Easy Equities suspended trading

Galactica said:
That is the crux of the matter, it's not about short-term trading but whether you will be allowed to exit at a time/price favourable to you whenever you want to sell, be it in to 2, 5 or 10 years time. On the orignal EE thread we did discuss several instances in the past where certain shares were not trade able on EE even though they were trading on the JSE. If I remember the reason given was liquidity constraints. There were also shares where very small amounts of shares were buyable with liquidity cited as the reason.
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This is my biggest problem. Will I be able to sell off my shares and get my money when I need it.

I remember about 10 years ago, I was on the PSG platform and had shares in quite a few smaller companies. At one point in time, I tried to sell my shares in two of them. I can't remember how long, but it took me quite a few days to get rid of the shares. I even had to lower my price to get rid of the last few back then. So, liquidity in the markets do play a role. But, was what happened today a liquidity issue in the market or something the company could not fulfill? With PSG no trading was halted, my shares just simply did not sell fast enough.
 
Somehow this reminds me of a street vendor trying to sell you a 'rolex' @ only 0.25% commission.
 
There was no liquidity issue with Lonmin today. Nor was there any suspension of trade by the JSE. There was however a major announcement relating to the PIC’s stake...
 
DJ... said:
There was no liquidity issue with Lonmin today. Nor was there any suspension of trade by the JSE. There was however a major announcement relating to the PIC’s stake...
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Well, I tend to believe them when they say that they are an investment platform and not a trading platform. I think they were overrun by users of this forum trying to use them as a 'trading platform' and they were not equipped to deal with this influx of trading requests. Probably justifying their decision in halting the trading to the advantage of their clients - although the clients do not see it this way.
 
Well, then we will need to wait and see what comes from complaints and whether regulatory bodies will agree or not.
 
Toothless said:
Well, I tend to believe them when they say that they are an investment platform and not a trading platform. I think they were overrun by users of this forum trying to use them as a 'trading platform' and they were not equipped to deal with this influx of trading requests. Probably justifying their decision in halting the trading to the advantage of their clients - although the clients do not see it this way.
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it's a trading platform.....don't bullschit yourself.
it's a gambling platform for most....still...don't bullschit yourself
 
The long and the short of this issue is that everyone who thought they would trade in shares, instead of investing in them, got burnt. They misused a system that was not intended for trading to try to get rich quick. It did not work. EE makes it clear, across their website, in no uncertain terms that they have an investment platform. Nowhere did they lead anyone to think it is a trading platform.

If you think back, don't know if you were involved, but about 10+ years ago there were many hosting resellers in SA offering unlimited hosting packages. There were a number of websites that suddenly popped up, such as file sharing websites, rapidgator downloading services, etc., etc. These sites caused huge problems to resellers who were actually limited. Many of these resellers never had FUPs back then. There were many fights that ended up with authorities, but in the end, these websites were closed down due to the fact that these servers were never intended to be used for these purposes. I know of a few resellers who later just gave up.

Besides this, there are services that offer this type of share trading what the people tried here, like PSG, Standard Bank, FNB, Absa, etc., but there are hefty fees payable for these types of trades. How did people not see this?

Be as it may, this is the same. The system was used for something other than what it caters for. They were unable to handle this and they were forced to close trading. I cannot see any regulator finding anything else.
 
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It's not a bloody investment platform. There are zero portfolio management functions built in, as one would expect on a decent investment platform offered by a reputable asset manager. It's a "brokerage" firm that profits on the round trip. Its not a buy side asset manager nor investment house. To state there were too many trades which caused a problem is like saying that Burger King is in trouble for selling too many burgers. There may have been a liquidity imbalance, in which case no trades are filled. Very simple. But that does not seem to be the case whatsoever...
 
DJ... said:
It's not a scam. It's just a schit service if you're looking for a brokerage house...
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This.

Easyequities.co.za is perfectly fine the issue is we are using this platform for something it wasn't meant for.

Day time/short term trading.

This is more a buy and hold sell in 10 years type platform because in that time a day or so won't make a difference in your over all gain, but today we wanted to target cents.

We used EasyEquities like I use PSG
 
Drifter said:
Dont think you needed to do that, as there was plenty of helpful advice for us "noobs". With all due respect to DJ, I think he stirred with a huge wooden spoon and made all us wannabees scared. I just need reassurance that I will get my money for the shares I bought. Simple.
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You will.
 
Thor187 said:
This.

Easyequities.co.za is perfectly fine the issue is we are using this platform for something it wasn't meant for.

Day time/short term trading.

This is more a buy and hold sell in 10 years type platform because in that time a day or so won't make a difference in your over all gain, but today we wanted to target cents.

We used EasyEquities like I use PSG
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Sigh, what if you bought before all this hullabaloo and you wanted to exit? You couldn't even though you are not a trader. You can buy shares with a long term horizon but you are entitled to get out before that if circumstances dictate (e.g. African Bank-like decline, drastic change in a share's prospects etc). Any platform should allow you to sell when you want to. EE can't get out of this for being a 'buy and hold' platform. :wtf:
 
Galactica said:
Sigh, what if you bought before all this hullabaloo and you wanted to exit? You couldn't even though you are not a trader. You can buy shares with a long term horizon but you are entitled to get out before that if circumstances dictate (e.g. African Bank-like decline, drastic change in a share's prospects etc). Any platform should allow you to sell when you want to. EE can't get out of this for being a 'buy and hold' platform. :wtf:
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Precisely. Whether you want to sell after 2 days or 10 years, it is irrelevant if you're prevented from doing so, being the (in their own words) registered owner of a share.

I wonder if anyone here would be happy with an estate (or vehicle) agent putting a property on the market at their own discretion, and not the owner's. That is exactly what this amounts to...
 
Mike Hoxbig said:
Precisely. Whether you want to sell after 2 days or 10 years, it is irrelevant if you're prevented from doing so, being the (in their own words) registered owner of a share.

I wonder if anyone here would be happy with an estate (or vehicle) agent putting a property on the market at their own discretion, and not the owner's. That is exactly what this amounts to...
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I see your thread was actually deleted.
I went and registered with them just now for the hell of it (long term investment ;)
Then i made a deposit via EFT...but fscknut me neglected to add reference :o
 
Mike Hoxbig said:
Precisely. Whether you want to sell after 2 days or 10 years, it is irrelevant if you're prevented from doing so, being the (in their own words) registered owner of a share.

I wonder if anyone here would be happy with an estate (or vehicle) agent putting a property on the market at their own discretion, and not the owner's. That is exactly what this amounts to...
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True
 
Lager said:
I see your thread was actually deleted.
I went and registered with them just now for the hell of it (long term investment ;)
Then i made a deposit via EFT...but fscknut me neglected to add reference :o
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PM me at 8 when I'm at the office I'll give you an account heads mail address there
 
Don't see why this argument about short/day trading even come in. For example both I and a few mates bought last Friday after the anouncement of the discount at <30c a share. I tried to sell a portion when at R 1.10 a share and couldn't. That was on a share purchase nearly a week old. That's not day trading, that just a normal move.
 
Kosmik said:
Don't see why this argument about short/day trading even come in. For example both I and a few mates bought last Friday after the anouncement of the discount at <30c a share. I tried to sell a portion when at R 1.10 a share and couldn't. That was on a share purchase nearly a week old. That's not day trading, that just a normal move.
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It's still trading, investment, 5, 10, 20 years a few rands would not have made a dent if you exit.
 
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