CMC Invest Review
Australia (2026)
CMC Invest is one of Australia’s most established CHESS-sponsored brokers — with zero brokerage on your first ASX buy under A$1,000 per day, A$0 international brokerage on 15+ global markets, and a research stack most competitors don’t come close to. This review covers fees, platform, CHESS ownership, and who it actually suits.
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TL;DR
- You want CHESS-sponsored ASX shares and ETFs held in your own name.
- You make small regular ETF buys under A$1,000 per day — zero brokerage on the first daily buy per security.
- You want international market access (US, UK, Canada, Japan and more) at A$0 brokerage.
- You value built-in research tools — Morningstar reports and TipRanks analyst data are included free.
- You need SMSF, trust, or corporate account support with a CHESS-backed structure.
- You make large or infrequent lump-sum ASX buys — the A$11 minimum applies above A$1,000.
- You want fully automated DCA — Pearler’s Autoinvest handles recurring ETF buys more cleanly.
- You need fractional ASX shares — not available. A$1,000 minimum applies on most international orders too.
- You want the lowest FX costs on international trades — the up-to-0.60% spread is a real drag for US-heavy investors.
- You want a pure beginner app with one button and no complexity — the platform depth can overwhelm.
| Broker type | Direct share investing (CHESS sponsored) — not CFD |
| CHESS sponsorship | Yes — ASX shares held under your own HIN |
| Markets | ASX + 15+ international markets (US, UK, Canada, Japan, more) |
| First ASX buy (≤A$1k/security/day) | A$0 |
| Other ASX buys + all ASX sells | A$11 or 0.11% (whichever greater) |
| International brokerage | A$0 (US, UK, Canada, Japan) |
| FX spread | Up to 0.60% on international orders |
| Custody / platform fee | A$0 |
| Minimum deposit | A$0 |
| Fractional shares | No (A$1,000 minimum on most international orders) |
| Research tools | Morningstar, TipRanks, broker ratings, price targets (free) |
| Regulation | ASIC (Australia) |
What is CMC Invest — and what isn’t it?
CMC Markets was founded in 1989 in London and has operated in Australia since 2002 — one of the longer operating track records among brokers available to Australian retail investors. CMC Invest is its CHESS-sponsored direct investing arm: a genuine share ownership platform regulated by ASIC and holding client money in segregated accounts with major Australian banks.
The platform serves a wide range of investors: ASX-only ETF buyers who benefit from the zero-brokerage first-daily-buy feature, active traders who use advanced order types and professional research tools, and investors who want international market access without moving to a full global platform.
The two products coexist under the CMC brand but are accessed separately. Opening a CMC Invest account does not mean you are trading CFDs.
Who CMC Invest is best — and worst — for
- Small regular ASX ETF buyers — the free first daily buy under A$1,000 is useful for investors making regular DCA purchases in individual ETFs.
- CHESS-focused investors — if direct registry ownership under your own HIN is non-negotiable, CMC Invest delivers it at no platform cost.
- International diversifiers — A$0 brokerage on US, UK, Canada, and Japan-listed stocks and ETFs is a real advantage for investors adding global exposure.
- Research-driven investors — Morningstar reports and TipRanks analyst consensus bundled free is uncommon among Australian discount brokers.
- Active traders — conditional orders, advanced order types, and professional charting suit investors who want execution control.
- SMSF, trust, and corporate accounts — supported with a CHESS-backed structure; useful for SMSF trustees who want direct registry ownership.
- Automated DCA investors — Pearler’s Autoinvest handles recurring ETF buys more cleanly; CMC requires manual order placement each time.
- Large or infrequent lump-sum ASX buyers — above A$1,000 the A$11 minimum kicks in on buys, and all sell orders cost A$11 or 0.11% regardless.
- Fractional share investors — no fractional ASX shares, and most international orders require A$1,000 minimum. Moomoo AU offers fractional US ETFs from US$1.
- Absolute beginners who want simplicity — the platform depth is a strength for research users but can feel overwhelming if all you want is a recurring ETF transfer.
- FX-sensitive international traders — the up-to-0.60% spread on international orders makes CMC Invest less competitive than Stake for US-heavy portfolios with frequent contributions.
What you can trade on CMC Invest
CMC Invest covers a broader product range than most Australian discount platforms — ASX and international shares and ETFs, plus exchange-traded options, warrants, and managed funds.
- ASX-listed shares — broad coverage beyond the ASX 200
- ETFs — all major ASX-listed ETFs (Betashares, iShares, Vanguard AU, Xtrackers, etc.)
- Exchange-traded options (ETO) and warrants
- mFunds — unlisted managed funds via ASX mFund settlement
- Cboe Australia (formerly Chi-X) listings
- United States — NYSE, NASDAQ
- United Kingdom — LSE
- Canada — TSX
- Japan — TSE
- Hong Kong, Singapore, Germany, France and more
- International ETFs listed on major global exchanges
CMC Invest fees explained
The fee structure has one headline mechanic — zero brokerage on your first daily ASX buy — and a few conditions that determine how much it actually saves you.
| Fee | Value | Notes |
|---|---|---|
| First ASX buy (per security per day) | A$0 | Under A$1,000 per security per calendar day only |
| Other ASX buys + all ASX sells | A$11 or 0.11% | Whichever is greater; applies to buys above A$1,000 and all sell orders regardless of size |
| International brokerage (US, UK, Canada, Japan) | A$0 | A$1,000 minimum order on most international markets |
| FX spread (international orders) | Up to 0.60% | Applied on currency conversion; a 2% FX buffer is applied on buy orders at placement but returned on settlement — not a fee |
| Annual custody fee | 0% | No custody or platform fee on any account type |
| Monthly platform fee | A$0 | No subscription required |
| Inactivity fee | None | No inactivity or maintenance fee |
| Real-time market data | Optional paid add-on | Delayed data free by default; live/dynamic ASX and Cboe data available at additional cost |
| Phone-order brokerage | Higher rate applies | Phone-assisted orders attract a higher commission — online orders only for standard pricing |
CMC Invest charges A$0 on your first buy order for each ASX security per calendar day — but only if that order is under A$1,000. A second buy in the same security on the same day, or any buy above A$1,000, costs A$11 or 0.11%. All sell orders cost A$11 or 0.11% regardless of size. This structure suits investors making regular small ETF buys — not large lump-sum purchases or active intraday traders.
A$0 brokerage on international trades looks strong on paper, but the up-to-0.60% FX spread remains your real cost on every currency conversion. For investors making regular US stock or ETF purchases, this drag compounds meaningfully over time. Compare carefully against Stake (which applies ~0.55% FX only on funding events, not each trade) and IBKR (institutional FX at 0.002%) when modelling your actual annual cost.
CHESS sponsorship — why it matters
CHESS sponsorship is one of the most consequential account structure decisions for Australian investors. CMC Invest is CHESS sponsored for all ASX-listed shares and ETFs.
CHESS (Clearing House Electronic Subregister System) is the ASX’s share registry. When your broker is CHESS sponsored, your shares are registered directly in your name under a Holder Identification Number (HIN). The broker facilitates the trade — but does not hold your assets.
If CMC Invest ceased operating, your shares would remain on the CHESS register under your HIN. You could transfer them to another CHESS-sponsored broker without selling a single unit.
Custodial brokers — including Betashares Direct, Vanguard Personal Investor, and most international platforms — hold your shares in a pooled account under the broker’s own name. You have beneficial ownership, but the shares are not on the registry in your name.
For passive ETF investors, the practical difference is often small day-to-day. But for investors who want to vote at AGMs, receive company communications, or transfer holdings without selling, CHESS is the cleaner structure.
Platform, app, and order types
CMC Invest runs a deeper platform than most Australian discount brokers. The depth is an advantage for active investors — and potential noise for passive ETF buyers who just need to place a monthly order.
- Full order placement and portfolio management
- Watchlists, market screeners, and thematic filters
- Technical charting with indicators and drawing tools
- Customisable dashboard and layout
- Live and dynamic market data (optional paid upgrade)
- Morningstar reports and TipRanks data embedded
- Full order placement including limit and conditional orders
- Portfolio and holdings view with order history
- Biometric login (Touch ID / Face ID)
- Watchlists and price alerts
- Fund transfers and cash management
- Separate download from CMC Markets (CFD) app
CMC Invest supports a broader order type set than most Australian discount platforms — useful for investors who want execution control beyond a basic market order:
- Market orders — execute at the next available price immediately
- Limit orders — set your price; the order waits until it is met or expires
- Conditional orders — trigger a buy or sell when specific conditions are met; unlimited conditional orders available
- Stop-loss orders — cap downside by setting a price floor for automatic sells
- Linked / contingent orders — connect entry and exit conditions in a single instruction
Research and analysis tools
This is a genuine differentiator. The research stack bundled into CMC Invest is deeper than most Australian discount brokers offer by default — and at no additional subscription cost.
Quantitative equity reports covering financials, valuation estimates, and analyst commentary across ASX and international stocks. Typically a paid subscription elsewhere — included free inside CMC Invest for all account holders.
Analyst consensus data, price targets, broker ratings, and sentiment aggregated across major research houses. Useful for investors who factor analyst consensus into decisions on ASX and international stocks.
Live ASX announcements, Reuters and Dow Jones news feeds, and CMC’s own market commentary. Real-time and dynamic data available as an optional upgrade — delayed data is included by default at no cost.
ESG risk ratings and thematic watchlists for investors who want to screen holdings by environmental, social, or governance criteria. A useful filtering tool — not a substitute for deep ETF-level ESG analysis.
Tax reporting and Sharesight integration
CMC Invest integrates with Sharesight — the most widely used portfolio tracking and tax reporting tool among Australian individual investors. The integration automates the import of your transaction history, dividend records, and CGT data, removing the manual spreadsheet work most brokers require at tax time.
- Automatic import of trades and dividends from your CMC Invest account
- CGT calculation — actual cost, average cost, or FIFO methods
- Unrealised CGT modelling — see your tax liability on a potential sale before you execute
- Performance benchmarking against ASX indices
- Xero integration for accountants and SMSF trustees
- Portfolio sharing reports for financial advisers or co-investors
Sharesight’s free plan covers up to 10 holdings — enough for a simple ETF portfolio. Investors with larger portfolios or complex tax situations will need a paid Sharesight subscription, separate from CMC Invest’s platform cost (which remains A$0). For Australian tax obligations, see: Investing taxes in Australia.
Account types and opening
- Individual trading accounts
- Joint accounts
- Minor / kids investing accounts (parent-managed)
- SMSF accounts
- Trust accounts
- Corporate and company accounts
- Australian residency (for standard accounts)
- Photo ID — driver’s licence or passport
- Tax File Number (TFN) — optional but recommended to avoid withholding tax
- Linked Australian bank account for settlement
- Online application — typically completed in under 10 minutes
- No minimum deposit
CMC Invest connects to an ANZ Cash Account as the default settlement vehicle, holding uninvested cash between trades. Funding is via direct deposit and BPAY. Settlement follows standard ASX T+2 timing on Australian trades.
CHESS transfers from other brokers are supported — you can bring existing ASX holdings across without selling. Issuer-sponsored shares (held on a company’s own share registry) can also be transferred in. This makes CMC Invest a realistic destination for investors consolidating holdings from legacy bank brokers.
Safety and regulation
CMC Invest is operated by CMC Markets Stockbroking Limited, regulated by ASIC and holding an Australian Financial Services Licence (AFSL). CMC Markets as a global entity is also regulated by the FCA (UK), BaFin (Germany), and MAS (Singapore), providing multi-jurisdictional regulatory oversight above what most Australia-only brokers carry.
Cash in your CMC Invest account is held in segregated accounts with major Australian banks, separate from CMC’s operational funds. ASX share holdings are CHESS sponsored — registered in your name on the CHESS system, not as broker assets. International holdings are held via custodial accounts with prime brokers, which is standard practice across the industry for cross-border equity.
CMC Markets has operated in Australia since 2002. The combination of ASIC regulation, multi-decade operating history, segregated client funds, and CHESS sponsorship provides a solid foundation for long-term investors. A demo account is also available for testing the platform before depositing real funds.
Pros and cons
- CHESS-sponsored ASX shares and ETFs at no platform cost
- Zero brokerage on first daily ASX buy under A$1,000 — useful for regular ETF DCA investors
- Zero brokerage on international markets (US, UK, Canada, Japan)
- Morningstar and TipRanks research tools included free
- Wide product access — options, warrants, mFunds, international
- Advanced order types including unlimited conditional orders
- Sharesight integration for CGT and tax reporting
- SMSF, trust, joint, and corporate account support
- No inactivity fee, no monthly platform fee, no custody fee
- Multi-decade operating history and ASIC regulation with global regulatory backing
- All ASX sell orders cost A$11 or 0.11% — zero brokerage applies to buys only
- ASX buys above A$1,000 lose the zero-brokerage benefit entirely
- No fractional ASX shares; A$1,000 minimum on most international orders
- FX spread up to 0.60% on international trades — not the cheapest for frequent US buyers
- No automated recurring invest / Autoinvest feature (Pearler handles this better)
- Platform depth can feel like overkill for passive-only ETF investors
- CMC Invest vs CMC Markets (CFD) distinction requires attention — the two products share branding but work very differently
- Live ASX market data costs extra — delayed data is the free default
CMC Invest vs alternatives
How CMC Invest stacks up against the main Australian broker options on the factors that actually matter.
| Broker | CHESS | ASX brokerage | International | Edge vs CMC Invest |
|---|---|---|---|---|
| CMC Invest | Yes | A$0 first buy ≤A$1k / A$11+ | A$0 + up to 0.60% FX | Research depth + CHESS + global access at no platform cost |
| CommSec | Yes | A$5–A$29.95 tiered | ~0.60% FX; separate product | Better for CBA/bank-integrated investors; no first-buy benefit |
| Stake | Yes (ASX) | A$3 or 0.03% | US$3 or 0.03%; ~0.55% FX on funding only | Better for US-heavy investors; lower FX drag per funding event |
| Pearler | Yes | A$6.50 | A$6.50 + 0.50% FX | Best for automated recurring DCA; Autoinvest is cleaner |
| moomoo AU | Yes (ASX) | A$3 or 0.03% | US$0.99 + ~0.50% FX (estimate) | Cheaper US brokerage; fractional US ETFs from US$1 |
| IBKR (AU) | No (custodial) | ~A$3–A$6 tiered | 0.002% FX (institutional rate) | Best FX rates by far; widest global access; more setup complexity |
Open a CMC Invest account
CHESS-sponsored ASX investing, zero brokerage on your first daily buy under A$1,000, and access to 15+ global markets at A$0 brokerage. No platform fee, no custody fee, no minimum deposit.
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Frequently asked questions
Is CMC Invest CHESS sponsored?
Yes. CMC Invest is CHESS sponsored for ASX-listed shares and ETFs. Your shares are registered directly in your name under a Holder Identification Number (HIN) on the ASX CHESS system. The broker facilitates your trades but does not hold your assets — if CMC Invest ceased operating, your shares would remain on the CHESS register in your name and could be transferred to another broker without selling. International shares are held via a custodial structure, standard practice for cross-border equity across all Australian brokers.
What is the difference between CMC Invest and CMC Markets?
CMC Invest is the direct share and ETF investing platform — you own real, CHESS-sponsored shares and ETFs. CMC Markets is a separate CFD and forex trading product where you do not own the underlying assets and trade on margin with leverage. They share a brand name but are entirely different products with separate apps, separate account structures, and different risk profiles. A new CMC Invest account does not give you access to CMC Markets CFD trading — and vice versa.
Can I trade US shares on CMC Invest?
Yes. CMC Invest provides access to 15+ international markets including the US (NYSE, NASDAQ), UK (LSE), Canada (TSX), Japan (TSE), Hong Kong, and others. International brokerage on most markets is A$0, though a FX spread of up to 0.60% applies on currency conversion. Most international orders require a minimum of A$1,000 per order. International shares are held in a custodial structure, not CHESS sponsored.
Is CMC Invest good for beginners?
It depends on your investing style. If you are making small regular ETF buys under A$1,000 per security per day, the zero-brokerage first daily buy is genuinely cost-effective and the CHESS structure gives you direct ownership. However, the platform is deeper and more complex than beginner-focused apps like Pearler — the research tools, conditional orders, and multi-market access are valuable for stock pickers but can feel like overkill if you just want to set up a simple recurring index ETF plan and leave it alone.
Is there a monthly fee for CMC Invest?
No. CMC Invest does not charge a monthly platform fee, annual custody fee, or inactivity fee. Revenue is generated through brokerage commissions (where applicable), the FX spread on international trades, and the interest retained on the linked ANZ Cash Account. Live real-time ASX market data is available as an optional paid add-on — delayed data is included free by default.
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.