Intro and winners
Find below the strengths of the best brokers for beginners available in Australia, updated for 2024:
- eToro - the best broker for beginners in Australia in 2024. Free stock and ETF trading. Seamless account opening. Social trading.
- Webull - Free stock/ETF trading and high 5% interest on uninvested cash. Fast and easy account opening. Great trading platforms.
- Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
- moomoo - Commission-free stock and ETF trading. Fast and easy account opening. Quality analytical tools and excellent education services. Pays high interest on uninvested cash.
- Revolut - Low stock fees. Fast and easy account opening. Great mobile trading platform. Pays interest on uninvested cash.
- TradeZero - Commission-free stock and ETF trading above a certain volume. Quick and easy account opening. Excellent education and customer support.
- Saxo - Great trading platform. Outstanding research. Broad product portfolio. Interest paid on uninvested cash.
- EasyEquities - Low trading fees and non-trading fees. Excellent educational materials. Easy and fully digital account opening.
- Vanguard - Stocks and ETFs are free to trade. Easy account opening. Great mobile trading platform. Interest paid on uninvested cash.
- Stake - Low-fee stock and ETF trading. Fast and fully digital account opening. Easy-to-use trading platforms.
Overview of the best brokers for beginners
While many online brokers suitable for beginners offer an excellent service, the ones in our toplist go the extra mile.
Broker | Minimum deposit | Time to open account |
---|---|---|
eToro | $10 | 1 day |
Webull | $0 | 1 day |
Alpaca Trading | $0 | 1 day |
moomoo | $0 | 1-3 days |
Revolut | $0 | 1 day |
TradeZero | $250 | 1 day |
Saxo | $0 | 1 day |
EasyEquities | $0 | >3 days |
Vanguard | $0 | 1-3 days |
Stake | $50 | 1 day |
Popularity of the best brokers for beginners in Australia
Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.
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Fees at the best brokers for beginners
Broker | US stock |
---|---|
eToro | $0.0 |
Webull | $0.0 |
Alpaca Trading | $0.0 |
moomoo | $0.0 |
Revolut | $5.4 |
TradeZero | $0.0 |
Saxo | $1.6 |
EasyEquities | $5.0 |
Vanguard | $0.0 |
Stake | $3.0 |
Non-trading fees at the best brokers for beginners
Non-trading fees are charges that are not directly related to a trade and typically include the account maintenance fee, deposit/withdrawal fees and the inactivity fee.
Broker | Withdrawal fee | Inactivity fee |
---|---|---|
eToro | $5 | |
Webull | $0 | |
Alpaca Trading | $0 | |
moomoo | $0 | |
Revolut | $0 | |
TradeZero | $50 | |
Saxo | $0 | |
EasyEquities | $0 | |
Vanguard | $0 | |
Stake | $0 |
How to choose a broker in Australia?
Do you want to invest in stocks listed on the ASX (the largest stock exchange in Australia) or mega US shares like Apple (AAPL) and Tesla (TSLA)? Either way, the way forward is to find a reputable and reliable broker that accepts Australian residents and open an account. A brokerage account is like a bank account but for buying and selling stocks and other securities.
Aussie investors can choose from literally thousands of brokers some of which are based in Australia, while others in Europe and the US. A large number of European and US brokers accept Australian clients.
Depending on the broker you choose, you will have access to some of the largest exchanges in the world, such as the NYSE and Nasdaq.
The number of available brokers to Australians can be intimidating, so we are here to help you with the selection process. Our brokerage experts, themselves stock and forex traders, have live tested more than 100 brokers globally and recommend that you consider the following when choosing a broker.
Regardless how often you want to trade or what kind of stocks, only work with regulated brokers. Make sure the broker you choose is overseen by a reputable regulator such as the SEC in the US, ASIC in Australia or BaFin in Germany. Being overseen by a top-tier regulator means the broker operates with transparency and adheres to strict financial standards.
Check and compare trading fees such as commissions and other charges (i.e. withdrawal fee, inactivity fee, account maintenance fee). These costs can add up and eat into the profitability of your trades. A reliable broker will have a transparent pricing model with no hidden fees. Commission-free stock trading is becoming increasingly popular around the world and many brokers offer stock trading with 0 commission. If fees are your main concern, consider one of these brokers.
Make sure the trading platform offered by the broker is easy to understand/navigate and suitable for beginners. Read reviews about the platform and open a demo account to practice. A demo account, also known as a practice account or paper trading account, is a simulated trading platform where you can experience the process of trading stocks (and other assets) without using real money.
These are some of the most important aspects you should consider before choosing a broker. The list of selection criteria can be much longer, depending on your personal needs and goals.
Finally, bear in mind that unlike the US and most European countries, Australia does not have an investor protection scheme to compensate traders and investors (unless you trade futures) in the event their broker goes bankrupt. However, if you open an account with a US or European broker that is a member of an investor protection fund (like SIPC in the US), you will be eligible for investor protection.
And now, let's see the top brokers for beginners in Australia in detail one by one, starting with the winner, eToro.
Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero-commission stock trading
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AFSL 491139. Capital at risk. See PDS and TMD.
eToro snapshot | |
---|---|
Minimum deposit | $10 |
US stock fee | $0.0 |
Demo account | Yes |
Mobile platform score | 4.9 stars |
Time to open account | 1 day |
Inactivity fee | Yes |
Fractional shares | Yes |
Read review | For a detailed analysis of eToro services, check out our review for 2024. |
Recommended for investors and traders looking for zero-commission trading and easy platforms
Webull snapshot | |
---|---|
Minimum deposit | $0 |
US stock fee | $0.0 |
Demo account | Yes |
Mobile platform score | 5.0 stars |
Time to open account | 1 day |
Inactivity fee | No |
Fractional shares | Yes |
Read review | For a detailed analysis of Webull services, check out our review for 2024. |
Recommended for traders interested in algorithmic stock trading
Alpaca Trading snapshot | |
---|---|
Minimum deposit | $0 |
US stock fee | $0.0 |
Demo account | Yes |
Mobile platform score | 4.3 stars |
Time to open account | 1 day |
Inactivity fee | No |
Fractional shares | Yes |
Read review | For a detailed analysis of Alpaca Trading services, check out our review for 2024. |
Recommended for investors and traders looking for zero-commission trading and focusing on US markets
moomoo snapshot | |
---|---|
Minimum deposit | $0 |
US stock fee | $0.0 |
Demo account | Yes |
Mobile platform score | 4.5 stars |
Time to open account | 1-3 days |
Inactivity fee | No |
Fractional shares | No |
Read review | For a detailed analysis of moomoo services, check out our review for 2024. |
Recommended for beginners looking for low-cost stock trading and a great mobile-only trading platform
Revolut snapshot | |
---|---|
Minimum deposit | $0 |
US stock fee | $5.4 |
Demo account | No |
Mobile platform score | 4.4 stars |
Time to open account | 1 day |
Inactivity fee | No |
Fractional shares | Yes |
Read review | For a detailed analysis of Revolut services, check out our review for 2024. |
Recommended for investors and traders interested in commission-free trading and a focus on US stocks and options
TradeZero snapshot | |
---|---|
Minimum deposit | $250 |
US stock fee | $0.0 |
Demo account | Yes |
Mobile platform score | 4.5 stars |
Time to open account | 1 day |
Inactivity fee | No |
Fractional shares | No |
Read review | For a detailed analysis of TradeZero services, check out our review for 2024. |
Recommended for investors and traders looking for a great trading platform and solid research
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64% of retail CFD accounts lose money
Saxo snapshot | |
---|---|
Minimum deposit | $0 |
US stock fee | $1.6 |
Demo account | Yes |
Mobile platform score | 5.0 stars |
Time to open account | 1 day |
Inactivity fee | No |
Fractional shares | No |
Read review | For a detailed analysis of Saxo services, check out our review for 2024. |
Recommended for long-term investors focusing on stocks and ETFs
EasyEquities snapshot | |
---|---|
Minimum deposit | $0 |
US stock fee | $5.0 |
Demo account | Yes |
Mobile platform score | 4.3 stars |
Time to open account | >3 days |
Inactivity fee | No |
Fractional shares | Yes |
Read review | For a detailed analysis of EasyEquities services, check out our review for 2024. |
Recommended for long-term investors looking for great ETF and mutual fund selection
Vanguard snapshot | |
---|---|
Minimum deposit | $0 |
US stock fee | $0.0 |
Demo account | No |
Mobile platform score | 4.4 stars |
Time to open account | 1-3 days |
Inactivity fee | No |
Fractional shares | No |
Read review | For a detailed analysis of Vanguard services, check out our review for 2024. |
Recommended for beginners and investors looking for low-fee trading in US stocks/ETFs and a simple, easy-to-use trading platform
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When you invest your capital is at risk
Stake snapshot | |
---|---|
Minimum deposit | $50 |
US stock fee | $3.0 |
Demo account | No |
Mobile platform score | 4.1 stars |
Time to open account | 1 day |
Inactivity fee | No |
Fractional shares | Yes |
Read review | For a detailed analysis of Stake services, check out our review for 2024. |
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How did BrokerChooser select the best online brokers for beginners in Australia?
- We conducted interviews with newcomers who had little to zero trading experience trading.
- We opened an account and tested the trading platform with our own money.
- We looked at how easy and user-friendly it is to open an account for beginners.
- We checked whether brokers offers educational tools, like a demo account or learning material.
- We checked how easy it is to understand fees for new users.
- We also took into consideration if the brokers offer fractional shares and interest for uninvested cash
- We checked and compared 101 brokers with a special focus on fees, their trading platform and customer service.
Save hours of research!
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FAQ
Which broker should I use as a beginner?
Low fees and an excellent mobile platform make a broker great for beginners. Beginners can also benefit greatly if a broker has excellent educational material, and tools, such as a demo account. The best way to start your journey in the world of investing is by learning. We provide a great starting point on our education page, where you can find a lot of useful learning materials. Here we give you some tips on how to start investing. To find the best online broker for your level of expertise and risk-tolerance, use our find my broker tool.
Where should a beginner invest in stocks?
Before you make stock investments, you should draw up a plan, which involves several basic questions you ought to think about, such as what is your objective, how much time do you want to spend investing and what level of risk you want to take. For beginners, one of the best ways to to starting investing in stocks is choosing an index fund or stock mutual funds, which are an easy and low-cost way to tip your toe into the stock market. We put together a guide on how to start investing in stocks, and how to buy shares online. We explicitly guide you through how to invest in stocks. We also give you tips on how much you should invest when you are starting out. You can also browse through our top recommendations for best trading platforms for stocks.
Is trading gambling?
Trading is not gambling, although some poeple might treat it like that, but they will learn quickly that gamblers lose their money. The goal of a trader is to make predictions that will be as accurate as possible to make money, while gamblers can't predict anything, they bet. People who trade for the thrill of it, or because they want to prove something, or can't accept losing on the market from time to time, and don't have a plan or consistency, are trading in a gambling style. New online trading apps have recently come under the spotlight for bringing a gambling aspect into trading. The gamification of trading, with easy-to-use online platforms, little education for retail traders and the social pressure of 'FOMO' also contribute to a gambling attitude on the market. Serious traders should consider their objectives, their attitudes to risk, and carefully devise an investment strategy when entering a market.
What is a CHESS-sponsored ASX trade?
CHESS stands for Clearing House Electronic Subregister System. It is the clearing and settlement system used by the Australian Securities Exchange (ASX) to facilitate the trading of securities, including stocks and other financial instruments. CHESS-sponsored ASX trades refer to the process by which securities transactions are settled and registered within the CHESS system.
When you buy or sell a stock listed on the ASX, the shares are registered and held within the CHESS system. This means that your ownership of the shares is recorded electronically, and you become a CHESS-sponsored holder of those shares.
How much do you need to start trading shares in Australia?
The amount of money you need to start trading shares in Australia depends on several factors, including the brokerage you choose, the price of shares you want to trade, and your individual investment goals. Your broker may require a minimum deposit to start trading, which van be a few hundred dollars or more. The price of the share you want to buy will also determine how much capital you need. Don't forget that most brokers have trading costs (usually in the form of commissions per trade), so calculate with these charges as well.
Note that if you want to trade CHESS-sponsored shares, you will need at least $500 to start.
Do you pay taxes on stock trading in Australia?
In general, profits from stock trading is subject to capital gains tax (CGT) in Australia. Your capital gains are only taxed if you realize the gain by selling the shares. If you hold the shares for more than 12 months before selling, you may be eligible for a CGT discount, which allows individuals to reduce the taxable capital gain by 50%, effectively halving the tax liability.
When you buy or sell a stock listed on the ASX, the shares are registered and held within the CHESS system. This means that your ownership of the shares is recorded electronically, and you become a CHESS-sponsored holder of those shares.
Is trading hard to learn?
Trading is not diffficult to learn if you invest enough time and energy into it. But that is a big if. Plenty of people trade, but the more time you spend studying trading, the more you practice, - as with everything else -, the better results you can expect. Knowing yourself, your attitude to risk-taking, and being patient and disciplined are also crucial factors if you want to be successful. Keep a cool head, don't look for easy money, commit to studying trading and always have a trading plan. Our aim is to make personal investing as clear and accessible for you, as possible. Our educational page is a good starting point. You can also learn from our expert traders about the difference between investing and trading, and learn here about how to become a trader. You can also learn about different investment strategies from us.
Want to learn more?
Check out these articles written by our broker and trading experts:
Glossary
Here is a glossary to help you with some terms in our review:
Inactivity fee: a fee that is charged when a customer has not done any buying or selling on their brokerage account for a specific amount of time determined by the brokerage.
Withdrawal fee: an amount you need to pay when you withdraw money from your trading account to your bank account.
Deposit fee: this is charged when you send money to your trading account at an online broker. The fee may differ depending on the method of transfer (i.e. bank card, bank transfer, e-wallets, etc.).
Regulators: these are official bodies established by governments or other organizations to oversee the functioning and fairness of financial markets, including markets, exchanges and firms. They also oversee that investors are not fooled by scams, and in case of wrongdoing, they try to provide some level of financial and legal backing.
Investor protection: this means that up to a certain limit, you get your money back if the broker goes into bankruptcy or commits fraud.
Non-trading fees: charges not directly related to trading, such as deposit/withdrawal fees or inactivity fees.
Trading fees: these are charged when you trade; for instance, in the form of a commission, spreads, financing rates, margin rates or a conversion fee.
Still sounds confusing? You can dive into our broader glossary explaining all the exotic terms of the financial world. We also have a forex trading glossary dedicated to terms specifically related to forex trading.
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.