Moving Brokers

[Nick Radge]

Been doing some research for my retirement account which has been at Macquarie for 20+ years. They currently charge me 0.12% which is on the high side, so have been looking around.

Amscot seems best at 0.088% although they do have a $15 monthly fee which is rebated if (a) you do more than $80 comm’s in a month or (b) you don’t log in.

Most months would be a rebate and those months where I’m square I’d just need to stay out!

Have asked Macquarie if they’ll match it…

[RobGiles]

If you’re a Commsecone client you can get brokerage capped at $26.95 per trade up to about $80,000 per trade. Its about 0.035% under that but min $18.95.

[Nick Radge]

Thanks Rob. Never heard of that service. Will take a look.

[ScottMcNab]

Anyone using/tried SelfWealth ?

https://www.selfwealth.com.au/

[Nick Radge]

Self Wealth is a fintech company that’s been losing money hand over fist.

It’s setup to be a community and your positions are actually disclosed to other members. They’re apparently building a ETF that will replicate the best traders in the community and intend to raise funds with it.

[MichaelRodwell]

Interesting model. Considering most people lose money I would imagine consistency will be difficult because you don’t really know if someone is a winner or loser until after its happened. Why would winners want to part of this?

[ScottMcNab]

Thanks Nick. Cant beat industry knowledge. I will stay away from them

[Nick Radge]

Here’s another company that’s setup like SelfWealth. They intend to charge a subscription fee at some stage. Even though they’re licensed, seems a high risk business should one of their ‘members’ blow up.

https://strawman.com/member/members

[Nick Radge]

Geez, these businesses are popping up everywhere now. Here’s another that costs $3500 per year.

Interesting performance proposition. They take the best traders for the last year and use that as their performance record. My question is how did they pick those traders ahead of time…

Home V2

[MichaelRodwell]

I saw that one on twitter Nick. I was wondering how they could report those results. Intellectually I know it’s too good to be true but still exercising the muscle to move along and keep focused.

[Nick Radge]

And another…

http://guruhaven.com/

[Anonymous]

Hehehe I particularly like the banner at the bottom of the guruhaven page… “trade with us and get some money”. They obviously thought long and hard about that one.

[GlenPeake]

Nick Radge wrote:

And another…

http://guruhaven.com/

To highlight how bad these ‘gurus’ are, just from an IT/Web Security perspective their website doesn’t even use an SSL web certificate i.e. no HTTPS, not even their login page, therefore everything will be sent in ‘clear text’…. no encryption….e.g. your username/password can be easily captured across the internet in plain text.

[Nick Radge]

The issue I have with these sites, is that ASIC make me jump through huge amounts of hoops and pay considerable sums of money for insurances etc, yet these guys are providing advice via a loophole. Specifically, the front end company is licensed yet the people placing the actual trades have no educational standards or experience. As I keep saying to ASIC, who’s protecting me?

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