The Best Robinhood Alternatives for Australians

Robinhood AlternativesRobinhood is a hugely popular share trading app in the U.S.  When they launched they completely shook up the online trading world by offering share trading without any fees.  Although at one point Robinhood had plans to launch in Australia, those plans have been put aside and Robinhood won’t be coming to Australia.

The good news is that there are now a couple of great Robinhood alternatives – eToro and Stake, that let you buy U.S stocks like Apple, Amazon, Tesla, Netflix etc, all without any commissions.

Here are the best Robinhood alternatives for Australians:

While there are a lot of different trading platforms available, I’m only featuring platforms that let you purchase real stocks.  Sites like Plus500 advertise stock trading, but on these sites you’re trading a CFD which is not the underlying asset.

When you buy a stock on the following platforms, you own the underlying asset.  You can hold it for as long as you want and you won’t pay any ongoing fees.


Stake is probably the closest alternative to Robinhood for Australians.   With Stake you can trade U.S stocks and there are no commissions.

Here is why I like Stake:

  • No Commissions/Brokerage Fees – On Stake you don’t pay any fees for buying and selling shares.
  • Competitive FX Rate – When you deposit funds on Stake, they get converted into USD.  The foreign exchange rate is competitive with most brokers.  And because you don’t pay any fees each time you buy and sell you’ll end up saving a lot in the long run.
  • Buy Fractional Shares – just like on Robinhood, you can invest in fractional or partial shares.  You can spend as little as $10 to buy part of a share.
  • No ongoing fees – you don’t get charged any fees to simply hold your stocks on Stake.  They do offer subscriptions for more advanced trading features, but for most investors the free plan will be perfectly fine.

I’m currently using Stake to build a portfolio of dividend stocks.  Because I’m not investing huge amounts at any one time, I wouldn’t be able to build a similar portfolio if I had to pay brokerage fees (such as $19.95 per trade on Commsec!!

Find out more about Stake here


eToro is also another good alternative to Robinhood.  It doesn’t have the same number of stocks that you can find on Stake, but all the popular U.S stocks and ETFs are available.    It also has some unique copy trading and social trading features which make it more of a comprehensive investing platform.

On Stake you do need to pay a subscription if you want access to advanced trading features.    You get those same features for free on eToro.

Here is why I like eToro

  • Real Stocks with No Commissions – Just like Stake and Robinhood on eToro you can buy and sell real stocks.  When you buy stocks through eToro you are buying the underlying asset and there are no ongoing fees and no brokerage fees.
  • Start with just $50 – you don’t need to be rich to start investing in Stocks.
  • Fractional Shares – you can buy just a fraction of a share.  This is super useful if you’re looking to invest in a company like Alphabet which is priced at over $1k a share.
  • Deposit using PayPal/Credit Card/Bank Transfer – eToro offers a large range of deposit and withdraw options.
  • Competitive FX Rate – eToro has an FX rate that is similar to Stake.

There are a few more Robinhood alternatives that I’ve been trying out.  I’ll add them to this post if I like them.  Which platforms do you use to invest in U.S stocks?

This post is for educational purposes and should not be considered as investment advice. This post is based on individual experience and journalistic research.

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