Betashares’ no-fee broking ignites intense competition for investors
The retail stockbroking industry is set for a significant shake-up with exchange-traded funds operator Betashares to allow clients to buy Australian equities with no fees and ASX-listed full-service firm Bell Financial lobbing a $51 million bid for popular low-cost platform Selfwealth.
The cost of buying shares varies widely across popular platforms like Commonwealth Bank’s CommSec and National Australia Bank’s nabtrader. Selfwealth, which has about 130,000 active portfolios, charges a flat fee of $9.50 for trades of $5000 and below, while Bell Financial’s belldirect levies $15 for 10 trades of up to $10,000 each.
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