Easy Equities good or bad?

8BitLife said:
You know FNB charges you 2.5% inside the spread (which they are quiet about) and then another 0.5% in commission(which they actually do tell you about)? For every R10,000 you send offshore through FNB you pay them R300 in fees.
Click to expand...
FNB is closer to 1.8%, or 1% for PW clients. Max fee is R650, which you hit at about R150k.
 
Dylan_G said:
Stumbled on this one yesterday. Just going to throw it in here for awareness.

Original Tweet:

View attachment 904994

A bit further down that thread, people were asking about Easy Equities implementing two-factor authentication and the question was posed to the CEO.

The reply:

View attachment 904996

In his opinion, there is no need to implement 2FA, even though almost every bank+crypto exchange site has it?

It troubles me because as the months go on, my Easy Equities balance grows... I don't want to have the majority of my investments on a platform that has, by executive decision, no intention of strengthening its security.
Click to expand...

Every time this guy opens his mouth I reconsider this company. What’s the next best option for a TFSA after Easy Equities?
 
3WA said:
Every time this guy opens his mouth I reconsider this company. What’s the next best option for a TFSA after Easy Equities?
Click to expand...
Same. Exactly the same.

I suggest EE to everyone that asks me about investing but with a CEO like this... I cannot do that in good faith any longer.

So yes... I am looking to move my portfolio away from this platform as well.
 
Dylan_G said:
Stumbled on this one yesterday. Just going to throw it in here for awareness.

Original Tweet:

View attachment 904994

A bit further down that thread, people were asking about Easy Equities implementing two-factor authentication and the question was posed to the CEO.

The reply:

View attachment 904996

In his opinion, there is no need to implement 2FA, even though almost every bank+crypto exchange site has it?

It troubles me because as the months go on, my Easy Equities balance grows... I don't want to have the majority of my investments on a platform that has, by executive decision, no intention of strengthening its security.
Click to expand...

I'm picking up that very distinct 13-year-old-who-is-being-told-to-finish-his-homework-but-he-wants-to-play-xbox energy here.

I'm going to help you folks out: "Charles Humbert Savage! You will put down the controller right now and go implement 2FA for the people who kindly entrust their savings to you each month". Remember, it's important to get the tone right.
 
Speedster said:
FNB is closer to 1.8%, or 1% for PW clients. Max fee is R650, which you hit at about R150k.
Click to expand...
The R650 max fee you are thinking about is the commission they charge ON TOP of the spread. The do not cap what they charge you inside the spread.
 
8BitLife said:
Yes, it does. The spread is part of the fee they charge you. If their spread is 1.8% as you say then you pay them R1,800 for every R100,000 conversion you do.
Click to expand...
I don't know what page you're on. I never said anything about the fee being capped. I corrected your post about the fee they charge, which is capped at R650 and is not open ended as you implied. This is in addition to the spread / conversion rate they quote. This model is also the same for each of the roughly 12 forex providers I have used this last year.
 
Speedster said:
I don't know what page you're on. I never said anything about the fee being capped. I corrected your post about the fee they charge, which is capped at R650 and is not open ended as you implied. This is in addition to the spread / conversion rate they quote. This model is also the same for each of the roughly 12 forex providers I have used this last year.
Click to expand...
Then it is my mistake. When you said fee is capped at R650 I thought you were talking bout the spread plus the commission. But if your forex providers charge you commission on top of the spread you need to keep shopping around. There are treasury agents out there that that only charge a spread and no comm on top.
 
8BitLife said:
Then it is my mistake. When you said fee is capped at R650 I thought you were talking bout the spread plus the commission. But if your forex providers charge you commission on top of the spread you need to keep shopping around. There are treasury agents out there that that only charge a spread and no comm on top.
Click to expand...
Please point me to one.
 
Speedster said:
All of those charge a fee (except Exchange4Free over R100k)
Click to expand...
The Rand Swiss 'fee' is the flat SWIFT fee. It is not commission like the FNB R650 that is proportional. SWIFT fee goes to the Society for Worldwide Interbank Financial Telecommunication and is charged by them, not by Rand Swiss.
 
8BitLife said:
The Rand Swiss 'fee' is the flat SWIFT fee. It is not commission like the FNB R650 that is proportional. SWIFT fee goes to the Society for Worldwide Interbank Financial Telecommunication and is charged by them, not by Rand Swiss.
Click to expand...
Which is the same fee charged by every provider. In FNBs case the fee is capped at R650.
 
Speedster said:
Which is the same fee charged by every provider. In FNBs case the fee is capped at R650.
Click to expand...
No dude. SWIFT fee is a flat fee. The R650 fee from FNB is not a SWIFT fee. That is pure FNB commission.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X