Brokerage Fees

[radar66 10]

Greetings

 

I must say that when I read postings where members mention that they pay $8 or even less for a round trip when trading I'm absolutely blown away. I live in Australia and we are really ripped off by our brokers. For example, I trade the Australian SPI (Share Price Index) and the brokerage is $30 plus 10% GST. I would be laughing if I could pay just $8.

I don't need a full service broker because, from my experience, most brokers know nothing about trading. They simply take my order and process it. Any advice I have received and acted upon has always cost me money, so I trust my own methodology, take no advice from anyone about my trade, and place my orders. And for this I have to pay a $30 round trip fee.

There are no discount brokers that I am aware of In Oz. Although I love living in Australia, we are ripped off at every turn and, being so far away from the USA and Europe, we miss out on great webinars that are so accessible to others.

So, make the most of your low costs which add to the profitability of your trades and reduce the cost of your losers.

[VMtrader 10]

Radar66,

 

Wow, I hate to say it but $30 is a lot if you are doing any kind of day trading. For my style I would need to have at least $5. I pay $1.18 plus exchange and regulatory (so $3.48 for e-mini). I'm pretty sure that its the same for any market and the best thing is they don't even have brokers there .

 

Vance

[radar66 10]

Hi Vance

 

Count your blessings.

 

Regards

radar66

[VMtrader 10]

Radar66,

 

Just out of curiosity, why don't you trade at a US broker offering the commissions and service that you want?

 

Vance

[youri 10]

Hi radar66 i am with MFG and pay alittle less-24$ round trip,which is less then 1 SPIpoint.For e-minis i pay 4.9$ round trip.Good luck Youri

[SIUYA 11]

open an account in a discount broker that offers the SPI - there are many out there - OEC, Interactive, MB - just to mention a few. (no affiliations)

Ensure the account is based in AUD

Be aware that the instruments may or may not be based in USD ( in this case the SPI is not so everything should be kept in AUD)

Also be aware that many overseas brokers will not offer the same discounts.

eg; the S&P is still less than the SPI

But you should be able to get it cheaper..... it almost sounds like you are going through a stockbroker to trade futures.

[VMtrader 10]

I pay only $1.18 commission for any market and I'm pretty sure SPI is one of them. I also have to pay whatever the exchange charges for fees.

 

Vance

[radar66 10]

Hi Vance

 

One of my "fears" is that if the internet goes down when I'm in a trade, contacting the broker in the USA could take too long. I always use a stop but endeavour to exit before it's hit. I've looked around at a number of futures brokers in the USA and none of them seem to provide access to the SPI. I guess we're just small fish over here.

 

I hope you're doing well with your trading. I must look into the eMinis but I have designed and tailored my trading methodology around the SPI. It may work in other markets but it's a real little earner with the SPI.

 

Best regards

Radar66

[radar66 10]

open an account in a discount broker that offers the SPI - there are many out there - OEC, Interactive, MB - just to mention a few. (no affiliations)

Ensure the account is based in AUD

Be aware that the instruments may or may not be based in USD ( in this case the SPI is not so everything should be kept in AUD)

Also be aware that many overseas brokers will not offer the same discounts.

eg; the S&P is still less than the SPI

But you should be able to get it cheaper..... it almost sounds like you are going through a stockbroker to trade futures.

Hi Siuya

 

Thank you for your most welcome advice. I will follow up your suggestions and, hopefully, reduce my operating costs.

 

Best regards

Radar66

[radar66 10]

Hi radar66 i am with MFG and pay alittle less-24$ round trip,which is less then 1 SPIpoint.For e-minis i pay 4.9$ round trip.Good luck Youri

Hi Youri

 

I've just parted company with MFG after many years with a very sour taste in my mouth. I don't like being fleeced and lied to by someone I both respected and trusted. My advice is... be careful because nothing is how it seems.

 

Have you noticed how many of the familiar faces (brokers) have also moved on to other firms - mainly Macquarie?

 

Best regards

Radar66

[youri 10]

Hi Radar66.To be onest i never had any problem with MFG(touch wood).Maybe because i deal always with the same person(Ben Gregory),but to contact oversaes broker at the midle of the nite it is a problem.After years of trying i use now TS for E-minis,web-IRRES for stocks and SPI,E-signal for charting SPI. What charting software do u use for SPI ?Becase my biggest expense is E-signal-240US$ per month.TS if u have 11 + trades per month comes no cost,web-IRRES THE same.Best regards.Youri

[Ericthetrader 10]

I'm with a New Zealand regulated broker right now. LucrorFx. They don't have commissions.

[Nick1984 10]

Its built into the spread Ericthetrader.

 

I'm a broker myself and yes it can be expensive to trade futures in Aus.

I don't broke futures myself though. My firm doesn't charge $30 a round trip that is pretty steep. If you trade e-minis its cheaper. We use an online platform that provides the account holder free data if you place more than 6 trades per month. You can do ETO's, Futures, CFDs, Commodities, FX, Stocks etc...

 

If you want any info just PM me.

[jean99 10]

Normally, traders have to pay commission to their broker in type of spread.

I have opened an account in AAAFX for using zulutrade' s autotrading service cause there is no charge.

I try to save pips and money in order to have balance to trade!

[Tams 20]

Normally, traders have to pay commission to their broker in type of spread.

I have opened an account in AAAFX for using zulutrade' s autotrading service cause there is no charge.

I try to save pips and money in order to have balance to trade!

 

there is no free lunch in this world.

 

if you are naive enough to believe there is no spread/commission,

you are most likely believe you can make money.

[gavind 11]

I just don't understand this at all. Why do we traders have to pay these fees until today?

[SamScalpFx 10]

Greetings

 

I must say that when I read postings where members mention that they pay $8 or even less for a round trip when trading I'm absolutely blown away. I live in Australia and we are really ripped off by our brokers. For example, I trade the Australian SPI (Share Price Index) and the brokerage is $30 plus 10% GST. I would be laughing if I could pay just $8.

I don't need a full service broker because, from my experience, most brokers know nothing about trading. They simply take my order and process it. Any advice I have received and acted upon has always cost me money, so I trust my own methodology, take no advice from anyone about my trade, and place my orders. And for this I have to pay a $30 round trip fee.

There are no discount brokers that I am aware of In Oz. Although I love living in Australia, we are ripped off at every turn and, being so far away from the USA and Europe, we miss out on great webinars that are so accessible to others.

So, make the most of your low costs which add to the profitability of your trades and reduce the cost of your losers.

 

You can find easily 6,7,10 per round turn with 0 pips+ spread, it means total trading cost can be easily under $10