Internet Share Trading - DirectTrade Launched
Nigel Wynn, Managing Director of Direct Broking Ltd, announced today the launch of his firm's online Internet sharemarket trading service, DirectTrade. Over the last three months DirectTrade has been tested and used successfully by Direct Broking clients. DirectTrade is now available to new clients.
DirectTrade can be found at www.directtrade.co.nz
The advantages of Internet trading include, lower cost, greater availability of information, reduced transaction time and a 24 hour order placement. DirectTrade allows clients to place buy and sell 24 hours a day, 7 days a week. The brokerage rate for clients using DirectTrade is 0.7%, or about 1/2 the rate of traditional brokers.
"This is an exciting development for a New Zealand owned and operated sharebroker," said Mr Wynn.
DirectTrade allows clients to place orders to buy and sell New Zealand and Australian shares either at market or at price limits determined by the client. Orders are confirmed by Direct Broking on receipt and the client can check the status of their orders at any time.
Mr Wynn said that the Portfolio Management feature of DirectTrade would appeal to many clients. Clients register their holdings and the portfolio is updated automatically for all sales and purchases made over the Internet using the DirectTrade service. The Portfolio Manager updates the portfolio every day and can be printed by the client as a permanent record.
Direct Broking expects Internet trading to grow to about 40% of its business. However Internet trading will not appeal to everyone. "Many people do not have access to an Internet capable PC, either at home or for trading purposes during working hours" said Nigel Wynn. "We are working to improve our existing telephone based service for non-Internet clients".
Direct Broking limited is a New Zealand owned and operated discount sharebroker with offices in Auckland and Wellington.