Popular American broker Robinhood is known for being the low-cost app of choice among millennial traders. It may well be the most widely recognised online broker today, thanks to its role in popularising zero-brokerage trading.
The only problem is Australians can't use it. Despite being regularly cited in the media, the app has not launched in Australia and Robinhood has not announced any plans to do so.
So we've created a list alternative platforms to Robinhood that offer the same low or zero brokerage fees for US stocks.
Our top pick for
24/5 trading
Our top pick for
Copy trading
Our top pick for
Mobile app
We've judged eToro to be the best overall broker due to:
eToro may well be the closest app to Robinhood that we have available. Like Robinhood, it's a low-cost platform angled at the next generation of traders. eToro also allows you to trade a mix of stocks, commodities and currencies using leverage.
Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.
Like Robinhood, IG offers zero brokerage trading for US stocks and ETFs, but it goes a step further and adds an international offering. It provides access to stock markets in Australia, Germany, Ireland and the UK. Users can also trade forex, cryptocurrencies and commodities using IG's platform.
If you're looking for low fees, CMC has you covered. It has some of the lowest fees in Australia for both global and Australian (CHESS-sponsored) shares. With CMC's stock trading account, you get zero brokerage fees on stocks and ETFs from the US, the UK, Canada and Japan, although like most platforms, you do pay a small currency conversion fee. Australian shares start at $0 brokerage for trades of up to $1,000.
Like Robinhood, Webull is hugely popular in the US thanks to its low costs and relatively easy-to-use platform. Having launched in Australia in late 2022, the online broker offers US, Australian and Hong Kong stocks and ETFs plus US options.
Saxo Invested has one of the biggest global stock offerings in Australia, with users able to trade on more than 40 global exchanges. Similar to Robinhood, you can trade a mix of stocks (including options), ETFs, forex, commodities and cryptocurrency markets.
Stake is Australia's first zero brokerage trading app for US-listed stocks. Users can trade thousands of stocks and ETFs listed on the NYSE and Nasdaq on their mobile or desktop. Unlike Robinhood, it doesn't allow trading with leverage and users don't have access to other assets such as forex or cryptocurrency.
Selfwealth is not the cheapest for US stocks, but it distinguishes itself by offering a flat $9.50 brokerage fee for CHESS-sponsored ASX stocks. Selfwealth doesn't offer leveraged options such as CFDs or forex. However, it comes with solid stock research and portfolio tools, making it suited to long-term investors.
Not what you're after? You can compare other share trading platforms in the table below.
Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
Robinhood and market update
CHESS sponsorship allows you to directly own ASX listed shares in your own name, but it comes with some drawbacks. Find out if it's right for you.
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