Hi
I have noticed westpac , nab,hsbc put up ads saying free brokerage up to 600$ or on those terms .
What does that mean ?
Is it short for share trading?
How does it work ?
Any pitfalls if any , has anyone used it before ?
Brokerage of $400 - $600 Free
smilearchitect on 12/04/2014 - 10:02
Comments
Eli5?
?
Explain like I'm 5.
Not everyone uses reddit, no one knows what you mean by that.
No real pitfalls. Generally 10-12 free trades up to a value of $50-60 brokerage per trade. If you do smaller trades, you will probably gain $100-300 worth of free brokerage. All the T&Cs are available online for each firm. Example below:
You would need to look at each of the offers and read the Terms and Conditions to know what it means for your personal circumstances. Existing customers or Customers that have previously received such an offer may be excluded.
The likely offer is they are offering to eligible people that accept the stated Terms and Conditions "up to" (which means an amount not in excess of) "X" Amount of Brokerage on CHESS Sponsored Trades on certain Shares listed on the ASX.
Often you get "X$" amount of trades for 60 days
In short, it is trying to secure new Brokerage Customers via discounted Share Brokerage, and again may not cover some trades (usually those above a certain amount).
I don't see a lot of downside to being CHESS Sponsored.