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Best brokers for beginners in Australia in 2020

To find the best online brokers for beginners in Australia in 2020, we went ahead and did the research for you. We made interviews with newbies, without any trading experience. We tested 74 brokers and 5 made it to the top. They confirmed these top 5. And now without further ado...

The best online brokers for beginners in Australia in 2020 are:

  1. eToro is the best broker for beginners in Australia in 2020. Free stock and ETF trading . Seamless account opening. Social trading experience.
  2. Saxo Bank is the runner-up. Great trading platform. Outstanding research. Broad product portfolio.
  3. Swissquote is placed number three. Access to many markets and products. No inactivity fee. Rock-solid background.
  4. Questrade is number four. Solid research tools. Great desktop trading platform. Superb customer service.
  5. Revolut made it to the best broker for the beginner list. Free stock trading. Fast and easy account opening. Great mobile trading platform.
Best brokers for beginners in Australia in 2020
Broker Info Best in
#1 eToro Global social trading broker Best broker for cryptos
#2 Saxo Bank Danish investment bank Best web trading platform
#3 Swissquote Swiss investment bank
#4 Questrade Canadian stockbroker
#5 Revolut UK discount broker Best broker for millennials

What makes a good broker for beginners? Two things above all: keep it simple and guide the client. The trading platform needs to be clean, and understandable. Fair fees are also important (learn more about brokerage fee here). Have great educational tools, like a demo account, provide webinars or courses. It must be easy to open an account and deposit.

Easy to list, but hard to figure it out. We are testing brokers along more than 100 criteria with real accounts and real money. We know what's up.

Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best online brokers for beginners in Australia in 2020 one by one. Starting with the winner, eToro.

eToro Logo

#1 Best broker for beginners
eToro

4.7

eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.

eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

Pros Cons
Free stock and ETF trading High forex fees
Seamless account opening Withdrawing money can be slow
Social trading experience Only one account base currency

Open account
Your capital is at risk

#1 eToro
Web trading platform
4.4

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best brokers for beginners - eToro trading platform
eToro trading platforms
eToro Saxo Bank Swissquote Questrade Revolut
Web platform score 4.4 stars 5.0 stars 4.3 stars 3.3 stars -
Mobile platform score 4.9 stars 5.0 stars 4.7 stars 4.3 stars 4.9 stars
Desktop platform score - 5.0 stars 3.3 stars 4.3 stars -

Open account More
Your capital is at risk

#1 eToro
Fees
4.5

eToro offers free stock trading. On the negative side, forex trading fees are high and there is a fee charged for inactivity or withdrawal.
Pros Cons
Low trading fees Withdrawal fee
Free stock trading Monthly inactivity fee after 1 year of no trading
Low CFD fees
eToro fees
eToro Saxo Bank Swissquote Questrade Revolut
US stock $0.0 $10.0 $25.0 $5.0 $0.0
UK stock $0.0 $9.6 $30.0 - -
EURUSD benchmark fee $16.0 $15.8 $16.3 $17.5 -

Open account More
Your capital is at risk

#1 eToro
Education
2.5

eToro's education tools are limited, with only some medium-quality videos about investing available.
Pros Cons
Demo account Basic educational videos
Intro guide to the platform
Best brokers for beginners - eToro education

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#1 eToro
Account opening
5.0

Account opening at eToro is seamless and very fast.
Pros Cons
Fast None
Fully digital
Low minimum deposit
eToro minimum deposit and time to open an account
eToro Saxo Bank Swissquote Questrade Revolut
Minimum deposit $200 $10,000 $0 $1,000 $0
Time to open account 1 day >3 days 1 day 1 day 1 day

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#1 eToro
Deposit and withdrawal
3.7

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
Pros Cons
Credit/Debit card available Only one account base currency
No deposit fee $5 withdrawal fee
User-friendly Conversion fee for non-USD deposits
eToro withdrawal fee and options
eToro Saxo Bank Swissquote Questrade Revolut
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes No No No No
Electronic wallets Yes No No Yes No
Withdrawal fee $5 $0 $10 $0 $0

Open account More
Your capital is at risk

#1 eToro
Verdict

eToro has zero-commission stock trading. Account opening is swift and seamless. It also has a lot of innovative features, like social trading and copying other (successful) traders.

It has some drawbacks, though. Forex fees are high and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high in some cases. Live chat is hard to reach and their educational materials could be better.

Overall, we would recommend eToro for its social trading feature and zero-commission stock trading.

Risk disclaimer

eToro is a multi-asset platform that offers both investing in stocks and crypto assets, as well as trading CFD assets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

eToro
Summary eToro is a global social trading broker. It is regulated by top-tier authorities such as the UK FCA or Australia's ASIC.
Fees score 4.5 stars
Recommended for Traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

Open account More
Your capital is at risk

Saxo Bank Logo

#2 Best broker for beginners
Saxo Bank

4.8

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for a great trading platform and solid research

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

Open account

#2 Saxo Bank
Web trading platform
5.0

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel.
Pros Cons
User-friendly None
Clear fee report
Two-step (safer) login
Best brokers for beginners - Saxo Bank trading platform
Saxo Bank trading platforms
eToro Saxo Bank Swissquote Questrade Revolut
Web platform score 4.4 stars 5.0 stars 4.3 stars 3.3 stars -
Mobile platform score 4.9 stars 5.0 stars 4.7 stars 4.3 stars 4.9 stars
Desktop platform score - 5.0 stars 3.3 stars 4.3 stars -

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#2 Saxo Bank
Fees
2.9

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
Pros Cons
Low fund fees Inactivity fee
No withdrawal fee High bond, options and futures fees
Lower fees for Platinum and VIP clients
Saxo Bank fees
eToro Saxo Bank Swissquote Questrade Revolut
US stock $0.0 $10.0 $25.0 $5.0 $0.0
UK stock $0.0 $9.6 $30.0 - -
EURUSD benchmark fee $16.0 $15.8 $16.3 $17.5 -

Open account More

#2 Saxo Bank
Education
4.5

If you want to improve your financial knowledge, Saxo Bank has a lot to offer. You can use a demo account, attend webinars or watch educational videos.
Pros Cons
Demo account No educational articles
Trading platform tutorial
Educational videos
Best brokers for beginners - Saxo Bank education

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#2 Saxo Bank
Account opening
2.5

Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high in certain countries, and account verification can take longer.
Pros Cons
Fully digital Minimum deposit is high in certain countries
User-friendly Slow account verification
Available in almost every country
Saxo Bank minimum deposit and time to open an account
eToro Saxo Bank Swissquote Questrade Revolut
Minimum deposit $200 $10,000 $0 $1,000 $0
Time to open account 1 day >3 days 1 day 1 day 1 day

Open account More

#2 Saxo Bank
Deposit and withdrawal
4.8

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available Electronic wallets are not available for deposit or withdrawal
Free withdrawal
No deposit fee
Saxo Bank withdrawal fee and options
eToro Saxo Bank Swissquote Questrade Revolut
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes No No No No
Electronic wallets Yes No No Yes No
Withdrawal fee $5 $0 $10 $0 $0

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#2 Saxo Bank
Verdict

Saxo Bank is a great broker, providing a complex and good service.

Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit for certain countries. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.

Saxo Bank
Summary Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA.
Fees score 2.9 stars
Recommended for Investors and traders looking for a great trading platform and solid research

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Swissquote Logo

#3 Best broker for beginners
Swissquote

4.7

Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.

Formally, Swissquote Bank Ltd is based in Switzerland and is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the country's financial regulator.

The other entity, Swissquote Ltd, is UK-based and offers CFDs and forex trading. It is regulated by the Financial Conduct Authority (FCA), the UK's financial authority.

Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, discloses detailed financials regularly and has a long track record.

In this review, we focus mainly on the Swiss entity, but also discuss services of the UK arm, especially in the case of CFD and forex trading. To make it clear which company we are talking about, we will refer to the Swiss entity as "Swissquote (CH)" and to the UK-based entity as "Swissquote Forex (UK)".

Recommended for affluent investors who value safety and are ok with higher fees

Pros Cons
Access to many markets and products High trading fees
No inactivity fee Confusing trading platform selection
Rock-solid background Some research tools are not free

#3 Swissquote
Web trading platform
4.3

The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and there is a clear overview of trading fees, but it's easy to get lost on the platform.
Pros Cons
Clear fee report Easy to get lost among functions
Two-step (safer) login
Good search function
Best brokers for beginners - Swissquote trading platform
Swissquote trading platforms
eToro Saxo Bank Swissquote Questrade Revolut
Web platform score 4.4 stars 5.0 stars 4.3 stars 3.3 stars -
Mobile platform score 4.9 stars 5.0 stars 4.7 stars 4.3 stars 4.9 stars
Desktop platform score - 5.0 stars 3.3 stars 4.3 stars -

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#3 Swissquote
Fees
2.3

Swissquote charges no inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including stocks and ETFs fees, and there is a fee for withdrawing your money.
Pros Cons
Low fund fees High trading fees
No inactivity fee High stock and ETF fees
Low financing rate High bond fees
Withdrawal fee at Swissquote (CH)
Swissquote fees
eToro Saxo Bank Swissquote Questrade Revolut
US stock $0.0 $10.0 $25.0 $5.0 $0.0
UK stock $0.0 $9.6 $30.0 - -
EURUSD benchmark fee $16.0 $15.8 $16.3 $17.5 -

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#3 Swissquote
Education
5.0

Swissquote provides easy-to-understand and professional educational videos, ebooks, webinars and tutorials.
Pros Cons
Demo account None
Trading platform tutorial
Educational videos
Best brokers for beginners - Swissquote education

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#3 Swissquote
Account opening
4.0

Swissquote offers a fully digital account opening process, although we encountered wait times. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.
Pros Cons
Fully digital Long wait times
No minimum deposit for trading account Forex and robo-advisor accounts have high minimum
Swissquote minimum deposit and time to open an account
eToro Saxo Bank Swissquote Questrade Revolut
Minimum deposit $200 $10,000 $0 $1,000 $0
Time to open account 1 day >3 days 1 day 1 day 1 day

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#3 Swissquote
Deposit and withdrawal
4.1

Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. On the negative side, you can only withdraw money via bank transfer, and the Swiss entity charges fees.
Pros Cons
Credit/Debit card available Swiss entity charges withdrawal and deposit fees
Several account base currencies
Swissquote withdrawal fee and options
eToro Saxo Bank Swissquote Questrade Revolut
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes No No No No
Electronic wallets Yes No No Yes No
Withdrawal fee $5 $0 $10 $0 $0

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#3 Swissquote
Verdict

Swissquote is an investment bank with a rock-solid background:

  • It is Swiss,
  • it is listed on an exchange
  • and it is a bank

It has two main entities, one in the UK and one in Switzerland. If you open an account at the London-based entity you can trade forex and CFDs, while the Swiss entity gives you access to assets ranging from stocks to options.

Swissquote offers a broad range of products across many markets. There are many stocks, mutual funds, and a lot of different other types of products, from bonds to cryptos.

However, nothing is free: Swissquote's trading fees are relatively high

All in all, Swissquote is a great stockbroker. As you can trade many products and no inactivity fee is charged, feel free to give it a try.

Swissquote
Summary Swissquote is a Swiss online broker with a banking license. It is listed on the Swiss stock exchange and regulated by several authorities globally, including the top-tier UK FCA.
Fees score 2.3 stars
Recommended for Affluent investors who value safety and are OK with higher fees

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Questrade Logo

#4 Best broker for beginners
Questrade

4.5

Questrade was founded in 1999 and it is one of the most popular brokerage firms in Canada. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Questrade is considered safe because it has a long track record and is regulated by a top-tier regulator.

Recommended for traders and investors focusing on the canadian and us markets

Pros Cons
Solid research tools Slow account opening process for international customers
Great desktop trading platform High inactivity fee
Superb customer service High withdrawal fee for non-Canadians

Open account

#4 Questrade
Web trading platform
3.3

Questrade's web trading platform offers a simple, intuitive design, a wide variety of order types and price alerts. On the flip side, its customizability is limited, a two-step login process is not available and it doesn't offer a clear fee report.
Pros Cons
User-friendly No clear fee report available
Good variety of order types No two-step (safer) login
Price alerts Limited customizability (for charts, workspace)
Best brokers for beginners - Questrade trading platform
Questrade trading platforms
eToro Saxo Bank Swissquote Questrade Revolut
Web platform score 4.4 stars 5.0 stars 4.3 stars 3.3 stars -
Mobile platform score 4.9 stars 5.0 stars 4.7 stars 4.3 stars 4.9 stars
Desktop platform score - 5.0 stars 3.3 stars 4.3 stars -

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#4 Questrade
Fees
3.2

Questrade asset fees for stocks, ETF's, and funds are competitively low. On the other hand, it charges a high inactivity fee, $24.95 per quarter.
Pros Cons
Low stock and ETF fees Inactivity fee
Low fund fees
No withdrawal fee inside Canada
Questrade fees
eToro Saxo Bank Swissquote Questrade Revolut
US stock $0.0 $10.0 $25.0 $5.0 $0.0
UK stock $0.0 $9.6 $30.0 - -
EURUSD benchmark fee $16.0 $15.8 $16.3 $17.5 -

Open account More

#4 Questrade
Education
3.0

Questrade offers an adequate amount of educational and tutorial materials for both novice and advanced traders. Although, the educational section could be more structured.
Pros Cons
Demo account Structured educational section missing
Trading platform tutorial
Educational videos
Best brokers for beginners - Questrade education

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#4 Questrade
Account opening
3.8

For Canadian citizens, the account opening at Questrade is easy and fully digital. On the other hand, you'll need to start with a high deposit of $1,000.
Pros Cons
Fast Minimum deposit is higher than $500
Fully digital Complicated for non-Canadians
User-friendly
Questrade minimum deposit and time to open an account
eToro Saxo Bank Swissquote Questrade Revolut
Minimum deposit $200 $10,000 $0 $1,000 $0
Time to open account 1 day >3 days 1 day 1 day 1 day

Open account More

#4 Questrade
Deposit and withdrawal
2.7

Deposits and withdrawals are free with EFT for Canadians and the process is user-friendly. Credit/debit cards are not available. Funding & withdrawals are expensive for non-Canadian citizens..
Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee Slow withdrawal - over 3 days
User-friendly High fee for wire withdrawals
Few base currencies
Questrade withdrawal fee and options
eToro Saxo Bank Swissquote Questrade Revolut
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes No No No No
Electronic wallets Yes No No Yes No
Withdrawal fee $5 $0 $10 $0 $0

Open account More

#4 Questrade
Verdict

Questrade is the fastest growing online brokerage firm in Canada and for a good reason.

Their customer service is outstanding, they provide relevant information in a quick manner and the research tools are advanced. The desktop trading platform offers a lot of tools and it is user-friendly.

Questrade has some shortcomings as well. Even though the account opening process for Canadians is quick and easy, it's slow and time-consuming if you are not Canadian. It charges a high inactivity fee for accounts with $5,000 or less if no trades are made for a quarter year. Lastly, you can face high withdrawal fees if you yre not a Canadian citizen.

Since Questrade has a solid background, advanced research tools, a wonderful trading platform and offers excellent customer service, feel free to give it a try.

Questrade
Summary Questrade is a Canadian online brokerage firm. Questrade is a member of Canadian self-regulatory industry body IIROC and the Canadian Investor Protection Fund (CIPF).
Fees score 3.2 stars
Recommended for Traders and investors focusing on the Canadian and US markets

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Revolut Logo

#5 Best broker for beginners
Revolut

4.3

Revolut is a fast-growing fintech startup founded in 2015 and mainly known for its banking and payment services. In 2019, the company also launched its commission-free stock trading, which is provided by Revolut Trading Ltd. 

Revolut is regulated by multiple top-tier regulators, including the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients' assets are protected up to $500,000 ($250,000 cash) under the Securities Investment Protection Corporation's (SIPC) insurance. Revolut is also regulated by the UK Financial Conduct Authority (FCA). 

Recommended for beginners looking for free trading and a great mobile-only trading platform

Pros Cons
Free stock trading Limited product portfolio
Fast and easy account opening Basic research and missing educational tools
Great mobile trading platform Poor customer service

#5 Revolut
Web trading platform

Revolut does not offer a web trading platform, as it's available only on mobile. This is a drawback, as web-based applications are convenient to use and accessible from all devices.
Revolut trading platforms
eToro Saxo Bank Swissquote Questrade Revolut
Web platform score 4.4 stars 5.0 stars 4.3 stars 3.3 stars -
Mobile platform score 4.9 stars 5.0 stars 4.7 stars 4.3 stars 4.9 stars
Desktop platform score - 5.0 stars 3.3 stars 4.3 stars -

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#5 Revolut
Fees
5.0

Besides trading stocks for free with Revolut, you also don't have to pay any inactivity or withdrawal fees. It only charges a 0.01% annual custody fee.
Pros Cons
Low trading fees None
Low non-trading fees
Free stock trading
Revolut fees
eToro Saxo Bank Swissquote Questrade Revolut
US stock $0.0 $10.0 $25.0 $5.0 $0.0
UK stock $0.0 $9.6 $30.0 - -
EURUSD benchmark fee $16.0 $15.8 $16.3 $17.5 -

More

#5 Revolut
Education
1.0

There are no education materials or a demo account available at Revolut.
Pros Cons
None No demo account
No trading platform tutorial videos
No educational videos

More

#5 Revolut
Account opening
5.0

Revolut has an easy, fast, and fully digital account opening, requiring no minimum account balance.
Pros Cons
Fast None
Fully digital
No minimum deposit
Revolut minimum deposit and time to open an account
eToro Saxo Bank Swissquote Questrade Revolut
Minimum deposit $200 $10,000 $0 $1,000 $0
Time to open account 1 day >3 days 1 day 1 day 1 day

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#5 Revolut
Deposit and withdrawal
3.5

Revolut offers several deposit options, and both deposits and withdrawals are free even when using wire transfers. On the negative side, you can only use a USD-based account for trading.
Pros Cons
Credit/Debit card available Only one account base currency
Free withdrawal
No deposit fee
Revolut withdrawal fee and options
eToro Saxo Bank Swissquote Questrade Revolut
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes No No No No
Electronic wallets Yes No No Yes No
Withdrawal fee $5 $0 $10 $0 $0

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#5 Revolut
Verdict

Revolut's fees are great. With all three types of accounts, you can trade US stocks for free (though monthly limits may apply). Account opening is easy, fully digital, and fast. You can use an awesome and user-friendly mobile trading platform.

Revolut has some drawbacks though. The product portfolio covers only US stocks and some crypto currencies. There are only a few research tools, while it offers no educational material at all. Customer service could also be improved. 

If you want to trade US stocks for free and are looking for an easy-to-use mobile platform, Revolut is a great choice.

Revolut
Summary Revolut is a UK-based fintech startup that offers commission-free stock trading. Revolut Trading Ltd is regulated by the FCA.
Fees score 5.0 stars
Recommended for Beginners looking for free trading and a great mobile-only trading platform

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Best brokers for beginners
What makes a great broker for beginners

Now you know the best best brokers for beginners. Curious how we came up with this list? Let's go through two points. Are they safe? How did we compile the list?

Are these brokers safe?

You can be sure none of them is a scam. They are regulated by at least one top-tier regulator. Some of them are also listed on an exchange, and some have a banking background.

However, also brokerage companies can go down. Remember Lehman Brothers? In these cases, it is important to know what happens with your securities and cash. These are usually held in segregated accounts, so even in case of a broker bankruptcy, you are safe.

If everything goes very bad and for example, the broker steals your assets, then you have a last resort, the compensation fund of the country where the broker is regulated.

How did BrokerChooser pick the best brokers for beginners?

At BrokerChooser we test online brokers along more than 100 criteria, with a real account and real money. Not to overwhelm you we list the five most important criteria for brokers for beginners:

5 most important criteria for the best brokers for beginners in 2020
1. Web trading platform A user-friendly and well-equipped trading platform can significantly increase your trading comfort.
2. Fees The overall cost of a typical trade can be 10-15 times higher at one broker compared to another. Worth to check the fees.
3. Education You are not familiar with concepts like spread or leverage? Good educational tools help you understand the basics of trading.
4. Account opening Some online brokers require a minimum to invest, others don't set a minimal first-time deposit. Check out what the best online brokers require.
5. Deposit and withdrawal Withdrawing money from your account can be 5 times longer and more expensive at one broker compared to another.

Best brokers for beginners
Start your learning

When you are a beginner the best way to start your journey is to learn.

Find below some very useful learning materials to start with.

If you are considering starting. Check our learning page, a lot of great materials. You can learn about the pros and cons of investing your money on your own or the difference between trading vs investing. Also go to the learn section if you want to figure out whether you can open a foreign account.

For beginner buy and hold investors we recommend to read the how to buy shares. Have a six-step approach on how to buy shares online.

For beginners who want to learn to trade, we can provide even more. Robert, a professional trader, wrote on how to become a trader. Most of the beginner traders start with forex. If you don't anything about this topic, start with the forex 101. The CFDs also have become very popular. They are very risky. Start learning about CFDs with this CFD greenhorn and continue with the pros and cons of CFD trading.

Cryptos were among the hottest topics in 2017. Also super risky. Tibor dug in into it and found out the safest ways to invest in Bitcoin. A very interesting read, highly recommended if you are considering cryptos.

When more experienced and starting to explore futures options, you should definitely check out Gery's article on the topic.

Best brokers for beginners
Bottom line

You saw the details, now let's zoom out. Here are the best brokers for beginners in Australia in 2020:

Best brokers for beginners in Australia of 2020
eToro Saxo Bank Swissquote Questrade Revolut
Award Best broker for cryptos Best web trading platform Best broker for millennials
Fees score 4.5 stars 2.9 stars 2.3 stars 3.2 stars 5.0 stars
Account opening score 5.0 stars 2.5 stars 4.0 stars 3.8 stars 5.0 stars
Deposit and withdrawal score 3.7 stars 4.8 stars 4.1 stars 2.7 stars 3.5 stars
Markets and products score 3.8 stars 5.0 stars 5.0 stars 3.6 stars 2.0 stars
Web platform score 4.4 stars 5.0 stars 4.3 stars 3.3 stars -
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eToro is our winner, the best broker for beginners in Australia in 2020. Free stock and ETF trading . Seamless account opening. Social trading experience

All are considered a great choice. Pick the winner, or any runner-up and take the next step in your investment journey. Let us know what you think in the comment section.

Still unsure? Use the broker finder and find the best broker for you or learn more about investing your money.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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

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