Easy Equities good or bad?

[JustPlainLucas]

This just sounds like BS. Your "friend" is lying to you.

I just got the same on my USD account.

I did not know you had to put a bank account there too. But, if you click on the 'Withdrawal' link you are not able to withdraw funds from your USD account until you add a bank account.

I just added the exact same account I used with EE the past 4 years and I also now get the message that my account is not verified and that I should contact them.

So, with about $400 in shares in my USD account I am stuck too and unable to withdraw funds to SA right now. I will contact them on Monday and if this is said to me too, I will use attorneys to get all transactions reversed, because this was never mentioned by EE when I applied for my USD account last year.

If you really do have an EE account and applied for a USD account, and are not spewing BS here, then go to that section and click on the menu and then go to Withdrawal. Try to add your bank account, in fact, any South African bank account and see what happens.

 

[backstreetboy]

Who are they? Have you linked it to your EE USD account successfully?

German bank taking over the world. All you need is a passport and an EU forwarding service like Aramexglobalshopper etc to forward you the card.

 

[JustPlainLucas]

German bank taking over the world. All you need is a passport and an EU forwarding service like Aramexglobalshopper etc to forward you the card.

Thanks, they look like a nice service, but I am not willing to take the risks associated with doing this. But, I do hope they expand to SA in the near future though.

 

[JustPlainLucas]

Okay, confirmed with EE that if you do not have a Global bank account with any of the large banks, you will not be in a position to get any money back you invested in USD shares. They confirmed that the majority of local bank accounts cannot be verified or receive funds.

Instead of spending thousands, at some banks tens of thousands of Rands in opening a Global account, I will be trying to close my EE account and get them to refund all my money still held by them due to them not informing clients of this massive requirement before awarding a USD account and taking your money.

 

[Magandroid]

Okay, confirmed with EE that if you do not have a Global bank account with any of the large banks, you will not be in a position to get any money back you invested in USD shares. They confirmed that the majority of local bank accounts cannot be verified or receive funds.

Instead of spending thousands, at some banks tens of thousands of Rands in opening a Global account, I will be trying to close my EE account and get them to refund all my money still held by them due to them not informing clients of this massive requirement before awarding a USD account and taking your money.

Capitec Bank has a Global one Account. I wonder how truly global it is and if it can be used in this instance.

 

[backstreetboy]

Capitec Bank has a Global one Account. I wonder how truly global it is and if it can be used in this instance.

No they don't have offshore banking. You'll have to go with FNB global account etc.

 

[JustPlainLucas]

Capitec Bank has a Global one Account. I wonder how truly global it is and if it can be used in this instance.

I am in the process of closing down my EE account and will now rather go through proper brokerages. Luckily I did not spend a lot of money as yet, was only testing out the system. I asked them about Capitec and they confirmed no Capitec account will work with the USD account.

Like I said in the other thread, Easy Equities is a bad option for someone who are serious about investing. They offer half-baked services and come with all funny things after they got you to sign up and made you pay your money to them. It is true, as they say, you get what you pay for.

 

[Bincx]

I am in the process of closing down my EE account and will now rather go through proper brokerages. Luckily I did not spend a lot of money as yet, was only testing out the system. I asked them about Capitec and they confirmed no Capitec account will work with the USD account.

Like I said in the other thread, Easy Equities is a bad option for someone who are serious about investing. They offer half-baked services and come with all funny things after they got you to sign up and made you pay your money to them. It is true, as they say, you get what you pay for.

Is this in respect of their USD product? Or in general.
I recently opened an account for my daughter for local equity only.
I myself use ABSA stockbrokers but was looking for a low cost offering for her i.e. small amounts but on a regular basis.

 

[JustPlainLucas]

Is this in respect of their USD product? Or in general.
I recently opened an account for my daughter for local equity only.
I myself use ABSA stockbrokers but was looking for a low cost offering for her i.e. small amounts but on a regular basis.

It is only in respect to their USD account.

When you open an account with them, you will have a ZAR account. All bank accounts work fine here.

The moment you apply for a USD account you need to enter your banking information again. The moment you add any South African bank account, it keeps declining and they are unable to verify it. You need to open a Global banking account with any of the big banks before you can withdraw any funds from your EE USD account.

 

[f2wohf]

I am in the process of closing down my EE account and will now rather go through proper brokerages. Luckily I did not spend a lot of money as yet, was only testing out the system. I asked them about Capitec and they confirmed no Capitec account will work with the USD account.

Like I said in the other thread, Easy Equities is a bad option for someone who are serious about investing. They offer half-baked services and come with all funny things after they got you to sign up and made you pay your money to them. It is true, as they say, you get what you pay for.

 

[JustPlainLucas]

View attachment 510449

... and this relates to my problem how? This person clearly does not have the same problem I experienced.

 

[f2wohf]

... and this relates to my problem how? This person clearly does not have the same problem I experienced.

Must be a coincidence that you both have an EE USD account, the same opinions, write the same way and that one appears once the other gets banned.

 

[Excalibur]

I think I need to take flight from this platform. I need to sell a share but I can't choose the price, I can only state the amount/percentage I want to sell. The trading desk offered to sell for me at the going offer price that is 40% less than current share price which I understand as this is not a very liquid share. I however would like to put my desired bid and wait as it's not an urgent sale. The trading desk can only bid on my desired price for a minimum value of R40 000.

 

[rietrot]

I think I need to take flight from this platform. I need to sell a share but I can't choose the price, I can only state the amount/percentage I want to sell. The trading desk offered to sell for at the going offer price that is 40% less than current share price which I understand as this is not a very liquid share. I however would like to put my desired bid and wait as it's not an urgent sale. The trading desk can only bid on my desired price for a minimum value of R40 000.

It is extremely unfriendly with shares that aren't very liquid or volatile. They'll will just sell at whatever the current bid is which can be very low.

EE will have to sort this out if they want to be a serious investment/trading platform.

 

[Hamster]

Make your pick:

Cheap platform made to be n00b friendly with less functionality, control and flexibility
or
More expensive platform with advanced features like limit orders, stop loss etc. made for more serious investors/traders but with a lot more rules and other bull****.

EDIT: to be fair, EE is implementing "stop loss" functionality in the form of InvestSure riding on the sales pitch that you shouldn't pay for bad/evil directors tanking a company. But they have limitations and exclusions on that and it is nothing a basic stop loss system couldn't do.

You can use it on what boils down to a "pay as you go" model.

It's what a guy I used to work with would call "dancing bears". Features that in reality serve no real purpose other than to distract you (in this case, to make it look like EE is innovative and bringing out revolutionary features when they're not). But I might be completely wrong and bite my tongue if this turns out to be the best thing since sliced bread.

 

[Scooby_Doo]

I think I need to take flight from this platform. I need to sell a share but I can't choose the price, I can only state the amount/percentage I want to sell. The trading desk offered to sell for at the going offer price that is 40% less than current share price which I understand as this is not a very liquid share. I however would like to put my desired bid and wait as it's not an urgent sale. The trading desk can only bid on my desired price for a minimum value of R40 000.

You could move the shares to a different platform to sell on, there is a cost but it isn't much. My thought is to use this platform until I want to start selling then find something that I can use to set my price at and move to it. Unless the help desk can offer something by then.

 

[Excalibur]

That's an idea Scooby_Doo, thanks. And I like that "Dancing bears" concept Hamster.

 

[Swa]

It is extremely unfriendly with shares that aren't very liquid or volatile. They'll will just sell at whatever the current bid is which can be very low.

EE will have to sort this out if they want to be a serious investment/trading platform.

Can't understand why EE can't provide this. It's a basic feature and not something advanced.

 

[Biostar]

Can't understand why EE can't provide this. It's a basic feature and not something advanced.

It will add to the cost. Don't buy illiquid stocks period, less so on EE as your purchase and selling prices are linked to offers and bids. I'm fairly happy with EE mainly due to the lack of a minimum cost per trade.

 

[Swa]

It will add to the cost. Don't buy illiquid stocks period, less so on EE as your purchase and selling prices are linked to offers and bids. I'm fairly happy with EE mainly due to the lack of a minimum cost per trade.

I don't see how it will. They already have the systems for it, all brokers do.