Top brokers Aussies use to invest in stocks and ETFs
by Stephanie Stefanovic, Content Manager, Sharesight
With the ever-growing number of stockbrokers available to Australian investors, many investors are left wondering which is the best broker to suit their needs. Priorities differ depending on the individual investor; for example, are they a frequent trader or more of a long-term investor? And do they prefer stocks or ETFs? With some of these questions in mind, we take a look at the most popular brokers among Sharesight users in FY21/22.
Most popular brokers for Australian investors – by user numbers
As can be seen from the chart below, the most popular Australian broker (in terms of individual investors) was CMC Markets, followed by CommSec, Selfwealth and Pearler.
What makes these brokers such a popular choice for Australian investors?
While CommSec has the largest market share in terms of overall Australian investor numbers, CMC Markets managed to edge ahead among Sharesight’s Australian user base. This is likely due to CMC’s connection to the Sharesight API, which allows Sharesight users to directly link their CMC brokerage account to Sharesight. CMC’s support for a wide range of global markets – including $0 brokerage fees for international trades – is likely another reason why CMC was the most popular choice for Australian investors.
CommSec was also a clear favourite for Australian investors over the period, which can be likely attributed to CommSec’s long history as a leading Australian broker. It’s also easy for Australian investors to get their CommSec trades into Sharesight, with support for CommSec CSV files (spreadsheets) as well as the ability to automatically forward trade confirmation emails.
One interesting insight to note is the presence of auto-investing broker Pearler in this list. The platform is built with long-term investors in mind, much like Sharesight, which is likely why Pearler is one of the most popular brokers among Australian investors using Sharesight. Pearler is also connected to the Sharesight API, making it easy for investors to sync their trades to Sharesight.
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Source: Top brokers Aussies use to invest in stocks and ETFs
