Wanna see if CommSec is a legit broker? Is it safe to trade? Is spread high or low? How long to deposit or withdraw funds?
We provide answers to all the questions in this CommSec Review.
We checked CommSec licenses and regulation status, compared CommSec Fees, spread & commission from the Live account to other 150 brokers. The time for deposit & withdrawal and many more findings, all you can get in this Review.
What is CommSEc
CommSec is a subsidiary of Commonwealth Bank of Australia and is online trading broker.
CommSec being a part of reputable bank provides good safety layers and is regulated by Australia Securities and Investment Commission (ASIC).
|🗺️ Regulated in||Australia|
|🛡️ Is CommSec safe to trade||Yes|
|💵 EUR/USD spread||Comission basis|
|🏦 Deposit||Connected to Bank Account|
|💰 Minimum deposit||US$500|
|🏦 Withdrawal||Connected to Bank Account|
|💻 Trading platform||CommSecIRESS, Mobile App|
|💳 Trading markets||Shares, Options, Cash, Fixed Income Securities, Equities, ETFs and International Funds|
|📈 Number of product||300+|
|📉 Live chat response||Instant and relevant answers|
License and regulation are the keys to trading security. There are two factors to check, the broker’s license with its background and how traders protected if anything go wrong.
Is CommSec legit
CommSec is regulated by the local Australia Securities and Investment Commission (ASIC) and is solely operating in Australia jurisdiction.
CommSec Licenses and Regulatory status
|Entity||Registered in||Regulator||License no.||Status|
|Commonwealth Securities Limited||Australia||Australian Securities and Investments Commission (ASIC)||ABN 60 067 254 399, AFSL 238814||Currently Regulated|
Is CommSec safe
CommSec considered safe because it is regulated by the top-tier ASIC and is a subsidiary of Commonwealth Bank.
Commonwealth Bank has a good reputation, long years of operation, providing good safety. CommSec subsidiary specifies additional opportunity to trade markets online and allowing to trade and invest legally.
CommSec Compensation Scheme
|Entity||Compensation Amount||Negative Balance Protection|
|CommSec Asia Pacific Pte Ltd||No Protection||Yes|
CommSec provides negative balance protection for the accounts that due to trades went below zero. Where the protective measures are set according to ASIC regulations.
Markets and Products
CommSec offers opportunity to trade Australian Shares, Options, Cash, Fixed Income Securities, Equities, ETFs and International Funds.
CommSec does not offer typical Forex and CFDs instruments that are popular but mainstays on its unique access to trade and investment in Australia based financial products.
Australian Shares is a key point in CommSec proposal, where you can access and trade shares at market price also invest via pre-defined investment programs or tailored starting from 500$.
CommSec has no different account types, it offers solution according to your investment or trading need offering Shares Trading, Options Trading, Margin Lending and International Shares Trading.
CommSec Login is an online account area where you can monitor and access your trading or investment activity, and is available on main page of the website.
CommSec Pocket is a simple to use app allowing to build investment portfolio and choose from 7 investment options starting from 50$.
Fees and commissions
Fee levels in CommSec ranked low. However, CommSec offering is quite unique so we could not compare it properly to other 150 brokers Live account spread in our database.
The spread we collected for popular instruments from 6 markets and over 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
CommSec CFD trading costs are built into brokerage fees or comissiong.
You can trade or invest using either online platform or settle it to your bank account, trade over the phone or use CommSec Packs where fees for each solutions are different. See snapshot below.
CommSec has low non-trading fees. There are no fees for deposits and withdrawals since you connect your trading account to bank account.
The trading conditions at CommSec for its kind of trading are good. You can deploy various strategies hedging and Scalping strategies, however selling shares may require you attention.
|Change Leverage Allowed||Yes|
For hedging, there are no time limitations for keeping your open hedging positions.
For scalping, CommSec does not restrict timing for scalping but may be not as usual scalping process due to the nature of trading instruments.
Expert Advisors (EAs) are not available, nor VPS is provided since MT4 is not available.
CommSec offers solution to borrow and use Shares from shareholder and speculate on price movement, for some trades CommSec may require shareholder reference number or SRN.
CommSec allows use of Margin Loan which transfers your existing shares or funds into collateral and calculated as per multiplied amount. Change of levels and leverage depending on the instrument.
CommSec has no deposit fees. Due to nature of CommSec trading you can only connect your existing Bank account or nominated settlement account to your trading account.
If you sign for investment packs or programs defined amount will be charged directly to your bank, or if you trade Shares or other instruments trading amount will be credited directly to bank account likewise.
There is no minimum deposit requirement but there is a minimum CommSec Pocket requirement costing 50$ or initial purchase of a minimum marketable parcel of shares worth 500$.
You can make withdrawal requests to your denominated bank account. Typically, withdrawal requests are done within 2-3 business day.
|Withdrawal Method||Withdrawal Time||Fee|
|Bank Transfer||1-3 business days||0$|
There is no welcome Bonus or any other trading bonuses available at CommSec. The only benefits are offered for Professionals for rewarding active traders’ program known as CommSec One that gives numerous trading benefits and dedicated support.
CommSec offers CommSecIRESS for live quotes and data. Also, you can access you online account from any device across Windows or Mac devices and place order by CommSec Account online.
Another option is to use CommSec App for Android or iOS and place or manage order via account area or online platform.
Research and Tools
CommSec research tools are limited but enough for smart research. You can find tools directly on the platform, or your CommSec Account and some are available on the website.
CommSec Research tools:
- CommSec platform
- CommSec website – Market News
- Economic Calendar, Calculators, Podcast, Real-time News and Market Analysis
CommSec education content is good, you can access it through the website Education section. CommSec Learn provides Video tutorials, Demo account, Live Webinars, Insights, Podcast and course for beginners.
At CommSec you can learn though the following ways:
- Demo account
- Educational videos
- Live Webinars
- Learning articles
CommSec customer service is good, there is deep FAQ section and various ways to contact support. We got relevant answer through e-mail, but Live Chat is not available.
CommSec Customer Support is available 24/5 in various languages:
- Email, Question Form
CommSec e-mail response is fast speed, the agents are helpful.
|Question Asked||We asked about accounts opening for other nationalities.|
|Time of Reply||We got response within 1 day.|
|Quality of Reply||The answer was relevant and informative.|
CommSec is a safe broker to trade. The company has strong background operating as part of the known Australian Bank Commonwelath.
For trading offering, CommSec proposal is rather unique but truly on eo fthe best in its kind, it does not have typical Forex or CFDs trading but proposing great investment and trading of Shares, Option or Loans which is very well developed and proposed.
We recommend CommSec for traders who looking for Australian or International Shares trading, also for Australians looking for investment portfolio and opportunity
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.