What Platform to Execute Trades?

Curious to know how all of you actually execute trades in terms of a platform? I'm with ANZ internet banking and they have an option to easily link to ANZ Share Investing account to do this. Are they all the same?

 

Not all the same. I have been out of the game for a while but back in the day I used Macquarie.

If I was going to get back into it, I would check out IG Markets. Share trading

I am not sure what it does but it has a demo account so I guess you could find out there.

My option 2 is SelfWealth - Trading knowledge not just shares. Don't invest alone! but again, I am not sure about their investor tools.

Note if you want to trade you will need Straight-through processing (STP). Not all online brokers support this so if you are considering signing up for one make sure they do.

Straight-through processing (STP) means your order is sent directly to the ASX market without any human intervention. Some online brokers use a system where orders are sent to a dealer who then has to approve or reject them and manually enter them into the market. If the market is volatile, any delay could have significant consequences. Our system approves or rejects the order and places it directly on the market, typically in under one second.​

Stockbroking platform | CMC Markets

 

I use Nabtrade.

 

I just signed up for Commsec but haven't yet worked out how to get my money from my bank (not CBA) to Commsec. I am working on it though.

 

I'm with Commsec. My linked account is one of my bankwest offset accounts. It does mean that any dividends received instantly offset against my PPOR home loan.

 

Can't it just be transferred online by direct transfer or BPay from your external account to the CDIA account?

 

I have CommSec too. I just transfer funds from my offset to CDIA easily.

Read the FAQs - it is very well written. I also spoke to customer service a few times as well and they were helpful.

 

Belldirect

 

@austing and @orangestreet
When you do the direct transfer from offset to CDIA - does the tax office allow you to claim the interest on the offset account because the money is used for investment purposes?
That is my concern.

 

@sharon what do you mean by interest on the offset? The offset only "offsets" the underlying loan and generates no interest on its own.

 

I thought you were transferring from a line of credit. From what I understand it's best not to use an offset account in most cases as it muddies the tax waters.

 

@austing and @orangestreet
I think this is where it's obvious I have no idea what I am doing.

I have a house worth say $500k that still has a mortgage of say $150k.
So I have taken equity from it and put that into another account - same bank.
So I have taken $120k against the same house. That is another loan IO seperate to the mortgage.

So - the 120k loan is fully offset with the $120k - it's just two lines in my internet banking - one saying I owe $120k and the other a bank account that has $120k in it fully offset on the $120k loan.

So when I say that moving money from the offset to the CDIA account - I mean the $120k offset account - not the mortgage offset account.

Does any of that make sense? And will the tax man see that the $120k (which is currently in an offset account) is being used for investment and therefore the interest is tax duductable? Or have I set things up incorrectly?

 

I use commsec for my portfolio and ANZ share investing for the wife's (which I manage as well). If you are just going to buy and hold then either is fine.

If you are planning on actively trading then it might be worth more research.

 

@sharon best to see an investment savvy mortgage broker and / or accountant. Well worth your time.

 

I used commsec too and only transfer the fund from offset to the CIDA account after each share purchase, as it take 2 days for the fundin CIDA to be taken out of that account. Also as i understand because the fund is used to generate income the interest is tax đeuctible. Pls double check with your accountant though

 

This platform is pretty robust and is perfect for executing multiple trades simultaneously.

@bob shovel @Tools @Brian84 - how stable do you think it'd be under load? What size?

 

Probably crumble under pressure.

 

My wife just arranged to have one similar built.... what is it? ? the suspense is killing me

 

Just hang in there @bob shovel - did you forget the birthday? (Again)

 

You'll be ropeable when you find out.