Broker Order Types

[muso12]

Hi all,

I am currently trading with CMC Markets but in the market for an alternative online broker.

I require a platform that allows me to place a conditional buy order, conditional stop loss order and conditional 'take profit' order all at the same time. This is because I enter my trades outside of ASX market hours and I am unable to monitor the market during the day.

Could anyone recommend a broker/platform that enables these type of orders?

Many thanks.

 

[Lone Wolf]

Hi all,

I am currently trading with CMC Markets but in the market for an alternative online broker.

I require a platform that allows me to place a conditional buy order, conditional stop loss order and conditional 'take profit' order all at the same time. This is because I enter my trades outside of ASX market hours and I am unable to monitor the market during the day.

Could anyone recommend a broker/platform that enables these type of orders?

Many thanks.

May I ask why you're leaving CMC? As I have an account with them I'd be interested to hear if you had any problems. And just to clarify for anyone who might misread your post - CMC do have the conditional orders you're looking for.

Sorry I can't recommend other brokers though. Just make sure you read the fine print wherever you go. Are the stocks held in your name? Where is your cash held? etc.

Pixel, one of our respected ASF members recently dropped a suggestion in another thread, might be worth adding to your list of options:
https://www.aussiestockforums.com/forums/showthread.php?t=31352&p=917567&viewfull=1#post917567

I had a quick look, they seem to offer conditional orders, but only for the Pulse platform. And they weren't very clear: "Order types: Conditional – stop loss & trailing stops". No mention of take profit, but I'd be surprised if they didn't have it. I'd clarify with them first.

Pulse platform may be free, or expensive depending on your trade frequency. Brokerage is what grabbed my interest. $13.95 per trade or 0.07%. So more expensive minimum, but significantly cheaper than CMC for larger trade sizes.

I believe they use BankWest too, which you may already be familiar with through CMC.

 

[muso12]

Thanks for the response Lone Wolf.

I am not set on leaving CMC, just want to see if there are any better alternatives.

I have had my eye on Open Markets. Their service and platform looks good. Their brokerage suits me better as well. If they can provide the order types I am after, then I would be very interested.

 

[Gringotts Bank]

Thanks for the response Lone Wolf.

I am not set on leaving CMC, just want to see if there are any better alternatives.

I have had my eye on Open Markets. Their service and platform looks good. Their brokerage suits me better as well. If they can provide the order types I am after, then I would be very interested.

There's no better alternative unfortunately.

Open Markets' brokerage is too high and offers little that CMC don't. Chi-x would be handy but you have to weigh things up. We have very little to choose from. Some of the big US brokers will open up here at some point and do an Aldi (CMC will be the WOW).

 

[Lone Wolf]

There's no better alternative unfortunately.

Open Markets' brokerage is too high and offers little that CMC don't.

That’s not really a fair statement. The value changes depending on your trade frequency and position size. I’m interested in Open Markets because of their cheaper brokerage.

OpenMarkets is $13.95 minimum, or 0.07%
CMC works on tiers from $11 or 0.10% through to $9.90 or 0.075%.

Compare OM with CMC for a $20,000 transaction (using the best CMC tier that requires > 30 trades per month).
OM = $20,000 x 0.07% = $14
CMC = $20,000 x 0.075% = $15

The difference increases quite substantially if you trade larger amounts, or fall off CMC’s best tier. All still super expensive compared to US brokers. I’m so pleased ASIC cracked down on those evil US brokers trying to offer us reasonable rates. :bad:

 

[Habakkuk]

There's no better alternative unfortunately.

Has anyone looked at Invast ?

CFDs of course but supposedly DMA and segregated accounts, so what's wrong with that?
Brokerage at 6 bps or $6 is unbeatable. If you know of a better deal, please let me know.
Also, you get 'free' Web(Java)-IRESS after 5 trades per month.

And nobody ever mentions Amscott, a real broker with $10 brokerage or 7.7 bps. Anyone using them ?

 

[Gringotts Bank]

Has anyone looked at Invast ?

CFDs of course but supposedly DMA and segregated accounts, so what's wrong with that?
Brokerage at 6 bps or $6 is unbeatable. If you know of a better deal, please let me know.
Also, you get 'free' Web(Java)-IRESS after 5 trades per month.

And nobody ever mentions Amscott, a real broker with $10 brokerage or 7.7 bps. Anyone using them ?

Not so keen on Invast.

Amscot - haven't looked at them for a while and it looks like they have changed things quite a bit. $10 brokerage is now == CMC. Thanks for mentioning. Viewpoint is new to me.

 

[captain black]

Has anyone looked at Invast ?

CFDs of course but supposedly DMA and segregated accounts, so what's wrong with that?

Be careful...

http://www.invast.com.au/u/legals/risk-disclosure.aspx

i. The obligations to you under the Terms are unsecured obligations, meaning that you are an unsecured creditor.

I was caught up in the MF Global bankruptcy. "Segregated account" means your account is segregated from the company account however your account is pooled with all other clients.

 

[Triathlete]

What about Tradedirect365....???

 

[Lone Wolf]

What about Tradedirect365....???

I assumed the OP was looking for a stock broker.

Tradedirect365 looks ok for a CFD broker though. Especially for US trading, they only charge 2c per share no minimum compared to IG's 2c per share $15 minimum.

Do you have any experience with them?

 

[Triathlete]

I assumed the OP was looking for a stock broker.

Tradedirect365 looks ok for a CFD broker though. Especially for US trading, they only charge 2c per share no minimum compared to IG's 2c per share $15 minimum.

Do you have any experience with them?

I am using them at the moment only about 1 month so far.

I will see how they go so far so good.

They are the only ones I have tried for CFDs was going to try FP but decided on Tradedirect365 to start with mainly for the cost.

 

[Lone Wolf]

On the Tradedirect365 website, I had some trouble finding out how much interest you pay on the amount you borrow and hold overnight.

The FAQ refers you to 12.4 of the PDS, but it's actually found in the FSG. Only the FSG refers to a "financing spread" that they say can be found in the market information sheets. The market information PDF is nine pages long, four of which are blank, the last page only has yellow highlighted text that says "check interest rate is correct and example".

Normally this level of broken information on the main website would cause me to look elsewhere. But maybe they're just so focused on providing a top quality brokerage service that they let their website quality control lapse.

 

[Triathlete]

On the Tradedirect365 website, I had some trouble finding out how much interest you pay on the amount you borrow and hold overnight.

The FAQ refers you to 12.4 of the PDS, but it's actually found in the FSG. Only the FSG refers to a "financing spread" that they say can be found in the market information sheets. The market information PDF is nine pages long, four of which are blank, the last page only has yellow highlighted text that says "check interest rate is correct and example".

Normally this level of broken information on the main website would cause me to look elsewhere. But maybe they're just so focused on providing a top quality brokerage service that they let their website quality control lapse.

Sent you a pm take a look at those trades and see if you can work it out from that....

 

[mjim]

Hi
Are you looking for a pure Stock broker or a OTC CFD broker?
Mostly the diff is "Client Money safety"
Seg a/c only means it is "supposed" to be seg from company money but still co mingled with other clients!

Where as a Proper Stock broker who is a member of SEGC and offers DIRECT share through HIN
http://www.segc.com.au/

is best for security of funds you can see your holdings

Other way perhaps is US broker who is "insured with SIPC in US but offers AUS stock
like Options express or Interactive brokers

But you are OK withe the DMA CFD counter party risks then there are many in AUS like COMSEC and others