As title, it seems the front runners are IBKR & Schwab, going through recent posts here it seems many are recommending Schwab over IBKR for their $0 brokerage fee but it seems they have a 1% currency conversion rate compared to IBKR of 0.02%, seems like a no brainer IBKR would be better in the long run if you're having to covert your AUD to USD to purchase shares?
Am I missing anything or are there any other broker platforms that you would suggest?
And that would bypass the 1% fre they charge? Does wise charge anything for conversion?
Wise have a page on exactly this from the looks of it https://wise.com/us/blog/international-transfer-charles-schw…
Cheers!
I am considering them, do they pay interest on uninvested cash?
Spoke to the rep today. they pay very little interest on uninvested cash. the solution is to park cash on TBills.
I place all my trades through Stratton Oakmont.
If you're lucky you might get to see a stripper while there placing your trade.
Prestige Worldwide
I use Interactive brokers.
Reasons:
— Can deposit in multiple currencies including AUD, Conversion between currencies is just based on FX rate.
— Almost 5% interest on uninvested idle USD
— Can trade worldwide in various exchanges (US, Europe, Asia, Australia, India)
— I found them to be the lowest commission
— API support for automation (Very clunky)
Their TWS desktop is a bit dated and needs some getting used to, but the Web experience is decent and they seem to have a new desktop client which is easier.
Happy to answer Qs. I place more than 1500 trades a year so have learned a thing or two over the years.
Mod Edit: Removed referral solicitation.
Thanks for the info, their commission is usually just $2 USD right?
The answer is it depends:
As an Australian resident you would get a pro plan and the rates are here: https://www.interactivebrokers.com/en/pricing/commissions-ho…
You can deposit to Wise to convert to USD, and then to Schwab.