CommSec Broker Review
| Feature | CommSec |
| Minimum deposit: | |
| Withdrawal fee amount: | |
| Inactivity fee charged (Y/N): | N |
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| Year founded: | |
| Time to open account: | |
| Demo account provided (Y/N): | Y |
| Countries of regulation: | |
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As a wholly-owned subsidiary of the Commonwealth Bank of Australia, CommSec is one of the most well-established online forex brokerages having been in operation for over 20 years. They pride themselves on offering one of the fullest featured and robust mobile trading platforms.
It is a service which has primarily been aimed at the Australian, broader Australasian and Pacific market. CommSec aren’t just a forex brokerage, however, and users can trade and acquire CFDs, ETFs, equities, and numerous other securities and financial instruments through the platform.
Based on our experience from the demo account, spreads typically fall around the 0.8 pips on EUR/USD trades. This is a surprisingly decent spread and compares favourably to the industry average of around 1.5 pips. For equities trades, there are some fees, and commissions levied on trades depending on whether it is executed by phone or online.
A full schedule of these fees can be viewed easily in the support section of the website. Additionally, users also might find other miscellaneous charges and fees applied to their account for services such as account statements and account management services.
CommSec provides users with a proprietary web-based platform developed in-house. It has all the basic features you would expect, as well as providing more experienced traders with a decent array of analytical tools and charting features. These include ProRealTime charting, stock announcements, and even a community forum for users, amongst others.
The only major downside is that CommSec doesn’t provide access to the MT4 or MT5.
CommSec has one of the most comprehensive customer support offerings of any broker on the market. They have customer support agents who can be contacted through phone, email, or live chat via the website. Also, they have a comprehensive FAQ section, the answers and guides to these are well-written, thorough, and should cover most issues you might have.
Additionally, all customer support information is centrally located on the website and easy to find, which makes resolving any account issues you might have a relatively seamless and pain-free experience.
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