Broker Cost Calculator
Australia
Ten brokers available to Australian investors, ranked by real all-in cost for your exact contribution size and cadence. Stake, Pearler, CMC Invest, Betashares Direct, Moomoo, Webull, Vanguard, Selfwealth, CommSec, and IBKR — updated for 2026.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.
What this calculator covers
- 10 brokers available to Australian investors
- Trading commissions with minimum fee logic
- FX conversion markup and fixed fees
- Bid/ask spread drag on each buy
- Platform fees and percentage custody fees
- Annual drag in basis points for comparison
- ETF-level costs (MER / tracking difference)
- Australian CGT or income tax on distributions
- Dividend withholding tax layers
- Rebates, cashback, or promotional rates
- Execution quality beyond spread assumptions
Best broker by investor type
Cost is one variable. The right broker depends on how you invest, what you own, and how much time you want to spend on it.
A$0 brokerage on every ASX-listed ETF — Betashares and third-party. AutoPilot handles automatic rebalancing. Best for investors who want a simple, low-cost ETF plan and are comfortable with a custodial model. ASX-only.
A$3 flat per ASX trade. CHESS-sponsored, so your shares are held directly in your name. No custody or platform fee. Best for investors who want direct ownership and the lowest brokerage with US access when needed.
Autoinvest handles recurring ETF buys on a schedule. A$6.50 per trade, 0.50% FX — the most transparent fee structure of any local broker. CHESS-sponsored. Built for FIRE-focused long-term accumulators.
FX conversion at approximately 0.002% — around 500 times cheaper than Stake on AUD-to-USD conversions. Deepest access to US, European, and Asian markets. Best for investors who regularly trade US securities or run large, complex portfolios.
First ASX ETF buy under A$1,000 per security per day is free. CHESS-sponsored, A$0 minimum deposit. US, UK, Canadian, and Japanese ETFs also at A$0. A practical, low-barrier entry point for investors building early positions.
A$0 to buy Vanguard ETFs; A$9 to sell. 0.10% p.a. custody fee on the whole account. Makes sense if you want Vanguard ETFs and managed funds (like VDHG or LifeStrategy) under one roof. Own-products only — no third-party ETFs.
How to use this calculator
Three inputs drive most of the result: contribution size, how often you invest, and whether you need FX conversion. Get those right first.
Enter your contribution amount in AUD, frequency, and investment horizon. These determine how many times you pay each repeatable fee.
Select your current broker from the dropdown to highlight it in the results. The comparison updates live across all ten brokers.
All 10 brokers rank automatically by total fees. Fix the biggest leak first — for most Australian ETF investors that is the per-trade commission, not the spread.
Compare all Australian broker costs
Adjust any input and the ranking updates instantly.
How to act on the result
If you are paying A$9.50 with Selfwealth or A$10–A$19.95 with CommSec, switch to Betashares Direct (A$0), CMC Invest (A$0 under A$1k), Stake (A$3), or Pearler (A$6.50). The difference on every trade across a decade is not a rounding error — it compounds against you on each single contribution.
Use limit orders and avoid trading in the first and last 15 minutes of the ASX session. Prefer high-volume ETFs — VAS, VGS, and IOZ routinely trade below 0.05% spread during normal hours. Smaller, thinner ETFs tracking the same index can trade 5–10 times wider.
For AUD investors buying ASX-listed ETFs, FX should not apply. If you regularly buy US-listed securities, switch to Interactive Brokers where the FX markup is approximately 0.002% — compared to Stake's 1% and Webull's estimated 1.5%. On A$20,000 converted annually, that difference is material over any reasonable horizon.
CommSec integrates with CommBank for instant BPAY settlement and is backed by a major bank — real benefits for investors who value simplicity. But those benefits cost A$5–A$19.95 per trade. Quantify that cost using the calculator and decide if the convenience is worth it for your situation.
CHESS-sponsored vs custodial — what it means for you
For many Australian long-term investors, the ownership structure matters as much as the fee structure. Here is what the difference actually means.
CHESS is the ASX's settlement system. When you buy through a CHESS-sponsored broker, shares are registered in your name under a Holder Identification Number. The ASX holds the record — not the broker. If the broker goes under, your holdings are not part of their estate.
Custodial brokers hold shares in a pooled or nominee account. You have beneficial ownership but not direct legal title. For well-regulated platforms this is generally safe, but it adds a layer of broker counterparty risk. Many FIRE investors have a hard rule against custodial models for core long-term holdings.
Broker features at a glance
Cost is not the only variable. Here is how the 10 brokers compare on the features that affect how you actually invest day-to-day.
| Broker | CHESS (ASX) | Fractional shares | Auto-invest | Min ASX commission | US market |
|---|---|---|---|---|---|
| Stake | Yes | ASX ETFs A$10 min; US from US$10 | No | A$3 | Yes |
| Pearler | Yes | US only, from A$10 | Yes (Autoinvest) | A$6.50 | Yes |
| Selfwealth | Yes | No | No | A$9.50 | Yes |
| CommSec | Yes | Via Pocket app only | No | A$5–A$19.95 | Yes |
| IBKR | No (custodial) | Yes (stocks and ETFs) | Manual only | A$6 min | Yes (global) |
| CMC Invest | Yes | No (A$1,000 min international) | No | A$0† | Yes (US, UK, CA, JP) |
| Betashares Direct | No (custodial) | Yes (from A$10) | Yes (AutoPilot) | A$0 | No (ASX only) |
| Moomoo | Yes (ASX) | US from $1; ASX ETFs from A$1 | No | A$3 | Yes |
| Webull | Yes (ASX) | Yes (US) | No | A$0 (ETFs) | Yes |
| Vanguard Personal Investor | No (custodial) | No | Yes (managed funds) | A$0 (buy) | No (ASX only) |
† CMC Invest: first ASX buy under A$1,000 per security per day is free. Above that threshold, A$11 or 0.11% (whichever is greater) applies. Fractional share availability, auto-invest features, and account types may change — verify current terms on each broker's website before opening.
Found your cheapest broker?
Run the calculator for your exact contribution size and cadence, then open the broker that wins. A$3 saved per trade across 10 years of monthly investing is real money.
Go deeper
Frequently asked questions
Which broker is cheapest for Australian investors in 2026?
It depends on your contribution size and frequency. For investors making regular contributions of A$500 to A$2,000 buying ASX-listed ETFs, Betashares Direct (A$0 on all ASX ETFs) and CMC Invest (first buy under A$1,000 free) rank first. Stake at A$3 flat and Pearler at A$6.50 follow closely. CommSec is the most expensive for frequent investors given its tiered A$5–A$19.95 structure. For large portfolios where FX conversion applies, Interactive Brokers wins decisively with its 0.002% FX rate. Use the calculator above to find the cheapest option for your exact inputs.
What is CHESS sponsorship and does it matter for Australian investors?
CHESS is the ASX's settlement system. CHESS-sponsored brokers register shares directly in your name under a Holder Identification Number, giving you direct legal ownership. If the broker goes under, your holdings are not part of their estate. Custodial brokers hold shares in a pooled account on your behalf — you have beneficial but not direct legal ownership. For most passive ETF investors, custodial accounts at ASIC-regulated brokers are well-protected and the practical difference is small. For long-term FIRE-focused investors, CHESS sponsorship is often strongly preferred because it removes broker counterparty risk. Stake, Pearler, Selfwealth, CommSec, CMC Invest, Moomoo (ASX), and Webull (ASX) are CHESS-sponsored. Betashares Direct, Vanguard Personal Investor, and IBKR use custodial models.
Which Australian broker is best for automated ETF investing?
Pearler and Betashares Direct are the two strongest options. Pearler's Autoinvest feature lets you set a recurring schedule to buy ASX-listed ETFs automatically at A$6.50 per trade, with the lowest published FX markup of any local broker at 0.50%. It is CHESS-sponsored. Betashares Direct's AutoPilot handles free automatic rebalancing of a custom ETF portfolio with A$0 brokerage on all ASX-listed ETFs — the lowest-cost automation option if you are comfortable with a custodial model and ASX-only platform. Vanguard Personal Investor also supports automated investing for its managed funds and ETFs from A$200.
Do Australian investors need to worry about FX conversion costs for ASX ETFs?
Not usually. The main Australian ETFs — VAS, VGS, VGE, IOZ, VDHG, and NDQ — all trade in AUD on the ASX, so no currency conversion is required. FX costs only apply if you buy US-listed stocks or ETFs directly, or use a broker that routes through an international exchange. For investors who regularly convert AUD to trade US-listed securities, Interactive Brokers offers FX conversion at approximately 0.002% — around 500 times cheaper than Stake and around 750 times cheaper than Webull's estimated 1.5% rate.
How does Stake compare to Selfwealth for ASX investing?
Stake charges A$3 per ASX trade for orders up to A$30,000, while Selfwealth charges A$9.50 flat regardless of trade size. For most regular contributors, Stake is consistently cheaper by A$6.50 per trade on commission alone. Both charge no custody or platform fees and are CHESS-sponsored. For US stock trading, Selfwealth's effective FX rate of approximately 0.85% is slightly better than Stake's approximately 1%. For pure ASX ETF investing, Stake wins on commission. Use the calculator to see the full multi-year cost difference for your exact inputs.
Is CommSec worth the higher commissions?
CommSec's tiered commission structure — A$5 for trades up to A$1,000, A$10 for trades up to A$10,000, and A$19.95 for trades up to A$25,000 — is significantly more expensive than Stake, Pearler, CMC Invest, or Betashares Direct for most regular investors. The main reasons to use CommSec are seamless integration with a Commonwealth Bank account for instant BPAY settlement, broad familiarity, and access to CommSec Pocket for fractional ETF investing from A$2. For cost-focused passive ETF investors accumulating over time, the commission gap is difficult to justify.
What makes Pearler different from other Australian brokers?
Pearler's key differentiator is its Autoinvest feature, which lets investors automate regular ETF purchases on a set schedule. The commission is A$6.50 per trade (or A$5.50 with Prepay credit), and the FX markup for US trades is 0.50%, the most transparently quoted and lowest of any local Australian broker. It is CHESS-sponsored. Pearler is designed specifically for long-term, set-and-forget ETF accumulators and is popular with the Australian FIRE community.
When does Interactive Brokers become cheaper than local Australian brokers?
Interactive Brokers charges approximately 0.08% (minimum A$6) per ASX trade on fixed pricing, which is more expensive than Stake's A$3 flat for orders under around A$7,500 and more expensive than Betashares Direct's A$0 for any size. For pure ASX ETF investing with no FX conversion, local brokers win on commission. IBKR's decisive advantage is its FX conversion rate of approximately 0.002% — around 500 times cheaper than Stake. For any investor regularly converting AUD to trade US-listed securities, the FX saving at scale makes IBKR the clear winner. It is also the strongest option for investors who want margin lending, options, or access to global markets beyond the ASX.
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. Calculator outputs are estimates based on your inputs and simplified modelling assumptions — real costs depend on execution quality, exact fee schedules, rebates, account type, and applicable Australian tax rules. Fee data is sourced from official broker documentation and is accurate as of April 2026; broker fee schedules change and you should always verify current terms before making decisions. Spread assumptions can vary significantly from actual execution. Moomoo's FX markup (approx. 0.50%) and Webull's FX markup (approx. 1.5%) are estimates from third-party sources and have not been confirmed from official primary sources — treat as indicative. Selfwealth's FX rate is quoted as approx. 0.85% (60c per A$100 AUD) and Stake's as approx. 1% — these are effective rates that fluctuate with the AUD/USD exchange rate. CHESS sponsorship details and account types are correct as of April 2026 but may change. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in Australia.