CommSec’s lowered their brokerage rates for trades <$1000.
Should be able to be used in conjunction with the $600 free trade brokerage
Commsec - $10 Brokerage Per Trade under $1000
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You hold the stocks under your CHESS? Vs. Citibank hold it for you in IG? Correct me please if I'm wrong
You're right, I have both and at this rate ComSec is better in that you can place an order without having fund in the account first.
I'm going to neg this deal. It's a crappy deal.
1% brokerage is ridiculous. There's cheaper brokers out there for small trade sizes.
Care to share?
Just run a google search. This one showed up first: www.selfwealth.com.au
There's also the usual suspects: IG, IB, CMC
I've been a happy convert to Selfwealth.com.au after signing up via referral with this deal to get some free brokerage:
https://www.ozbargain.com.au/node/295737
Basic features only but it is the best priced brokerage in Australia that I can find…@alanyang: I got given my own HIN by selfwealth. There is the option of using your existing HIN too.
I've been using SelfWealth for a few months and it's great. Saved me tens of thousands in brokers fees. In fact I can trade far more often as the fee is so low compared to my previous broker that charged the standard 0.11%. Particularly good for large trades as you pay the same $9.50 for $500,000 (or however high you trade) as you do for $1000! That would cost $550 with CommSec.
It's all Chess/HIN. Your money is in a secure ANZ account. Only thing is data is a bit slim (charting etc), so I log into my previous broker to watch the data, but trade in SelfWealth. Also they only do ASX shares so far.
They have an interesting optional 'follow the top performers' Premium plan ($9.50 per month) with other features which may suit beginners.
Hey first time poster here but long time ozbarginer. To my delight I have been reading share trading this morning and so happen to come across this.
For a first time trader do you think self wealth is easier to use than commsec such as apps etc. I actually set up a commsec and NetBank this morning as well. Although I have been been with anz my entire life. I Was planning to send over funds this coming week.
Setting up commsec was much easier so far than selfwealth. They have used things such as chess and hin which I do not know much about. Also Because self wealth is not a common name like one of the big four banks CommBank, it is hard for me to feel safe sending money over.
Any advice is helpful.
If you've set up comsec, stick with it … don't get caught up in chasing cheaper brokerage rates. It's not going to make a huge difference until you trade more frequency.
Once you find yourself doing more trades, then switch to a cheaper broker. You'll become pretty familiar with HINs, Chess, etc when you're figuring our how to switch brokers.
Is this technically a deal?
Commsec - $10 Brokerage Per Trade under $3,000 would make it a useful offer.
Who buys only $1,000 of shares?As someone who has never purchased shares, how much are you suppose to buy?
I have been thinking of dipping my toes into the share market, and I was thinking of starting with maybe $2000?
'Only buy what you can afford to lose' is the general rule :)
But according to the comment above I probably shouldn't even bother.
I can't imagine most people can afford to lose a few grand.
How much is considered a minimal amount to start?Minimum size is $500 but I wouldn't bother with this unless you're planning to play a high risk strategy (expecting > 50% return).
Reason is, say for example you invest $500 in Commonwealth bank. Brokerage when you buy and sell is $10 each. You've already lost 4% so you'll need to gains minimum of 4% to make a profit.
If say, you put $5k on Commonwealth bank now, your brokerage is now 19.95 when you buy and sell. This is 0.8% of your investment. This means you'll be making money when it increases more than 0.8%.
Having said this, this doesn't mean you should go all in into a stock.
Minimum parcel is $500.
I bought $500-1000 shares all the time. The tiny microcaps that you're ready to lose 100% with the potential upside reward of 10000%
Keep in mind that if your shares increase in value and you sell them for over $1000, the brokerage will increase to $19.95.
Or if they fall in value and you need to liquidate, your brokerage fee as a percentage is still >1%
No deal nor bargain. A company changing its price to another price permanently.
We need Robinhood
Yeah that'd shake things up a bit eh?
typical commsec, luring new customers and offering none to those who given business over the years… no different to home loans or other bank products really.
for the naysayers and those advising such and such is cheaper - what analytics and research do you get for you $8? commsec has a very nice functional offering albeit not the cheapest in the market but it is stable and easy to use, particularly on the run with their ios apps.commsec has a very nice functional offering albeit not the cheapest in the market but it is stable and easy to use, particularly on the run with their ios apps.
You can get those analytics for free - just sign up with comsec for the analytics and trade through someone else.
Now that's a bargain.
What's with the neg votes? You can get research from any broker for free and trade with whoever you like.
Yeah negging cause it's cheaper elsewhere and then commbank hits you with their scam fees
For everyone saying other platforms are cheaper… Maybe.
Ppl use commsec for a reason. One might be that you can trade with money u don't need to put in for 2 days (T+2)Make money with money u don't have.. I'd say that's a bargain.
Lose money u don't have. Ur fault
Almost, if not every broker, allows t+2. It's an ASX settlement process, nothing even to do with the brokers.
Sorry.
What I meant was with the ones u bank with. E.g. nab and nab trade. Commbank commsec . etc.
U don't have to move it from banks to accounts which have a turnaround of days sometimes. (E.g. home loan offset acc savings —> share trade account immediately because u want to hold stock XYZ one more day )Horses for courses. Its how u prefer to deal with Ur money.
<$1000……………… too hard….
Can you trade nasdaq with this?
Commsec does offer international trading but the brokerage for NASDAQ is USD $19.95 for trades up to USD $5,000.
Thank you!
That rate isn't good, but thanks for the information!
So is it $10/trade for trades less than $1000 forever?
Only under $1000. Its a useless move. And of course there are cheaper options. As for the analytics you can get that for free
What's the pricing model for trades above $1000?
$19.95 fee to $10,000
Goes up from there.
Ok thanks.
Geez the number one online broker in Australia halves it's brokerage on trades under $1000 and people on OzBargain still manage to complain. They could charge 1 cent and someone would still whinge.
Yes it's not a 'bargain' but i think this is worthwhile posting.
OP - add more details to your post.
The problem is to a beginner this sound enticing but then the brokerage fee doubles once you've bought over $1000 of shares. There are other cheaper options such as CMC.
IG is $8 so what makes commsec any better?