International Account

[sandeep_g71]

Hi

I have an international trading account with CommSec. However, because I trade in junior exploration companies, the fees charged by CommSec increases my stock cost substantially. I tried to look for some other service, but could not find.
I tried Interactive Brokers but they require at the least trading of 400 shares. I also looked at scottrade, but didn't work.
Could anyone please be kind enough to suggest some other stockbroker with whom I can trade in Canadian Junior exploration companies.
I don't think any stock brokers in US are in position to open any Aussie customer accounts.

Sandeep

 

[tch]

Ditto, I'm after a cheaper online broker for trading US shares as ComSec are too pricey for that (they're reasonable for local shares).

 

[kam75]

Try OptionsXpress, I know they do both Shares and options.

 

[mazzatelli1000]

Try OptionsXpress, I know they do both Shares and options.

WRONG!!!

As of 31 December OX will not be providing ASX shares and options for trading!!!!

 

[metric]

i use comsec. id like to trade on the nyse. can i ring comsec and have them modify my existing account to trade in the us?

thanks in advance for your replies...



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[Nick Radge]

Interactive Brokers

 

[metric]

thanks nick.

i'll look into it. $65 per trade on comsec is pretty steep.



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[Nick Radge]

Through IB you will pay $0.005 per share minimum $1 for US. There is nobody comparable in Australia, or elsewhere for that matter.

 

[julius]

Nick,

Why is brokerage in Australia so steep compared with prices in the US ?

Is it the ASX which keeps these costs high ?

 

[Nick Radge]

IB comm's for ASX is $6 or 0.8%.

I'd say local brokers are just greedy. If people have no idea about the actual costs of trading then brokers aren't going to help them figure it out. It also begs the question why anyone would pay $75 - $100 per ticket for full service, unless of course the broker is making the client money.

The ASX itself limits the 'penny per share' pricing that the US uses, which is disappointing, but I guess that's why you have a listed company with zero debt.

 

[sandeep_g71]

Concerning IB, I read somewhere that there are some big issues with their service desk and they are not really very helpful. Did anyone face such issue with them? Also do they charge more on the exchange rate (also read on one of the forums)?

But I must admit that they are extremelly chaep if comepared to Commesec. An astonishing example (I did lots of trading in Canadian small caps): 20000 @ .25 means
Commsec will charge: USD75 + (20000*.015 CAD) = appx 375
IB will charge: (20000*.01) or (20000*0.25*0.75%) whichever is less= 37.5CAD SAVIBGS OF 337.5 (Massive).
Unfortunately I didn't come to know about IB earlier. But I am scared of some issues with IB that I read on some forums (Serv Desk, exchange rate etc). Any comments please.
Also does anyone know if I can transfer only part account to IB (from Commesec) or do I have to transfer the whole of my account?

Thanks

Sandeep

 

[etingsoon]

Hi all

I am still a beginner in these share market world. I got some share which I bought it using CommSec broker. But I having some difficulties on the international share market.

How am I able to start my international portfolio?

Cheers

Andrew

 

[Miner]

Hi all

I am still a beginner in these share market world. I got some share which I bought it using CommSec broker. But I having some difficulties on the international share market.

How am I able to start my international portfolio?

Cheers

Andrew

Hi Andrew

Please refer to other postings in this thread - you will get your answer.

In addition please note
Interactive Broker accounts are geared towards professional traders and investors, and they require the following for all customers:

* Good or extensive product knowledge for any product you wish to trade.

* Prior execution of 100 or more trades (any product).

* A minimum equity deposit in cash or stock of USD 10,000 (or USD equivalent) or USD 4,000 for IRA Accounts. USD 5,000 (or USD equivalent).
(A minimum deposit of USD 2,000 (equivalent in Indian Rupees) for IB India rupees account.)

* US regulators require a minimum account value of USD 25,000 (or USD equivalent) at all times in order to day trade US stocks, US options and US Single Stock Futures.