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Compare the full cost of trading, how your shares will be held, the provider’s licensing and disclosures, and whether its account mechanics suit you. Check each provider’s current terms before opening an account: fees and features can change.
What an online broker does
A broker gives you access to the ASX and other markets and places trades on your instructions. With an online broker, you open an account and choose which shares to buy or sell and how much. ASIC’s Moneysmart says most people who buy shares use an online broker. Moneysmart’s share-trading guide was last updated 2 October 2026.
Compare the costs you will actually pay
Look beyond the advertised brokerage. Check the fee schedule for the trades and markets you expect to use, including:
- Brokerage on both purchases and sales.
- Any recurring platform fees or inactivity charges.
- Foreign-exchange fees if you plan to trade overseas shares.
Fees can vary with trade size: Moneysmart says most online brokers charge a flat fee for smaller trades, often around $20 or less, while some use a percentage for larger trades. This is general guidance, not a current quote or a survey result for any broker. As Moneysmart puts it, “Fees can be a big share of a small trade. Check the fees before you place each order.” Check the guide and the provider’s current fee schedule before placing an order.
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Understand how the shares will be held
Ask whether shares bought through the broker will be linked to an individual holder identification number (HIN), or held through an omnibus arrangement. An individual HIN connects shares bought through a broker to the holder. Some entities use omnibus arrangements to offer lower brokerage, but the ownership and protection consequences differ.
Moneysmart says investors using an omnibus arrangement are not the legal owner and have fewer protections, including the ability to claim against the National Guarantee Fund if something goes wrong. Read the arrangement’s terms, and check how voting and corporate actions are handled before deciding. See Moneysmart’s HIN explanation, last updated 26 June 2025.
Check licensing, disclosures and comparison-site incentives
Check the provider’s relevant licensing or authorisation on ASIC registers. Then read the provider’s current terms, disclosures and fee schedule rather than relying on a headline price or a third-party rating.
Comparison websites may earn revenue from sponsored links or commissions, or by selling personal information. Their rankings may not explain the criteria used. Treat them as a starting point: inspect their methodology and compare providers directly. Moneysmart’s comparison-website guide was last updated 21 September 2026.
Match the account mechanics to your trading
Before opening an account, find out how you fund it and how trades settle, which order types are available, and what confirmations and holding statements you receive. These details affect how you place and track trades.
- Market order: buys at the next available price.
- Limit order: sets the maximum price you will pay and executes only if the market reaches that price.
Moneysmart describes sale proceeds arriving two business days after trade day (T+2). Check the broker’s own information for how settlement and access to funds work in your account.
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