Seeking the cheapest online broker to trade Australian shares

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Permalink Reply by Bandwidth on October 1, 2008 at 16:57

I think you will have trouble getting below that.

If you use an overseas broker you can get caught with the exchange rate spread.

You may be able to find a broker that spealises in day trading.

I don't know your trading experience but day trading can be a very risky way to get started in the market place

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Permalink Reply by italiandragon on October 1, 2008 at 17:36

Hi Bandwidth,

thanks for your reply, I have been trading stocks and options since 1999 mainly in the European and American stock markets and I was doing daytrading a lot, sometimes even 50 times a day. (that`s what we call "scalping")

I know about the currency risk but still some broker would let you open accounts in foreign currency so for example it could be possible to find an overseas broker and having an account in Australian dollars. that would be nice.

Thanks

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Permalink Reply by Mary M on October 2, 2008 at 15:50

Hey italiandragon, Bandwidth is right - you'll struggle to get under $15 a trade, unless you go with someone who's prepared to give you frequent trader discounts. Sonray may do this, and perhaps FP Markets. I figure you're referring to Bell Direct with the $15 trade?

MM

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Permalink Reply by italiandragon on October 6, 2008 at 19:55

Hi Mary, thanks for your reply,

yes indeed it is Bell Direct and will have a look at the other 2 you suggest thanks!

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Permalink Reply by Michael Burhala on October 20, 2008 at 19:50

try this one www.interactivebrokers.com

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Permalink Reply by Mary M on October 23, 2008 at 12:35

Have seen them a lot on Bloomberg lately. What are some of the pitfalls in using an international broker?

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Permalink Reply by Bandwidth on October 24, 2008 at 8:17

The danger of o/s brokers is lack of regulation, lack of funding, what they can do with your shares and or funds, Exchange rates, market meltdown, the tyranny of distance.

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Permalink Reply by Mary M on October 24, 2008 at 18:46

Hmm, I thought as much. I've moved to a bank broker (Westpac) now because I was concerned about what could happen to my cash...

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Permalink Reply by Bandwidth on October 24, 2008 at 19:58

Be aware that some money MGMT accounts are not covered

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Permalink Reply by italiandragon on October 27, 2008 at 18:45

yes but Wespac`s commisssion are outrageous!

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