Minimum purchase?

[clowboy]

I was under the impression that there was no minium amount of shares that you had to purchase (either in a $$$ amount or by number) but Westpac has a minium of $500 in place.

Does anyone using other brokers have a minium?

Also I believe you can only have one broker at a time but could someone confirm this for me?
Ie you can not hold shares through westpac and comsec at the same time.


Thanx..

[stockGURU]

I always thought you had to buy a parcel of at least $500 worth of shares.

Maybe you are allowed to sell less than that, but I always thought $500 was a minimum buy amount.

[kifoghorn]

From what I have read, you can have as many brokers as you like. However you can only buy/sell the shares from the same broker, unless you do some tranfer paperwork. ie you buy cba shares from broker1, without the transfer paperwork you can't sell these thru broker2...

Again from what I have read (every little mentioned) if the shares you buy in a company are the first, then you need to buy in a parcel. Again only varge mention on asx web site, only on westpac, I have seen mention of specific detail ie $500 in share value.

If wrong, please enlighten me too :p

[Mofra]

I was always under the impression that $500 was the minimum you are req'd to hold of one stock, so if you already held $2000 worth you could buy $400 (provided the purchase was with the broker you have your CHESS holding with)

To be honest, if you are going to spend $500 on a stock and you're paying $20 to buy or sell, you need an 8% rise just to cover brokerage by the time you sell them so it woudn't be economical anyway

[RichKid]

I always thought you had to buy a parcel of at least $500 worth of shares.


I thought so too, I haven't bought so small an amount before but the last time I tried to place an order it said it had to be $500 min per the ASX rules.