Webull Australia vs
CMC Invest (2026)
Both are low-cost alternatives to legacy Australian brokers — but they serve different investor types. Webull is a fintech-first platform built around ASX and US ETFs, fractional shares, and auto-invest. CMC Invest is a broader brokerage platform with deeper research, wider product coverage, and a stronger reporting workflow. This guide covers fees, CHESS ownership, markets, tools, and who should choose which — with 2026 figures.
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TL;DR
- You want free ASX ETF brokerage at any order size, including on sells
- You invest regularly in US or Hong Kong shares and ETFs
- Fractional shares or auto-invest matter to you
- You want advanced screeners, real-time data, and market tools in the app
- You trade US options or want a paper trading account to practise
- You make regular small ASX ETF buys under A$1,000 per session and rarely sell
- You want broader products: managed funds, warrants, bonds
- Morningstar, TipRanks, or TradingView research matters to your process
- Tax reporting via Sharesight is part of your workflow
- You want wider international market access beyond ASX, US, and Hong Kong
Fee comparison
Headline brokerage is the starting point, not the full picture. CMC’s conditional free model and Webull’s FX drag each change the all-in calculation depending on how you invest.
| Fee | Webull Australia | CMC Invest |
|---|---|---|
| ASX ETF — buy | A$0 (all sizes) | A$0 (first buy <A$1,000/security/day) A$11 or 0.11% above that |
| ASX ETF — sell | A$0 | A$11 or 0.11% (always) |
| ASX stocks | A$1 or 0.03% (whichever greater) | A$11 or 0.11% (excl. first-buy-free) |
| US stocks & ETFs | A$0 | A$0 (min A$1,000 order) |
| HK / China A-shares & ETFs | A$0 | Not available |
| Other international markets | Not available | UK, Japan, Canada + more — A$0 (min A$1,000) |
| FX markup | ~1.5% est. ⚠️ not officially published | Up to 0.60% on international orders |
| Annual custody fee | 0% | 0% |
| Monthly platform fee | A$0 | A$0 |
| Real-time market data | A$49.99/month (optional ASX/Cboe) | Varies by data package |
| Minimum deposit | A$0 | A$0 |
| Fractional shares | Yes — US stocks & ETFs; ASX ETFs from A$1 | No |
| CHESS-sponsored (ASX) | Yes | Yes |
The cost that matters depends on how you invest
CMC’s conditional-free model looks attractive at headline level but has a sell cost on every ASX trade. Webull’s FX drag on US assets may offset its A$0 brokerage. Your trade pattern determines which is actually cheaper.
If you buy one ASX ETF under A$1,000 per session and never sell, CMC’s first-buy-free model can bring purchase brokerage to zero. Webull also charges nothing on any ASX ETF buy. For this pattern the brokers are similar on buys — but CMC charges A$11 every time you eventually sell.
Any ASX buy above A$1,000 per security per day at CMC exits the free tier and triggers A$11 minimum. A A$2,000 lump sum costs A$11. A A$5,000 lump sum still costs A$11 (0.11% kicks in above ~A$10,000). Webull charges nothing on ASX ETF buys regardless of size.
Both charge A$0 brokerage on US trades. The real cost is FX. On a A$10,000 US investment, Webull’s estimated ~1.5% spread costs around A$150 — CMC’s up to 0.60% costs up to A$60. That A$90 difference per investment event compounds significantly over years of regular contributions. Caveat: Webull’s FX rate is unconfirmed.
CMC charges A$11 on every ASX sell, no exceptions. A single annual rebalance across three ASX ETF positions costs A$33 in sell-side brokerage alone, before any buy costs. Webull charges nothing on ASX ETF sells at any size. For buy-and-hold investors who occasionally trim, this difference compounds over time.
CHESS, custody, and what you actually own
Both brokers offer CHESS sponsorship for ASX shares — but the model changes for international holdings. This distinction matters more than most comparison pages acknowledge.
Both Webull Australia and CMC Invest are CHESS-sponsored for Australian-listed shares and ETFs. Your ASX holdings are directly registered on the ASX subregister under your own Holder Identification Number (HIN). The shares are yours — not the broker’s — and can be transferred in-specie to another CHESS-sponsored broker without being sold, preserving cost base.
CHESS records ownership — it does not protect against market losses or broker operational risk. It is a meaningful structural advantage over custodial-only brokers for ASX holdings.
CHESS applies to ASX-listed assets only. US, Hong Kong, and other international shares held through either broker use a custodial structure — the broker or a custodian holds the assets on your behalf. You hold beneficial ownership but are not directly on the overseas register.
Custodial models are standard across online brokers for international markets. Review each broker’s Financial Services Guide (FSG) and PDS for how client assets and money are protected under Australian law.
Both Webull Securities Australia and CMC Invest hold an Australian Financial Services Licence (AFSL) and are regulated by ASIC. ASIC regulation does not guarantee investment returns or protect against broker failure, but it means both platforms are subject to Australian conduct standards, client money segregation rules, and disclosure obligations. Always read the current PDS and FSG before opening an account.
Markets and product range
Webull focuses on ASX, US, and Hong Kong with a fintech-first product set. CMC Invest covers a broader range of markets and instruments from a more traditional full-brokerage model.
- ASX shares and ETFs (CHESS-sponsored)
- US shares and ETFs (A$0)
- Hong Kong and China A-shares and ETFs (A$0)
- US options
- Crypto
- Fractional shares (US stocks; ASX ETFs from A$1)
- Auto-invest (recurring contributions)
- Paper trading (practice account)
- Margin accounts
- ASX shares and ETFs (CHESS-sponsored)
- International shares — US, UK, Japan, Canada and more
- Managed funds / mFunds
- Options (Australian and international)
- Warrants
- Bonds and interest-rate securities
- Crypto
- Minor / kids investing account
- SMSF and company accounts
Tools, research, and reporting
This is one of the clearest differences between the two. Webull leads on trading tools and market data. CMC leads on fundamental research, third-party integrations, and tax reporting.
| Area | Webull Australia | CMC Invest |
|---|---|---|
| Charting | Advanced technical charting, indicators | TradingView-powered charting |
| Research | Analyst ratings, Trading Central, Sage Tracker, peer comparison | Morningstar, TipRanks, ESG ratings, market insights |
| Screeners | Built into the app — strong screening tools | Thematic watchlists |
| Market data | Real-time (A$49.99/month optional for ASX/Cboe) | Delayed/live depending on access |
| Auto-invest | Yes — recurring contributions built in | Not prominently featured |
| Paper trading | Yes — full practice account | No |
| Tax & reporting | Standard tax statements, CSV exports | Sharesight integration — dividends, cost base, EOFY |
| Order types | Standard + US options order flow | Conditional orders, stop-loss, broader order types |
| App experience | Modern, data-heavy, fintech-first | Full-featured, traditional brokerage feel |
| Education | Video library, community forum, news feed | Education hub, webinars, analyst commentary |
| Social trading | Community feed built into the app | Not available |
Which broker is right for you?
Neither is universally better. The right pick depends on your investing pattern, market access needs, and what you value more — low all-in cost or deeper research and reporting.
| Investor type | Better pick | Why |
|---|---|---|
| Regular small ASX ETF buyer — buy only, below A$1k | Toss-up | Both can reach A$0 on buys; CMC charges on sells, Webull doesn’t |
| ASX ETF investor who rebalances or sells | Webull | CMC charges A$11 per ASX sell — Webull charges nothing |
| Large lump-sum ASX ETF buyer (above A$1,000) | Webull | CMC’s free tier exits at A$1k per security per day — Webull stays A$0 |
| US ETF or global share investor | CMC Invest | Lower FX spread (up to 0.60% vs Webull’s estimated ~1.5%) |
| Investor wanting international markets beyond US and HK | CMC Invest | UK, Japan, Canada and more — Webull covers only ASX, US, HK/China |
| Fractional share or micro-contribution investor | Webull | Fractional US stocks and ASX ETFs from A$1 — CMC has no fractional offering |
| Passive investor wanting auto-invest | Webull | Built-in recurring contribution feature |
| Research-driven fundamental investor | CMC Invest | Morningstar, TipRanks, ESG, TradingView — stronger research stack |
| Tax-reporting-focused investor | CMC Invest | Sharesight integration for dividends, cost base, and EOFY reporting |
| Active trader or US options user | Webull | US options, advanced screeners, real-time data, paper trading |
| Investor wanting managed funds, warrants, or bonds | CMC Invest | CMC has broader product coverage — Webull does not offer these |
Ready to open an account?
Map your trade pattern to the fee structure before you commit. For most ASX ETF investors who sell or invest above A$1,000 per session, Webull wins on cost. For US or global investors, CMC’s lower FX spread is the key advantage.
Go deeper
Frequently asked questions
Is Webull Australia cheaper than CMC Invest?
It depends on your trade pattern. Webull charges nothing on ASX ETF buys or sells at any order size. CMC’s first ASX buy under A$1,000 per security per day is free, but all other buys and every sell cost A$11 minimum (or 0.11% above ~A$10,000). For investors who sell regularly or invest amounts above A$1,000 per session, Webull is typically lower cost on ASX.
For US and global assets, both charge A$0 brokerage — but the cost lives in FX. CMC’s stated FX spread is up to 0.60% on international orders. Webull’s FX rate is not officially published; the ~1.5% estimate in circulation has not been confirmed from an official Webull AU source. Verify both with the broker before making a decision based on US investing costs.
Are both Webull Australia and CMC Invest CHESS-sponsored?
Yes — both offer CHESS sponsorship for Australian ASX-listed shares and ETFs. Your ASX holdings sit under your own Holder Identification Number (HIN) directly on the ASX subregister. This means your shares are yours in the event the broker fails, and you can transfer them in-specie to another CHESS-sponsored broker without selling.
CHESS applies to ASX-listed assets only. US, Hong Kong, and other international shares are typically held under a custodial arrangement through both platforms — standard practice across online brokers for overseas markets.
Which broker is better for ASX ETF investing?
For buy-only investors making regular small purchases under A$1,000 per session, CMC’s first-buy-free model can reduce brokerage to zero on purchases in many cases. However, Webull charges nothing on ASX ETF buys at any size and nothing on sells either. Investors who sell, rebalance, or invest more than A$1,000 per session will generally find Webull’s flat structure more predictable and lower cost overall. Both are CHESS-sponsored for ASX ETF holdings.
Does Webull Australia offer fractional shares?
Yes. Webull Australia offers fractional investing in US stocks and ETFs, and allows ASX ETF purchases from A$1. ASX individual stocks require whole-share purchases. CMC Invest does not have a clear fractional-share offering for most products — purchases generally require buying whole units. Fractional investing matters most for investors wanting to invest exact dollar amounts, build positions in high-priced US stocks, or start with very small amounts.
Is CMC Invest the same as CMC Markets?
No — they are completely separate platforms. CMC Invest is a share-investing account where you directly buy and own ASX and international shares and ETFs. CMC Markets is a CFD (Contract for Difference) trading platform using leverage, where you do not own the underlying asset and losses can exceed your deposit. CMC Markets is an experienced-trader product; it is not an investment account for long-term portfolio building. If you are building a portfolio of shares and ETFs, CMC Invest is the correct product. Opening one account does not open the other.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. Fee information is sourced from broker documentation and third-party research as of May 2026 — verify all fees and features directly with the broker before opening an account. Webull Australia’s FX markup is not officially published; the ~1.5% figure is an estimate and should not be treated as confirmed. You are responsible for your own investment, tax, and legal decisions.