Anyone have a view as to whether CommSec or Etrade is the better provider for CFDs?
My research to date tells me this:
1. CommSec has lower interest.
2. ETrade has more equity CFDs on offer (500 as against CommSec's ~12, rising to 50 in the next few weeks).
3. Initial margins at CommSec may be about 10% higher. (My analysis of 15 leading stocks based on yesterday's closing prices found CommSec's initial margins to be 10.2% more expensive.)
4. A real deal-breaker at ETrade (IMO) is their new rule on stoplosses - making the maximum differential between your 'trigger' price and your limit price a mere 7 tics (usually meaning 7 cents). This would be disastrous in the event of an August-like collapse with its overnight gaps.
5. ETrade has cheap phone brokerage - CS doesn't.
6. ETrade's web platform (WEBIress) is expensive (up to $70 depending on use) and very buggy in my experience - and by their admission.
7. CS's platform (ProTrader) is stable enough (tho its course of sales function has been buggy for an entire year - someone's asleep at the wheel in that corner of the CommSec programmers' room), & is free for CFD traders.
8. CS offers ASX CFDs, whereas ETrade offers inhouse (OTC) ones. CommSec's are therefore safer.
9. CS has a gold index CFD & an XJO CFD, which ETrade didn't last time I looked.
10. CS's brokerage is lower.
Because CommSec will be bringing more stocks online 'in the coming weeks' - bringing the total up to 50, and overcoming (just!) their biggest deficiency in my book - I will soon make the move to CS I think. (I'm now with ETrade.)
Any other views?
Third options?
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