Easy Equities good or bad?

Hi All.

This tread has been going since 2014 so not sure if anyone researching Easy Equities will read through all of it.

As a new investor in buying shares/stocks myself, I have done a lot of research into which trading platform is the best to use in South Africa. There are many stockbrokers and stockbroking companies out there. They range from local companies such as your banks to wealth management companies like PSG.

As a new investor I specifically looked at brokers commission costs, platform monthly costs, and then the option to have a zero or minimal starting deposit. Easy Equities are the cheapest platform to use and give you access to local and offshore markets with no minimum deposit, no monthly fees, and almost zero commission cost on buying shares etc. But when you do proper research you will find that on google reviews they have a rating of 2.4 out of 5 from 77 reviews. On Hellopeter they have a score of 2.4 out of 10 from 137 reviews. Hellopeter also has a score which indicates how likely a client will recommend using their services which range from 0 (Unlikely) to 49 (Very Likely), it is sad to report Easy Equities got a score of - 52 (Minus 52) which is the worst it can get.

So when looking at the general consensus their platform seems to be great but when it comes to depositing money, withdrawing money, or just getting a reply from their customer service desk you will experience extremely bad service. Judging from the reviews it seems that using Easy equities as your trading platform is a bad idea with most clients advising to avoid them. It is unfortunate that a company with so much potential is not focused on its customer service which to me, is very offputting in using their platform. These reviews are also based on a small number of people using their platform as I believe they have over 70,000 registered users.

Ultimately it will be your decision whether to use them if your goal is not having to pay monthly and broker fees and if those savings will outweigh the terrible service you might receive. Hopefully,Easy Equities will read those reviews and change their behavior towards their customers. The saying, "You get what you pay for" comes to mind.
 
JDBroadband said:
I have done a lot of research into which trading platform is the best to use in South Africa
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Generally, I recommend them if you want to buy and hold, but it seems like they are moving into letting you get real-time prices (at a cost). I haven't looked into this though.

JDBroadband said:
But when you do proper research you will find that on google reviews they have a rating of 2.4 out of 5 from 77 reviews. On Hellopeter they have a score of 2.4 out of 10 from 137 reviews. Hellopeter also has a score which indicates how likely a client will recommend using their services which range from 0 (Unlikely) to 49 (Very Likely), it is sad to report Easy Equities got a score of - 52 (Minus 52) which is the worst it can get.
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You must understand that people tend to complain more on those platforms instead of compliment. I mean, in all my life I have never gone to hello peter to compliment. Then again, who takes hello peter seriously? Google reviews is another odd one. I usually review a place that I've been to physically. I have never gone and put up a good review because I was happy with an online company. However, I have gone to rage post about a company I'm upset with.

JDBroadband said:
So when looking at the general consensus their platform seems to be great but when it comes to depositing money, withdrawing money, or just getting a reply from their customer service desk you will experience extremely bad service.
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While there have been some fairly unique situations with deposits and withdrawals, most people have been fine with it. Those who have been vocal about trying to withdraw from their US account have mostly been user errors. I have never had issues with either. As for their service, yeah, I agree with you - it is painful. But I use other companies with painful support too. If I needed constant support I would move. But I rarely need help. That and all the other pros is why I haven't moved, and don't see me moving soon.

JDBroadband said:
These reviews are also based on a small number of people using their platform as I believe they have over 70,000 registered users.
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Over 500k now. Those reviews really are the minority.

I feel like a hell of a fanboi replying to your post, but I feel like you really got the wrong impression with them. But I do understand being hesitant when it comes to where you put your money.
 
Would definitely recommend them if you are purely looking for a platform to invest at the cheapest costs.
The platform has never disappointed me thus far. I have 4 kids and opened accounts for them too. Great way to save their pocket money.
We started a trading challenge during June which is due to end this month. We used the R100k demo accounts. Wanted my kids aged (10-18) just to get exposure but they are taking it so serious! My 10 year old is in the lead thus far as he has been active buyer/seller and researcher of all the equities he has bought :)

So for me easy equities is yes. The recent launch of Easy Properties is also first which is great it to see.

These guys have allowed those of us who don’t have loads of cash lying around the ability to invest and hopefully reap the rewards later :)
 
Looking now at my TFSA for the year, and the EE "contribution info" ... I moved one TFSA, and now EE says it was "contributions". I wish firms would get the rules correct. Moving a TFSA isnt seen as contributions at all :(

Let me explain my scenario now

I have contributed R7000 (1 March 2019 to 29 Feb 2020) at provider X
Then R2500 (1 March 2020 till now) also at provider X

Then I moved that TFSA with provider X (worth R10500 to EE now).

EE is saying my contribution for the year is R10500

HUH ? What am I missing ? Provider X will still give me a tax certificate for 4219 (contributions), but why is EE now seeing the move as contributions (and why is the "profit" also included.

Think they must learn a few things now (I am a bit shocked here to say the least)
 
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zerocool2009 said:
Looking now at my TFSA for the year, and the EE "contribution info" ... I moved one TFSA, and now EE says it was "contributions". I wish firms would get the rules correct. Moving a TFSA isnt seen as contributions at all :(

Let me explain my scenario now

I have contributed R7000 (1 March 2019 to 29 Feb 2020) at provider X
Then R2500 (1 March 2020 till now) also at provider X

Then I moved that TFSA with provider X (worth R10500 to EE now).

EE is saying my contribution for the year is R10500

HUH ? What am I missing ? Provider X will still give me a tax certificate for 4219 (contributions), but why is EE now seeing the move as contributions (and why is the "profit" also included.

Think they must learn a few things now (I am a bit shocked here to say the least)
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Maybe take this up with EasyEquities support. I had the same issue, I haven't gotten round to following up with it though, it was only a smallish amount though.
 
newby_investor said:
Maybe take this up with EasyEquities support. I had the same issue, I haven't gotten round to following up with it though, it was only a smallish amount though.
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I did. And they still say its seen as contributions. If you log into the EE phone app, go to TFSA, it says yearly contributions (that is from the client to deposit), and excludes TFSA moves (that is how I see it).

People can over complicate things totally
 
zerocool2009 said:
I did. And they still say its seen as contributions. If you log into the EE phone app, go to TFSA, it says yearly contributions (that is from the client to deposit), and excludes TFSA moves (that is how I see it).

People can over complicate things totally
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I'm assuming when you moved from Provider X, you followed the TFSA transfer process.
If you did a disinvestment, then unfortunately it will count as contributions.
If you did a transfer, then it should not by regulations.
 
Bincx said:
I'm assuming when you moved from Provider X, you followed the TFSA transfer process.
If you did a disinvestment, then unfortunately it will count as contributions.
If you did a transfer, then it should not by regulations.
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Correct. The provider X paid EE (as i didnt touched it at all), and the TFSA "move" document was submitted.

Exactly, I am on the same page and book (as your last sentence)
 
zerocool2009 said:
Correct. The provider X paid EE (as i didnt touched it at all), and the TFSA "move" document was submitted.

Exactly, I am on the same page and book (as your last sentence)
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Well then EE needs to fix it. If not, you can request a correction document from SARS and ask EE to update. But who needs this extra admin.... this should be last resort.
 
Exactly.

My question to EE was simple, I did a TFSA move, and now my contributions for the year shows more than what I paid (deposited). It came down to the TFSA move (which is seen as contributions).

I told the lady, dont over complicated things please. A TFSA account is simple (and FYI, the old TFSA provider would also still issue a contribution certificate (4219)).
 
I registered with EE, but my account seems to be stuck in verification.
Any idea how long this takes them?
I did submit a ticket as per the instruction on their website
 
newby_investor said:
Maybe take this up with EasyEquities support. I had the same issue, I haven't gotten round to following up with it though, it was only a smallish amount though.
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Good luck with that. I love the low fees but Easy Equity support is extremely unlikely to ever get back to you.
 
Logging now in ... Seeing Sasol stocks at R1.14 and not R114

I wonder if I buy and start a fight .....
 
So when I was working on one of our bank's trading platforms we never as in ever released intra day. Not because we were "old school" but because you keep the platform running during trading hours. Releases were always after hours when the markets were closed.

Not EasyEquities. Oh no... these guys release and take the platform down during the busy times.
 
Hamster said:
So when I was working on one of our bank's trading platforms we never as in ever released intra day. Not because we were "old school" but because you keep the platform running during trading hours. Releases were always after hours when the markets were closed.

Not EasyEquities. Oh no... these guys release and take the platform down during the busy times.
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Devs need sleep too. Lol :p
 
Hamster said:
So when I was working on one of our bank's trading platforms we never as in ever released intra day. Not because we were "old school" but because you keep the platform running during trading hours. Releases were always after hours when the markets were closed.

Not EasyEquities. Oh no... these guys release and take the platform down during the busy times.
Click to expand...

And when you complain you can "take a number" and "someone will get back to you". Oddly no one has ever responded to my complaints.
 
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