Amscot review
- Standard brokerage fee
- $11
- Available markets
- ASX, Chi-X, NSX
- Support
- Phone, Email
Summary
Invest in stocks, ETFs and managed funds with this affordable online brokerage.
amscot Stockbroking began operations in 2002, with the aim of providing comprehensive non-advisory broking services in a cost-effective manner. It functions as the non-advisory division of State One Stockbroking Limited.
State One, an Australian-owned independent financial services group, began operations in 1993. In 2000, it became a full market participant of the Australian Securities Exchange (ASX). It became a trading participant of Chi-X Australia in 2012. In addition to this non-advisory broking service, State One also offers client advisory broking and corporate fundraising services.
When it comes to trading in shares, the amscot system strives to be trader friendly. It does not interfere with your online entries, so you can be sure that your orders go to the market straightaway. amscot has a stock broker licence issued by the Australian Securities & Investments Commission (ASIC).
Pros
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You also get a cash management account. When you open an amscot online account, you get to hold cash for buying stocks in a Macquarie Bank Cash Management Account (CMA). This account, held in your name, remains accessible by amscot for trade settlement purposes. There is no minimum balance requirement with this account, and your money stands to earn interest.
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You have access to phone support. When you call the amscot phone desk you don’t have to worry about dealing with extensive phone menus. Instead, you get to speak to a professional dealer promptly. What also helps is you can speak to dealers fluent in languages such as Cantonese, Malay and Mandarin.
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amscot charges competitive fees. The fees you have to pay to use the services of amscot are amongst the most competitive in Australia.
Cons
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amscot only offers limited services. amscot is a specialist stock broking firm. As a result, it does not offer products and services you would get from a mainstream bank that offers a share trading platform, like Internet banking or the ability to download an app.
Details
Platform details
| Type of broker | Online |
| ASX products | Shares, Exchange traded funds, IPOs/floats, Warrants, mFunds |
| Available markets | ASX, Chi-X, NSX |
| Standard brokerage fee | $11 |
| Support | Phone, Email |
| More Info |
What trading products are available?
When you deal with Amscot, you get to trade in more than just shares listed on the ASX. You can trade in different ways as well.
| Fees |
★★★★★ 3/5 |
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| Trading tools |
★★★★★ 3.3/5 |
|
| Research and education |
★★★★★ 2.4/5 |
|
| Available securities |
★★★★★ 2/5 |
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| Customer support |
★★★★★ 3/5 |
|
| Available countries |
★★★★★ 1.5/5 |
Day trading
You can carry out day trading with amscot, buying and sell shares on the same day, where you stand to benefit through a net change before the market closes.
Margin lending
Both phone and internet trading accounts can be set up through a margin lender.
Trading warrants
You can use the services of amscot to trade in all warrants listed on the ASX. Know that the market maker largely dictates quoted prices of warrants, so they don’t necessarily relate to prices of underlying securities. Volumes of warrants up for trading can be variable. In addition, warrants can expire without any value at all.
Exchange traded funds
Through amscot, you can deal in Exchange Traded Commodities (ETCs) and Exchange Traded Funds (ETFs) listed on ASX and Chi-X. You get to choose from more than 40 exchange-listed ETCs and ETFs.
Short selling
You can partake in online and over-the-phone short selling through amscot’s Leveraged Equities. This short share facility lets you choose from around 110 securities. Lending ratios vary from 15% to 50%. amscot offers shorts sales in parcels of at least $50,000 per stock.
mFund
The mFund platform lets you buy and sell unlisted managed funds directly from your trading account. With managed fund products, you can diversify your investment portfolio across different asset classes.
Back to topWhat are the best things about amscot share trading?
- You get up-to-date market data. The amscot online system is capable of generating different kinds of alerts, which you can receive via email or SMS alerts. The come in the form of price alerts, news alerts and contingent order alerts. As a regular amscot client, you receive State One’s Market Opener via email before the market opens every day. The State One Spinnaker is a weekly stock report that gives you a summary of world economics, equities and commodities.
- You have access to up-to-date research. State One employs a team of analysts that carries out detailed periodical stock and equities research on ASX and Chi-X listed companies. It also subscribes to externally produced equities research. You, as a regular amscot client, get to review reports offering general advice on shares.
- You can log into your account anytime. You can use the secure online trading platform provided by amscot to trade from practically anywhere, provided you have access to an Internet-enabled computer. You can also trade over the phone, during working hours.
- You can trade a range of products. You can benefit by using different kinds of contingent orders, especially when the market is moving fast. The different forms you get to choose from include Individual Buy/Sell orders, Trailing Contingent orders, One Cancels Other orders and If Done orders.
- Two available markets. amscot lets you trade in companies listed on ASX and Chi-X.
amscot offers the following service levels
amscot online
This platform makes use of the htmlIRESS system, a live, but static trading platform. This is best suited if you’re looking at carrying out five to 15 trades per month.
Active share trading
This platform is ideal for you if you complete an average of around 100 trades per month using amscot online. You can be an active investor, professional trader or an Australian Financial Services Licence (AFSL) holder.
Phone trading
You can turn to the amscot phone trading platform as a regular trader or a one-off client who wishes to sell. The desk remains open from 9:15am to 5:30pm (AEST), on all trading days. Rates for phone trading start from $38.50 for trades under $5000. See more on fees below.
amscot Professionals
amscot offers this third party equities trading, clearing and settlement service to AFSL holders. While you continue maintaining client relationships, amscot Professionals provides back office support and a range of online tools.
One-off share sale
You can turn to amscot if you don’t have a brokerage account and want to sell one or more shares at existing market prices quickly. You have to place your order over the phone.
Back to topWhat trading platforms are available?
- IRESSTrader. This is also known as webIRESS, is amscot's most popular trading platform. Access Australian equities prices in real time and live ASX company reports. There is a monthly subscription fee of $77 for this platform, which can be waived if you make generate over $220 of brokerage in the month or don't log into the platform.
- IRESSInvestor. This is also known as htmlIRESS, and is a live but static trading platform. It's suitable for clients who make between 5 and 15 trades a month, and has an $11 monthly subscription fee.
- netIRESS. The premium offering from IRESS, this is the same platform used by professional brokers. This platform has a monthly fee of $800.
- XPLAN. This platform is for financial planners or AFSL holders.
What support and information are available with amscot?
You can get in touch with an amscot representative over the phone, from within Australia and from overseas. You can also contact one via email or fax. This stock broking firm has offices in Perth and Sydney, which you can visit to meet a company representative in person.
The amscot website gives you access to an education centre. Here, you can learn about different aspects of trading such as equities, options, exchange traded funds, and mFunds. If you’re looking for investment advice, you can turn to Stock One’s team of expert advisors.
Back to topWhat are the fees associated when using amscot?
The fees you have to pay depend on the method you choose as well as the trade size.
- Online rates. You get to choose from two plans and rates vary accordingly. These start from $11.00 or 0.088% (whichever is greater) for ValueRate, and $33 or 0.066% (whichever is greater) for TraderRate. ValueRate is suited for casual traders with trade values less than $40,000. If you're a more active, professional trader the TraderRate is more ideal.
| Trade Size | amscot Value | amscot Trader |
|---|---|---|
| $5,001 | $11.00 | $33.00 |
| $10,001 | $11.00 | $33.00 |
| $15,001 | $13.20 | $33.00 |
| $25,001 | $22.00 | $33.00 |
| $50,001 | $38.50 | $33.00 |
| $100,000 | $77.00 | $66.00 |
| $200,000 | $154.00 | $132.00 |
| $500,000 | $385.00 | $330.00 |
| $1,000,000 | $770.00 | $660.00 |
- Phone rates. If you trade over the phone, the fee depends on the size of the trade.
| Trade Value | amscot phone preferred rate | Trade Value | amscot phone rate |
|---|---|---|---|
| Up to $30,000 | $57.00 | Below $15,000 | $82.50 |
| Above $30,000 | 0.19% of trade value | $15,000 and above | 0.55% of trade value |
To get the preferred rate you have to transact using a State One Stockbroking sponsored Holder Identification Number (HIN). The phone rate applies to issuer- sponsored holding trades, one-off sales and deceased estate sales.
What you need to know about the application process for amscot
Opening an amscot account online takes no more than a few minutes, provided you have all the required information close at hand. To begin, simply click on the "Apply Now" button. If you cannot complete your application in one go, you can save it and retrieve it later. You can open an amscot account as an individual, a joint account holder, a company, a trust or a superannuation fund.
To apply, you should be over 18 years of age and a resident of Australia. Completing the application successfully requires that you provide different kinds of information. This includes your name, contact details and date of birth.
Frequently asked questions
Your reviews
Kylie Finder
Investments analyst
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Jason Finder
November 11, 2016
Hi Jan,
Thank you for your inquiry.
This amscot service is only available to residents of Australia. Please try your account application with the share trading services in Namibia or you can check our guide about online share trading accounts.
Cheers,
Jason
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Jan
November 11, 2016
I am from Namibia and want to open an account. Will it be in order? Best regards.