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Alternatives to Robinhood in Australia
You can't access Robinhood in Australia, so here are 7 low-cost alternatives to trade US stocks.
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.
Alternatives to Robinhood in Australia
Our choice for best Robinhood alternative
We've judged eToro to be the best overall broker due to:
- US$2 brokerage US stock trading
- You can protect your funds and investment insurance features
- Social trading tools such as "copy trading"
- Fractional share trading available
- Cryptocurrency trades available
7 alternatives to Robinhood
1. eToro
With an eToro trading account, you get low-commission AU, US, European and Hong Kong stock trading plus access to forex, cryptocurrencies, ETFs and commodities.
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.
- Brokerage fee: US$2 for AU, US, EU and Hong Kong shares
- Inactivity fee: US$10 per month if there’s been no log-in for 12 months
- Products: AU stocks, US stocks, European stocks, US ETFs, forex, cryptocurrency and commodities
- Access: Mobile app and desktop
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.
2. IG
An IG share trading account offers zero brokerage fees on international and US stocks.
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.
- Brokerage fee: From $5 for ASX shares; $0 for global shares
- Inactivity fee: $0
- Products: Australian and international shares, forex and CFDs
- Access: Mobile and desktop
3. CMC Invest
Zero commission on US and global shares from the mobile and desktop app.
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.
- Brokerage fee: From $0 for ASX stocks; $0 for US, UK, Japanese & Canadian stocks
- Inactivity fee: $0
- Products: Australian and global shares, options, managed funds and cryptocurrency
- Access: Desktop or mobile app
4. Webull Australia
Trade US equities, ETFs and options for $0 commissions in the first month.
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.
- Brokerage fee: $0 brokerage for the first month, then US$0.00025 X total trade amount (min. US$0.01; max. US$6.49 per trade).
- Inactivity fee: No
- Products: US-listed stocks, ETFs and options, Australian stocks and ETFs, Hong Kong stocks and ETFs, China (A-Shares) stocks and ETFs.
- Access: Desktop or mobile app
5. Saxo Invested
Trade over 19,000 stocks from 46 different markets, including Australia, the US, China and Japan.
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.
- Brokerage fee: From $3 for ASX stocks; US$1 for US stocks
- Inactivity fee: $0
- Products: ASX-listed stocks, global stocks, forex, CFDs and stock options
- Access: Full-service broker, desktop platform
6. Stake
Stake is a minimalist zero brokerage trading app for US stocks and ETFs. It's one of the few US stockbrokers headquartered and launched in Australia.
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.
- Brokerage fee: $0 for US stocks
- Inactivity fee: $0
- Products: US shares, ETFs and managed funds
- Access: Desktop or mobile
7. Selfwealth
Selfwealth is a low-cost Australian broker that offers both US and Australian shares for a flat fee of $9.50.
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.
- Brokerage fee: US$9.50 for US stocks; $9.50 for ASX stocks
- Inactivity fee: $0
- Products: ASX shares, US shares and ETFs
- Access: Desktop or mobile
Compare share trading platforms
Not what you're after? You can compare other share trading platforms in the table below.
1 - 5 of 5
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 IPO explained in 60 seconds
Robinhood and market update
- 9 August 2024: A mini stock market crash in early August saw leading markets give up their recent all-time highs following a shock Japanese rate decision.
- 19 June 2024: Robinhood has announced it will buy the cryptocurrency exchange Bitstamp for US$200 million despite SEC scrutiny.
- 30 May 2024: Robinhood (HOOD) announced plans to buy back US$1 billion of stock over the next few years.
- 10 Feb 2024: The ASX 200 dropped by 1.06% to 7610 points influenced by declines in the tech sector and broader market reactions to global financial events. This movement reflects a shift in investor sentiment and market dynamics during the period.
- 8 Jan 2024: The ASX 200 began the year with some fluctuations, dropping 1.4% to 7,523.2 points on the first trading day and then hovering around 7,494 the next day. However, it quickly rallied, with the index approaching its all-time high, closing at 7627.8 points, just a few points shy of its peak
Robinhood frequently asked questions
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
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