PSG vs ? (open to suggestions)

[Pho3nix]

Still the best option fee's wise and I managed to get my money in and out without one problem so to be personally it's a marvelous platform.

Especially since I am not a day trader and don't need extensive resource and data tracking.

I simply want to buy and keep

He meant are the shares actually registered in your name at the JSE which as per the other thread it doesn't look like.

 

[Thor]

He meant are the shares actually registered in your name at the JSE which as per the other thread it doesn't look like.

Only whole shares are. Partial shares are not.

 

[Pho3nix]

Only whole shares are. Partial shares are not.

See below quote:

They are held by a ring fenced company in your name. It's probably the most (only?) alarming thing about the whole platform and something I wish they would change. Flip knows why they are doing it this way.

Have you actually checked whether the shares are in your name? Never saw a post updating this info.

 

[Thor]

See below quote:


Have you actually checked whether the shares are in your name? Never saw a post updating this info.

I mailed them to confirm. Forgot to post the response.

Let me siff through my work mail tomorrow morning and see if I can find it the I will post it in the EE thread for us.

 

[Pho3nix]

I mailed them to confirm. Forgot to post the response.

Let me siff through my work mail tomorrow morning and see if I can find it the I will post it in the EE thread for us.

Thanks mate. Awaiting the update.

 

[Thor]

Found it:

GT247.com acts as an agent for the issue of whole shares, where the investor is the registered owner of those shares, entitled to dividends, participation in corporate actions and all the economic benefits and risks associated with share ownership. In respect of FSRs ( Fractional shares), GT247.com acts as principal to a contract for difference issued to the investor, where the investor will have a contractual claim against GT247.com to the economic benefits and risks associated with share ownership (price movements and dividends) without having ownership rights in the underlying share. Fractional share rights (FSRs) which are issued through a contract for difference, are an over the counter derivative. Unlike whole shares, FSRS do not carry any voting rights. As the investor makes further investments in FSRs and ultimately ends up with a whole share, the contract for difference is closed out and ownership whole share is delivered to the investor.

 

[proxilin]

I called them, they insist on post or hand-delivery to Rosebank if you don't bank with them like me.

I bank with them and they (SB) still insisted on me sending FICA documents by post for the online share trading. I put it off for a long time, and eventually sent it. Surprise, a day later (before they received my documents), I got an email where they offered to collect the documents from me. So I'd needlessly spent money on a courier (was not going to send personal documents via normal post!).

I first registered my test account mid September, and they offered to collect towards the end of November. So, if you have time to wait, see if they offer you the same, or phone and ask about this 'service' that they hide.

Apart from this initial annoying hassle, have enjoyed using the platform and their free training.