Best Platform To Buy Stocks and ETF's

onetwothreefour on 13/01/2023 - 11:08

Hi All,

Up until a couple of months ago I was using Open Trader to purchase ETF's but for some reason they have swapped me over to Market Tech.

Overall I was happy with Open Trader, it wasn't anything too flashy but all I need to be able to do is buy ETF's once a month and track P&L easily.

I'm not happy with the Market Tech layout plus I've just logged in to buy some ETF's and have been told I am not able to buy any unless I upgrade my plan which means paying at least $20 a month plus a $5 brokerage fee which seems like a rip off to me.

Does anyone have any recommendations for platforms they are using? I am leaning towards Stake so would appreciate any feedback from people who have been using Stake.

Thanks

Financial Exchange Traded Fund Share Trading

Comments

  • El-Rhi on 13/01/2023 - 11:20
    +2

    Stake, CHESS and $3 trades

    • onetwothreefour on 13/01/2023 - 11:41

      Looks to be free for the first 12 months when you transfer your portfolio over which is a good deal.

      Is the platform easy to use?

      • El-Rhi on 13/01/2023 - 11:56
        +1

        Yep, even better then. It’s super simple. It doesn’t have all the bells and whistles of other platforms, but if you’re just buying and selling for the long term rather than trading then it’s perfectly fine

  • brad1-8tsi on 13/01/2023 - 12:05
    +2

    I moved to Stake from WestPac last October.

    Pro
    It's an easy platform to use.
    I get free trades for a year because of the portfolio I transferred over.
    It lets me set up a trade for ETFs when the market is closed (WBC wouldn't let me do that.)

    Con
    The home page portfolio summary isn't as informative / clear as the WBC table.
    For reasons I cannot fathom they assigned me a new HIN. Now I have most of my purchase / dividend history on my old HIN. I keep my own records but this is a pain.
    As part of the new HIN they assign all the dividends into your Stake holding account.
    No facility to set up alerts
    The basic membership doesn't show market depth of orders, trades, etc

    If I'd known they were going to Deep 6 my HIN I would never have moved over.

    • Hearthstone on 20/01/2023 - 20:28

      you can't keep your old HIN opening up new accounts with another broker
      as your HIN is broker sponsor so each time you open up an account with a new broker you get a new HIN
      there is no way around it

      • stingysydney on 21/01/2023 - 09:53
        +2

        A new HIN is setup however all brokers have the ability to transfer in a HIN from another broker via CHESS message 245

        https://help.selfwealth.com.au/hc/en-au/articles/36005826885…

        HIN transfers are an overnight process and can be time consuming as many things can go wrong. Ie names must exactly match John Smith at one broker and John Adam Smith at the other and CHESS will reject. Address is Unit 1, 2 Sydney st vs 1/2 Sydney st will also reject. The HIN may also have pending trades to settle or a payout required if coming from a margin lender. It is most likely Stake wants to cut costs and not have their back office put up with this so they don't allow it. Individual stock transfers don't have this same registered name/address requirement- as long as the broker sending out the shares is satisfied they are the same person.

      • brad1-8tsi on 26/01/2023 - 17:01

        you can't keep your old HIN opening up new accounts with another broker
        as your HIN is broker sponsor so each time you open up an account with a new broker you get a new HIN
        there is no way around it

        Not correct.
        I've had an online broker since 1999. I've transferred my HIN 4 times previously.

  • Shadowsfury on 13/01/2023 - 12:15
    +3

    Stake for $3 as mentioned before (might be able to use someone's referral via ozb on top of the portfolio transfer)

    Or CMC markets - which are free one trade per day under $1k - perfect for a DCA ETF portfolio

  • SBOB on 13/01/2023 - 13:47
    +5

    I use CMC market for weekly etf DCA buys
    Zero fees for under $1k and their app/web interface seems pretty good for someone not needing anything fancy.

    • eek on 13/01/2023 - 14:16
      +2

      +1 for CMC :)

  • Oofy Doofy on 13/01/2023 - 14:47

    Stack your cash in HISA or offset acc, get a Webull account and wait for ASX access to be enabled. Just my opinion.

    Otherwise, atm, CMC is probably the best bet for no nonsense zero brokerage for purchases under 1k, as previously mentioned in this thread.

    • onetwothreefour on 13/01/2023 - 15:04

      I already have most of my money in my offset, within a few months my mortgage will be 100% offset. When that happens my mortgage payment will be redirected to a HISA until it gets to a healthy amount, the money I put towards ETF's is just additional money.

      • Oofy Doofy on 26/01/2023 - 12:39

        I changed my mind. I'm currently transferring my HIN to Superhero. If webull decide to become more competitive when they get ASX access this year, I'll put them in consideration again.

        I like their (SH) superannuation product and their no frills low cost, simple trading platform.

        If you like auto rebalancing of a portfolio, Pearler isn't a bad idea.

        At this point it depends on what $ in fees you're willing to pay, and the features offered that might be of use to you.

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