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Best Online Broker?!

Discussion in 'Brokers' started by Aussiest, Jul 24, 2008.

  1. village idiot

    village idiot

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    you will start to discover the catch when you get halfway through the application process :)
     
  2. CanOz

    CanOz Home runs feel good, but base hits pay bills!

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    Yup, you don't ever own the shares....;)
     
  3. VSntchr

    VSntchr

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    Hmmm.
    So why is it still so popular amongst the more experienced guys?
     
  4. CanOz

    CanOz Home runs feel good, but base hits pay bills!

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    Cost, access to international products, execution...mostly a traders broker i guess. For those that need to hold onto that share certificate its just not the ticket...

    I have more interactive broker accounts than i have bank accounts...:eek:

    CanOz
     
  5. So_Cynical

    So_Cynical The Contrarian Averager

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    Very suitable for traders, not so much the longer term outlook punters, great if you trade a lot, have money and want very cheap trades, conditional orders and margin and not fussed about dividends and franking credits etc.

    The next account i open will be with IB...as a pure punting account.
     
  6. VSntchr

    VSntchr

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    So you dont get divs and franking creds because u dont actually own the shares, right?
     
  7. ROE

    ROE

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    Not CHESS, hold under a common trust

    Doesn't bother me that much other platform because $30 bucks on 25k-50k purchase is hardly a sweat..
    Franking credit worth lot more to me in get them in 10 of thousands...

    I dont buy less than 15k at a time....
     
  8. VSntchr

    VSntchr

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  9. So_Cynical

    So_Cynical The Contrarian Averager

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    IB will pass them on to you in a way, you have to claim them yourself because i believe they wont show up with auto complete if your doing your own tax because the shares are held by IB, but they are held for you so you are entitled to the credits and have to pay tax on the dividends etc.

    https://www.aussiestockforums.com/f...t=17467&page=2&p=723585&viewfull=1#post723585
     
  10. Garpal Gumnut

    Garpal Gumnut

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    I prefer Comsec.

    I'm not a CBA holder, not now anyway.

    Then i'm a simpleton, and it gives me simple on shore Australian safety.

    A good interface, immediate buy and sells, reasonable brokerage, charts, and never seems to crash.

    gg
     
  11. VSntchr

    VSntchr

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    Whats the consensus opinion on funding the account? Stump up the ~$25 international wire fee from the typical Aus Bank account?

    Also, I'm assuming that margin interest is still tax deductible?
     
  12. So_Cynical

    So_Cynical The Contrarian Averager

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    $25 or $20 with some banks, for 10K+ not a problem...its a hunk of money.
     
  13. burglar

    burglar

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    Yup, same as F1 drivers don't ever own the cars. :p:
     
  14. chrislp

    chrislp

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    They have an Australian account you deposit it into so no international wire fee that I have come across or am aware of.
     
  15. VSntchr

    VSntchr

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    Ohk, I just assumed it would be a US bank as it said that "transfers from non-US banks takes the longest".

    Has anyone had experience using the margin facility for Aus equities?
     
  16. chrislp

    chrislp

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    Sorry missed your other question. Yes the interest is tax deductible but you may want to double check with your accountant.
     
  17. Bill M

    Bill M Self Funded Retiree

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    I have tried several Australian based brokers and currently have accounts with Westpac, Commsec and NabTrade. I prefer Commsec then Westpac, quick, easy and well laid out websites. I placed an order for 16k worth of stock today and paid $19.95 with Westpac, not too bad. They also gave me credit until T3 so pretty happy with that. NabTrade don't do the trade unless the money is in your account first, I find that frustrating.
     
  18. cbc

    cbc

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    Oh yea,that would be very frustrading. I would pull my money out straight away if that happened. Do you mean unsettled money tho?
     
  19. bellenuit

    bellenuit

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    Use it all the time. Currently 4.288% for balances up to -$100K. Unlike CommSec, their brokerage is no different for purchases on margin as opposed to cash.

    Is there anything specifically you want to know about margin for Aus equities?
     
  20. Bill M

    Bill M Self Funded Retiree

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    I mean lets say I have a portfolio of 50k worth of stocks and a very good buying opportunity came up expectedly at one precise moment. With NabTrade, even though you have an existing portfolio they won't let you buy if you do not have funds sitting in your trading account ready for this immediate purchase. It means you can't buy that stock there and then. Both Westpac and Commsec do let you buy, that by far beats Nabtrade hands hands down.
     
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