US international online or direct broker recommendation?

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by MWI, 26th Jul, 2019.

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  1. MWI

    MWI Well-Known Member

    Joined:
    17th Jul, 2017
    Posts:
    2,294
    Location:
    Lower North Sydney NSW
    I have AUS Private IPO units that may buy a US based company in the future, that currently trades in US share market. Our investment units would be converted to US units that then could be sold/bought on US share market.
    Hence in order to sell/buy we would require a US broker.
    Can any members here recommend and online US brokerage firm, or do I need to deal via a personal US broker (or AUS broker here that deals with US stock market?)?
    Sorry to sound naive but unsure what is the best way to deal with US stocks directly?
    Thank you for any advice!
     
    MWI, 26th Jul, 2019
    #1
  2. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    11,677
    Location:
    Newcastle
    There's a thread here: Buying US shares in Australia [International]

    If you're after convenience, at least some of the online trades like commsec allow you to trade on the US market. It's a more expensive but convenient option.

    Buying US shares can be a pain to set up, but it can be done - apparently. I got mired in the procedures.

    Schwab is one of the cheapest, at US6.50 per trade. But I didn't get connected - I forgot my password when I was halfway through the identification process, and had to enter my zip code to continue - and it didn't accept an Australian 4 digit postcode.

    Interactive brokers are much cheaper per transaction, but require $10pm in maintenance fees, or $10pm in brokerage.

    Stake is an Australian startup. They allow free trades, but charge 1% on currency conversions to USD.
     
    geoffw, 26th Jul, 2019
    #2
  3. MWI

    MWI Well-Known Member

    Joined:
    17th Jul, 2017
    Posts:
    2,294
    Location:
    Lower North Sydney NSW
    Thank you @geoffw.
    More likely after convenience, to sell rather than buy, not regularly only when needed, and since it is in SMSF entity name I think I would prefer Commsec instead (would need documentation for SMSF Audit Compliance reasons too).
    Will read through the thread in due time...so huge thank you!
     
    MWI, 26th Jul, 2019
    #3
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