Easy Equities good or bad?

Hamster said:
Seriously, Swa. Close your EE account and stop your whining. Same thing day after day.
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Didn't you claim that EE is completely open and honest? Turns out they aren't so I won't stop exposing unethical practices that others don't practice. Stop being such a fecking shill!
 
Swa said:
Didn't you claim that EE is completely open and honest? Turns out they aren't so I won't stop exposing unethical practices that others don't practice. Stop being such a fecking shill!
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Blah blah...get lost
 
Swa said:
F off. You're the one saying my complaints don't have validity when they do.
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So complain via PM to the rep or their complaints channel. Nobody here cares anymore. We get it - you don't like them. Big whoop.
 
Hamster said:
So complain via PM to the rep or their complaints channel. Nobody here cares anymore. We get it - you don't like them. Big whoop.
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I'm through wasting my time with you.
 
AirWolf said:
So even if you sold some shares to cash out a portion, and sell more shares that you already hold, the 10 day period is reset?
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Didn't seem so. But when I bought again I could only withdraw some of what I kept aside the next day. So even the explanation they gave me is more or less a bogus one as it doesn't really reset. I'm starting to wonder if they have a methodology at all or if the system is just getting confused and assigning random amounts.

Needless to say it's more important to me to have my money available than to make money from it so I won't be using the platform for now. Already living off bread and water for the rest of the month because of this ****up.
 
Investing for n00bs:

1. Settle your debt
2. Sort out insurance (income protection, disability, life cover, etc.)
3. Build up emergency fund - 3 to 5 times your monthly expenses

4. ...now you can invest
4.1. Build up base of investment that'll grow over time and is more or less on autopilot
4.2 ...now you can speculate or take on higher/ridiculous risk

TL;DR: Don't invest the money you need to buy food with
 
Swa said:
ftfy
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Regardless of the platform or your opinion of the person who made the post, it is something that should be read and understood by all. Buying shares is addictive and borderline gambling short term.
 
Hamster said:
Regardless of the platform or your opinion of the person who made the post, it is something that should be read and understood by all. Buying shares is addictive and borderline gambling short term.
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And if the system worked like on any other platform or like their explanation says there would not have been a problem. The fact of the matter is that you are going to need that money at some point and you shouldn't struggle to get it. On which other platforms do you have to suspend trading to get your money back? It's ridiculous. On other platforms I can even withdraw it in a day if I want to.
 
Swa said:
And if the system worked like on any other platform or like their explanation says there would not have been a problem. The fact of the matter is that you are going to need that money at some point and you shouldn't struggle to get it. On which other platforms do you have to suspend trading to get your money back? It's ridiculous. On other platforms I can even withdraw it in a day if I want to.
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I'm referring to your bread and water comment.

Discussing the ins and outs of EE's platform between the two of us doesn't lead to anything useful.
 
seems they are using fifo principle for using uncleared money instead of lifo . Wonder if other platforms works on similar methodology :(
 
Hamster said:
I'm referring to your bread and water comment.

Discussing the ins and outs of EE's platform between the two of us doesn't lead to anything useful.
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And it is relevant. I kept money aside to use and invested the rest exactly like you said to make more. Who on earth would say no to doing that? On the 30th I made arrangements to withdraw some of it so it would be available when I needed it. Due to EE not having a proper explanation and possibly being incompetent as well that fell through. It's not my fault as I invested extra money and not money than was "needed to buy food" at the time.

It would be the same as having an account with FNB where I have to give 30 days notice to withdraw my money. So I know I will need some of it next month and tell them to hold it aside for my. Then after 30 days I get there and they tell me, sorry you can't withdraw your money because you made a deposit last week so you have to wait another 3 weeks. It would be ridiculous just like this.

thehuman said:
seems they are using fifo principle for using uncleared money instead of lifo . Wonder if other platforms works on similar methodology :(
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I really couldn't confirm. I made calculations and couldn't find a combination like that that gave the correct result. The amount they gave truly looks like a random one. That is what's most concerning to me. Also the interest they paid on the 1st never reflected as settled cash. Since when is interest not treated as settled cash? I'm wondering if I deposited cash if they would reset that as well if I bought anything with my unsettled cash.

For the time being I just don't trust the platform as it looks like a bug. To convince me it isn't one they should show how their system managed to get that exact amount from the transactions I made.

To answer your question though I don't think other platforms do but even if they did their 5 day settlement window is in line with what the JSE prescribes and not the 10 business days that EE implements which stretches to at least 14 days. On some of them you can also withdraw money in a day by paying a small fee.
 
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Here's the transactions
Code: 
2016/03/30  Account Balance Brought Forward                           R0.75
2016/03/30  Sold JSE Limited 17.3949 @ 14,785.00                      R2571.83
2016/03/30  Broker Commission*JSE Limited @ -0.25                     -R6.43
2016/03/30  Settlement and administration                             -R1.93
2016/03/30  Investor protection levy (IPL) and administration         -R0.01
2016/03/30  Value Added Tax on costs (VAT)                            -R1.17
2016/03/30  Sold Kumba Iron Ore Limited 7.7419 @ 7,751.00             R600.07
2016/03/30  Broker Commission*Kumba Iron Ore Limited @ -0.25          -R1.50
2016/03/30  Settlement and administration                             -R0.45
2016/03/30  Investor protection levy (IPL) and administration         -R0.01
2016/03/30  Value Added Tax on costs (VAT)                            -R0.27
2016/04/01  Bought Liberty Holdings Limited 6.2845 @ 14,321.00        -R900.00
2016/04/01  Broker Commission*Liberty Holdings Limited @ 0.25         -R2.25
2016/04/01  Settlement and administration                             -R0.68
2016/04/01  Investor protection levy (IPL) and administration         -R0.01
2016/04/01  Value Added Tax on costs (VAT)                            -R0.41
2016/04/01  Securities transfer tax and administration                -R2.25
2016/04/01  Bought Standard Bank Group Limited 6.8230 @ 12,909.00     -R880.78
2016/04/01  Broker Commission*Standard Bank Group Limited @ 0.25      -R2.20
2016/04/01  Settlement and administration                             -R0.66
2016/04/01  Investor protection levy (IPL) and administration         -R0.01
2016/04/01  Value Added Tax on costs (VAT)                            -R0.40
2016/04/01  Securities transfer tax and administration                -R2.20
2016/04/01  Interest @ 6.86%                                          R1.21
2016/04/01  Cash Management Fee                                       -R0.27
2016/04/01  VAT @ 14%                                                 -R0.04
2016/04/01  Balance                                                   R1369.93* R1369.90**

2016/04/11  Account Balance Brought Forward                           R1369.90
2016/04/11  Sold Sibanye Gold Limited 50.8179 @ 5,783.00              R2938.79
2016/04/11  Broker Commission*Sibanye Gold Limited @ -0.25            -R7.35
2016/04/11  Settlement and administration                             -R2.20
2016/04/11  Investor protection levy (IPL) and administration         -R0.01
2016/04/11  Value Added Tax on costs (VAT)                            -R1.34
2016/04/11  Balance                                                   R4297.79* R4297.77**

2016/04/12  Account Balance Brought Forward                           R4297.78
2016/04/12  Dividend Liberty Holdings Limited  @4.37                  R26.22
2016/04/12  Dividend Withholding Tax Liberty Holdings Limited  @4.37  -R3.93
2016/04/12  Manufactured Dividend Liberty Holdings Limited  @4.37     R1.24
2016/04/12  Bought Blue Label Telecoms Limited 31.6456 @ 1,580.00     -R500.00
2016/04/12  Broker Commission*Blue Label Telecoms Limited @ 0.25      -R1.25
2016/04/12  Settlement and administration                             -R0.38
2016/04/12  Investor protection levy (IPL) and administration         -R0.01
2016/04/12  Value Added Tax on costs (VAT)                            -R0.23
2016/04/12  Securities transfer tax and administration                -R1.25
2016/04/12  Bought Sasol Limited 1.1606 @ 43,082.00                   -R500.00
2016/04/12  Broker Commission*Sasol Limited @ 0.25                    -R1.25
2016/04/12  Settlement and administration                             -R0.38
2016/04/12  Investor protection levy (IPL) and administration         -R0.01
2016/04/12  Value Added Tax on costs (VAT)                            -R0.23
2016/04/12  Securities transfer tax and administration                -R1.25
2016/04/12  Balance                                                   R3315.07*

* This is what I get.
** This is what they report.

So apart from the amounts not matching up let's do the calculations. Assuming it's fifo:

Balance on 30 March - R0.75
Sold JSE on 30 March - +R2562.29
SOld Kumba on 30 March - +R597.84
----------
R3160.88
Bought Liberty on 1 April - -R905.60
Bought Standard Bank on 1 April - -R886.25
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R1369.03 (This is what I wanted to withdraw)
Liberty dividends on 12 April - R23.53
Bought Blue Label on 12 April - R503.12
Bought Sasol on 12 April - R503.12
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R386.32

So where do they get R376.28 from?
 
Swa said:
Didn't seem so. But when I bought again I could only withdraw some of what I kept aside the next day. So even the explanation they gave me is more or less a bogus one as it doesn't really reset. I'm starting to wonder if they have a methodology at all or if the system is just getting confused and assigning random amounts.

Needless to say it's more important to me to have my money available than to make money from it so I won't be using the platform for now. Already living off bread and water for the rest of the month because of this ****up.
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You should not be "investing".
 
Anyone know if their 6.X% interest applies on the Tax Free account as well?

Would be nice as you aren't forced to buy there and then.
 
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