The changes will take effect from 24 January 2023, with the Sharesies transaction fee increasing to 1.9% on the amount invested, up to a capped amount.

The new pricing model will replace a fee structure where customers are currently charged 0.5% on orders for trades up to $3,000 and 0.1% for orders above this.

However the platform has introduced a transaction fee cap, which will sit at $6 AUD per order for Australian shares, $25 NZD per order for New Zealand shares and $5 USD per order for US shares.

This makes it more cost-effective for mid-sized investments, and extra-large transactions.

Investors in Australian shares will be better off under the new system if they order $316 or more in one transaction.

However those ordering more than $3,000 up to $6,000 will be worse off, as their old fee structure would have seen them charged between $3 and $6.

Sharesies Country Manager for Australia Brendan Doggett said everyone on the Sharesies platform should be able to invest in a way that’s competitive, suits them, and delivers great value by limiting the maximum amount they’ll pay in fees per order.

The platform will continue to offer no minimum investment amount, meaning Sharesies customers can continue to invest as much or as little as they like. 

Sharesies' transaction fee cap does not include other fees that may be charged per share transaction including currency exchange fees, management fees, deposit fees or card processing fees.   

Sharesies says this change is being communicated directly to all investors in advance, with the platform's Investor Care team on hand to answer questions from investors.

Read more: A beginner’s guide to investing

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