We are confident that you will find any answers to your queries below. In the off chance that you don't. Feel free to reach out to us via the Contact Us form.
- How are we able to offer such low rates while others charge over $50 per trade?
- Who is DriveWealth?
- What are the requirements in setting up an account?
- What other information do I need to provide?
- How long before I am approved?
- Can I practice before committing real $$$?
- What stocks are available for investing in?
- Are there any trading rebates?
- Can I trade via my phone?
- Are my holdings and funds safe?
How are we able to offer such low rates while others charge over $50 per trade?
Stoxs is a "no frills" platform that was custom built from the ground up to remove many of the human touch points that lead to higher fees. By cutting out the fat — storefront locations, manual account management, expensive ads, etc. — we are able to maintain a lean cost structure, and pass the savings on to you.
Stoxs has partnered with a respected Trading API provider in the United States called DriveWealth "DriveWealth, LLC member FINRA/SIPC, a respected Trading API provider and full-carrying broker dealer, has partnered with Stoxs to offer US exchange listed equities to Australian citizens through the Stoxs interface".
| Name | Rates |
|---|---|
| Stoxs | $2.99USD minimum |
| Commsec | USD$65.00 or 0.75% whichever is greater |
| E*Trade | $59.00 on trades up to $10,000 and 0.59% on trades over $10,000 |
| Macquarie Prime | Minimum of USD$165 |
| Westpac Online Investing | USD$57.95 or 0.65%, whichever is greater. |
Who is DriveWealth?
The DriveWealth team is comprised of experienced financial technology experts that have built several highly successful global fintech businesses. Simply put, they know global platforms. Click here to see more about them.
What are the requirements in setting up an account?
You will need to be an Australian citizen or permanent resident. You will have to provide photo ID such as a passport, drivers license or government identification as well as some document that shows your address such as a utility bill.
What other information do I need to provide?
You will need to supply other details such as your personal & contact details, current employment, your experience and so forth.
How long before I am approved?
Practice account can be created and use immediately. For Live accounts, we take up to 24 hours to review the uploaded documentation and ultimately approve the application.
Can I practice before committing real $$$?
Yes you can create a practice account and begin putting in dummy trades until you get the hang off it.
What stocks are available for investing in?
Most US stocks traded on the NYSE and NASDAQ markets are available to trade in. Refer to our list of available stocks here.
Are there any trading rebates?
At this stage there is no rebates since our prices are super low.
Can I trade via my phone?
Stoxs will be available on your iPhone or Android phone shortly. We are currently working on bringing this out shortly.
Are my holdings and funds safe?
There are a number of safeguards in place to ensure that your holdings and funds are secure and safe in the event that something unforeseen happens.
1) Investor securities are held in an omnibus account in DriveWealth’s name at the Industrial and Commercial Bank of China Financial Services (“ICBSFS”), the US subsidiary of the Industrial and Commercial Bank of China™, the largest bank in the world in terms of customers and assets. Investor cash is swept into a money market account at Federated Investors, Inc., a leading cash management firm.
2) DriveWealth is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
3) DriveWealth is a licensed, full-carrying broker dealer in the United States. DriveWealth is a member of FINRA, which regulates broker conduct, and subject to the capital requirements of the US Securities and Exchange Commission.
Scenario 1 - Buy 100 Facebook Shares @ $99
Commission on this transaction is 100 x 0.0125 = $1.25.
But because $1.25 is less than the minimum of $2.99 you will be charged USD $2.99 as that is the minimum brokerage rate.
What others charge?
| Broker | Cost | |
|---|---|---|
| Commsec | USD $29.95 | More Details |
| NABTrade | $19.95 | More Details |
| Westpac Online | USD $64.35 | More Details |
Scenario 2 - Buy 1,000 Facebook Shares @ $99
Commission on this transaction is 1,000 x 0.0125 = $12.50.
This is over the $2.99 minimum, so you will be charged USD $12.50.
What others charge?
| Broker | Cost | |
|---|---|---|
| Commsec | USD $306.90 | More Details |
| NABTrade | $108.90 | More Details |
| Westpac Online | USD $643.50 | More Details |
Competitors in Australia charge between $19.95 and USD $643.50, while stocks charges a minimum of $2.99 per transaction.
Commissions from published competitor websites as of Jan-19-2016