Author Topic: ABSA stockbrokers  (Read 11576 times)

Nios

  • Full Member
  • ***
  • Posts: 124
  • Karma: +3/-1
    • View Profile
ABSA stockbrokers
« on: April 29, 2014, 09:19:45 pm »
Anyone use them and do they provide stop loss facilities?

Which online brokerage firms do you all use and why for your investing and trading activities?

Patrick

  • Administrator
  • Hero Member
  • *****
  • Posts: 2550
  • Karma: +47/-2
    • View Profile
Re: ABSA stockbrokers
« Reply #1 on: April 30, 2014, 08:18:26 am »
I use them, mostly because they're the cheapest for me.

Positives:
-0.4% per transaction, minimum of R120, same as the competition!
-R800/year subscription fee.
-If you trade 5 times per year there is no subscription fee, so in actual fact the subscription fee should be R600.05, just buy 5 1c penny shares if you must :)
-I do trade more than 5 times a year on regular amounts, so for me there is in effect no subscription fee.

Negatives
-As far as I can see, no stop loss.
-The website wouldn't let me in a couple of times (had to call them to reset my password).

Nios

  • Full Member
  • ***
  • Posts: 124
  • Karma: +3/-1
    • View Profile
Re: ABSA stockbrokers
« Reply #2 on: April 30, 2014, 08:14:38 pm »
Thanks Patrick. What sort of tax reporting do they provide?

Patrick

  • Administrator
  • Hero Member
  • *****
  • Posts: 2550
  • Karma: +47/-2
    • View Profile
Re: ABSA stockbrokers
« Reply #3 on: May 01, 2014, 07:52:01 am »
So far I haven't sold anything, but I did get an IT3b for some interest earned.

Snakepit

  • Full Member
  • ***
  • Posts: 111
  • Karma: +5/-0
    • View Profile
Re: ABSA stockbrokers
« Reply #4 on: May 01, 2014, 08:23:45 pm »
He! I use Standard Bank for shares only.

Nios

  • Full Member
  • ***
  • Posts: 124
  • Karma: +3/-1
    • View Profile
Re: ABSA stockbrokers
« Reply #5 on: May 02, 2014, 09:41:24 pm »
I'm looking at SB too. See their offering is R60 minimum and 0.5% per trade whereby ABSA's minimum trade fee is R120 and 0.4%. SB provide the ability to set auto stop losses and give you access to charting tools etc(still enquiring if theres additional cost involved). Think theres also a R60 monthly fee for that(waived for 3 trades or more). Im also interested in the tax reports they provide which seems better than ABSA's.

What I also like about SB is their option of creating a linked money market account to the trading account which provides an attractive interest rate if maintaining a minimum balance of 50k. Nice place to keep any held cash and the interest earned will cover the R60 monthly fee and a nice portion of at least costs for 1 trade of the month.

Snakepit

  • Full Member
  • ***
  • Posts: 111
  • Karma: +5/-0
    • View Profile
Re: ABSA stockbrokers
« Reply #6 on: May 03, 2014, 07:59:52 pm »
I did this homework 4 years ago and at that stage it was R50. What was important at that stage for me was that you could attend all their courses as that was included by default in the 50 bucks. For a starter I recommend those free courses. They sure helped me a lot.