What is CHESS sponsorship and why does it matter?

CHESS is the ASX's electronic settlement system. A CHESS-sponsored broker registers your holdings under your own Holder Identification Number (HIN) on the ASX. This means you are the legal owner of the shares, you receive company communications directly, and you can transfer holdings to another broker without selling. Custodian models hold shares in the broker's name, making you a beneficiary rather than the legal owner.

Which CHESS-sponsored broker is cheapest for small trades under $1,000?

For trades under $1,000, CMC Invest offers $0 brokerage on the first ASX buy order per security per day (up to $1,000). Webull charges $1 for ASX shares and $0 for ASX ETFs. Both are CHESS-sponsored. CMC's offer is best if you buy one security per day; Webull is better if you buy multiple securities in one day.

Is Stake really $3 per trade for ASX shares?

Yes. Stake charges a flat $3 per ASX trade regardless of trade size, with no percentage component. This makes it the cheapest CHESS-sponsored option for larger trades. For example, a $25,000 trade costs $3 on Stake compared to $7.50 on Webull or moomoo. Stake uses a mixed model: CHESS-sponsored for ASX, custodian for US shares.

Does Webull charge $0 for all ASX trades?

No. Webull charges $0 brokerage on ASX ETFs with no conditions. For ASX shares, the fee is $1 minimum or 0.03% (whichever is greater), capped at $30. So a $500 share trade costs $1, while a $10,000 share trade costs $3. Webull also charges $49.99 per month for market data, which adds up for active traders.

Why is Superhero cheaper than CHESS-sponsored brokers?

Superhero charges $2 per ASX trade because it uses a custodian model. Your shares are held in Superhero's name, not yours. You do not get a HIN, cannot transfer holdings to another broker without selling, and do not receive direct company communications. The lower brokerage reflects the reduced administrative and regulatory cost of the custodian structure.

Can I transfer my shares from a custodian broker to a CHESS-sponsored broker?

Generally, no. Custodian brokers hold shares in their own name, not under your HIN. To move to a CHESS-sponsored broker, you typically need to sell your holdings (triggering capital gains tax), transfer the cash, and rebuy. With CHESS-sponsored brokers, you can initiate an off-market transfer to another CHESS-sponsored broker without selling.

Guide · share trading

Cheapest CHESS-sponsored brokers in Australia (2026)

Honest ranking of the cheapest brokers that give you a CHESS HIN — flat-fee vs percentage models, hidden costs, and which broker wins at different trade sizes.

By Investmatch Research Team · Last updated 15 May 2026

What is the cheapest way to buy ASX shares and keep them in your own name?

If you are buying ASX-listed shares or ETFs, the cheapest brokerage is not the whole story. The real question is whether you actually own what you buy. Some of the lowest-cost platforms in Australia do not put shares in your name. They hold them in a custodian arrangement, meaning you are a beneficiary, not the legal owner. That matters when dividends, corporate actions, or broker solvency come into play.

This guide compares brokers that offer CHESS sponsorship (giving you your own Holder Identification Number, or HIN) and ranks them by total cost at five common trade sizes: $500, $1,000, $5,000, $10,000, and $25,000.

What CHESS sponsorship means

CHESS is the clearing house for the ASX. When a broker is CHESS-sponsored, your holdings are registered directly on the ASX's settlement system under your own HIN. You receive company communications directly. You can transfer holdings to another CHESS-sponsored broker without selling. And if the broker goes under, your assets are still legally yours.

Some brokers use a "mixed" model. They offer CHESS sponsorship for ASX trades but may use custodial arrangements for international shares. Others, like Superhero, are pure custodians. Superhero charges just $2 per ASX trade, but you do not get a HIN. Your shares are held in the broker's name. That is fine for some investors, but it is not the same as direct ownership.

The brokers that give you a HIN

The following platforms all offer CHESS sponsorship for ASX trades: Bell Direct, CMC Invest, CommSec, moomoo, Pearler, SelfWealth, Stake, Tiger Brokers, and Webull.

We have excluded Superhero (custodian model) and note that Pearler and SelfWealth use a mixed model (CHESS for ASX, custodian for US).

Cost comparison at five trade sizes

Assumptions: Percentage-based brokerage applies where the percentage cost exceeds the minimum. No promotional offers are included, though we flag them separately. Market data fees are excluded (most brokers offer free ASX data; Webull charges $49.99/month, which changes the equation for frequent traders).

$500 trade

At this size, the minimum brokerage dominates.

Webull: $1 (0.03% of $500 = $0.15, but the $1 minimum applies for shares; ETFs are free)
moomoo: $3 (0.03% of $500 = $0.15, minimum $3)
Stake: $3 (flat rate)
Tiger Brokers: $3 (0.03% of $500 = $0.15, minimum $3)
Bell Direct: $5 (0.1% of $500 = $0.50, minimum $5)
CommSec: $5 (with CDIA linked; without CDIA, $29.95)
Pearler: $6.50
SelfWealth: $9.50
CMC Invest: $11 (but note the free trade condition)

Cheapest: Webull at $1 for ASX shares. For ETFs, Webull charges $0.

Special mention: CMC Invest offers $0 brokerage on the first ASX buy order per security per day for trades up to $1,000. So if you buy one ETF or stock per day under $1,000, your cost is zero. That beats everyone.

$1,000 trade

Webull: $1 (shares) or $0 (ETFs)
CMC Invest: $0 (first buy per security per day under $1,000)
moomoo: $3
Stake: $3
Tiger Brokers: $3
Bell Direct: $5
CommSec: $5 (with CDIA)
Pearler: $6.50
SelfWealth: $9.50

Cheapest: CMC Invest at $0 (if you stick to one buy per security per day). Webull at $1 for shares or $0 for ETFs is a close second.

$5,000 trade

Percentage-based fees start to matter here.

Webull: $1.50 (0.03% of $5,000 = $1.50, above the $1 minimum)
moomoo: $3 (0.03% of $5,000 = $1.50, but minimum $3 still applies... wait, 0.03% of $5,000 is $1.50, and the minimum is $3, so $3)
Stake: $3 (flat)
Tiger Brokers: $3 (0.03% of $5,000 = $1.50, minimum $3)
Bell Direct: $5 (0.1% of $5,000 = $5, exactly the minimum)
CommSec: $6 (0.12% of $5,000 = $6)
Pearler: $6.50
SelfWealth: $9.50
CMC Invest: $11 (0.1% of $5,000 = $5, but minimum $11 applies)

Cheapest: Webull at $1.50. Stake at $3 flat is next.

$10,000 trade

Webull: $3 (0.03% of $10,000 = $3)
Stake: $3 (flat)
moomoo: $3 (0.03% of $10,000 = $3)
Tiger Brokers: $3 (0.03% of $10,000 = $3)
Bell Direct: $10 (0.1% of $10,000)
CommSec: $12 (0.12% of $10,000)
Pearler: $6.50
SelfWealth: $9.50
CMC Invest: $11 (minimum)

Cheapest: A three-way tie between Webull, Stake, and moomoo at $3. Pearler at $6.50 is the next best.

$25,000 trade

Webull: $7.50 (0.03% of $25,000)
Stake: $3 (flat)
moomoo: $7.50 (0.03% of $25,000)
Tiger Brokers: $7.50 (0.03% of $25,000)
Bell Direct: $25 (0.1%)
CommSec: $30 (0.12%)
Pearler: $6.50
SelfWealth: $9.50
CMC Invest: $25 (0.1% of $25,000 = $25)

Cheapest: Stake at $3 flat. Pearler at $6.50 is second. Webull at $7.50 is third.

Special pricing and caveats

Webull's $30 cap: Webull caps ASX brokerage at $30. On a $25,000 trade that is $7.50, well under the cap. But on a $100,000 trade, 0.03% would be $30, which is the cap. So large trades are capped at $30. That is competitive for big orders.

Stake's flat $3: Stake charges a flat $3 for ASX trades regardless of size. No percentage component. This makes it the cheapest option at larger trade sizes ($25,000 and above) among CHESS-sponsored brokers.

CMC's free first buy: CMC Invest lets you buy up to $1,000 of any ASX security once per day for $0. If you are dollar-cost averaging into one or two ETFs, you can build a portfolio with zero brokerage. The catch: it is one free buy per security per day, and sells still cost $11.

Tiger Brokers' new-client offer: New clients get zero brokerage on up to 4 trades per month on ASX and US stocks, ETFs, or options. Minimum brokerage is waived, but third-party fees still apply.

CommSec's CDIA trick: CommSec's $5 minimum only applies if you link a Commonwealth Direct Investment Account or a CommSec Margin Loan. Without that, brokerage starts at $29.95 for trades under $10,000. If you already bank with CBA, it is worth doing.

The custodian caveat

Superhero charges $2 per ASX trade. That is cheaper than any CHESS-sponsored broker on this list. But Superhero is a custodian. Your shares are held in the Superhero name, not yours. You do not get a HIN. You cannot transfer holdings to another broker without selling first (triggering CGT). You do not get direct voting rights or company communications.

Some investors are fine with that. But if you are building a long-term portfolio, CHESS sponsorship gives you legal ownership, direct dividend payments, and the ability to move brokers without a tax event. The extra dollar or two per trade is insurance.

Which broker should you choose?

There is no single answer. If you trade small amounts frequently, CMC Invest's free first buy (up to $1,000) is hard to beat. If you trade larger parcels, Stake's flat $3 is the clear winner. Webull is strong across all bands and offers free ETF trades. Moomoo and Tiger Brokers are competitive in the middle bands.

The key is to pick a CHESS-sponsored broker that matches your trade size and frequency, and to understand that the cheapest option on paper (Superhero at $2) does not give you direct ownership. For most long-term Australian investors, the extra cost of CHESS sponsorship is worth paying.