What is the trading platform with the lowest fees?

Nick Sundich Nick Sundich, September 13, 2023

Investors wanting a good return on their assets would be looking for the trading platform with the lowest fees. We can’t blame anyone for doing so. Brokerage fees can eat heavily into returns, especially for prolific investors. But just which platform has the lowest fees?


The trading platform with the lowest fees is…

Stake at $3 per trade irrespective of size, when it comes to ASX trades. Superhero is next at $5 per trade. CMC charges $0 brokerage for ASX trades of $1,000 or less, but charges the greater of $11 or 0.10% of the trade for any order above $1,000.

Looking to international shares, there are a handful of brokerages offering zero brokerage including Superhero and CMC. Zero brokerage is possible for international shares because some exchanges ‘pay to trade’ whilst the ASX does not.

It is worth remembering that brokerage costs may be tax deductible, so you may be able to use them to offset capital gains that you might have made. Still, that doesn’t happen until tax time so you might as wells minimise your out of pocket costs right now.

You also need to consider how else platforms make their money besides brokerage, because you might be more out of pocket than you otherwise would be, even if it doesn’t seem like you are that much out of pocket with each and every trade


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Don’t choose a platform just based on fees

All this being said, we wouldn’t recommend investors choose a platform just because of low brokerage costs. Investors need to consider what is best for them based on several factors such as platform’s all-round offering and their own trading style. The most prominent things to consider about a platform’s offering include trading costs, trading tools, customer service and security protocols.

If investors like to use technical insights, such as MACD, RSI and Bollinger Bands to name a few, or set up automated trades based on predetermined criteria and strategies, they could miss out on profitable opportunities by opting to go with a platform that does not offer these services.

Additionally, reliable customer service is essential as it ensures that investors can get answers to their questions in a timely manner. Finally, an important factor to consider is security protocols as investors’ personal data and trading funds need to remain secure at all times.

Investors may also take awards into account and deciding that platforms will work for them if they have won awards. Comparison site Finder has found that CMC Invest is Australia’s best overall platform.

But it also gave awards to 11 other platforms based on various individual factors. For instance, Pearler was rated the best platform for beginners, Superhero was the best for ETFs and Interactive Brokers was the best for penny stocks. Fellow comparison website Mozo has also issued its own ratings. It awarded CMC as the best for regular traders. For casuals, it gave awards to Tiger Brokers and Superhero.


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