets, exchange-traded funds, mFunds (managed funds settled via ASX), and listed options. CommSec's integration with the CommBank app and NetBank means investors who already bank with CBA can view their brokerage holdings alongside deposit accounts, credit cards, and superannuation — a convenience factor that contributes to the platform's dominant market share. The research offering is among the deepest in the Australian retail market: CommSec provides access to Morningstar equity research, technical analysis tools, and real-time ASX market data at no additional cost on most account types. Brokerage fees on ASX trades follow a tiered structure — $10 flat for trades under $1,000, then 0.10% of the trade value for larger amounts. International trades are more expensive, with separate currency conversion spreads and higher minimum commissions that vary by market. The platform also supports margin lending through CommSec Margin Loan, though leveraged products carry added risk. The mobile app is functional but the interface design has been criticised by some users as less modern than newer fintech competitors. CommSec offers SMSF accounts and supports corporate and trust structures.

Interactive Brokers (IBKR) operates in Australia under AFSL 453554 through Interactive Brokers Australia Pty Ltd. The platform is part of the US-listed Interactive Brokers Group, one of the largest electronic brokerage firms globally by daily average revenue trades. IBKR's core proposition for Australian investors is breadth and cost: the platform provides access to equities, options, futures, forex, bonds, and funds across 150+ markets in 34 countries, with brokerage commissions among the lowest in the industry. ASX equity commissions start from 0.08% with a $6 AUD minimum on the tiered pricing structure, dropping further for high-volume traders. Margin rates are consistently among the lowest available — a significant factor for investors who use leverage. The Trader Workstation (TWS) platform is a professional-grade desktop application with advanced order types, algorithmic trading capabilities, options analytics, and customisable market scanners. IBKR also offers a simplified web and mobile interface (Client Portal and IBKR Mobile) for investors who don't need the full TWS feature set. The platform supports fractional share trading on US-listed equities, automated portfolio rebalancing through model portfolios, and a marketplace of third-party trading algorithms. The learning curve is steep — TWS is designed for experienced traders and the fee structure has multiple tiers and minimums that require careful comparison. IBKR supports individual, joint, SMSF, trust, and corporate account types for Australian residents.

Stake launched in Australia as a US share trading platform and expanded to ASX equities, operating under AFSL 517882 through Stake SMSF Pty Ltd for its superannuation product, with stockbroking services provided under relevant authorisations. Stake's headline feature is $0 brokerage on ASX trades via its free tier — a model funded through a premium subscription (Stake Black, $9/month) and foreign exchange margins on US dollar conversions for US share trading. US share trading is also commission-free, but Australian investors should note the USD/AUD conversion spread applied when funding US share purchases, which represents the platform's primary revenue source on Wall Street trades. The app is mobile-first with a clean, modern interface that appeals to younger and first-time investors. Features include fractional US share trading (minimum $10 per order), recurring investment schedules, and a social community feed. ASX functionality covers equities and ETFs, but the platform does not offer options, CFDs, forex, bonds, or managed funds — it's a pure equity and ETF platform. Stake has expanded to offer SMSF accounts through Stake Super, allowing self-managed super fund trustees to trade ASX and US equities within their fund. The platform holds client funds in segregated trust accounts. Investors should review Stake's Financial Services Guide and consider whether the commission-free model's FX spread costs align with their trading patterns.

SelfWealth (ASX: SWF) is an ASX-listed Australian fintech that operates under AFSL 421789, offering flat-fee brokerage on Australian and US equities. The core fee proposition is straightforward: $9.50 per trade on ASX equities regardless of trade size, with no percentage-based scaling. This makes SelfWealth particularly cost-effective for investors placing larger trades — a $50,000 ASX trade costs the same $9.50 as a $500 trade, compared to 0.10% ($50) on the same trade at CommSec. US equity trading was introduced in partnership with Phillip Capital, with a flat $9.50 USD per trade plus a 0.60% FX conversion fee. SelfWealth's distinguishing feature is its community portfolio functionality: investors can anonymously see how the top-performing portfolios on the platform are allocated, providing a form of social intelligence without the risks of copy trading. The platform also integrates with major SMSF administration providers and supports SMSF, company, and trust account structures. The interface is web-based with a functional mobile app, though it lacks the design polish of newer fintech competitors. Research features include basic charting, company financials, and portfolio reporting. SelfWealth does not offer CFDs, forex trading, options, or margin lending — it's focused on long-only equity investing. The platform holds client funds in ANZ bank trust accounts and has been operating since 2012.

CMC Markets operates in Australia under AFSL 238054 and offers two distinct product lines: CMC Invest (stockbroking) and CMC Markets (CFD and forex trading). This dual structure means investors can access ASX equities, international shares, and ETFs through CMC Invest, while also having the option to trade CFDs on forex pairs, indices, commodities, and cryptocurrency through the CMC Markets CFD platform — though these are separate accounts with separate risk profiles. CMC Invest's stockbroking fees are competitive: the first trade each day on ASX equities is $0 brokerage, with subsequent trades at $11 or 0.10% (whichever is greater). This structure benefits investors who typically place one or two trades per day. International shares are available across 15+ markets. The CMC Markets Next Generation trading platform is widely regarded as one of the most capable web-based CFD platforms available, offering 80+ technical indicators, pattern recognition tools, Reuters news feeds, and customisable layouts. Australian retail investors should note that ASIC's Product Intervention Order caps leverage on CFDs: 20:1 on major forex pairs, 10:1 on minor forex and equity indices, 5:1 on individual equities, and 2:1 on cryptocurrency CFDs. CFD trading carries significant risk — the majority of retail CFD accounts lose money. CMC Markets has operated in Australia since 2002 and supports individual, joint, SMSF, and corporate accounts.