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Commsec ASX CFDs

Discussion in 'Derivatives' started by jono1887, Oct 21, 2009.

  1. jono1887

    jono1887

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    Has anyone opened an ASX CFD account with Comsec. I tried to do it today and apparently you need an annual income of 50k or assets of at least 100k?

    Looks like i'll have to look for another broker :(
     
  2. Kez180

    Kez180

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    Or some assets...
     
  3. jono1887

    jono1887

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    I wrote that.. 50k p.a. income OR 100k assets. Is this true?

    Do all other brokers have the same or similar requirements?
     
  4. jono1887

    jono1887

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    I called them up today, and apparently you only need $30k p.a. income now. Do they even have a set value that is required or does it fluctuate with the market :confused:
     
  5. skc

    skc Goldmember

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    It's for your own good. Definitely should be trading CFDs with Comsec if income is less than $50K. Each trade will cost you 0.1% of your annual income in commission alone! And that's before tax.
     
  6. jono1887

    jono1887

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    Brokerage is already costing me that much anyway, how would it be any different? Its $25 each way for trades 10-25k. Using CFDs, 25k trade is $27.5 its not that much more expensive, and its cheaper to trade FX and indexes..
     
  7. skc

    skc Goldmember

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    Why pay $27.5 commission to trade ASX CFD that has really low liquidity, when any number of CFD providers let you trade between $6 to $12?

    There is nothing that can be traded on Comsec ASX CFD that you cannot trade with another DMA CFD provider, except their ASX200 product (which is crap due to wide spread and low liquidity, might as well trade STW).
     
  8. jono1887

    jono1887

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    well what would you recommend?
     
  9. skc

    skc Goldmember

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    IG most economical for small number of trades. Free platform, data, charts and research for just 6 trades per month (I think). $6 commission.

    MFGlobal if you need full market depth and trade more frequently. Platform and data becomes free after 12 (or may be more) trades. You probably need some other charting program as the webIress charts are not that useful. Slightly cheaper interest more more expensive commission ($10 unless negotiated).

    CMC if you like market maker spreads, ugly platform and bad customer service.

    Comsec ASX CFD if you like yellow-coloured platform, are related to Ralph Norris and likes low liquidity.
     
  10. tjpj1919

    tjpj1919

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    only 4 trades mate.

    tjpj
     
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