How to Find the Best Online Brokerage for Your Investment Needs

Discover tips for choosing the best online brokerage in Australia based on what you actually need. Learn what to look for so you can make an informed decision sooner.

Disclosure: I am not licensed to provide financial advice in Australia and this information should be taken as educational only. Read the disclaimer.

If you were anything like me when I first started, you might be wondering how to find the best online brokerage for your investment needs. I know it can be a bit overwhelming with so many options out there, but don't worry, I've got your back. through trial and error I've been through many online brokers to find what I think helps you find the best online brokerage for you.

In this article, I'll share some practical advice and personal experiences to help you make an informed decision. I've used a variety of brokers and investment platforms, so I have a pretty good idea of what works and what doesn't. Let's dive in and get you on the path to picking the perfect stock broker for your investing journey.

Finding the best online brokerage is an important step for a successful investing journey. To make the best decision, consider factors such as fees, trading platforms, customer support, and your personal investing preferences. By comparing brokers and taking personal experiences into account, you can find the perfect fit to start building your investment portfolio and achieving your financial goals.

How do I choose a good stockbroker?

To choose a good stockbroker, start by identifying your investment goals and strategy. Next, consider factors like fees and commissions, trading platforms, investment options, customer support, and educational resources. Research multiple brokers read user reviews, and test their platforms to find the right fit for your investment needs.

How do I choose a stockbroker in Australia?

When choosing a stockbroker in Australia, consider the fees and commissions, investment options, trading platform, and customer support. Look for brokers registered with regulatory bodies like ASIC to ensure they're trustworthy and compliant.

What are 2 important things to check before choosing a stockbroker?

Before choosing a stockbroker, it's essential to check their fees and commissions to ensure they're competitive. Some brokers charge a fixed price per trade while others use a percentage of what you are trading. Additionally, confirm their registration with regulatory bodies like ASIC to ensure they're trustworthy, compliant, and operating within the guidelines of the industry.

Which Australian broker is best?

While there isn't a one-size-fits-all answer, I personally use Stake and Webull to invest. However, it's helpful to research and compare different brokers to find the one that suits your investment needs and preferences.j

What is the best stock broker for beginners Australia?

For beginners in Australia, consider using micro-investing apps, which provide a user-friendly platform and lower fees. These apps can help you gain experience and confidence in investing before moving on to more advanced platforms.

Should you get a financial advisor or a stockbroker?

A financial advisor provides personalized financial planning services and can help you create a holistic financial plan, while a stockbroker focuses on buying and selling stocks on your behalf.

If you need assistance with creating a financial plan and managing your investments, a financial advisor may be the better choice. On the other hand, if you're comfortable making your own investment decisions and primarily need a platform to execute trades, a stockbroker may be more suitable.

Choosing the Best Online Brokerage: Factors to Consider

Fees and Commissions

One of the most important factors to consider when choosing online brokerage is their fees and commissions. Ensure the broker's fee structure is competitive and won't erode your returns. Some brokers, like SelfWealth, offer flat-fee trading, while others charge a percentage of the trade value. Be aware of any hidden fees or charges, such as account maintenance or inactivity fees.

Investment Options

The online brokerage you choose should offer a wide range of investment options, including stocks, ETFs, mutual funds, and bonds. If you're interested in international investments, ensure the broker provides access to global markets, such as Webull.

Trading Platform and Tools

Choose a broker that offers a user-friendly trading platform and a range of tools to support your investment decisions. Test the platform's features, such as charting and research tools, to ensure it meets your needs. For instance, when planning to buy shares, having access to reliable market data and research is essential.

Customer Support and Educational Resources

As a beginner investor, having access to helpful educational content and responsive customer support can make all the difference in your investing journey. Choose a broker that offers educational resources, such as articles, webinars, or video tutorials, and provides timely customer support through phone, email, or live chat.

Mobile App and Ease of Use

A user-friendly mobile app is essential for trading on the go. I prefer online brokerage with well-designed apps that make it easy to access my account, view my investments, and execute trades. Both Stake and Webull have mobile apps that I find convenient and easy to use.

Other Features to Look For

Here are some additional features to consider when choosing the best online brokerage for you:

  1. Fractional shares: This feature allows you to buy a portion of a share instead of a whole share, making it easier to invest in high-priced stocks with a limited budget. Stake offers fractional shares, which I find beneficial for diversifying my portfolio.
  2. Dividend reinvestment: Some brokers, like SelfWealth (but not Stake), offer dividend reinvestment plans (DRIPs) that automatically reinvest your dividends into more shares. This can be a convenient way to grow your investments over time.
  3. Social trading: Some brokers provide social trading features, allowing you to follow and copy the trades of other investors. This can be an excellent way to learn from experienced traders and improve your investing skills.
  4. Advanced order types: Some brokers offer advanced order types like stop-loss orders, trailing stops, and limit orders. These can be useful for managing risk and ensuring you get the best price for your trades.
  5. International markets: If you're interested in investing in global markets, choose a broker that provides access to international stocks and ETFs. Both Stake and Webull allow you to invest in US markets, which I find valuable for diversifying my portfolio.

Personally, I believe the introduction of fractional investing through platforms like RAiz or Stake has been game changer. Especially for those with little money or who want to invest more regularly.

Making a Start with Your Chosen Online Brokerage Platform

Once you've chosen an online brokerage that meets your needs, it's time to start investing! Here's a step-by-step guide to help you begin your investment journey:

Step 1: Open an account

The first step is to open an account with your chosen broker. This usually involves providing your personal information, such as your name, address, and tax file number (TFN). You may also need to verify your identity by providing a copy of your driver's license or passport. Most online brokers have a straightforward account opening process, and you can usually complete it within a few minutes.

Step 2: Fund your account

After opening your account, you'll need to deposit funds to start investing. You can do this through various methods, such as bank transfer, BPAY, or even POLi payments, depending on the broker. It's essential to check the broker's minimum deposit requirements and ensure you have enough funds to meet them. Keep in mind that it might take a few days for your deposit to be processed and show up in your account.

Step 3: Create a plan and set investment goals

Before diving into the world of investing, it's crucial to create a plan to buy shares and set clear investment goals. Determine your risk tolerance, time horizon, and target returns. This will help you build a diversified portfolio tailored to your needs.

Step 4: Research and choose your investments

Spend some time researching various investment options, such as stocks, ETFs, or bonds. You can use your broker's research tools and educational resources to help you make informed decisions. Consider starting with low-cost ETFs, which you can research using this article. They provide instant diversification and can be an excellent option for beginner investors.

Step 5: Execute your trades

Once you've decided on your investments, it's time to execute your trades. Use your broker's trading platform or mobile app to buy and sell shares. Be sure to familiarize yourself with the different order types available, such as market orders, limit orders, and stop-loss orders. These can help you manage risk and ensure you get the best price for your trades.

Step 6: Monitor your portfolio and refine your strategy

Keep an eye on your portfolio's performance and make adjustments as needed. Review your investments regularly and rebalance your portfolio if it drifts from your original plan. Continue learning about investing and refining your strategies as you gain experience in the market.

I find that while a spreadsheet might be the immediate way you'd think to monitor a portfolio, I believe Sharesight is one of the best ways to keep track of everything you are investing. A huge feature they have is the ability to automatically transfer your trades via your broker so your dashboard is ready to go when you buy or sell.

sharesight logo

DadInvestor's Take

Sharesight is a helpful tool for tracking and analyzing your investments. It shows your portfolio's performance, taxes, and dividends all in one place.

  • Key features: Aggregation of investments, share tracking, live updates
  • Best for: Replacing spreadsheet to track shares, tax reporting on investments, researching growth, dividends, and total returns of stocks
  • Price: Free $0 plan up to $49 per month (depending on features and number of holdings)

Remember, investing is a long-term game, so stay patient and focused on your financial goals. With the right broker and a solid plan, you'll be well on your way to building a successful investment portfolio.

Finding the best online brokerage for your situation

I hope this article has helped you understand how to choose the right stock broker for your investment needs. Remember to take into account factors such as fees, trading platforms, customer support, and your personal investing preferences. Don't be afraid to shop around and compare different brokers to find the perfect fit for you.

Whether you choose an established broker or a new player in the market, always keep your goals in mind and stay committed to your investment strategy. Happy investing!

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Tim Ellis is the creator of, a website dedicated to getting people confidently investing and managing their money. Inspired by his own experiences, Tim has a passion to create a financially secure future for his family and loves to share the knowledge he's found in personal finance with the rest of the world.

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