Easy Equities good or bad?

Tinuva

The Magician
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Feb 10, 2005
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8,688
I am considering moving my TFSA from my existing provider to EE

Reading all the bad and sad stories on hellopeter ... what to do ?
I moved mine over, and very happy there so far. Buying time will make a difference. I mostly focus on international ETFs in my TFSA (dont think you can do all shares on the TFSA like the normal account), and like now they doing not so great and the rand better, so it looks like it is tanking. But I am in it for the long run, so not pulling out just because its bad. Also the ETFs usually go back to gaining unlike shares you have no clue what will happen in the future.

Maybe list your concerns that you have after reading the hellopeters? Then we can give better advice.
 

zerocool2009

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Sep 4, 2009
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Share pricing is explained on the EE website. Always check the current Offer Price before buying as you can lose quite a bit on your initial purchase.
that I got totally. But how can it differ so much (thought it all worked in 15min window periods).

In that case, would stick where I now am (I know exactly what I am buying)
 

mr_norris

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Jun 12, 2007
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Forgive me for blowing the dust off of this old one. I just remembered it was the biggest Easy Equities thread.

I usually have a lot of praise for them, and often recommend them to people asking investment advice in threads here. I will probably continue doing so.

However, I must bring up their questionable support team. It is a complete gamble. Slowness I can deal with, but my word, I feel like they do not know what they are doing. The only competent side of their support team is whoever mans the facebook account.

Three memorable examples:

Cloudflare IPO

I was excited about this, and I wanted them stonks. I waited for this Monday so I could buy some - assuming of course it would just show up on EE's side. I was at fault here - it turns out that they only add new companies if there is a big demand. It took this to get to the answer:

* Monday morning, log a ticket asking if Cloudflare will be added. Hear nothing from them.
* Monday afternoon, contact them on facebook, got my answer.
* Today, get a mail from their support team thanking me for my email, and mentioning an attached doc which will help me. This document was about the Naspers split into Naspers + Prosus (huh?)

Trouble Selling a Gold ETF

For some reason I decided it was time for that to go. Try sell it, and I get some weird error. It gives me some sort of reference number and asks me to contact their support team. So that's what I do.

I get this long email about keeping costs low, and exceeding limits. I'm then told I should call their landline if I am having trouble with the online platform. Now I'm reading this and thinking "WTF". To me, it errored, as something went wrong. Surely if there was a limit issue of sorts, it would display an error mentioning that.

So I FFS to myself, and nope out of that email. Log into my account - and boom, it lets me sell.

Thrive status

Back in May, I was trying to get my Thrive status back. A requirement was setting up a debit order. I did that and set the debit order date to the 28th of May, then later in the month, I decided to increase it. It then changed the debit order date to 1 June, which confused me. So I tried to change it and got denied.

* 26 May, I submit a ticket explaining this and got a response on Monday the 27th to login and change the date (huh? that doesn't work)
* I respond, explain again, and then I am told I can't change it so soon before the debit order date
* I then explain that the whole reason I setup the debit order was so I could get my thrive status back, and I am concerned that I just wasted my time because it changed it to June
* Stalemate - I was denied. Debit order date to get back on should have been in May

So I was quite annoyed here. The website did something against my will, with no warning, and the very thing I was doing to get back in the program got me booted off. I was not satisfied. So I messaged them on facebook. First response assures me that everything is good, I will get back on. I am a happy camper.

I have now learned that it's easier to get answers I can rely on from their Facebook page. I'm wondering if anyone else has had frustrating times with their support? Or am I alone here?
 

JustinPearse

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Nov 18, 2015
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HI Mr. Norris,

I'm the former Head of Client Engagement and I'd like to formally reply to each of the 3 poor experiences you've raised in turn.

I will get back to you with a formal response shortly.

Regards
Justin Pearse
 

Swa

Honorary Master
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Messages
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There are like 10,000 U.S. companies, just on one exchange. EE only has a fraction of them. If you intend on investing off shore rather go for one of the international options and get an FNB global account. Also easier to get your money out again as EE has made it practically impossible if you don't have a real USD account.
 

mr_norris

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There are like 10,000 U.S. companies, just on one exchange. EE only has a fraction of them. If you intend on investing off shore rather go for one of the international options and get an FNB global account. Also easier to get your money out again as EE has made it practically impossible if you don't have a real USD account.
Yeah, I get that. But I'm quite happy to use EE. It's also easy to get a USD account with FNB. Opening a global USD account is a few clicks.

HI Mr. Norris,

I'm the former Head of Client Engagement and I'd like to formally reply to each of the 3 poor experiences you've raised in turn.

I will get back to you with a formal response shortly.

Regards
Justin Pearse
Thanks, it's not urgent. I was just wondering if anyone else had a tough time with support :)
 

Swa

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Yeah, I get that. But I'm quite happy to use EE. It's also easy to get a USD account with FNB. Opening a global USD account is a few clicks.
Have you tried withdrawing? The last I heard you couldn't withdraw to the FNB account.
 

mr_norris

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Have you tried withdrawing? The last I heard you couldn't withdraw to the FNB account.
I haven't, as I am HODLing. However, I am sure I know which thread you are talking about, and I think that guy who had trouble was an isolated case.

There is some info here on withdrawing. Based on that, I don't see there being any issues with withdrawing. It also looks like it may be possible to withdraw to a normal FNB Cheque account by the looks of it. But I haven't tried, and I don't plan on trying anytime soon.
 

Swa

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I haven't, as I am HODLing. However, I am sure I know which thread you are talking about, and I think that guy who had trouble was an isolated case.

There is some info here on withdrawing. Based on that, I don't see there being any issues with withdrawing. It also looks like it may be possible to withdraw to a normal FNB Cheque account by the looks of it. But I haven't tried, and I don't plan on trying anytime soon.
Then they changed it. It had to do with some permission stuff so no SA account worked unless it was a proper USD account. The guy who tried it was simply the first one rather than being an isolated incident.
 

Swa

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Ok I just went back into this thread. Apparently it had to do with verification in that none of the local accounts can be verified. So you were forced to get a global usd account from the major banks. Apparently the cheap FNB account isn't a real global usd account so can't be verified. Don't know what has changed since then.
 

chopsky

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Oct 12, 2003
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My EE investments have been completely inaccessible since yesterday morning due to some new FICA crap on their system. Completely unable to check or manage my investments for 48 hours now. They told me they'd have it sorted by end of business on yesterday, but still not working. Only discovered this after getting hold of them. Apparently they were aware of the issue, but failed to communicate it to their clients. Has left a bit of a sour taste in the mouth tbh.
 

Tinuva

The Magician
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Messages
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My EE investments have been completely inaccessible since yesterday morning due to some new FICA crap on their system. Completely unable to check or manage my investments for 48 hours now. They told me they'd have it sorted by end of business on yesterday, but still not working. Only discovered this after getting hold of them. Apparently they were aware of the issue, but failed to communicate it to their clients. Has left a bit of a sour taste in the mouth tbh.
Mine was also not showing yesterday, but I then received a couple of FICA emails saying my accounts are now FICA'd, as if I never did it before. But I can see the accounts again so all good.
 

e4et

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Nov 2, 2011
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They did send out an email on Thursday saying that they will be upgrading their system this weekend. So issues were to be expected.
Yep:

It's a weekend of upgrades, "Insert name here"!

The EasyEquities platform will be undergoing its own system upgrades this weekend, on Saturday, 21 September 2019. This means that you will have limited access to the platform from 08h00 in the morning, until 12h30 that same day.

We appreciate your understanding.
 

Mylky

Active Member
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Oct 12, 2016
Messages
49
Bit of a PR nightmare from their side. Some of us were unable to access our accounts for over 96 hours and even then they only communicated via social media (!!!) until the very last second when they finally sent out a formal mass email apologising and explaining the bungle. Their call center was a mess too.

For any longterm investor this would have been a non-issue (nothing happened to your actual investments/shares/ETFs, they were muddling around in the background with the rest of the market, you just couldn't see them) but if you trade regularly on their platform this was a disaster.

I think the reason even buy and hold investors were concerned was the complete lack of communication. A platform like EE can't afford even the optics of incompetence or scammitude. FNB, for example, has had their system errors (remember the circus just a few months ago where they were "debiting" accounts with phantom positive balances on a random Friday?) but they a) are well established enough to weather that kind of PR and b) were quick to put out a statement once it was clear what was going on. EE's biggest mistake was staying silent, it just made the whole thing look suspicious.

And it made people who usually recommend EE quite embarrassed, which is probably going to do the most longterm damage since almost everyone I know who invests on their platform got there via word of mouth.

Edit: Also doesn't help that on Thursday and Friday their social media pages were just a fanfare of self-congratulatory posts for the awards they'd just won, while users were asking for some accountability. It was so tone deaf.
 

Magandroid

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May 25, 2011
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Anyone else receive this notification from EasyEquities. Does this now mean that once the IUDL has been reached and any new funds deposited will have to go through this process. I haven't received any such notifications from any of the other financial institutions that I deal with. Does ETFSA platform have the same policies in place?

FICA legislation requires that we conduct a customer due diligence upon registration of a new client and ongoing due diligence in respect of existing clients (“Risk Based FICA Approach” or “RBA”). Legal speak to say that there is a law that requires EasyEquities to at all times make sure all our clients only deposit money they have made legally.
Basically EasyEquities must ensure, like all financial institutions, that there is no money laundering happening on the EasyEquities platform.
To make the process as simple as possible, each Easy user has been allocated an Initial Upper Deposit limit (IUDL).
The table below shows how our finance team calculated your IUDL:
717405

Each time an Easy user deposits money, our system calculates whether the deposit will result in the IUDL being breached (adding all money deposited in the current financial year).
If the deposit will result in the IUDL being breached, we direct the deposit to a special account, where your money attracts interest at the same rate as if it were allocated directly into your investment account. This is to ensure that your cash remains safe.
The next step is that one of our Client Engagement Champions will call you and ask for additional information:
  1. Documents to confirm where the money came from;
  2. Info on your annual income that will enable your Upper Deposit Limit to be increased.
Once this has been done, your funds will be available as always.
Whilst we introduce this process for your and our protection, there may be hiccups. We would appreciate if you alert us via helpme@easyequities.co.za if you notice anything that makes no sense or causes you concern. And we will get onto it immediately.
EasyEquities is a platform and community that prides itself on transparency and working with and for our clients. If we make mistakes, we apologise and fix them. At the end of the day we remain committed to our over 200 000 clients and enabling them to achieve financial freedom.
Thanks for your support and happy investing!​
Team EasyEquities​
 

Swa

Honorary Master
Joined
May 4, 2012
Messages
21,502
That's just bull. They should try that crap with me and see how quickly I close my account. I'll take them for losses incurred as a result as well.
 
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