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On-line Broker - Open Markets, CMC, IB

Discussion in 'Brokers' started by wslsuper, Dec 22, 2019.

CMC or Open Markets ?

  1. CMC

  2. Open Markets

    0 vote(s)
  1. wslsuper

    wslsuper WSL

    Likes Received:
    Dec 22, 2019
    Hi All
    I have a SMSF fund with ASX and international shares with Commsec. I also have managed funds on a platform with an adviser. Looking to exit the managed funds and move them to direct investments (ASX and international) and seeking advice on suitable on-line broker alternatives to Commsec. Once transferred I will then only trade once per month with my salary contribution.

    I don't do any sophisticated trades at the moment - ETFs and individuals shares only.

    Requirements are:
    - low cost to transition to new broker (20-40 trades and/or > $20k)
    - good reporting and integration with socialist tax (eg Unip, Sharesight)
    - cash management account (prefer no fees)
    - good education, research
    - advanced tools so I can learn and do more sophisticated analysis in the future
    - CHESS sponsored
    - Excellent support

    Based on my research:
    1. Commsec is expensive to get reasonable size portfolio across. But excellent support but limited advanced tools and no integrated tax reporting
    2. Open Markets with feed to Unip. No international at the moment and $13.95 per trade or 0.07%. Seems ok.
    3. CMC. Recommended by Canstar. Broker rates reasonable with tiering. But cash account has -.25% fee for balance under $10k which will be the case when my account is in steady state
    4. Interactive Brokers. Brokerage cheap $6 or 0.08%. Customer service when I called for info was not very good. Not CHESS sponsored (custodial model). Seems to have plenty of tools
    5. Self Wealth. Cheap brokerage but no support. No international. No advanced tools (not interested in peer comparison)

    I was about to signup with CMC but then I saw negative interest rates which put me off.

    Any advice on the above or suggest any other suitable options would be most appreciated.

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