online brokers

[voltage]

I notice asx online brokers, have much cheaper brokerages than NZ online brokers 0.1% compared with 0.3% and often offer a number of free trades. I would be interested in any investor who uses asx brokers and their recommendation or is it easier to keep things simple and just use and NZ broker.

[Harvey Specter]

NZ brokers are crap due to the high fees and the poor functionality of their web sites. They dont provide the same level of company information or charting. I use Comsec, and while its still nowhere near the sophistication of the Interactive Brokers online platform, it is still streets ahead of ASB Securities (which is a complete joke).Is taht just for Australian trades or for NZX trades aswell?

[voltage]

Thanks KW. The ASX gives you access to global ETFs also. Just out of interest do you use Interactive Brokers, if so please could you comment on them. Do they offer custodial? I suppose you are stuck with the 2 NZX online brokers for the NZ market.

[Schrodinger]

NZ brokers are crap due to the high fees and the poor functionality of their web sites. They dont provide the same level of company information or charting. I use Comsec, and while its still nowhere near the sophistication of the Interactive Brokers online platform, it is still streets ahead of ASB Securities (which is a complete joke).

Word on the street is that they 'might' migrate the Comsec system over. I hope so, the Comsec system is great. They even have forums similar to this.

[voltage]

I see they use CHESS so no need for custodial. After comparing IB and Comsec I think for a long term investor, not trader, Comsec looks great. The draw back is that it is quite expensive to purchase global stock but will be happy to stick with global etfs on the ASX.

[Brut]

I am a NZ Resident & I tried to become a Client of Commsec yesterday. They advised me that I would need to live in Aussie, I also tried Macquarie & they said I could live in NZ but needed to be on Australians shores when I apply. I think there is some new law regarding overseas clients?

[voltage]

Brut you need to open a CBA bank account. Maybe you can do this thru ASB. I did this on my last trip in Aussie.

[JimHickey]

Yes, I use IB for trading the ASX (ie. my short term high spec portfolio) as their brokerage is $6 per trade (per day, if a trade is left open overnight it constitutes a new order and trade).
Where is this part? I cant find it on their website.

Cheers

[Jay]

Word on the street is that they 'might' migrate the Comsec system over. I hope so, the Comsec system is great. They even have forums similar to this.

Just had a look at the demo. yes far superior to the ASB Sec site.
Would think would be "relatively " easy to migrate it to their "Child"

[voltage]

A little confused with the ib site. Can I buy any global market or is it just the asx. If I can buy other markets than asx how are these shares held ie custodial?

[voltage]

thanks KW, as a non trader and usually a trade per month it sound like comsec is the way to go. Out of interest who do you use for NZX shares?