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Discount Brokers


Canava

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I'm primarily using a Westpac for most of my trading. Unfortunately I took up the offer of Margin Loan with BT Margin Lending and have experienced a myriad of problems.

 

One example was today, when straight through processing between them went down. As a result, I came out on the worst side of a trade.

 

So my question is can anyone recommend a good discount broker?

 

What are other people's experiences?

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QUOTE (Canava @ Wed 24/03/04 08:14pm)
IN REPLY TO A POST BY Canava, Wed 24/03/04 08:14pm

I have to say at he beginning I am a newbie at all this. but am certainly enjoying the experience

I haven't been trading long , about 12 months , and I must say I haven't had any problems with westpac.. I have a friend who is what I would term a fairly active trader , ie a couple of trades a month , and he is V.happy with CommSec, and they are certainly cheaper than westpac , as well as a better, if more 'cluttered' site than Westpac IMHO.

 

I hope this helps.

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IN REPLY TO A POST BY Pat the Rat, Wed 24/03/04 08:34pm

Pat

 

Thanks for the feedback.

 

Agree westpac as a stand alone proposition is fine.

 

I used to have a westpac margin loan account and it was excellent. However, when Westpac bought Bt Margin Lending and closed their own margin lending facility, I found the new arrangement a horror experience.

 

I'll certainly take your advice on commsec

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While this comment/broker won't be relevant to most of readers (as I'm in NZ, although do most of trading on ASX) (Why do I trade on ASX, ? Simple, NZ has been overtaken by greenies, whereby one can't fart without the necessary approvals...............as a consequence NZ has next to no exploration industry) But I digress, I trade with Access Brokerage (Flat $29.50 AUD per trade, no research, nor stop loss facilities etc, just o good basic trading platform. (Don't know how compares with Comsec ?, etc )

Just as an aside, one benefit of trading on ASX via NZ, is that NZ does not have any capital gains tax (Suppose you could call it "splendid isolation" ) so no-one has their hand out for a share of the "booty"

(hope I'm still comprehendable, just came back from a long discussion with the beer fridge)

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I am with Quickbroker but in the middle of moving to Netwealth.

 

With Quickbroker you have to pay for LIVE quotes & market depth! To me that is outrageous & i have told them so! You pay $24.99 per trade for this (upto $10,000).

 

Netwealth is currently* $15.99 for trades upto $5000 & $17.99 for trades over $5000. FREE live quotes & market depth (as it should be!) and some features not found with Quickbroker despite the fact that both brokers use the same trading engine (JDV software).

 

Netwealth have accurate up-to-date info on market caps & shares on issue & good options info.

 

Quickbroker on the other hand have very out-of-date market caps as they infrequently update # of shares on issue for companies. They don't give you option strike prices either - a feature that i am pleased that Netwealth have.

 

Company reports (up-to-date) are also available with Netwealth at NO CHARGE - unlike Quickbroker.

 

IMO Netwealth is certainly good value for money and you get a little more than you expect for the price.

 

I have heard that Andrew West is good for research facilities.

 

 

JSM

 

* Netwealth's prices go up a couple of bucks on April 10.

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All,

 

Almost everyone can claim "Brokerage" as a tax deduction.. With that in mind shop around for the "best" service not the "best priced" service.

 

Every broker has issues every once and a while SO have a backup account with another broker (link both to the same bank account for settlement)

Ok you may not be able to sell held shares if your main broker is downÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¦ but at least you will be able to buy shares / monitor prices with your secondary account

 

Just something for people to think about, happy trading

Matt

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JSM I am with DSN (dsn.com) who is also rolling into Netwealth, I pay $23.50 a trade under 25k and get the lot for free. No advice, do my own research. and follow the market.

Same deal will be available thru netwealth for a little less i think, This was the old amp broker. I dont think it will have stop gap facility though, as comsec does, Hope so in future. and hope for streaming quotes live as the us has..

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HI Jsm & others,

I'm with Quickbroker but probably not for long either - I'm ALSO fed up of having to pay for basic features such as live prices & market depth!! I appreciate the comments made about Netwealth, but i can live with paying a slightly higher brokerage if I can have the option of a stop loss facility and possible other features.

 

Q. Does anyone have any preferences between Comsec & AOT http://www.asxboard.com/html/emoticons/icon14.gif

 

A broker friend of mine said that Comsec used to be called Comsuc...but I presume they have updated their facilities & improved their image overall.

 

So, any comments would be much appreciated comparing these two online brokers, particularly with regards to a stop loss facility.

 

thanx

Sagitar

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