Superhero: The best share trading platform in Australia?

By   |   Verified by David Boyd   |   Updated 1st May 2021

Finty Review Superhero
  • Trade in over 2,500 ASX-listed products for a flat $5 fee.
  • Invest as little as $100 per trade – great for beginners.
  • Premium features available to all users, whereas other trading platforms charge a monthly fee.

Superhero is a share trading platform and one of the latest fintech brokers to be introduced to the Australian investment market.

Charging zero brokerage for exchange-traded funds (ETFs) and a minimal $5 for all ASX stocks, the Superhero app is one of the cheapest brokerage platforms available today.

Find out how Superhero stacks up against its competitors, and how you can quickly become a user.

What is Superhero?

Superhero provides all the tools you need to make share investments and put your money to work for you. You can start by investing as little as $100, and there's a dashboard that allows you to access your portfolio at the touch of a button. Their policy? Your money, your move.

Other handy tools include a share trading wallet to keep tabs on your cash flow and a handy reports feature, which promises to help traders track their performance like a pro. All of this is possible via the share trading app.

In a nutshell, it’s accessible, easy to understand, affordable and secure, which makes it an ideal option for those looking for a no-nonsense share brokerage product.

Who is Superhero designed for?

Superhero is popular with a new generation of young traders, keen to take advantage of super-cheap online brokerage costs and invest in the sharemarket at a time when bank interest offers such a small return.

Superhero’s goal is "to make investing accessible and understandable for everyone" – no matter if you’re a first-time investor or a seasoned trader.

Still undecided about Superhero? See how they stack up against other share trading platforms in Australia with our comparison here.

How does Superhero work?

One of the major features offered by Superhero is the power to trade over 2,500 ASX-listed products in amounts less than the standard broker's limit of $500 per trade. The only other broker on the market to offer a similar feature is Commsec Pocket, and its low-value trading account is limited to seven ETFs.

Superhero, on the other hand, invites investors to trade on any ASX-listed stock. Users can easily keep tabs on their cash flow and shares using the Superhero Wallet, whilst the two-factor authentication and high-level encryption make this an extremely secure brokerage platform.

Superhero's sleek user interface is one of its best features.
Superhero's sleek user interface is one of its best features.

Free account, loaded with premium features

Unlike many of its competitors, Superhero does not offer a basic free account and a fee-paying premium account. Instead, it makes its premium features available to all users.

These are the many features you'll be able to access:

  • Low cost trades with a flat brokerage fee of $5, free when investing in ETFs.
  • Free trades in ETFs.
  • Follow the market by keeping tabs on your stocks.
  • Real-time access to market data, including live pricing and news.
  • Advanced ordering, including both market orders and set price limit orders.
  • Comprehensive reporting of your portfolio performance, tax obligations, dividends, franking credits.
  • Zero account-keeping fees, so you only pay for trades.

How much does Superhero cost?

Superhero offers a flat fee of $5 per trade on the Australian Securities Exchange, with ETF trades always free. This fee stays the same, whether you make 1 or 100 trades monthly. It's also the same whether the amount of your trade is $100 or $10,000. Compare this with traditional online brokers who charge around $20 per trade for lower-value orders, rising to as much as $50 or more for large trades.

Other costs include a $1 fee to BPAY into your account, but PayID transfers are free.

What can you trade with a Superhero account?

With a broad selection of options to select from, users can afford to invest in what they’re interested in. Trade choices include:

  • Over 2,500 shares and ETFs
  • ASX-listed shares
  • Listed property shares in Australia
  • Listed investment companies (LICs)
  • ETFs (invest in ETFs to get broad exposure to market sectors, industries, and a range of investment themes)

How do I sign up?

Getting an account with Superhero is quick and easy. First, you’ll need to visit their website. Once you've completed the registration process by providing ID and contact details, your Superhero bank account can be funded instantly using a PayID bank transfer.

Users can then select the ETFs or shares they want to invest in. Signing up takes less than five minutes. Conventional trading apps onboarding processes can take far longer to complete.

Pros and cons

Pros

  • Low fee. Flat $5 fee no matter the size of the trade or how many trades you make, with ETFs traded for free.
  • Low minimum investment. Start and continue with as little as $100 per trade.
  • Simple registration process. It takes only a few minutes to supply details like your phone number, email, name, date of birth and residential address, create a password and confirm your identity.
  • Easy-to-use platform. Sleek and hassle-free, suitable for beginner investors and still accessible for pros to use.
  • Free premium account features, unlike most of its competitors.
  • No fees to deposit funds to your account if you use PayID.
  • Secure. Superhero uses two-factor authentication and the same level of encryption that banks use. Funds in your Superhero wallet are held in a NAB cash management account.

Cons

  • Charting is basic. With a simple line chart and a maximum of 1 year lookback span you might find yourself doing your research outside the platform.
  • No stock analysis to guide your trading decisions beyond the chart.
  • Can't buy fractional shares. You will need buy at least 1 share in any ETF or security.
  • $1 fee for using BPAY to transfer funds into your Superhero Wallet.
  • Your investments are held in a joint custodian account ('omnibus' account) so you don't have your own HIN (Holder Identification Number) with CHESS (Clearing House Electronic Subregister System).

Alternatives to Superhero

You won't be surprised to hear that Superhero is not the only new kid on this particular block, so before you make your decision you may want to check out the competition, including:

  • SelfWealth. Trade not just on the ASX, but also NASDAQ and NYSE, for a flat fee of $9.50 per trade.
  • Stake. Access to the US sharemarket for Aussies, with commission-free trades but currency conversion and funds withdrawal fees.
  • CommSec. ASX and US stocks available, as well as London and Tokyo and other international exchanges. $10 fee for Australian trades up to $1,000, higher fees for larger Australian trades and international transactions.
  • Pearler. Online trading platform aimed at the long-term investor, with automated investment and goal-setting options. Transaction fees start at $9.50.
  • CMC Markets. Trade in ASX and global stocks. ASX fees start at $11 or 0.1%, and decline if you make more than 10 trades in a month. Transactions in US, UK, Canada and Japan are commission-free, but fees are high for other countries.
  • Stockspot. Automated investment in Australian and global ETFs suited to your chosen risk profile. Monthly fees start at $5.50 for account balances of $2,000-$10,000, and rise once you pass the $10,000 mark.