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To help you to find the best discount brokers in 2021 for citizens in Australia, we went ahead and did the research for you. So what did we focus on? Fees, fees, and fees. We don't like them and surely you don't either. Checking carefully, we uncovered all the hidden fees. After testing 84 brokers for fees and checking what markets and products they offer, 5 made it to the top. And now, without further ado...

The top 5 picks for the best discount brokers for Australian citizens in 2021:

  1. Interactive Brokers is the best discount broker in Australia in 2021. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.
  2. Trading 212 takes second place. Real stocks and ETFs are free, average CFD and high forex trading fees.
  3. Revolut rounds out the top three. Low trading and non-trading fees, free stock and ETF trading.
  4. Stake, numero quattro. Low trading and average non-trading fees.
  5. Passfolio just made it to the list at number five. Free stock and ETF trading, average non-trading fees.
Best discount brokers in 2021 for Australian citizens
Broker Info Fees score
#1 Interactive Brokers US discount broker 4.2 stars
#2 Trading 212 Global CFD and forex broker 3.4 stars
#3 Revolut UK discount broker 4.8 stars
#4 Stake Australia-based zero-fee discount broker 4.8 stars
#5 Passfolio Global zero-commission stockbroker 4.6 stars

What makes a good discount broker? Well, did we mention low fees? This holds for commissions, financing rates, and, let's not forget, non-trading fees like inactivity or withdrawal fees. The table above gives you a good hint; the scores include all fees, with 5.0 being the best. Besides low fees, a good discount broker should also offer access to a lot of markets and products. All brokers in our list offer real stocks, but we also looked into whether you can trade bonds, currencies and options.

These features may sound obvious and easy to list, but they're hard to figure out. We are testing brokers based on more than 300 criteria with real accounts and real money. We know what's up.

For a tailored recommendation, check out our broker finder tool. Just enter your country, and it will show you only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best discount brokers for Australian citizens in 2021 one by one, starting with the winner, Interactive Brokers.

Interactive Brokers Logo

#1 Best discount broker
Interactive Brokers

4.9

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. Having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

Pros Cons
Low trading fees Complicated account opening process
Wide range of products Complex desktop trading platform
Many great research tools High forex fees

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#1 Interactive Brokers
Fees
4.2

Interactive Brokers has low trading fees; for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
Pros Cons
Low trading fees Inactivity fee
Free stock and ETF trading for US clients
Low margin rates
Interactive Brokers trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
US stock $1.0 $0.0 $1.0 $0.0 $0.0
UK stock $7.8 $0.0 - - -
EURUSD benchmark fee $7.4 $26.4 - - -
S&P 500 index CFD fee $2.8 $4.3 - - -
US Treasury bond $5.0 - - - -
US stock index options $6.5 - - - -
Mutual fund $15.0 - - - -
Interactive Brokers non-trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
Account fee No No No No No
Inactivity fee Yes No No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#1 Interactive Brokers
Markets and products
5.0

Through Interactive Brokers, you can access an extremely wide range of markets, and all product types are available.
Interactive Brokers markets and products
Interactive Brokers Trading 212 Revolut Stake Passfolio
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes Yes No No No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes No No No
Crypto Yes Yes Yes No Yes

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#1 Interactive Brokers
Account opening
3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated, and account verification takes relatively long.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most account types Confusing messages throughout the process
Interactive Brokers minimum deposit and time to open an account
Interactive Brokers Trading 212 Revolut Stake Passfolio
Minimum deposit $0 $1 $0 $50 $0
Time to open account 1-3 days 1 day 1 day 1 day 1 day

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#1 Interactive Brokers
Deposit and withdrawal
3.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawback is that you can only use bank transfer.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies
First withdrawal each month free
Interactive Brokers withdrawal fee and options
Interactive Brokers Trading 212 Revolut Stake Passfolio
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No No No
Electronic wallets No Yes No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#1 Interactive Brokers
Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker mainly for advanced traders.

On the plus side, IB has low fees, a vast range of available markets and products, and diverse research tools

There are some drawbacks, though: there is a high forex fees, and the account opening process is complicated. The desktop platform is complex and hard to get a handle on, especially for beginners.

If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers could be a great fit for you.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC.
Fees score 4.2 stars
Recommended for Traders looking for low fees and a professional trading environment

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Trading 212 Logo

#2 Best discount broker
Trading 212

4.3

Trading 212 is a global CFD and forex broker, but clients can also trade stocks and ETFs free of charge. The company was founded in 2004 and is now headquartered in London. Trading 212 is regulated by the UK Financial Conduct Authority (FCA) and the Bulgarian Financial Supervision Commission (FSC). 

Trading 212 is considered safe as it is regulated by the top-tier FCA. 

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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 active cfd and fx traders and investors looking for intuitive trading platforms

Pros Cons
Real stocks and ETFs are commission-free Limited product portfolio
Quick and easy account opening Missing phone and live chat support
Great trading platforms High forex fee

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76% of retail CFD accounts lose money

#2 Trading 212
Fees
3.4

Trading 212 has commission-free stocks and ETFs, and there are also no fees for deposit, withdrawal or inactivity. However, fees for forex trading are high.
Pros Cons
Free stock and ETF trading High forex fees
Low CFD fees High financing rate
No withdrawal and inactivity fee
Trading 212 trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
US stock $1.0 $0.0 $1.0 $0.0 $0.0
UK stock $7.8 $0.0 - - -
EURUSD benchmark fee $7.4 $26.4 - - -
S&P 500 index CFD fee $2.8 $4.3 - - -
US Treasury bond $5.0 - - - -
US stock index options $6.5 - - - -
Mutual fund $15.0 - - - -
Trading 212 non-trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
Account fee No No No No No
Inactivity fee Yes No No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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76% of retail CFD accounts lose money

#2 Trading 212
Markets and products
3.7

Trading 212 focuses mainly on CFDs, forex and cryptos. You can also trade real stocks and ETFs, but popular asset classes like bonds, mutual funds, options and futures are missing.
Trading 212 markets and products
Interactive Brokers Trading 212 Revolut Stake Passfolio
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes Yes No No No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes No No No
Crypto Yes Yes Yes No Yes

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76% of retail CFD accounts lose money

#2 Trading 212
Account opening
4.5

The account opening process is straightforward, user-friendly and quick. Our account was verified within one business day.
Pros Cons
Fast Problems with verification
Fully digital
No minimum deposit
Trading 212 minimum deposit and time to open an account
Interactive Brokers Trading 212 Revolut Stake Passfolio
Minimum deposit $0 $1 $0 $50 $0
Time to open account 1-3 days 1 day 1 day 1 day 1 day

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76% of retail CFD accounts lose money

#2 Trading 212
Deposit and withdrawal
4.3

Trading 212 deposits and withdrawals are free, fast, and can be done in several way. On the negative side, there are only a few account base currencies available in each country.
Pros Cons
Credit/Debit card available Few base currencies available in each country
Free withdrawal
No deposit fee
Trading 212 withdrawal fee and options
Interactive Brokers Trading 212 Revolut Stake Passfolio
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No No No
Electronic wallets No Yes No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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76% of retail CFD accounts lose money

#2 Trading 212
Verdict

Trading 212 works as a CFD and forex broker regulated by multiple financial supervisory authorities.

On the plus side, Trading 212 offers commission-free stocks and ETFs, while CFD fees and non-trading fees are low as well. The account opening process is seamless and the trading platforms are user-friendly.

However, Trading 212 has a limited product portfolio, lacking popular asset classes such as bonds or options. We missed phone and live chat support, and found forex fees relatively high.

So is Trading 212 good? Trading 212 is a good choice for those interested in investing in equities or trading leveraged forex and CFD products, with the use of a great trading platform. As it offers a demo account, don't hesitate to give it a try.

Trading 212
Summary Trading 212 is a CFD and forex broker regulated by the UK FCA and Bulgarian FSC. In the UK and Germany, Trading212 offers commission-free stock and ETF trading as well.
Fees score 3.4 stars
Recommended for Active CFD and FX traders and investors looking for intuitive trading platforms

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76% of retail CFD accounts lose money

Revolut Logo

#3 Best discount broker
Revolut

4.2

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

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#3 Revolut
Fees
4.8

Revolut provides a certain amount of free stock trades, depending on your plan. On the other hand, there is also a custody fee.
Pros Cons
Low trading fees None
Low non-trading fees
Free stock trading
Revolut trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
US stock $1.0 $0.0 $1.0 $0.0 $0.0
UK stock $7.8 $0.0 - - -
EURUSD benchmark fee $7.4 $26.4 - - -
S&P 500 index CFD fee $2.8 $4.3 - - -
US Treasury bond $5.0 - - - -
US stock index options $6.5 - - - -
Mutual fund $15.0 - - - -
Revolut non-trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
Account fee No No No No No
Inactivity fee Yes No No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#3 Revolut
Markets and products
1.8

Revolut has a limited product portfolio, as you can only trade certain US stocks, cryptos, gold and silver. It lacks other popular asset classes like mutual funds, bonds or options.
Revolut markets and products
Interactive Brokers Trading 212 Revolut Stake Passfolio
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes Yes No No No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes No No No
Crypto Yes Yes Yes No Yes

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#3 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
Interactive Brokers Trading 212 Revolut Stake Passfolio
Minimum deposit $0 $1 $0 $50 $0
Time to open account 1-3 days 1 day 1 day 1 day 1 day

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#3 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 and we experienced issues when canceled orders.
Pros Cons
Credit/Debit card available Only one account base currency
Free withdrawal Funds can be blocked after cancel order
No deposit fee
Revolut withdrawal fee and options
Interactive Brokers Trading 212 Revolut Stake Passfolio
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No No No
Electronic wallets No Yes No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#3 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 4.8 stars
Recommended for Beginners looking for free trading and a great mobile-only trading platform

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Stake Logo

#4 Best discount broker
Stake

4.4

Founded in 2017, Stake is an Australia-based zero-fee discount broker specialized in US stocks and ETFs The brokerage is overseen by multiple top-tier regulators, including the Australian Securities and Investment Commission (ASIC) and the UK's Financial Conduct Authority (FCA). 

Stake is considered safe because it is regulated by top-tier regulators. In addition, Client assets are protected up to an amount of $500,000 ($250,000 cash) under the Securities Investment Protection Corporation's (SIPC) insurance. 

Stake operates in Australia, New Zealand, the United Kingdom, and Brazil. The core services are the same in these countries, but there are slight differences. In this review, we tested the UK services.

Recommended for beginners and investors looking for free us stocks/etfs and a simple, easy to use trading platform

Pros Cons
Free stock and ETF trading Basic product portfolio
Fast and fully digital account opening Limited availability of customer service
Easy-to-use trading platforms Lack of educational tools

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#4 Stake
Fees
4.8

Stake offers free stock and ETF trading on US markets. There is no inactivity fee, which is a big plus. On the negative side, deposit and withdrawal are not free of charge.
Pros Cons
Free stock and ETF trading Withdrawal fee
No inactivity fee
Transparent fee structure
Stake trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
US stock $1.0 $0.0 $1.0 $0.0 $0.0
UK stock $7.8 $0.0 - - -
EURUSD benchmark fee $7.4 $26.4 - - -
S&P 500 index CFD fee $2.8 $4.3 - - -
US Treasury bond $5.0 - - - -
US stock index options $6.5 - - - -
Mutual fund $15.0 - - - -
Stake non-trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
Account fee No No No No No
Inactivity fee Yes No No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#4 Stake
Markets and products
1.6

Stake's product selection covers US stocks, ETFs, and US-listed ADRs. However, other popular asset classes like mutual funds, bonds, cryptos or options are not available at Stake.
Stake markets and products
Interactive Brokers Trading 212 Revolut Stake Passfolio
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes Yes No No No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes No No No
Crypto Yes Yes Yes No Yes

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#4 Stake
Account opening
5.0

Stake has a very simple and easy account opening process. It takes only a few minutes to open an account.
Pros Cons
Fast None
Fully digital
Low minimum deposit
Stake minimum deposit and time to open an account
Interactive Brokers Trading 212 Revolut Stake Passfolio
Minimum deposit $0 $1 $0 $50 $0
Time to open account 1-3 days 1 day 1 day 1 day 1 day

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#4 Stake
Deposit and withdrawal
3.7

You can top-up your account by bank transfer or credit/debit card in the case of AU clients. However, you can only withdraw your money in your local currency and you will be charged at deposit and withdrawal.
Pros Cons
Credit/Debit card available for AU, NZ customers Only one account base currency
$2 withdrawal fee
Stake withdrawal fee and options
Interactive Brokers Trading 212 Revolut Stake Passfolio
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No No No
Electronic wallets No Yes No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#4 Stake
Verdict

Stake's fees are great. Clients can execute an unlimited number of stock and ETF trades free of charge and the broker doesn't charge an inactivity fee. The account opening is easy, fully digital and fast. It provides straightforward and well-designed trading platforms.

Stake has some drawbacks though: there are only US stocks and ETFs. There is no live customer service (no phone or live chat support). There are no educational tools available.

Stake is a good choice if you want to trade US stocks and ETFs for free on an easy-to-use trading platform. 

Stake
Summary Stake is an Australia-based fintech startup that offers commission-free stock trading, regulated by the Australian Securities and Investment Commission (ASIC) and the FCA.
Fees score 4.8 stars
Recommended for Beginners and investors looking for free US stocks/ETFs and a simple, easy to use trading platform

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Passfolio Logo

#5 Best discount broker
Passfolio

4.3

Passfolio, a global zero-commission stockbroker, is a young and ambitious brokerage founded in 2018. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In addition to the top-tier regulation, clients also enjoy additional investor protection under the SIPC policy of Passfolio's clearing firm for up to an additional $30 million (with a cash sub-limit of $900,000 per account), subject to an aggregate limit of $150 million.

Although Passfolio is a global broker, there is a distinct focus on Brazilian customers, as evidenced by the fact that a good portion of the content it offers is available in Portuguese. 

Passfolio is considered safe because it is regulated by top-tier authorities and offers extra protection to investors. 

Recommended for beginners and long-term investors focusing on the us stock market

Pros Cons
Free US stock and ETF trading Limited product portfolio focusing on US markets
Great mobile platform Deposit is not user-friendly
Fast and fully digital account opening Missing web and desktop platforms

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#5 Passfolio
Fees
4.6

Passfolio's fees are highly attractive as trading in all assets except fro cryptos is free of charge, provided the value of the trade reaches $5. On the other hand, most withdrawal options are subject to a fee.
Pros Cons
Free stock and ETF trading for products priced above $5 None
No account opening and maintenance fees
Passfolio trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
US stock $1.0 $0.0 $1.0 $0.0 $0.0
UK stock $7.8 $0.0 - - -
EURUSD benchmark fee $7.4 $26.4 - - -
S&P 500 index CFD fee $2.8 $4.3 - - -
US Treasury bond $5.0 - - - -
US stock index options $6.5 - - - -
Mutual fund $15.0 - - - -
Passfolio non-trading fees
Interactive Brokers Trading 212 Revolut Stake Passfolio
Account fee No No No No No
Inactivity fee Yes No No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#5 Passfolio
Markets and products
2.0

In addition to cryptos, Passfolio offers stocks, ETFs, REITs and ADRs traded on US stock exchanges. Popular assets such as mutual funds, bonds and options are missing from the product portfolio.
Passfolio markets and products
Interactive Brokers Trading 212 Revolut Stake Passfolio
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes Yes No No No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes No No No
Crypto Yes Yes Yes No Yes

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#5 Passfolio
Account opening
5.0

When made on a mobile device, the account opening at Passfolio is super fast and fully digital. The validation time is a mere 15 minutes. On the other hand, experience shows that validation can run into issues on the computer.
Pros Cons
Fully digital Verification can be buggy on desktop
No minimum deposit
Verification in 15 minutes
Passfolio minimum deposit and time to open an account
Interactive Brokers Trading 212 Revolut Stake Passfolio
Minimum deposit $0 $1 $0 $50 $0
Time to open account 1-3 days 1 day 1 day 1 day 1 day

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#5 Passfolio
Deposit and withdrawal
1.5

Passfolio's deposit functions are numerous and they all come free of charge. On the other hand, withdrawal is not free and the process of depositing funds is complicated.
Pros Cons
No deposit fee Credit/Debit card not available
Only one account base currency
Not user-friendly
Passfolio withdrawal fee and options
Interactive Brokers Trading 212 Revolut Stake Passfolio
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No No No
Electronic wallets No Yes No No No
Withdrawal fee $0 $0 $0 $2 $0.25

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#5 Passfolio
Verdict

As an up-and-coming brokerage, the main attractive feature of Passfolio is its highly competitive fee structure. You can essentially trade free of charge with an amount exceeding $5, the deposit is free and the broker doesn't charge any account fees either. The mobile app is exceptionally user friendly and the account opening and validation was extremely fast.

On the negative side, the range of products is rather limited and customers have access solely to US markets (NYSE/NASDAQ). Depositing funds in your Passfolio account can prove to be a cumbersome process and all withdrawals carry a  price tag. Educational materials are pretty scarce, albeit some of high quality, and videos are only available in Portuguese.

Passfolio is ideal for non-U.S. investors looking for an easy-to-use platform to trade in US securities. 

 

Passfolio
Summary Passfolio is a US-based commission-free stockbroker focusing on Brazil. It is regulated by both FINRA and SEC, and is available globally for clients.
Fees score 4.6 stars
Recommended for Beginners and long-term investors focusing on the US stock market

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Best discount brokers
What makes a good discount broker?

You are probably curious how we came up with this list. To get a better understanding, let's discuss the following three points:

  1. What is a discount brokerage?
  2. Why do we think these brokers are safe?
  3. What were the most important factors when we picked the best discount brokers?

What is a discount broker?

A discount broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers can afford to charge lower fees, since, unlike full-service brokers, they usually don't provide extra services like research, personal investment advice, tax planning or robo-advisory.

Discount brokers first appeared along with the rise of online broker services. Many brokerage companies started to provide their service online and fully automated via online trading platforms. An online trading platform is basically a website where you can insert your own orders, and while you get customer support, the broker offers no investment advice.

The difference between full-service brokers and discount brokers has blurred somewhat in recent years. Discount brokers started to offer extra services as well, like research; while full-service brokers started to lower their fees. The traditional brokerage and wealth management industry is under fee pressure from increasingly cost-effective online broker companies.

Many US brokers have slashed their fees to zero and now promote commission-free trading , following in the footsteps of brokers such as Robinhood. Drawbacks for some of these commission-free brokers include the limited number of assets you can trade (for example, bonds are less likely to be offered), so some investors and traders still prefer traditional discount brokers, where order execution also tends to be better compared with zero-commission brokers.

Are these brokers safe?

These brokers are all considered safe.. They are regulated by at least one top-tier authority. We at BrokerChooser distinguish between mid-tier and top-tier regulators, based on various factors with the most important being the investor protection amount. It is very unlikely that you will run into severe problems, and even if you do, you are protected by a top-tier regulator.

How did BrokerChooser pick the best discount brokers?

We tested brokers based on more than 300 criteria, with a real account and real money. When we selected the best discount brokers, the primary selection criteria were fees. Importantly, we only included brokers where you can trade real stocks. This means that we excluded brokers where stocks were only offered through CFDs.

We calculated the rankings based on trading fees for all asset classes, such as stock fees; as well as fees not related to trading, such as withdrawal fees. We also assigned a higher score to brokers that offer a wide range of asset classes, because providing low fees in more than one asset class is not an easy job. Note that our maxium score is 5.0 and the minimum is 1.0.

Lastly, we incorporated additional criteria to measure the overall quality of the broker: if the account opening process, customer service and other aspects of the broker are high quality, they all boosted the overall score.

Best discount brokers
Bottom line

You saw the details, now let's zoom out. Here are the best discount brokers in 2021 for citizens in Australia:

Best discount brokers in 2021 for Australian citizens
Interactive Brokers Trading 212 Revolut Stake Passfolio
Fees score 4.2 stars 3.4 stars 4.8 stars 4.8 stars 4.6 stars
Stock and ETF fee scores 4.7 stars 5.0 stars 4.8 stars 5.0 stars 5.0 stars
Markets and products score 5.0 stars 3.7 stars 1.8 stars 1.6 stars 2.0 stars
Account opening score 3.4 stars 4.5 stars 5.0 stars 5.0 stars 5.0 stars
Deposit and withdrawal score 3.5 stars 4.3 stars 3.5 stars 3.7 stars 1.5 stars
Visit broker Visit broker
76% of retail CFD accounts lose money
Visit broker Visit broker Visit broker

Interactive Brokers is our winner, the best discount broker in Australia in 2021. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.

All of these brokers are considered a great choice. Pick the winner or any runner-up, and save a lot of money on fees. Let us know what you think in the comment section.

Still unsure? Check out our broker finder tool and find the best broker for you, or learn more about how to invest 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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