faq

Fees and Charges
What does it cost to open an account at amscot Discount Stockbroking?
Do amscot Discount Stockbroking accounts have monthly fees?
Are amscotOnline traders charged ASX royalty fees?
What will it cost to trade with amscot?
Payments and Settlement
What is settlement?
What is CHESS? (Clearing House Electronic Subregister System)
What is a HIN? (Holder Identification Number)
When will I get my money from selling stock?
When are funds due when purchasing stock?
How are funds paid?
Trading
What type of stock can I trade through amscot Discount Stockbroking?
Can I place orders at any time?
Is there a charge for entering an order into the market?
What is Straight Through Processing?
Is there a Minimum Size of Order?
How long do my orders last?
When will my orders be purged from ITS?
Does amscotOnline facilitate Contingent Orders?

Fees and Charges

What does it cost to open an account at amscot Discount Stockbroking?

It is free to open an account at amscot.

Do amscot Discount Stockbroking accounts have monthly fees?

No monthly fees are charged for amscot phone accounts but amscotOnline accounts do attract a monthly access fee. This charged is waived if a certain number of trades are completed on the trading platform.

Are amscotOnline traders charged ASX royalty fees?

Unlike many brokers using WebIRESS No ASX royalty fees are charged at amscot Discount Stockbroking. You will only be charged the monthly access fee if you fail to complete the required number of trades.

What will it cost to trade with amscot?

It depends on what type of service you require but a full list of our fees and charges are located on our Financial Services Guide.

Payments and Settlement

What is settlement?

Settlement is the process of payment and delivery of stock handled by the broker for the client. Settlement date for the delivery of stock (the seller) and payment of funds (the buyer) is referred to as T+3.

What is CHESS? (Clearing House Electronic Subregister System)

CHESS is the computerised share registry and settlement system operated by ASX. It manages the share ownership records of ASX- listed companies.

What is a HIN? (Holder Identification Number)

A HIN is the number by which CHESS identifies individual clients when they become sponsored by a particular broker. You will be issued with a HIN when your amscot Discount Stockbroking account is opened. All of the shares you purchase through amscot will be consolidated under your HIN.

When will I get my money from selling stock?

All brokers must follow the rules of the ASX and make payment of sale proceeds upon settlement which is sometimes called T+3. This means that payment will be made three business days after the Transaction. For example if you were to sell stock on Monday then the broker will transfer the funds excluding brokerage on Thursday. These funds will then be available for you to use on Friday.

When are funds due when purchasing stock?

All clients must make payment for stock purchases upon settlement which is sometimes called T+3. This means that payment must be made three business days after the Transaction. For example if you were to purchase stock on Monday then the broker must receive payment including brokerage on Thursday.

How are funds paid?

amscotOnline clients will automatically have the funds owing for stock purchases withdrawn upon settlement.
amscotPhone clients have a variety of payment options such as BPay, Cheque or Direct Debit.

Trading

What type of stock can I trade through amscot?

You may trade ordinary shares, other types of equity, company options and also warrants.

Can I place orders at any time?

No, orders can only be placed during market hours. Simplistically, these are 10 am - 4pm Eastern Standard Time on ASX business days. The ASX market hours are described in more detail in The Schedule within the amscot Client Agreement. You should read and understand the notes accompanying The Schedule. Orders can be deleted at any time.

Is there a charge for entering an order into the market?

No, you will only be charged if and when a part of your order is traded.

What is Straight Through Processing?

Straight Through Processing is the automatic placement of orders directly into the stock market without any further manual intervention. STP provides immediate placement of Buy and Sell orders into the market, provided the orders meet certain criteria.

Clients need to be aware that STP facilitates immediate trading, so you should place your orders with utmost care. Some slight delays may occur where an STP filter is breached and an amscot operator must first review the order before permitting it to enter the market. In some cases the order may be rejected and a reason will be given by the amscotOnline software.

Is there a Minimum Size of Order?

The minimum Buy order value is $500, before brokerage. This is an ASX rule.There is no minimum size of Sell order.

How long do my orders last?

Unless you have placed a day-only order, or an order of specified shorter duration, your amscotOnline order will remain in ITS for nine weeks after initiation. You can reduce the life of an unexecuted order at any time. Note also that orders can be purged by the ASX before the order is executed, as detailed below.

When will my orders be purged from ITS?

Your orders will be purged from ITS when:

• the order expires;
• the order has been entered as a day-only order;
• the order price moves too far away from the latest market price;
• the security has been suspended;
• the security had been delisted;
• the security has been reconstructed;
• the security has had its basis of quotation changed to an "Ex" basis, e.g. ex-dividend; ex-entitlement; ex capital return, etc.

Does amscotOnline facilitate Contingent Orders?

Yes, amscotOnline does have a Stop Loss Contingent Order Service. Clients need to sign the Contingent Order Terms and Conditions Disclosure Statement before this service is activated. Please contact us for further details.