Alternatives to Interactive Brokers Australia
Interactive Brokers is known for its ultra-low brokerage on ASX trades (from $6) and even cheaper US trades (from $1), plus access to 30+ global markets and US fractional shares. It's a powerhouse for active traders and those wanting international exposure. But its custodian model (not CHESS-sponsored) and complex platform can be off-putting for some Australian investors. If you want CHESS sponsorship, simpler tools, or features like kids accounts and DRP, there are solid alternatives. We've lined up 7 options worth comparing.
CHESS-sponsored with ASX trades from $3, US from $0.99, plus fractional shares and options trading.
- ASX brokerage minimum
- $3(Interactive Brokers Australia: $6)
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- chess(Interactive Brokers Australia: custodian)
CHESS-sponsored ASX trades from $3 and a simpler, more beginner-friendly platform than Interactive Brokers.
- ASX brokerage minimum
- $3(Interactive Brokers Australia: $6)
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- mixed(Interactive Brokers Australia: custodian)
CHESS-sponsored with auto-invest, kids accounts, and DRP — features Interactive Brokers lacks.
- ASX brokerage minimum
- $6.5(Interactive Brokers Australia: $6)
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- mixed(Interactive Brokers Australia: custodian)
CHESS-sponsored with flat $9.50 trades, kids accounts, DRP, and auto-invest for long-term investors.
- ASX brokerage minimum
- $9.5(Interactive Brokers Australia: $6)
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- mixed(Interactive Brokers Australia: custodian)
CHESS-sponsored ASX trades from $1 and zero-commission US shares, cheaper than Interactive Brokers on both.
- ASX brokerage minimum
- $1(Interactive Brokers Australia: $6)
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- chess(Interactive Brokers Australia: custodian)
Zero-commission US options and shares trading for active options-focused investors.
- ASX ETFs supported
- No(Interactive Brokers Australia: Yes)
- CHESS sponsorship model
- custodian
- Auto-invest / DCA
- No(Interactive Brokers Australia: Yes)
CHESS-sponsored with commission-free US shares, kids accounts, DRP, and auto-invest built in.
- ASX brokerage minimum
- $11(Interactive Brokers Australia: $6)
- ASX ETFs supported
- Yes
- CHESS sponsorship model
- chess(Interactive Brokers Australia: custodian)
Common questions
Does Interactive Brokers use CHESS sponsorship?
No, Interactive Brokers uses a custodian model for ASX shares. This means shares are held in the broker's name, not yours directly. If CHESS sponsorship matters to you, look for brokers that offer it — most Australian-owned platforms do.
What are the cheapest alternatives to Interactive Brokers for ASX trading?
Several brokers offer ASX trades cheaper than Interactive Brokers' $6 minimum. Some charge as little as $1 per trade, while others offer zero brokerage on certain products. Compare the fee schedules carefully, as percentage-based fees can add up on larger trades.
Are there alternatives to Interactive Brokers that offer kids accounts?
Yes, several brokers offer minor accounts for children. Interactive Brokers does not support kids accounts, so if you want to invest for your children, look for platforms that specifically advertise kids or minor account options.
Which alternatives to Interactive Brokers support dividend reinvestment plans?
Interactive Brokers does not offer DRP. Many CHESS-sponsored brokers do support automatic dividend reinvestment. If DRP is important to your strategy, check each platform's features before signing up.