How to transfer your shares to a new trading platform

If you’re considering switching share trading platforms, you’ll likely need to transfer your shares to your new account. There are numerous reasons to make the switch, such as lower brokerage fees, enhanced features like live market data, or access to robo-advice. 

If you're looking to move your investments to a new platform, we’ve got you covered with a helpful guide on transferring your shares.

Before you begin the transfer process, it’s essential to determine whether your shares are CHESS sponsored or Issuer sponsored. This distinction will affect how you carry out the transfer.

What are CHESS sponsored shares?

Most shares held through a trading platform like CommSec or nabtrade are likely CHESS (Clearing House Electronic Subregister System) sponsored. CHESS sponsored shares are registered under your Holder Identification Number (HIN), which is typically a ten-digit number starting with an ‘X’.

What are Issuer sponsored shares?

If your shares are Issuer sponsored, they won’t be held in a stockbroking account. Instead, they’re registered directly by the company you have shares in and are identified by a Security Reference Number (SRN), which usually consists of nine or ten digits starting with an ‘I’ or ‘C’.

Transferring CHESS sponsored shares is a relatively straightforward process. Follow these steps:

1. Locate your HIN: Your HIN is critical for the transfer process.
2. Open a new trading account: If you haven't already, open a new share trading account with your new broker and log in.
3. Find the broker-to-broker transfer form: Look for the transfer request form, usually located under ‘forms’ or ‘transfer requests’ on your new platform.
4. Complete the form: Fill out the required details, specifying the shares you wish to transfer.
5. Submit the form: Send the completed form to your new share trading platform, either electronically or via mail.

Transferring Issuer sponsored shares requires a slightly different approach:

1. Locate your SRN: This number will be essential for initiating the transfer.
2. Open a new trading account: If you haven’t done so yet, set up a new account with your chosen broker.
3. Request a transfer: Navigate to the section for requesting a transfer from your share issuer. This may involve filling out a specific form.
4. Complete and submit the form: Provide the required information and send it back to your new platform.
5. Wait for confirmation: Your new trading platform will handle the transfer request on your behalf.

If you’re contemplating a switch but aren’t sure where to begin, consider the following tips for finding the best share trading platforms in Australia:

Compare features: Look for platforms that offer features that align with your trading needs, such as advanced charting tools, research resources, and user-friendly interfaces.

Check fees and commissions: Lower brokerage fees can significantly impact your investment returns. Compare the fee structures of different platforms to ensure you’re getting a competitive rate.

Read reviews and ratings: Research comparisons, such as those on Mozo, which highlight platforms that excel in customer service, technology, and overall user experience. Look for reviews from other traders to gauge their satisfaction or complaints. Mozo awards standout share trading platforms each year as part of the Mozo Experts Choice Awards.

Consider customer support: Having access to reliable customer support can be invaluable, especially during the transfer process. Check the availability of support channels, such as live chat, phone support, and online resources.

Evaluate educational resources: If you're new to trading, look for platforms that offer educational materials, webinars, or tutorials to help you build your knowledge.