Low cost brokers

General Discussion / Chit Chat
1

Hi all.
A family member is starting to directly invest and also considering trading down the track. He has limited funds so needs to find a low fee broker for asx shares. Any insights and recommendations would be most welcome.

Cheers

Steve

2

for asx shares and etfs try “betashares direct”

3

I have been using Superhero ($2 per trade) and Stake ($3 per trade) for a few years now. Both are pretty easy to use and to deal with. Both also provide trading US markets as well as Australia. If it matters, Stake uses Chess so you have to deal with share registries. Superhero uses a custodian which makes life a bit easier.

4

Do they do market on close orders for US ETF s ?

5

I don’t know because I don’t use them for US trading. I use Interactive Brokers for that

6

Steve, I know Stake don’t do MOC orders. Not sure about Superhero. Totality (the new Saxo) and IB have MOC orders. Self Wealth do not do MOC at this stage.

7

Good morning Steve,

I have had some experience with a couple different brokers. I currently use Stake for all ASX share trades. $3 per trade under $30,000.
I also do some dollar cost averaging on the ASX market for VAS and IVV I use CMC markets as this gives me $0 brokerage for trades under $1,000, This works very well for regular dollar cost averaging. Slightly more expensive when selling a position $11 or 0.10% over the $1,000 trade. Another thing to be mindful of, if you have a holder identification number as I know some of a cheap brokerage companies do not provide this.

For US share trading I use, interactive brokers who cost $1 US per trade with MOC. Interactive brokers have been very professional and fantastic to deal with

Hope this helps a little.

Cheers James

8

Hello again
Thanks for all of your considered replies it’s been very helpful.
I hope everyone has a good break over the holidays

Cheers
Steve

9

I did some basic research on this recently. A Chess sponsored broker called Moo Moo was highly rated and offers ASX trades for $3 per trade. Its probably the cheapest Chess sponsored broker. At this stage I’ve only looked and haven’t tried them so I can’t offer anything further.