Hi guys. Wanted to increase the amount I have in the share market.
Stake charges 70bps to convert AUD to USD which is quite significant. Stake also has a max of 250k per trade.
Was wondering if there were any better options out there that anyone has used first had for large amounts 200k+ per trade. Would also prefer to have access to US stocks so yeh…
IBKR or Charles Schwab
Charles Schwab seems to be on the news headline every now and then, raising FUD.
Why do they have the ugliest UIs compared to the others
Founded in 1982 and listed on the NASDAQ with a market cap of $40 billion.
- IBKR is the only broker I've used that employs its own app authenticator.
- Deposits are processed quickly within 5 minutes, and you can fund your account in AUD or any currency.
- When purchasing US stocks, AUD > USD conversions are done at market prices, avoiding inflated rates seen with Stake/Comsec.
- Tax reporting is incredibly straightforward, with all amounts converted to AUD.
- You can trade a wide array of products: options, stocks in every country, bonds, ETFs, and SPACs (including pre-split units or stock + warrants).
- Earn interest on cash balances exceeding $100K.
- While the website may be slightly less user-friendly compared to Stake or Moomoo, it offers more comprehensive information. It's on par with Commsec in terms of usability.
- The TWS trading software is highly advanced and becomes amazing once you're familiar with it.
- Offers tradingview integrations.
- Integrates with NinjaTrader and Sierra Chart.
- Provides mobile and iPad apps.
- NO non-activity fee .
- Can short Sell stock
Note: They do offer some crypto (Paxos), but withdrawals are not supported.
Support via email tends to be slow, phone support is subpar, but live chat, if accessible, is okay.
- I thoroughly enjoy watching the Tasty Live team for education and market news. You can find their on-demand content here https://www.tastylive.com/on-demand
- The support is exceptional, characterized by a personalized and friendly approach. They offer suggestions on cost-saving strategies, options expiries, more affordable ETFs, and option strikes with higher liquidity.
- US stock trades are fee-free, while options are priced at $1.25 with a cap at $10 for open positions (closing trades are free).
- NO non-activity fee .
- Can short Sell stock
Note:
* Funding can be somewhat challenging as it requires USD deposits only.
*You can only trade US stocks and ETFs on Tasty Trade, and while they offer some cryptocurrencies, withdrawals are not supported.(P.S. They've had an AU office for three years and were acquired by IG Markets last year, so I hope they introduce AUD accounts in the future.)
Founded in 1982
- I tested TradeStation five years ago due to their tradingview integrations.
- US phone support is excellent if you're awake during US time zones.
- They provide a crypto account with both deposit and withdrawal options.
Note:
Funding can be somewhat challenging as it requires USD deposits only.
I closed my account because their AU accounts under "TradeStation International" are essentially IBKR accounts.
$10 weekly no activity fee if you account is less then $2,000 USD
Fairly new, give bonus , app are simple and support is fast with live chat. Feel very chinese with promotion and point give away
simple and easy app , use to be free trading but are now $3 trade per trade US and AU stock only. but i didn't like how limit order would cancel each day.
I would avold .
Etoro, Igmarket , Saxo , Plus500, CMC markets, CommSec, nabtrade
Haven't Used
tigerbrokers . ofer 3.25% interest on AUD balance over $5000 $2 per trade
Webull is new to AU = fee $0.00025 per share, great charting package .
Self wealth .
Etoro is terrible, shocking spread and hit you with random fees like withdrawing your money
Anything that isnt CHESS sponsored i wouldn't touch
As for your list above i only recommend CMC - you can use NABtrade or Comsec for research but they are fairly expensive platforms - however i have 'met' people with marginal loans with the big banks and they get 'free' brokerage so making them way better to use overall…
oh nice , didnt know large margin loan get free brokerage .
yea etoro and plus500 are both bucket shop .
oh nice , didnt know large margin loan get free brokerage .
i dont think they 'do or advertise it' but the people i have met who have had this 'deal' have a f**k load of money and usually other loans via either business or investment properties with the lenders
generally speaking if you got a lot of money it opens way more doors for investors - sadly i do not have a lot of money…
I've used SelfWealth, $9.50 per trade regardless of the trade size. US$9.50 per trade for US stocks as well.
I use IBKR - platforms a bit dated but you can trade almost anything (even asia/europe etc) and fees are extremely low