Need help with broker - Aussie Stock Forums

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  1. #1

    Default Need help with broker

    Hi there,

    Looking to get started in the market, got about $5000.00 I am willing to invest. Looking for short to medium term holdings in stocks. Looking for low cost brokerage, best value for money etc... want to get some of your opinions???

    Seen brokerages such as e-trade, commsec, IB. Help is much appreciated.

  2. #2

    Default Re: Need help with broker

    ib you need a 10k minimum. best bet is to go to your bank, open a high interest internet only account and put your money in there. then get your bank to be your broker, and they will take the money from the account you made. most banks offer that kind of facility.

    you'd need a clearer picture of what you mean by short to medium term. days? weeks? months? brokerage is a big factor in heavy trading with small accounts.

  3. #3
    Black Gold! Caliente's Avatar
    Join Date
    May 2005

    Default Re: Need help with broker

    In terms of lowest cost brokerage, especially for trades under the under $15000 mark - Bell Direct is really cheap. $15 a trade or 0.1%, whichever is greater.


    Hope that helps...
    "Even the mightiest warrior can be crippled by self doubt" Sun Tzu (The Art of War)

  4. #4

    Default Re: Need help with broker

    In my opinion, trading with such a small amount of capital wouldn't really be that worthwhile. The fees will consume too large an amount of your profits. Have you considered paper trading until you save up a larger amount of capital?

  5. #5

    Default Re: Need help with broker

    If you don't mind sending your moneys overseas, try www.zecco.com
    You get 10 free trades per month. There's lots more stuff to choose from in the US too.

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