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Finder's rating: 3.4/5
★★★★★
The Bank of Melbourne directshares online share trading account allows you to control your own share trading activities and make decisions about the growth of your investment portfolio and your wealth creation strategies.
Whether you're a newbie or an experienced trader, the Bank of Melbourne offers a low-cost share trading service that could be the ideal way to enhance your trading activities. The online broking platform is suitable for those customers who want to take more control over their wealth creation strategies and be more proactive about managing their own investments.
Directshares online broking allows account holders to buy, trade and sell shares, warrants, options, ETFs (exchange traded funds) or even managed funds via its trading platform.
$19.95
Standard brokerage fee
ASX, 11 global markets
Available markets
Video guides
Support
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Type of broker |
Online |
---|---|
ASX products |
Shares Exchange traded options Exchange traded funds Warrants mFunds |
Available markets |
ASX 11 global markets |
Standard brokerage | $19.95 |
Support |
Video guides |
Directshares are most suitable for those who;
The Bank of Melbourne directShares online broking account has the following features;
Fees |
★★★★★ 2.9/5 |
|
Trading tools |
★★★★★ 3/5 |
|
Research and education |
★★★★★ 2.6/5 |
|
Available securities |
★★★★★ 4/5 |
|
Customer support |
★★★★★ 4/5 |
The Bank of Melbourne directshares online broking account gives customers full access to a wide range of trading tools and information. If you are newbie, you can access a range of independent investment tips from independent research companies such as Morningstar, FatProphets and the Intelligent Investor or financial news from the ASX, Finance News Networks and Dow Jones International News.
You can also check a list of the most traded stocks among directshares clients, or access the Education Centre with its trading guides and daily and weekly analyses. If you are an experienced or professional trader, you can invest via the easy-to-use directshares Power platform, or check the sector analysis and stock valuation tools. You can also use the same tools as newbies and you can even receive a free summary report on your account's income and realised CGT for tax purposes.
The online trading platform is user-friendly and intuitive: you can control your funds and your account and see which investments are profitable.
If you open a directshares online broking account, you can invest in shares, options, ETFs, IPOs, SMSFs and warrants.
One of the biggest costs of share trading is the trading fee, but the Bank of Melbourne directshares account allows you to trade for as little as $19.95 per trade. This low trading fee applies to a first trade of up to a value of $5,000 and subsequent trades of up to a value of $18,000 throughout any given month. Trades totalling higher values for the first trade per calendar month may attract slightly higher brokerage fees (please see table below).
Trade Value for 1st Trade of the Month | Brokerage Fee |
---|---|
Up to $5,000 | $19.95 |
$5,001 - $10,000 | $24.95 |
$10,001 - $28,000 | $29.95 |
Over $28,000 | 0.11% of the trade value amount |
However, as long as your first trade of the month is kept below a total value of $5,000, you could benefit from discounted brokerage fees on all subsequent trades for that month (please see table below).
Trade Value for 2nd and Subsequent Trades | Brokerage Fee |
---|---|
Up to $18,000 | $19.95 |
More than $18,000 | 0.11% of the trade value |
If a customer places a buy order for $4,500 as the first trading transaction for the month, the trading fee will be $19.95. After this point, if the same customer places a sell order for $6,900, as this is the second trade for that same calendar month, the brokerage fee will also be $19.95 for that trade.
Consider both the benefits as well as the drawbacks before signing up.
To open your directshares trading account you need to follow these steps:
4 Comments
July 5, 2016
I’m now with CommSec and looking for an alternative traders
July 6, 2016
Hi Faruk,
Thanks for your question. If you’re looking for alternatives, our Online Share Trading Account page comes with a comparison table, which may help.
Regards,
Clarizza
July 11, 2015
Hi there,
Just wondering, for a beginner what company is good and cheap for international trading?
Thank you
Henry
July 13, 2015
Hi Henry,
Thanks for your inquiry.
You can compare a range of global trading platforms that allow you to trade a number of different financial instruments.
It’s important that you realize that online trading carries a degree of risk and you should always carefully consider your trading risk before engaging in this kind of activity. It is always advisable to conduct thorough research before investing as there are significant risks involved. Please also read through the Product Disclosure Statement/Terms and Conditions before making a decision on whether it is right for you. You may want to also consider speaking to a financial advisor who can guide you in stock trading.
Thanks,
Belinda