Broker Fees.... Help!

[jackson8]

Ahh yes sorry i may have sounded like i was planning to invest it but itd be mainly for trading!
commsec sounds like a good idea! does it require me to open a bank account with them as mine are with anz? correct if im wrong but is e-trade linked to anz? if so would it be easyer to go with e-trade and link to my ANZ?
cheers guys i appreciate your import!

hi
with comsec you do not need an account with the bank but for the cheaper trades you need open cash management account which is an internal account with commsec
no fees, no minumum balance and it has two linked accounts one of which earns interest.

 

[beamstas]

commsec sounds like a good idea! does it require me to open a bank account with them as mine are with anz?

No.
Apply for CommSec
Get a Commsec Cash Management account
Transfer money to Commsec Cash Management account
Buy Shares


The cash management account is where your money sits if it is not in shares
You don't have to open a Commonwealth Bank Account

It is just as easy to transfer from ANZ to Commsec as it would be to transfer from ANZ to E-Trade

If you want you can give me a call should you need this explained in person
I will p.m you my mobile number should you require it

Brad

 

[jossho89]

ok sorry for my Ignorance its all new to me and i guess this is why im doing this!
Commsec it is then haha
thanks again guys

 

[So_Cynical]

ok sorry for my Ignorance its all new to me and i guess this is why im doing this!
Commsec it is then haha
thanks again guys

Just use your ANZ netbanking to transfer (payone) dollars into your new
Commsec (not commonwealth) cash account....once its all set up of course.

 

[moktah]

YES

1: Open a Comsec Account
2: Get $600 brokerage for free
3: Comsec has no monthly fees so don't pay those because there isn't any
4: Pay $20 per trade
5: Don't worry about paying $20 per trade because you have $600 free brokerage
6: ???
7: PROFIT

I was also under the impression that Comsec charges a monthly fee... about $71 if I remember correctly, which is waved if/when a certain amount of transaction fees have been incurred. What is that for?

 

[beamstas]

I was also under the impression that Comsec charges a monthly fee... about $71 if I remember correctly, which is waved if/when a certain amount of transaction fees have been incurred. What is that for?

They don't on the normal platform
IRESS do i think

 

[MS+Tradesim]

I was also under the impression that Comsec charges a monthly fee... about $71 if I remember correctly, which is waved if/when a certain amount of transaction fees have been incurred. What is that for?

If you want to use IRESS with them which gives you a decent trading platform and live data, then you pay $82.50/mth. That fee is waived if you do more 8 or more trades in a mth, or > $220 brokerage in a month.

The basic Comsec website is free. It gives you snapshot market depth. You will only pay for brokerage.

 

[ishakeel]

BUYING and selling shares online is getting cheaper for small investors, and the trend is set to continue amid tough competition in the sector.
New research by Canstar has found brokerage costs for online share trades under $10,000 has dropped 5-7 per cent in the past two years

http://www.news.com.au/money/investing/trading-shares-at-a-lower-cost/story-e6frfmdr-1226342922497

 

[stock nub]

Amscot is the cheapest online broker.

https://www.amscot.com.au/

14.85 for trades less than $17k.

 

[CanOz]

Amscot is the cheapest online broker.

https://www.amscot.com.au/

14.85 for trades less than $17k.

Really? And here i thought Interactive Brokers was the cheapest broker in the world, bar none!

Silly me!

CanOz

 

[Lone Wolf]

Amscot is the cheapest online broker.

https://www.amscot.com.au/

14.85 for trades less than $17k.

amscot charges $14.85 up to 17000 then 0.088% after that. CMC markets stockbrokering charge $9.90 or 0.10% whichever is greater.

So it depends on what size you trade. As CanOz says, IB is the cheapest of all if you're happy to use them.