Hi all Im just researching at the moment to find a platform for trading under $20k everyday to produce a modest income as I cannot return to work. Australian shares only, with a platform that has smart software and if anything goes wrong with the trading company, my money is protected. e-trade, Amscot discount trading or cmc?
Advise appreciated
Please validate this from our experience traders here as I'm a newb, however I would seriously look at IB brokers and possibly look to the US. For example for my small trades I am paying under $3.00 in and under $3.00 out for brokerage. I currently follow a bloke in Noosa called Radge whilst I'm learning. Not sure what type of income you hope to generate, but the Aussie brokers will suck some life from you particularly if you are trading regularly.
Good luck
Hi all Im just researching at the moment to find a platform for trading under $20k everyday to produce a modest income as I cannot return to work. Australian shares only, with a platform that has smart software and if anything goes wrong with the trading company, my money is protected. e-trade, Amscot discount trading or cmc?
Advise appreciated
Interactive Brokers is arguably the cheapest, safest broker in the world.
If they go broke, god help us all.
I was advised to trade Australian shares only because of our dollar in OZ. Especially for a learner.
IB is the cheapest and most reliable you'll find by a long shot
Ive been reading a lot of threads and it seems there is good and bad in all platforms.
One thread mentioned the difference between IB and CMC that IB would lose customers money if they
went under (god help us) and CMC is regulated therefore if they went broke your money would be protected, but as you say the chances of that happening is pretty slim. I recently had a go with EQ trader software and loved it. (pretty expensive 12k) Trying to look for something that has great graphs and educational tools to give me the best idea of how this all works.:brille:
Ive been reading a lot of threads and it seems there is good and bad in all platforms.
One thread mentioned the difference between IB and CMC that IB would lose customers money if they
went under (god help us) and CMC is regulated therefore if they went broke your money would be protected, but as you say the chances of that happening is pretty slim. I recently had a go with EQ trader software and loved it. (pretty expensive 12k) Trying to look for something that has great graphs and educational tools to give me the best idea of how this all works.:brille:
IB has insurance against your funds to $100,000 I think. Depending on what account type you have with CMC thats not protected. No idea what "regulated" means or why that would give you protection. Plenty of brokers have gone broke recently and its been a mess for clients.
Trading 20K, especially as a newbie, will get you nowhere but more likely 10K before you know it.
12k sounds ridiculously expensive.
Wont be the first scam to operate out of that very address at the gold coat lol
Also, IB only offers CFD's for the top 200 ASX shares. Margins are also quite strict at 4:1. In comparison, you can trade CFD's from all over the world with 20:1 leverage. That way, you'll also be less likely to be margin-called when you place multiple trades.
Eq trader is a company from gold coast that created a computer programme to give you live trading information and how to predict spikes in the market (for the everyday mums and dads to create wealth)
(for the everyday mums and dads to create wealth for the sellers of snake oil)
All the money held by IG is placed into a regulated trust account in a top tier Australian bank so even if they go under, your money is still safe.
The recent New South Wales Supreme Court (Court) decision in In re MF Global Australia Ltd (in liq) No 2 [2012] NSWSC 1426 (23 November 2012) confirms that liquidators who properly incur costs and expenses in seeking court directions regarding the distribution of trust property and, in recovering such property, will generally be able to recover their relevant remuneration, costs and expenses from that trust property.
IB has insurance against your funds to $100,000 I think.
IB has a huge thread on ASF entitled "IB troubleshooting". Have a read of that before you decide what is stable and what's not.
Are you referring the account protection mentioned here? https://www.interactivebrokers.com/en/index.php?f=ibgStrength&p=acc
It looks to be a bit more than $100,000.
Here is a SIPC brochure: http://www.sipc.org/Portals/0/PDF/HSPY_English_2011.pdf
Can anyone explain how this works?
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