Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Hello down-under Fools !

I'm new to posting to this board, but I've been "sniffing" around for a while...I have one main question and one "thought for the day".

I'm an Aussie working in the UK (and returning to OZ soon), and have some AUD$ to invest in the Australian market. I've looked into eTrade Australia and they charge $49 (plus $20 if trading by phone), and Commonwealth Securities charge $29 (Internet or phone).
I've heard rumours from friends downunder that ComSec have had some performance issues? My question is: what Australian "discount" Internet broker would people recommend? One of these two or another? Are there any issues because I'm living in the UK (though I have Australian address and bank accounts as this London thing is just a temporary abboration...), which leads me onto my second point...

My feedback:
I recently went to transfer some shares from Salomon Smith Barney to eTrade (US), filled out the on-line account application then printed and mailed the application as requested. I never heard any feedback by email, but two weeks later I received a letter from eTrade saying "...we are writing to inform you that a regulation within the United Kingdom securities industry prevents it's residents from establishing accounts with eTrade Securities, Inc a US corporation. Accordingly, we must return your application...blah blah apologies etc." I was rather disappointed, then got wondering:
- does the Australian securities industry prevent Australian residents from signing up with eTrade US (or any other US firm?)
- does eTrade Australia prevent this somehow (protecting it's Australian fledgling, for example...)
- have any UK readers in this board managed to "get around" this problem, which to me sounds more like the UK market trying to protect itself from competition...

Any thoughts?
(a new Fool !)

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.