What is the best online share trading platform for Kiwis? Any recommendations?

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foobar

186 posts

Master Geek

#141219 5-Mar-2014 10:06

Hello!

I would like to start trading shares through an online brokerage. Ideally, it would be nice to have access to shares on the New Zealand share market, the Australian one as well as the US share markets.

However, when I look around, I see very expensive offers: For example E-Trade and ANZ have produced something for the local market ( http://www.wealth.anz.com/investments/online-share-trading ). Unfortunately, it is very expensive: $19.95 per trade.

Online brokerages in the US can be significantly cheaper (US$8 per trade), but I don't want to go through the hassle of opening a brokerage account there, of possible.

Any recommendations or suggestions for local online brokerages that don't try to rip you off?

Thank you very much...

WinPhne

35 posts

Geek

#999306 5-Mar-2014 10:31

I believe E-Trade is an Australian based online brokerage. I am assuming you are in NZ? If so the ANZ equivalent here is Direct Broking which is $30 a trade. ASB Securities does online at the same price. I have yet to find a cheaper alternative.

kiwi_64

263 posts

Ultimate Geek

Subscriber

#999314 5-Mar-2014 10:38

Yeah, I use DirectBroking for Aus/NZ shares and have no issues with their service.
I use e*trade for US shares although cash transfers to the account can be cumbersome.
Given that there are no obvious signs of the NZ$ dropping in the near future, and US stocks are typically very low yield, is it not work just sticking to the A/NZ market?

foobar

186 posts

Master Geek

#999362 5-Mar-2014 11:51

Thank you for your reply.

Just saw that DirectBroking costs $29.95 per trade. That's... substantial. There's also Westpac ( https://www.westpac.com.au/personal-banking/investments/online-investing/ ), which seems to cost "only" $19.95 per trade. Still too expensive, but probably the cheapest option here in New Zealand?

As usual we are being ripped off, it seems.

Are there any cheaper options?

ajobbins

5052 posts

Uber Geek

Trusted

#999365 5-Mar-2014 11:59

Considering that a market trade through any of these products is completely 100% automated, $19.95/$29.95 is a HUGE rip off.

But what can you do? That's the price

Twitter: ajobbins

WinPhne

35 posts

Geek

#999367 5-Mar-2014 12:04

yeah definitely a rip off but I haven't found anything cheaper here in NZ. The Westpac link again is for ASX only I believe.