Should i use Commsec ??

Phill B. · Member

Hi

first question, very new to this all, but just wanted some feedback on using commsec offered by CBA or Etrade offered by ANZ.

I am planning on buying some shares for medium to long term to start with and hoping to trade more regularly over time.

I understand I can use a broker over the phone etc, but just want thoughts on online options.

Thanks in advance!
Phill B.

JP · Member

Online brokers are generally cheaper then phone brokers... and full-service brokers.

Trades start from about $14.99 p/transaction (for amounts usually under $10,000 p/trade).

Some accounts have minimum starting amounts. I know Comsec requires you to open an account with $5,000 (but you don't have to leave that much in there after its open). Comsec charges $19.95 p/trade (for amounts under $10,000 p/trade). E*Trade is a similar amount, but unsure exactly.

You can always ask for free booklets off any of them and have a better look.

Phill B. · Member

Thanks JP, Anz is charging about $33 per trade under $10,000 from the info off the net. Commsec I cant find the charge amount.

If anyone else replies - how about the usage of either of these? ie are they easy? lots of facilities and info?

glenn · Joined: 12 Nov 2005 Posts: 1 Location: Melbourne

ETrade's brokerage does decrease the more you trade in any given month, I can't remember the figures. I think Commsec is still the cheapest though.

Personally I've always used ETrade, but that's only because I bank with the ANZ and it was the easiest to setup initially. You are required to have sufficient funds to cover the order at the time of placing it with ETrade, I believe Commsec is more like a phone broker in that you have 3 days to settle.