Best value broker
- Thread starter Fab
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Hi Fab
I've been a Commsec client for the last few years since I retired and am very happy overall with their services and rates. Although I believe their latest version of protrader has some problems. From what I've seen of other online brokers, Commsec brokerage rates are ampongst the lowest.
Commsec easily meets my needs but I am an investor and not a trader and so I am not a frequent Commsec user.
In case you are also considering full service brokers, then I can recommend to at least consider JB Were.
I was a client of JB Were for 20 odd years when I was still working and was very happy with the service they provided me. Obviously JB Were will be more expensive than an online broker but I was happy with the advisers I had over there and the help/advice and research information I received over the years. Imo whether you use an online or full service broker basically boils down to how much time you have to do your own research and analysis and whether you are willing to pay for it through brokerage rates.
If using a full servoce broker, one thing I would stress as being important is to have a face to face initial meeting with your adviser. I found this a very good way to ensure my adviser understood what my objectives and investment parameters were and I found it was then easier to establish an ongoing relationship and understanding with my adviser when I could put a face to the name when talking to him over the phone. I still keep in touch with one of my advisers if I need a second opinion on something
Anyway, just food for thought and hope this helps.
Happy Easter
bullmarket
I've been a Commsec client for the last few years since I retired and am very happy overall with their services and rates. Although I believe their latest version of protrader has some problems. From what I've seen of other online brokers, Commsec brokerage rates are ampongst the lowest.
Commsec easily meets my needs but I am an investor and not a trader and so I am not a frequent Commsec user.
In case you are also considering full service brokers, then I can recommend to at least consider JB Were.
I was a client of JB Were for 20 odd years when I was still working and was very happy with the service they provided me. Obviously JB Were will be more expensive than an online broker but I was happy with the advisers I had over there and the help/advice and research information I received over the years. Imo whether you use an online or full service broker basically boils down to how much time you have to do your own research and analysis and whether you are willing to pay for it through brokerage rates.
If using a full servoce broker, one thing I would stress as being important is to have a face to face initial meeting with your adviser. I found this a very good way to ensure my adviser understood what my objectives and investment parameters were and I found it was then easier to establish an ongoing relationship and understanding with my adviser when I could put a face to the name when talking to him over the phone. I still keep in touch with one of my advisers if I need a second opinion on something
Anyway, just food for thought and hope this helps.
Happy Easter
bullmarket
Thanks Bullmarket,
I am actually with Commsec and JBWere. My problem with JBWere is indeed the brokerage fee is way more expensive around $65 each way that is too much as far as I am concerned. Advise are now widely available on Commsec.
What is the difference between Commsec Protrader and the normal Commsec ?
Thanks for your feedback .
Cheers
I am actually with Commsec and JBWere. My problem with JBWere is indeed the brokerage fee is way more expensive around $65 each way that is too much as far as I am concerned. Advise are now widely available on Commsec.
What is the difference between Commsec Protrader and the normal Commsec ?
Thanks for your feedback .
Cheers
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hi again fab
Protrader is Commsec's 'all bells and whistles' trading software platform.
Basically you can get dynamic data (ie...prices automatically update on your watchlists rather than have to hit the refresh button on the standard web version) and other supposed goodies.
If you log into your commsec account you should be able to see links to info on protrader on the various normal commsec web screens.
cheers
bullmarket
Protrader is Commsec's 'all bells and whistles' trading software platform.
Basically you can get dynamic data (ie...prices automatically update on your watchlists rather than have to hit the refresh button on the standard web version) and other supposed goodies.
If you log into your commsec account you should be able to see links to info on protrader on the various normal commsec web screens.
cheers
bullmarket
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Hi clowboy
yes - to be eligible for Commsec's 'internet preferred rates', as they call them, you need to open a Commonwealth Direct Investment Account (CDIA a/c) with Commsec to use as your setlement account and you also need to nominate Commsec as your CHESS sponsor.
You can still nominate any other eligible a/c from other institutions and not have Commsec as your CHESS sponsor but then your brokerage rates will be a little higher.
I thing the initial deposit when opening a CDIA a/c is still $5000+ but after that there is no minimum balance that has to be maintained. (apart from $0 I suppose)
Happy Easter
bullmarket
yes - to be eligible for Commsec's 'internet preferred rates', as they call them, you need to open a Commonwealth Direct Investment Account (CDIA a/c) with Commsec to use as your setlement account and you also need to nominate Commsec as your CHESS sponsor.
You can still nominate any other eligible a/c from other institutions and not have Commsec as your CHESS sponsor but then your brokerage rates will be a little higher.
I thing the initial deposit when opening a CDIA a/c is still $5000+ but after that there is no minimum balance that has to be maintained. (apart from $0 I suppose
)Happy Easter
bullmarket
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There's no monthly fee on the CDIA account get 15 electronic transactions per month as far as I know, but that could be because I'm CBA employee.
You should keep at least 0.01 in the account to ensure it doesn't close, as I had left it at 0.00 for 3 months and the account was automatically shut.
Overdrawing not recommended, but does happen.
Get charged a $30 fee for each overdrawing + loan service fee for each quarter.
May also end up being up for fail fees from CommSec too
You should keep at least 0.01 in the account to ensure it doesn't close, as I had left it at 0.00 for 3 months and the account was automatically shut.
Overdrawing not recommended, but does happen.
Get charged a $30 fee for each overdrawing + loan service fee for each quarter.
May also end up being up for fail fees from CommSec too
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we have 15 free electronic transactions per month and no monthly fees on our CDIA account as well bvbfan
But with that we have no free over the counter withdrawals and so are charged a fee for each counter withdrawal. We don't need counter withdrawals and on the rare occasions we need a bank cheque we just pay the fee.
The other option I believe is only 5 free electronic transactions but you then get X (not sure how many) free over the counter transactions as well.
We use CBA's Netbank, BPAY, EFTPOS and ATM's for 99% of our transactions and so 15 free electronic transactions per month is more than plenty for our needs.
happy easter
bullmarket
But with that we have no free over the counter withdrawals and so are charged a fee for each counter withdrawal. We don't need counter withdrawals and on the rare occasions we need a bank cheque we just pay the fee.
The other option I believe is only 5 free electronic transactions but you then get X (not sure how many) free over the counter transactions as well.
We use CBA's Netbank, BPAY, EFTPOS and ATM's for 99% of our transactions and so 15 free electronic transactions per month is more than plenty for our needs.
happy easter
bullmarket
Does anybody here know if Commsec or Etrade or any other broker breaks up bids and ask orders?
ie. instead of seeing 11 orders for 3,094,903 shares, u can see a single 2,000,000 buy and the rest small orders, or for asks, a big dump instead of all smaller players....
Also, do all brokers let u see only 10 levels of buy/sell depth? Or do some let u see more (maybe Pro versions) ?
Thanks, any help would be appreciated
ie. instead of seeing 11 orders for 3,094,903 shares, u can see a single 2,000,000 buy and the rest small orders, or for asks, a big dump instead of all smaller players....
Also, do all brokers let u see only 10 levels of buy/sell depth? Or do some let u see more (maybe Pro versions) ?
Thanks, any help would be appreciated
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Hi nizar
The standard web version of Commsec displays only the total number of buyers/sellers and total volume for a given price. Protrader Gold level does the same but I believe the Platinum level allows you to expand the market depth at each price to allow you to see the individual orders.
I think some brokers will display more than 10 levels in market depth but I can't remember any off hand as I'm going on memory based on what I have seen in various ads, brochures, magazines etc.
Happy Easter
bullmarket
nizar said:
The standard web version of Commsec displays only the total number of buyers/sellers and total volume for a given price. Protrader Gold level does the same but I believe the Platinum level allows you to expand the market depth at each price to allow you to see the individual orders.
I think some brokers will display more than 10 levels in market depth but I can't remember any off hand as I'm going on memory based on what I have seen in various ads, brochures, magazines etc.
Happy Easter
bullmarket
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I use Andrew West at the mo. It shows the entire depth of the market. Everysingly order place, both buy and sell.
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Nizar - I pay AUD 29.95 per trade up to 30K and thereafter 0.11%. No frequent trader points etc....
No other fees. Unfortunately, they don't have an online margin trading account.
So far no complaints from my side. After every trade I get a hard copy advice via snail mail.
Separately, I strongly believe we pay a truck load of money to our brokers (please compare pricing for online trades on Wall Street). All they do is act as lousy clearing agents, provide poor research ( bet you they read this forum and base their opinion on ours). You brokers out there read this.... "YOU WILL NOT MAKE AS MUCH MONEY/TRADE in another 12 months time". Beleie dat! ('Terry Tate)
No other fees. Unfortunately, they don't have an online margin trading account.
So far no complaints from my side. After every trade I get a hard copy advice via snail mail.
Separately, I strongly believe we pay a truck load of money to our brokers (please compare pricing for online trades on Wall Street). All they do is act as lousy clearing agents, provide poor research ( bet you they read this forum and base their opinion on ours). You brokers out there read this.... "YOU WILL NOT MAKE AS MUCH MONEY/TRADE in another 12 months time". Beleie dat! ('Terry Tate)
dreilly
gday, wheres the cheese.
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Brokerage sites
Hi all,
Would appreciate to hear from peoples experiences with the various online trading sites. Any to avoid? Whos got the best brokerage fees?
Im a first time investor with a couple of G's looking to see what i can do with the market.
Regards
DR
Hi all,
Would appreciate to hear from peoples experiences with the various online trading sites. Any to avoid? Whos got the best brokerage fees?
Im a first time investor with a couple of G's looking to see what i can do with the market.
Regards
DR
RichKid
PlanYourTrade > TradeYourPlan
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Re: Brokerage sites
Hi DR,
Welcome to ASF! I hope you find it useful. Please take some time to read the forum code of conduct and posting guideliens.
About your post on brokers: You can use the search function to search for topics of interest before creating a new thread, a thread existed on your topic so I merged your thread. There are also some threads relating to your second question, browse the Beginner's forum for old threads by newbies, especially those with only a few k to invest for starters.
Please be aware that no one here can provide financial advice, these are mere personal opinions which may not be appropriate for your situation, so you would need to seek professional financial advice. However, you'll find lots of useful information on ASF.
RichKid
Moderator
dreilly said:
Hi DR,
Welcome to ASF! I hope you find it useful. Please take some time to read the forum code of conduct and posting guideliens.
About your post on brokers: You can use the search function to search for topics of interest before creating a new thread, a thread existed on your topic so I merged your thread. There are also some threads relating to your second question, browse the Beginner's forum for old threads by newbies, especially those with only a few k to invest for starters.
Please be aware that no one here can provide financial advice, these are mere personal opinions which may not be appropriate for your situation, so you would need to seek professional financial advice. However, you'll find lots of useful information on ASF.
RichKid
Moderator
