they had 44 trades in 3 months, that gives them 440k in revenue,...

they had 44 trades in 3 months, that gives them 440k in revenue, and they reported 740k receipts, so they receive 300k as interest from clients funds, in another words, their clients are not paying $9.5 a trade, they actually what Commsec or other major brokers charge anyway should you put the unused funds in interest saving account.

Nabtrade offer 2% on unused fund, lets say you have 500k for trade, half cash and half position, and trade 20 times a month, thats 60 times a quarter. if you use SWF, you will pay $570 in fees, if you use Nabtrade, you will pay around $1200 in fees, and $1250 in interest, so you actually some $600 better off by using major brokers.

SWF has market cap 20mil, but hold clients fund of $75mil, it always amaze me how one can give 75mil to a bloke only worth 20m.