Best Online Broker Australia 2026: CommSec vs Stake vs Pearler Fees Compared

Last updated: October 2026 | SeaMoneyTips

Quick Answer: Which Broker Is Cheapest?

For most people buying ASX shares or ETFs in small parcels, Stake is the cheapest option at A$3 per trade, followed by CommSec at A$5 for trades up to A$1,000. Pearler charges A$6.50, Selfwealth charges A$9.50 flat, and CMC Invest charges A$11.00 or 0.10%, whichever is greater, on standard accounts.

The ranking flips depending on how much you invest per trade. Someone buying A$2,000 parcels pays A$10 at CommSec and A$3 at Stake, a difference of A$84 a year across 12 monthly buys. This guide compares the five best online broker Australia options that people actually shortlist, using fee schedules published on each provider's own website in October 2026.

Best Online Broker Australia: Fees Compared

All figures below are for online orders on ASX-listed shares and ETFs, checked directly against each provider's published fee page in October 2026. Always reconfirm on the provider site before you open an account, because brokerage changes with promotions and product tiers.

Two details in that table are easy to miss. First, the CommSec A$5 tier only applies when you settle into a CommSec Direct Investment Account or a CommSec margin loan. Settle into an external bank account and the rate becomes A$29.95 for trades up to A$9,999.99 and 0.31% above that, which changes the comparison completely.

Second, CMC Invest's A$11.00 or 0.10% is a "greater of" rule. You pay A$11 on any trade below A$11,000 and 0.10% above it, so the fee only becomes proportional once you are trading five figures at a time.

The Break-Even Trade Size Nobody Advertises

Comparing headline rates tells you very little. What matters is the trade size where one broker becomes cheaper than another, because that determines your annual cost.

CommSec and CMC Invest cross over at A$3,000. Below it, the CommSec A$10 tier is cheaper than the flat A$11. Above it, CommSec jumps to A$19.95 while CMC stays at A$11 until the 0.10% rule takes over at A$11,000.

Pearler beats CommSec on every trade above A$1,000. At A$1,500, CommSec charges A$10 and Pearler charges A$6.50. From A$25,000 upward, the CommSec 0.12% rate means A$30 or more while Pearler still charges A$6.50 per order.

Stake wins on brokerage almost everywhere, because A$3 flat undercuts every tiered minimum in the market. Its only real challenger is CommSec at A$5 on trades under A$1,000, and even there Stake is cheaper.

Worked example: A$1,000 a month versus A$2,000 a month

Suppose you buy once a month for a year, so 12 orders. At A$1,000 per order, your annual brokerage is A$36 at Stake, A$60 at CommSec, A$66 at Pearler with prepaid trades, A$114 at Selfwealth and A$132 at CMC Invest.

Double the parcel to A$2,000 and Stake is still A$36, while CommSec moves into its A$10 tier for A$120. Now consider a frequent trader placing four A$1,500 orders a month, 48 orders a year. Stake costs A$144 and CommSec costs A$480. That A$336 gap is real money, and it compounds because every dollar paid in brokerage is a dollar that never gets invested.

As a share of your portfolio the drag looks like this. A$36 a year on a A$12,000 portfolio is 0.30%. On a A$50,000 portfolio it is 0.07%. Small, frequent trades punish expensive brokers far more than large, infrequent ones.

CHESS Sponsorship versus Custodial: Why It Matters More Than A$1 of Brokerage

CHESS is the ASX's electronic settlement system. In a CHESS-sponsored account, shares are registered in your name with a Holder Identification Number that belongs to you. If the broker collapses, your holdings are still yours and can be transferred elsewhere.

In a custodial account, the broker or its nominee holds the shares and your name appears only on the broker's internal records. That is usually fine in practice, but your access depends on the broker's systems, its administration and its insolvency arrangements.

Stake, Pearler and Selfwealth all state that their ASX accounts are CHESS-sponsored. CommSec operates through its Direct Investment Account, which is also CHESS-based. CMC Invest's structure should be confirmed in the Product Disclosure Statement at account opening rather than assumed.

The practical test is one question: "Will my shares be held under my own HIN?" If the answer is no or unclear, you are in a custodial arrangement, and that should weigh more heavily than saving A$2 on a trade.

Buying US Shares From Australia: The FX Cost Beats Brokerage

Most Australian investors eventually want US exposure, and this is where fee comparisons get misleading. Brokerage on US shares is often zero or close to it. The cost that actually matters is the foreign exchange spread.

CMC Invest advertises A$0 brokerage on US, UK, Canada and Japan listed shares and ETFs, with FX spreads applying to every international order. Stake charges US$3 per US trade plus an FX fee of 55 basis points when you convert Australian dollars. On a US$10,000 purchase, 55 basis points is US$55, roughly A$80 at recent rates. That is more than 18 times the brokerage on the same trade.

A 55 basis point spread on A$50,000 of US shares costs about A$275, which is more than a decade of ASX brokerage at Stake's rate. A broker quoting 60 basis points instead of 40 is charging A$100 more per A$50,000 converted, so compare spreads before you compare US brokerage.

Two other costs belong in the same calculation. US shares held by Australian residents can be exposed to US estate tax rules above certain thresholds, and dividends face US withholding tax with a reduced treaty rate when you file the correct form. Australian tax residents also pay capital gains tax on disposal, with a 50% discount for individuals holding more than 12 months. Confirm your own position with the ATO or a registered tax agent.

What to Check Before You Open an Account

Fees are the starting point, not the whole decision. Choosing the best online broker Australia offers comes down to six checks, and every one of them is worth more than a dollar of brokerage.

1. Confirm the settlement structure - ask whether the ASX account is CHESS-sponsored and get it in writing.
2. Check whether quoted fees include GST - some providers quote GST-inclusive brokerage, others do not.
3. Compare the FX spread, not just US brokerage - ask for the exact spread in basis points and whether it is built into the exchange rate.
4. Read the inactivity and account fees - a cheap per-trade rate means nothing if a monthly platform fee is attached.
5. Check the minimum trade size - some platforms impose a minimum order value that rules out small parcels.
6. Test the tax reporting - confirm you can export a full transaction history for your annual return, including dividend statements.

What You Get Beyond the Fee Schedule

Every platform on this list executes the same ASX order at the same market price, so the product difference sits in everything around the trade. CommSec includes bank-grade research, company announcements and a CDIA that pays interest on uninvested cash, which is why many long-term investors accept its higher brokerage. Stake and Pearler compete on user interface and on speed of getting from a watchlist to a settled holding.

Selfwealth adds community portfolios and model holdings by well-known Australian investors, which some buyers find useful for idea generation. Pearler leans hardest into automation, letting you set a recurring buy so the decision is removed from your month entirely. CMC Invest bundles access to 15 international markets in one account, which is the main reason to pay its higher ASX rate.

If you are still building the habit, the platform that makes buying automatic will beat the platform that saves you A$3. The best online broker Australia comparison tables rarely say this, because automation does not sell accounts. Paying A$6.50 automatically every month for 20 years beats paying A$3 whenever you remember.

FAQ

Key Takeaways

• Stake is cheapest per ASX trade at A$3, and the gap widens with frequent trading.
• CommSec only wins on price for trades up to A$1,000 settled into a CommSec account.
• The CommSec and CMC Invest cost curves cross at A$3,000 per trade.
• CHESS sponsorship protects your ownership if the broker fails, and it costs nothing extra.
• On US shares the FX spread is 15 to 20 times the brokerage, so compare spreads first.

Conclusion

The best online broker Australia offers for monthly parcels is Stake on pure cost, with Pearler a close second once you value prepaid discounts and a cleaner interface. CommSec makes sense if you want everything inside your banking app and you trade in small amounts. Selfwealth and CMC Invest suit investors placing large, infrequent orders where flat or percentage fees stop mattering.

The broker you pick matters far less than the habit of investing regularly and keeping costs below roughly 0.20% of your portfolio each year. If you are still structuring your accounts, read our guide to term deposit rates in Australia for the cash side of your plan, compare high interest savings accounts for your emergency fund, and see how Australian superannuation fits alongside your share portfolio.

This article is for general information only and is not financial, tax or legal advice. Brokerage rates, spreads and promotions change without notice. Confirm current fees with the provider and check official guidance from Moneysmart on how to buy and sell shares and Moneysmart on investment platforms before acting.

Related: Best Term Deposit Rates Australia 2026 | Superannuation Australia 2026 | Best High Interest Savings Accounts Australia 2026