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  1. #1

    Default Westpac online broking - any problems?

    Gday all

    I'm planning on getting set up with a few trading platforms (Westpac, Commsec, Etrade and Bell Direct) to test them all out. Number 1 is Westpac - and so far I have encountered a few problems - (thanks kam75 for putting me in the trail). First, if I am reading the site correctly you cannot order a stop loss when you enter a position, but have to enter the position and then navigate to the conditional order tab and set it up there. Am I right on this? If so this seems pretty inconvenient to me. Second, when they send that SL order to the market it goes through at limit, which presents the possibility of my shares not selling to anyone and me being stuck with them.

    So, to the pros and those with more experience of Westpac: am I right in these assumptions, and if so are there ways round them, or should I just set up with another online broker with a better website??

    Once again, thanks to all who take the time to read this and help me out.

  2. #2
    Commonsense isn't that common nomore4s's Avatar
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    Default Re: Westpac online broking - any problems?

    Shortlist,

    If you're serious about trading and want to use stops and trigger orders etc etc I would forget about Westpac, Etrade and Commsec.

    The best broker imo is Interactive Brokers - cheap brokerage and great trading platform. If you want to stick to a chess sponsored broker imo the one to look at is Macquarie Prime - it has a good trading platform which allows stops, triggers etc etc for no extra charge and with brokerage at $20 per trade is comparable with Westpac, Etrade & Commsec.
    All things are difficult before they are easy.
    Keith's Art

  3. #3

    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by nomore4s View Post
    Shortlist,

    If you're serious about trading and want to use stops and trigger orders etc etc I would forget about Westpac, Etrade and Commsec.

    The best broker imo is Interactive Brokers - cheap brokerage and great trading platform. If you want to stick to a chess sponsored broker imo the one to look at is Macquarie Prime - it has a good trading platform which allows stops, triggers etc etc for no extra charge and with brokerage at $20 per trade is comparable with Westpac, Etrade & Commsec.
    Thanks a lot for this nomore4s. I'm not blown away with the Westpac broking site, although their customer service is good. Also they charge $25 per trade as well. I'll look into the two you mention - what are the main advantages/disadvantages of chess sponsorship? Thanks again mate - and yes I am serious.

    Also you say about "if" I want to use stops - aren't these things used by everyone? Some of my papertrading has involved positions bought and sold in minutes, and with very low share prices like 0.025, etc. - are SLs really appropriate for this kind of fast-paced small cap speccie trading?

  4. #4
    Commonsense isn't that common nomore4s's Avatar
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    Default Re: Westpac online broking - any problems?

    Not everyone uses stops.

    If trading over a couple of minutes you probably don't need stops but that is something you need to answer for yourself.

    Not sure re:Chess you'll have to look it up. I have all my longer term holdings with a chess sponsored broker as it is easier to follow up the d/e payments, things like capital raisings (SPP), voting rights etc etc.

    The Mac Prime customer service is also excellent and since I've been using them (for about 18months) I've never been unable to log in during trading hours and close or open trades unlike commsec.
    All things are difficult before they are easy.
    Keith's Art

  5. #5

    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by nomore4s View Post
    Not everyone uses stops.

    If trading over a couple of minutes you probably don't need stops but that is something you need to answer for yourself.

    Not sure re:Chess you'll have to look it up. I have all my longer term holdings with a chess sponsored broker as it is easier to follow up the d/e payments, things like capital raisings (SPP), voting rights etc etc.

    The Mac Prime customer service is also excellent and since I've been using them (for about 18months) I've never been unable to log in during trading hours and close or open trades unlike commsec.
    Thanks for this - I'm going to look into Mac Prime first I think. Should I want to use a SL am I able to order this when I enter the position with Mac Prime? If I understand the website correctly I have to wait until I have entered the position with Westpac and then navigate to another tab to set up the SL, which seems like a bit of hassle to me.

  6. #6
    Commonsense isn't that common nomore4s's Avatar
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    Default Re: Westpac online broking - any problems?

    Yes you can set a stop when you enter the original order and you then can cancel, amend and add a stop loss at anytime.

    I would recommend having a serious look at Interactive brokers as well - min brokerage of $6 can make a big difference to you bottom line.
    All things are difficult before they are easy.
    Keith's Art

  7. #7

    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by nomore4s View Post
    Yes you can set a stop when you enter the original order and you then can cancel, amend and add a stop loss at anytime.

    I would recommend having a serious look at Interactive brokers as well - min brokerage of $6 can make a big difference to you bottom line.
    +1. Not to mention free conditional orders.

    However IB has a few issues at the moment (Corporate action scalebacks, unable to put orders in for stocks that move too much etc)

    For absolute ease of use, a CFD provider would be good. Just be aware how dangerous leverage can be though.
    I believe effort to be a finite resource. Something to be used only when there are no other options available.

  8. #8

    Default Re: Westpac online broking - any problems?

    Another option could be www.thinkminc.com.au although its a bit pricey ($33), it does allow you to make up to 12 trades per day within one stock for the one contract price (helpful if making lots of scalps/scaling into positions) and uses IRESS which is at the better end of AUS platforms...(although personally I preferred IB's paltform and ability to use ninjatrader, they wouldnt give me a margin account being a student which ment I had to wait t+3 for settlement before I could trade again which = a big no no for me and something to be aware of when setting up your account type)

  9. #9

    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by marknz88 View Post
    I had to wait t+3 for settlement before I could trade again which = a big no no for me and something to be aware of when setting up your account type)
    Thanks for the advice mark. What do you mean about having to wait? I understood T+3 to mean all money had to be transferred in whichever direction within three days after the trade? But how did this stop you trading with other funds while waiting for the settlement to come through - or were you trading each position with all your capital??

    An example - say I have $100,000 in my trading account, and enter a position with $10,000 on Monday and make $500, my trading account balance will be $90,000 until Wednesday when it will become $100,500 (minus fees, etc). I can still trade throughout the rest of Monday and Tuesday can I not???? Thanks again mate. I thought everyone was T+3 anyway - which brokers do not do this allowing you to trade more frequently and not have to wait for settlement?


    Also - your thinkminc suggestion - you mean you get 12 trades per day in one stock for $33 in total?

  10. #10

    Default Re: Westpac online broking - any problems?

    When you sign up with IB theres 3 account types you can apply for (cash, reg t margin and another margin account type)

    Being a uni student and not earning over 50k salary I was only allowed to open a cash account which I thought was fine until I wanted to sell my holding and buy another on the same day (I was always fully invested as my accounts sub 20k). With all my previous brokers where I had cash accounts, once you sell they credit your account the amount and your free to trade instantly (the cash will settle in 3 days time if you want to withdraw any of it). But with IB cash accounts they dont credit your account with the sell value. Instead you have to wait for the cash to actually settle 3 days later before your able to trade again.

    So in your example of a 100k account, you would be fine to trade as long as you weren't 100% invested, in which case you would have to wait for the cash to settle 3 days later. But with most normal brokers, once you sold the stock on monday, you would be able to instantly purchase 100,500 worth of stock afterward.

    And with thinkminc the total cost would be $66 ($33 for purchasing and $33 for selling) for up to 12 trades i.e 6 buys and 6 sells within the same day of the same stock. Only good if your trading say BHP in and out more than 10 times in a day (anything less than 10 and IB would be cheaper)

    Hope that makes a little bit more sense haha

  11. #11
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    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by shortlist View Post
    Thanks a lot for this nomore4s. I'm not blown away with the Westpac broking site, although their customer service is good. Also they charge $25 per trade as well. I'll look into the two you mention - what are the main advantages/disadvantages of chess sponsorship? Thanks again mate - and yes I am serious.

    Also you say about "if" I want to use stops - aren't these things used by everyone? Some of my papertrading has involved positions bought and sold in minutes, and with very low share prices like 0.025, etc. - are SLs really appropriate for this kind of fast-paced small cap speccie trading?
    If you are playing with fast-paced species scalping stuff... wouldn't dynamic prices be a must?

    Westpac's platform has the technology from the early 1900s. The order placement is slow, data is not dynamic and brokerage is high. It's really only suitable for longer term investing type transactions imo.

    IB or Webiress based CFD are definitely worthwhile. Minc sounds interesting but I'd do some serious background checking before trusting them with your money.

  12. #12

    Default Re: Westpac online broking - any problems?

    Minc dont hold your funds, they access it via a Macquarie CMT account

    Never had any problems with them myself. But they are a boutique broker (i.e. dont cater to the masses like commsec/etrade do) which has its positives (better service, better trade ideas) and negatives (higher price)

  13. #13

    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by skc View Post
    If you are playing with fast-paced species scalping stuff... wouldn't dynamic prices be a must?

    Westpac's platform has the technology from the early 1900s. The order placement is slow, data is not dynamic and brokerage is high. It's really only suitable for longer term investing type transactions imo.

    IB or Webiress based CFD are definitely worthwhile. Minc sounds interesting but I'd do some serious background checking before trusting them with your money.
    Thanks to mark and skc for your replies. I currently have a Westpac trading account but this is purely because I already have a Westpac account so it was easier and quicker for me to set it up. After listening to you and some readin as well I am beginning to realise than Westpac might not be the best fit for my style of trading - fast in and out speccie scalps, mainly.

    Have you (skc or mark) got any suggestions of a good webiress based CFD? A question I have is this: I do not want (and don't need) to rely on credit or leverage of any kind, so am I able to have a CFD platform that allows me to use my own money without leverage? Still unsure as to how this works. Can I request to open a CFD trading platform but only with my own cash?

    Thanks guys - hot one here in Adelaide today 39 and aircon not working properly so have pity.

  14. #14
    Commonsense isn't that common nomore4s's Avatar
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    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by shortlist View Post
    Thanks to mark and skc for your replies. I currently have a Westpac trading account but this is purely because I already have a Westpac account so it was easier and quicker for me to set it up. After listening to you and some readin as well I am beginning to realise than Westpac might not be the best fit for my style of trading - fast in and out speccie scalps, mainly.

    Have you (skc or mark) got any suggestions of a good webiress based CFD? A question I have is this: I do not want (and don't need) to rely on credit or leverage of any kind, so am I able to have a CFD platform that allows me to use my own money without leverage? Still unsure as to how this works. Can I request to open a CFD trading platform but only with my own cash?

    Thanks guys - hot one here in Adelaide today 39 and aircon not working properly so have pity.
    Shortlist I still think Mac Prime is the way to go for you, is set up like a CFD provider but you can choose how much leverage if any you use, has a live data feed with live charts that go right down to 1 min, only thing is it might be a little more expensive then CFD's on the brokerage side.

    With most CFD providers you use leverage no matter how much is in the account but you shouldn't be charged interest unless you hold overnight.
    All things are difficult before they are easy.
    Keith's Art

  15. #15

    Default Re: Westpac online broking - any problems?

    Quote Originally Posted by nomore4s View Post
    Shortlist I still think Mac Prime is the way to go for you, is set up like a CFD provider but you can choose how much leverage if any you use, has a live data feed with live charts that go right down to 1 min, only thing is it might be a little more expensive then CFD's on the brokerage side.

    With most CFD providers you use leverage no matter how much is in the account but you shouldn't be charged interest unless you hold overnight.
    Thanks yet again nomore4s...! You have successfully persuaded me to take a look at Mac Prime - it sounds like it's what I'm after and if I recall correctly you said it was CHESS sponsored as well? I'm going to give them a go - and just the very same day I finally get the Westpac account up and running and ready to go........

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