Forum Topics Low fee trading accounts
Hackofalltrades
3 years ago

It sounds like we should be shorting selfwealth... lol

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Hands
3 years ago

I like Selfwealth for their $9.50 but have found that unlike Westpac, they don't allow me to submit orders unless the money is sitting in the account.

Not good when I want to place a low BUY order, hoping to sell something else ONLY IF the trade goes through.

Anyone else have this problem? Is the solution to move to Commsec?

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Chagsy
3 years ago

No good solution that I know. I just moved to Stake from westpac but kept the account at Westpac for the greater info. I now have free trades for 365 days.

not too bad, but otherwise a vanilla device and likewise no placing of trades without funds in account

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ArrowTrades
3 years ago

What's the Stake deal Chagsy, Do you have to move your whole portfolio to stake or just a single stock for it to honour the 1 year free trades?

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Remorhaz
3 years ago

These cheaper brokers presumably have a number of features missing compared to the more expensive (full featured) ones

On a related issue of external funding of the account - I found that used to be more of a problem with SelfWealth (because you really had to plan ahead since it took 1-2 days for any transfers to arrive) - now that it supports NPP instant transfers it's pretty easy to just transfer money when needed (and it generally arrives in seconds). It does of course require your sending bank to support compatible NPP (Osko) transfers as well. e.g. I've found ANZ -> SelfWealth is instant (makes sense since the SW account is an ANZ one), CBA -> SW also instant, however AMP -> SW sadly is not

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kpasa
3 years ago

Hi all Happy Friday and the buying opps that are coming with today's pull back!!!!

I set up my SMSF around a year ago and since then have been actively day trading (in addition to long term investing - benefits of WFH!) I'm with Macquarie atm as it was easy to set up and that's who I bank with anyway, but their trading fees are pretty damn high - I'm paying many thousands in fees each month and wanted to suss out what other tried and tested options are out there. I wanted to stick with CHESS sponsored platforms only and I tend to be a bit conservative with forging new paths. I've heard Selfwealth discussed in various FB groups but generally in the context of someone pushing to use their link in order to get their free trades so am a bit wary of that and I don't want to go to the effort of setting up an SMSF and personal trade account and transfer my holdings over to find out it isn't as user friendly.

A few must haves....live prices and SMS updates. Charting etc. isn't that important as I use Trading View to do TA.

Trading via an app isn't important to me atm though it may be in the future. Also international markets atm aren't critical as I tend to only venture into those via ETF/LICs as I'm focusing primarily on the ASX right now, but again that might change.

Does anyone have any recommendations or can point me to previous threads where this is discussed?

Cheers

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Dominator
3 years ago

I have Selfwealth and Stake accounts for ASX trading, having recently moved from Selfwealth to Stake for the cheaper trading (Selfwealth - $9.50 per trade vs Stake - $3 per trade). I'm not investing large amounts at a time, so this difference is material over time when you add up the total number of trades. If all my trades were made at a cost of $3 per trade when I started investing, I would have hundreds of dollars back in my pocket. Again, small in the scheme of things but why do I want to give my broker more money than I need to?

However, Stake features are extremely basic, features such as market depth or live prices aren't currently available on Stake. My plan going forward is to use Selfwealth for information such as market depth but trade on Stake. Stake also doesn't have every listing. For example, I own PMGOLD which isn't available to trade on Stake (or Strawman so might be a data thing?). The process of moving all holdings from Selfwealth to Stake was relatively easy (and free but this can depend on the broker you are currently with).

You can always set up an account for free (minus time cost) to see the features of the platforms (or lack of in the case of Stake).

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kpasa
3 years ago

It depends on the company - speccy stuff is just $4-7k but other trades can be up to $100k(ish)

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Byrnesty
3 years ago

I have been using Stake for US shares for a few years now and very happy with the platform.

It was a very simple process (paperless) to create an account for our SMSF. As others have mentioned while the Stake platform is cheap ($3 trades) its features are basic which is fine for my long term buy and hold strategy.

I have used the Stake Portfolio Transfer function to trial the transfer of some shares from our Commsec platform before I transfer everything. The process was paperless and painless and most importantly successful.

I plan to mirror our SMSF portfolio in a Commsec Watchlist so I can easily monitor market news, market depth etc.

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kpasa
3 years ago

Thanks for that markeewan - didn't realise that was an option and worth a try as I'm very happy with the platform

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kpasa
3 years ago

Thanks all for your experiences! Much appreciated!

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