Easy Equities good or bad?

Hamster said:
You would've paid a minimum brokerage fee through FNB securities. In Thor's example he bought R100 and it cost him under R1 in transaction costs so I doubt this, if true, makes EE more expensive.
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Its not a question of who is the cheapest, STT is the issue here, which EE should not be charging for.
 
Hamster said:
You would've paid a minimum brokerage fee through FNB securities. In Thor's example he bought R100 and it cost him under R1 in transaction costs so I doubt this, if true, makes EE more expensive.
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Also depends on your purchase though, my brokerage fees are normally higher than the FNB securities minimum - I don't buy frequently, and my orders are normally high (so not R100 here and there :)). Funny story, I'm still on the fence on moving to EE. FNB charges me 0.5% brokerage on all securities and I would have paid the same if I bought ETFs through EE (Brokerage 0.25% + STT 0.25%). Normal securities is another story though, here EE is by far the cheapest. But yeah, I agree that overall EE are the cheapest in the market.
 
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gjmellet said:
I sent them an email enquiring about the STT fee and will provide an update if they respond.
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Please keep us updated - Think i made a few ETF purchases a month or two ago, and thus will like to know if they will refund the STT fee's. (although 0.25% off R10,000.00 is only R25)

probably just a design flaw on their system.
 
Here is the transaction details for a R2000 trade on the PTXTEN ETF

DETAIL ZAR
BROKER COMMISSION 4.00
EASYMONEY CREDIT (How do I earn credit?) EM 0.00
SETTLEMENT AND ADMINISTRATION (2) 1.50
INVESTOR PROTECTION LEVY AND ADMINISTRATION (IPL) (3) 0.01
SECURITIES TRANSFER TAX AND ADMINISTRATION (4) 5.00
VALUE-ADDED TAX ON COSTS (VAT) 0.77
TOTAL TRANSACTION COST 11.28
TRADE VALUE 2,000.00


TOTAL COST 2,011.28
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4 UNFORTUNATELY WE ARE NOT RESPONSIBLE FOR THIS FEE
Security Transfer tax is levied by SARS at 0.25% and applies to the purchase and transfers of listed (whole shares) and unlisted securities (FSRs).
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Most likely people are missing the "AND ADMINISTRATION" part of that line and you are not being charged or EE is contravening some law...which I doubt. But anything is possible.
 
Hamster said:
Most likely people are missing the "AND ADMINISTRATION" part of that line and you are not being charged or EE is contravening some law...which I doubt. But anything is possible.
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I also saw the "...AND ADMINISTRATION" part, but I doubt that it is actually an admin fee since for other (not ETF) share purchases you pay a fee of 0.25% for "SECURITIES TRANSFER TAX AND ADMINISTRATION" which is in fact the regulated STT fee payable to SARS.
 
Hamster said:
Here is the transaction details for a R2000 trade on the PTXTEN ETF




Most likely people are missing the "AND ADMINISTRATION" part of that line and you are not being charged or EE is contravening some law...which I doubt. But anything is possible.
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Still not cool what they are doing :)
 
I phoned Easy Equities (GT247.com) just now and the consultant confirmed that STT should not be charged on ETFs. They are aware of the fault in the system and it will be changed sometime soon. They will also refund the 0.25% incorrectly charged to all investors who have already bought ETFs.
 
gjmellet said:
I phoned Easy Equities (GT247.com) just now and the consultant confirmed that STT should not be charged on ETFs. They are aware of the fault in the system and it will be changed sometime soon. They will also refund the 0.25% incorrectly charged to all investors who have already bought ETFs.
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You legend !!!
 
gjmellet said:
I phoned Easy Equities (GT247.com) just now and the consultant confirmed that STT should not be charged on ETFs. They are aware of the fault in the system and it will be changed sometime soon. They will also refund the 0.25% incorrectly charged to all investors who have already bought ETFs.
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Schweet
 
gjmellet said:
I phoned Easy Equities (GT247.com) just now and the consultant confirmed that STT should not be charged on ETFs. They are aware of the fault in the system and it will be changed sometime soon. They will also refund the 0.25% incorrectly charged to all investors who have already bought ETFs.
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Hats off to you for spotting it..
 
I received the following email from EE over the weekend:


"We are aware of the below, and will be correcting this error shortly.
In the interim if you have been charged STT incorrectly on the purchase of any ETF’s we will reverse the charges to you account."
 
gjmellet said:
I received the following email from EE over the weekend:


"We are aware of the below, and will be correcting this error shortly.
In the interim if you have been charged STT incorrectly on the purchase of any ETF’s we will reverse the charges to you account."
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Thanks:)
 
Just a question.... has anyone tried to transfer their holdings from EE to another broker as a test?
 
Freaksta said:
Transfered from etfsa to ee.
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Glad it can be done. A bit tired of their administrative costs (R800 per year for me). Would like to know what the costs were, per fund.

A question from anyone who happended to know, if paying etfSA their admin fee (of say 0.5%, it depends on amount invested ), combined with fund TER of 0.86% would it not in some cases be as expensive as some cheap managed funds?

An on another point, I've transferred my stockbroking account to EE but is wary of transferring my etfsa account too. I know my shares held by them are "registered in my name" but does this mean that they are allowed (and could profit from) lending out stock owned by me, to the market, introducing an additional dimension of risk to me, or is this commonplace and nothing to worry about?
 
Hi guys!

New to the forum, and just had to sign up after spending the last half hour reading through this gigantic thread. Loving the confidence everyone has in EE.

So my question:

When I opened my EE account, I was playing around with the demo money and each time I purchased a share I received confirmation.
However when I deposited a real monetary value and purchased some shares I did not receive any confirmation email.
Are you receiving emails saying that you have purchased shares?

I have an account with Prescient, and whenever I buy something I get an email telling me the price that I bought it at, how many units I hold with my investor number.

I think EE should look into doing something like this (including investor number) just so that we have some form of proof of purchase... Or am I just not receiving emails?

Appreciate your feedback?
 
WarrenBright said:
Hi guys!

New to the forum, and just had to sign up after spending the last half hour reading through this gigantic thread. Loving the confidence everyone has in EE.

So my question:

When I opened my EE account, I was playing around with the demo money and each time I purchased a share I received confirmation.
However when I deposited a real monetary value and purchased some shares I did not receive any confirmation email.
Are you receiving emails saying that you have purchased shares?

I have an account with Prescient, and whenever I buy something I get an email telling me the price that I bought it at, how many units I hold with my investor number.

I think EE should look into doing something like this (including investor number) just so that we have some form of proof of purchase... Or am I just not receiving emails?

Appreciate your feedback?
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You get emails for literally every thing money in, money out. Shares purchased, shares sold etc.


But mind you, I deposited money and it showed up in my account today without the Email being send.


Anyone else experiencing this ?
 
They sent an email today that they are experiencing email delivery problems, so it should be that. They do send emails for each transaction you do
 
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