Best Share Trading Platforms in Australia: Stake vs Pearler vs CommSec

Five years ago, Australian retail investors had basically two choices: CommSec or a financial advisor. Now there are a dozen platforms and the fee differences are significant. Here’s how the main players stack up.

Stake — Best for US Stocks and Low Fees

Stake is the platform that changed what Australians expected from a broker. $3 flat fee per trade for ASX stocks, zero brokerage on US stocks (funded by FX margin), and a clean app that doesn’t feel like it was built in 2003.

Best for: Anyone who wants US market exposure. The S&P 500, Nasdaq stocks, and US ETFs are Stake’s core strength. The fractional shares feature lets you buy a piece of expensive US stocks (Berkshire, Amazon) without needing the full share price.

Downside: Customer support is email-only and can be slow. The platform is investment-only — no banking features, no cash account earning interest.

Fees: $3/trade ASX. $0/trade US (FX spread applies). No monthly fees.

Pearler — Best for Long-Term Investors and ETF Portfolios

Pearler is built specifically for buy-and-hold investors. The platform’s core feature is “autoinvest” — set a schedule, pick your ETFs, and Pearler buys automatically. It’s the closest thing to a set-and-forget investment platform available to Australian retail investors.

Best for: ETF investors who want to automate dollar-cost averaging without thinking about it. The community features (other investors’ portfolios, milestone tracking) are genuinely useful for staying the course during market volatility.

Downside: Limited to ASX stocks and ETFs. No US market access.

Fees: $9.50/trade up to $5,000, then 0.1% above that. Autoinvest trades are the same rate. No monthly fees.

CommSec — Best for Beginners and Integration with CBA

CommSec has the largest user base in Australia for a reason: if you bank with CommBank, everything is connected. The CDIA (Cash Management Account) earns interest on uninvested cash, CHESS sponsorship is standard, and customer support is actually reachable by phone.

Best for: Anyone who values the safety of a major bank’s platform and is already a CBA customer. Older interface, but stable and feature-complete.

Downside: Expensive for frequent traders. $19.95 per trade up to $1,000, $29.95 up to $10,000. That’s punishing for small, regular buys.

Fees: $19.95–$29.95/trade. CDIA earns a base interest rate.

SelfWealth — Best for Flat-Fee ASX Trading

SelfWealth charges $9.50 flat per trade regardless of size. If you’re making larger trades ($5,000+), that’s significantly cheaper than CommSec and competitive with Pearler. CHESS-sponsored, Australian-built, and has been around long enough to have a track record.

Best for: Investors making larger, infrequent ASX trades who want CHESS sponsorship without CommSec’s fees.

The Key Questions

CHESS-sponsored vs custodian: CHESS sponsorship means ASX holds your shares in your name. Custodian model (Stake, some others) means the broker holds shares on your behalf. Both are legal and regulated, but CHESS gives you direct ownership if the broker goes under. Worth understanding before you choose.

Tax reporting: Pearler and SelfWealth generate annual tax reports. Stake’s reporting has improved but requires more manual work. If you’re trading frequently, factor in your accountant’s time.

International access: Only Stake offers meaningful US stock access with competitive fees among the platforms above. If global diversification matters to you, that’s a significant differentiator.