Share trading platform Superhero cuts it brokerage fee to $2

Online share trading platform Superhero has cut its brokerage fee on ASX trades up to $20,000 from $5 to just $2.

The 60% reduction in the digital trading platform’s brokerage fee undercuts rival Stake, which charges $3 for ASX trades up to $30,000.

Superhero charges a 0.01% fee for trades over $20,000. 

The Superhero-branded app now has nearly 300,000 customers and $2 billion in assets on the platform. 

CEO and cofounder John Winters said that as well as cutting the brokerage fee from today, Superhero’s FX transfer fee will be cut to 65 basis points, a 5-point decrease, from May 1. That would deliver around a US$2.50 saving on an FX transfer from AUD to USD of $5,000.

Superhero will also apply US$2 brokerage on all US trades up to US$20,000, with a 0.01% fee for over $20,000. 

“Australians want more from their money and are constantly frustrated by the legacy the incumbents refuse to let go of. Whether it’s generating investment returns, being paid dividends, earning Qantas points, or paying lower fees, we want to continue to drive success for our customers,” Winters said. 

“This pricing change demonstrates our dedication to providing high-quality, cost-effective investment solutions,” Mr Winters said. 

Winters said the reductions in charges was the result of technological advancements and scale efficiencies realised through Superhero’s rapid growth.

“Our approach leverages technological innovations and operational efficiencies akin to those of industry heavyweights like major super funds, HUB24, and Netwealth, to deliver unparalleled value to our clients,” he said.

“From day one we’ve been brave enough to challenge the status quo and have delivered a robust and trusted model directly to our customers. We’re seeing those benefits now paying off – for customers and our business alike.” 

Superhero was founded in 2018 by Winters and Wayne Baskin, with its ASX trading platform launching in 2020, followed by Superhero Super in July 2021.

The company last raised $15 million in 2021 and $48 million in total over 14 months. Superhero’s investors include Perennial Value Management, Regal Funds Management, Ophir Asset Management and Alex Waislitz’s Thorney Investment Group, as well as Afterpay’s Nick Molnar, Zip’s Larry Diamond and Finder’s Fred Schebesta.