The right Australian broker for swing trading depends on more than the cheapest headline fee. Your average order size, ownership preference, order types, market data and trade export can matter every week.
This guide compares CommSec, Selfwealth, Stake, CMC Invest and Interactive Brokers. Standard public prices were checked on 15 September 2026. Promotions and account-specific rates can differ. If your shortlist is already down to three local choices, use the detailed CommSec vs Selfwealth vs Stake comparison.
Australian broker comparison at a glance
| Broker | Standard online ASX pricing | ASX holding model | Main reason to shortlist |
|---|---|---|---|
| CommSec | From $5 with eligible CDIA or Margin Loan settlement; value tiers apply | CHESS sponsored | Bank-linked cash workflow and CommSec tools |
| Selfwealth | $9.50 once an ASX order begins to fill | CHESS sponsored | Predictable flat fee |
| Stake | $3 to $30,000, then 0.01% | CHESS sponsored | Low standard brokerage for many retail order sizes |
| CMC Invest | First buy under $1,000 per security per day is $0; other buys and sells are $11 or 0.10% | CHESS sponsored | Conditional free-buy offer and broad market access |
| Interactive Brokers | Fixed 0.08%, $6 minimum before GST; tiered pricing also available | Custody structure | International access and advanced trading platform |
Use this as a shortlist. Read the provider's full terms for the exact account, instrument and order you plan to use.
Compare costs using your own trading pattern
A broker comparison becomes useful when you enter three numbers:
- your usual order value;
- the number of buys and sells per month;
- any subscription, data or FX cost your workflow needs.
For ten hypothetical $7,000 round trips in one month, you place 20 transactions. Standard ASX brokerage works out as follows:
| Broker | Assumption | Monthly brokerage |
|---|---|---|
| Stake | $3 x 20 | $60 |
| Interactive Brokers fixed | $6.60 x 20, including 10% GST | $132 including GST |
| Selfwealth | $9.50 x 20 | $190 |
| CMC Invest standard | $11 x 20 | $220 |
| CommSec with eligible CDIA settlement | $19.95 x 20 | $399 |
CMC's free first buy under $1,000 does not apply to a $7,000 order, and all sell orders use its applicable paid rate. Interactive Brokers' fixed commission is 0.08% with a $6 minimum before GST. For an Australian resident, the $6 minimum is $6.60 including 10% GST. On $7,000, 0.08% is $5.60 before GST, so the minimum applies.
These figures exclude spreads, slippage, live-data packages, FX and tax. They show how the standard brokerage formula behaves under one trading pattern.
CommSec
CommSec publishes several online ASX tiers for trades settled to a CDIA or CommSec Margin Loan. The fees are $5 to $1,000, $10 from over $1,000 to $3,000 and $19.95 from over $3,000 to $10,000. The next tier is $29.95 from over $10,000 to $25,000, then 0.12% above $25,000.
Settlement to another bank account uses a higher schedule. That condition can change the comparison, so model the account you would open rather than quote the lowest tier alone. Read the CommSec rates and fees.
Shortlist CommSec if its research, trading interface and Commonwealth Bank cash connection matter enough to cover the fee difference at your order size.
Selfwealth
Selfwealth charges a flat $9.50 once an ASX order begins to fill. It provides CHESS-sponsored Australian holdings and a dedicated ANZ cash trading account.
The flat rate is easy to model across different position sizes. Check whether its order tools, reports and market information cover your strategy. A predictable fee does not compensate for a missing function you need during a live position.
Stake
Stake charges $3 per Australian trade up to $30,000 and 0.01% above that threshold. Its Australian service is CHESS sponsored.
Stake's standard brokerage is the lowest in the $7,000 example. A swing trader should still test order entry, reporting and support before transferring a portfolio. Confirm the current Stake AUS fee.
CMC Invest
CMC Invest charges $0 for the first buy under $1,000 per security per day, excluding margin-loan settled trades. Other buy orders and all sell orders cost $11 or 0.10%, whichever is greater. CMC also publishes access to several international markets, with separate FX and market pricing.
The free-buy condition can suit gradual accumulation. It has less value to a swing trader whose position size exceeds $1,000 or who trades the same security again that day. Every exit remains a paid side. Review CMC Invest pricing using your actual order pattern.
Keep CMC's share-investing account separate from its CFD products in your comparison. They have different ownership, risks and fee structures.
Interactive Brokers
Interactive Brokers offers fixed and tiered pricing for Australian stocks. Its published fixed rate is 0.08% of trade value with a $6 minimum before GST. The first tier of its tiered schedule is also 0.08%, with a $5 minimum before GST plus third-party fees.
Unlike the four CHESS-sponsored options above, Interactive Brokers uses a custody structure for Australian holdings. That distinction may matter if direct CHESS sponsorship and a personal HIN are requirements.
Interactive Brokers can enter the shortlist for traders who need international markets, advanced order tools or one multi-market account. Its larger set of choices also creates more configuration to learn. Confirm Interactive Brokers stock commissions and custody terms before deciding.
CHESS sponsorship or custody
With a CHESS-sponsored account, eligible Australian holdings are registered against a Holder Identification Number through the sponsoring broker. Under a custody model, a custodian holds the assets under the applicable client asset arrangements.
Both models operate in Australia. They create different records and transfer processes. Ask these questions:
- Will I receive a personal HIN for eligible Australian holdings?
- How are dividends, corporate actions and voting handled?
- What happens if I transfer the holding to another broker?
- Which fees and processing times apply to the transfer?
Do not infer custody from a portfolio name inside a tracking app. Confirm it from the broker's legal account structure.
Order workflow matters after you enter
Brokerage is visible before the trade. Workflow weaknesses often appear after it.
Check whether the broker offers the order types your written plan uses. Learn how trigger orders behave after an overnight gap and whether expiry defaults to one day or remains open. Confirm whether market prices are live or delayed and whether data costs extra.
Run a practice scenario before funding:
- Build a limit order without sending it.
- Locate the estimated brokerage and total cash required.
- Find how to amend or cancel the order.
- Identify where contract notes and CSV exports appear.
- Read how the broker treats unsettled sale proceeds.
The ASX trading hours guide explains why an order entered in pre-open, normal trading or the closing auction can behave differently.
Compare the full cost of a trade
Suppose fictional SAMPLE.AU has a $10.00 bid and $10.02 ask. Buying 500 shares at $10.02 and later selling at a $10.00 bid loses $0.02 x 500 = $10 from the spread before brokerage.
With $6 round-trip brokerage, the immediate combined cost is $16. With $19 round-trip brokerage, it is $29. A chart that records only the midpoint can miss both costs.
Add brokerage and execution prices to your journal. Then compare expectancy after costs across strategies and brokers rather than assuming a lower fee produces better decisions.
A broker selection scorecard
Give each requirement a weight from 1 to 3. Use 3 for a firm requirement and 1 for a minor preference. Then score each broker from 0 to 2, where 0 means missing, 1 means acceptable and 2 means a strong fit. Multiply score by weight and add each broker's total.
| Requirement | Weight | CommSec | Selfwealth | Stake | CMC | IBKR |
|---|---|---|---|---|---|---|
| Brokerage at your normal order size | ||||||
| Required order types | ||||||
| CHESS or custody preference | ||||||
| Trade export and contract notes | ||||||
| International market access | ||||||
| Research and charting | ||||||
| Funding and settlement workflow | ||||||
| Support and account recovery |
For example, if CHESS sponsorship is mandatory, give that row weight 3. A broker score of 0 then contributes 0 points and cannot be hidden by a minor charting preference worth weight 1. Treat any mandatory score of 0 as a separate reason to remove that broker from the shortlist.
Frequently asked questions
Which Australian broker is cheapest for swing trading?
It depends on order size and frequency. In the ten $7,000 round-trip example, Stake has the lowest standard brokerage among these five. The Interactive Brokers figure includes 10% GST for an Australian resident. Promotions and account-specific terms can change the ranking.
Is free brokerage always cheaper?
No. Check the condition on the free side, the sell fee, spreads, FX and any subscriptions. CMC's offer applies to the first buy under $1,000 per security per day, while exits use its paid schedule.
Should I choose a broker for its charts?
Choose it for charts if they meet your analysis needs and reduce a separate cost. Many traders analyse in one tool and execute through another. Test the handoff between the two so symbols, prices and order details stay accurate.
Choose, test and review
Shortlist two brokers from your non-negotiable requirements. Price a month of your own likely trades, then test the order and export workflow before moving holdings.
Swingfolio accepts broker CSV imports during an active trial and shows proposed trades for review before Save. Start the 30-day trial and compare trading results after costs rather than brokerage in isolation.
Disclaimer: This article is general information and does not constitute financial advice. Broker fees, products, promotions and account terms can change. Verify current details and legal documents with each provider before opening or transferring an account.