Cheapest Online Brokers in Australia

cheapest online brokers australia
These days, when it comes to share trading, online trading is hardly a new thing. With so many brokers available, the next hurdle is to find the cheapest online broker Australia.

One of the best ways to improve on your trading success is to ensure that your trading costs are as low as possible.

If this is something you are interested in, the information below will be of great use to you. Here, you will not only discover what the top discount brokers Australia are but also get a closer look at what makes them great.

Top Australian Online Brokers With Low Fees

Name Min. Deposit AU License Review
review AU$50 ASIC License
OPEN ACCOUNT
review AU$100 ASIC License
OPEN ACCOUNT
review AU$100 ASIC License
OPEN ACCOUNT

1. FP Markets

FP Markets is an online CFD and forex broker. This is an ASIC regulated brokerage that has been functioning for over a decade, making it one of the better-known brokers in the market. Here is what you need to know about this broker:

Instruments

If you choose to sign up with FP Markets, you have access to around ten thousands instruments. This allows you to be engaged with a wide number of instruments in share trading, CFD trading, and forex trading. Most of these instruments are related to CFD trading, allowing you to select from:

  • Equities
  • Commodities
  • Indices

At the same time, you will also gain access to around 50 currency pairs for forex trading. As far as commodities go the top options are:

  • Gold
  • Silver
  • Crude oil

You even have the option to trade with Bitcoin if you want to.

Accounts and Fees

There are three different kinds of accounts, one for each trading category. For the share trading account, you can opt for the Standard which offers up a 0.11 percent commission fee and $14.95 minimum fee. For the non-leverage CFD account, the commission starts at 0.08 percent and there isn’t a minimum fee.

The three CFD accounts are the Professional, Platinum, and Premier, with minimum opening balances ranging from $1,000 to $50,000. For equity CFD, 0.08 percent for Australia to 2 cents a share when trading US stocks from Australia.

For forex accounts, Standard minimum opening balance is $100 while the ECN RAW account is $1000. There are no commissions for most of the Standard transactions. Instead, the cost is built into the spread. For the RAW accounts (forex and metals) there is a cost of $3.5 per 100,000.

Platforms

You can select from three platforms with this broker – the IRESS, MetaTrader4, and MetaTrader5. This is good news for traders of all capabilities as you should be able to find a suitable platform between these three. Now, of all these platforms, the IRESS does include a charge of $55 a month, including GST.

2. Amscot Stockbroking

Amscot Stockbroking is in the mix as the best stockbroker Australia. This broker provides traders with some of the most competitive prices on the market. Here is a closer look at how this broker functions:

Instruments

What puts Amscot Stockbroking on the map is the fact that it deals with the three major exchanges in Australia. These are the ASX, Chi-X, and Sydney stock exchange. Due to this, traders have all the instruments traded on these exchanges at their disposal. As such, it can offer a higher number of instruments than most other brokers.

Accounts and Online Trading Rates

You can open an account with Amscot for absolutely no cost at all. There are no sign-up costs, monthly fees, or even any ASX royalty fees. Rather, the fees here are associated with the trading plans made available by the broker. Depending on what kind of trader you are, you can select from the ValueRate and TraderRate.

If your trade values tend to be less than $40,000 then your ValueRate is the best option here for you. Here a trade size of $5,001 will incur a brokerage rate of just $9.90. In fact, with this plan, you will find that the prices beat out many of the other brokers, as long as you trade less than $50,000.

For traders whose trade value tends to be greater than $50,000, the TraderRate works well. A trade size of 50,0001 will have a rate of just $33. The rate remains almost as low, even when the trading value increases up to $1,000,000.

Platforms

One of the downsides of this broker is that you are only able to rely on different forms of the IRESS trading platform. As you may be aware, this is one of the few platforms that require a monthly fee. As such, you will be required to pay $77. However, if $220 of brokerage is generated during the month, this fee will be waived.

3. Bell Direct

Bell Direct is actually an award winning broker, ensuring that you are in good hands when you sign up for a share trading account Australia. To find out just what this brokerage has to offer you, keep reading:

Instruments

One of the top reasons to select this cheap broker is the fact that there is so much you can trade with. This includes all ASX listed equities. To add to this there are also:

  • Interest rated securities
  • ETFs
  • Warrants
  • Managed Funds
  • Options
  • IPOs
  • XTBs

As you can see, you really are spoiled for choice. This makes Bell Direct a good solution for more seasoned traders who want to keep costs down.

Bonus Tip: If you are interested in forex trading then one of the cheapest online brokers is Vantage FX Australia.

Trader Fees

One of the main perks with this broker is that the more you trade, the less you actually pay. For instance, your first 10 trades of the month (up to $10,000) cost just $15. The 11th to the 30th trades are 13 or 0.08 percent, depending on which is higher. The 31st trade onwards cost $10 or 0.08 percent, whichever is greater.

Platform

To add to the many benefits of signing up with this broker is the fact that it has arguably the best online trading platform Australia. This broker-approved platform makes it easier for traders to place trades more efficiently and quickly, improving your opportunities. This is aided by the fact that the platform is synced to up-to-date, with live information, ensuring that you have constant knowledge of what is going on.

These are the cheapest online brokers you can find anywhere. Not only are they affordable, these brokers also provide top-notch services and excellent trading opportunities.