Which trading platform?

I've been using Direct Shares for a while, mostly because I bank with St George, but I have been thinking about trying other platforms, possibly one with cheaper trades. DirectShares launched their new interface today, and while there are some shiny aspects, there is also some information loss, and it is running like an absolute dog today...

So, what trading platforms do people recommend? Do you just stick with the one offered by your bank? What about Bell Direct? Any others worth a look?

Cheers,
Inertia.

 

I like CMC as they’re cheap and super easy to use with reasonably good data.

I also use SelfWealth because they’re even cheaper at $9.50 per trade for unlimited size but the interface is horrible - it feels like Facebook (social focus) and contains cartoon-like nonsense. I just hold my nose, buy shares and get outta there

 

At the moment, I use Westpac trading platform just because I have a small margin loan with them. If i didn't have the margin loan facility I would change, their interface is clunky and brokerage is expensive at $19.90 per trade.

Like Snowball suggested, I don't think you can do any better than SelfWealth. Unfortunately their social network like platform is terrible and useless.

For the US market, I am a strong supporter of stake with only 0.7% conversion fee charged when converting AUD into USD and $0 brokerage fee. They also allow purchasing fractional shares which allows you to create a diversified portfolio even if you only have a very limited amount of funds.

 

The threads at Which platform should I use? Is Commsec ok? amd What Platform to Execute Trades? might be interesting reading.
I use Commsec, but I don't do many trades and bank with them.

 

I like selfwealth for the cheap brokerage, but i also have a commsec account because they have free brokerage for FGG purchases, and they have better real time pricing (i check commsec then buy via selfwealth)

 

Huff, I've been ripped off. Paid the regular $19.95 through Commsec for FGG purchase. Any clues for the free brokerage?

 

You still pay it but it gets refunded to your linked CDIA account after purchase

I believe it is for both fgx and fgg

 

I signed up and startedd using selfwealth recently. The interface is hirrible but it's got low brokerage cost. It's CHESS sponsored so no concerns of it being a startup and the lost of shares if it goes under.

I still keep my commsec and use that for researching.

 

@Snowball @Hung
Do you guys transfer the shares purchased on SelfWealth to your other account with a different broker?

I am aware you can have different HINs with multiple brokers, hence different portfolios, but would prefer to have my holdings in one place for my own reporting and analysis. Do you guys find any issues with having separate holdings, and some of the same share, in multiple accounts?

 

Do they have stop loss functionality?

 

I just put everything on sharesight to track things

 

I use Bell Direct. Quite happy with them, nice user-friendly interface, reasonable brokerage, basic data/analytical stuff. When I started out in shares I thought I needed all the bells and whistles, but unless you are a high volume trader/day trading I think I would go for low cost brokerage with a pleasant to use interface.

 

No I don’t transfer it back to my old broker. Just opened the new account, got my HIN and existing holdings transferred and simply start using the new account. But my old cmc account stays open so I use that for research etc.

 

Hi

Out of the big 4 banks, the Commsec share trading platform is best but is also the dearest.

If looking for alternatives to the banks have a look at CMC for its fantastic user interface and functionality or even look at Bell Direct for its reliability and performance.

Regards,

alicudi

 

Nope. I have different HIN for different broker. Use sharesight for the reporting. Commsec integrates with SS using api, which is great, however, with Selfweath, you need to use the broker email import feature.

 

Our SMSF has moved from E-Trade/ANZ to CMC recently

 

Quick question....

Is it a relatively easy process to change brokers and are there any fees?

 

I have bought from several platforms over the years. Any advise on how to consolidate the portfolio onto one platform? Or any app recommendations I could add the positions to? I only have around 15 holdings

 

Hi

You need to use the correct form from the broker that you wish to transfer all of your shares to. For example if wanting to transfer so that all of your shares are viewable on the Commsec platform you need to fill out this:

https://www2.commsec.com.au/media/79939/inbrokertobroker.pdf

The Commsec app is very good, but as I have mentioned above the fees for Commsec are expensive if you get into regular trading activities.

Regards,

alicudi

 

Cheers Alicudi

Are there any fees involved in transferring?