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Has anyone actively used the Amscot system, I'm thinking of moving?

Discussion in 'Brokers' started by Eddie_E, Jun 4, 2019.

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  1. Eddie_E

    Eddie_E

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    Hey,

    I started on CommSec and currently use Selfwealth as I was attracted to the low brokerage and free trades when I signed. I do like their community and analysis tool and think the platform is great to use, however I feel the pre-market bidding is awful and after just coming off their premium service all the things I liked about it are now charged at $20 a month. I would really like a more interactive platform, especially for pre-market orders. After some research today I came across Amscot, which offer $11 trades and waive their monthly fee if you do $80 of brokerage a month, which I'm currently doing, usually 10-20 trades a month. Has anyone used this platform before, if so what is good/bad about it and if you know of a better one that suits my needs, I'm all ears?

    Thanks in advance

    Ben
     
  2. cutz

    cutz

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    That's pretty cheap.

    Last time I checked Amscot WebIress was on offer, although not sure whats happening with this platform. Comsec is winding it down and moving clients to an even clunkier platform.
     
  3. cropcos

    cropcos

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    Hi Ben

    I have been using Amscot for about a year. Can confirm they use the IRESS platform which comes in three different offerings. I use the htmlIRESS (IRESSInvestor) platform which is live but static. They recently put their pricing up for minimum trades from $9.90 to $11.00 and the platform fee is now $15 /month (was $11), but is rebated if you do $80 brokerage as you pointed out. The trade execution time is pretty good I have found from my personal experience. You will be set up with a new Macquarie CMA for trade settlement and can access the account via separate login via Macquarie website (and use normal banking facilities). The platform itself is good in my opinion if all you want to do is trade, there isn't much else on the trading platform of note or worth using other than market depth and portfolio section. You can enter conditional orders and also numerous order types available. I found it odd that they do not offer "at market orders" for ASX stocks but can live with it. Shares are CHESS Sponsored. Their support I've found to be responsive and helpful. You have a separate login to the Amscot website which allows you to access reporting for your account i.e contract notes and transaction history and portfolio reports etc. If you have any specific questions happy to try answer them.
     
  4. rnr

    rnr

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    @Eddie_E

    Monthly fee of $88.00 (inc. GST) requires the total brokerage for monthly trades to be a minimum of $220.00 (inc. GST) to waive the monthly webIress "live & dynamic" fee.

    Refer page 6 of the Amscot FSG.
     
    Eddie_E likes this.
  5. Eddie_E

    Eddie_E

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    Thanks for this, yes the IRESS Investor was the account that suits my needs the most I feel, do they offer HIN transfers?
     
  6. rnr

    rnr

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    Hi Ben,

    My post was based on your above comment and I would hazard a guess that you would not get this with the IRESS Investor platform which is static.

    Cheers,
    Rob
     
  7. Eddie_E

    Eddie_E

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    Ah OK gotcha, yes I don't do enough trading at the moment to warrant that monthly fee. At the moment I use Commsec for indicative price pre-market and then place the bid in Selfwealth. Any system better than that would be good :)
     
  8. rnr

    rnr

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    Hi Ben,

    @cropcos uses the IRESS Investor platform for trading and has offered to help out where possible so it would be well worth asking some direct questions involving the platform.

    Cheers,
    Rob
     
  9. Eddie_E

    Eddie_E

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    @cropcos I guess the only other questions I have regarding the platform would be

    - Does it have asx announcement alerts built in? If so, are they immediate.
    - Does it have an app or a good mobile version?

    Thanks

    Ben
     
  10. cropcos

    cropcos

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    Yes, they do offer HIN transfers which can be found under the forms section of the website
     
  11. cropcos

    cropcos

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    Hi Ben
    - The platform I use doesn't have ASX announcement alerts built in (as far as i can see)
    - Doesn't have an app or mobile friendly web page for the platform

    I note there is an IRESS app but it doesn't work for me.
     
  12. Eddie_E

    Eddie_E

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    Thanks for all your answers, things to take under consideration!

    Cheers,

    Ben
     
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