The Clearing House Electronic Subregister System (CHESS) is used by the Australian Securities Exchange (ASX) to keep a record of who owns what shares.
When you buy shares with a CHESS-sponsored broker, those shares are recorded in your name directly with the ASX.
In Australia, you have the choice of going with a CHESS-sponsored or custodian model platform.
This is a list of the best CHESS-sponsored platforms in Australia based on Finder's proprietary algorithm, as of March 2025.
We use our proprietary algorithm in order to give every share trading platform a score.
Set up by Finder's data scientists and investment experts, our algorithm takes into account broker fees, trading tools, educational resources and the list of available stock markets on each platform.
Our methodology to select the best CHESS-sponsored brokers rated platforms on the following features:
$0 brokerage for global stocks
$0 brokerage on ASX buy orders
Sophisticated research tools
Our top pick for a CHESS-sponsored broker is CMC Invest. It was named the best Overall and Best for Australian Equities in the most recent Finder Share Trading Platform Awards. CMC offers clients a range of financial options for less. For those looking to trade CHESS-sponsored shares, they offer free brokerage on trades up to $1,000 (on the first buy order on each security, each day).
Brokerage fees:
AU stocks: $0 brokerage (for buy orders up to $1,000) and $11 or 0.10% (whichever is greater) for all other buy and sell orders.
US stocks: US$0
UK stocks: £0
ETF brokerage fees:
AU ETFs: $0 brokerage for trades up to $1,000 (applied to the first buy order per ETF per day). $11 fee for trades up to $10,000. $15 fee for trades equal to or greater than $15,000.
US ETFs: US$0
Options:
ASX: $33/contract
US: Not available
Other markets available: Details here
Inactivity fee: $0
Currency conversion fee: 0.60% of trade value
Cheaply invest in US, HK and AU shares
Easy access to international trading
Low-cost options trading
Tiger Brokers offers competitive brokerage on CHESS-sponsored shares along with an easy-to-use mobile app, no minimum deposits, trading tools and even a high interest savings account.
Brokerage fees:
AU stocks: $3 per trade up to $10,000, 0.03% of trade amount after that
US stocks: US$2 for trades of up to 200 shares, US$0.01 per stock after that
UK stocks: Not available
Other markets available: Details here
ETF brokerage fees:
AU stocks: $3 per trade
US stocks: US$2
UK stocks: Not available
Other markets available: Details here
Options:
ASX: Not available
US: Fixed Brokerage Plan
• US$3 for up to 4 contracts
• US$0.75 per contract for 5 or more contracts
Tiered Brokerage Plan (Monthly Contract Volume)
• US$0.90 per contract for the first 50 contracts
• US$0.75 per contract for the 51st–100th contract
• US$0.55 per contract for the 101st–300th contract
• US$0.50 per contract for the 301st–500th contract
• US$0.45 per contract for the 501st–1,000th contract
• US$0.40 per contract for the 1,001st–10,000th contract
• US$0.35 per contract for the 10,001st–50,000th contract
• US$0.25 per contract for the 50,001st–100,000th contract
• US$0.15 per contract for 100,001 or more contracts
Inactivity fee: $0
Currency conversion fee: 55 pips
Advanced technical tools
ASX and global stocks
US options trading
Webull is a low cost, easy-to-use app that lets you trade CHESS-sponsored ASX stocks, as well as US and Asian stocks, and offers $0 on ETFs.
Brokerage fee per trade:
AU stocks: $0.0003 per trade value (min $4.90)
US stocks: US$0.00025 per trade value
UK stocks: Not available
Other markets available: Details here
ETF brokerage fees:
AU stocks: $0
US stocks: US$0
UK stocks: Not available
Other markets available: Details here
Options:
ASX: Not available
US: US$0.50
Inactivity fee: $0
Currency conversion fee: 50 bps of trade value
$3 brokerage fee per trade
No monthly fees for basic account
Buy and sell US stocks and ETFs
Stake is one of the cheapest brokers on the market for those investing in ASX CHESS stocks and ETFs, charging just $3 brokerage per trade. As such, it's no surprise it makes our list. Better still, if you refer 3 friends, you can actually get free brokerage on ASX trades for a year.
Brokerage fees:
AU stocks: $3 (Up to and including $30,000); 0.01% (Over $30,000)
US stocks: US$3 (Up to and including $30,000); 0.01% (Over $30,000)
Other markets: Details here
ETF brokerage fees:
AU ETFs: $3
US ETFs: US$3
Inactivity fee: $0
Currency conversion fee: 70 pips (US$0.70 for every AUD$100 exchanged)
Quality research tools
CHESS-sponsored stocks
mFunds
HSBC Invest offers a high quality trading platform for CHESS sponsored shares with plenty of research tools to keep you interested, including broker ratings, dividend search tools, technical analysis charts and a news feed.
Brokerage fee per trade:
AU stocks: $9.90 per trade (up to $20,000); 0.11% for trades over $20,000
US stocks: Not available
UK stocks: Not available
Options:
ASX: $30
US: Not available
Inactivity fee: $0
Research tools available
Australian shares from $5 per trade
Get stock analysis and ratings
CommSec is arguably the best-known share trading platform in Australia. It is the benchmark when it comes to a number of features, including educational resources, technical analysis tools, built-in broker recommendations and, of course, CHESS-sponsored shares.
Brokerage fee per trade:
AU stocks: $5.00 (up to $1,000 trade value); $10.00 (over $1,000 up to $3,000); $19.95 (over $3,000 up to $10,000); $29.95 (over $10,000 up to $25,000); 0.12% (over $25,000)
US stocks: US$5 for trades up to USD$5,000; USD$29.95 for trades up to USD$10,000; 0.31% for trades above USD$10,000
USD$39.95 or 0.40% (whichever is greater)
Inactivity fee: $0
Currency conversion fee: 0.55% of trade value
When you sign up with a CHESS-sponsored broker, the ASX will issue a Holder Identification Number (HIN) that is then used whenever you buy shares through that broker.
If you decide to change brokers, this HIN will follow you around as long as the next broker you join is also CHESS sponsored.
If you want to know your HIN, it will be visible on your CHESS statement. HINs start with the letter X, following by a sequence of 10 numbers.
When you sign up to a broker, they'll either use a CHESS-sponsored or custodian model.
A custodian model basically means the custodian is the legal owner of the shares. This means that the broker owns the shares, not you. You are still a beneficial owner though, meaning you get the same dividends and capital gains. You just don't have the voting rights of CHESS shareholders.
The upside for this model is it is usually cheaper on fees and lets you buy and sell Australian and global shares from the same trading account.
The downside of a custodian model is that you have less direct control over your investment and less access to your holdings.
The ASX has long planned to replace CHESS with a new clearing system. CHESS was first introduced in 1994 and has understandably struggled to adapt to the increasing demands of the modern stock market.
This replacement was slated to launch in 2021, following an aborted attempt to use blockchain technology to power the new system.
In November 2024, the ASX projected the cost of phase one (known as "Release 1") of its new CHESS program to cost up to $125 million, and was still targeting a release in 2026.
The ASX also announced that it expected the second phase, called "Release 2", to cost up to $320 million, with a target date of 2029.1
There are a few key benefits to going with a CHESS-sponsored trading account:
There are also some potentials downsides to choosing a CHESS-sponsored model;
Here's a comparison of CHESS and non-CHESS trading platforms available in Australia:
We currently don't have that product, but here are others to consider:
How we picked theseWe've scored over 30 share trading platforms assessing them for their core features, fees, customer experience and accessibility. Our experts give each platform a score out of 10.
Finder research found that the average share trader could save approximately $1,048 in brokerage fees a year by switching to a more suitable online broker (calculated on 7 trades per month of $1,000). You might even save money by having more than 1 platform, especially if you are investing in both Australia and internationally.
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CMC invest fee is incorrect. It is $0 for AUS stocks only one buys below $1000, per security, per day
Hi Saeed,
Thanks for your comment. You’re correct, CMC offers $0 brokerage on trades up to $1,000, per security, per day. We do highlight this in our guide, but we will add more detail to make it clearer to readers that this is the case.
Thanks
Tom