Quote Originally Posted by blackcap View Post
With sharesies you can now transfer in and out of CSN. To transfer in there is no cost. To transfer out there is a $5 fee.
I haven't seen that feature yet, maybe still in testing? $5 seems like a good price though, Sharesies brokerage plus a $5 transfer fee would work out less than ASB brokerage for any size parcel.


I remembered another possible con for Sharesies is to do with their price discovery algorithm.

Both ASB Securities and Sharesies use price discovery algorithms, but the Sharesies algorithm seems to be more restrictive in that it won't let you trade very far from the ticker price.

This is mainly a problem for infrequently-traded shares. For example you can see it with Foley Wines (FWL) currently: The ticker is at $1.61, there is a large parcel on offer at $1.65, and a whole bunch of small bidders queued up at $1.64.

Those small bidders are probably Sharesies investors, probably happy to pay $1.65, but my guess is that the Sharesies price discovery algorithm is currently restricting their bids to within 2% of the ticker price. Someone buying via ASB securities could bid $1.65 and their trade would go through immediately, but the Sharesies investors will likely have to wait for the seller to lower their offer, or for another buyer to pay $1.65 and update the ticker.