Share Trading comparison
CMC Invest vs Pepperstone
These two platforms aren't really competitors — they serve completely different purposes. CMC Invest is a CHESS-sponsored broker where you actually own ASX shares, with $0 brokerage on small buys. Pepperstone doesn't offer real shares at all; it's a CFD provider, meaning you trade derivatives that track share prices without owning the underlying asset. If you want to build a real portfolio, CMC is your only option here.
Choose
CMC Invest
if…
- ›You want to actually own ASX shares under your own HIN with CHESS sponsorship
- ›You're a small or regular investor — CMC charges $0 brokerage on first daily ASX buy up to $1,000
- ›You need managed funds, DRP, auto-invest, and a proper CGT report for tax time
- ›You want access to 15+ international markets including the UK, Japan, and Canada
- ›You're investing for a kid, an SMSF, or a trust — CMC supports all account types
Choose
Pepperstone
if…
- ›You want to trade CFDs with leverage and go short on stocks without borrowing shares
- ›You need a demo account to practise before risking real money
- ›You prefer to deposit via credit card, PayPal, Apple Pay, or Skrill — Pepperstone accepts 10+ methods
- ›You trade after hours or overnight — Pepperstone supports extended-hours trading
- ›You don't want to pay inactivity fees — Pepperstone charges $0 for inactivity
Where they differ
| Fact | CMC Invest | Pepperstone |
|---|---|---|
| What you're actually buying | Real ASX & US shares under your HIN (CHESS-sponsored) | Share CFDs only — you never own the underlying stock |
| ASX brokerage | $0 on first daily buy up to $1,000; otherwise $11 or 0.1% | Not applicable — Pepperstone does not support ASX shares |
| Inactivity fee | $15 | $0 |
| Minimum deposit | $500 | $0 |
| Account types | Individual, joint, company, trust, SMSF, kids/minor | Individual, joint, company, trust (no SMSF, no kids) |
Verdict
Choose CMC Invest if you want to own real shares; choose Pepperstone only if you want leveraged CFD trading.
All data points side-by-side
Every verified fact for both platforms. Differences are highlighted.
| Field | CMC Invest | Pepperstone |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | chess | — |
| Individual HIN | Yes | — |
| Individual account | Yes | Yes |
| Joint account | Yes | Yes |
| Company account | Yes | Yes |
| Trust account | Yes | Yes |
| SMSF account | Yes | No |
| Kids / minor account | Yes | No |
| asset coverage | ||
| ASX shares supported | Yes | No |
| ASX ETFs supported | Yes | No |
| US shares supported | Yes | No |
| US ETFs supported | Yes | No |
| Other markets supported | United Kingdom, Canada, Japan, Germany, France, Netherlands, Belgium, Spain, Switzerland, Sweden, Denmark, Norway, Singapore, Hong Kong, New Zealand | US, UK, DE, FR, HK, BE, CH, DK, NO, SE, FI, IE, PT, ES, AT, AU |
| Fractional shares (ASX) | No | No |
| Fractional shares (US) | No | No |
| Options trading | Yes | No |
| CFDs supported | No | Yes |
| Managed funds | Yes | No |
| Bonds supported | No | No |
| IPO access | Yes | No |
| costs hidden | ||
| FX spread (AUD/USD) | 0.6% | 50% |
| FX spread (other currencies) | 0.6% | 50% |
| Holds USD account | No | Yes |
| FX currency switch trick | — | No |
| Market data fees | $0/month | $0/month |
| Conditional order fees | $0 | $0 |
| Phone trade surcharge | $59.95 | — |
| Corporate action fees | — | Not applicable — Pepperstone offers share CFDs only, not real shares. Clients have no entitlement to rights issues, SPPs, takeover offers or shareholder voting. Dividend adjustments are passed through as cash entries on share CFD positions (credited on longs, debited on shorts, with franking credits not passed through). |
| costs visible | ||
| ASX brokerage minimum | $11 | — |
| ASX brokerage percentage | 0.1% | — |
| ASX brokerage threshold | $1,000 | — |
| ASX free trade conditions | $0 brokerage on first ASX buy order per security per day for trades up to $1,000 (excludes margin loan settled trades and sells) | — |
| US brokerage minimum | US$0 | — |
| US brokerage percentage | 0% | — |
| Monthly platform fee | $0/month | $0/month |
| Annual platform fee | $0/year | $0/year |
| Inactivity fee | $15 | $0 |
| Withdrawal fee (AUD) | $0 | $0 |
| Off-market transfer fee | $0 | — |
| identity and trust | ||
| Legal entity name | CMC Markets Stockbroking Limited | Pepperstone Group Limited |
| AFSL number | 246,381 | 414,530 |
| Year founded | 1,989 | 2,010 |
| Parent / ownership | CMC Markets plc (LSE: CMCX) | Privately held. Majority owner FX Group Holdings (Fiona Lock, CEO Tamas Szabo and Andrew Defina) acquired the 60% stake previously held by CPE Capital (formerly CHAMP Private Equity) in 2018; founders Owen Kerr and Joe Davenport retain the remaining 40%. |
| Country of incorporation | AU | AU |
| Public company status | public | private |
| money movement | ||
| Minimum initial deposit | $500 | $0 |
| Minimum subsequent purchase | $0 | $0 |
| Deposit methods | PayID, Bank transfer (EFT), BPAY | PayID, BPAY, bank transfer, debit card, credit card, PayPal, Apple Pay, Google Pay, Neteller, Skrill |
| Settlement period | T+2 for ASX; T+1 for US | N/A (CFDs are not settled — positions are open derivative contracts marked-to-market continuously, with overnight swap charges in lieu of settlement) |
| Withdrawal time | 1-2 business days | Up to 2 business days for cards, PayID, BPAY and domestic bank transfer; up to 1 business day for PayPal/Neteller/Skrill. |
| platform ux | ||
| iOS app | Yes | Yes |
| Android app | Yes | Yes |
| Desktop platform | Yes | Yes |
| Demo account | No | Yes |
| Free real-time market data | Yes | Yes |
| Free research reports | Yes | Yes |
| 2FA support | authenticator app | authenticator |
| Customer support channels | phone, email, live chat | phone, email, live chat |
| Support hours (AU time) | Monday-Friday, business hours AET (approx 8am-6pm) | 24/5 (Monday morning AEST to Saturday morning AEST), with 18 hours coverage on weekends; Melbourne-based Australian support team available during AEST business hours. |
| Education content | structured courses | video + courses |
| tax and reporting | ||
| Australian tax statement | Yes | No |
| Distribution component breakdown | Yes | No |
| CGT calculator / report | Yes | No |
| Sharesight / Navexa integration | Yes | No |
| trading mechanics | ||
| Market orders | Yes | Yes |
| Limit orders | Yes | Yes |
| Stop loss orders | Yes | Yes |
| Conditional orders | Yes | Yes |
| Auto-invest / DCA | Yes | No |
| Auto-invest sophistication | single asset | none |
| DRP (dividend reinvestment) | Yes | No |
| After-hours / overnight trading | No | Yes |