Hi everyone,
I'm a uni student who will graduate soon, atm I have about 10k can put in share market
I'm a first time trader and I would like some advice and please recommend a platform that is easy to use and trusted.
thank so so much
Recommendation on Trading Platform
SSSue on 14/07/2016 - 23:16
Comments
ignmarkets.com.au has a huge global range to trade. They are cheap and not going to fold up like some have.
They trade CFD's, ie. contracts not real share ownership.
Depositing and withdrawing your funds is mostly free.Bad -> I believe they play directly against their customers, particularly if you start making money which may take from them. Still all cfd dealers work this way afaik.
Very simple to open an account and deposit with bpay or visa debit card etc both free.
Just realise this is the finance world, do I need to say more?
First time trader, please don't go cfd way you will regret. Don't leverage don't borrow don't short. Buy for long term hold.
Research well, then research again, buy, set and forget. Rebalance once a year or so, again after two through research.
Why igmarket not cmc? I think cmc is bigger. Or Macquarie also has cfd.
Why not just commsec. Simple cheap, market leader, free reports.
Disclaimer I don't use all of the above.
I think cmc have compulsory fees for ASX data, igmarkets have an option to have just 15sec manual live data when you trade. Cmc had forms and ID by mail requirements and 'possibly' there t&c was unacceptable to me when I read it years ago, possibly refers to that I looked into dozens of trading houses at that time, and may be thinking about t&c from somewhere else.
Using margin safely is up to the trader's common sense. If you can't handle worst case, don't trade.
Your advice is good - research, research, longterm trades and owning the shares as opposed to cfd.
Igmarkets is just easy setup, no ongoing fees, and very good trading platform, and a huge range of global tradable items. But it's for short term trading due to margin interest.Looks like SSSue wants to go long only and not use cfds. CMC have both CFD and stock broking; I use both. You are right, CMC CFD has a 22aud fee for live data for aussie share cfds, you get that back if you make 2 trades in a month; which is basically opening and closing a position. I don't recommend CFDs for what the OP wants to do.
CMC stock broking is 11 bucks a trade up to a certain point then its a % fee. I use stock broking for "Investing" longer term share holding. I use CFDs to go short, to use margin, to trade fx, commodities.
For what you want to do I also echo commsec with free brokerage offers.
hey kid, go long or go lotto!
Nothing wrong with bit of investment, try CBA CommSec , they do have free trading for six months deals every now and then.
CommSec is platform that is easy to use and trusted. And good luck.Do you want to trade or invest?
I'm thinking for go long, I believe the more you trade the less your earn
thanks very much for all the advice, I'm with comm bank so I might join commsec because they have a free trade deal atm.
are ignmarkets and cmc trusted?
thanksI think they're both trusted as far as your accounts will be kept straight like a bank. They won't likely go bankrupt, and you will get your existing funds back from them. Plus500 is another similar place, but they are unsophisticated in many ways. Pretty poor experience I found but that's just 1 guys opinion.
Trading longterm mostly bluechip probably for high dividends (5 to 6%), and with Commsec, to invest spare cash. Is ok way to go. I think bank interest and housing is unattractive at the moment. But I traded for 17 years and I'm exhausted so no more enthusiasm trading ;-)
I mentioned igmarkets because that's where I go when I see an opportunity. Takes 2 minutes to fund, works very well and is cheap to trade indice hedges etc.
People here seem to think Vanguard EFT's are the go. So look them up as a possible investment option.
thanks so much
platform 4 at Flinders street.