NAB Online Trading closing, being replaced by new "nabtrade" platform

[tinhat]

I've been using NAB Online Trading as my broker. I'm not a trader so don't do that many trades - somewhere between zero to twenty trades a month - probably average two or three a month.

Anyhow, anyone using NAB Online Trading will have received all the gumph about the new (in-house) platform that everyone is being moved onto.

One thing that may be important to you (and should be important if it isn't) is to know that conditional trading will only be available on the nabtrader + IRESS account which costs $79.95 per month if you do less than eight trades in a month.

So, I'm going to have to jump over to ComSec by the looks of it. I'm only interested in a CHESS sponsored online broker where my trading account is settled into a government guaranteed bank account.

The nabtrade promotional website is just pathetic too, IMHO, in terms of trying to navigate your way around to find out the details. I'm glad I poked around the site last night to learn that conditional orders were not available on a free subscription account. I'm already paying $10 a month just to get access to market depth!

[cropcos]

I think Comsec charges for conditional trading?

have a look at CMC markets. they have free conditional orders, and the brokerage rates are much less, $9.90 up to $10,000 trade value. Their cash account is with Bankwest and I believe is protected under the financial claims scheme. The PDS for the cash account is here

http://www.cmcmarkets.com.au/sites/p...ount_v51_0.pdf

[lenny]

Yep, CMC is the way to go imo.

CMC is a head of the pack in regards to the Aussie brokers.

[cropcos]

another great feature I like is they send all your bank and tax info to the share registry for you automatically, so dividends are taken care of direct credit to your cash account.

[Superboot]

I also give the thumbs up for CMC

[Trade wind]

Yep, the new revamp is a joke. Nab was always behind the market as a broker, and now they are even further behind. For me nab had two things going for it: you could use their feed with Quotetracker to get intraday (and pre-open) prices, and they had a reasonable news feed with good Reuters and RWE summaries of overnight US and European markets. Quotetracker no long works with the web redesign, the Dow Jones feed is lousy and now you have to wait until after the ASX opens to get a substandard overnight summary.

Even Commsuck is way ahead.

[tinhat]

Thanks to all those people who have left feedback.

I'm a little reluctant to go with a broker versus a bank though. I might end up going with comsec even though CMC Markets are much cheaper ($9 min brokerage and free conditional orders). The problem I have with brokers such as CMC Markets is that if you read the fine print on the BankWest cash manager account that they set up for you it states that you authorise CMC Markets to act as your agent in relation to the account and you indemnify BankWest. I'm not suggesting that CMC Markets would ever do this, but I am weary of a scenario, like Storm where a broker, acting as an authorised agent, when the foobar hits the fan, doing a runner or doing something strange like not settling a trade into the cash manager account. I'm thinking of a market crash scenario where I need to sell quickly and bad things start going down. I've got a lot of family wealth tied up in the SMSF. So although it is an unlikely event that the broker will do a runner or a dodgy, the risk is wiping out a substantial proportion of two generations of family wealth.

I've got to make a decision quick. Anyone got any further feedback?

[Trade wind]

I can't vouch for CMC, but I have three brokers - nab, comsec and interactive brokers. I know what you mean about guarantees. I have the same vague concerns with IB, and they are not CHESS sponsored, but their commissions are lowest of all. While the chances of IB going to the wall are very slim, I find I use IB for short-term stock trades, but long term I prefer comsec (or nab) depending on the commission.

If you want to act quickly, with surety, go with comsec. They have conditional trading on their free platform (but at $9.95 a trade) and market depth is free. You can then shop around at your leisure, and if it's free to sign up, get as many brokers as you like.

[Trade wind]

Just had a look at CMC. They do look very good. Think I'll open an account with them, too.

[tinhat]

I can't vouch for CMC, but I have three brokers - nab, comsec and interactive brokers. I know what you mean about guarantees. I have the same vague concerns with IB, and they are not CHESS sponsored, but their commissions are lowest of all. While the chances of IB going to the wall are very slim, I find I use IB for short-term stock trades, but long term I prefer comsec (or nab) depending on the commission.

If you want to act quickly, with surety, go with comsec. They have conditional trading on their free platform (but at $9.95 a trade) and market depth is free. You can then shop around at your leisure, and if it's free to sign up, get as many brokers as you like.

How does having several CHESS sponsored brokers work? Do you have a different HIN with each broker or do use the same HIN for each broker? More info please.

[cropcos]

How does having several CHESS sponsored brokers work? Do you have a different HIN with each broker or do use the same HIN for each broker? More info please.

its a different HIN for each broker

[cropcos]

I can't vouch for CMC, but I have three brokers - nab, comsec and interactive brokers. I know what you mean about guarantees. I have the same vague concerns with IB, and they are not CHESS sponsored, but their commissions are lowest of all. While the chances of IB going to the wall are very slim, I find I use IB for short-term stock trades, but long term I prefer comsec (or nab) depending on the commission.

If you want to act quickly, with surety, go with comsec. They have conditional trading on their free platform (but at $9.95 a trade) and market depth is free. You can then shop around at your leisure, and if it's free to sign up, get as many brokers as you like.

I've always wondered about this with IB. so if they aren't CHESS sponsored then who is the legal owner of the shares? Also don't know whether you would be entitled claim franking credits on dividends

[tinhat]

I've decide to go with CommSec. I negotiated a deal with them over their fees. I'm still going to end up paying about $10 more per trade in brokerage than CMC Markets but I'm happy with their service offering. Just waiting for my CHESS sponsored holdings to be transferred over from NAB.

[yshima]

I've decide to go with CommSec. I negotiated a deal with them over their fees. I'm still going to end up paying about $10 more per trade in brokerage than CMC Markets but I'm happy with their service offering. Just waiting for my CHESS sponsored holdings to be transferred over from NAB.

round trip actually $20 more

[lenny]

Hi Guys,

I've noticed NAB have dropped their commisions to 14.95 a trade to become the cheapest bank broker.

This might put the heat on comsec & others to compete.

Good to see.

[Bill M]

Rather than start a new thread I thought I would post my thoughts here.

I have signed up with nabtrade. I have been using them for the past 2 weeks for actual trading. What I really hate about this online broker is that you have to have cleared funds in your account ready for any purchases. That means unless you have funds just sitting there in the hight interest account (4.25%) you need to shuffle money from other accounts into the nabtrade one and the quickest you can do that is 24 hours.

I also use Westpac and Comsec and Comsec allows you to purchase without funds in your account. That to me means a lot as sometimes situations present themselves there and then and you can buy immediately. I like the Comsec system much better for this.

Also I find the new website a darn right pain to use, sometimes I have to navigate several clicks just to find what you are looking for.

The only reason I signed up for was for the 20 free trades and the cost of small parcel trades but I do not think I will be using this broker as my main one. Does anyone else have an opinion on them? Cheers.

[RandR]

Rather than start a new thread I thought I would post my thoughts here.

I have signed up with nabtrade. I have been using them for the past 2 weeks for actual trading. What I really hate about this online broker is that you have to have cleared funds in your account ready for any purchases. That means unless you have funds just sitting there in the hight interest account (4.25%) you need to shuffle money from other accounts into the nabtrade one and the quickest you can do that is 24 hours.

I also use Westpac and Comsec and Comsec allows you to purchase without funds in your account. That to me means a lot as sometimes situations present themselves there and then and you can buy immediately. I like the Comsec system much better for this.

Also I find the new website a darn right pain to use, sometimes I have to navigate several clicks just to find what you are looking for.

The only reason I signed up for was for the 20 free trades and the cost of small parcel trades but I do not think I will be using this broker as my main one. Does anyone else have an opinion on them? Cheers.

Its been OK so far, the requirement to have cleared funds in account isnt a problem for me because my transaction account is with NAB so transfers have been just about instant. Ive had a couple of unrelated problems in dealing with NAB though that has given me a pretty poor impression. I do prefer the commsec format and still use it. Just executing with NAB for a lower (free) brokerage.

[dangaff]

For those using CMC Markets - Has it cleaned up its act recently? Last I read about them it was all doom information with the platform crashing amongst other problems.
Have you guys experienced any flaws recently?

[Longjaw]

Nabtrade has an issue today with the funds not being available and in a negative amount.

I rang the help line and they say they are aware of the problem and that it should be cleared up by 7.30 in the morning (30/4/13) and that a lot of people are not happy .

[burglar]

... a lot of people are not happy .

Yesterday ...
20 trades free.

Today ...
Not happy Jan!!