My retired parents want to invest a small amount of money (<$10k) into a small portfolio of ASX shares.
Main driver is a for a hobby and make some pocket money on the side (dividends etc)
They are not overly computer literate, but definitely more than capable on phone and web browser.
Can anyone recommend a trading platform suitable for this?
Requirements:
Thanks!
Superhero is free for ETFs. Note, some platforms offer free trades for being referred so ensure they sign up via your or ozb referrals.
Popular platforms are:
-CommSec: $20 per trade, best platform I've seen out of these and most easy to use
-SelfWealth: $10 per trade
-OpenTrader: $5 for 0-5k, $10 for 5-10k, $15 for 10k+ (i think?)
I'd say the platform depends on how many trades you think you'd do. For example, on the one extreme if you're planning to spend say ~10k on one ETF and just leave it there for a long time then CommSec is fine. On the other hand, if you're planning to pick and choose stocks or even daytrade (say <5k amounts), then OpenTrader would be better.
I personally have all 3 lol. My portfolio is in OpenTrader since I have around 10 holdings but I use CommSec to monitor my portfolio and research as the UX is by far the best, particularly the app.
Btw I don't think Superhero are CHESS sponsored but I could be wrong.
Depending on their age and other investments/income, it may be much more tax effective to invest via super especially if the work test is relaxed as has been proposed
https://www.ato.gov.au/General/New-legislation/In-detail/Sup…
OpenTrader? $5 per trade for orders under $5000.