Commsec versus E-trade

[Julia]

I'm presently using a full service broker and intend to withdraw from this shortly with the high brokerage and often faulty recommendations. My own stock picks have done mostly better than the broker recommendations.

Would much appreciate comments from forum members re which of the above is better and why. Do they both supply a screen with your full portfolio, plus cash account balance, updated every 20 minutes etc.? What other features are available? How are they to get hold of on the phone, via email, how often do they have problems, and essentially what sort of service dothey provide?

Are there any other online brokers which I should be considering also?

With thanks in advance.

Julia

 

[RichKid]

Do they both supply a screen with your full portfolio, plus cash account balance, updated every 20 minutes etc.? What other features are available? How are they to get hold of on the phone, via email, how often do they have problems, and essentially what sort of service dothey provide?

Are there any other online brokers which I should be considering also?

With thanks in advance.

Julia

Hi Julia,
I find comsec to be fine for basic features, see this thread for info on their top level trading platform ProTrader thread.

Their customer service is a bit unreliable and some people aren't very polite or knowledgeable but generally they are okay (and one of the cheapest)- but they will stuff up from time to time. My holdings do update in real time but account balances etc are done overnight.

The comsec site is quite good and I'd advise you to register for free and take it from there- there are three levels of access (highest allows options trading).

Hope this helps, I don't have an etrade ac but hear that their customer service is excellent, there are some threads on etrade on asf too.

 

[wayneL]

have a look at www.morrisonsecurities.com.au

 

[randomtrader]

I have been using Etrade for about a year and have never had a problem. It has everything you need from research to general broker recomendations. Now I use Power E-trade for options and I don't know how I ever did without it. I have to admit I still go to the Comsec site to visit the chat rooms, although not being a member means I can't talk to others.




:bong:

 

[GreatPig]

Julia,

I use NAB and HSBC.

NAB sucks reliability-wise, but I like its market depth and portfolio displays better than HSBC. NAB allows multiple portfolios whereas HSBC only allows one, and its limited in the number of stocks you can put on it.

HSBC is good otherwise, and cheaper than NAB. From when I was researching this about 10 months ago, I think HSBC was cheaper than both CommSec and Etrade as well (although that could well have changed).

Both sites give current prices in the portfolios and indicate the amount of funds available to buy with. And the proceeds of sales are immediately available for new purchases, even though they haven't settled yet.

HSBC also allows setting up an online inter-bank transfer arrangement, similar to ING, to allow you to transfer funds into and out of the HSBC settlement account (which I use, since my main account is in NAB). However, unlike ING, it's limited to $50K per day. I don't know what NAB has in this regard, as my bank account is already with NAB.

I've never used either's phone support (for placing trades), so I don't know what they're like.

They both also have company information, both obtained from Aegis I think.

If you want to trade regularly, HBSC also has WebIress, where the portfolio and market depth info is updated live in real time. However, unless you do a minimum number of trades per month, you have to pay quite a bit for it.

So for the way I'm using them, NAB for my investment portfolio and HSBC for trading, I think they're both quite good. NAB's unreliability is not too much of a problem since I'm not trading regularly with it, and I can use its market depth and portfolio displays.

Cheers,
GP

 

[It's Snake Pliskin]

I've been using HSBC and find them to be a good bank overall. The site is user friendly and relatively cheaper than Commsec and E-trade. However, there is no stop loss facility. I'll keep using HSBC and have begun to open up an E-trade account so I can trade CFDs. I think Etrade would be the best package offered but a bit pricey.

 

[hano53]

Hi julia,
I have been using Etrade Pro- never looked back.
I will not use full broker service again most of my profit was eaten up in fees.
cheers
:

 

[ob1kenobi]

Julia, I use E-Trade and am very happy with it. It allows me access to various pieces of research, updates my portfolio in real time and is very logical and easy to follow. Whenever I have had reason to call them or email, they have been prompt and were able to help me.

 

[amohonour]

I find just lately that Etrade struggles to keep up when a stock is getting hit hard and that can be irritating but other than that it is fine. I am about to go to etrade pro.

 

[JetDollars]

Last year I tried to open my account with ETrade, attached cheque of $5000. ETrade lost my cheque and it took me months to recovered that cheque.

As soon as I got my money back I transfered everything to my own account and never trade with them.

I still felt how painful it is trying to recover my own money.

I had account with ComSec and traded with them every now and then, but if you trade Options then you have to call them very regularly to check wether you options has been filled. At the end of the day if the options is not fill they don't inform you at all. So it's quite annoying.

 

[amohonour]

As I said ive only had minor hiccups with etrade has a bit of a hissy fit every now and then.

 

[Smurf1976]

I use Etrade and have had no problems apart from one occasion where stock that I had sold didn't want to disappear from my portfolio listing. They fixed it once notified so no complaints.

I'm not a frequent trader so can't comment on what they are like for day trading etc.

 

[amohonour]

Smurf have you ever had the problem when they get the numbers in the wrong place? I turned on the screen one day to find that i was extremely wealthy and much to my short lived excitement i was suddenly crushed to see that the current share price was actually in one column to the right. Well never mind i was quite wealthy for about 10 mins lol

 

[Stan 101]

Hi Julia, you may like to try here http://www.infochoice.com.au/investment/onlinebroking/default.asp

it will give you comparisons of trading services including brokerage etc.

Hope it helps,


Cheers,

 

[markrmau]

Also consider stgeorgebank/hsbc.

The stgeorge bank gives me 4.?% interest on unused funds, and trades start at $27. The fundamental analysis you get is far better than for commsec. It gives you an actual broker report (with price reco) and general risks for each company. Commsec only gives you the number of buy/hold/sell recos, not much else.

Commsec charge $20 only if you have a comsec account, and are not using margin lending (otherwise $30).

However margin lending with stgeorge sucks - has to be a phone order, so cost is $50 min.

 

[tarnor]

The downside with st george/hsbn is they dont currently have a stop loss facility. I'm most likely going to etrade now for that reason...

 

[Bingo]

Hi Julia,

I use Andrew West and I am very happy with them. The two main things for me are:

1. I trade options as well as shares and they have a good team of around 4 option dealers. This is small enough so that you get to know the staff.

2. For equity on-line trading they provide me with all orders on screen live prices. This means I can see my order in the queue as well all the other individual orders. My understaning is that comsec etc provide the same thing if you pay more or exceed a certain number of trades per month. I don't need to do this and their brokerage rates are as low as anyone else.

Other positives are the linked Bank West account pays very competitive interest rates and the balance is on screen (live) showing the balance after allowing for open buy oders.

Have a look at their web site www.andrewwest.com.au. They have a tour. A small but good broker.

 

[mit]

I had account with ComSec and traded with them every now and then, but if you trade Options then you have to call them very regularly to check wether you options has been filled. At the end of the day if the options is not fill they don't inform you at all. So it's quite annoying.

If you use Professional Trader does it update automatically?

MIT

 

[li21]

If I were to switch broker..

how would I also move my holdings so that they appear on the other new broker's console?
Is there fees in doing so ?

 

[Bill M]

If I were to switch broker..

how would I also move my holdings so that they appear on the other new broker's console?
Is there fees in doing so ?

I have done this several times. On the application they will have a section for CHESS sponsorship. You fill out that form asking your new broker to transfer all your stock from the old broker. You will need to supply your HIN number and old brokers details as well, everything has to match up exactly. I have never been charged a fee for transferring of CHESS sponsored holdings from one broker to another, good luck.