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Best online broker to buy penny stocks in Australia?

Discussion in 'Brokers' started by rubybaker96, Apr 5, 2014.

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  1. rubybaker96

    rubybaker96

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    ok so i have heard about all the risks involve though i am really wanting to do this. I have time to invest into it and watch them though i cant find an online broker that lets you buy/sell penny stocks in australia. Please help
    thanks

    also i would rather not a large amount spent on each trade as i am wanting to trade/sell quite quick within a day.
    thanks
     
  2. springhill

    springhill Make the drill work for YOU

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    I don't understand the part about 'not being able to find an online broker that lets you buy/sell penny stocks'.

    If you have an online account (with one of the banks, E-trade, IB etc) and the stock you wish to trade is listed on the ASX, there should be no problem.
    Here is a google search result list for you - https://www.google.com.au/search?q=...es_sm=122&ie=UTF-8#q=online+trading+australia

    Your question should be, which online broker will charge you the least to trade? The trading fee, or commission, will kill you if you are looking to trade small amounts and your base capital is small.
    This should help a little - https://www.interactivebrokers.com/auscompare/?src=ausasf13&em_frm=1

    May I ask what your initial capital is and what value you are looking to trade each time? It may help members here to provide help more aligned with your situation.

    From there you have 2 options
    1. Google search 'online brokers asx' and compare their T&C's and brokerage rates
    2. Hope that a kind soul lists all the brokers for you and their T&C's and brokerage rates.

    There are no shortage of new ASF members opening up accounts to trade and joining this forum and wise old heads that constantly assess the economics of their current brokerage platform.

    I am with my bank online and have bought and sold shares sub 1cent.

    There are numerous threads on here regarding brokers & brokerage, eg

    https://www.aussiestockforums.com/forums/showthread.php?t=8739&highlight=brokerage

    https://www.aussiestockforums.com/forums/showthread.php?t=16972&highlight=broker

    https://www.aussiestockforums.com/forums/showthread.php?t=5076&highlight=broker

    Just type the key words of your search in the box, top right hand corner, and the amount of information will literally bore you sh!tless.

    Some general info that may also help.
    http://www.pennystocks.com.au/

    Remember, it is the brokerage fees that will eat your money up fast, especially with small transactions.

    Best of luck.
     
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