What should “retail punters” consider for safety with no frill brokers?

Hi Jeff,

We are independent of brokers at MM hence we don’t recommend one over another. The questions we would suggest asking any broker being considered are;

1. Will my stock sit on my Holder Identification Number (HIN)?
2. Is my cash held in a cash management account in my name or the entity I am investing in i.e. is it segregated?
3. Is there a direct phone line I can call if I have queries, that goes to a person in Australia?
4. What is the process of moving my account to another broker if I chose to do so in the future?
5. What are your brokerage rates?

While not being flippant on brokerage costs, there are more factors to consider than just going for the cheapest.