Best Broker for Australian Investors (2026):
ETFs, CHESS, and the $0 Brokerage Revolution
The Australian broker market changed significantly in 2025–2026. Multiple platforms now offer $0 brokerage on ASX ETFs with full CHESS sponsorship — including Webull and CMC Invest. Meanwhile, BetaShares Direct and Vanguard PI have raised the bar for automated investing, and Moomoo has entered the market with advanced tools at competitive rates. This guide covers all ten serious options for 2026, breaks down what brokerage really costs in dollar terms, and tells you exactly which broker fits your situation.
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TL;DR — the 2026 picks
- Webull — $0 brokerage + full CHESS. Best pure cost pick for 2026.
- CMC Invest — $0 on ASX buys under $1K/ETF/day + CHESS. Most popular by trade volume.
- BetaShares Direct — $0, autoinvest, fractional from $10. Best for small regular investors.
- Pearler — best CHESS-sponsored autoinvest. Flat $9.50/trade.
- Stake — best for ASX + US access in one modern app.
- Moomoo — best for advanced tools: Level 2 data, extended hours, US access.
- IBKR — best for multi-currency accounts and global ETF access.
- $0 brokerage is now available with full CHESS sponsorship (Webull, CMC Invest). This fundamentally changes the cost calculus.
- Pearler and SelfWealth at $9.50/trade are no longer the low-cost leaders — they win on features (autoinvest, flat fee for large trades), not price alone.
- BetaShares Direct and Vanguard PI are strong custodial alternatives for automated investing that many comparison pages still undercover.
- Moomoo entered the Australian market with CHESS sponsorship and professional-grade research tools at a competitive price point.
- ASIC-regulated custodial models keep client assets ring-fenced — they are not inherently riskier than CHESS for most investors.
All 10 brokers compared — 2026
Every serious broker available to Australian investors in 2026, sorted by ETF brokerage cost. See the brokerage cost section below for what these fees mean in real dollars over time.
| Broker | ETF brokerage | Model | Autoinvest | US access | Best for |
|---|---|---|---|---|---|
| Webull | $0 ASX & US | CHESS ✅ | ❌ | ✅ $0 | Zero cost + CHESS ownership |
| CMC Invest | $0* | CHESS ✅ | ❌ | ✅ $0 | Most popular; DCA under $1K |
| BetaShares Direct | $0 | Custodial | ✅ (5 ETFs) | ❌ ASX only | Small regular buys; fractional |
| Vanguard PI | $0** | Custodial | ✅ | ❌ ASX only | Vanguard ETF (VAS, VGS) investors |
| Stake | A$3 / US$3 | CHESS ✅ | ❌ | ✅ $3 USD | ASX + US in one clean app |
| Moomoo | A$3 / US$0.99 | CHESS ✅ | ❌ | ✅ $0.99 USD | Advanced tools; Level 2 data |
| Pearler | A$9.50 flat | CHESS ✅ | ✅ | ✅ Available | CHESS autoinvest; long-term ETF |
| SelfWealth | A$9.50 flat | CHESS ✅ | ❌ | ✅ Available | Large lump-sum flat-fee trading |
| IBKR | From A$6 (0.08%) | Custodial | ❌ | ✅ Best in class | Multi-currency; global access |
| CommSec | $10–$19.95+ | CHESS ✅ | ❌ | ✅ International | CBA banking clients |
CHESS vs custodial — what actually matters
This is the most debated topic in Australian investing forums. Here is a clear breakdown — including what the distinction actually means in practice for most investors.
You receive a Holder Identification Number (HIN) starting with “X”. Your ETFs are registered directly in your name on the ASX’s CHESS system — not the broker’s name.
- Transfer between brokers: move your HIN directly — no need to sell and rebuy, no CGT event.
- Broker insolvency: your shares stay on the ASX register in your name.
- Minimum trade: A$500 first purchase per ETF (ASX rule).
- Fractional shares: not available — whole units only (except BetaShares Direct which uses a custodial model).
Brokers: Webull, CMC Invest, Moomoo, Stake, Pearler, SelfWealth, CommSec
The broker holds shares under their own HIN. You have full beneficial ownership — all dividends and returns are yours — but you do not appear on the ASX register directly.
- ASIC protection: regulated custodial brokers must hold client assets separately from their own funds — ring-fenced under Australian law.
- Transfer between brokers: typically requires selling and rebuying (may trigger CGT).
- Fractional shares: available (from A$10 on BetaShares Direct).
- Lower minimums: no A$500 ASX parcel requirement.
Brokers: BetaShares Direct, Vanguard PI, IBKR
Account types — check before you commit
Most people open an individual account without thinking about this. But if you invest as a couple, through a self-managed super fund (SMSF), or under a trust, the broker choice changes significantly.
Most CHESS-sponsored brokers support joint accounts — including CMC Invest, Pearler, SelfWealth, Stake, and CommSec. BetaShares Direct does not currently support joint accounts (as of early 2026), which is a dealbreaker for couples who want to invest together. Webull’s joint account availability should be verified directly before opening. If investing as a couple is a requirement, confirm joint account support with your chosen broker before you start.
Pearler and SelfWealth have strong, established SMSF account support and are popular with the FIRE community for this reason. CMC Invest and CommSec also support SMSF accounts. BetaShares Direct supports SMSFs in a limited capacity. Always confirm SMSF eligibility and the required documentation process directly with the broker before opening — requirements vary and change.
Pearler and SelfWealth explicitly support trust accounts, making them the clearer options for investors using discretionary family trust structures. CommSec also supports trust accounts. Most neobroker platforms (Webull, CMC Invest, Moomoo, BetaShares Direct) are designed for individual accounts — verify availability directly before assuming trust account access.
SelfWealth and CommSec support company-name accounts. Most neobrokers on this list do not — if investing through a company structure is a requirement, your shortlist narrows quickly. CommSec’s CBA banking integration can simplify the cash management side of a company account significantly.
Three tax rules that shape every broker decision in Australia
Australia’s investing tax system is more investor-friendly than most — but understanding these three mechanics is essential before choosing a broker and a fund structure.
Hold any asset — including ASX ETFs like VAS, IVV, or VGS — for more than 12 months and only half the capital gain is included in your taxable income. A $10,000 gain becomes $5,000 assessable. This single rule strongly favours a buy-and-hold approach and makes long-horizon passive ETF investing structurally tax-efficient in Australia.
Australian companies pay 30% corporate tax before distributing dividends. As a shareholder or ETF holder you receive credit for that tax already paid, reducing your personal tax bill. ETFs holding Australian equities (VAS, A200) pass franking credits through in their distribution statements. International ETFs carry no franking credits as foreign companies operate outside Australia’s imputation system.
If you switch from a CHESS-sponsored broker to another CHESS broker, you can transfer your HIN directly — no sale, no CGT event. If you switch from a custodial broker, you typically need to sell and rebuy your holdings, which may trigger CGT on any gains. This is the most concrete tax reason to prefer a CHESS-sponsored broker if you are not certain you will stay long-term.
What brokerage actually costs you over a year
Brokerage fees are not just a one-time cost — they are money that never gets invested, never compounds, and never earns returns. Here is what different fee levels mean in real dollars, by how frequently you invest.
| Brokerage / trade | Broker examples | Weekly ($200) | Fortnightly ($500) | Monthly ($1,000) |
|---|---|---|---|---|
| $0 | Webull, CMC*, BetaShares Direct, Vanguard PI* | $0 / year | $0 / year | $0 / year |
| $3 | Stake (ASX), Moomoo (ASX) | $156 / year | $78 / year | $36 / year |
| $9.50 | Pearler, SelfWealth | $494 / year | $247 / year | $114 / year |
| $10–$19.95 | CommSec (by trade size) | $520–$1,040 / year | $260–$520 / year | $120–$240 / year |
Webull — $0 brokerage with full CHESS sponsorship
Webull entered the Australian market as a NASDAQ-listed company and quickly became the standout pick for cost-conscious investors. It is the only broker offering $0 brokerage on both ASX and US ETFs with full CHESS sponsorship — a combination that no competitor currently matches.
- $0 brokerage on ASX ETFs: all ASX ETF trades — VAS, IVV, VGS, NDQ, DHHF — at zero commission.
- $0 brokerage on US ETFs: direct access to US-listed ETFs like VTI and VOO at no commission.
- Full CHESS sponsorship: you receive a HIN — your ASX holdings are registered in your name. One of the only $0 + CHESS combinations available in Australia.
- Backed by a NASDAQ-listed parent company; ASIC-regulated in Australia.
- Clean mobile app with research tools, Level 2 data, and extended hours trading included.
- No autoinvest: trades must be placed manually.
- A$500 ASX minimum first trade: standard ASX marketable parcel rule applies.
- FX spread on USD trades: currency conversion applies for US shares/ETFs — not officially published; verify before opening.
- Relatively newer to the Australian market than Stake, Pearler, or CommSec.
CMC Invest — Australia’s most popular broker by trade volume
CMC Invest has ranked as the most popular broker for Australian investors by trade volume for four consecutive years (Sharesight data, FY24/25). Its $0 brokerage on first ASX buy under A$1,000 per ETF per day — combined with CHESS sponsorship and $0 on US, UK, Canadian, and Japanese shares — makes it the default for many regular investors.
- $0 on ASX buys under A$1,000: covers the first buy of each ETF per day — ideal for regular DCA investing.
- $0 on US, UK, Canadian, Japanese shares: broad international access at no commission (FX spread applies).
- Full CHESS sponsorship: your ASX holdings are registered in your name.
- Backed by CMC Markets, an ASX-listed financial services group.
- Strong research tools including TipRanks and Morningstar data built in.
- PayID instant deposits — one of the fastest funding options in Australia.
- $0 applies to first buy only: additional buys of the same ETF on the same day cost A$11 or 0.11%.
- Inactivity fee: A$15/month after 12 months of no trading activity.
- No autoinvest: regular investing requires manual trade placement.
- A$500 minimum first trade per ASX ETF (CHESS rule).
BetaShares Direct — best for small, regular investors
BetaShares Direct is the easiest on-ramp for new or small investors in Australia. Zero brokerage, fractional investing from A$10, and autoinvest into up to 5 ETFs make it uniquely suited to anyone starting out with small monthly contributions. The trade-off: custodial model (not CHESS), ASX-only, and no joint accounts as of early 2026.
- $0 brokerage: no commission on any ASX ETF trade.
- Fractional investing from A$10: the only platform that removes the A$500 ASX minimum, making small regular contributions practical.
- Autoinvest into up to 5 ETFs: set a regular schedule and let contributions run automatically.
- Clean annual tax statements — among the clearest of any Australian broker for ATO reporting.
- No minimum account balance or monthly fee.
- Backed by BetaShares — one of Australia’s largest ETF issuers, with all major BetaShares ETFs (NDQ, DHHF, A200) available.
- Custodial model: you do not receive a HIN. Switching to another broker requires selling (potential CGT event).
- No joint accounts: as of early 2026, BetaShares Direct does not support joint accounts — couples cannot invest together through this platform.
- ASX only: no US market access.
- Platform naturally promotes BetaShares products, though other ASX ETFs are accessible.
Stake — best for ASX + US access in one modern app
Stake offers a single account for both ASX and US market access in a polished mobile-first interface, with full CHESS sponsorship for ASX holdings. At A$3/trade and US$3 for US trades, it is not free — but for investors who want both markets in one place with a clean experience, it remains the most compelling option in that niche.
- ASX + US in one account: access to both ASX ETFs (VAS, VGS) and US-listed ETFs (VTI, VOO) from a single platform.
- Full CHESS sponsorship: ASX holdings registered in your name.
- Clean mobile experience: one of the best-designed investing apps in Australia.
- Fractional investing available for US stocks from US$10.
- FX fee charged on funding only (55 bps), not on every individual trade — a meaningful cost advantage for investors who batch their AUD→USD conversions.
- Not free: A$3/trade on ASX. Webull and CMC Invest are $0.
- No autoinvest: all trades placed manually.
- A$500 minimum first trade per ASX ETF.
Moomoo — best for advanced tools and US access at low cost
Moomoo is the pick for investors who want professional-grade research tools alongside competitive fees. It is CHESS-sponsored for ASX holdings, offers A$3 or 0.03% on ASX trades, US$0.99 on US trades, and includes Level 2 market data and extended hours trading that most local brokers do not provide. Backed by Futu Holdings, a NASDAQ-listed company; ASIC-regulated in Australia.
- Advanced research tools: Level 2 market data, institutional-grade charting, analyst ratings — built in with no extra subscription required.
- Extended hours trading: trade US stocks before and after standard market hours — useful for Australian time zones where US market hours overlap with evenings.
- Full CHESS sponsorship: ASX holdings are registered in your name.
- US$0.99 US trades: meaningfully cheaper per trade than Stake’s US$3 for frequent US stock investors.
- Fractional US stock investing from US$1; ASX ETFs from A$1 in fractional units.
- A$3 ASX brokerage: not free. Webull and CMC Invest offer $0 on ASX ETFs.
- FX markup unconfirmed: estimated at ~0.50% on USD trades based on third-party sources — Moomoo Australia has not published an official rate. Verify directly before opening.
- No autoinvest: regular investing must be placed manually.
- A$500 minimum first ASX trade per ETF (CHESS rule). Optional real-time ASX data subscription A$49.99/month — not required for basic investing.
Pearler — best CHESS-sponsored autoinvest for long-term ETF investors
Pearler is the only CHESS-sponsored broker in Australia with a fully automated recurring investment feature. At A$9.50/trade it is not the cheapest option in 2026, but it remains the best choice for investors who want to automate contributions into ASX ETFs while keeping full direct ownership. It also has strong SMSF and trust account support.
- Autoinvest + CHESS: the only broker combining automated regular investing with full CHESS ownership.
- SMSF and trust accounts: one of the clearest options for investors with non-standard account structures, alongside SelfWealth.
- Clean tax statements: Pearler generates clear annual tax reports suitable for direct ATO use — no third-party tools required.
- Flat A$9.50/trade: the flat fee advantage grows with trade size — A$9.50 on a A$5,000 trade is 0.19%.
- Community portfolio tracking features built for long-horizon passive investors.
- A$9.50/trade is not free: for frequent small investors, this costs A$494/year vs $0 on Webull or CMC.
- Small contributions are expensive: A$9.50 on a A$200 contribution is 4.75%. Keep contribution amounts above ~A$1,000 to stay under 1% brokerage.
- App less polished than Stake or Webull.
SelfWealth — flat A$9.50/trade for larger lump-sum investing
SelfWealth is the original flat-fee broker in Australia. At A$9.50/trade with full CHESS sponsorship, its value proposition has narrowed in 2026 against $0 alternatives — but it retains a clear use case for investors making large infrequent lump-sum purchases, and supports SMSF, trust, and company accounts.
- Full CHESS sponsorship: ASX holdings in your name with your own HIN.
- Flat A$9.50/trade regardless of size: A$9.50 on a A$20,000 purchase is 0.047%.
- SMSF, trust, and company accounts: broader entity support than most neobrokers on this list.
- Community benchmarking — compare portfolio returns with other SelfWealth investors.
- No autoinvest: regular investing requires manual trade placement.
- A$9.50 is not the cheapest: Webull offers $0 + CHESS. SelfWealth’s position has weakened for regular investors.
- App design is functional but dated compared to newer platforms.
Vanguard Personal Investor — for pure Vanguard ETF investors
Vanguard Personal Investor is $0 to buy Vanguard ETFs (VAS, VGS, VDHG and more) with autoinvest available and a 0.10% p.a. account fee (reduced from 0.20% in 2026). If your entire portfolio is in Vanguard funds and you never plan to diversify into other issuers, this is a clean low-cost solution. Outside that narrow use case, the limitations matter.
- $0 to buy Vanguard ETFs: zero brokerage on all Vanguard ETF purchases (VAS, VGS, VAF, VDHG and more).
- Autoinvest available: set regular contributions into your Vanguard ETF allocation.
- 0.10% p.a. account fee: reduced from 0.20% in 2026 — applies to total account value including cash.
- Direct from the fund issuer — trusted and established in Australia.
- Vanguard ETFs only: you cannot buy iShares (IVV), BetaShares (NDQ, DHHF), or any non-Vanguard fund. A$9 fee applies to sells and any non-Vanguard products.
- Custodial model: no CHESS sponsorship — switching to another broker requires selling (potential CGT event).
- Annual account fee compounds over time: 0.10% on A$100,000 is A$100/year regardless of trading activity. Factor this against the brokerage saving on buys.
- No US market access. ASX-listed Vanguard ETFs only.
IBKR — best for multi-currency accounts and global market access
Interactive Brokers is the global benchmark for professional-grade execution and is fully available to Australian residents. If you need multi-currency accounts, global ETF access, options, bonds, or the absolute lowest FX conversion costs on large AUD→USD transactions, no Australian broker comes close.
- Lowest FX conversion costs: IBKR’s interbank FX (IdealPro) gives institutional-level AUD→USD conversion — far cheaper than any AU broker for large or frequent currency conversions.
- Global market access: ASX, NYSE, NASDAQ, LSE, Euronext, and 33+ country markets from one account.
- Multi-currency accounts: hold AUD, USD, EUR simultaneously without forced conversion.
- Access to options, bonds, futures, and fractional US shares.
- No CHESS sponsorship: custodial model — switching later may trigger CGT.
- No autoinvest: regular investing requires manual trade placement.
- Tax reporting complexity: IBKR provides comprehensive raw data but most Australian investors pair it with a third-party tool like Sharesight for clean ATO-ready reporting. Factor the Sharesight cost into your total cost of ownership.
- Platform complexity — Trader Workstation (TWS) has a steep learning curve.
CommSec — Australia’s most established broker, backed by CBA
CommSec remains one of the most widely held brokerage accounts in Australia by sheer account numbers, driven by its CBA banking integration and three-decade brand history. Full CHESS sponsorship, institutional trust, company account support, and instant deposits for CBA customers are genuine advantages. The main drawback: fees are the highest on this list.
- CBA banking integration: instant settlement from a CommBank account; single login for banking and investing.
- Full CHESS sponsorship: every ASX holding registered in your name.
- SMSF, trust, and company accounts: the broadest entity account support of any broker on this list.
- Brand trust backed by one of Australia’s Big Four banks; CommSec International for global market access.
- Highest fees on this list: A$10 for trades up to A$1,000; A$19.95 for A$1,001–A$10,000. Webull offers $0.
- No autoinvest: no automated regular investing.
- App and platform design has not kept pace with newer competitors.
Which broker is right for you?
Pick the column that matches your situation. Most investors fit cleanly into one of these profiles.
- You want the lowest possible cost for ASX ETF investing
- You are comfortable placing trades manually on a set schedule
- You want CHESS ownership without paying for it
- CMC: your contribution per ETF is typically under A$1,000 per transaction
- Webull: you also want zero-cost US ETF access
- You invest small amounts regularly (under A$500 per contribution)
- You want fully automated investing without placing trades manually
- You are happy investing in ASX ETFs only
- You are a new investor who wants the simplest possible setup
- You are investing as an individual (not a couple — no joint accounts)
- You want autoinvest AND CHESS ownership in the same account
- Your contribution per trade is A$1,000+ (keeps brokerage under 1%)
- You invest through an SMSF or trust
- You might want to transfer your HIN to another CHESS broker later
- You want ASX and US market access from a single, polished mobile app
- You invest in both ASX ETFs (VAS, VGS) and US ETFs (VTI, VOO)
- You are comfortable placing trades manually
- You value a clean interface and are happy paying A$3/trade for it
- You want professional research tools — Level 2 data, advanced charting, analyst coverage — built in at no extra cost
- You trade US stocks and benefit from extended hours access
- You want US$0.99 per US trade (cheaper than Stake’s US$3)
- You want CHESS sponsorship for your ASX holdings
- You do not need autoinvest or a fully passive setup
- You need multi-currency accounts (AUD + USD + EUR) simultaneously
- You make large AUD→USD conversions and want institutional FX rates
- You trade options, bonds, or futures across global markets
- You are comfortable pairing IBKR with a tool like Sharesight for tax reporting
- SelfWealth: you make large infrequent lump-sum purchases and invest through an SMSF, trust, or company account
- CommSec: you are a CBA banking customer who wants integrated login and the broadest entity account support under one roof
- Your entire portfolio is in Vanguard Australia ETFs (VAS, VGS, VDHG) and you do not plan to add any other issuers
- You want autoinvest and are comfortable with the custodial model and 0.10% p.a. account fee
- You do not anticipate switching to another broker in the medium term
Ready to open an account?
For most Australian investors in 2026: Webull or CMC for $0 + CHESS, BetaShares Direct for small automated investing, Pearler for autoinvest + CHESS, Stake or Moomoo for ASX + US access. Use the cost calculator to model your own scenario first.
Go deeper
Frequently asked questions
Which broker is best for ETF investing in Australia?
For most Australian investors in 2026, Webull is the standout pick on cost — $0 brokerage on ASX and US ETFs with full CHESS sponsorship. CMC Invest is the most popular broker by trade volume and offers $0 on ASX buys under A$1,000 per ETF per day. BetaShares Direct is best for small, regular investors who want autoinvest and fractional investing from A$10. Pearler is the best CHESS-sponsored option with autoinvest for investors contributing A$1,000+ per trade and those investing through SMSFs or trusts. Moomoo suits investors who want advanced research tools and US access at competitive rates. IBKR is best for multi-currency accounts and global ETF access at institutional FX rates.
What is CHESS sponsorship and why does it matter?
CHESS sponsorship means your ASX-listed ETFs are registered in your name with a unique Holder Identification Number (HIN), giving you direct ownership on the ASX register. The most practical benefit is broker portability: if you want to switch to a different CHESS-sponsored broker, you simply transfer your HIN without selling — no CGT event. If you are with a custodial broker, switching typically requires selling your holdings, which may trigger capital gains tax on any profit. ASIC-regulated custodial brokers are not unsafe — client assets are legally ring-fenced under Australian law. But CHESS makes future flexibility easier. CHESS-sponsored brokers in Australia include Webull, CMC Invest, Moomoo, Stake, Pearler, SelfWealth, and CommSec.
How does the CGT discount work for Australian investors?
Australian residents who hold an asset — including ETFs and shares — for more than 12 months before selling are entitled to a 50% CGT discount. Only half the capital gain is included in your taxable income. A $10,000 gain on an ETF held for 14 months results in only $5,000 being added to your assessable income. The discount does not apply to assets held for 12 months or less — the full gain is taxable at your marginal rate. For more detail, see the full Australian tax guide.
Can Australian investors buy US-listed ETFs like VTI or VOO?
Yes — unlike EU investors who are blocked from US ETFs by PRIIPs regulations, Australians can legally buy US-listed ETFs such as VTI, VOO, and SCHB. However, most Australian passive investors prefer ASX-listed ETFs from Vanguard Australia (VAS, VGS), iShares (IVV), and BetaShares (NDQ, DHHF) because they are priced in AUD — no FX conversion costs or currency drag. Webull, Stake, CMC Invest, Moomoo, and IBKR all offer direct US market access for Australians who want US-listed funds.
Is $0 brokerage really free — what are the hidden costs?
$0 brokerage means no commission on the trade itself, but other costs can still apply. For ASX ETFs priced in AUD, platforms like Webull, CMC Invest (first buy under A$1K/day), BetaShares Direct, and Vanguard PI are genuinely zero-cost at point of trade. For US shares or ETFs, a currency conversion spread applies when converting AUD to USD. The ETF itself also charges an ongoing management expense ratio (MER), ranging from 0.04% (IVV, A200) to around 0.29% (DHHF), charged internally by the fund regardless of which broker you use. CMC Invest also charges an inactivity fee of A$15/month after 12 months without trading.
Is Moomoo good for Australian investors?
Moomoo is a competitive option for Australian investors who want professional-grade research tools alongside low-cost ASX and US market access. It offers A$3 or 0.03% (whichever is greater) on ASX trades, US$0.99 per US trade, Level 2 market data, and extended hours trading that most local brokers do not provide. It is CHESS-sponsored for ASX holdings and supports fractional investing in US stocks from US$1. The main gap is no autoinvest feature — regular investing must be placed manually. FX markup on USD trades is estimated at around 0.50% but has not been officially confirmed by Moomoo Australia, so verify directly before opening an account.
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. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account.