Which trading platform?

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by inertia, 9th Jul, 2018.

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  1. inertia

    inertia Well-Known Member

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    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.
     
  2. Snowball

    Snowball Well-Known Member

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    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 ;)
     
  3. jaklap90

    jaklap90 Active Member

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    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.
     
  4. Mac Fields

    Mac Fields Well-Known Member

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    Last edited: 10th Jul, 2018
    inertia likes this.
  5. Lancel_Bracken

    Lancel_Bracken Member

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    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)
     
  6. Mac Fields

    Mac Fields Well-Known Member

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

    Lancel_Bracken Member

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

    I believe it is for both fgx and fgg
     
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  8. Hung

    Hung Member

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    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.
     
  9. Galaxy

    Galaxy Member

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    @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?
     
  10. Hamish Blair

    Hamish Blair Well-Known Member

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    Do they have stop loss functionality?
     
  11. Lancel_Bracken

    Lancel_Bracken Member

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    I just put everything on sharesight to track things :)
     
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  12. Blueskies

    Blueskies Well-Known Member

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    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.
     
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  13. Snowball

    Snowball Well-Known Member

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    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.
     
  14. alicudi

    alicudi Well-Known Member

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    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
     
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  15. Hung

    Hung Member

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    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.
     
  16. Redwing

    Redwing Well-Known Member

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

    PKFFW Well-Known Member

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    Quick question....

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

    Greedo Active Member

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    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
     
  19. alicudi

    alicudi Well-Known Member

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    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
     
  20. Greedo

    Greedo Active Member

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    Cheers Alicudi

    Are there any fees involved in transferring?