Best Share Platforms for at Least $5k Investment

Hi all, I have a question.

New micro share platforms (Sharesies, Raiz, Spaceship, CommSec Pocket, etc.) are great for getting into the share market with minimal initial investment. But if you enough money to invest directly in shares, say $5k or more, is it better to use the more traditional platforms that are CHESS sponsored (like the original CommSec)?

I understand it makes some differences with tax, but not sure what.

What should I know about CHESS sponsorship? I’ve only discovered it while researching to write this!

Comments

  • -3 votes
    1. Buy red, sell green if you want to make gains.
    2. Buy high, low if you want to get rekt.
    3. Zoom out and stop looking at the numbers every day.
  •  

    I use Commsec and Etoro. I particularly like the copy trade function on Etoro, because for taxation purposes it is considered a managed fund, which means each share trade isn't considered a taxable event. I'm happy with someone else who knows more than me to day trade on my behalf, and I get the benefits of it. I also like access to many markets. Commsec is just easy for local shares.

    • +2 votes

      How is buying direct shares considered as MF?

      • -1 vote

        Because you are using the copy trade function. Essentially someone is managing the fund for you. You don't have control over the individual transactions, just who you copy

        •  

          Even a managed fund gets a capital gains/loss tax bill.

  •  

    I just signed up with opentrader but haven't made any deposits yet, going to do it within the next week.

  •  

    I use NABtrade. They usually have a free first month of trading or the likes for new customers (or similar offer).
    Easy to navigate and is cheaper (generally) to the other big4. You can get a cheaper platform but might not be a user friendly. I haven't bothered to look.
    Most are pretty similar, you have a watch list, buy option, sell option, and a few charts. At the end of the day, they all essentially have the same functionality.

    Might be worth considering who you bank with also. I have various account, but use NAB for an everyday transaction account which feeds into my NABtrade account. So the money is instantly transferred if I want go place an order on the spot instead of holding cash in the trading account.

    Consider your planned trading practices as part of the decision also.

    If your looking to only buy $5k and hold, then who really cares. Its a set and forget concept and cross your fingers for a profit.

  •  

    5k chunks of vdhg, otherwise spaceship if less and dca.

    Or be like me and refresh crypto charts every 5 min hoping ETH will make a miraculous recovery from 2021 ATH…

  •  

    I used to use CMC, now use IG for equities. I find it to be a platform and lower commissions than many others.

  •  

    5k or more, cheapest to use ThinkMarkets $8 fee/trade.

  •  

    DHHF if you don't want bonds.

  •  

    CMC gives you 5 free trades with referral code on here. Perfect for a single $5k invest.

  •  

    I put 5k in Combank Pocket last month. I've now got 5.5k

    •  

      CommSec Pocket, not CommBank Pocket

  •  

    Thanks everyone so far. I don't have any accounts with the big 4, so I'm looking for ones other than that and are mainly going to just keep money in there rather than trading often. Especially ETFs. I'm thinking maybe two of $5k each, especially ethical ones.

    •  

      Superhero has free buy brokerage for asx ETFs. But cost $5 to sell. It's simplistic but no ongoing costs either. Only caveat is its a custodian model but you don't get the annoying letters constantly sent from asx. You can always transfer out the etfs to other brokers if you can be bothered.

    •  

      I set up my main account and the pocket online in 10 minutes with CBA.

  • +1 vote

    CommSec Pocket pretty good

    •  

      Aren't the brokerage fees 2% of the trade?

      • +1 vote

        No. Is 0.2%

        •  

          So up to about $10k ($20 brokerage) it's competitive

          • +1 vote

            @brad1-8tsi: Minimum brokerage is $2 and minimum trade is $50. Works best for regularly buying ~$1000+ bundles (0.2% fee). If only putting in $50 at a time the brokerage is steep at 4%. Only has 7 ETFs so a little limited.

  • +1 vote

    Avoid any that don't have chess sponsorship as you don't actually own the shares.
    Check out SelfWealth https://www.selfwealth.com.au/
    Chess sponsored
    Our flat-fee means more profit in your pocket. Buy Australian Shares & ETFs for just $9.50 AUD and US Shares for $9.50 USD per trade