Choice between two brokers. Need advice.

[yuapanda]

I'm in Australia, and split between 2 choices: Commsec and CMCmarkets

Commsec is a domestic brokerage run by one of the major banks here. The key advantage I can see if that commsec CFDs are exchange traded, so there's a measure of assurance that the broker isn't pulling any shennanigans, and that everything is above board.

The downside is I've heard their trading platform is one of the worst, their trading costs are slightly higher then everybody else's, and they retardedly make you pass a test before not only opening an account (understandable) but also before they let you use stop loss orders.

CMCmarkets (and IGmarkets etc) have lower costs, but they're all OTC, so my broker is taking the opposite position. In the CMC PDS I'm pretty sure I've read that the prices quoted are generated by CMC, and may not perfectly reflect the market price (or something to that effect).

Does anybody have any viewpoints/experience? Personally I'm leaning towards CMC or IG, due to lower costs, and their general reputation .

 

[gedward3]

I'm in Australia, and split between 2 choices: Commsec and CMCmarkets

Commsec is a domestic brokerage run by one of the major banks here. The key advantage I can see if that commsec CFDs are exchange traded, so there's a measure of assurance that the broker isn't pulling any shennanigans, and that everything is above board.

The downside is I've heard their trading platform is one of the worst, their trading costs are slightly higher then everybody else's, and they retardedly make you pass a test before not only opening an account (understandable) but also before they let you use stop loss orders.

CMCmarkets (and IGmarkets etc) have lower costs, but they're all OTC, so my broker is taking the opposite position. In the CMC PDS I'm pretty sure I've read that the prices quoted are generated by CMC, and may not perfectly reflect the market price (or something to that effect).

Does anybody have any viewpoints/experience? Personally I'm leaning towards CMC or IG, due to lower costs, and their general reputation .

Hi,

Dpending what market you are going to trade you could go with

http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc

They offer CFD's in Autralia as far as i can see and they will more than likely be direct access. Over in the UK GNi Touch are a good DA company but im not sure if they are Aussie based. They are part of MF Global so why not chase them up.

Ged

 

[yuapanda]

I lack the USD $10,000, which makes IB problematic =(

From reading other threads it appears my fear that CMC markets pulls dodges is true. I would appear that I'm back to taking another look at Comsec.

Does anybody have experience with Comsec for CFDs?

 

[gedward3]

I lack the USD $10,000, which makes IB problematic =(

From reading other threads it appears my fear that CMC markets pulls dodges is true. I would appear that I'm back to taking another look at Comsec.

Does anybody have experience with Comsec for CFDs?

Yuapanda,

A quick search in your country brought up the below who are Direct Access.
Just pick the phone up and call them as each broker may lower their account
minimum to get your business.

CFD Trading, Online Share Trading Australia - First Prudential Markets

Online CFD trading and DMA shares on the ASX with free trading platform - Marketech: Home - DMA $5000 account opening minimum

Share trading, CFD trading, option trading, Futures trading, Forex Trading & share investment stock tips, Professional stock report published by Share Select Australia

Home*-*MF Global Futures broker, Futures trading, CFD trading, online Futures trading - GNI Touch in the UK Clear through these and they are really good.

This is a short list i pulled up in 5 minutes using google. Screw CMC as they have a bad name everywhere. Just go DA with a normal broker as then when a trade goes wrong you dont have the voice in the back of your head blaming the SB broker. You can themn correct your plan and move forward.

Ged

 

[yuapanda]

Thanks Ged, very useful.

I had come across a couple of the mentioned brokers already, but will look into the others in detail.

edit: damn work firewall. Poking around for a web platform that doesn't get caught. Not as easy as I'd thought.