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ETrade, NAB or Commsec - which one?

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motion

Joined
1 January 2007
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Hi Guys,

Just new to all of this and wanted to ask which one of these would be the best to join and use for someone who wants something to suite a beginner.

I have joined the ASX share game but also wanted to register with one of these companies to give it a go as well.

I want something easy to use, no ongoing cost if not used and up today.

Any help would be great

Thanks

Craig
 
commsec for small trades, cheapest brokerage at $19.95 for orders below $10,000
no monthly fee even if not used
to get this low brokerage, you need to open a commonwealth bank account (CDIA) which has no monthly fee as well.

with etrade, if you don't use it and u dont currently hold sufficient shares ($10k or something), you'll either get charged or only have delayed quotes (you can choose which one). also brokerage is higher for small trades. but once you do big trades like around $30k, it's actually a bit cheaper than commsec

with etrade u get to access Fat Prophets, with commsec you can view news headlines (like from SMH, AFR, etc) for a particular company.

none of them would be up today, u need a few days to start trading (but you can login & look at stuff right away, just not buy/sell). best to apply online since that should avoid delays.
 
I'm with E Trade and IG Markets.

Since the new ETrade website has been repaired and up and running I can recommend it. It's pretty functional, and Power Etrade through webiress, if you are thinking about day trading, is a must IMO.
 
Both Commsec and NAB "mucked" me around a lot. Now trade with Westpac, who occasionally are Pestpac but generally good. Most trades are $29.95 but doing min 6 trades in 3 months gets access to "Premium research" which I find useful. (Research is available free from msn or through the ASX site but their quotes are 20min delayed). I trade using a savings account with them.
I find them helpful on the phone too.
 
is morrison pretty much up & running everytime?
what about on 28 feb last time?

also it says
"Please note that these commissions are for CHESS sponsored accounts only and are charged per order per day."
does that mean if my order is only partially fulfilled and it carries over to the next day, i get charged twice the brokerage?

thanks.
 

While everybody else was complaining, my platform and orders were processed just as fast as on any other day (on the 28th)

I was with westpac, and i remember one monday they took a half day off and decided to open up at 2pm, completely unacceptable 4me

Not sure about your order charged twice dilemma, it has never happened to me, i never leave partially filled orders overnite.
 
also, for starters, you might want to take advantage of free brokerage offers from commsec and etrade
if i were you, i would probably open commsec, use up the free trades, then open etrade and use up the free trades, then go with one of them afterwards (or another broker).

the commsec one is on http://www.commsec.com.au/Public/SpecialOffers/FreeBrokerage/FreeBrokerage.aspx, u get 12 free trades until 30 June.

the etrade one is on https://invest.etrade.com.au/cms/viewcmsarea.aspx?key=Bulletin - 55, up to 10 trades and the free trades must be done within the first 2 months.

note that the free trades doesnt apply automatically. u either have to sign up through a certain link, or write some keyword on your application form.
also even tho it says for new accounts opened before 30 April etc, its almost guaranteed that they'll have the exact same promotion after that too.

also, when i did the asx game last yr, i got some free trades offer from westpac as well
 
kennas said:
.... through webiress....
Click to expand...

Pardon my complete ignorance, but could someone explain what this is? Much appreciated.

Cheers,

The Y-man
 
The Y-man said:
Pardon my complete ignorance, but could someone explain what this is? Much appreciated.

Cheers,

The Y-man
Click to expand...

Webiress....... Etrade offer active traders a product called PowerEtrade (also offer another product called EtradePro), Power is just webiress rebadged. It's a dynamic platform, meaning you'll see prices change on the screen live..... whereas if you just use the standard web site, you'll have to refresh the page manually to see the updated prices.
 
i am currently with westpac

brokerage fee is abit high, but its not too bad.
 
it says that the cheaper brokerage for Morrisons is only if you have "Morrison Securities Trust Account". What is it exactly? Do you complete a separate application form?
Is there any monthly/joining fees for either the online trading and the "Morrison Securities Trust Account"?

Also, it says "For access to htmlIRESS, a minimum balance of $5000 must be maintained in the trading account". Do you need to maintain it every single day? Can you still buy/sell without htmlIRESS and webIRESS?
 

Morrison Securities Trust Account is just an account where they keep your money.

You can still add to, withdraw and monitor it at any time.
No monthly fees or joining fee, though there is a $100/month for webIress but thats waived if you make >10 trades/month.

Not sure about the 5k minimum, my account has always been above that. Just give them a call.
 
Thanks Guys for all the feedback, I'm only starting out with 5k so I will have a look at the recommended ones.

I would also like to know about CDF's is anyone using Cmcmarkets or someone one like this ?

I'm not sure if I should start trading in shares or CDF's first.

Thanks
 

You should read the CFD thread, its eye opening. You would want to be good at managing risk, disciplined, and have a good trading plan before getting into CFD's.

CFD's can seriously erode your capital in a hurry.

Cheers,
 
CanOz said:
You should read the CFD thread, its eye opening. You would want to be good at managing risk, disciplined, and have a good trading plan before getting into CFD's.

CFD's can seriously erode your capital in a hurry.

Cheers,
Click to expand...


Thanks for this = Think I will stick to shares first... =
 

Iv been trading for about 18 months. I started with a bit more than 5k, and iv never even THOUGHT about using CFDs.

Definately shares first.
 
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