Australian (ASX) Stock Market Forum

Cheap reliable broker to invest A$5,000 into shares on London Stock Market for long term hold

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Hello members,
I am so new to all of this, and have been doing my research but have completely drown in it with no outcome so far.
I would be so grateful 🙏if you could help me with advice.

I need to invest AUD5,000 into shares on London Stock Market to keep for at least a year (long-term).

I found that platforms like Fidelity and Robinhood are very suitable for my purpose, and described favourably in theory. But when it comes to practice, apparently, this is far from the truth. They have terrible reviews on trustpilot and sitejabber.
I have just found somebody here recommended eToro (I am not sure if it is suitable for me as yet), but checked their reviews and only 2 stars on sitejabber, while 4.2 on trustpilot. What to believe?!:)

Most well-known and recommended brokers here and on the internet are too expensive and complex for me.

I could use NAB, as I have an account with them, but I read here that it is a rip off when it comes to conversion from and to AUD, and they have been having many technical issues as well.

Thank you so much!🙏
 
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welcome to ASF ,

i don't invest in the international stock markets ( willingly ) ( mostly because of the same issues ) , sometimes they off-shore themselves , after i bought on the ASX

not advise , mind you , but have you considered ASX listed OFX and get a tiny bit of other peoples FX transactions

i do NOT hold OFX ( but might in the future )

foreign exchange rates have often been seen as exorbitant , i doubt that is a NAB thing
 
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welcome to ASF ,

i don't invest in the international stock markets ( willingly ) ( mostly because of the same issues ) , sometimes they off-shore themselves , after i bought on the ASX

not advise , mind you , but have you considered ASX listed OFX and get a tiny bit of other peoples FX transactions

i do NOT hold OFX ( but might in the future )

foreign exchange rates have often been seen as exorbitant , i doubt that is a NAB thing
Thank you so much for your reply🙏!

For this specific transaction I do need to buy specific stocks on London Stock Market.

But I do really appreciate your advice about ASX listed OFX and "get a tiny bit of other peoples FX transactions" for probably my next transaction, if this one is successful. But I might need to ask you what exactly you meant? Buying foreign currency, or buying OFX shares? Sorry for this, as I said, I am brand new;).
 
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You could try CMC Invest, they trade a range of different country's including United Kingdom?
Thank you so much for your reply🙏.

Is CMC Invest the same as CMC Markets? As CMC Markets has 1.3 stars review on productreview, 1 start review on sitejabber, however 4.1 on trustpilot. So I am not sure what to believe. It feels like a dead-end every time😞. Or am I not supposed to rely on those reviews at all?

I do appreciate your help. Thank you🙏.
 
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I use cmc markers which is the default share trading platform through ANZ. It does the job, maybe the reviews are low due to support? I remember years ago calling up for some pissy small charge that appeared but it was the principle, however they wouldn't budge. Think they are based in the UK too
 
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I use cmc markers which is the default share trading platform through ANZ. It does the job, maybe the reviews are low due to support? I remember years ago calling up for some pissy small charge that appeared but it was the principle, however they wouldn't budge. Think they are based in the UK too
Thank you so much for your help🙏.

I wish I could ignore all the negative reviews:rolleyes:. This was the latest review. It does not seem to be about the support. Have you ever had an experience with getting a payout? Hopefully it is just a one off problem.

1646375532106.png .
 
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Interactive brokers
You can trade anything on the planet
Thank you so much for your help🙏.
From what I understand they have a minimum deposit, and/or some other requirements that are not suitable for a small investor / beginner like me? And they are not cheap as well?
Also, am I correct saying that brokers like CMC Markets and IB have Inactivity Monthly Fee, which means that I will have to pay for every month I do not do any trades, and I am not going to as it is almost a one-off long-term transaction, or maybe yearly transaction?
 
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I could use NAB, as I have an account with them, but I read here that it is a rip off when it comes to conversion from and to AUD, and they have been having many technical issues as well.
Foreign exchange spreads don't differ much for what you are looking at.
Probably around 2.7% spread is a typical

You have said it's a long term hold.
You are looking for a holy grail where one doesn't exist...imo.

But, that said, please feel free to chase your tail around in endless circles, because you will still be happy and calm. 😅
 
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Foreign exchange spreads don't differ much for what you are looking at.
Probably around 2.7% spread is a typical

You have said it's a long term hold.
You are looking for a holy grail where one doesn't exist...imo.

But, that said, please feel free to chase your tail around in endless circles, because you will still be happy and calm. 😅
Thank you so much for your reply, @frugal.rock 🙏.

Which broker would you suggest I choose then? I appreciate your help🙏. Do I just go with NAB? Is it what you are saying?

Could I please also ask? I have just checked nabtrade, and when they say "Custody. No trades per year" is it the same as Inactivity Monthly Fee (which means that they would be charging me monthly, if I just keep the stock, is it correct?)? Thank you
1646379384814.png
 
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Also, am I correct saying that brokers like CMC Markets and IB have Inactivity Monthly Fee, which means that I will have to pay for every month I do not do any trades, and I am not going to as it is almost a one-off long-term transaction, or maybe yearly transaction?

IB used to charge a minimum activity fee for accounts below 100K USD, but they got rid of it a short while ago. don't know about CMC but i'm sure google can help you out there

 
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Do I just go with NAB? Is it what you are saying?
No, I'm not advising you to do anything. We don't do advise on this forum as it's against all the rules, however you said you already have an account with them. Might save some time?

I would be checking with NAB if the monthly inactivity fee is going to be $25 per month on the approx $5000 AUD, or around $2.083 per month ($25/12 months) as the wording is a little ambiguous to me.

For a one off I don’t think it matters

I basically agree with this.
A buy and hold is different to wanting to trade with some frequency.
Good luck, and let us know what you decide to go with....
 
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Thank you so much for your help🙏.

I wish I could ignore all the negative reviews:rolleyes:. This was the latest review. It does not seem to be about the support. Have you ever had an experience with getting a payout? Hopefully it is just a one off problem.

View attachment 138565 .

To be honest I don't think I have done much payouts, think once or twice I transfered out a few 100 bux and it came into my anz access account no problem. My cmc markets is set up through ANZ so it shows up as a investment account in my net bank along my other accounts. I never really worried since it seems like a strong collaboration between my bank (ANZ) and the broker. I never withdraw from my trade account only sell/buy with a balance of 50~80k depending on the market. I can confidently say over the last 10 or so years of using them never had issues buying or selling shares. As for cashing out to my actual bank account can't comment, it would be a worry if that review is true, but anybody can write anything on the internet for unknown reasons. If there is 10 reviews to the same tune I would be getting a bit worried
 

Stockbailx

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Thank you so much for your help🙏.

I wish I could ignore all the negative reviews:rolleyes:. This was the latest review. It does not seem to be about the support. Have you ever had an experience with getting a payout? Hopefully it is just a one off problem.
I don't know how you can depend on those reviews. No problem with payouts, CMC Markets (Invest) are the same. If you 5000 shares it should cost $9 12000 shares an onwards should cost $12 not bad... They have a movers and shaker section, that could be handy, but DYO shares personally.
 
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Hi everyone, I am so sorry for the late reply to you all. I am very grateful for all your advice and help. I still have not decided as yet, have been distracted with other things.
I have learnt so much just during that one day, and you all helped a lot.
To summarise, I think we have 3 winners so far IB, CMC Markets, and Saxo. I will probably be choosing between those three.
 
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