Author Topic: Broker recommendations please  (Read 1786 times)

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Offline Annabella

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Broker recommendations please
« on: 08/06/2016, 08:26:50 PM »
HI Guys
I've just spent a frustrating half hour trying to start an application for trading account with MBTrading & finally got this response from them "Due to various securities regulations and requirements for each country, we cannot accept new accounts from residents of this country."!!!!!!!!!!!!!!!!! - I didn't like IB so I closed my account with them.  I have an account with SAXO - but fear they will prove too expensive if I do too many trades - So now I'm looking for other brokerage suggestions - anyone got any ideas?
Thanks Annabella :confused:

Offline Gary Stone

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Re: Broker recommendations please
« Reply #1 on: 08/06/2016, 09:04:15 PM »
Annabella,

If you are using SPA3ETF then using SAXO for US ETFs and stocks isn't too bad now at $9.90 minimum.

For SPA3 Nasdaq $9.90 is higher than other brokers but still acceptable. We did use this rate in our exploratory simulations in the White Paper research.

Optionsxpress are higher. Others have found other brokers in the US but perhaps we need an update on their policies.

Regards
Gary
On the journey

Offline Xelle

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Re: Broker recommendations please
« Reply #2 on: 08/06/2016, 09:27:59 PM »
HI Annabella

I would be interested to know why you did not like IB.  The service is a bit slow but it is hard to go past the price.

Thanks

Peter

Offline Mike Emery

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Re: Broker recommendations please
« Reply #3 on: 09/06/2016, 10:16:49 AM »

Hi Peter,
Is IB still not accepting applications/accounts from individual investors due to licence issues with ASIC?

Annabella,
You could look at Tradestation (depending on your acc size) or Options House. Both are extremely competitive price wise, very easy to transfer money in & out of, and have platforms that are very user freindly.

Hope this helps

Mike Emery

Offline Annabella

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Re: Broker recommendations please
« Reply #4 on: 09/06/2016, 11:19:36 AM »
Gary - Yes I'm using SAXO at the moment for US ETF's, I like their platform & they are quite helpful.  I'm going to start adding some ETF stocks to my portfolio soon & thought SAXO might prove too expensive in the long run - I will continue with them unless a better alternative presents itself.

Peter - I didn't like the IB platform - I found it too daunting and the help desk of IB wasn't "helpful"!  Final straw came with the ASIC/Licence/forex problem - but yes the price was good.

Mike -  I'll check Tradestation & Options House out

Thanks
Annabella

Offline Xelle

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Re: Broker recommendations please
« Reply #5 on: 09/06/2016, 09:20:40 PM »
Mike
I have had an account in personal name as well as other company structures for several years and no problem with any of these accounts from IB.  I have been asked recently to disclose my tax file number but that has been the only change.  They still have the issue of the trades take 48hrs to settle and will not allow any margin to buy until they settle. Unsure if it is only on new accounts the problems you have mentioned.
Annabella
Negatives of IB
Yes IB can be a complex platform to set up initially and quite overwhelming.
It has a arduous application process as well
Agreed the help desk is slow and not overly helpful.
Positives of IB
Great price, you pay for what you get. 
Once setup it works like a charm.
For SPA trading I buy at market and sell at market so any trading platform will deal with this.
IB excels at bracketed orders which I use for other trading system but not relevant to SPA
In comparison I also use Saxo
Negatives of Saxo
Price, many thousand more over the year trading SPA with a few hundred trades a year.
Positives of Saxo
Great service, always helpful and answer any queries promptly
Platform is adequate for trading SPA but I use it for other purposes

In summary
If you are OK with self service trading IB is hard to beat on price
If you prefer some service with your trading Saxo wins hands down

My AUD$0.20 worth

Peter

Offline Nick Rossetto

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Re: Broker recommendations please
« Reply #6 on: 10/06/2016, 08:21:44 AM »
Nice summary Xelle.