How to Open a Brokerage Account in Australia

Opening a brokerage account in Australia takes about 10–15 minutes online and you can be placing trades the same day. You’ll need a Tax File Number, a valid photo ID, and a funded bank account. The main decisions are which broker to use, and whether you want CHESS sponsorship or a custodian model.

General information only. This article does not constitute financial advice. Consider your own circumstances before making investment decisions.

Choosing the Right Australian Broker

The broker you pick will define your costs for years, so it’s worth getting right. The four most-used options in mid-2026 are:

• CommSec — Australia’s largest retail broker, backed by the Commonwealth Bank. Charges $19.95 per trade on orders under $10,000. Reliable, CHESS-sponsored, but not the cheapest option on the market.
• SelfWealth — Flat $9.50 per ASX trade regardless of order size. CHESS-sponsored. Particularly good value if you trade occasionally but in larger parcels.
• Superhero — $2 per trade on ASX shares, with ETF trades free. Uses a custodian model (more on that below). Popular with newer investors for its clean mobile app.
• moomoo — Zero brokerage on ASX ETFs and competitive rates on shares. Custodian model. A solid pick for investors who also want access to US and Hong Kong markets.

If you’re buying ASX ETFs and holding long-term, Superhero or moomoo will likely keep your costs lowest. If you want direct legal ownership of your shares via CHESS, CommSec or SelfWealth are the cleaner choices.

CHESS vs Custodian — Why It Matters

CHESS sponsorship means the ASX registers the shares directly in your name and issues you a Holder Identification Number (HIN). You own the shares outright — if your broker collapsed tomorrow, your assets are protected and portable.

With a custodian model, the broker holds the shares on your behalf in a pooled account. You’re the beneficial owner but the legal title sits with the broker. In practice this works fine for most retail investors, and custodian brokers are regulated and licensed by ASIC, but it’s a meaningful distinction worth understanding before you open an account — especially if you’re building a large portfolio.

What Documents You’ll Need

Every Australian broker requires identity verification under AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) laws. Have these ready before you start:

1. Australian driver’s licence or passport — your primary photo ID
2. Tax File Number (TFN) — not legally required to invest, but without it your dividends and distributions will be withheld at the top marginal rate of 47%
3. Bank account details — BSB and account number to fund your brokerage account and receive withdrawals

Some brokers — particularly for margin lending or international share accounts — may also request a recent utility bill or bank statement for address verification.

The Account Opening Process, Step by Step

1. Go to the broker’s website and click “Open Account” or “Sign Up”
2. Enter your personal details — full legal name, date of birth, residential address, email address, and mobile number
3. Verify your identity — most brokers do this electronically in real time using your driver’s licence number or passport; no need to post documents
4. Provide your TFN — entered during signup, stored securely, and used for annual tax reporting via your PAYG summary
5. Choose your account type — individual, joint, or company/trust; the vast majority of first-time investors open an individual account
6. Fund the account — transfer money via BPAY or bank transfer; BPAY typically clears the same business day with the major banks
7. Place your first trade — search by ASX ticker, enter your order size, and choose a market order (immediate) or limit order (at your chosen price)

Most accounts are approved within minutes. CommSec occasionally takes one business day if a manual identity check is needed.

Costs Beyond Brokerage Fees

Brokerage is the obvious cost, but a few others are worth knowing about:

• Currency conversion fees — if you’re buying US or international shares, brokers typically charge 0.5%–1.0% to convert AUD to USD; this adds up quickly on regular purchases
• Inactivity fees — some platforms charge if you don’t place a trade for 12+ months; always check the Product Disclosure Statement (PDS)
• Market data fees — live ASX data is free on most platforms, but real-time US market data can cost $10–$30 per month depending on the broker

For a straightforward ASX ETF strategy where you buy and hold, most of these extras won’t apply.

Frequently Asked Questions

How old do you need to be to open a brokerage account in Australia?

You must be at least 18 years old to open a brokerage account in your own name. Minors can invest through a parent or guardian who opens an account “as trustee for” the child — a common structure available through CommSec, SelfWealth, and several other brokers.

Can I open a brokerage account without an Australian TFN?

Yes, but it’s expensive not to. Without a TFN on file, your broker is legally required to withhold tax at 47% on any unfranked dividends or distributions. If you have an Australian TFN — and you almost certainly do if you’ve ever worked in Australia — there’s no reason not to provide it.

Do I need a lot of money to start investing?

No. Superhero has a $100 minimum order size, and platforms like moomoo have no minimum deposit requirement. You can genuinely start investing in diversified ASX ETFs with a few hundred dollars and build from there with regular contributions.