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Since Westpac are charging more :swear: I would like to investigate other on-line brokers. Can anyone suggest a site I could look up or has anyone got any recommendations? 
Westpac charging 20% more - Alternative brokers?
- Thread starter silent knight
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Re: Westpac charging 20% more
I use comsec. I think it's something like $20 brokers fee. I don't know about the other minor costs.
I use comsec. I think it's something like $20 brokers fee. I don't know about the other minor costs.
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Re: Westpac charging 20% more
I see that OptionsXpress are now charging a flat rate for Aussie shares - this is as quoted from their web site www.optionsexpress.com.au The prices include GST :
I see that OptionsXpress are now charging a flat rate for Aussie shares - this is as quoted from their web site www.optionsexpress.com.au The prices include GST :
Re: Westpac charging 20% more
HSBC the lowest fee for trades up to $10,000 was $19.95 after qualifying for discount (60 trades per quarter) recently went up to $21.95 (GST included)
So 10% up
And few years back I hoped that the lowest fee will go down to $5, (as at some stage I enjoyed $10 fee), well it’s not going to happen any time soon.
HSBC the lowest fee for trades up to $10,000 was $19.95 after qualifying for discount (60 trades per quarter) recently went up to $21.95 (GST included)
So 10% up
And few years back I hoped that the lowest fee will go down to $5, (as at some stage I enjoyed $10 fee), well it’s not going to happen any time soon.
Re: Westpac charging 20% more
I'm with Andrew West Online and have been for a couple of years. They charge $29.95 up to $30,000 then 0.11% but their services are pretty good and comprehensive so I guess you get what you pay for. Their info updates (per AspectHuntley) are not very recent, however.
It seems to me as a frequent trader who has to put in complicated tax details that the cost of brokerage (wrt deductability) is not a great concern.
I'm with Andrew West Online and have been for a couple of years. They charge $29.95 up to $30,000 then 0.11% but their services are pretty good and comprehensive so I guess you get what you pay for. Their info updates (per AspectHuntley) are not very recent, however.
It seems to me as a frequent trader who has to put in complicated tax details that the cost of brokerage (wrt deductability) is not a great concern.
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Re: Westpac charging 20% more
Just had a look at the course of sales on WebIress and it is marked with an "EC" meaning someone has exercised their 6 call options (1000 shares per each option contract). This means they have exercised their right to purchase 6000 WBC shares at the price of $12.visual said:on etrade it shows that at 705 am. someone sold 6000 wbc at 12 dollars how does that work?
Re: Westpac charging 20% more
thanks for that sails,
now what does that mean?
unfortunately I find options and all that stuff really hard to understand if you can give a very basic explanation I would really uppreciate it.:
tried reading about it but still all goggle gook to me. ,
thanks for that sails,
now what does that mean?
unfortunately I find options and all that stuff really hard to understand if you can give a very basic explanation I would really uppreciate it.
: tried reading about it but still all goggle gook to me.
,
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Re: Westpac charging 20% more
Visual, nothing's real easy when it comes to explaining options
The bottom line is that the options market is made up of calls (if purchased, they make money if the share price goes up) and puts (if purchased, makes money if the share price goes down and often used as insurance for shares).
So in this case, someone purchased these WBC $12 calls - very likely when the share price was somewhere around the $12 price (eg. 2001, 2003).
Once they own the calls it gives them the right to either sell that call option when or if they want, but also gives them the right to "exercise" their option and purchase shares at that $12 price if they want.
Even though they would've paid an additional cost of "time premium" when they purchased the calls, they've still made a nice profit. It's real easy to lose money on options, so this was been a good outcome for the owner of those calls.
Visual, nothing's real easy when it comes to explaining options
The bottom line is that the options market is made up of calls (if purchased, they make money if the share price goes up) and puts (if purchased, makes money if the share price goes down and often used as insurance for shares).
So in this case, someone purchased these WBC $12 calls - very likely when the share price was somewhere around the $12 price (eg. 2001, 2003).
Once they own the calls it gives them the right to either sell that call option when or if they want, but also gives them the right to "exercise" their option and purchase shares at that $12 price if they want.
Even though they would've paid an additional cost of "time premium" when they purchased the calls, they've still made a nice profit. It's real easy to lose money on options, so this was been a good outcome for the owner of those calls.
Julia
In Memoriam
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Re: Westpac charging 20% more
Hello Sails
I see you obviously have access to Iress. I heard it costs $800 per month.
Is that right, and if it is, is it worth it, do you think?
Julia
sails said:
Hello Sails
I see you obviously have access to Iress. I heard it costs $800 per month.
Is that right, and if it is, is it worth it, do you think?
Julia
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Re: Westpac charging 20% more
I have a trading account with Morrison securities and this is their fee structure for WebIress http://www.morrisonsecurities.com/Commissions.htm :
I get it for free and as I'm predominantely a short term options trader, deninately wouldn't be without it. Iress has some excellent features for options which I use constantly. Also, dealing with the Aussie option market makers is quite a challenge in itself and find having dynamic market depth essential.
As I think you are a long term investor, it may not be so necessary for you. However, if you want to check it out, there is a free demo on Morrison's site if you click on the "Internet" button and there is a small link about half way down the page. It is 20min or so delayed, but otherwise it works well.
I think you've mentioned you are with with Etrade - and I believe they also use the WebIress platform but call it Power Etrade.
Cheers,
Margaret.
Hi Julia,Julia said:
I have a trading account with Morrison securities and this is their fee structure for WebIress http://www.morrisonsecurities.com/Commissions.htm :
I get it for free and as I'm predominantely a short term options trader, deninately wouldn't be without it. Iress has some excellent features for options which I use constantly. Also, dealing with the Aussie option market makers is quite a challenge in itself and find having dynamic market depth essential.
As I think you are a long term investor, it may not be so necessary for you. However, if you want to check it out, there is a free demo on Morrison's site if you click on the "Internet" button and there is a small link about half way down the page. It is 20min or so delayed, but otherwise it works well.
I think you've mentioned you are with with Etrade - and I believe they also use the WebIress platform but call it Power Etrade.
Cheers,
Margaret.
