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Best broker for newbie day traders of the ASX?

Discussion in 'Brokers' started by theatrain, Jan 11, 2019.

  1. theatrain

    theatrain

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    Any recommendations for brokers for day trading on th ASX? Who do you use and what are their pros and cons?
    Low fees are obviously a plus but transaction speed must also be good.
    Cheers
     
  2. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    I think you should consider Bell Direct, purely for the added information to help you get up to speed.
    Full Service, pretty cheap.
     
  3. theatrain

    theatrain

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    Thanks. Will look into them.
     
  4. cropcos

    cropcos

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    I also agree that Bell direct is a good choice.

    I would avoid CMC markets as they have at times shown poor order execution speed and reliability ( in my experience).

    Another one to consider is Amscot. They are cheaper than Bell Direct re brokerage but the platform is more basic. If you only need to enter buy and sell orders and use conditional orders Amscot is fine and fast. My only gripe with Amscot is you can’t enter a market order without a price on the order into the ASX ( or at least I haven’t been able to figure it out) , which is sometimes desirable in a fast moving market.

    All above are Chess sponsored brokers which is good
     
    Knobby22 likes this.
  5. theatrain

    theatrain

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    Thanks cropcos. Has anyone used IG? They seem to have a lower fee structure but I don't know anyone who has used them.
     
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