Basic online trading account: Low fees, easy to set up?

Hi,

please provide your opinion on the following: what's a decent, easy-to-set-up and use, affordable, online trading account for regular aussie shares?

also, can anyone tell me their opinion on the same question, but for an account to trade shares, futures, commodities, foreign shares, and options.

I've tried setting one up through westpac but it took literally months because they kept losing the paperwork and in the end I just called it quits on them - great people but utterly incompetent - if they cannot do paperwork how could I trust them with my money.

Anyway, please let me know, as I'm looking to get started right after finding something suitable.

Re: Basic online trading account: Low fees, easy to set up

insight said:

Hi,

please provide your opinion on the following: what's a decent, easy-to-set-up and use, affordable, online trading account for regular aussie shares?

Click to expand...

Bell direct

also, can anyone tell me their opinion on the same question, but for an account to trade shares, futures, commodities, foreign shares, and options.

Click to expand...

Interactive brokers, maybe a few CFD brokers out there.

I've tried setting one up through westpac but it took literally months because they kept losing the paperwork and in the end I just called it quits on them - great people but utterly incompetent - if they cannot do paperwork how could I trust them with my money.

Anyway, please let me know, as I'm looking to get started right after finding something suitable.

Click to expand...

if you're just beginning your trading journey i'd recommend u AGAINST CFDs though

Re: Basic online trading account: Low fees, easy to set up

Comsec prob the easiest because of the cash/settlement and high interest accounts that come with the package...still gona take a week or 2 to setup and get all the paper work done.

https://www.comsec.com.au

Futures and options etc...i have no opinion.

Re: Basic online trading account: Low fees, easy to set up

skyQuake said:

Bell direct



Interactive brokers, maybe a few CFD brokers out there.



if you're just beginning your trading journey i'd recommend u AGAINST CFDs though

Click to expand...

Thanks a lot for the leads - will look into Bell Direct.

On the futures/options/int'l shares/commodities trading fronts, I definitely want to be able to trade the real things, not CFDs, as I don't necessarily want leverage.

I'm finding it surprisingly difficult to find an account to trade these through. When I walked into a bank branch a couple of months ago and asked the guy at the front (who happened to be the manager) he basically sat me down at his desk and treated me like some sort of king - I don't think he understood what options were - then he started saying something like "if you want to transfer a couple of hundred thousand into an account with us.... " ...... In my head I was thinking "i'm lucky to get together just a few thousand let alone a couple of hundred-thousand. anyway..... options would be great here and there, but I simply cannot get a platform to trade them on. sucks!

NB: every man and his dog offers a CFD platform because they are essentially making money from the lending aspect - you think you're a "trader" when really you're just a "borrower".

would love to find a decent, simple and affordable aussie options trading account, preferably an online one.

Re: Basic online trading account: Low fees, easy to set up

I reckon if you are starting out and trading in AU equities then you can't go far wrong with CMC @ $10 a trade. This is what I am doing.... and once my experience has picked up and I am making more trades then I will venture to IB. Btw I also have a Netwealth account which is free, which I get live prices and market depth, but execute trades on CMC.

Regarding BellDirect I have heard nothing but good stories - but if you are trading then the 50% extra expense ($10 vs $15) can add up......

BellDirect are hell bent on becoming the next Ameritrade. I think they will achieve it if they keep adding useful features as has been their course to date. They listen to customers, have low comm's for frequent traders, and good features. I don't like all the java applets, but they won't change that. As far as the platform goes, CMC is much cleaner, faster and neater.

I was looking into Enfinium recently for their great features and range of markets, but decided against them. No one bothered to check their website for spelling errors. If you can't be bothered creating a decent web site, what happens when you have complaints about slow processing or account problems? Likely nothing.

rx, Bell have $10 trades if frequent.