Australian Broker Comparison for Swing Traders

Choosing the Right Broker as an Active Trader

Brokerage costs are one of the few variables in trading that you can control completely. Picking the wrong broker can drag your account by 2-4% per month in fees alone, turning a profitable strategy into a breakeven one. Picking the right broker saves you thousands per year and gives you the tools to execute properly.

This article compares the five brokers most commonly used by Australian swing traders: CommSec, Selfwealth, Stake, CMC Markets, and Interactive Brokers. The comparison focuses on what matters for someone making 8-20 round-trip trades per month on positions typically between $2,000 and $15,000.

CommSec

Brokerage (CDIA settlement, online):

• Up to $1,000: $5.00
• $1,001 - $3,000: $10.00
• $3,001 - $10,000: $19.95
• $10,001 - $25,000: $29.95
• Over $25,000: 0.12%

Pros:

• The most comprehensive platform feature set of any Australian retail broker
• CommSec IRESS integration for advanced traders (Level 2 data, advanced order types)
• Deep research tools, stock screeners, heat maps, and analyst recommendations
• Direct CBA bank integration -- fund your account instantly from a CommBank account
• Strongest mobile app among traditional brokers, with watchlists, alerts, and full trading capability

Cons:

• The most expensive broker on this list for typical swing trading position sizes ($3,000-$10,000)
• IRESS comes at an additional monthly cost ($55/month for CommSec Pro)
• The fee structure punishes frequent trading -- 10 round trips at $5,000 each costs $399/month
• Non-CDIA accounts pay significantly more ($29.95+ per trade)

CHESS sponsored: Yes International access: Yes (US, UK, and more via CommSec International) Mobile app quality: Strong -- full-featured, reliable, well-designed Margin lending: Yes (through CommSec margin loan products)

Selfwealth

Brokerage:

• All ASX trades: $9.50 flat (any size)
• All US trades: US$9.50 flat
• Hong Kong trades: HK$88.00 flat

Pros:

• Flat fee structure is simple and predictable -- the same $9.50 whether you trade $1,000 or $100,000
• For positions above $3,000, cheaper than CommSec on every trade
• Community features let you see anonymised portfolios and popular holdings
• Clean web interface with basic charting and portfolio tracking
• Owned by Syfe, providing financial backing and ongoing platform development

Cons:

• Charting is basic -- no advanced technical indicators beyond the standard set
• Research tools are limited compared to CommSec or CMC Markets
• Many active traders use Selfwealth for execution but CommSec or TradingView for analysis
• Mobile app is functional but less polished than Stake or CommSec
• No CFD or margin lending capability

CHESS sponsored: Yes (via FNZ Custodians) International access: Yes (US and Hong Kong markets) Mobile app quality: Functional but basic Margin lending: No

Stake

Brokerage:

• ASX trades up to $30,000: $3.00 flat
• ASX trades over $30,000: 0.01%
• US trades: $3.00 flat (plus 0.55% FX fee on currency conversion)

Pros:

• The cheapest ASX brokerage by a wide margin -- $3 per trade is hard to beat
• Clean, modern mobile-first interface designed for speed
• CHESS sponsored for ASX holdings
• Instant funding via Apple Pay and Google Pay
• Switching between ASX and US markets is smooth
• Stake Black ($20/month or $204/year) removes some fees and adds features

Cons:

• Charting is the most limited of all five brokers -- basic price charts and candlesticks only, no drawing tools, no advanced indicators
• No market depth data on the standard plan
• Research and screening tools are minimal -- you will need a separate platform for analysis
• No margin lending
• No options or CFD trading
• The 0.55% FX fee on US trades adds up for international positions

CHESS sponsored: Yes International access: Yes (US market) Mobile app quality: Best-in-class for clean design and ease of use Margin lending: No

CMC Markets (CMC Invest)

Brokerage (Standard account):

• First buy order under $1,000 per day: $0 (one per security per day)
• All other ASX trades: $11.00 or 0.10%, whichever is greater
• Alpha account: $9.90 or 0.075%, whichever is greater
• US, UK, Canadian, Japanese stocks and ETFs: $0

Pros:

• The best free charting and screening tools of any Australian retail broker
• Advanced charting with 80+ indicators, drawing tools, and customisable layouts
• Stock screening tools that rival paid services
• CFD trading available on the same platform (separate account) for those who want short exposure
• Free international trading on US, UK, Canadian, and Japanese markets
• The $0 first-buy-under-$1,000 deal is useful for building small positions

Cons:

• At $11 per trade, the standard ASX brokerage is more expensive than Stake or Selfwealth for typical swing trade sizes
• The 0.10% fee kicks in above $11,000, making large trades more expensive proportionally
• The "free first buy" only applies to one purchase per security per day under $1,000 -- limited usefulness for swing traders
• The CMC Invest platform (share trading) is separate from the CMC Markets platform (CFDs), which can be confusing
• Phone trades are expensive ($59.95)

CHESS sponsored: Yes International access: Yes (US, UK, Canada, Japan, and more) Mobile app quality: Good -- integrated charting is a standout Margin lending: No (but CFD margin available on separate account)

Interactive Brokers (IBKR)

Brokerage:

• ASX trades: 0.08% of trade value, minimum AUD $6.00
• US trades: $0.005 per share, minimum $1.00
• Plus exchange and regulatory fees (small, typically under $1)

Pros:

• The cheapest option for international trading by a significant margin
• Powerful Trader Workstation (TWS) platform with institutional-grade tools
• Access to 90+ international markets from a single account
• Very low FX conversion fees (~0.002%)
• Portfolio margin available for eligible accounts
• The best choice for traders who want ASX and US/international access from one account

Cons:

• The TWS platform has a steep learning curve -- it was designed for professional traders
• Customer support can be slow and impersonal
• The mobile app (IBKR GlobalTrader) is simpler but still more complex than Stake or CommSec
• ASX brokerage ($6 minimum or 0.08%) is more expensive than Stake for small trades but cheaper than CommSec for mid-size trades
• Not CHESS sponsored -- shares are held in a custodian/nominee structure
• Transferring shares out requires selling and rebuying (no HIN transfer)

CHESS sponsored: No (nominee/custodian model) International access: Best-in-class -- 90+ markets worldwide Mobile app quality: Functional but complex Margin lending: Yes (portfolio margin available)

Comparison Table

Monthly Cost Calculation: 10 Round Trips

Here is what 10 round-trip trades (20 individual trades) cost per month at three different position sizes:

Position Size: $3,000

Position Size: $7,000

Position Size: $15,000

The numbers speak clearly. At 10 round trips per month, Stake saves you between $1,560 and $6,468 per year compared to CommSec, depending on position size. On a $30,000 account, CommSec's annual brokerage drag ranges from 8% to 24% of the account, while Stake sits at 2.4%.

Recommendation by Trader Type

Cost-focused beginner with a small account ($5,000-$15,000) Stake. The $3 flat fee means your brokerage costs are negligible relative to your account size. You will need TradingView or another free charting platform for technical analysis, but the savings far outweigh the inconvenience.

Intermediate trader who values simplicity ($15,000-$50,000) Selfwealth. The $9.50 flat fee is still competitive, the platform is more capable than Stake, and the flat-fee structure means costs are predictable regardless of position size.

Active trader who needs charting and screening tools ($20,000+) CMC Markets. The built-in charting and screening tools eliminate the need for a separate analysis platform. At $11 per trade, fees are moderate, and the free international trading is a bonus if you trade US stocks.

Trader who wants the most complete platform and does not mind paying for it ($50,000+) CommSec with IRESS. If your account is large enough that brokerage is a small percentage of your capital, CommSec's research, tools, and CBA integration are hard to match. The IRESS platform provides Level 2 data and advanced order types that other retail platforms lack.

International trader who needs multi-market access Interactive Brokers. No other Australian-accessible broker comes close for international market access and low international brokerage. The trade-off is the lack of CHESS sponsorship and a steeper learning curve.

Disclaimer: This article is general information only and does not constitute financial advice. Brokerage fees, platform features, and account structures may change at any time. The fees listed were accurate as of April 2026 based on publicly available information from each broker's website. Always verify current pricing directly with the broker before opening an account. The mention of specific brokers is not an endorsement or recommendation. Consider your personal financial situation, trading frequency, and platform requirements before choosing a broker. Consider consulting a licensed financial adviser.