Not sure if this warrants a new post, mods delete if not
Open Trader has increased their threshold for $5 brokerage to trades of up to $5000 as opposed to the previous upper limit of $2500.
Mixed reviews based on the previous thread Link
UP TO $5,000 - $5.00
$5,000 to $15,000 trade - $15.00
over $15,000 trade - 0.10% of value
Hang on OT doesnt have Android app??
Not on IOS either
I hope its something on their to do list
We have a Processive Web App that can be downloaded when you access OT through your browser on your mobile device :)
@OpenTrader: Are you sure your Progressive Web App can be "downloaded"? Progressive web apps are webpages that are accessed through a browser, rather than a native app on the device.
A cursory search of your website has found no downloadable app either.
@lanceteer: PWA's are the future. They're part local app and part web app designed for cross platform compatibility. In many ways they're better than a traditional app.
@lanceteer: You need to login and add to homepage. We're working on getting it into the app store. The vision is to be able to move between phone and desktop seamlessly and so that your watchlists, indicators, dashboards and all settings instantly move between devices
What ID verification do they need???
Are they as crap as EasySecurities which requires BOTH 100 Points of ID AND bank statements sent to them in South Africa, to make any withdrawal???
Dodgy!!
Which one needs the minimum of documents and just let's you get on with it???
Like UP Bank does; but with Stock Trading?
Any business that asks for more than a driver licence or passport for KYC should be avoided.
+1000 agree!
We support Elecronic Verification with drivers licence. In the rare case that you don't pass, like all brokers, you'll need 100 points of ID. Australian regulations are very firm on this. But we're all onshore and we never send your data anywhere that's not in Australia (or outside of our company for that matter).
So only ONE ID requirement (is: 100 points of Of ID) for all deposits and withdrawals forever?
Or do you demand extra ID to withdraw later on, just like EasySecurities?
Not sure how they do it - but that sounds … hard.
deposits & withdrawals are done by you from a Macquarie account in your own name (like a standard bank account) - via their portal. We're going to integrate banking into the app in the not to distant future to make it even easier to deposit & withdraw.
So yea - way easier to deposit and withdraw ;)
Is it possible to place stop loss trades?
Yep and it's free
Thanks. How do i select stop loss? I can't see it anywhere.
So it get Live quotes it is $99 per month ?
I recall Bell direct was only $10 per month for Gold.
We're looking at this price. The streaming live data cost is ASX charges 22 and chi-x 11 per month. Live and streaming live are different. One requires a refresh. We're looking at doing static live data for free - but for now, until we sort that out, you get streaming live data for free. And we pay the royalties.
Do you have OCO?
Coming very, very soon!
What does live market depth mean? I can't see buyers and sellers real time if I don't have pro? SW has this on their basic account.
Basically breaks down into L1 and L2 - L1 is the top of the book quotes. L2 gives you at what levels people are bidding and offering. When we say live market depth it means you can see all information live as market participants are entering their bids and offers
@OpenTrader, im already with Macquarie CMA, does it mean i would require a new cma account? HIN as well?
Hey - nope, you can transfer your HIN and CMA over. Having said that, it's typically easier to just open a new CMA account - less to sign for Macquarie
I tried to place order, shows $5 estimated brokerage but shows $15 as ‘fees and brokerage’ on the next screen where I see the ‘place order’ - why is that?
Cost of trade is $4986
Is the spot price in AUD?
Yes
is the fee $5 or $15?
$5
Yes I tried to buy SZL on ASX
Another thing I'll add is it appears to be on no brokerage fees on ETF purchase. Topped up twice in past week or so with $1000 parcel and was not charged $5 fees which i've paid about couple of months. Looking better day by day.
Rep confirms ETFs incurs a brokerage fee. Not sure why you are not charged
@OpenTrader I'm aware you guys are developing your Conditional Orders capability. Would these be free or eventually we'll have to pay for premium to use them?
On my account, a stop limit order was placed a while back and accepted. Today when the stock price fell below that limit, it didn’t trigger the market sell order with a limit and I lost my capital. Their platform seems flaky so although the price is very good - no point if it doesn’t do what it’s meant to - you’ll end up losing money.
I’ve raised a support request - will report progress here.
Is this a penny stock by any chance, where liquidity tend to be razor thin? Coz sometimes it could gap down and although your order is triggered, the limit price at higher price never ended up being hit.
Not sure if OpenTrader allow you to do 'Stop Limit' order using 'Market to Limit' price, but that would force the order to sell at any price (although you'll tend to suffer slippage this way).
Anyway, just thought I chimed in.
It wasn’t a penny stock.
I found OpenTrader and signed up quite effortlessly within 2 business days.
I'm a little relunctant as to how much time I spend on this platform as the features that I like (Charts / Dashboards) become quite expensive on a monthly subscription after the first 2 months trial.
I guess I'll trial for the two months, but will I transfer my holdings and all that beyond that period I'm not sure, I might trade for cash.
I dont really care about the price of the trades being a low $5, as I have self wealth already for $9.50 and also some of my trades would be well into the upper tier too so the $5 isn't really releveant to me.
I just dont know about paying $1200 p.a. for a few cool features like charts and dashboards, when I can use multiple tabs and multiple monitors to do similar things.
Also I'm yet to see conditional orders anywhere within my Trial period account setup, guess I'll keep looking around.
Please keep us updated on the conditional orders. Very interested in switching.
Thank you!
Sweet. Thank you! Will now be waiting for referral bonus. Will jump on first occassion.
Looks like they use ANZ now?
I setup an OpenTrader account for my smsf, needed a Macquarie CMA created at same time. This was on 23/12.
Are they going to develop an app?
We do currently have a PWA that you can grab from the OpenTrader site when accessing it on your mobile, however an IOS app is something that is still being looked at internally. At this stage, I'm afraid that we cannot provide a timeframe on when this might be available, but appreciate that a lot of our users are keen to trade through an IOS app.
With open trader, are you required to have funds available in order to sell your stock?
Generally speaking, provided you already have a linked CMA with your active OpenTrader account, then you wouldn't need to have funds available given it's a sale of shares.
If you're an overseas resident wanting to set up an account to then sell shares, or something a bit 'out of the ordinary' like this, then best to PM to provide some more details so your specific situation can be taken into account.
Brokerage fees were updated a little while ago:
$5 fee up to $5k trade will no longer be available for new accounts come Feb 22, or unfunded existing accounts.
New fees come Feb:
$10 for trades up to $10k value
0.10% of trade value thereafter
Their pricing for 5k-10k is too high at $15 considering you can just split for e.g an $8,000 order into parcels of $4,000 and pay $10 in brokerage for two trades as opposed to $15