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mattmaks

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Hello,

My name is Matt, I'm 18 and im looking into starting on the share market, I have around 5,000 dollars I am going to put into it.

I was just curious what is a recommended online broker to go with? I was thinking of going with comsec any opinions.

Thanks
 
IB at $6.50 in and out with limited funds like you have low brokerage is a must.

Conditional orders are a dream.
Takes a bit of setting up but when running has an amazing platform.
 
Before you look at online brokers I suggest that you consider:

* what features you are looking for
* do you want to trade CFDs or only shares
* are you an investor or a trader
* cost of brokerage

Commsec is fine. But so are most (?) of the other online brokers.

Tim
 

I wouldn't recommend to an 18 year old with only $5000 who would most likely have no experience starting with a highly leveraged product like CFDs
 
Trembling Hand said:
I wouldn't recommend to an 18 year old with only $5000 who would most likely have no experience starting with a highly leveraged product like CFDs
Click to expand...

Personally, if it were me, and with current interest rates, I would most probably just chuck that amount in a high earning interest rate account. Would be safer than trading it away.

As far as broker are concerned, and when I started in shares (before online brokers) no broker would look at me with less than (at least 15K) - times have changed I guess. (And I am only mid 30's.)

Finally, media (broad statement) are pushing CFDs - you only have to look at the magazine articles (pick a mag.) as well as weekly pdfs from the online brokers. Soon as you see the word leverage, the $$$ light up in the eyes (silently ignoring the losses).

A few months ago, the Smart Investor mag had a small booklet on choosing online brokers. I don't have it any longer but ...

Back to online brokers ... I consider it like buying a car/computer - they all do the same thing, just some do it better than others. And that comes down to what you are looking for in the car/computer/broker.

Tim
 
Well, I wouldnt mind a place in the future that I can trade CFD's I am currently reading on it before I invest my money I want to make a calculated decision.

International Brokers seems ok especially 6$ brokerage fees that is pretty good comsec is $20.

Comsec has the upperhand at the moment because transfering money between personal account and comsec account would be faster / easier but im sure thats a bad way to judge what broker to go with.
 
IB with their required minimum set at US$3000 for individuals under 21 is an option cause of the low commision.

If you want a local broker, take a look at Netwealth - I found their platform easy to use, $17.99 commision for transactions less than $5000 and quite stable.
 
Having used Sanford (still accessible via NAB online trading and Bankwest trading), Commsec and Etrade, I'd say the Sanford/Ausiex website is by far the best I've ever used in terms of charting and news services, watchlists etc. Costs are the same for Commsec/Ausiex.
 
I heard CommSec's IT is run by monkeys and it is unreliable and goes down often (by often I mean more than once a year).
I suppose when you need to get out of a stock that's plunging every minute and you can't even log into your broking account - that's when you wish you had gone with a more reliable broker...
 
Otherwise known as Comsuc, I can't recommend either. Currently with Etrade & IG Markets, looking at IB too.
 
Is ETrade any good the brokerage fees are so high on that site, that is why I turned away. I looked at IB it looks a little intimidating haha compared to the other sites, its gives me the impression you have to be a big gun to use it.

Hmm tempting I like learning complex things makes learning fun learn bottom down .

Is it easy to deposit / withdraw money in IB
 
Well its official IB is out, I have to be 21 years or over to open an account.

now my options are becoming limited ETrade, Comsec, Ausiex

Unfortunately it looks like im heading towards Comsec for the cheap broker fees
 
mattmaks said:
Well its official IB is out, I have to be 21 years or over to open an account.

now my options are becoming limited ETrade, Comsec, Ausiex

Unfortunately it looks like im heading towards Comsec for the cheap broker fees
Click to expand...
Depends if you are going to trade or invest. If you are trading then brokerage may be a factor but I wouldn't choose a broker based solely on their brokerage rate. Comsuc is prone to site unavailabilty at volatile times, their support is ignorant at best, and the customer is usually wrong in their view. Not that I'm biased against them in any way, as you can tell . Just my personal experience with them.

If you do your homework the $10 difference in brokerage with Etrade is a small premium to pay for better service, and you can use CFD's through Webiress if you want to down the track, which is cheaper than with Comsec.
 
Uncle Festivus said:
If you do your homework the $10 difference in brokerage with Etrade is a small premium to pay for better service, and you can use CFD's through Webiress if you want to down the track, which is cheaper than with Comsec.
Click to expand...

Better service with Etrade??

LOL are you serious?

Their service must be amongst the poorest I have experienced. I opened an account with them about a year ago -- I closed it within the month.

Commsec are also hopeless.

Im with Morrisons Securities -- no complaints so far, after about a year.
Top notch service.

Boutique firms are the way to go, in pretty much everything. They NEED every customer, you are more than just a number to them, and they have no big name to hide behind.
 

Well you're 12 months out of date then. Mind you, I'm an Active Trader so I assume there is a higher level of service there eg very good phone support. I acknowledge that they have had their problems. However, I havn't a problem with them generally so far this year. I also have comsuc. I try logging on to both during high market volatility and Etrade has never failed this year, while Comsuc has failed or has been very slow repeatedly. I shall look at Morrisons though.
 
E*TRADE is so expensive first 10 trades A$32.95 after 21 trades its A$22, seriously what a joke 32 dollars just to say hello and good bye so ive mainly lost 64 dollars before anything jeez.

That really doesn't seem pleasant
 
mattmaks said:
E*TRADE is so expensive first 10 trades A$32.95 after 21 trades its A$22, seriously what a joke 32 dollars just to say hello and good bye so ive mainly lost 64 dollars before anything jeez.

That really doesn't seem pleasant
Click to expand...

Being a newbie myself i looked at the various brokers available and went with the one that best suited my needs, price was not an issue.
Whoever you choose you will still be, (as you say "lost dollars before anything") paying for the service.
I read a lot of things in this great forum and from that I glean information,
have a look through and gather knowledge.


Not a fianancial advisor, and fabo forum
 
glenn_r said:
Bell Direct charge $15 commish, 6.65% on funds. I suggest you have a look at them.

http://www.belldirect.com.au/
Click to expand...
I use BellDirect Online and it's fine. You don't have to have a minimum anount in your trading account, like most others.
I'm only buying about $10,000 at a time with a long-term view.

With only $5,000 cheap brokerage is important, otherwise it's too great a % of the amount you spend.

You don't say what other income you have, but if you're not in a higher tax bracket, I'd go for a term deposit atm.
 
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