Hi
I'm new to investing and looking to invest over long term. I was wondering who are the cheapest brokers in NZ? National Bank and Directbroking both charge $30. Are they the cheapest around?
Also what's the best way to go about investing in US stocks? Some NZ brokers charge up to $150/trade in US market!! That's crazy. Which local/US broker do you guys prefer?
I just want the cheapest broker, with no frills involved. I can do my own research and portfolio management, so even if the broker doesn't offer those services it's cool with me.
Cheers
Ash
Cheapest brokers?
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23-01-2010, 06:48 PMAshNZCheapest brokers?
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23-01-2010, 08:17 PMshastaI have my own issues with ASB, but ASB Securities also have the DIY servive with $30 trades.Quote:
Originally Posted by AshNZ
Unlike Direct Broking, they do have stop losses etc
They do have a research section & watchlists etc -
23-01-2010, 10:07 PMSteve
Do a search for previous discussions on this topic - some of the rates may have changed, but you will get some firms to check out...
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26-01-2010, 12:27 PMshastaThats the real nuisance with ASB Sec, when they show a stop loss as being deducted from your holding.Quote:
Originally Posted by absolut-advance
Not an ASX rule, just the way ASB doesn't allow T+3 without having the funds already. (Aside from a sell/buy transaction) -
26-01-2010, 03:11 PMBrutShasta,Quote:
Originally Posted by shasta
Directbroking charge $30 for trades up to $30k but ASB charge $30 for trades up to $10k then charge a percentage for the balance. ASB can get quite expensive for orders over $10k -
26-01-2010, 05:00 PMshastaWonder when they changed that, used to be $30k...Quote:
Originally Posted by Brut
Mongrels :mad: -
26-01-2010, 06:26 PM777
DB actual charge is $29.90 for the first $15,000 then .2 percent.
http://www.directbroking.co.nz/Direc.../ourrates.aspx -
26-01-2010, 09:02 PMPhaedrusUS BrokersYou really need to have a US broker if you want to trade there. The best by far in my experience is TDameritrade. Their rates are very cheap. Say you want to buy 10,000 TIVO shares, for example. Brokerage will cost you :-Quote:
Originally Posted by AshNZ
Schwab $148
Fidelity $155
E Trade $133
DirectBrokers $585 (NZ)
ASB even more (but "negotiable")
TDameritrade $10!
They provide free Level II quotes and have the best streaming data system that I have ever seen. $9.99 a trade, short or long, any value. The bad news is that I think they are not taking on any more NZ clients.
This functionality is readily available for US markets - For example, orders can be :-Quote:
Originally Posted by absolut-advance
OCA (one cancels another) - submit two orders simultaneously; if one order is filled, the other is canceled.
OTA (one triggers another) - submit an order and if that order is filled, submit another order.
OTT (one triggers two) - submit an order and if that order is filled, submit two additional orders.
OT/OCA (one triggers an OCA order) - submit an order; if that order is filled, submit two orders simultaneously; if one of these orders is filled, cancel the other.
OT/OTA (one triggers an OTA order) - submit an order; if that order is filled, submit another order. If that order is filled, submit a third order.
There are many other advantages in trading US markets - faster, more depth, cheaper, bigger, more volatility, easy cheap shorting, more opportunities, less slippage, far superior trade monitoring facilities, infinitely better on-line screeners, etc, etc. Tempted? -
27-01-2010, 06:42 AMBrutTrades for Australian listed securities with a trade value of up to AU$30,000 AU$29.00Quote:
Originally Posted by 777
I only trade on the ASX & didn't realise DB fees are more expensive for NZ shares? -
27-01-2010, 11:33 AMwbosherTo get the AU$29 rate you must be trading in Aussie currency and have an Aussie bank account. If you're trading out of a NZ account, I beleive it's AU$40.Quote:
Originally Posted by Brut
Phaedrus - Trading US markets does sound tempting, but I like to know that when I go to bed, I'm not going to wake up to a nasty surprise. A newbie fear I suppose. ;) -
27-01-2010, 11:50 AMJayDon't think so, I trade (should I say invest long term in case the IRD are reading this!) Aussie shares thru them with settlement thru their NZ call account - long term and infrequent account so not to worried about exchange rate, still only get charged the $29.90.Quote:
Originally Posted by wbosher
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27-01-2010, 11:53 AMwbosherSorry, I forgot about NZ call account. The $40 applies if you are trading out of your own NZ bank account. This is what I used to do until I wised up. :)Quote:
Originally Posted by Jay
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03-07-2010, 03:06 PMaspar13
Bought some shares on the ASX through ASB Securities online broking, paying through the Cash Management Account. Was charged a total of 0.3% - AU$38.85 brokerage + AU$14.82 Agency Fee. Two questions:
1) What is the 'agency fee'?
2) Does this brokerage sound right or is there any economical alternative? -
04-07-2010, 08:16 PMtrackers
Cheapest ASX broker is Interactive Brokers @ $6! But they're a bit of a mission to fund (wire transfer or stock transfer) and you need to be able to run their client through a firewall (there is a cutdown website based platform you can use however). You also need to pay for data, $30 a month I think it is