- Verified customer
Some good some bad
Data access is good but : option exercise commission is a commission on the share value and is THREE times its standard share price commission and is STATED in the fine print only. This makes some trades unprofitable as you might imagine and option trading in general pointless.
For example I bought bhp for 40.5 sold for 40.75 times 6000 via exercise/assignment same day.
Instead of a profit I ended up paying them $200 !! their commission ($1461) was (and is still ) a ripoff. Ambushed by the small print. Never again
Also interest on margins "...
Useless utterly useless Commsec
Their application process stalls at a screen ‘we need more information’ and a button ‘show me what’s wrong’.
However no amount of navigation gets me past this point. Tried on different machines, OS, browsers, always same error.
Multiple messages to Commsec to fix their problem results in no response, then a canned answer requiring the exact details I already provided them.
It’s clear this is a poorly designed and unreliable application. Under no circumstances can I risk doing business with these idiots.
Rubbish customer service
Had 2 orders that were executed under my accounts. I clearly remembered I didn’t make any order today but yet 2 orders were completed. Called the customer service which was then patched to the traders, not friendly at all. All I wanted to know was how the orders were completed when I am sure I didn’t placed any. More worry about account being hacked at this point. These so called expert in customer service just assume I did it and didn’t want to admit it. And the best scenario? Sell the stock and cope the loses and report to the police to open an investigation. Seriously.? Rubbish. You lots are useless bunch of robots in suits.
Extremely limited options for trading
Comsec has cost me around 35k in returns due to the limited access to international shares and its restrictions. I imagine there risk management strategy team came up with the idea "people are stupid, lets limit what they can access" But if your a seasoned investor who knows how to manage risk I cannot recommend this platform due to this.
Customer service is what you expect from Commonwealth bank
Customer service is unhelpful. They couldn't care less about solving the problem. I asked to speak to a supervisor and they just kept me waiting on the phone. It's been half an hour so far and I'm still waiting .
- Verified customer
Lost the money because CommSec app doesn't have the option to edit or cancel conditional orders & can't set expiry date
Lost the money because CommSec app doesn't have the option to edit or cancel conditional orders & can't set your own expiry date
I have set up a conditional order from CommSec website, there is no option to select your own expiry date either you chose a day or 1 year, Can't chose your own expiry date.
And Can't edit or cancel the Conditional orders from CommSec app and that resulted in me losing the money.
It's too expensive to trade and they don't have basic access to edit the Conditional orders from the app, which is very bad and can lose money because of it.
Expensive and not fit for purpose. Used to be better.
Expensive and poor functionality. This has the most expensive brokerage at $30 compared to $19 and $14 for westpac and nabtrade for purchases up to $10k. And even though it's linked to my bank it limits you to only one order at a time (it didn't used to do this) then you have to ring up and transfer deposit whick take 48hrs (by which time you've missed your desired trade) plus then your encouraged to use telephone brokerage which costs double the $30 to place your order. I've been with them for years but I'd advise people to avoid at all costs, I'm going to use Selfwealth now
Avoid CommSec, so many better options.
Commsec, ASX $10 Brokerage fee to buy $19.50 to sell (Sells -2 days to clear)
CMC ASX $0.00 B.fee to buy $0.00 to sell (same for US/Canada/Lon) Sells clear to trading account instantly!
Commsec Canada fees $39!!!
Commsec International (other than US) you must phone in to trade (my Ave wait time was 17mins)
CMC US/Can/Lon etc - trade instantly via the app (no call and wait time or fees)
Commsec (and AU banks) are so far behind the competition do your research and you will avoid my mistake.
Go somewhere else. Used to be ok but crap now. Commsec sucks.
Got locked out for unknown reason. If day trader would've lost heaps. Not the answer phone people at fault here. It's management, or lack thereof. Still locked after all instructions followed but always something more. Now 5 days!!!!!! Useless prats. I'm leaving after 20 plus years. Much better trading platforms available now. Avoid Commsec at all costs. ps... don't blame the poor people on phone. they have little control over what's happening.. I always start with.. "this is not directed at you". must admit, phone support person extremely patient but couldn't help due to limited access to security. If I could put lower score I would.
Gone to pot.
Was with Commsec for 20 years and, until recently, found them polite and helpfull , on their help line.
Now they are run by a bunch of no name,unsupervised angry misfits, who should not be staffing a client service line.Have gone to Nabtrade where they still know the value of having a clientel .
I believe they manipulate the market with wrong valuations
Two screenshots from the CommSec app display the valuation for CBA, they're both dated 4th of September, but updated on different days and have different values. Also shows that CBA is undervalued. I got suspicious and went to check on simply wall st, and CBA is overvalued there by almost 35%.
I had a weird issue where I placed a market order to buy and the value I bought for was higher than the high share price for that day for that stock.
Liquidity is hopeless
Been with Comsec for a long time, always been good but now have moved on to new broker. They have fixation about trade limit. I have money in trading account plus money sold from shares but cannot place trades because of reaching trade limit. Cannot do day trading with Comsec anymore even though you are a regular trader bringing in up to 20 transaction brokerage fees each day, oh well their loss, on to another platform now. Westpac fantastic. Trade as many times as you want as long as you have available funds. Good bye comsec.
Highest fees, not user friendly, lacks transparency,poor liquidity on mid caps
Example. 6-10 shares of Afterpay will cost you $10+$10 +spread. 12 shares will cost $20+$20+spread. Plus500 will cost $0.21 per share. 1tesla share with CommSec will cost $29.95+$29.95+spread. Plus500 $0.95per share. You do the math. Don’t expect CommSec to execute your trade at your volume or price. Dozens of international competitors much better imo.
Unable to place multiple trades
Have just set up a new Commsec account and attempted to place 3 buy orders for seperate companies, but was prevented from doing so because of some silly Commsec rule that a second and subsequent trades require the first trade to settle before any further trades are allowed, despite my cash account having sufficient funds. Never had that issue with ANz or BT online trading.
NABTrade is a better platform for trading
CommSec's telephone call centre service is superior to NABTrade, as with Commsecone typically waits 15 minutes while at NABTrade the wait can be 30 - 45 minutes.
However I recently switched to NABTrade after years of being a COMMSec client, because NAB's site has more company information, is better organised and its costs for trading shares are cheaper.
One of the most annoying things about CommSec is the A$7500 limit on buy orders if from an external to CBA bank account.
CommSec gives me the impression that as market leader, it's become rather complacent. It needs to improve its site to be competitive with NABTrade.
Questions & Answers
I made 4 seperate buys of different amounts, 1 of those buys for $505.00 was returned to my account for insufficient funds (didn’t factor in the trade costs when depositing money into my cdia account).
So since making the buys I’d been busy and hadn’t kept up with my emails only noticing today (05/11) they’d sent me something stating 1 transaction failed and gave a due date for the funds to be available by 4/11 or further action blah blah.
Here’s my BIG issue
Only seeing this this morning (day after due date) at 11am I checked my cdia account straight away, there was no notification or anything so I went to move some money around when I seen a “Commsec Admin” withdrawal of $605.00 had been taken out of my Commonwealth netbank SAVINGS account. This account and the money in it is a separate savings account I use to the upcoming weeks wages in for my business as I invoice bi weekly but pay my staff weekly.
How is this legal? It mentions the selling of shares owned (I have upwards of $6000 worth with them) if I default but no mention of helping themselves to any bank account I hold whenever they please!
I have searched and searched but I can find ABSOLUTELY NOTHING written about “Commsec” being given free reign, especially without any form of notice, over my “Commbank” personal and business banking accounts!
CDIA is a trading account they offer for “cheaper trade costs” and it is linked to my Commbank NetBank app but outside of that account it would be my understanding that any money in ANY account, especially a savings account, should be off limits to anyone but me without my say so.
I am absolutely fuming and actually now in the process of finding/changing banks for all of my personal/business and investment banking needs.
I placed an order to sell my shares at the price of $0.055 and it sold my Share with the price of $0.029
Has anybody experienced this?
I also checked properly that if I am putting right trade or not which I did
Even the email says I sold it for $0.029?
You probably instructed the broker to sell 'at market' rather than placing a 'limit' on the sale (i.e. an amount below which the trade would not go through).
In any case, I switched from CommSec to try NABTrade (part of NAB but not guaranteed by its parent) and find NABTrade better, yet it's mostly cheaper per trade.
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