Cheapest Trading Platforms in Australia: Top Picks to Save on Fees

Whether you’re just starting or you’ve been investing for years, one thing every Australian trader can agree on is this: fees eat into your returns. Choosing the cheapest trading platform in Australia that still delivers quality tools, security, and a wide range of assets can make a meaningful difference to your bottom line over time.

This guide breaks down the top picks, what to look for, hidden costs to avoid, and practical tips to keep your trading costs as low as possible.

1. Why Fees Matter When Choosing a Trading Platform in Australia

It might not seem like much — a $10 brokerage fee here, a small currency conversion charge there — but those costs compound quickly. If you’re making regular trades or managing a growing portfolio, even a 0.1% difference in fees can add up to hundreds or thousands of dollars annually.

For Australian traders, the landscape has improved dramatically over the past few years. Competition among platforms has driven down fees, and some now offer zero-commission trading on certain asset classes. That said, “cheapest” doesn’t always mean “best value” — you need to weigh cost against features, regulation, and reliability.

2. What to Look for in a Cheap Online Trading Platform in Australia

Before you sign up for the platform with the lowest headline fee, here’s what you should actually be evaluating:

• Brokerage or commission fees – The cost per trade, whether fixed or percentage-based.
• Spreads – For CFD and forex trading, the spread (difference between the buy and sell prices) is often how the platform makes money rather than charging a commission.
• Account fees – Some platforms charge monthly or annual account maintenance fees.
• Inactivity fees – If you don’t trade for a set period, some platforms will charge you.
• Deposit and withdrawal fees – Check whether the platform charges fees for funding your account or withdrawing funds.
• Currency conversion fees – Relevant if you’re trading international assets.
• Regulatory protection – A cheap platform is useless if it’s not properly regulated. Always look for ASIC authorization.

3. The Cheapest Share Trading Platforms in Australia Compared

Here’s a quick comparison of some popular platforms available to Australian traders:

Note: Fee structures change regularly. Always verify the latest fees directly on the platform’s website before opening an account.

4. Top 7 Cheapest Stock Trading Platforms in Australia

1. Mitrade – Best for CFD & Multi-Asset Trading with No Commission

Mitrade is a standout choice for Australians who want access to a wide range of markets, including shares, indices, forex trading, commodities like gold trading, and even crypto like bitcoin. That’s all without paying commissions.

Mitrade operates on a spread-based model, meaning there are no fixed brokerage fees per trade. It’s ASIC-regulated (AFSL 398528), offers negative balance protection, and keeps client funds in segregated trust accounts. The minimum deposit is just $100 AUD, and withdrawals start from $20 AUD with no fees charged by Mitrade.

For traders interested in CFD trading or those who want a versatile best trading platform that covers multiple asset classes in a single account, Mitrade is a highly competitive and affordable option.

Best for: Multi-asset CFD traders, forex traders, gold traders, and crypto enthusiasts.

2. Superhero – Best for Low-Cost ASX Trading

Superhero is one of the cheapest share trading platforms in Australia for ASX-listed stocks, charging just $2 per trade. US stocks are commission-free (currency conversion fees apply). It’s a clean, simple app ideal for buy-and-hold investors.

Best for: Beginner ASX investors.

3. CommSec Pocket – Best for Micro-Investors

Offered by the Commonwealth Bank, CommSec Pocket charges $2 for trades under $1,000 and 0.2% for larger amounts. It offers a small selection of ETFs, making it ideal for those just starting out with small amounts.

Best for: Micro-investors and ETF beginners.

4. SelfWealth – Best Flat-Fee for Larger Trades

At $9.50 per trade, regardless of size, SelfWealth is an excellent value for investors making larger transactions. There are no monthly fees, and it offers both ASX and US market access.

Best for: Active investors making medium-to-large trades.

5. Stake – Best for US Stock Trading

Stake focuses on US stocks and charges $3 USD per trade (or offers a premium plan). It’s a popular choice for Australians wanting access to NYSE and NASDAQ-listed companies at a low cost.

Best for: Australians interested in US equities.

6. eToro – Best for Social & Zero-Commission Stock Trading

eToro offers zero-commission stock trading (though you’ll need a USD account and currency conversion applies). It also features a social trading element where you can copy experienced traders. Note that an inactivity fee applies if your account is dormant.

Best for: Social traders and those wanting to copy expert strategies.

7. Pearler – Best for Long-Term, Auto-Invest Strategies

Pearler charges $6.50 per trade and is designed specifically for long-term, passive investors. Its auto-invest feature lets you set up recurring purchases, making it great for dollar-cost averaging strategies.

Best for: Long-term, set-and-forget investors.

5. Hidden Fees to Watch Out for on Budget Trading Platforms

Even the cheapest online trading platform in Australia can hit you with unexpected charges. Here’s what to keep an eye on:

• Currency conversion fees – Buying US stocks from an AUD account often incurs a 0.5%–1% conversion fee. This can dwarf any brokerage savings.
• Inactivity fees – Some platforms charge monthly fees if you don’t trade. eToro, for example, charges USD $10/month after 12 months of inactivity.
• Overnight financing charges (CFDs) – If you hold CFD positions overnight, you’ll typically pay a daily financing fee. This is standard across all CFD platforms.
• Withdrawal fees – While Mitrade does not charge withdrawal fees, some platforms do. Always check before signing up.
• Data or platform subscription fees – Some platforms charge for premium charting tools or real-time market data.
• Transfer-out fees – Moving your portfolio from one broker to another (CHESS-sponsored transfers) can sometimes cost $50–$55 per holding.

6. Who Are the Cheapest Trading Platforms Best Suited For?

Different platforms suit different trading styles and goals:

If you’re looking for the best CFD trading platform Australia that covers everything from shares and indices to forex trading Australia and commodities, Mitrade’s all-in-one model is hard to beat on cost.

7. Tips to Keep Your Trading Costs as Low as Possible

Here are some practical ways to reduce what you pay in fees:

1. Choose a spread-based platform for frequent trading – Platforms like Mitrade charge no commission, so costs are built into the spread rather than charged per transaction.
2. Consolidate your trades – Instead of making multiple small purchases, batch your orders to reduce per-trade fees on traditional brokers.
3. Use limit orders – These help you control the exact price you trade at, reducing the impact of slippage.
4. Avoid currency conversion where possible – If you trade international assets regularly, consider a platform that lets you hold foreign currency.
5. Stay active to avoid inactivity fees – If a platform charges inactivity fees, make at least one trade per period to avoid them.
6. Verify your payment methods early – On platforms like Mitrade, having a fully verified payment method speeds up withdrawals and avoids potential delays or issues.
7. Compare the total cost, not just brokerage – A $2 trade with a 1% currency conversion on a $5,000 trade costs $50 in conversion alone. Always look at the full picture.

8. Final Verdict: Which Is the Cheapest Trading Platform in Australia for You?

There’s no single answer — it depends on what you’re trading and how often.

• For ASX shares on a budget: Superhero ($2/trade) or CommSec Pocket ($2 under $1,000) are hard to beat.
• For US stocks, Stake or eToro offer competitive pricing.
• For multi-asset, commission-free CFD trading, Mitrade stands out for no brokerage fees, no deposit or withdrawal fees (Mitrade’s side), a $100 AUD minimum deposit, and ASIC regulation. Whether you want to trade gold, access forex trading platforms, or explore the best platform to buy bitcoin, it’s a genuinely versatile and affordable option.

The bottom line: identify your trading style, calculate the true all-in cost, and choose a platform that’s regulated, reliable, and fits your budget.

Frequently Asked Questions (FAQ)

Q1: What is the cheapest trading platform in Australia overall?

It depends on the asset class. For ASX shares, Superhero ($ 2 per trade) is among the cheapest. For commission-free CFD trading across multiple markets, including forex, gold, indices, and crypto, Mitrade is one of the most cost-effective options, charging no commissions or account fees, with costs built into floating spreads.

Q2: Does Mitrade charge any fees for deposits or withdrawals?

Mitrade does not charge fees for deposits or withdrawals on its end. However, your bank or payment provider may apply their own service fees. The minimum deposit is $100 AUD, and the minimum withdrawal is $20 AUD. Withdrawal requests are typically processed within 24 hours.

Q3: Is it safe to use a cheap trading platform in Australia?

Yes — as long as the platform is ASIC-regulated. Always verify a platform’s Australian Financial Services License (AFSL) before depositing money. Mitrade, for example, is regulated by ASIC (AFSL 398528) and keeps retail client funds in segregated trust accounts, providing strong protection even in the event of insolvency.

Q4: Are there hidden fees on budget trading platforms I should know about?

Absolutely. Common hidden costs include currency conversion fees, overnight financing charges (for CFDs), inactivity fees, and platform subscription fees. Always read the full fee schedule before opening an account, and calculate the total cost per trade — not just the headline brokerage rate.

Q5: Can I trade multiple asset classes on a single cheap platform?

Yes. Platforms like Mitrade let you trade forex, gold, shares, indices, and crypto all from a single account with no commissions. This makes it one of the most versatile and cost-efficient options for Australian traders who want diversified exposure without juggling multiple accounts.

CFD trading involves significant risk of loss. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Always trade responsibly.

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