Aussie Discount Brokers

Verharven

Well-known member
For those trading in Australia, interested in your thoughts on a broker to use for low brokerage if you're using some of the discount ones. I've been with Westpac Broking for years and while it's nice to have all the bells and whistles on their trading platform and backed by a big bank, I'm paying brokerage of 0.11% per trade as almost always exceed their minimum of $19.95. It's all small change compared to the size of my holdings with them (7 figures), but hey, if and when I sell big chunks of shares or rotate around stocks, why pay that sort of brokerage when I could go with one of the fixed-fee brokers for a tiny fee no matter the size of the trade. Any one using one of these guys? I've also just sent them an email to see if they will renegotiate my brokerage for 'threat' of taking my CHESS holdings to a discount broker.
 
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macgyver

Well-known member
@Verharven I’m with Commsec so I’d be in the same boat regards fees, but I’d like to know the outcome of the renegotiation. If they agree then I’ll try it with mine. I haven’t shopped around though, might be a good time to do so if any windfalls are forthcoming.
 

Verharven

Well-known member
@macgyver Actually got a call from them then rather than a generic email which was nice. And they said that they do negotiate brokerage, but it is dependent of overall trading volume turnover so I'm not quite there even though I have a very sizeable portfolio with them - the curse of being a long-term holder. If I were a low-life shorting insect (defined by Willem "I can't look in the camera lens because it will steal my soul" Blijdorp as anyone who criticises the company), then may have had a chance from all the churning and burning I would be doing.
 
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macgyver

Well-known member
@Verharven Bugger, yeah I’d have no chance then of renegotiating with my minuscule holding. I guess I’ll just have to be content with being a high fee paying insect for a little while longer. 🦗
 
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