Morrison Securities

[nizar]

Hi all,

Im looking for a new broker.
Has to be dynamic and have full and detailed market depth and to show market movers ie. whats moving and you can sort it by volume and/or %movement.

Morrison seems pretty good.
$20 brokerage upto $50k trades.
Has any1 had any experience with these guys and what do you think?

Or any other suggestions for good online brokers.

Many thanks.

 

[sails]

I've used Morrisons for a couple of years and no problems to date from a brokerage viewpoint. I've found they've been prompt with phone calls, paperwork has been OK, etc. WebIress (same as Power Etrade but no fees for contingent orders) is great with straight through processing and is free with 10 trades per month.

To qualify for the $20 (ex GST) trades, funds are held in their trust account with no interest payable funds. Depends how much you are planning on putting into the account whether you gain more from interest vs. the $10 saving in fees.

BTW, I'm not currently trading with them due to their phone order policies on written option trades.

Another one to look at if you are day trading frequently on the same shares is http://www.traderdealer.com.au/clients/fees.php They have an interesting fee structure where you can trade several times through the day and only be charged a single fee (conditions apply though!) - here is an excerpt from their site:

Multiple trades at up to 12 different price levels and $200,000 in total value can be placed on one confirmation. Further trades at additional price lines will appear on a second confirmation on which brokerage will also be charged.

TD also use WebIress and is free after a certain number of confirmation notes - all the details are on their site. My experience with them is that they are efficient with phone calls, etc.

Hope this helps!

 

[nizar]

I've used Morrisons for a couple of years and no problems to date from a brokerage viewpoint. I've found they've been prompt with phone calls, paperwork has been OK, etc. WebIress (same as Power Etrade but no fees for contingent orders) is great with straight through processing and is free with 10 trades per month.

To qualify for the $20 (ex GST) trades, funds are held in their trust account with no interest payable funds. Depends how much you are planning on putting into the account whether you gain more from interest vs. the $10 saving in fees.

BTW, I'm not currently trading with them due to their phone order policies on written option trades.

Another one to look at if you are day trading frequently on the same shares is http://www.traderdealer.com.au/clients/fees.php They have an interesting fee structure where you can trade several times through the day and only be charged a single fee (conditions apply though!) - here is an excerpt from their site:


TD also use WebIress and is free after a certain number of confirmation notes - all the details are on their site. My experience with them is that they are efficient with phone calls, etc.

Hope this helps!

Thanks for your response.

If i was trading large parcels then TD sounds excellent $33 flat fee upto 200k. Normally on a 200k parcels the brokerage would be around 0.1% or $200.

Morrison sounds good, i rarely trade in parcels >$10k.

 

[greggy]

Hi all,

Im looking for a new broker.
Has to be dynamic and have full and detailed market depth and to show market movers ie. whats moving and you can sort it by volume and/or %movement.

Morrison seems pretty good.
$20 brokerage upto $50k trades.
Has any1 had any experience with these guys and what do you think?

Or any other suggestions for good online brokers.

Many thanks.

Hi Nizar,

Sounds very interesting. If you do change, don't try ETrade. Their service is pathetic.
DYOR

 

[Boggo]

I have been with TraderDealer for nearly two years now, cannot fault them, and a real person actually answers the phone.

Mike

 

[sails]

Thanks for your response.

If i was trading large parcels then TD sounds excellent $33 flat fee upto 200k. Normally on a 200k parcels the brokerage would be around 0.1% or $200.

Morrison sounds good, i rarely trade in parcels >$10k.

Yes, they all offer different packages. Just a case of finding what suits you best at the time.

With TD, their "price step" fee structure means you can trade several times in the one day only incurring one buy or one sell confirmation for that day. Eg. - something like MLS - you could hop in and out a few times only incurring $66 for the day - obviously providing their conditions are met.

Agree with Boggo - TD phones are always answered by humans - same with Morrisons.

 

[nizar]

If chosen to go with Morrisons.
Going overseas soon but once im back ill sign up.

$20 brokerage sounds good, WebIress same platform as power Etrade. $13 saving is brokerage or 39% cheaper.

HMmmm.... I wonder when we'll get $7-8 brokerage like the Yanks?
5 years?