Brokers and diversification

[KateMoloney]

Hi all,

I am currently using Self Wealth for the growth portfolio, ASX momentum and US Trade Long Term strategy. $9.50 per trade.

Have spent a few months setting up an IB account. Compliance is taking the most time.

Just curious, if anyone uses any other brokerage platforms – for diversification. My research of IB indicates I should show caution (they can freeze accounts and support is limited – plus the risk of IB going bankrupt).

What brokers do you use and for what strategies?

[KateMoloney]

Alternative Brokers (Have not researched these properly yet)
IG Brokers ($5 for Australian shares)
Superhero ($5 per trade)
CMC Markets

[Nick Radge]

Interactive Brokers have been around for a long time – since the 80’s, so they’ve successfully weathered many storms.

I would suggest there is more risk with some of those other brokers.

In my 20-years with IB, and I have 3 accounts, I have never heard of them freezing an account.

Yes, support is limited, but it is there when you get through to right person. I find the Hong Kong help desk (local call) is very good).

The other consideration is what you intend to use the account for. For example, some strategies require an IB account, such as shorter-term systems.

Support is limited

[Author]

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