Best Broker to Trade U.S. stocks from Australia

[martyjames]

Hi All

Any recommendations on brokers to trade U.S. shares from Australia. I am looking at Stake but it has mixed reviews. Im after responsive service if i need it, reliable platform, hassle free trading and good fx rates. Low brokerage is important but not as important as the other factors
I trade ASX via Superhero but for US shares their FX fee looks high to me:
SuperHero FX fees
The FX Transfer fee between AUD and USD is 70 basis points (bps), meaning US$0.0070 will be added to the rate. That means US$0.70 per A$100 transferred.

For example, if you are transferring A$100 into USD and the FX rate is 0.7500 AUD/USD, you will receive an effective rate of 0.7430, or US$74.30.

Any ideas appreciated

Thanks

 

[frugal.rock]

Have you had a look at Selfwealth?
Not saying it's the best or anything or even recomending, just a mention.
Platform has been reliable enough, it is basic though.

Some brokers have shaken their tree lately to be a bit more competitive. EG, CommSec is one I've noticed.

Good luck with your endeavour.

 

[qldfrog]

Have you had a look at Selfwealth?
Not saying it's the best or anything or even recomending, just a mention.
Platform has been reliable enough, it is basic though.

Some brokers have shaken their tree lately to be a bit more competitive. EG, CommSec is one I've noticed.

Good luck with your endeavour.

I noticed bell direct has started us share trading, otherwise I use Saxo as they access more than just US market and have full option etc access

 

[Fiona96]

Following as, well; I wanted to ask the same question but was too scared to ask!

 

[qldfrog]

Following as, well; I wanted to ask the same question but was too scared to ask!

Do not be scared to ask anything on this forum,we are all here to share..well most of us.
If it is legal to do, we do it.

 

[tech/a]

Interactive Brokers
You can trade anything on this platform
Takes a bit to set up but worth it .

 

[Garpal Gumnut]

Hi All

Any recommendations on brokers to trade U.S. shares from Australia. I am looking at Stake but it has mixed reviews. Im after responsive service if i need it, reliable platform, hassle free trading and good fx rates. Low brokerage is important but not as important as the other factors
I trade ASX via Superhero but for US shares their FX fee looks high to me:
SuperHero FX fees
The FX Transfer fee between AUD and USD is 70 basis points (bps), meaning US$0.0070 will be added to the rate. That means US$0.70 per A$100 transferred.

For example, if you are transferring A$100 into USD and the FX rate is 0.7500 AUD/USD, you will receive an effective rate of 0.7430, or US$74.30.

Any ideas appreciated

Thanks

Interactive Brokers
You can trade anything on this platform
Takes a bit to set up but worth it .

@Fiona96

I would agree re Interactive Brokers.

There is another with a similar name.
This is the link.

Home | Interactive Brokers Australia Pty. Ltd.

Leading online trading solutions for traders, investors and advisors, with direct global access to stocks, options, futures, currencies and bonds. Transparent, low commissions and financing rates and support for best execution.

www.interactivebrokers.com.au

gg

 

[kdropper]

Interactive Brokers
You can trade anything on this platform
Takes a bit to set up but worth it .

Agree. I trade a lot of options. Usually through IB. Also have Commsec and hardly used. Yesterday I was assigned on WBC Calls 10K in IB, fees $39.02. Commsec on 5k WBC $401 (would have been $802 for IB parcel). Did not realise that while IB only charge their usual very cheap option fee (zero on exercise/assign of UK Share options), Commsec charge 0.35% of the value of the assigned shares. This is approximately three times the brokerage if you buy/sell shares through them. DYOR.

 

[qldfrog]

Agree. I trade a lot of options. Usually through IB. Also have Commsec and hardly used. Yesterday I was assigned on WBC Calls 10K in IB, fees $39.02. Commsec on 5k WBC $401 (would have been $802 for IB parcel). Did not realise that while IB only charge their usual very cheap option fee (zero on exercise/assign of UK Share options), Commsec charge 0.35% of the value of the assigned shares. This is approximately three times the brokerage if you buy/sell shares through them. DYOR.

Just hope you have no issue setting up IB.
I went thru the hoops and loops to join and open account(s) but had an issue probably due to the structure used trust vs join account etc.
I dared to ask for support and had to close the accounts after 3 months wo contacts, nor success in phone contact.
Imagine if it had been anything serious or involving some substantial amount of money..so yes on paper was great but for me at least, joined the never again.
Many people are happily using IB here

 

[kdropper]

Just hope you have no issue setting up IB.
I went thru the hoops and loops to join and open account(s) but had an issue probably due to the structure used trust vs join account etc.
I dared to ask for support and had to close the accounts after 3 months wo contacts, nor success in phone contact.
Imagine if it had been anything serious or involving some substantial amount of money..so yes on paper was great but for me at least, joined the never again.
Many people are happily using IB here

qldfrog
Have been using them for 20 years. Agree support could be better, however always mange to get through. Yes, bit confusing setting up for SMSF, although better now they actually have an Oz Office. Brokerage cheap, system very efficient and getting over 4% on cash deposits. Have wasted a lot more time getting through to Commsec.

 

[qldfrog]

qldfrog
Have been using them for 20 years. Agree support could be better, however always mange to get through. Yes, bit confusing setting up for SMSF, although better now they actually have an Oz Office. Brokerage cheap, system very efficient and getting over 4% on cash deposits. Have wasted a lot more time getting through to Commsec.

I gave up with comsec, happy with bell direct for ASX shares and now US shares, SAXO for options and other complex tools

 

[investtrader]

Just thought I would add to this thread. If you are Australian using IB and having trouble as an investor(not trader) with end of year tax , then check www.unip.com.au . They have an amazing service which connects directly with IB and updates automatically daily, for a very small cost. No manual inputs. Great customer service and a breeze to setup. Good for SMSF, Trust and individuals.
They also have a full accounting service, but I am not suing that.
I have no connection with them, just a very happy user.