Horrible customer service and still unable to process return of funds
I tried to set up a Bell Direct account for trading purposes and had submitted all the required paper work. This was a relatively easy experience. 2 days later, I received an email from Bell Direct noting that my cash account was ready to receive funds. I transferred $7,000 to the cash account that afternoon, hoping to start trading.
Unfortunately, there was an issue with the HIN transfer, where the address details were different in my current trading account and my application for Bell Direct. I understand the address need to be identical fo...r the HIN transfer to occur. I quickly rectified this issue and updated all my address details in my current trading account and notified Bell Direct. 7 business days later and I have not heard anything regarding the HIN transfer, nor can I see the $7,000 in my cash account. After sending a few emails to Bell Direct with no response, I decided to give them to a call regarding progress. It turns out that they have not tried to transfer the HIN again and that I will not see the $7,000 in my account until the HIN is transferred. The operator assured me of a follow up on the day or the latest the next day. As expected, I heard no correspondence from Bell Direct. Another week go by and I finally get back on the phone to Bell Direct to just get my $7,000 back. They noted that I would have to write on a piece of paper my intentions and nominated bank account for their processing team to transfer the money (which is a bit bizarre in a digital world). I still have yet to receive my money back. I hope to get my money back one day and never have to deal with this mob again. Jimmy
Lack of Communication and Inefficient
I applied for a Margin Loan on 28.5.20 and for some unknown reason I had to resend my application twice. It is now 5.7.20 and still have not received an answer despite having reminded them by phone and email on numerous occasions. Very annoying considering the extensive information and proof of identity I had to produce.
I spent considerable time explaining my situation via email and that I needed more information from a senior person there as I have a brain injury so would need to arrange a time for a phonecall to address my specific questions. I was ignored and received a perfunctory unhelpful response which implied (we meet our response time but don't care about the quality of the response.)
Thank goodness I pay my trading fees elsewhere. I need good service. So much more important than just fees.
4 weeks for an approved margin loan to go live?!?!?!
Applied for Margin Loan beginning of March- approved. Now the beginning of April and the loan still has not been processed. Nor can they offer me advice on when that might be. Managers won't speak with clients.
PIN management and help desk do not understand how PIN works
When buying or selling you are required to enter a PIN. Good idea for extra security.
I am upgrading to a password manager, 1Password, and it relies on copying data from 1Password, and pasting into the appropriate section on the website. Copying and pasting User Names, Password, serial numbers, PINs etc are a routine protocol in todays computing.
I requested a PIN reset from Bell Direct, and the new PIN arrived by email. Copying and pasting the new PIN did not work, so again requested a second new PIN. Same thing - copying and pasting, but the new PIN did not work.
Pleasant Help desk chap was helpless with my problem.
Brain wave - typed the 4 digit PIN and it worked.
The reviewer stated that an incentive was offered for this review
very happy with bell
I have transferred all my other holding into bell direct & their customer service has been brilliant. I dealt with their online help, which was so good... not a robot that tries to 2nd guess you like a lot of firms these days. Cannot fault them. my account set up took 1 days - too easy
Funds Transfer Out Issues
I wanted to try Belldirect as an alternative to Commsec as the fees are lower. I recently did a funds transfer out but it's been more than 3 business days and funds are not reflected in my bank. I also find money transfers in taking atleast 2-3 days as well... Not happy with such delays... Wondering if anyone else has issues in withdrawing their money out of the Bell direct cash account?
Edit: after a couple days & going back and forth with customer support, this issue is now resolved. It should not have happened in the first place
Could improve a lot
I've been using BD for a long time now but can't understand why some of their processes still are yet to be improved. Change of address requires a form to be completed and filled out and can't be done over the phone which is frustrating. Another issue is that If i'm locked out of my account I have to ring up and reset (the same with my trading pin). This has cost me on a few occasions and I think they really just need an auto-reset feature.
The platform itself is outdated and the mobile version is really poor in comparison to other provider...s. Fees & Fee structures have not changed since I became a member which is a shame as I feel like they could do better on price. It's not all bad with BD as I find my trades are executed well and I generally find that there are no issues with getting filled at the price I want. I must add that I've had stop my losses hit (to the tick) only to then have the price head in the complete opposite direction. The coincidence of this happening more then a few times is enough to make me believe that certain institutions have visibility of Stop losses. Overall I will continue to use but don't think I'll remain once I find a better provider.
Not sure why others gripe. I trade on 4 platforms and Bell Direct is fastest and simple. Have been using Bell for over 12 years and never had a problem. It takes 3 days for most trades to settle, but my other 3 platforms are the same. Macquuarie have recently changed to the Bell platform, thankfully. They mucked around with 3 convoluted uselless sites changing from 1 to the other and making trading near impossible. Finally decided to go with a platform that has a good track record. Go Bell Direct for basic trading.
I closed my Bell Direct Account today.
I have had enough for the following reasons: poor understanding of English which translates into customer not being heard (understood) correctly; very limited platform; unable to trade on foreign exchanges; money transferred to my BD account took 2-3 days before reflected in my trading account; overall user unfriendly (I've had to open a new tab in order to locate a contact number for them); very slow in navigating between pages, subjects or topics; when inside the trade platform, there is no indication of a cost basis next to the number of sh...ares held (thus requiring flipping back to portfolio page - which, due to the overall slowness - interferes with a desired trade price); general timing out; again, general slowness on their end. It gave me great pleasure to tell them today that I have begun the process to close out my account and will be going elsewhere (which I am excited about). The firm I am transferring to is quite international, providing platforms designed for "day" trading and other sophisticated product. Additionally, BD's research is pathetic, outdated, and is not user-friendly - just typical analyst jargon. In essence, BD is a joke. Should have done this along time ago! Happy trading!
Clunky and not user friendly
I'm not sure who has provided the previous reviews but their trading platform is definitely not user friendly. It's also appears slightly slow to load but this could be my internet although I have no problems with any other brokerage sites. As for the advertised live 1 sec delayed price updates - forget that - doesn't happen.
Stable, reliable trading platform
I've been trading with BellDirect now for several years. Never had a problem, the site is clear and simple to use, always reliable (has never been down), also cheap. My only gripe is their charting is very ordinary so I use another provider for that. I see that Macquarie also uses the same platform with their trading offering.
- Verified customer
Bell Direct trading platform has been a consistently performing online broking investment service for us. We consider ourselves old fashioned, yet we have been able to access and use the features of their platform without difficulty. Bell Direct's conditional trading achieves a better instantaneous price whether buying or selling. Their brokerage fees are affordable for small trades. We are maintaining our account with Bell Direct, and will use their service again soon. RayGB, Qld. Australia
- Verified customer
Bell Direct works for me
I have a number of broking accounts for various reasons however I gravitate towards bell for the ease and layout of information.
If your looking at some of the elaborate ways of options trading then it might not be for you, but if it's basic calls and puts then it's suitable for most needs.
You can't trade outside the ASX unless in a structured product or managed fund.
And you most certainly can't pull up fundamentals of foreign companies. But it works.
I gave it 4 stars because stick screening tools aren't available unless your a mon...ey spinner and don't mind paying lots of commissions aka a trader, but for the contrarian/value investor who's not likely to flip then those tools aren't available so I use other services for that ability. Compared with other online services in which aren't serviced it's the turn to for me.
Very good platform, almost a one stop shop
Have been using the Bell Direct platform for 5 years now. It is part of the Bell potter group, of which I used to be a full service broker client, As I like to do my own research and trading the progressive to the Bell direct platform was logical, however I still have access to Bell potters research.
I like the comprehensive end of financial year statement that is available for download for the trading year, it puts a smile on my accountants face.
However as stated in the title of this post it is "almost a one stop shop", with that I mean, it...
Medibank Private Experience
I use Bell Direct for most of my trades so when I applied for Medibank Private shares I nominated their Chess account for delivery.
I today obtained online confirmation from the official Medibank website of my allocation and sought to sell today. However Bell would not accept my order until next Monday 1st December when trading on an unconditional basis commences. I wished to sell on a conditional and deferred settlement basis but this was denied. At the close of trading today 450 million shares were traded presumably none by Bell Direct. At this turnover rate there may be no buyers left by next Monday.
Questions & Answers
Bell Direct versus Macquarie?
I am new to buying shares and want to open a "brokerage account" to buy franked shares for a steady income stream, and not for active trading. Any useful experienced information would be appreciated : )
Bell Direct is excellent - daily reports are customisable, web site very clear and easy to use, their help staff are consistently excellent, and their security is extremely thorough.
They are the Gold Standard for service excellence in our experience. Highly recommended.
This has the least negative reviews and a lot of customers sound very happy with Bell Direct Share Trading! :D I'm a completely new beginner to this trading world but have been doing a bit of research on customer reviews already. Saxo, IG and and CMC Markets have a lot of negative, angry and scary sounding reviews. How does Bell Direct compare with 'Easy Markets' Trading Platform in terms of transaction fees and other fees?
I can't tell u how fees compare, however, their customer service if things go wrong is really good. I only trade occasionally ( not a heavy user) & they have been really good with problems I've had with errors in 2 share holdings - it was not a bell error. Website is quite good & easy to use, I like that they don't change or tweek the website all the time too, so I can trade & use site occasionally without relearning their site.
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