Sanford follows the trend
Sanford Securities has reduced its minimum brokerage rates from $28.95 to $24.95 for both its Premium and Professional level services. A brokerage fee of 0.1% applies thereafter. For the trigger happy there are frequent trader discounts available for the sixth and subsequent trades placed in a calendar month achieving a minimum brokerage of $14.95 for the professional service.
Sanford's greatest brokerage reduction has been given to its most active traders who subscribe to their professional service. For the sixth and subsequent trade, Sanford's professional service members pay a minimum of $14.95 per trade. There is a monthly subscription fee of $69 for the professional service giving traders access to dynamic live data and interactive charting facilities.
The two largest independent online brokers, Sanford and Etrade, have both dropped their minimum brokerage rates and offered frequent trader discounts in the past month. They've also been the slowest to act. Clearly, their responses to the discounting war have been measured given the threat to their existing business models.
For online broker fee information, visit http://www.brokerchoice.com.au/tables/BrokerTier.cfm
For details of frequent trader discounts offered by online brokers, visit http://www.brokerchoice.com.au/tables/frequenttrader.cfm