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    Home»News»What Is A CHESS-sponsored Stocks Trading App?

    What Is A CHESS-sponsored Stocks Trading App?

    Trevor James.cBy Trevor James.cApril 21, 2022No Comments3 Mins Read
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    We’ve all heard people say a stocks trading app is CHESS-sponsored, but what does that mean? CHESS is an acronym for Clearing House Electronic Subregister System. It is a computer registration system utilized by the Australian Securities Exchange (ASX) to register share ownership.  

    It permits brokers as well as other market participants to settle their trades by themselves or on their clients’ behalf. CHESS-sponsored simply means that the ASX is aware of precisely who owns which shares. When you purchase from a broker who offers those shares, you will be assigned an ID to connect them to you. 

    This ID is also known as a Holder Identification Number (HIN) and usually begins with a letter X. All your shares are connected to it. So if you move your HID between brokers, your shares move with you.

    What Other Systems Exist? 

    The opposite of CHESS sponsorship would be the Custody Model of recording ownership of shares. The broker/trading platform owns them on behalf of you in the Custody Model. 

    While Custody Model can be good, your shares go down with them if the broker crashes. That is why many people prefer a CHESS-sponsored stocks trading app.

    So, in summary, If your shares are CHESS Sponsored, it means when you buy/sell shares, ASX has a record of you owning those shares directly. 

    You should be aware that CHESS sponsorship works only for Australian shares and can’t be applied to international ones. 

    What CHESS-sponsored Platforms Can I Use? 

    If you’re planning on buying shares through a CHESS-sponsored platform, here are a few you can check out. 

    • Stake App.

    An excellent example of a stocks trading app with CHESS sponsorship is Stake App. It is the cheapest CHESS-sponsored platform for ASX shares. 

    With the Stake App, you get access to ASX and US stocks. They also offer fractional shares, so you don’t have to break the bank to have a diversified portfolio. 

    • Selfwealth. 

    Selfwealth is another CHESS-sponsored stocks trading app that allows you to trade ASX and international shares. 

    Their fee is also low at 9.50 AUD to buy or sell. Selfwealth also gives you the privilege to view other people’s portfolios and learn from them. 

    • Pearler.

    Another stocks trading app that is CHESS sponsored is Pearler. With no inactive fees and a 9.50 AUD fee for ASX trades, Pearler is quite ideal.

    Pearler also gives room to check on other people’s portfolios. It is also suitable for investors that like auto-investing, one of Pearler’s most notable features. 

    Other CHESS sponsored platforms include Superhero, CMC Markets, and Australia’s big four banks (CommSec, ANZ, NAB, and Westpac.)

    Conclusion 

    Many people would prefer the CHESS-sponsored stocks trading app, but that does not mean the Custody Model is entirely inadequate. You only need to be careful about which broker you trust your money with. And that’s it; I hope you enjoyed reading this and found it educative. Pick out the best CHESS-sponsored stocks trading app that would be most suitable for you. Thanks for reading. 

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