Reduce Brokerage Fees
D
DC
Hi team,
Love the platform, but I think it's time to review your brokerage rates as they are nowhere near competitive anymore. According to Finder.com.au, Pearler now sits in 19th position out of the 36 listed brokers at a standard cost of $6.50 per trade. Even at the 15% reduced pre-paid rate, Pearler still sits in 18th position. With 133,583 members, may I ask whether it's possible to review your fees and reward your members for their loyalty? Thanks!
Pasqual Carstens
Merged in a post:
Lower brokerage fees
R
Rei Min Pear
It will be great to see lower fees for pearler. Many comparable non bank brokerage platforms have much lower to not fees for ETFs
D
DAVID WHITE
There are CHESS sponsored brokers who are getting very creative with providing minimum brokerage of $0, $2 and $3. I have been with Pearler since the days when ETFs from 3 providers were FREE. I really miss those days.
I think Pearler needs to address this issue soon, especially for those investors who prefer to DCA with smaller amounts eg. $500 - $1500. If Pearler had a special low rate for people who invested regularly eg. monthly in the same ETF or ETFs, it would then be more cost efficient to invest smaller amounts. It would make AutoInvest more appealing.
The Pearl Rewards and Prepay are valued, but small compensation. Either way the current rates are not as competitive as they once were. I believe even Comsec has a $5 commission nowadays.
J
Jas B
Pearler is Chess and I would personally use an Australian broker over the others.
Moomoo, Tiger and WeBull I wouldn’t touch.
Maybe Pearler might do an EOFY pre-paid brokerage special.
D
DC
A valid point - however Stake is CHESS sponsored and offers $3 brokerage up to $30k on Aus domiciled purchases. CMC is CHESS sponsored and free up to $1k/day. Pearler just isn't competitive on brokerage any more.
H
Haiou Jin
Moo Moo, Tiger and WeBull are all CHESS Sponsored. Not sure why you wouldn't touch. Because they are connected to China?
H
Haiou Jin
I just checked the size of Client Assets for MooMoo and WeBull. According to ChatGPT, MooMoo has 159.5B USD and Webull has 21.2B USD. These are old data. Both Moo Moo and Webull have been doing aggressive advertising in AU.
Not sure how much Pearler has in Client Assets.
In the US, there is SIPC (insurance scheme that protects against broker failure) but in AU, Financial Claims Scheme (FCS) doesn't seem to cover brokers, which means CHESS Sponsorship is critical.