CommSec (Commonwealth Securities) is one of the largest Australia-based brokerage firms with a global presence.
- No minimum account deposit requirement
- Outstanding educational and research resources
- Powerful user-friendly platform
- No inactivity fee for Australians
- Various account types to choose from
- Customer service is available during weekdays only
- $500 minimum initial share trade amount
- No demo account
It was founded in the 1990s and managed by the Commonwealth Bank of Australia. This is evident that the broker is safe, considering that the Australian Securities and Investment Commission (ASIC) also regulates its activities. In addition, the broker offers a web-based platform and a reliable mobile app to manage your trading activities on the go.
CommSec – Who Are They?
CommSec is one of the pioneer brokerage firms with over 20 years of experience offering shares, ETF, and options trading. This broker also provides banking services through its Commonwealth bank. The good news is that you do not need to be a member of its bank to sign up for a trading account.
CommSec is known for its share trading and features elements suitable for beginners and expert traders alike. These include up-to-date market data and prices. As a result, you will be able to stay abreast with trending financial news and take quick advantage of any arising opportunities.
This broker has an international securities account that allows you to trade foreign shares in some of the biggest stock exchanges. You can easily sign up for an account through its web and mobile platforms that have proven reliable.
In addition, CommSec has a CDIA account, which is convenient for settling trades without the need for account transfers. The CDIA account charges low fees with share trading costs starting from $10. Account keeping is also free.
Compare CommSec With Other Brokers
Our Opinion About CommSec
CommSec is an excellent choice for newbies and advanced traders. Its research resources are just outstanding to maximise your potential. Moreover, we believe that the learning resources provided will also help you improve your skills. This includes a CommSec Learn platform containing guides and articles. There are also trading insights and ideas from its professional advisors.
CommSec has dedicated customer service that you can also access through Twitter. They are very responsive when contacted. The only disappointing feature is the working days, which is only on weekdays.
While this broker may have excellent features, note that the trading charges you will incur are high. Therefore, we highly advise that you confirm the charges before rushing to create a live trading account.
All in all, we still believe that CommSec is a well-established broker due to its long track record and excellent trading tools. Keep in mind that it doesn’t have a demo account, but you can still take the plunge considering its low trading charges and no minimum deposit requirement. So, good luck!