CMC Invest is usually the better-value platform for regular, smaller investments and for many international share trades. CommSec is often the better fit for Commonwealth Bank customers who want CDIA settlement, NetBank integration, established research and a multi-currency international account.
The comparison below is between CMC Invest, CMC’s Australian sharebroking service, and CommSec Share Trading. It does not compare CMC Invest with CMC Markets’ CFD platform. CMC Invest is provided by CMC Markets Stockbroking Limited (AFSL 246381), while the CFD service is provided by a separate CMC entity.
CMC Invest vs CommSec: quick verdict
| Best for | Better choice | Why |
|---|---|---|
| Regular ASX purchases under $1,000 | CMC Invest | The first buy of each security per day can have $0 brokerage. |
| Large ASX trades | Depends | CMC’s percentage rate is lower at some values, while CommSec has competitive fixed fees at smaller trade sizes. |
| US, UK, Canadian and Japanese shares | CMC Invest | No brokerage is advertised for these markets, although CMC applies a 0.60% FX spread. |
| Commonwealth Bank integration | CommSec | CDIA settlement, NetBank transfers and the wider CBA ecosystem are built in. |
| Holding foreign currency | CommSec International Shares Plus | Plus provides a multi-currency wallet and greater control over conversions. |
| Advanced charts and conditional orders | CMC Invest | TradingView, Morningstar and conditional orders are integrated into the platform. |
| Established mainstream research and phone support | CommSec | CommSec has extensive market commentary, alerts and a dedicated Australian trading support line. |
Neither broker wins every category. Your likely trade size, the markets you intend to access, your preferred settlement bank and whether you need options or advanced international features matter more than the brand name.
Australian brokerage: CMC Invest vs CommSec
For standard Australian shares and ETFs, the published online brokerage schedules are:
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| Trade value | CMC Invest Standard | CommSec online |
|---|---|---|
| Up to $1,000 | $0 for the first buy of each security per day | $5 |
| Over $1,000 to $3,000 | $11 or 0.10%, whichever is greater | $10 |
| Over $3,000 to $10,000 | $11 or 0.10%, whichever is greater | $19.95 |
| Over $10,000 to $25,000 | $11 or 0.10%, whichever is greater | $29.95 |
| Over $25,000 | $11 or 0.10%, whichever is greater | 0.12% |
CMC’s standard rate is the greater of $11 and 0.10% of the order value. That means the percentage rate does not become more expensive than the fixed minimum until a trade exceeds $11,000.
Examples for CMC Invest:
- A $500 sell costs $11.
- A $1,000 sell costs $11.
- A $10,000 sell costs $11.
- A $15,000 sell costs $15.
- A $30,000 sell costs $30.
CommSec’s online rates in the table generally require a CommSec CHESS-sponsored account settled through a Commonwealth Direct Investment Account (CDIA) or CommSec Margin Loan. Using another settlement arrangement or placing an order by phone can result in different fees.
CMC’s free-buy rule is narrower than it sounds
The CMC offer is not free brokerage on every ASX trade below $1,000. It applies to the first buy of each security per day when the order is under $1,000.
It does not apply to:
- Sell orders;
- A second buy of the same security on the same day;
- Trades settled through a margin loan; or
- Orders that otherwise fall outside the offer’s terms.
For example, buying $900 of an ETF on Monday may qualify for $0 brokerage. Selling $900 of that ETF later does not: the standard $11 minimum applies.
Which broker is cheaper for Australian shares?
CMC is the stronger choice for an investor making regular qualifying buys below $1,000. It can also be cheaper for larger orders once CMC’s 0.10% rate applies. CommSec, however, is cheaper than CMC’s $11 minimum for a $1,000-to-$3,000 trade at the relevant points in its schedule.
Do not assume that a lower buy cost makes CMC cheaper overall. A regular investor should compare both the purchase and eventual sale. CMC’s standard $11 minimum applies to all ASX sells, while CommSec’s $5 minimum can be cheaper for small sales.
CMC’s ALPHA pricing is separate. It charges $9.90 or 0.075%, whichever is greater, on non-qualifying buys and all sells. An ordinary CMC Invest customer should not assume ALPHA rates apply automatically.
CMC’s website has also displayed both 0.10% and 0.11% references. Its current pricing table states $11 or 0.10%, but check the fee shown in the order ticket before placing a trade because published pages have not been fully consistent.
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International shares
CMC Invest advertises access to 15 international markets, including the United States, Canada, the United Kingdom, Japan, Singapore, Hong Kong, New Zealand and several European markets. CommSec advertises access to 13 international markets.
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- 【Stylus for Touch Screen】This stylus can be used on touch screen, designed to replace your fingers, the stylus can free up your fingers and provide higher sensitivity and response on the screen.
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CMC international pricing
| CMC markets | Brokerage |
|---|---|
| US, UK, Canada and Japan | $0 brokerage |
| Sweden, Denmark, New Zealand, Singapore, Hong Kong, France, Netherlands, Belgium, Switzerland, Germany and Spain | $59 or 0.59%, whichever is greater |
CMC applies a 0.60% FX spread to international orders. Therefore, “$0 brokerage” does not mean that a US share transaction is free. Currency conversion remains a material cost.
CMC normally requires a minimum international buy order of A$1,000, although selected US shares and ETFs can be purchased with a minimum of one share. It also applies a 2% FX buffer to international buy orders. This is not an extra fee or a withdrawal from the settlement account; it temporarily reduces the displayed available-to-trade amount until the order fills.
CommSec international pricing
CommSec’s standard International Shares account lists US brokerage of USD $5 or 0.12%, whichever is greater, plus a 0.55% FX conversion fee. Its International Shares Plus account lists US brokerage of USD $9.95 or 0.20%, whichever is greater, with the same 0.55% FX conversion fee.
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For a straightforward US purchase, CMC will generally be cheaper on brokerage. CommSec may be more convenient for an investor who frequently converts money, holds US dollars or needs more flexible order management.
International ownership and custody
Neither platform provides CHESS sponsorship for international holdings. CMC’s international orders are executed by Morgan Stanley and the securities are held through a custody arrangement involving BNP Paribas. CommSec’s international holdings are held through a nominee structure, with Interactive Brokers LLC acting as international custodian and legal owner. In both cases, the customer retains beneficial ownership rather than holding the international securities directly in their personal name.
CHESS sponsorship and Australian share ownership
For Australian shares, both platforms offer CHESS sponsorship. Newly opened CommSec Share Trading Accounts are automatically CHESS-sponsored and receive a unique HIN. CMC says Australian shares are also CHESS-sponsored under the customer’s own HIN.
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This is important because claims that CMC Invest holds Australian shares only in a pooled custody account are incorrect. The custody distinction applies mainly to CMC’s and CommSec’s international products.
At CMC, domestic issuer-sponsored holdings can be transferred through Account > Transfer Securities. For CommSec, the current path for adding issuer-sponsored holdings is Portfolio > Accounts > select the relevant account > Transfer > Issuer Sponsored Holdings.
A CHESS-sponsored holding usually has a HIN beginning with X. An issuer-sponsored holding has an SRN beginning with I. Transfers can take from two trading days to six weeks, depending on the outgoing broker and the type of transfer.
Settlement accounts and banking integration
CMC Invest
CMC offers a CMC Invest Cash Account, with funds held through ANZ, and supports linked margin-lending arrangements. Withdrawals require a linked destination bank account and may take one or two days depending on the bank.
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- The round head of the stylus is made of silicone, which is used for mobile phones and tablets.
- The stylus pen tip is made of hard plastic, which can only be used for resistive screens such as GPS and navigator.
- The round head and pointed head of the stylus are compatible with all the capacitive and resistive screens at present.
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- PLASTIC TIP, FOR SPECIFIC RESISTIVE SCREENS ONLY (PLEASE NOTE): The fine plastic tip is ONLY compatible with older resistive touch screens, such as those found on some GPS devices, Nintendo DS/3DS, and certain POS machines. It will NOT work on capacitive screens like iPhones, iPads, or modern smartphones/tablets.
CommSec and the CDIA
CommSec’s preferred settlement account is the Commonwealth Direct Investment Account, or CDIA. It provides automatic trade settlement, real-time transfers through NetBank and access to CommSec’s discounted brokerage schedule. CommSec advertises no minimum CDIA balance and no monthly account-keeping fee, although other fees may apply.
The current CDIA application path is Log in to CommSec > Portfolio > Offers and Apply > Applications > Apply Now next to “Add a new Commonwealth Direct Investment Account (CDIA) for saving and/or trading”.
CommSec only supports settlement through a CDIA or another nominated Commonwealth Bank account. To change it, use Settings > Service Centre > Change of Settlement Account. Changing the settlement account can change the brokerage rate.
CommSec trading limits are not guaranteed funding
CommSec trades generally settle on T+2, and cleared funds normally need to be available by 8:00 a.m. on settlement day. A displayed trading limit does not guarantee that an order will be accepted. Pending orders, unsettled purchases, outstanding obligations or account restrictions can reduce the amount available.
If a payment is overdue, CommSec may charge a $100 late-settlement fee, restrict further buying, sell holdings to recover the debt, close the account and charge additional costs. Its initial trading limit is often around $5,000, but CommSec can reduce or remove it depending on available funds, holdings and settlement history.
Platforms, research and order tools
CMC Invest
CMC provides one platform for Australian shares and 15 international markets. Its advertised tools include TradingView charting, Morningstar analysis, ESG ratings, advanced charting and conditional orders. Its mobile app also covers shares, ETFs and crypto.
For an international conditional order on the web platform, use Trade > Buy or Sell > enter the stock code, order type and quantity > Instructions > Conditional order. The mobile path is More > Trade > enter order details > Instructions > Conditional order.
International conditional orders are not available on every market. CMC currently lists US, Singapore and New Zealand shares for this feature. Stop Loss and Take Profit fields are available under an expandable section after selecting the conditional-order option.
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CommSec
CommSec’s standard app offers watchlists, portfolio valuation, Market Movers, announcements, alerts, Morningstar analyst recommendations and CommSec market commentary. Face ID, fingerprint and PIN login are also supported. The personalised Home interface can be enabled through More > Settings > General > Turn on Home.
Streaming Australian market data is provided through CommSecIRESS. The current access path is Log in to CommSec > Trading > CommSecIRESS. Complimentary access requires at least eight trades or $220 in brokerage during the month on an eligible CommSec Share Trading or Options Trading Account. Otherwise, CommSec lists the subscription at $82.50 per calendar month, charged in arrears.
That threshold does not count CommSec Pocket or international securities trades. CommSec’s ordinary app should therefore not be described as providing unlimited free streaming data for every product.
Options, warrants, mFunds and crypto
CMC Invest provides Australian and international shares, ETFs, exchange-traded options, warrants, mFunds and crypto through its investment platform. Its online options brokerage is currently $33 for trades up to and including $10,000, then 0.33%, with clearing-house fees potentially added. mFund brokerage is $29.95 or 0.11%, whichever is greater.
CommSec offers Australian shares, ETFs, warrants, exchange-traded options, international shares, fixed-income products, margin lending and CommSec Pocket. Its online exchange-traded-options brokerage is $34.95 up to and including $10,000, then 0.35%, plus ETO contract fees. For multi-leg ETO orders, brokerage applies to each individual leg.
The difference is not just the headline options price. Investors using complex options strategies should compare contract fees, exercise and assignment charges, order types and the way each platform handles multi-leg trades.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Customer support
CMC advertises international share-trading support 24 hours Monday to Saturday morning, aligned with global market hours. CommSec advertises international support 24 hours on US trading days.
For Australian trading, CommSec’s phone number is 13 15 19, generally available Monday to Friday from 8:00 a.m. to 6:00 p.m. Sydney time. CommSec’s bank-backed support model may appeal to investors who prefer phone assistance and a familiar financial institution. CMC’s platform-led approach may suit investors who are comfortable managing trades and transfers online.
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Which platform should you choose?
CMC Invest is likely better if you:
- Make regular ASX purchases below $1,000 per security;
- Buy US, UK, Canadian or Japanese shares;
- Want access to 15 international markets in one platform;
- Want TradingView charts, Morningstar analysis and integrated ESG information;
- Prefer not to use a bank-branded settlement account;
- Want conditional orders on selected international markets; or
- Are comfortable with AUD-based settlement and CMC’s FX spread.
CommSec is likely better if you:
- Already bank with Commonwealth Bank;
- Want CDIA and NetBank integration;
- Value a familiar CHESS-sponsored, bank-linked ecosystem;
- Want access to CBA’s wider lending and banking products;
- Can meet the CommSecIRESS activity threshold;
- Need International Shares Plus and a multi-currency wallet; or
- Prefer CommSec’s market commentary, alerts and established phone support.
What to check before opening an account
- Model your actual trades. Calculate brokerage on both buys and sells at your expected order sizes rather than comparing only the advertised minimum.
- Include currency costs. For international shares, compare CMC’s 0.60% FX spread with CommSec’s 0.55% conversion fee and consider whether you need to hold foreign currency.
- Confirm settlement arrangements. Check whether you are comfortable using the CMC Cash Account or opening a CDIA or another nominated Commonwealth Bank account.
- Check custody. Australian holdings are CHESS-sponsored with both brokers; international holdings use custody or nominee structures.
- Check the exact order features. Conditional orders, fractional shares, recurring investments, overnight trading and order expiries differ between products and markets.
- Verify current fees before trading. Brokerage tables and promotional terms can change. The fee displayed in the order ticket and the latest product disclosure documents should take priority over an old comparison article.
FAQ
Is CMC Invest cheaper than CommSec?
Usually, for regular qualifying ASX buys below $1,000 and for many US, UK, Canadian and Japanese share trades. CommSec can be cheaper for some smaller non-qualifying Australian trades, while the result for larger trades depends on the exact order value and whether you compare both purchases and sales.
Are CMC Invest Australian shares CHESS-sponsored?
Yes. CMC says Australian shares are CHESS-sponsored under the customer’s own HIN. CMC’s international shares are different: they are held through custody arrangements and are not CHESS-sponsored.
Does CMC’s free brokerage apply to selling shares?
No. The $0 offer applies to the first buy of each security under $1,000 per day. It does not apply to sell orders, subsequent buys of the same security that day or margin-loan-settled trades.
Is CommSec’s trading limit guaranteed?
No. CommSec can require cleared funds before an order is sent to market. Pending orders, unsettled transactions, account restrictions and other settlement obligations can reduce or remove the usable limit.
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CMC Invest is generally cheaper on brokerage because it advertises $0 brokerage for US shares, although it applies a 0.60% FX spread. CommSec charges USD $5 or 0.12%, whichever is greater, on its standard International Shares account, plus a 0.55% FX conversion fee. CommSec may be preferable if you need a multi-currency wallet or recurring and fractional-share features.
Does CommSec provide free live market data?
CommSecIRESS is complimentary only when an eligible account meets the monthly threshold of at least eight trades or $220 in brokerage. Otherwise, CommSec currently lists an $82.50 monthly charge. International data has separate arrangements.
Are CMC Invest and CMC Markets CFDs the same?
No. CMC Invest is an Australian sharebroking and investment service. CMC Markets’ CFD platform is a separate derivative product provided by a different CMC entity and involves different risks, fees and ownership arrangements.
The Bottom Line
CMC Invest is the better default for a cost-conscious investor making regular small ASX purchases or buying many major international shares. Its free first-buy rule can eliminate brokerage on qualifying purchases, and its international brokerage is generally lower.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteCommSec is the better fit when convenience and ecosystem matter more than the lowest headline fee. CDIA settlement, NetBank integration, CommSec’s research and support, and the International Shares Plus multi-currency wallet are meaningful advantages for the right investor.
Before choosing, price a realistic year of activity: your typical ASX buy, eventual sale, international transactions, FX conversions, data requirements and settlement setup. That calculation is more useful than treating either broker as universally cheaper or better.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
