CMC Invest — Best Overall Investment Platform

⭐ Best Overall
4.9 Platform Score
4.5
4.2
4.5
Expert Verdict CMC Invest has earned its position as Australia's best overall investment platform through a combination of $0 brokerage on ASX trades, full CHESS sponsorship, and access to 16 international markets. Founded in 1989, CMC Markets brings over 30 years of experience to Australian investors seeking a comprehensive, low-cost platform with professional-grade research tools.
CMC Invest Desktop Interface
CMC Invest desktop platform with advanced charting and market research

Pros

  • $0 brokerage on ASX trades up to $1,000 per stock daily
  • CHESS-sponsored shares held in your name
  • $0 brokerage on US, UK, Canadian and Japanese stocks
  • Advanced charting with 80+ technical indicators
  • No minimum deposit requirement

Cons

  • 0.6% currency conversion fee on international trades
  • $11 brokerage on ASX trades over $1,000
  • Inactivity fee after 12 months

What Are the Fees for CMC Invest?

CMC Invest offers $0 brokerage on the first buy order per ASX stock per day (up to $1,000). Trades exceeding $1,000 cost $11 or 0.1%, whichever is greater. International trades on US, UK, Canadian, and Japanese markets are commission-free, though a 0.6% currency conversion spread applies when converting AUD. There are no account keeping fees, though an inactivity fee applies after 12 months without trading.

What Markets Can You Trade on CMC Invest?

CMC Invest provides access to 45,000+ stocks and ETFs across 16 global markets. Australian investors can trade ASX-listed shares, ETFs, mFunds, and options directly. International access includes NYSE, NASDAQ, LSE, TSX, and major European and Asian exchanges. The platform also offers access to CFD trading through a separate CMC Markets account for those seeking leveraged products.

Is CMC Invest Good for Beginners?

CMC Invest suits beginners well due to its intuitive interface, $0 minimum deposit, and free brokerage on smaller ASX trades. The platform includes educational resources, market research from in-house analysts, and Morningstar ratings to help new investors make informed decisions. However, complete beginners may find the range of features initially overwhelming compared to simpler apps like Stake or Superhero.

Who Is CMC Invest Best For?

CMC Invest is ideal for Australian investors who prioritise low-cost ASX trading with the security of CHESS sponsorship. It particularly suits investors making regular smaller purchases through dollar-cost averaging, those wanting international diversification without high fees, and intermediate investors seeking professional research tools alongside their trading.

eToro — Best for Beginners & Copy Trading

🏆 Best for Beginners
4.8 Platform Score
4.7
4.2
4.7
Expert Verdict eToro has built the world's largest social trading community with over 35 million registered users. The platform's CopyTrader feature allows beginners to automatically replicate the trades of experienced investors, making it an excellent entry point for those new to investing. While fees are higher than some competitors, the intuitive interface and educational resources justify the cost for many Australian beginners.
eToro Desktop Interface
eToro's social trading platform with CopyTrader functionality

Pros

  • CopyTrader lets you replicate experienced investors
  • Intuitive, beginner-friendly interface
  • Access to stocks, ETFs, crypto, forex, and commodities
  • $100,000 virtual demo account for practice
  • Extensive educational resources and community

Cons

  • 1.5% currency conversion fee (AUD to USD)
  • Custodian model -- no CHESS sponsorship
  • $5 withdrawal fee

What Are the Fees for eToro?

eToro charges $2 commission per side on stock trades and $0 on ETF trades. The primary cost consideration is the 1.5% currency conversion spread when depositing AUD (the platform operates in USD). This fee reduces to 0.75% for portfolios above $25,000 USD and is waived entirely above $250,000 USD through eToro Club tiers. Crypto trades incur a 1% fee plus spread. A $5 withdrawal fee applies to all withdrawals.

What Markets Can You Trade on eToro?

eToro offers access to 3,000+ stocks across 17 major exchanges including ASX, NYSE, NASDAQ, LSE, and HKEX. The platform also provides 260+ ETFs, 49 forex pairs, 40+ cryptocurrencies, and commodities like gold and oil. Unlike most competitors, eToro allows fractional share investing, meaning you can buy a portion of high-priced stocks like Amazon or Berkshire Hathaway with smaller amounts.

Is eToro Good for Beginners?

eToro excels for beginners thanks to its CopyTrader feature, which removes the complexity of stock selection by letting you mirror successful traders. The platform's social feed, $100,000 demo account, and extensive educational content help new investors learn while they trade. The interface is deliberately simplified compared to professional platforms, reducing the learning curve significantly.

Who Is eToro Best For?

eToro suits beginners who want to learn from experienced traders through copy trading, investors seeking a multi-asset platform covering stocks, crypto, and forex in one place, and those who value community features and social learning. It's less suited to cost-conscious investors making frequent trades or those requiring CHESS sponsorship for direct share ownership.

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CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 51% of retail CFD accounts lose money when trading CFD’s 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.

Interactive Brokers — Best for Advanced Investors

🔧 Best for Advanced
4.7 Platform Score
4.7
4
4.7
Expert Verdict Interactive Brokers (IBKR) offers institutional-grade trading infrastructure to retail investors, with access to 150+ markets across 33 countries. Founded in 1978 and listed on NASDAQ, IBKR provides the lowest fees at scale and the most sophisticated trading tools available. While the learning curve is steep, serious investors find unmatched value in the platform's depth and pricing.
Interactive Brokers Trader Workstation
Professional Trader Workstation with advanced order management

Pros

  • Access to 150+ global markets across 33 countries
  • Lowest currency conversion fees (0.002%)
  • Professional-grade Trader Workstation platform
  • CHESS sponsorship for ASX shares
  • Fractional shares and advanced order types

Cons

  • Complex interface with steep learning curve
  • ASX brokerage higher than budget platforms ($6 minimum)
  • Overwhelming for beginners

What Are the Fees for Interactive Brokers?

Interactive Brokers uses a tiered pricing model. ASX trades cost 0.08% with a $6 minimum and $29 maximum. US stocks cost US$0.005 per share with a US$1 minimum. The standout advantage is IBKR's currency conversion at just 0.002% (2 basis points) – dramatically lower than competitors charging 0.5-1.5%. This makes IBKR significantly cheaper for investors trading international stocks regularly.

What Markets Can You Trade on Interactive Brokers?

IBKR provides the broadest market access of any platform available to Australians, spanning 150+ markets including stocks, ETFs, options, futures, bonds, and forex across 33 countries. Beyond standard equity markets, traders can access options trading, futures contracts, and fixed income products. This comprehensive coverage suits investors seeking global diversification or niche market exposure.

Is Interactive Brokers Good for Beginners?

Interactive Brokers launched IBKR GlobalTrader, a simplified mobile app designed specifically for beginners. However, the full Trader Workstation platform remains complex and potentially overwhelming for new investors. Beginners should consider starting with simpler platforms like eToro or CMC Invest before graduating to IBKR as their knowledge and portfolio grow.

Who Is Interactive Brokers Best For?

Interactive Brokers suits active investors requiring professional tools, those trading significant volumes across international markets, and those seeking the lowest possible currency conversion costs. It's particularly valuable for day traders and options traders requiring advanced order types and direct market access. The platform rewards sophistication with unmatched pricing and capabilities.

Visit Interactive Brokers Read Full Review

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 62.5% of retail CFD accounts lose money when trading CFD’s 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.

moomoo — Best for Low-Cost Investing

💰 Best Value
4.6 Platform Score
4.2
4.6
4.2
Expert Verdict moomoo has rapidly established itself as a leading low-cost investment platform in Australia since launching in 2022. The platform combines competitive pricing ($3 ASX, US$0.99 US stocks) with advanced analytical tools typically found on professional platforms. CHESS sponsorship and a feature-rich mobile app make it attractive for cost-conscious investors who don't want to sacrifice functionality.
moomoo Desktop Platform
moomoo desktop with AI-powered stock analysis

Pros

  • $3 flat fee on ASX trades (CHESS sponsored)
  • US$0.99 on US stock trades
  • Advanced AI-powered analysis tools
  • Real-time market data included free
  • Paper trading for practice

Cons

  • No fractional shares currently available
  • Limited to ASX, US, and Hong Kong markets
  • Newer platform with shorter track record

What Are the Fees for moomoo?

moomoo charges $3 or 0.03% (whichever is greater) for ASX trades, making it one of the cheapest CHESS-sponsored options available. US stock trades cost just US$0.99 flat. Hong Kong trades cost HK$18. Currency conversion applies at approximately 0.5% when trading international stocks. There are no account fees, inactivity fees, or minimum deposit requirements, keeping overall costs low for casual investors.

What Markets Can You Trade on moomoo?

moomoo provides access to Australian (ASX and CBOE), US (NYSE, NASDAQ, AMEX), and Hong Kong (HKEX) markets. The platform supports stocks, ETFs, and US options trading. While the market range is narrower than CMC Invest or Interactive Brokers, it covers the primary markets most Australian investors focus on. Access to China A-Shares through Hong Kong Stock Connect adds emerging market exposure.

Is moomoo Good for Beginners?

moomoo offers an interesting balance for beginners – the app is visually intuitive, but the depth of analytical tools can feel overwhelming initially. The paper trading feature allows beginners to practice without risking real money. Educational resources include courses, webinars, and community discussions. Beginners focused primarily on ASX investing will find moomoo accessible, though complete novices may prefer eToro's simpler approach.

Who Is moomoo Best For?

moomoo suits cost-conscious investors wanting CHESS-sponsored ASX trading at $3 per trade, those seeking professional analysis tools without premium pricing, and investors interested in US and Hong Kong markets alongside Australian shares. It's particularly strong for investors who appreciate detailed stock research and charting capabilities but want to avoid the complexity of Interactive Brokers.

Visit moomoo Read Full Review

Trading and investing involve risk. The value of your investments can go up or down, and you may lose all or part of your capital. These products may not be suitable for all investors. Please ensure you fully understand the risks involved.

Stake — Best for US Stocks

🇺🇸 Best for US
4.5 Platform Score
3
2.8
3
Expert Verdict Sydney-based Stake launched in 2017 with a singular focus: making US stock investing simple and affordable for Australians. The platform has since expanded to include ASX trading with CHESS sponsorship, but its strength remains providing streamlined access to Wall Street. The clean interface strips away complexity, making it ideal for investors who want straightforward US market exposure.
Stake Desktop Platform
Stake's streamlined interface focused on US stock investing

Pros

  • Simple, intuitive interface focused on US stocks
  • CHESS sponsorship for ASX shares
  • $3 flat brokerage on ASX and US trades
  • Australian-owned and operated (Sydney HQ)
  • SIPC protection up to US$500,000 on US holdings

Cons

  • 0.7% currency conversion fee
  • Limited to ASX and US markets only
  • Fewer research tools than competitors

What Are the Fees for Stake?

Stake charges $3 flat brokerage on ASX trades up to $30,000 (0.01% above that). US trades also cost US$3 flat. Currency conversion applies at 0.7% when funding your US account. No account fees or inactivity fees apply. Stake Black membership ($9/month) provides benefits including reduced FX rates and priority support, but most casual investors won't need it.

What Markets Can You Trade on Stake?

Stake focuses exclusively on Australian (ASX) and US (NYSE, NASDAQ, AMEX, CBOE) markets. While this is narrower than multi-market platforms, it covers the two markets most Australian investors prioritise. The platform offers stocks, ETFs, and ADRs (American Depositary Receipts) for international company exposure through US listings.

Is Stake Good for Beginners?

Stake's simplified interface makes it excellent for beginners who find feature-rich platforms overwhelming. The app deliberately removes complexity, focusing on core buying and selling functionality. However, limited research tools mean beginners may need to conduct analysis elsewhere. Those wanting educational content or copy trading features should consider eToro instead.

Who Is Stake Best For?

Stake suits Australian investors primarily interested in building US stock portfolios with minimal complexity. It's ideal for buy-and-hold investors who don't need advanced charting, those who appreciate Australian ownership and local support, and investors who want CHESS sponsorship for their ASX holdings while accessing Wall Street through a single platform.

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Trading and investing involve risk. The value of your investments can go up or down, and you may lose all or part of your capital. These products may not be suitable for all investors. Please ensure you fully understand the risks involved.

Pepperstone — Best for CFD & Forex Trading

📉 Best for CFDs
4.5 Platform Score
4.6
4.2
4.6
Expert Verdict Melbourne-headquartered Pepperstone has built a global reputation for ultra-tight spreads and lightning-fast execution, processing trades in an average of 30 milliseconds. While the platform focuses on forex and CFD trading rather than direct share ownership, it offers the ideal environment for Australians seeking leveraged trading on currencies, indices, commodities, and share CFDs.
Pepperstone MetaTrader Platform
Pepperstone MetaTrader 5 with professional forex trading tools

Pros

  • Raw spreads from 0.0 pips on Razor account
  • Fast execution (30ms average)
  • Melbourne headquarters with local support
  • MetaTrader 4, MetaTrader 5, cTrader, and TradingView
  • No minimum deposit requirement

Cons

  • CFD-only -- no direct share ownership
  • Not suitable for long-term share investing
  • Leveraged products carry higher risk

What Are the Fees for Pepperstone?

Pepperstone offers two account types. The Razor account provides raw spreads from 0.0 pips with a $7 round-turn commission per standard lot. The Standard account includes spreads from 1.0 pips with no commission. There are no deposit fees, withdrawal fees, or inactivity fees. Currency commodity trading like gold benefits from tight spreads and swap-free options available.

What Markets Can You Trade on Pepperstone?

Pepperstone provides CFD access to 90+ forex pairs, 28 major indices, 1,200+ share CFDs (including ASX 200 constituents), commodities (gold, silver, oil), and cryptocurrency CFDs. The platform doesn't offer direct share ownership – all positions are contracts for difference. This suits traders seeking leveraged exposure rather than investors building long-term portfolios.

Is Pepperstone Good for Beginners?

Pepperstone's platforms (particularly MetaTrader) have steeper learning curves than stock trading apps. While the broker offers educational resources and demo accounts, CFD trading itself carries higher risk due to leverage. Beginners interested in forex or CFDs should start with extensive demo practice and small position sizes. Those seeking straightforward share investing should look elsewhere.

Who Is Pepperstone Best For?

Pepperstone excels for active forex traders requiring tight spreads and fast execution, CFD traders wanting leveraged exposure to indices and commodities, and algorithmic traders using MetaTrader Expert Advisors or cTrader cBots. The Melbourne headquarters provides reassurance for Australian traders valuing local regulation and support.

Visit Pepperstone Read Full Review

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 73% of retail CFD accounts lose money when trading CFD’s 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.

IG Australia — Best for Market Range

🌍 Best Range
4.4 Platform Score
4.6
4
4.6
Expert Verdict IG Australia is the local arm of IG Group, a London-based broker with over 50 years of history. The platform offers both direct share trading (with CHESS sponsorship) and CFD trading across 17,000+ markets – the widest range available to Australian retail investors. This combination of established trust and comprehensive market access makes IG suitable for diverse investment strategies.
IG Australia Desktop Platform
IG platform with ProRealTime advanced charting

Pros

  • 17,000+ markets available
  • 50+ years of operating history
  • CHESS-sponsored ASX share trading
  • $0 brokerage on US shares (0.7% FX spread)
  • Professional-grade ProRealTime charting

Cons

  • ASX brokerage higher than budget platforms ($8+)
  • $18/month inactivity fee after 24 months
  • Platform can feel complex for simple trades

What Are the Fees for IG Australia?

IG charges $8 or 0.1% (whichever is greater) for ASX share trades, reducing to $5 or 0.05% after three trades per month. US share trades are commission-free with a 0.7% currency conversion spread. CFD trading involves spreads starting from 0.6 points on major forex pairs. ProRealTime advanced charting costs $40/month but is rebated with four or more trades. An $18 monthly inactivity fee applies after 24 months without trading.

What Markets Can You Trade on IG Australia?

IG provides the broadest market access in Australia: direct share trading on ASX and 12 international exchanges, plus CFDs on 17,000+ markets including forex, indices, commodities, cryptocurrencies, bonds, and interest rates. This comprehensive coverage suits investors wanting to short sell stocks like Tesla through CFDs or access niche markets unavailable elsewhere.

Is IG Australia Good for Beginners?

IG's comprehensive offering can overwhelm beginners, though the platform includes IG Academy educational content and demo accounts. The share trading interface is more intuitive than the CFD platform. Beginners focused solely on ASX investing may find simpler platforms like CMC Invest or Stake more accessible. However, those planning to explore multiple markets over time may appreciate growing into IG's capabilities.

Who Is IG Australia Best For?

IG Australia suits experienced investors wanting comprehensive market access from a single platform, those combining direct share ownership with CFD trading strategies, and those valuing the security of a 50-year-old publicly listed broker. The platform particularly appeals to traders seeking exposure to markets (bonds, rates, exotic forex) unavailable on competitor platforms.

Visit IG Australia Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Scorecard comparing ratings of the best investment platforms in Australia 2026
Scorecard comparing ratings of the best investment platforms in Australia 2026

What Is CHESS Sponsorship and Why Does It Matter?

CHESS (Clearing House Electronic Subregister System) is the ASX’s electronic system for recording share ownership in Australia. When a platform offers CHESS sponsorship, your shares are registered directly in your name on the ASX subregister, identified by your personal Holder Identification Number (HIN). This provides a crucial layer of protection that custodian models don’t offer.

What Is the Difference Between CHESS and Custodian Models?

Under CHESS sponsorship, the ASX maintains a record showing you as the legal owner of your shares. If your broker fails, your shares remain yours – they’re simply transferred to another CHESS-sponsored broker. Under custodian models (used by eToro and Superhero), shares are held in the broker’s name on your behalf. While regulated brokers must keep records of beneficial ownership, the shares technically belong to the broker’s omnibus account.

For most investors, CHESS sponsorship provides peace of mind. You receive holding statements directly from share registries, can vote in shareholder meetings, and maintain ownership proof independent of your broker. Custodian models can offer benefits (faster settlement, fractional shares), but the trade-off is reduced direct ownership visibility.

CHESS vs Custodian Model Comparison Visual comparison showing how share ownership works under CHESS sponsorship versus custodian models in Australia CHESS vs Custodian: How Share Ownership Works CHESS SPONSORED YOU (Investor) Your Personal HIN (Holder Identification Number) ASX CHESS Registry Shares in YOUR name CUSTODIAN MODEL YOU (Investor) Broker’s Omnibus Account (Shares pooled together) ASX CHESS Registry Shares in BROKER’S name

Which Platforms Offer CHESS Sponsorship?

Among the platforms reviewed, CMC Invest, Interactive Brokers, moomoo, Stake, and IG Australia all provide CHESS sponsorship for ASX shares. eToro uses a custodian model globally. Pepperstone doesn’t offer direct share ownership (CFDs only). When choosing a platform, consider whether CHESS sponsorship matters for your investment approach – long-term investors typically prioritise it more than active traders.

How Do You Choose an Investment Platform in Australia?

Selecting the right platform requires matching your investing style, budget, and goals to platform strengths. A beginner making occasional ASX purchases has different needs than an active trader executing daily US stock trades. Consider these factors systematically before committing.

What Fees Should You Compare When Choosing a Platform?

Look beyond headline brokerage rates to understand total costs. Key fees include brokerage per trade, currency conversion spreads (critical for international investing), account fees, inactivity fees, and withdrawal charges. A platform advertising $0 US brokerage but charging 1.5% currency conversion may cost more than one charging $3 with 0.5% conversion, depending on your trade sizes and frequency.

For ASX-focused investors, CMC Invest’s $0 brokerage on trades under $1,000 provides unmatched value. International investors should calculate total costs including FX spreads – Interactive Brokers’ institutional FX rates make it cheapest at scale. Commodities traders should compare CFD spreads across Pepperstone, IG, and CMC Markets’ CFD platform.

What Features Matter Most for Your Investing Style?

Match platform features to your approach. Buy-and-hold investors need CHESS sponsorship and low brokerage – CMC Invest or Stake suit well. Active traders require fast execution, advanced charting, and diverse order types – Interactive Brokers or Pepperstone excel here. Social investors wanting community features and copy trading should choose eToro. Research your specific needs before being swayed by features you won’t use.

What Are the Tax Implications of Investing in Australia?

Investment profits in Australia attract tax obligations that vary based on how the ATO classifies your activity. Understanding these implications helps you structure your investing appropriately and avoid surprises at tax time.

How Does the ATO Classify Investment Profits?

The ATO distinguishes between investors and traders. Investors buy shares for long-term growth and dividend income – profits are taxed under Capital Gains Tax (CGT) rules, with a 50% discount available for assets held over 12 months. Traders carry on a business of buying and selling – profits become ordinary income without the CGT discount, but trading expenses become deductible.

Most casual investors fall into the investor category. The ATO considers factors including trading frequency, purpose (income vs growth), expertise, and time spent. CFD profits are typically treated as being “on revenue account” regardless of holding period, meaning no CGT discount applies. Consult a tax professional if your classification is unclear.

Can You Claim Investment Losses on Your Tax Return?

For investors, capital losses can only offset capital gains – not other income like salary. Unused capital losses carry forward indefinitely until you have capital gains to offset. For traders classified as carrying on a business, trading losses may be deductible against other income, subject to non-commercial loss rules. Keep detailed records of all transactions, as your broker’s annual statements are essential for accurate tax reporting.

Final Thoughts

Australia’s investment platform landscape offers excellent options across all experience levels and investing styles. CMC Invest stands out as the best overall choice, combining $0 ASX brokerage with CHESS sponsorship and comprehensive international access. eToro remains unmatched for beginners wanting copy trading features, while Interactive Brokers provides the professional infrastructure serious investors demand.

Your choice should reflect your actual investing behaviour rather than theoretical needs. A beginner planning occasional ASX purchases doesn’t need Interactive Brokers’ complexity. An active international investor shouldn’t accept eToro’s 1.5% currency conversion. Match the platform to your current needs while considering where your investing journey might lead – some platforms, like IG Australia, offer room to grow into more sophisticated strategies over time.

FAQs

What is the best investment platform in Australia for beginners?

eToro is the best platform for beginners due to its intuitive interface, CopyTrader feature allowing you to replicate experienced investors, and extensive educational resources. CMC Invest is an excellent alternative for beginners focused specifically on ASX investing, with $0 brokerage on trades under $1,000.

What is the cheapest investment platform in Australia?

CMC Invest offers the cheapest ASX investing with $0 brokerage on your first buy order per stock per day (up to $1,000). For US stocks, Interactive Brokers provides the lowest all-in costs when accounting for currency conversion, charging just 0.002% FX spread compared to competitors’ 0.5-1.5%.

Is eToro safe for Australian investors?

Yes, eToro is regulated by ASIC (AFSL 491139) and must comply with Australian financial services laws including client fund segregation. The platform has operated since 2007 with over 35 million users globally. However, eToro uses a custodian model rather than CHESS sponsorship, meaning shares are held in the broker’s name.

Do I need a minimum amount to start investing in Australia?

Most platforms have no minimum deposit – CMC Invest, Interactive Brokers, moomoo, Stake, Pepperstone, and IG Australia all allow $0 minimum deposits. eToro requires $50 USD. The ASX requires a $500 minimum for your first purchase of any CHESS-sponsored security (Minimum Marketable Parcel rule).

What is CHESS sponsorship and do I need it?

CHESS sponsorship means your shares are registered in your name on the ASX subregister via your personal HIN (Holder Identification Number). If your broker fails, CHESS-sponsored shares remain yours. Long-term investors typically value this protection. Active traders or those using custodian-only platforms like eToro may prioritise other features instead.

Do you pay tax on investment profits in Australia?

Yes, investment profits are taxable. Most investors pay Capital Gains Tax, with a 50% discount for shares held over 12 months. Active traders classified as running a business pay ordinary income tax without CGT discount but can deduct trading expenses. CFD profits are typically taxed as income. Keep detailed records and consult a tax professional for your specific situation.

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