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Discount Brokers
deadone
post Posted: Dec 13 2010, 03:31 PM
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today NETWEALTH launched their new share trading platform.
for those who like to keep their trading expenses down netwealth lets you trade stocks up to $5000 for only $17.99, the only catch is you have your money in a trust a/c with them.
the new site is a beauty, they now show how much you are in front with your portfolio for the year.

well worth having a look.

deadone.

 
forecast
post Posted: Apr 11 2004, 04:39 PM
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Blue Sky Harvest,

I forget to mention that you must have sufficient funds in the account before a trade can be done. This is also true for buy orders. To enable you to place 10 buy orders each at $4,000, you must have $40,000 in the account (another downside).

 
forecast
post Posted: Apr 11 2004, 04:35 PM
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Hi All,

Apologies for getting the fees slightly wrong. I forgot to account for GST in the lowest fee.

Cris, you are mostly correct, except that after 10 trades (of any amount), all further trades of less than $12,000 cost $13.20 a trade.

To Blue Sky Harvest,
- Directshares provides market depth
-but not provide the ability to inspect course of individual market sales for the day and historically but only give the last 20 trades
-and does not provide the ability to download of my data to spreadsheets (eg contractnotes, financials, portfolio) the same day.

I have no particular afflilation with Directshares and would have moved to a broker that provides a stop loss facility but as I trade up to 30-40 deals a month for around $4000-$5000 a trade it would not financially viable for me to move. However if the stop loss facility does not appear by the early second half of year I will certainly look again at opening an account with another broker.

 
starwoman
post Posted: Apr 11 2004, 01:36 PM
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Posts: 324


Hi rolleyes.gif


Netwealth is a more reasonably priced online broker than Direct shares, you just have to have an ordinary bank account, which ever does not matter, and nominate this account to Netwealth then it is all go from there, $17.99 up to $5000.

Cheers,

Starwoman

 
starwoman
post Posted: Apr 11 2004, 01:31 PM
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Posts: 324


Hi,

I find that Netwealth is ok, they just need to get the Options added, they are quite reasonable, were $15.99 now have gone up to $17.99 I think, as I said they are ok, just need the Options added.

Cheers,

Go oco.

Starwoman

 
Sagitar
post Posted: Apr 10 2004, 02:20 PM
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Hi,
Interesting discussions going on here about online brokers. Blue Sky, I have to give credit to Forecast for mentioning Directshares. I couldn't find on their website any demo regarding their trading system, as I too would be keen to know whether they, in particular, have FREE market depth, as well as getting a feel for how their system has been set up. To date, I've been a fustrated Quickbroker user for too long!! If you get any further info please let us know.

On a different note, I'm keen on setting up a Margin loan account. I was reading in Personal Investor that Commsec provides Margin Lending with a stop loss facility...essentially doing away with margin calls. However, a drawback of using margin lending with Comsec is the limited number of trade-able stocks ~283.

Thought you guys might be interesed in a comparison table (source: Personal Investor, Apr 2004) for those also keen in dabbling in margin loans. Ps. check out Equity margins!!

Comparison with some other Margin lenders:

Company , Interest Rate , Min loan , No Stocks

Commonwealth, 7.90, 20K, 283
ANZ , 7.99 , 25K , 288
HSBC , 8.05 , no min. , 238
JB were , 7.75 , 50 K , 225
st George , 8.10 , no min. , 365
National , 7.80 , 40 K , 236
Smith Barney , 7.80 , 20 K , 1100
Macquarie , 8.15 , 20 K , 1475
Equity Margins ,7.70 , 40 K , 2500

 


Blue_Sky_Harvest
post Posted: Apr 10 2004, 12:49 PM
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Posts: 189


I am new to trading and use Commsec as I am a captive from TDWaterhouse shopfront. I find Commsec arrogant. For example today's unavailability never came to my attenion prior to the event. Glad I made a download of my portfolio spreadsheet yesterday.

Thank you Sagitar for your advice about Directshares. I can see I would have saved $2,500 so far this financial year with Directshares over Commsec. I have made 490 trades so far this financial year with Commsec at a flat rate of $19.95 each. Of these 490, about 23 were split trades so the second part incurred no fee. My total trading cost would be about $9,300 this financial year with Commsec.

With Directshares I estimate this would have cost $6,750. This is using my average of 50 trades per month with the assumption that with Directshares split trades are also only charged once. So the saving with Directshares so far this fianancial year would be about $2,500. On an annualised basis assuming my rate of trades remain constant the saving with Directshares would be about $3,300 per year.

I'll probaly be investigating to ascertain if the service will be as good or better with Directshares before changing over. Maybe I will look to change at the end of the financial year.

An initial issue may be the following requirement by Directshares "If there are insufficient available funds, the purchase order will not be completed." With Commsec I don't have to actually have the money in my account to make a purchase. I never had to go though any credit application process with Commsec but understand I have perhaps $70,000 credit. I only ever use this credit facility for a few thousand for a day or so. If a buy goes through for funds not in my account then I simply sell something else that day or the next day to cover it. This always seems to prevent the purchase actually hitting my account. However, I could see my self being more disciplined about having the money in a Directshares account as long as I could have numerous buys orders at once and only have to have the money if they click into being an executed buy.

Other things I have with Commsec I would look for in Directshares are:
  • market depth
  • ability to inspect course of individual market sales for the day and historically
  • ability to download of my data to spreadsheets (eg contractnotes, financials, portfolio) the same day




--------------------
Media-jolt free day - Your living is the factory, the product being manufactured is you the consumer.
 
Cris
post Posted: Apr 10 2004, 11:54 AM
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Sorry for popping in unannounced guys but this caught my attention.

Appears as though to take best advantage of the lowest charge of $13.20, you would be someone who performs 10+ trades per month, at around $12,000 per trade?

Does that sound right or have I miscalculated?

Cris

 
JSM
post Posted: Apr 10 2004, 11:37 AM
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Sagitar,

You need to have a St George or BankSA bank account in order to qualify for the frequent trading discounts. If you don't have an account with one of those guys then you pay $24.20 regardless of how many trades you make.

They charge either the prices already mentioned by Forecast or 0.11% of the value - whichever is greater.

So a $20,000 trade would still be $24.20 as 0.11% works out at $22, however if it was your 6th trade of the month then it would work out more expensive ($22 vs the $16.50 you would normally pay for a 6th trade).





 
Sagitar
post Posted: Apr 10 2004, 11:09 AM
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It's okay I found it! Yes, looks like there's no spending limits at Directshares although a percentage fee comes into effect of 0.11% (see below). Nonetheless looks like a very attractive system esp with the cheap fees....will be great once they get a stop loss facility going as well!

www.directshares.com.au

Trades within a month
$24.20 1st - 5th trades
$16.50 6th - 10th trades
$13.20 11th + trades
or 0.11% of trade value, whichever is higher (GST inclusive)

 
 


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