E*TRADE or another broker?

fredd · 16 June 2009

Im looking to buy some shares, never done it before but you have to start somewhere!

I have an anz account so Im looking for a share trading program that I can use with that. Ive had a look at ANZ E*TRADE Online Share Trading, but the fees per transaction found here:

invest.etrade.com.au/RatesandFees/Default.aspx

seem to say its A$32.95 per transaction, which seems expensive.

What do people recommend? I know of commsec but I dont have a commonwealth bank account..
Cheers

beamstas · 16 June 2009

Hi Fredd,

For CommSec, you don't need a Commonwealth Bank account, makes no difference whether you have one or not, (same with E*Trade and Anz accounts i believe?)

Another option is Bell, $15 per trade. Be aware that your money isn't backed by the governments guarantee as it's not held in a bank account.

Another well known Broker is interactive brokers, they have a few ads on this forum, it's more aimed at professional traders so getting any customer support isn't as easy as say CommSec. Brokerage is $6 per trade, so it's something you may consider once you get used to trading and the different types of orders etc.

Brad

marklar · 16 June 2009

Screw etrade, they've had a month to move my account over from NAB and have failed. Initially they didn't do anything with my new account request and then when I called to remind them they were supposed to move my HIN over they allocated me a new HIN instead. I called them back and they cancelled the new HIN and left me nothing, I called them back on monday "yes, I did say I wanted you to transfer my holdings, yes I've sent you back the forms and proof, yes I still want to, ok but I want a call back today" and I'm still waiting.

I have wasted over 3 hours on hold and they've never called me back when promised. I'm resigned to spending another 40 minutes on hold tomorrow to tell them to get stuffed.

Screw you etrade, you've lost my business and I reserve the right to tell my friends about it too.

m.

Boggo · 16 June 2009

marklar said:
Screw etrade, they've had a month to move my account over from NAB and have failed. Initially they didn't do anything with my new account request and then when I called to remind them they were supposed to move my HIN over they allocated me a new HIN instead. I called them back and they cancelled the new HIN and left me nothing, I called them back on monday "yes, I did say I wanted you to transfer my holdings, yes I've sent you back the forms and proof, yes I still want to, ok but I want a call back today" and I'm still waiting.

I have wasted over 3 hours on hold and they've never called me back when promised. I'm resigned to spending another 40 minutes on hold tomorrow to tell them to get stuffed.

Screw you etrade, you've lost my business and I reserve the right to tell my friends about it too.

m.

Worth a look in my opinion...
http://www.morrisonsecurities.com/default.php

Kuri · 16 June 2009

marklar said:
Screw etrade, they've had a month to move my account over from NAB and have failed. Initially they didn't do anything with my new account request and then when I called to remind them they were supposed to move my HIN over they allocated me a new HIN instead. I called them back and they cancelled the new HIN and left me nothing, I called them back on monday "yes, I did say I wanted you to transfer my holdings, yes I've sent you back the forms and proof, yes I still want to, ok but I want a call back today" and I'm still waiting.

I have wasted over 3 hours on hold and they've never called me back when promised. I'm resigned to spending another 40 minutes on hold tomorrow to tell them to get stuffed.

Screw you etrade, you've lost my business and I reserve the right to tell my friends about it too.

m.

I haev been using Heritage (not recommended) for a few years now and as I am wishing to get a bit more sophisticated and use conditional orders I decided to choose between etrade and commsec. I have an ANZ account so thought etrade would be the best. BIG MISTAKE. When I rang up to enquire on conditional orders prior to registering I was on hold for over 30 minutes and when I got through to the HELP line the girl couldn't answer my question and had to put me through to a trader. Today I rang to enquire about my application, I was on hold for 45 minutes and when I got through they said that they do not know where my application is (but they are sure it is somewhere) and think it will take over one week to finalise. I think I should have gone with commsec.

Not a great start.

Kuri

marklar · 16 June 2009

Boggo said:
Worth a look in my opinion...
http://www.morrisonsecurities.com/default.php

Yep, they're next on the list. Interesting thing is they are affiliated with Adelaide Bank & etrade is affiliated with Bendigo Bank... are Morrisons slow to update their website or is this actually a Leveraged Equities relationship? or am I missing something here?

m.

Boggo · 16 June 2009

marklar said:
Yep, they're next on the list. Interesting thing is they are affiliated with Adelaide Bank & etrade is affiliated with Bendigo Bank... are Morrisons slow to update their website or is this actually a Leveraged Equities relationship? or am I missing something here?

m.

A quick phone call to them and Maryanne will answer all your queries, and I will be very surprised if you have to hold.

fredd · 17 June 2009

Thanks so much everyone! Well I definately wont be going with E trade by the sounds. I'm just setting up an account now with bell, I'll let you know how I go!

kam75 · 18 June 2009

beamstas said:
Another well known Broker is interactive brokers, they have a few ads on this forum, it's more aimed at professional traders..

Brokerage is $6 per trade...

What brokerage you pay for volumes over $10k? Do they do ASX shares too? I'm looking for a good broker that will let execute contingent orders including BUY STOP LIMITS, SELL STOP LIMITS, and TAKE PROFIT orders.

beamstas · 18 June 2009

kam75 said:
What brokerage you pay for volumes over $10k? Do they do ASX shares too? I'm looking for a good broker that will let execute contingent orders including BUY STOP LIMITS, SELL STOP LIMITS, and TAKE PROFIT orders.

A Simple search could have answered that
It's ok i did the work for you

0.08%

skyQuake · 18 June 2009

kam75 said:
What brokerage you pay for volumes over $10k? Do they do ASX shares too? I'm looking for a good broker that will let execute contingent orders including BUY STOP LIMITS, SELL STOP LIMITS, and TAKE PROFIT orders.

0.08% of trade value, min $6

http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc

If you do huge size, you'll get even more discounts.

kam75 · 18 June 2009

beamstas said:
A Simple search could have answered that
It's ok i did the work for you

0.08%

Thanks guys. That's dirt cheap. I currently pay 0.75% with someone else. I'll have a look at them. How do you find their order execution? For ASX shares, do you get good fills with minimal slippage?

cheers

beamstas · 18 June 2009

kam75 said:
Thanks guys. That's dirt cheap. I currently pay 0.75% with someone else. I'll have a look at them. How do you find their order execution? For ASX shares, do you get good fills with minimal slippage?

cheers

Kam
Different brokers won't give better fills.

If you are placed in the market the broker can only give you what's in the market.

IB is used by alot of professional traders and is known as one of the best trading platforms.

They have options to accumulate or distribute , so if slippage is a big problem for you (Ie: you are swining lots of size) you could use this option. They have 100's of order types..

As Sky Quake said, If you trade with alot of size you'll probably get cheaper than 0.08% too.

Brad

CFD · 19 June 2009

In giving a plug for IB there are some other aspects worth mentioning:

Like the need to open an a/c with a minimum $10,000- USD, through City Bank.
The trading platform and order types are a new and steep learning curve to use let alone master.
Shares are purchased in their name on a wholesale basis (ie no chess holding, voting rights or franking credits).
You do not get the reuse of settlement funds as we are used to with T3(?). Although this would seem to depend on how your account is set up, however you can not switch back and forward with this.

There customer service is very good, given the discount broking rates one could say brilliant.

shulink · 20 June 2009

Zecco or TradeKing are both good.

voyz · 21 June 2009

first prudential markets .1% for cfd trrades and 10 buks for non leveraged trades

does anyone else use and or reccomend first prudential dont know of anyone else using them but i am very happy with them.

jono1887 · 21 June 2009

Macquarie Prime is alright....

ThingyMajiggy · 23 June 2009

Hey guys,

I want some advice, I want to open a futures account, but not sure who with.

As far as I know, MF Global are the only Australian ones that do proper futures, and they say its $22 round trip, this seems expensive to me, yes?

I know most of you will say IB, but a few issues with IB seems to be popping up in the IB problems thread, also I like the idea of having my money in an account here, how easy is it and how long does it take to put in/take out money from your IB account?

Also whats IB round trip commissions? If anyone can recommend any other brokers worth looking at, please speak up.

Cheers,
Sam.

skyQuake · 23 June 2009

As far as I know, IB's problems are only for stocks.

Futs operate on a different system and are fine. IB is $5 a trade ($10/rt) but can get a fair bit cheaper with volume.

ZR1 · 23 June 2009

Hi Fred,

Let me know how you go with BELL, or if anyone else is currently trading using Bell, give us your feedback. I'm currently with Etrade, and looking to change to BELL. ETRADE are charging $30 + GST per trade plus an additional $7 +GST for the conditional portion. 40 bucks each way per trade is too much

cheers

E*TRADE or another broker?

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