The best broker to buy shares or buying managed funds

hhbb555 on 05/05/2016 - 16:05

I'm thinking of putting small investment into either managed funds or directly to shares.
What are the best broker to buy shares/managed funds from?
I notice that each of them has +/-, so just wondering if anyone here has done some researches and found the best broker to use.
Thanks

Financial

Comments

  • mskeggs on 05/05/2016 - 18:51

    Westpac, as they automatically created the broking account on request because I had my other banking with them.
    But that is likely not to be true for you.
    Perhaps you could advise what you see as the +/- for the brokers you have considered to give us some idea of what would be helpful to you?
    There is no single answer to "what is the best broker?"

  • ragrum on 05/05/2016 - 22:00

    CMC Markets (http://www.cmcmarkets.com.au/en/stockbroking) have brokerage starting at $11 or 0.10%, which is the lowest I've seen in Australia. To trade online, you deposit funds into a linked Bankwest account which they open for you during the application process. Prices are 20 minutes delayed, except if you're placing a buy or sell order, when they show you the current price, market depth and recent trades. Placing many trades in a month brings the cost of brokerage down further and gives you access to live data.

    • [Deactivated] on 08/05/2016 - 09:41

      Is 11% for a CFD sharetrade, or a real purchase/ownership? Big difference to financial risk. If CMC go broke you own nothing with CFDs.

      I believe Igmarkets.com.au and plus500.com.au are both cheaper and pretty easy setup and funding. Both are CFD traders.
      Also from memory https://www.interactivebrokers.com/ is maybe the cheapest, but requires monthly trading or fees apply.

      • ragrum on 08/05/2016 - 17:04

        I haven't looked into their CFD offering. I only use them for buying and selling shares/ETFs on the ASX, which I think is the focus of OP's question.

  • hhbb555 on 06/05/2016 - 08:44

    Actually i've never done share trading in Australia, so I don't know anything about it.
    I was thinking of joining CommSec but just want to know what are the guys use here and why.

    Years ago I used Rabobank to buy managed funds, seems alright, very easy, although not sure if I paid too much fees or not.

    So let me re-iterate my question, what do you guys use to trade shares and/or buy managed funds?

    • StevePER on 06/05/2016 - 09:20

      Rabobank shafted all their managed funds customers when they decided to stop selling managed funds. Sorry customers, have an unexpected tax bill. I previously used Etrade until they introduced monthly fees for holding managed funds.

      Now I use CommSec and buy ETFs and LICs instead of managed funds. So far so good. I don't think there is much difference between brokerage companies to be honest.

      • Scrooge McDuck on 07/05/2016 - 21:32

        Rabobank shafted all their managed funds customers when they decided to stop selling managed funds. Sorry customers, have an unexpected tax bill.

        Due to Capital Gains from redemptions?

        • StevePER on 07/05/2016 - 22:20

          Exactly.

    • bluesky on 06/05/2016 - 15:14

      I use Commsec and am happy with them, since I have bank account with them; they are not the absolute cheapest, but trading infrequently for investment (not day trading), the difference will not amount to much.
      However, the convenience of having account with the same bank compensates.

      I used to use Westpac Broking as well in the past, but don't bank with them, so decided it is not so convenient.
      Especially settlement date now changed from T+3 to T+2, to settle shares may involve moving funds across accounts or banks.

      Edit: This is just what works for me, I re-read your post title, I cannot say if they are "the best broker" :-)

  • hhbb555 on 09/05/2016 - 07:12

    Thanks..
    I'll research more on CommSec then.

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