Recommended brokers?

[mhubert]

hi

As a newbie I'm looking for a broker. I'm with Commsec at the moment but am looking for other suggestions.

Here's what springs to mind that I need - any suggestions for additional criteria? I aspire to end-of-day trading eventually so the more features the better:
* straight-through processing
* ability to place stops - as many types as possible - and to adjust the stops
* Options
* FX
* CFDs
* really good charting - I see Etrade & Commsec have "Pro" packages, are they good or need more?
* some sort of paper trading would be good
* portfolio management

Of course, I don't want to pay anything for it!

That's all so far. Suggestions/constructive comments appreciated!

Thanks

 

[bullmarket]

Hi mhubert

I've been a client of Commsec for about 5 years now (I was a JB Were client before that) and I am happy overall with the service they provide and from what I see they are amongst the cheapest in brokerage.

From your wish list I think Commsec offer most of those things. I know they don't offer CFD trading. The latest version of Protrader has some problems apparently though. The old version still works fine, for me at least, and it looks like Commsec are allowing users to use the old version for free until they fix the problems with the new version, because I don't come close to qualifying for free access.

But anyway if you're looking for another broker then maybe have a look around the various broker websites to see what they offer and how much they charge.

Hopefully someone else will be able to give you more info or suggestions.

cheers

bullmarket

 

[Mumbank]

Hi Mhubert

I use Netwealth and am very happy with the service. They have several levels of membership depending on what you want/need by way of research etc.

www. netwealth.com.au. They are based in Perth.

Good luck

 

[freja]

I use Andrew West . Does netwealth want you to have a minimum balance for standard trading? I see they charge 17.99 for an order.

 

[Mumbank]

With Netwealth you need clear funds in your trading account with them. If I am adding funds I do it by BPAY which is overnight. If you are selling to then buy you can use the sale funds immediately the sale has gone through.

When you get right into it Freja you can open a Premium account with $25k credit if your game !!!! I Am Not

 

[deve]

Does anyone know if Netwealth are likely to offer conditional orders soon?

Ta
Steve

 

[nizar]

Im currently with Westpac broking..

When they show buy/sell depth, they will show for example, 29 buyers wanting to buy 648,928 shares...

They dont break up the buy/sell orders individually...

which broker does this??

also, i can only see 10 levels of buy/sell depth... which broker offers more than this??

Thanks for your help

 

[Fab]

What is the difference between Commsec Protrader and normal Commsec ?
I am using comsec for trading on oz market and this is fine and good value.I want to trade on foreign market and comsec is a bit expensive around $65 per trade

 

[TheAnalyst]

Im currently with Westpac broking..

When they show buy/sell depth, they will show for example, 29 buyers wanting to buy 648,928 shares...

They dont break up the buy/sell orders individually...

which broker does this??

also, i can only see 10 levels of buy/sell depth... which broker offers more than this??

Thanks for your help

I am with westpac but no way would i use there broking service as i think and have evaluated to be really below second rate and they really need to do something to improve it...i am quite happy with Avcol even though i think they should offer some of the services that comsec offers to clients like myself who on average do 10 trades a week.

 

[sails]

What is the difference between Commsec Protrader and normal Commsec ?
I am using comsec for trading on oz market and this is fine and good value.I want to trade on foreign market and comsec is a bit expensive around $65 per trade

If you are wanting to trade the US markets, might be worth checking OptionsXpress. They are a US brokerage and their rates are far less than you have quoted for Commsec. https://www.optionsexpress.com.au/ They do have facilities to trade in the Oz market too. Funds for Oz trading are with Adelaide bank and for US trading I believe the funds are held in Macquarie Bank.

Also check out http://www.interactivebrokers.com/en/main.php . Again, a US brokerage with very cheap rates. I believe that funds are held in Citibank in Sydney - but I have never used them so you would need to check it out Apart from SFE futures, I don't think they provide for trading in the Oz market.

I have no affiliation with either broker except an Oz account with OptionsXpress.

Cheers
Margaret

 

[stink]

I am investigating this myself, but is it true that Commsec do not guarantee your stops loss placements? If so, is it an issue?

Regards Stink

 

[Garpal Gumnut]

I am investigating this myself, but is it true that Commsec do not guarantee your stops loss placements? If so, is it an issue?

Regards Stink

I use Commsec and directshares... now etrade. I don't trade on the internet but over the phone as all my investments are either in a super fund or on margin and direct through trading is not allowed. The extra brokerage has not been a huge impost on the gains made. I enjoy following a stock on charts.. Paritech , MS, and then homig in on the live prices on Commsec and then buying usually at market via phone. thats the way I do it. Any comments?

Garpal

 

[stink]

Thanks Garpal,

Can you shed any light on the stop loss questions though?

Cheers Stink