Author Topic: Change of Broker  (Read 3440 times)

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Offline Graham Stewart

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Change of Broker
« on: 04/01/2008, 08:59:37 AM »
I currently trade with Sanford Securities and have been happy with the service provided.

However CommSec has recently purchased the Sanford business and my accounts will soon be automatically transferred unless I choose to go elsewhere.

Interested in Spations experiences with Commsec.

Offline Mark James

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Re: Change of Broker
« Reply #1 on: 04/01/2008, 09:55:12 PM »
I used to have a TD Waterhouse acct when CommSec bought them out. I flogged all my shares before they converted it over and I got given a CommSec acct.

Since then I have activated the acct and setup a CDIA (a comm bank CMT acct) linked to the CommSec acct. It gives you trades with brokerage of $19.95 provided you use the internet and various limits. They also have a voice broker system (automated phone setup) so you can trade via the phone. Brokerage is higher. They email con notes as a PDF file so you print them out yourself.

The internet is fairly easy and fast to use. It processes straight through so works fine. They can also do conditional trades (higher brokerage of course), but I haven't tried them so can't comment. I use them for my SPA portfolio.  :thumb:

One annoying thing is they settle all the trades to the CDIA account net. That is if you have 2 buys and 1 sell settling on the same day it will debit the total of all 3 trades as a single transaction, thus makes reconciling the CDIA with the trades a bit difficult.  :confused:


Offline James Oliver

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Re: Change of Broker
« Reply #2 on: 06/01/2008, 09:21:09 PM »

I have been using COMSEC since I started trading and have found their service to be excellent.  Some of the advantages for me, include:
 - relatively low brokerage
 - automatic settlement into CDIA account (as Mark pointed out you need to note that the trades will be settled as one transaction into the CDIA account)
 - Web based trading platform works pretty much anywhere (even works behind my work firewall which means that I can trade at market rather than having to set limits)
 - they do offer conditional trades (i.e. stops), however, I have not used these as I prefer to execute trades at market during market.
 - their service and support centre (including voice broker & telephone broker services) have been good (just be aware that the telephone broker service will cost about $50 - this caught me out once).

I have been doing all of my business banking with the Commonwealth Bank and found that the integration of the trading accounts and business accounts via NetBank was also very convenient.